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/raid1/www/Hosts/bankrupt/TCRLA_Public/110601.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 Wednesday, June 1, 2011, Vol. 12, No. 107 Headlines A N T I G U A & B A R B U D A STANFORD INT'L: Grant Thornton Takes Over Bank Liquidation A R G E N T I N A METROGAS S.A.: Posts ARS26.3 Million Net Loss in First Quarter B E R M U D A LASALLE RE: Members' Final Meeting Set for June 24 LASALLE RE CORPORATE: Members' Final Meeting Set for June 24 MAN MULTI- STRATEGY: Creditors' Proofs of Debt Due June 8 MAN MULTI- STRATEGY: Member to Receive Wind-Up Report on June 27 C A Y M A N I S L A N D S ASHKEY INVESTMENTS: Creditors' Proofs of Debt Due June 30 ASHLEAF INVESTMENTS: Creditors' Proofs of Debt Due June 30 ASHMOUNT INVESTMENTS: Creditors' Proofs of Debt Due June 30 COMSOR INVESTMENT: Creditors' Proofs of Debt Due June 14 COMSOR INVESTMENT: Shareholders' Final Meeting Set for June 15 COMSOR VENTURE: Creditors' Proofs of Debt Due June 14 COMSOR VENTURE: Shareholders' Final Meeting Set for June 15 GANG ENTERPRISES: Placed Under Voluntary Wind-Up MOBISERVE INVESTMENTS: Creditors' Proofs of Debt Due June 22 N7C RESOURCES: Creditors' Proofs of Debt Due June 15 N8C RESOURCES: Creditors' Proofs of Debt Due June 15 PALOMAR STRUCTURED: Creditors' Proofs of Debt Due June 22 SOLENT CAPITAL: Creditors' Proofs of Debt Due June 14 TEXEL MACRO: Creditors' Proofs of Debt Due June 15 TEXEL MACRO: Creditors' Proofs of Debt Due June 15 J A M A I C A THERMO-PLASTICS: Ex Receiver Addresses Allegations at FINSAC M E X I C O HIPOTECARIA SU: S&P Lowers Rating on Class B Notes to 'mxD' P U E R T O R I C O PRODUCTOS AVICOLAS: To Sell Poultry Operations to Pan American V E N E Z U E L A PETROLEOS DE VENEZUELA: Venezuela Protests U.S. Sanctions - - - - - =============================== A N T I G U A & B A R B U D A =============================== STANFORD INT'L: Grant Thornton Takes Over Bank Liquidation ---------------------------------------------------------- Jonathan Russell at The Telegraph reports that the liquidation of Stanford International Bank has been taken over by Grant Thornton. Grant Thornton was appointed after bank creditors challenged the appointment of Vantis, The Telegraph relates. The listed accountancy firm had itself gone into administration in June last year, at which point the liquidators dealing with the business joined FRP Advisory. According to the report, the liquidation of Stanford International is being carried out while Mr. Stanford faces trial in the U.S. for "massive ongoing fraud" relating to a $7 billion (GBP4.24 billion) investment scheme. "With more than $7 billion in alleged losses suffered by approximately 27,000 depositors worldwide, a robust liquidation of the bank is vital. Hugh Dickson [the other liquidator] and I look forward to serving the creditors of the Stanford estate and dealing with the outstanding issues over control of assets in the UK, Switzerland, Canada and elsewhere," The Telegraph quotes Marcus Wide, one of the two Grant Thornton liquidators appointed, as saying. To date, no assets have been returned to either the Stanford International Bank estate or the estimated 27,000 depositors and claimants, The Telegraph notes. The Telegraph reports that the action to replace Vantis as administrators was led by Alexander Fundora, a creditor who lost $2.5 million in the Stanford scheme. His action was supported by creditors owed $100 million, the report adds. About Stanford International Bank Domiciled in Antigua, Stanford International Bank Limited -- http://www.stanfordinternationalbank.com/-- is a member of Stanford Private Wealth Management, a global financial services network with US$51 billion in deposits and assets under management or advisement. Stanford Private Wealth Management serves more than 70,000 clients in 140 countries. On Feb. 16, 2009, the U.S. District Court for the Northern District of Texas, Dallas Division, signed an order appointing Ralph Janvey as receiver for all the assets and records of Stanford International Bank, Ltd., Stanford Group Company, Stanford Capital Management, LLC, Robert Allen Stanford, James M. Davis and Laura Pendergest-Holt and of all entities they own or control. The February 16 order, as amended March 12, 2009, directs the Receiver to, among other things, take control and possession of and to operate the Receivership Estate, and to perform all acts necessary to conserve, hold, manage and preserve the value of the Receivership Estate. The U.S. Securities and Exchange Commission on Feb. 17, 2009, charged before the U.S. District Court in Dallas, Texas, Mr. Stanford and three of