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250904.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Thursday, September 4, 2025, Vol. 26, No. 177 Headlines A R G E N T I N A ARGENTINA: Rolls Over Debt in Relief for Battered Currency ARGENTINA: Yerba Mate Farmers Feel Pinch as Price Controls Ends B R A Z I L BRAZIL: Pix System Not a Threat to Payments Cos., Central Bank Says C H I L E INVERSIONES CMPC: S&P Rates New Junior Subordinated Notes 'BB+' D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: Pound of Chicken Continues to Sell for RD$85.00 M E X I C O DEL MONTE: Committee Hires Kelley Drye & Warren LLP as Co-Counsel DEL MONTE: Committee Hires Miller Buckfire as Investment Banker DEL MONTE: Committee Hires Morrison & Foerster LLP as Counsel DEL MONTE: Committee Hires Province LLC as Financial Advisor V E N E Z U E L A CITGO: Gold Reserve Moves to Have Elliott Bid Disqualified - - - - - ================= A R G E N T I N A ================= ARGENTINA: Rolls Over Debt in Relief for Battered Currency ---------------------------------------------------------- Buenos Aires Times reports that authorities in Argentina said they successfully rolled over a large batch of local debt, passing a key test for Javier Milei's strategy to contain a slide in the peso ahead of midterm elections. The Finance Ministry sold about 7.7 trillion pesos of debt, according to an X post by Finance Secretary Pablo Quirno, reports Buenos Aires Times. But the sale came at a cost, with yields on the new notes maturing on September 30 reaching 75.7 percent, far above expected inflation and slightly up on the pre-auction market levels, the report relates. The sale had drawn special attention after a similar operation failed to extend a big chunk of the maturities, forcing the Central Bank to soak up the excess liquidity in the market to prevent further pressure on the exchange rate, the report discloses. "This is in line with expectations," the report quotes Dante Ruggieri, a partner at Buenos Aires consultancy AT Inversiones, as saying. "They're trying to sweep all the pesos off the street." Milei's administration has tightened monetary policy in the past few weeks to defend the peso, even as high interest rates hit the banking sector and the broader economy, recalls the report. The La Libertad Avanza leader raised interest-bearing reserves for commercial banks, looking to restrict liquidity ahead of the auction and provide some relief for the battered peso, the report discloses. "It was a good auction," said Daniel Chodos, head of research and partner at Buenos Aires-based broker Dhalmore Capital, notes the report. "This may help ease dollar demand a bit tomorrow. The Treasury had captive demand from banks after raising reserve requirements." The report relates that monetary policy points to one simple calculation by Milei ahead of congressional elections in October -- after years of rampant consumer price increases and a free-falling currency, Argentines care more about inflation than economic growth. "The government seems to prioritise a very high real rate that hits economic activity in order to moderate the rise in the exchange rate," said Matias Montes, head of strategy at EMFI Securities, the report relays. Authorities may be playing for time ahead of elections in Buenos Aires Province, the report discloses. On September 7, voters will go to the polls to elect local lawmakers and municipal councillors, the report says. The results will indicate whether Milei can build momentum for the October midterms and reassure investors that his reform agenda has staying power, the report relays. In the meantime, the peso's defence is coming at a high cost, the report notes. Yields on local notes known as Lecaps have almost doubled in the last month, surpassing 90 percent ahead of the previous auctions, the report discloses. The increase is pushing up funding costs and squeezing profit margins at banks already reeling from a jump in overdue debt, Buenos Aires Times says. Shares of Argentina's biggest banks on Wall Street – such as Galicia, Banco Macro and Supervielle – have tumbled as much as 47 percent over the past three months, the report relays. As liquidity dries up, bank loan growth is slowing, states the report. The sector, which under the previous administration had grown used to profiting from investments in Treasury securities, had nearly doubled private lending by March from a year earlier – one of Milei's main financial achievements, the report relays. But the currency turmoil in July abruptly interrupted that trend as the government debt policies pushed banks into taking funds away from the private sector and funnelling them into government securities, the report discloses. "Investors are confused by recent FX, monetary policy & other policies reminiscent of past political management of the economy – and that run counter to President Millei's narrative of regulatory reform," Morgan Stanley's strategists including Nikolaj Lippmann wrote in a report, Buenos Aires Times says. Argentine assets have been under pressure due to a barrage of political and economic troubles that investors fear could deteriorate Milei's image ahead of October's election, the report notes. After his efforts to rein in spending suffered a setback in Congress, new corruption allegations erupted at the highest levels of government, involving Milei's sister, Presidential Chief-of-Staff Karina Milei, the report relays. Dollar bonds have underperformed almost all emerging market peers, losing more than six percent in the past week, the report