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


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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.


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