his companies for orchestrating a fraudulent, multi-billion dollar investment scheme centering on an US$8 billion Certificate of Deposit program. A criminal case was also pursued against Mr. Stanford in June 2009 before the U.S. District Court in Houston, Texas. Mr. Stanford pleaded not guilty to 21 charges of multi-billion dollar fraud, money-laundering and obstruction of justice. Assistant Attorney General Lanny Breuer, as cited by Agence France-Presse News, said in a 57-page indictment that Mr. Stanford could face up to 250 years in prison if convicted on all charges. Mr. Stanford surrendered to U.S. authorities after a warrant was issued for his arrest on the criminal charges. The criminal case is U.S. v. Stanford, H-09-342 (S.D. Tex.). The civil case is SEC v. Stanford International Bank, 09-cv-00298 (N.D. Tex.). ================= A R G E N T I N A ================= METROGAS S.A.: Posts ARS26.3 Million Net Loss in First Quarter -------------------------------------------------------------- MetroGAS S.A. filed unaudited consolidated interim financial statements as of March 31, 2011, reporting a net loss of ARS26.3 million on ARS231.6 million of sales for the first quarter of 2011, compared with a net loss of ARS15.1 million on ARS225.7 million of sales for the same period in 2010. The Company's balance sheet at March 31, 2011, showed total assets of ARS2.473 billion, total liabilities of ARS1.671 billion, minority interest of ARS2.0 million, and shareholders' equity of ARS799.6 million. As reported in the TCR on May 3, 2011, Price Waterhouse & Co. S.R.L., in Buenos Aires, Argentina, expressed substantial doubt about MetroGas S.A.'s ability to continue as a going concern following the release of the Company's 2010 results. The independent auditors noted of uncertainties related to the suspension of the original regime for tariff adjustments and the Company's petition for voluntary reorganization in an Argentine Court on June 17, 2010. A copy of the Company's unaudited consolidated interim financial statements for the three months ended March 31, 2011, is available at http://is.gd/V7qDm7 About MetroGas Buenos Aires-based MetroGAS S.A., which listed its American Depositary Shares on the New York Stock Exchange and Buenos Aires Stock Exchange in November 1994, is Argentina's largest natural gas distribution company in terms of number of customers and volume of gas deliveries, according to the 2010 annual report of ENARGAS, an agency of the Argentine Government, which has broad authority over the gas distribution and transportation industries, including their tariffs. The Company has approximately 2.2 million customers in its service area (the city of Buenos Aires and southern and eastern greater metropolitan Buenos Aires). The Company is one of nine natural gas distribution companies formed in connection with the privatization of Gas del Estado. The suspension of the original regime for tariff adjustments and the inability to generate sufficient cash flows to pay its financial debt obligations led the Company to file a petition for a voluntary reorganization proceeding (concurso preventivo) in an Argentine court on June 17, 2010. ============= B E R M U D A ============= LASALLE RE: Members' Final Meeting Set for June 24 -------------------------------------------------- The members of LaSalle Re Limited will hold their final meeting on June 24, 2011, at 11:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on May 11, 2011. The company's liquidator is: Beverly Mathias c/o Argonaut Limited Argonaut House, 5 Park Road Hamilton HM O9 Bermuda LASALLE RE CORPORATE: Members' Final Meeting Set for June 24 ------------------------------------------------------------ The members of LaSalle Re Corporate Capital Ltd. will hold their final meeting on June 24, 2011, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on May 11, 2011. The company's liquidator is: Mike Morrison KPMG Advisory Limited Crown House, 4 Par-la-Ville Road Hamilton Bermuda MAN MULTI- STRATEGY: Creditors' Proofs of Debt Due June 8 --------------------------------------------------------- The creditors of Man Multi- Strategy USD Ltd are required to file their proofs of debt by June 8, 2011, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 11, 2011. The company's liquidator is: Beverly Mathias c/o Argonaut Limited Argonaut House, 5 Park Road Hamilton HM O9 Bermuda MAN MULTI- STRATEGY: Member to Receive Wind-Up Report on June 27 ---------------------------------------------------------------- The member of Man Multi- Strategy USD Ltd will receive on June 27, 2011, at 9:30 a.m., the liquidator's report on the company's wind- up