notes. "The second leg of reforms that Milei needs requires support in Congress, but if this scandal gains traction a few weeks before the election, the situation becomes more complex," said Claudio Zampa, founder of Switzerland-based Mangart Capital Management, the report discloses. "This is a marathon, not a sprint. If it's not sustainable, eventually you have a problem," he added. About Argentina Argentina is a country located mostly in the southern half of South America. Its capital is Buenos Aires. Javier Milei is the current president of Argentina after winning the November 19, 2023 general election. He succeeded Alberto Angel Fernandez in the position. Argentina has the third largest economy in Latin America. The country's economy is an upper middle-income economy for fiscal year 2019, according to the World Bank. Historically, however, its economic performance has been very uneven, with high economic growth alternating with severe recessions, income maldistribution and in the recent decades, increasing poverty. In March 2022, the International Monetary Fund (IMF) approved a 30-month arrangement under an Extended Fund Facility for Argentina in the amount of SDR 31.914 billion (equivalent to US$44 billion, or 1000 percent of quota) -- with an approved immediate disbursement of an equivalent of US$9.65 billion. Argentina's IMF-supported program sought to improve public finances and start to reduce persistent high inflation through a multi-pronged strategy. On April 11, 2025, the IMF further approved a 48-month Extended Fund Facility (EFF) arrangement for Argentina totaling US$20 billion (or 479 percent of quota), with an immediate disbursement of US$12 billion, and a first review planned for June 2025 with an associated disbursement of about US$2 billion. The program is expected to help catalyze additional official multilateral and bilateral support, and a timely re-access to international capital markets. Moody's Ratings on July 17, 2025, upgraded Argentina's long-term foreign currency and local currency issuer ratings to Caa1 from Caa3 and changed the outlook to stable from positive. The upgrade reflects Moody's views that the extensive liberalization of exchange and (to a lesser extent) capital controls, alongside a new International Monetary Fund (IMF) program, support the availability of hard currency liquidity and ease pressure on external finances. This reduces the likelihood of a credit event. In January 2025, Moody's raised Argentina's local currency ceiling to B3 from Caa1 and the foreign currency ceiling to Caa1 from Caa3. Fitch Ratings, on May 12, 2025, upgraded Argentina's Long-Term Foreign-Currency and Local-Currency Issuer Default Rating (IDR) to 'CCC+' from 'CCC'. S&P Global Ratings, in February 2025 lowered its local currency sovereign credit ratings on Argentina to 'SD/SD' from 'CCC/C' and its national scale rating to 'SD' from 'raB+'. DBRS, Inc. upgraded Argentina's Long-Term Foreign and Local Currency Issuer Ratings to B (low) from CCC in November 2024. ARGENTINA: Yerba Mate Farmers Feel Pinch as Price Controls Ends --------------------------------------------------------------- Buenos Aires Times reports that in a sharp break from decades of state intervention, Javier Milei, the La Libertad Avanza leader has scrapped thousands of price controls and regulations that both cradled and hamstrung Argentine businesses. Ten days into his term, he curbed the price-setting powers of the national yerba mate regulatory body known as Instituto Nacional de la Yerba Mate (INYM), and later eliminated cost freezes at the supermarket. The crusade has won Milei cheers from investors as Argentina's long-beleaguered economy stabilises and inflation cools from a peak near 300 percent, according to Buenos Aires Times. It's also turned him into an international outlier: amid a global trade war in which even the staunchest defenders of free commerce are hiking tariffs, he's ripping away support for his nation's most beloved industries, the report notes. Argentines have seen the inflation-adjusted cost of their favourite drink, sold under brands like Playadito, Taragui and Cruz de Malta, plummet, the report relays. But the transition has been brutal for sectors long propped up by the nation's hyperprotectionism, the report notes. Two years into Milei's "shock therapy" regimen, many of the 10,000 yerba farmers who make their living in the brick-red soils of Misiones and neighbouring Corrientes are barely hanging on, the report discloses. Despite the pain his changes have caused, many in the province that backed Milei in 2023 are sticking by the president, the report discloses. The question is whether they will remain behind him in crucial midterm elections in October, the report says. Mate Meets the Market According to Buenos Aires Times, farmers from the area have in the past wielded such power that they helped force the creation of INYM in 2002, after months-long protests in which they blocked roads with tractors. Since its establishment, INYM has convened farmworkers, federal government officials and other industry representatives twice annually to set minimum prices for fresh and dry yerba leaves, the report discloses. Milei has long argued that such policies create distortions that eventually destabilize the economy and hurt those they are trying to protect, the report relays. Upon taking office, he eradicated those powers as part of a sweeping overhaul of the Argentine state. The self-described anarcho-capitalist modified or eliminated more than 670 regulations over his first year in office, according