In this file:
· Brazilian meatpacking giant JBS admits paying bribes to inspectors
... JBS, had paid monthly bribes to around 200 agricultural inspectors for several years, according to documents turned over by its executives during a corruption investigation...
· Brazil banks near $5.5 billion JBS debt refinancing: sources
... A refinancing deal is key to stem concerns of a potential liquidity strain at JBS, whose borrowing costs surged in the wake of the Batista family's decision to enter plea and leniency deals related to their involvement in a bribery and graft ring...
· JBS gets nod from Brazil court to divest assets
... With permission to sell assets, JBS has gained flexibility to downsize amid talks to restructure...
· Pilgrim’s Pride Corporation to Host Second Quarter 2017 Earnings Call on August 3, 2017
[It is majority-owned by JBS S.A.]
Brazilian meatpacking giant JBS admits paying bribes to inspectors
Editor: Mu Xuequan - Source: Xinhua (China)
BRASILIA, July 13 (Xinhua) -- Brazilian meatpacking group, JBS, had paid monthly bribes to around 200 agricultural inspectors for several years, according to documents turned over by its executives during a corruption investigation.
On Thursday, financial daily Valor Economico published that these monthly payments were worth up to 20,000 reais (6,000 U.S. dollars) for each agricultural inspector who had been "bought" in exchange for flexibility in the application of sanitary norms.
A list of all those involved will be sent to Brazil's prosecutor-general within 60 days, as part of the cooperation agreement signed by Wesley Batista, one of the owners of JBS.
In his statement, Batista admitted that the payment of bribes had been a regular practice to gain the favors of federal inspectors during their inspections of the company's facilities.
On March 17, the federal police launched Operation Weak Flesh, which revealed systematic violations of sanitary regulations by the country's largest meatpacking company, including the sale of meat past its sell-by date...
Brazil banks near $5.5 billion JBS debt refinancing: sources
Guillermo Parra-Bernal and Tatiana Bautzer / Reuters
July 13, 2017 / 1:50 PM
SAO PAULO (Reuters) - JBS SA's biggest Brazilian creditors are close to refinancing about 18 billion reais ($5.5 billion) worth of loans due within a year, as the world's No. 1 meatpacker seeks to stem fallout from a corruption scandal involving its controlling family, five people with knowledge of the matter said.
Caixa Econômica Federal SA, Banco Santander Brasil SA, Banco do Brasil SA and Banco Bradesco SA are urging larger rival Itaú Unibanco Holding SA to join the plan, under which JBS would get a 12-month repayment extension in exchange for a 2 billion-real upfront payment and extra collateral, two of the people said.
In principle, banks would not adjust the borrowing cost of those loans because the risk of JBS failing to honor them remains very small, according to one of the people, who asked for anonymity because the plan remains private. Bloomberg News reported on July 12 that a definitive accord had been struck.
São Paulo-based JBS said in a statement that the company "remains engaged in a long-term relation with financial institutions, with which it has so far maintained productive and constructive talks." The banks declined to comment.
A refinancing deal is key to stem concerns of a potential liquidity strain at JBS, whose borrowing costs surged in the wake of the Batista family's decision to enter plea and leniency deals related to their involvement in a bribery and graft ring...
JBS gets nod from Brazil court to divest assets
Reporting by Guillermo Parra-Bernal; Editing by Bernadette
Baum and Lisa Von Ahn, Reuters
via Nasdaq - July 13, 2017
SAO PAULO, July 13 (Reuters) - JBS SA <JBSS3.SA> has
received permission from a Brazilian appeals court to sell
assets as the world's largest meatpacker copes with fallout from
a corruption scandal involving the family that controls it.
In a statement on Thursday, JBS said it had learned that
Brazil's Regional Federal Court of the 1st Region overturned a
ruling blocking the $300 million sale of a South American unit
to rival Minerva SA <BEEF3.SA>. Newspaper O Estado de S. Paulo
reported the news earlier in the day.
The regional court also removed any lingering restrictions
on JBS to negotiate sales of any assets or operations. On June
21, federal Judge Ricardo Leite blocked JBS's sale of plants in
Argentina, Paraguay and Uruguay, saying it could harm a probe
against the billionaire Batista family.
Efforts to obtain the ruling from the court's media office
were not immediately successful.
With permission to sell assets, JBS has gained flexibility
to downsize amid talks to restructure 18 billion reais ($5.6
billion) in looming loan maturities, which Reuters reported last
month. Asset sales could make up for smaller access to credit
from state lenders after the scandal involving brothers Wesley
and Joesley Batista.
Cheap state loans helped fuel growth over the past decade at
J&F Investimentos SA, the Batistas' holding company, which was
able to keep control of JBS while expanding into fashion,
pulpmaking and banking. Through takeovers, JBS grew from a
mid-sized slaughterhouse in Brazil's Midwest into the world's
No. 2 food processor in that time.
RECORD LENIENCY ...
Pilgrim’s Pride Corporation to Host Second Quarter 2017 Earnings Call on August 3, 2017
Source: Pilgrim's Pride Corporation
via Nasdaq/GlobeNewswire - July 13, 2017
GREELEY, Colo., July 13, 2017 (GLOBE NEWSWIRE) -- Pilgrim's Pride Corporation (NASDAQ:PPC) announced today that it will host its second quarter 2017 earnings conference call and webcast on Thursday, August 3, 2017 at 7:00 a.m. MT (9:00 a.m. ET). Prepared remarks regarding the company's financial and operational results will be followed by a question and answer period with Pilgrim's executive management team.
Investors and analysts may pre-register for the webcast to receive a unique PIN to gain immediate access to the call and bypass the live operator. Pre-registration may be completed at any time, including up to and after the call start time, by accessing the "Investor" section of the company's website at www.pilgrims.com, and clicking on the link under "Upcoming Events." Participants can also register for the conference call and webcast by navigating to http://services.choruscall.com/links/ppc170803.html
Participants who would like to join the call but have not pre-registered can do so on the day of the event by dialing +1 (844) 883-3889 within the US, or +1 (412) 317-9245 internationally, and requesting the "Pilgrim's Pride Conference." To submit a question to management during the call, participants must be logged in via telephone. Questions submitted in advance are welcome and may be sent via email to PPC IR team at IRPPC@pilgrims.com.
The webcast will be available for replay on Pilgrim's website two hours after the call concludes, and will remain available through November 3, 2017. Alternatively, the telephone replay may be accessed by dialing +1 (877) 344-7529 in the US, or +1 (412) 317-0088 internationally, and requesting conference number 10110374, which will be available through September 3, 2017.
About Pilgrim's Pride Corporation
Pilgrim's employs approximately 41,900 people and operates chicken processing plants and prepared-foods facilities in 14 states, Puerto Rico and Mexico. The Company's primary distribution is through retailers and foodservice distributors. For more information, please visit www.pilgrims.com.
Contact: Dunham Winoto
Director, Investor Relations
Source: Pilgrim's Pride Corporation
From Wikipedia, the free encyclopedia
as of July 14, 2017
Pilgrim's Pride Corporation, also known as Pilgrim's, is a Brazilian-owned, American food company, currently the largest chicken producer in the United States and Puerto Rico and the second-largest chicken producer in Mexico. It exited bankruptcy in December 2009 and relocated its U.S. headquarters to Greeley, Colorado, in 2011. It is majority-owned by JBS S.A.. Pilgrim Pride purchased Gold N'Plump for $350 million in late November 2016.