proceedings and property disposal. The company commenced wind-up proceedings on May 11, 2011. The company's liquidator is: Beverly Mathias c/o Argonaut Limited Argonaut House, 5 Park Road Hamilton HM O9 Bermuda =========================== C A Y M A N I S L A N D S =========================== ASHKEY INVESTMENTS: Creditors' Proofs of Debt Due June 30 --------------------------------------------------------- The creditors of Ashkey Investments are required to file their proofs of debt by June 30, 2011, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 12, 2011. The company's liquidator is: Peter Charles Spencer Keeble P.O. Box 2 Port St Mary Isle of Man, IM99 7PB Telephone: +44 870 460 0763 Facsimile: +44 870 458 2568 ASHLEAF INVESTMENTS: Creditors' Proofs of Debt Due June 30 ---------------------------------------------------------- The creditors of Ashleaf Investments are required to file their proofs of debt by June 30, 2011, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 12, 2011. The company's liquidator is: Peter Charles Spencer Keeble P.O. Box 2 Port St Mary Isle of Man, IM99 7PB Telephone: +44 870 460 0763 Facsimile: +44 870 458 2568 ASHMOUNT INVESTMENTS: Creditors' Proofs of Debt Due June 30 ----------------------------------------------------------- The creditors of Ashmount Investments are required to file their proofs of debt by June 30, 2011, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 12, 2011. The company's liquidator is: Peter Charles Spencer Keeble P.O. Box 2 Port St Mary Isle of Man, IM99 7PB Telephone: +44 870 460 0763 Facsimile: +44 870 458 2568 COMSOR INVESTMENT: Creditors' Proofs of Debt Due June 14 -------------------------------------------------------- The creditors of Comsor Investment Fund LDC are required to file their proofs of debt by June 14, 2011, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 9, 2011. The company's liquidators are: E. Andrew Hersant Christopher Humphries Stuarts Walker Hersant Telephone: (345) 949 3344 Facsimile: (345) 949 2888 P.O. Box 2510, Grand Cayman KY1-1104 Cayman Islands COMSOR INVESTMENT: Shareholders' Final Meeting Set for June 15 -------------------------------------------------------------- The shareholders of Comsor Investment Fund LDC will hold their final meeting on June 15, 2011, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on May 9, 2011. The company's liquidators are: E. Andrew Hersant Christopher Humphries Stuarts Walker Hersant Telephone: (345) 949 3344 Facsimile: (345) 949 2888 P.O. Box 2510, Grand Cayman KY1-1104 Cayman Islands COMSOR VENTURE: Creditors' Proofs of Debt Due June 14 ----------------------------------------------------- The creditors of Comsor Venture Fund LDC are required to file their proofs of debt by June 14, 2011, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 9, 2011. The company's liquidators are: E. Andrew Hersant Christopher Humphries Stuarts Walker Hersant Telephone: (345) 949 3344 Facsimile: (345) 949 2888 P.O. Box 2510, Grand Cayman KY1-1104 Cayman Islands COMSOR VENTURE: Shareholders' Final Meeting Set for June 15 ----------------------------------------------------------- The shareholders of Comsor Venture Fund LDC will hold their final meeting on June 15, 2011, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on May 9, 2011. The company's liquidators are: E. Andrew Hersant Christopher Humphries Stuarts Walker Hersant Telephone: (345) 949 3344 Facsimile: (345) 949 2888 P.O. Box 2510, Grand Cayman KY1-1104 Cayman Islands GANG ENTERPRISES: Placed Under Voluntary Wind-Up ------------------------------------------------ At an extraordinary general meeting held on May 10, 2011, the shareholder of Gang Enterprises Limited resolved to voluntarily wind up the company's operations. The company's liquidator is: Commerce Corporate Services Limited P.O. Box 694, Grand Cayman Cayman Islands Telephone: 949 8666 Facsimile: 949 0626 MOBISERVE INVESTMENTS: Creditors' Proofs of Debt Due June 22 ------------------------------------------------------------ The creditors of Mobiserve Investments Limited are required to file their proofs of debt by June 22, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on May 2, 2011. The company's liquidator is: Walkers Corporate Services Limited c/o Anthony Johnson Telephone: (345) 914-6314 Walker House 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands N7C RESOURCES: Creditors' Proofs of Debt Due June 15 ---------------------------------------------------- The creditors of N7C Resources Inc. are required to file their proofs of debt by June 15, 2011, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 3, 2011. The company's