to the Cato Institute, including rules that benefitted Argentina's state-owned airline and the postal service, the report says. Even with controls, prices were still subject to some market forces through under-the-table deals, the report discloses. In periods of oversupply, dryers -- the next step in the production line from growers -- would sign cheques for the official leaf price, and farmers would slip them the difference in cash, several growers said, the report relays. When INYM's price was too low, the dryers paid up, said Enrique Urrutia, a historic tea and yerba mate maker in the city of Obera, the report notes. Milei turned pricing fully over to the market, and the results have been drastic, the report states. At the start of the first harvest after his deregulation, in March 2024, prices peaked near 400 pesos per kilo – above the previous minimum, the report relays. They plunged to about 260 pesos by this July, according to estimates from Cristian Klingbeil, a former farmer in Obera who surveys growers. Prices can vary by region and dryer, but over the same period, cumulative inflation neared 100 percent, the report notes. Part of the freefall is a result of surging production that coincided with Milei's changes, the report relays. Farmers harvested 1.1 million tons of yerba last year, the highest total on record and a 27 percent jump from 2023, according to INYM data, the report notes. But unlike soy or beef exports that power Argentina's economy, the bulk of yerba mate consumption is domestic. And demand is still slightly below levels from when Milei took office, according to the body, the report relays. This year's harvest is down 20 percent compared to the same period in 2024, as some growers scale back in hopes prices will improve in the future, the report notes. But the pressures have pushed others out of the industry altogether, the report discloses. 'Mercy of God' Argentine growers have been here before, says Buenos Aires Times. In 1991, president Carlos Menem abolished the price-setting body that previously oversaw the yerba mate industry, the report recalls. Over the next decade, a surplus sent prices spiralling downward and kicked off the protests that eventually led to INYM's creation. The first test of Milei's approach to yerba mate and the economy overall will come in October, when Argentines vote in midterm elections that could reshape the lower house Chamber of Deputies and Senate, the report discloses. His deregulation czar, Federico Sturzenegger, has argued that the changes have paid off for Argentines. "Do you know how much the price of yerba fell in real terms? Forty percent," Sturzenegger said in a recent podcast interview, the report notes. "In Misiones, some growers sort of felt that. But on the other side, there are 47 million Argentines." Major tractor protests so far haven't materialized, at least not on the scale of those from decades ago, the report relays. And while some locals have grown wary of Milei, they're still far angrier with the governments that came before him and left Argentina in a state of economic ruin, the report says. The report discloses that the third-generation grower Ygor Sobol is trying to adapt to the new landscape. This year, he sold his tractor and harvesting tools to focus on the yerba mate brand he launched shortly before Milei won, the report relays. He named it Leon, after his uncle, a farmer and organizer who was disappeared during Argentina's 1976-1983 military dictatorship, the report notes. That's also Milei's nickname, and Sobol is marketing his product toward supporters of the President, even if he's not among them, the report notes. "We needed to sell, and we saw an opportunity," he said from a lawn chair in his garage, beside a pallet of his product, the report relays. "Our problem today, more than anything, doesn't come from the deregulation itself but from the way it was carried out," Sobol, 40, added. "I believe the president takes his time and follows protocols when it suits him to develop new economic and political structures. He left us to the mercy of God," he said, the report adds. About Argentina Argentina is a country located mostly in the southern half of South America. Its capital is Buenos Aires. Javier Milei is the current president of Argentina after winning the November 19, 2023 general election. He succeeded Alberto Angel Fernandez in the position. Argentina has the third largest economy in Latin America. The country's economy is an upper middle-income economy for fiscal year 2019, according to the World Bank. Historically, however, its economic performance has been very uneven, with high economic growth alternating with severe recessions, income maldistribution and in the recent decades, increasing poverty. In March 2022, the International Monetary Fund (IMF) approved a 30-month arrangement under an Extended Fund Facility for Argentina in the amount of SDR 31.914 billion (equivalent to US$44 billion, or 1000 percent of quota) -- with an approved immediate disbursement of an equivalent of US$9.65 billion. Argentina's IMF-supported program sought to improve public finances and start to reduce persistent high inflation through a multi-pronged strategy. On April 11, 2025, the IMF further approved a 48-month Extended Fund Facility (EFF) arrangement for Argentina totaling US$20 billion (or 479 percent of quota), with an immediate disbursement of US$12 billion, and a first review planned for June 2025 with an associated disbursement of about US$2 billion. The program is expected to help catalyze additional