BRAZIL-ARANTES GOES TO CREDITORS FOR HELP AND TIME.
Bearing the burden of $1R.3bil debts, and since January under protection of the Brazilian preventive bankruptcy laws, beef & meats major Arantes Alimentos is busy negotiating with creditors. Head honcho Aderbal Arantes could accept divest all or part of its assets, but reckons the moment is not appropriate for this decision. Arantes posted $1R.6bil sales in 2008 and since early 2009 has laid off 3,000 employees, closing down 8 of its 13 meat processing units. PricewaterhouseCoppers has been hired outline restructuring and also negotiate with credit banks ($1R.1bil).