liquidator is: Gary F. Oakley c/o Britannia Corporate Management Ltd. 196 Raleigh Quay, Governors Harbour P.O. Box 1968, Grand Cayman KY1-1104 Cayman Islands Telephone: (345) 949 7966 Facsimile: (345) 949 0716 N8C RESOURCES: Creditors' Proofs of Debt Due June 15 ---------------------------------------------------- The creditors of N8C Resources Inc. are required to file their proofs of debt by June 15, 2011, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 3, 2011. The company's liquidator is: Gary F. Oakley c/o Britannia Corporate Management Ltd. 196 Raleigh Quay, Governors Harbour P.O. Box 1968, Grand Cayman KY1-1104 Cayman Islands Telephone: (345) 949 7966 Facsimile: (345) 949 0716 PALOMAR STRUCTURED: Creditors' Proofs of Debt Due June 22 --------------------------------------------------------- The creditors of Palomar Structured Credit Stars Ltd. are required to file their proofs of debt by June 22, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on May 12, 2011. The company's liquidator is: Walkers Corporate Services Limited c/o Anthony Johnson Telephone: (345) 914-6314 Walker House 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands SOLENT CAPITAL: Creditors' Proofs of Debt Due June 14 ----------------------------------------------------- The creditors of Solent Capital (Cayman) Limited are required to file their proofs of debt by June 14, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on May 4, 2011. The company's liquidator is: Hugh Dickson Saskia Lawrence, 2nd Floor 48 Market Street Suite 1290 Canella Court Camana Bay Grand Cayman Cayman Islands Telephone: (345) 769 7212 Facsimile: (345) 949 7120 TEXEL MACRO: Creditors' Proofs of Debt Due June 15 -------------------------------------------------- The creditors of Texel Macro Master Fund Limited are required to file their proofs of debt by June 15, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on April 27, 2011. The company's liquidators are: Christopher D. Johnson Russell Smith Johnson Smith Associates Ltd Elizabethan Square 80 Shedden Road PO Box 2499, Grand Cayman KY1-1104 Cayman Islands TEXEL MACRO: Creditors' Proofs of Debt Due June 15 -------------------------------------------------- The creditors of Texel Macro Fund Limited are required to file their proofs of debt by June 15, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on April 27, 2011. The company's liquidators are: Christopher D. Johnson Russell Smith Johnson Smith Associates Ltd Elizabethan Square 80 Shedden Road PO Box 2499, Grand Cayman KY1-1104 Cayman Islands ============= J A M A I C A ============= THERMO-PLASTICS: Ex Receiver Addresses Allegations at FINSAC ------------------------------------------------------------ RJR News reports that Richard Downer, the former receiver of Thermo-Plastics Jamaica Limited and its subsidiary Plas Pak, addressed allegations made against him and the company when he appeared at the Commission of Enquiry looking into the operations of the Financial Sector Adjustment Company (FINSAC) during the financial sector meltdown of the 1990s. In his testimony, Mr. Downer, who took over the indebted company after it failed in the 1990s, outlined that Thermo-Plastics owed banks, government taxes, and trade creditors as well as overdue pension payments to workers, well in excess of JM$700 million, RJR News relates. In addressing allegations made before the commission by Jean-Marie Desulme, the former managing director of Thermo-Plastics Jamaica, Mr. Downer stated that the claims were unfounded, RJR News says. Mr. Downer disputed allegations that he was paid more than JM$200 million for his duties for 3 1/2 years, he clarified that the fees totaled $111 for 2 1/2 years, according to the report. RJR News notes that Mr. Downer also addressed allegations by Mr. Deslume that he was barred from entering the company. "I didn't allow him entry to the premise and such denial of free access to directors and shareholders is textbook standard practice in receiverships that are not voluntarily arranged. This is because employees can become confused as to who is in charge of operations and the owners of the companies in receivership are prone to undermine the authority of the receiver if they are allowed free access to the premises because they are emotional and resent the presence of the receiver," Dr. Downer told the commission, RJR News relates. Mr. Downer also said there was no so-called secret profit made by him or PricewaterhouseCoopers, through their employment of certain individuals, after the company was handed over to him as receiver, RJR News notes. The report relates that Mr. Downer also named several banks and