official multilateral and bilateral support, and a timely re-access to international capital markets. Moody's Ratings on July 17, 2025, upgraded Argentina's long-term foreign currency and local currency issuer ratings to Caa1 from Caa3 and changed the outlook to stable from positive. The upgrade reflects Moody's views that the extensive liberalization of exchange and (to a lesser extent) capital controls, alongside a new International Monetary Fund (IMF) program, support the availability of hard currency liquidity and ease pressure on external finances. This reduces the likelihood of a credit event. In January 2025, Moody's raised Argentina's local currency ceiling to B3 from Caa1 and the foreign currency ceiling to Caa1 from Caa3. Fitch Ratings, on May 12, 2025, upgraded Argentina's Long-Term Foreign-Currency and Local-Currency Issuer Default Rating (IDR) to 'CCC+' from 'CCC'. S&P Global Ratings, in February 2025 lowered its local currency sovereign credit ratings on Argentina to 'SD/SD' from 'CCC/C' and its national scale rating to 'SD' from 'raB+'. DBRS, Inc. upgraded Argentina's Long-Term Foreign and Local Currency Issuer Ratings to B (low) from CCC in November 2024. =========== B R A Z I L =========== BRAZIL: Pix System Not a Threat to Payments Cos., Central Bank Says ------------------------------------------------------------------- Reuters reports that Brazil's central bank is not competing with financial or payment institutions through its operation and regulation of the widely used instant payments system Pix, said Renato Gomes, the institution's financial system organization director. In remarks released by the central bank on Wednesday, Aug. 27, Gomes said the institution "plays the role of a neutral agent, providing a public digital infrastructure that allows the market to develop more efficiently, inclusively and competitively," according to the report. Pix is among the Brazilian trade practices under formal investigation by U.S, the report notes. About Brazil Brazil is the fifth largest country in the world and third largest in the Americas. Luiz Inacio Lula da Silva won the 2022 Brazilian general election. He was sworn in on January 1, 2023, as the 39th president of Brazil, succeeding Jair Bolsonaro. In October 2024, Moody's Ratings upgraded the Government of Brazil's long-term issuer and senior unsecured bond ratings to Ba1 from Ba2, the senior unsecured shelf rating to (P)Ba1 from (P)Ba2; and maintained the positive outlook. S&P Global Ratings raised on Dec. 19, 2023, its long-term global scale ratings on Brazil to 'BB' from 'BB-'. Fitch Ratings affirmed on Dec. 15, 2023, Brazil's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB' with a Stable Outlook. DBRS' credit rating for Brazil was last reported at BB with stable outlook at July 2023. ========= C H I L E ========= INVERSIONES CMPC: S&P Rates New Junior Subordinated Notes 'BB+' --------------------------------------------------------------- S&P Global Ratings assigned its 'BB+' issue rating to Inversiones CMPC S.A.'s proposed junior subordinated notes due 2057. Inversiones CMPC (not rated) is a wholly owned financing vehicle subsidiary of Chile-based pulp and paper company Empresas CMPC S.A. (CMPC; BBB/Negative/--), and the notes have an unconditional and irrevocable guarantee from the parent for their payment. The company intends to allocate the proceeds from this offering to finance eligible green or social projects. But pending that allocation, it will use the net proceeds to repay in whole or in part its $500 million 2027 notes, $500 million revolving credit facility, and some export loans. The notes are subordinated to all of CMPC's existing and future senior indebtedness. The notes' fixed coupon will reset every five years starting in December 2032 at an annual rate equal to the five-year U.S. Treasury rate, plus the original spread at issuance. The interest on the proposed security will increase by 25 basis points (bps) in 2037, five years after the first reset date, and a further 75 bps in 2052, 20 years after the first reset date. S&P said, "We consider the cumulative increase in interest material, and because it creates an incentive to redeem the instrument in December 2052, we consider that date to be the effective maturity date. Therefore, we are unlikely to recognize the instrument as having intermediate equity content after its first reset date in December 2032, because its economic maturity will fall below 20 years at that time." CMPC's first opportunity to call the notes at par (outside of accounting, rating agency, and tax events) will be during the three months prior to the first reset date in 2032. CMPC can opt to defer interest payments on the notes indefinitely. S&P said, "We classify these notes as hybrid securities with intermediate equity content (50%), reflecting the offering's permanence, subordination, and deferability features. We rate the securities two notches below our 'BBB' long-term issuer credit rating on CMPC: one notch lower to reflect their subordination, and another notch lower to reflect management's ability to defer interest payments on the instrument." The long-term nature of the junior notes, along with the company's limited ability and lack of incentive to redeem the issuance for a long-dated period, meets our standards for permanence. While the coupon floor feature of the notes gives the issuer less protection from some interest rate scenarios than equivalent hybrids without a floor, S&P expects that CMPC would replace this instrument with an equivalent or stronger form of equity before potential redemption to maintain a similar layer of capital that can absorb losses or conserve cash when needed. S&P believes the issuance of this hybrid will help reduce adjusted debt and leverage, given the company will be refinancing pure debt securities with securities with some equity content. This initiative should help the company bring leverage within its financial policy boundaries in a period of weaker pulp prices and softer results in its tissue and personal care business, as well as supporting a stronger balance sheet for future expansion projects. =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: Pound of Chicken Continues to Sell for RD$85.00 ------------------------------------------------------------------- Dominican Today reports that the price of a pound of chicken remains at RD$85.00/pound in the main markets of Greater Santo Domingo, but sales have declined, according to merchants, who also face persistent consumer complaints that it should cost less. Visiting several markets and grocery stores in different areas, chicken vendors confirmed that the price of the product has remained stable, but sales have fallen by nearly 30%, according to Dominican Today. They predict that this is likely because, at RD$85.00 per pound, people find it expensive, the report notes. According to Marino Perez, a vendor in the Cristo Rey area for over 15 years, a pound of chicken has long since surpassed RD$80.00, but he acknowledges that its price has also remained stable, the report relays. He said that even if there is an overproduction of chicken, as producers and authorities have stated, the price of meat won't go down, because the trend in this country is that what goes up doesn't come back down, the report notes. "People find it expensive at RD$85.00, but they won't buy it for less than that. If there is production, producers then take advantage of the fact that inputs are expensive," he added, says the report. He explained that in recent weeks, he has been forced to buy less chicken to resell because sales have fallen, the report discloses. "Dominicans eat chicken the most, but the reality is that it's being sold less. I'm buying less chicken because I was running out. You know, those who buy it at chicken shops or on the street don't like frozen supermarket chicken," he said, the report relays. For his part, Jose Hernandez pointed out that only those sectors with a nearby market or poultry shops can purchase it for RD$85.00, as it can reach up to RD$100.00 in grocery stores, the report notes. "The government knows it can't be careless with chicken, because it's what low-income households and persons consume the most," he warned, the report adds. About Dominican Republic The Dominican Republic is a Caribbean nation that shares the island of Hispaniola with Haiti to the west. Capital city Santo Domingo has Spanish landmarks like the Gothic Catedral Primada de America dating back 5 centuries in its Zona Colonial district. Luis Rodolfo Abinader Corona is the current president of the nation. TCR-LA reported in April 2019 that Juan Del Rosario of the UASD Economic Faculty cited a current economic slowdown for the Dominican Republic and cautioned that if the trend continues, growth would reach only 4% by 2023. Mr. Del Rosario said that if that happens, "we'll face difficulties in meeting international commitments." An ongoing concern in the Dominican Republic is the inability of participants in the electricity sector to establish financial viability for the system. Standard & Poor's credit rating for Dominican Republic was raised to 'BB' in December 2022 with stable outlook. Moody's credit rating for Dominican Republic was last set at Ba3 in August 2023 with the outlook changed to positive. Fitch, in December 2023, affirmed the Dominican Republic's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-' and revised the outlook to positive. =========== M E X I C O =========== DEL MONTE: Committee Hires Kelley Drye & Warren LLP as Co-Counsel ----------------------------------------------------------------- The Official Committee of Unsecured Creditors of Del Monte Foods Corporation II Inc. and affiliates seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to employ Kelley Drye & Warren LLP as co-counsel. The firm will provide these services: (a) advise the Committee with respect to New Jersey local rules and procedures, including with respect to preparation, filing, and service of pleadings and Court appearances; (b) appear before the Bankruptcy Court, and any other federal, state or appellate court on behalf of the Committee; (c) prepare, on behalf of the Committee, any pleadings, including motions, memoranda, complaints, objections, and responses to any of the foregoing; (d) without duplicating services provided by Morrison & Foerster, advise the Committee with respect to its rights, duties and powers in these chapter 11 cases, including: (i) assist and advise the Committee in its consultations with other parties in connection with the administration of these chapter 11 cases; (ii) assist the Committee in its investigation of the acts, conduct, assets, liabilities, and financial condition of the Debtors; (iii) assist the Committee in connection with the proposed plan process; (iv) assist the Committee in analyzing the claims of the Debtors' creditors; (v) advise and represent the Committee in connection with matters generally arising in these chapter 11 cases; and (vi) perform such other legal services as may be required or are otherwise deemed to be in the interests of the Committee in accordance with the Committee's powers and duties as set forth in the Bankruptcy Code, Bankruptcy Rules, or other applicable law. The firm will be paid at these rates: Partners $855 to $1,635 per hour Special Counsel $545 to $1,060 per hour Associates $565 to $985 per hour Paraprofessionals $350 to $450 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. The following responds to questions estate professionals are requested to answer under the U.S. Trustee Guidelines: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Answer: No. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Answer: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments the 12 months prepetition. If your billing rates and material financial terms have changed post-petition, explain the difference and the reasons for the difference. Answer: Not applicable. Kelley Drye did not represent the Committee in the 12 months prepetition. Question: Has your client approved your prospective budget and staffing plan and, if so, for what budget period. Answer: Yes, for the period of July 21, 2025 through November 30, 2025. Mr. Carr disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: James S. Carr, Esq. Kristin S. Elliott, Esq. Connie Y. Choe, Esq. Kelley Drye & Warren LLP One Jefferson Road, 2nd Floor Parsippany, NJ 07054 Tel: (973) 503-5900 Fax: (973) 503-5950 Email: jcarr@kelleydrye.com kelliott@kelleydrye.com cchoe@kelleydrye.com About Del Monte Foods Corporation II Inc. Del Monte Foods, Inc. produces, distributes, and markets branded plant-based packaged food products in the United States and Mexico. Del Monte Foods Corporation II Inc. and its affiliates filed their voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Lead Case No. 25-16984) on July 1, 2025, listing $1,000,000,001 to $10 billion in both assets and liabilities. Judge Michael B Kaplan presides over the case. Michael D. Sirota, Esq. at Cole Schotz P.C. represents the Debtor as counsel. The U.S. Trustee for Regions 3 and 9 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Del Monte Foods Corporation II, Inc. and its affiliates. The committee hires Morrison & Foerster LLP as counsel. Province, LLC as financial advisor. Kelley Drye & Warren LLP as co-counsel. Stifel, Nicolaus & Co., Inc. ("Miller Buckfire") as investment banker. DEL MONTE: Committee Hires Miller Buckfire as Investment Banker --------------------------------------------------------------- The Official Committee of Unsecured Creditors of Del Monte Foods Corporation II Inc. and affiliates seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to employ Stifel, Nicolaus & Co., Inc. ("Miller Buckfire") as investment banker. The firm's services include: (a) familiarize itself with the business, operations, properties, financial condition and prospects of the Debtors and advise and assist the Committee in structuring and effecting the financial aspects of the Transactions; (b) receive, review and perform diligence on information provided on a confidential basis by the Debtors or the Committee; (c) assist the Committee in negotiations regarding any sale, Plan or other Transaction; (d) represent and negotiate on the behalf of the Committee as it relates to any restructuring proposals advanced by the Committee, Debtors or any other parties or stakeholders; and (e) participate in hearings before the Bankruptcy Court in connection with Miller Buckfire's other services, including related testimony, in coordination with the Committee's counsel. The firm will be paid at these fees: (a) Monthly Fee: $125,000. (b) Deferred Fee: $2,250,000 due upon a Transaction. (c) Crediting: Beginning with the fifth Monthly Fee, 25% of all Monthly Fees actually paid will be credited against the Deferred Fee. (d) Expenses: The Debtors will reimburse Miller Buckfire for the expenses incurred by Miller Buckfire in connection with the matters contemplated by the Engagement Letter, including, without limitation, reasonable fees, disbursements, and other charges of Miller Buckfire's counsel. Mr. D'Amico disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: John D'Amico Stifel, Nicolaus & Co., Inc. 787 Seventh Avenue New York, NY 10019 Tel.: (855) 300-7137 About Del Monte Foods Corporation II Inc. Del Monte Foods, Inc. produces, distributes, and markets branded plant-based packaged food products in the United States and Mexico. Del Monte Foods Corporation II Inc. and its affiliates filed their voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Lead Case No. 25-16984) on July 1, 2025, listing $1,000,000,001 to $10 billion in both assets and liabilities. Judge Michael B Kaplan presides over the case. Michael D. Sirota, Esq. at Cole Schotz P.C. represents the Debtor as counsel. The U.S. Trustee for Regions 3 and 9 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Del Monte Foods Corporation II, Inc. and its affiliates. The committee hires Morrison & Foerster LLP as counsel. Province, LLC as financial advisor. Kelley Drye & Warren LLP as co-counsel. Stifel, Nicolaus & Co., Inc. ("Miller Buckfire") as investment banker. DEL MONTE: Committee Hires Morrison & Foerster LLP as Counsel ------------------------------------------------------------- The Official Committee of Unsecured Creditors of Del Monte Foods Corporation II Inc. and affiliates seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to employ Morrison & Foerster LLP as counsel. The firm's services include: (a) advising the Committee in connection with its powers and duties under the Bankruptcy Code, the Bankruptcy Rules, and the Local Rules; (b) assisting and advising the