creditors that were owed by Thermo-Plastics and Plas Pak when he took over as receiver. RJR News says that Mr. Downer told the commission that in April 1998, Thermo-Plastics owed several banks including the National Commercial Bank, Eagle, Horizon and CIBC about JM$330 million, while the other entity Plas Pak owed in excess of JM$100 million to banks. Debts were also owed for taxes and to trade creditors who were owed US$250,000, he added. =========== M E X I C O =========== HIPOTECARIA SU: S&P Lowers Rating on Class B Notes to 'mxD' ----------------------------------------------------------- Standard & Poor's Ratings Services lowered its rating on Hipotecaria Su Casita - Residential Mortgage Backed Notes' MXN226,501,400 class B notes due 2035 to 'mxD (sf)' from 'mxBB (sf)'. "At the same time, we lowered our Standard & Poor's underlying rating (SPUR, which addresses the stand-alone credit quality of the security) on the US$232,532,000 class A notes from the same transaction. We also affirmed our 'B (sf)' long-term rating on the class A notes. Hipotecaria Su Casita - Residential Mortgage Backed Notes is a cross-border RMBS transaction backed by mortgage loans originated by Hipotecaria Su Casita S.A. de C.V. SOFOM E.N.R. (Su Casita)," S&P said. S&P noted, "We downgraded the class B notes to 'mxD (sf)' because they did not receive their full scheduled interest payment on May 26. According to the event of default notice issued by The Bank of New York Mellon, acting as the indenture trustee in the transaction, the class B notes only received MXN733,714.32 of the MXN1,267,771.58 total interest due." "We lowered our SPUR on the class A notes to 'B- (sf)' from 'B (sf)' and placed it on CreditWatch with negative implications to reflect declining monthly collections, particularly in the last reporting period (April 2011), when collections fell close to 35%. We affirmed the 'B (sf)' long-term rating on the class A notes to reflect the full financial guarantee insurance policy that MBIA Insurance Corp. (MIBA; 'B' insurer financial enhancement rating) provides, which guarantees the timely payment of interest and principal according to the transactions' terms," S&P continued. "We previously de-linked the rating on class A from our rating on MBIA because the SPUR was at least as high as the rating on MBIA. After lowering the SPUR, however, the rating on class A again reflects our financial enhancement rating on MBIA. Under our criteria for rating structured finance transactions, the issue rating on an insured bond reflects the higher of the rating on the bond insurer (monoline) or the SPUR on the securities (see 'Credit FAQ: The Interaction Of Bond Insurance And Credit Ratings- Structured Finance Update,' published Feb. 26. 2008)," S&P noted. In October 2010, Standard & Poor's received notification from MBIA, in its role of controlling party to the transaction, that Patrimonio, S.A. de C.V. S.F.O.L (Patrimonio; ABOVE AVERAGE residential loan servicer ranking with a negative outlook) would replace Su Casita as the primary servicer for this transaction. "We will resolve the CreditWatch negative placement after we complete an analysis of the effects of the event of default on the transaction, which will consider the diminishing collections being reported," S&P added. Rating Lowered Hipotecaria Su Casita - Residential Mortgage Backed Notes Rating Outstanding Amount Class To From (million)* B mxD (sf) mxBB (sf) MXN 184.97 Rating Lowered and Placed on CreditWatch Negative Hipotecaria Su Casita - Residential Mortgage Backed Notes Rating Outstanding Amount Class To From (million)* A B- (sf)/Watch Neg (SPUR) B (sf) (SPUR) USD 132.13 Rating Affirmed Hipotecaria Su Casita - Residential Mortgage Backed Notes Class Rating Outstanding Amount (million) A B (sf) USD 132.13 *Class B is denominated in Mexican inflation-linked units. The outstanding amount is UDIs 48.67. ===================== P U E R T O R I C O ===================== PRODUCTOS AVICOLAS: To Sell Poultry Operations to Pan American --------------------------------------------------------------- Caribbean Business reports that industry sources said Productos Avicolas del Caribe is on the verge of completing the sale of its poultry operations to local food, feed and fertilizer giant Pan American Grain Mfg. Co. for $5 million. Pan American Grain would also acquire the rights to the company's Picu and Canto Alegre brands, according to Caribbean Business. Caribbean Business notes that sources said that as part of the deal, one or both of PAC's lenders, Banco Popular and the Government Development Bank (GDB), may write off the company's loan debts to losses. It is unclear