Committee in its consultation with the Debtors relative to the administration of these Chapter 11 Cases; (c) attending meetings and negotiating with the representatives of the Debtors and other parties in interest; (d) assisting and advising the Committee in its examination and analysis of the conduct of the Debtors' affairs; (e) assisting and advising the Committee in connection with any sale of the Debtors' assets pursuant to Section 363 of the Bankruptcy Code; (f) assisting the Committee in the review, analysis, and negotiation of any Chapter 11 plan(s) of reorganization or liquidation that may be filed and assisting the Committee in the review, analysis, and negotiation of the disclosure statement accompanying any such plan(s); (g) taking all necessary action to protect and preserve the interests of the Committee, including: (i) possible prosecution of actions on its behalf; (ii) if appropriate, negotiations concerning all litigation in which the Debtors are involved; and (iii) if appropriate, review and analysis of claims filed against the Debtors' estates; (h) generally preparing on behalf of the Committee all necessary motions, applications, answers, orders, reports, replies, responses, and papers in support of positions taken by the Committee; (i) appearing, as appropriate, before this Court, the appellate courts, and the U.S. Trustee, and protecting the interests of the Committee before those courts and before the U.S. Trustee; and (j) performing all other necessary legal services in these cases as may be directed by the Committee. The firm will be paid at these rates: Partners and Senior Of Counsel $1,500 to $2,475 per hour Of Counsel $1,250 to $2,100 per hour Associates $795 to $1,330 per hour Paraprofessionals $390 to $645 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. In addition, the firm will seek reimbursement for its out-of-pocket expenses. The following is provided in response to the request for additional information set forth in Paragraph D.1 of the U.S. Trustee Guidelines: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Response: No. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Response: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed postpetition, explain the difference and the reasons for the difference. Response: Morrison & Foerster did not represent the Committee prior to these Chapter 11 Cases. Question: Has your client approved your prospective budget and staffing plan, and, if so for what budget period? Response: The Committee and Morrison & Foerster expect to develop a prospective budget and staffing plan to comply with the U.S. Trustee's requests for information and additional disclosures, and any other orders of the Court, recognizing that in the course of these Chapter 11 Cases there may be unforeseeable fees and expenses that will need to be addressed by the Committee and Morrison & Foerster. Mr. Marinuzzi disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Lorenzo Marinuzzi, Esq. Oksana Lashko, Esq. Theresa A. Foudy, Esq. Raff Ferraioli, Esq. Darren Smolarski, Esq. MORRISON & FOERSTER LLP 250 West 55th Street New York, NY 10019-9601 Tel: (212) 468-8000 About Del Monte Foods Corporation II Inc. Del Monte Foods, Inc. produces, distributes, and markets branded plant-based packaged food products in the United States and Mexico. Del Monte Foods Corporation II Inc. and its affiliates filed their voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Lead Case No. 25-16984) on July 1, 2025, listing $1,000,000,001 to $10 billion in both assets and liabilities. Judge Michael B Kaplan presides over the case. Michael D. Sirota, Esq. at Cole Schotz P.C. represents the Debtor as counsel. The U.S. Trustee for Regions 3 and 9 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Del Monte Foods Corporation II, Inc. and its affiliates. The committee hires Morrison & Foerster LLP as counsel. Province, LLC as financial advisor. Kelley Drye & Warren LLP as co-counsel. Stifel, Nicolaus & Co., Inc. ("Miller Buckfire") as investment banker. DEL MONTE: Committee Hires Province LLC as Financial Advisor ------------------------------------------------------------ The Official Committee of Unsecured Creditors of Del Monte Foods Corporation II Inc. and affiliates seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to employ Province, LLC as financial advisor. The firm's services include: a. analyzing the Debtors' assets and liabilities, and overall financial condition and liquidity during the Chapter 11 Cases; b. assisting in the review, assessment and monitoring of cash flow performance, budgets, liquidity, operating results and overall financial condition; c. assessing business, including diligence of financial statements, projections, business plan(s) and assumptions and developing alternative scenarios, if necessary; d. scrutinizing the economic terms of various agreements, including, but not limited to, various professional retentions; e. analyzing cash management and intercompany and related party transactions; f. analyzing filed claims, including reconciliation and estimation process and conducting creditor recovery waterfall analyses; g. assessing the Debtors' various pleadings and proposed treatment of creditor claims therefrom; h. preparing, or reviewing as applicable, avoidance action and claim analyses; i. assisting the Committee in reviewing the Debtors' financial reports, including, but not limited to, SOFAs, Schedules, budgets, and Monthly Operating Reports; j. advising the Committee on the current state of the Chapter 11 Cases; k. advising the Committee in negotiations with the Debtors and third parties as necessary; l. if necessary, participating as a witness in hearings before the bankruptcy court with respect to matters upon which Province has provided advice; and m. providing other activities as are approved by the Committee, the Committee's counsel, and as agreed to by Province. The firm will be paid at these rates: Managing Directors and Partners $850-$1,450 Vice Presidents, Directors, $700-$1,050 and Senior Directors Analysts, Associates, $350-$825 and Senior Associates Para-Professional/Admin $270-$450 The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Adam Rosen, a partner at Province, LLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Adam Rosen Province, LLC 2360 Corporate Circle Suite 340 Henderson, NV 89074 Telephone: (702) 685-5555 Email: arosen@provincefirm.com About Del Monte Foods Corporation II Inc. Del Monte Foods, Inc. produces, distributes, and markets branded plant-based packaged food products in the United States and Mexico. Del Monte Foods Corporation II Inc. and its affiliates filed their voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Lead Case No. 25-16984) on July 1, 2025, listing $1,000,000,001 to $10 billion in both assets and liabilities. Judge Michael B Kaplan presides over the case. Michael D. Sirota, Esq. at Cole Schotz P.C. represents the Debtor as counsel. The U.S. Trustee for Regions 3 and 9 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Del Monte Foods Corporation II, Inc. and its affiliates. The committee hires Morrison & Foerster LLP as counsel. Province, LLC as financial advisor. Kelley Drye & Warren LLP as co-counsel. Stifel, Nicolaus & Co., Inc. ("Miller Buckfire") as investment banker. ================= V E N E Z U E L A ================= CITGO: Gold Reserve Moves to Have Elliott Bid Disqualified ---------------------------------------------------------- Marianna Parraga at Reuters reports that Gold Reserve filed a motion to disqualify a rival bid from an affiliate of hedge fund Elliott Investment Management that a Delaware court last month selected as frontrunner in an auction for Citgo Petroleum's parent, a court document said. A court officer overseeing the auction of PDV Holding, parent of Venezuela-owned refiner Citgo, determined last month that a $5.86 billion offer from Elliott affiliate Amber Energy was the best bid received in the competition, even though he had in July recommended a $7.4 billion bid from a group led by Gold Reserve subsidiary Dalinar Energy, according to Reuters. The officer must now submit a new recommendation, which will be evaluated by Judge Leonard Stark this month, the report notes. The determination that Amber's bid price was superior "is contrary to this court's orders, discards the bidding procedures on which Gold Reserve and other parties relied, and threatens to short-change the attached judgment creditors by $1.5 billion relative to the Dalinar Energy's $7.382 billion bid," Gold Reserve said in the motion to strike, the report relays. Canadian-listed Gold Reserve is a company focused primarily on managing and monetizing a collection of legal and arbitral claims after its mining assets were expropriated in Venezuela, the report discloses. It has participated in the court case as a bidder and creditor, the report relays. Another creditor in the auction, Siemens Energy (SIEGn.DE), joined Gold Reserve's motion to disqualify Amber's bid, a separate court filing showed, the report relays. As part of its bid, Amber is offering a settlement with holders of a defaulted Venezuelan bond that would free a $2.86 billion claim, the report notes. In August, after some aspects of Amber's bid first emerged, Gold Reserve's lawyers told the court that the company would move to invalidate it, arguing it failed to comply with some bidding terms, the report discloses. In a court-organized auction, a motion to strike is a request to invalidate or remove a bid to challenge a specific aspect of the sale process, not the entire auction itself, the report says. The complex auction being carried out to repay 15 creditors for debt defaults and expropriations by Venezuela and its state oil company PDVSA was relaunched in January, the report relays. A year-long bidding process last year, which also included a bid from Amber, ended in shambles due to objections from creditors, the report adds. About Citgo Petroleum Citgo Petroleum Corporation is a United States-based refiner, transporter and marketer of transportation fuels, lubricants, petrochemicals and other industrial products. Based in Houston, Texas, Citgo is majority-owned by PDVSA, a state-owned company of the Venezuelan government (although due to U.S. sanctions, in 2019, they no longer economically benefit from Citgo.) Fitch Ratings, in early October 2024, affirmed the Long-Term Issuer Default Rating (IDR) of CITGO Petroleum Corp. (CITGO, or Opco) at 'B' with a Stable Outlook and the IDR of CITGO Holding, Inc. (Holdco) at 'CCC+'. Fitch also affirmed Opco's existing senior secured notes and industrial revenue bonds at 'BB'/'RR1'. S&P Global Ratings, in June 2022, affirmed its 'B-' long-term issuer credit ratings on CITGO Holding Inc. and core subsidiary CITGO Petroleum Corp. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Latin America is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN 1529-2746. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Latin America subscription rate is US$775 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter A. Chapman at 215-945-7000. . * * * End of Transmission * * *