which bank will get the $5 million from Pan American Grain, the report cites. Caribbean Business says that is expected to write off PAC's nearly $19 million debt from loans and shares purchased by the government agent, a minority shareholder in the poultry company. Caribbean Business discloses that Banco Popular may in turn forgive PAC President & CEO Fernando Echegaray's loan debt of nearly $30 million, incurred when he operated both the Canto Alegre plant in Salinas and its Picu counterpart in Coamo, a hatchery in Coamo, and the Molinos del Sur feed mill in Guanica. Caribbean Business relates that those investments were financed with a $30 million loan from Westernbank. The loan, which fell to Banco Popular after Westernbank was seized and auctioned off by the Federal Deposit Insurance Corp. last year, is still unpaid, the report notes. Caribbean Business relates that Mr. Echegaray closed the plant in April 2008, citing economic problems due to a then three-fold increase in the price of corn, which in turn forced a major hike in feed costs. He reopened the company 10 months ago, while the Picu plant and feed mill remained closed. He recently again shut down the hatchery. In the deal with Pan American Grain, the GDB would acquire the feed mill and land at the Guanica seaport, sources said, Caribbean Business notes. ================= V E N E Z U E L A ================= PETROLEOS DE VENEZUELA: Venezuela Protests U.S. Sanctions --------------------------------------------------------- Jamaica Gleaner reports that thousands of supporters protest United States sanctions against Petroleos de Venezuela SA. U.S. President Barack Obama's administration slapped sanctions on PDVSA and six other companies from other countries for doing business with Iran, according to Jamaica Gleaner. The report notes that the United States State Department said PDVSA delivered at least two cargoes of refined petroleum products worth about US$50 million to Iran between December and March. Jamaica Gleaner discloses that Energy Minister Rafael Ramirez said shipments of heavy crude to PDVSA's US-based subsidiaries will continue, but the company cannot guarantee shipments to non- affiliated private oil companies. About PDVSA Petroleos de Venezuela -- http://www.pdvsa.com/-- is Venezuela's state oil company in charge of the development of the petroleum, petrochemical, and coal industry, as well as planning, coordinating, supervising, and controlling the operational activities of its divisions, both in Venezuela and abroad. * * * As reported in the Troubled Company Reporter-Latin America on January 25, 2010, Reuters said that Petroleos de Venezuela's total debt jumped 42% in 2009 after it borrowed heavily to pay off service company debts and intervene in currency markets. The report related that PDVSA said total outstanding debt rose to US$21.4 billion from US$15.1 billion the year before. According to the report, PDVSA built up billions of dollars in debts to service companies after the 2008 collapse of oil prices. As reported in the Troubled Company Reporter-Latin America on Feb. 15, 2011, Fitch Ratings has affirmed Petroleos de Venezuela S.A.'s 'B+' foreign and local currency Issuer Default Ratings and its 'AAA(ven)' national scale rating. This rating action affect approximately US$17 billion of debt outstanding. Additionally, Fitch expects to rate PDVSA's proposed US$3 billion senior unsecured debt issuance due 2020, 2021 and 2022 'B+/RR4'. *********** Monday's edition of the TCR-LA delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR-LA editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR-LA constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR-LA editor holds some position in the issuers' public debt and equity securities about which we report. Tuesday's edition of the TCR-LA features a list of companies with insolvent balance sheets obtained by our editors based on the latest balance sheets publicly available a day prior to publication. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. A list of Meetings, Conferences and Seminars appears in each Thursday's edition of the TCR-LA. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com *********** 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., Frederick, Maryland USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Valerie U. Pascual, Psyche A. Castillon, Julie Anne G. Lopez, Ivy B. Magdadaro, Frauline S. Abangan, and Peter A. Chapman, Editors. Copyright 2011. 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$625 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 Christopher Beard at 240/629-3300. * * * End of Transmission * * *