/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/100125.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Monday, January 25, 2010, Vol. 11, No. 016 Headlines F R A N C E REMY COINTREAU: 3Q Revenue Down 5.4% on Champagne Sales Slump G E R M A N Y CONTINENTAL AG: S&P Retains CreditWatch Negative on 'B+' Rating HYPO REAL: Wants to Transfer EUR210 Bln Assets Into Bad Bank I R E L A N D AIROPTION LIMITED: Creditors Meeting Set for February 8 BANK OF IRELAND: Fitch Corrects Rating on ISIN XS0125611482 to 'B' BANTRY BAY: S&P Lowers Ratings on Six Classes of Notes to 'D' CUNNINGHAM STONE: Appoints PwC as Joint Liquidators FENCORE SERVICES: Creditors Meeting Set for February 2 MAULBAWN HOLDINGS: Anglo Irish Appoints Kieran Wallace as Receiver MICHAEL TIMONEY: ACC Bank Appoints Declan Taite as Receiver MULVEY DEVELOPMENTS: Brian McEnery Appointed as Receiver MULVEY DRUMSHANBO: Brian McEnery Appointed as Receiver ORIEL CONSTRUCTION: Creditors Meeting Set for February 1 SHOP FIX: Creditors Meeting Set for February 5 SIGMA TELECOM: Ulster Bank Appoints Tom Kavanagh as Receiver I T A L Y SEAT PAGINE: Bonds Priced at 725-750 Basis Points Over Euribor N E T H E R L A N D S RHODIUM 1: S&P Downgrades Rating on Class D Notes to 'B-' WOOD STREET: Moody's Confirms Rating on Class E Notes at 'Caa2' R O M A N I A LCR JEANS: Files for Insolvency; Stores in Romania Closed R U S S I A LSR OJSC: Fitch Affirms Long-Term Issuer Default Rating at 'B-' UC RUSAL: Prices Hong Kong IPO at HK$10.80 a Share UC RUSAL: Has US$4.5BB Debt Refinancing Deal with VEB, Sberbank S W E D E N GENERAL MOTORS: Nears Deal to Sell Saab to Netherlands' Spyker U K R A I N E HYPOBANK: National Bank of Ukraine Initiates Liquidation Procedure UKRPROMBANK: National Bank of Ukraine Starts Liquidation Procedure U N I T E D K I N G D O M ABDULLA'S HORTICULTURE: Goes Into Administration BRITISH AIRWAYS: To Begin Training Non-Cabin Crew Employees Today ENTERPRISE INNS: Trading Improved; May Not Need Rights Issue ESSEX GOLF: In Administration; Buyer Sought for Golf Course GALA CORAL: Investor Consortium Potential Takeover Contender GLOBESPAN: Scottish Government Calls for Probe Into Collapse JESSOPS PLC: Shareholders Voted in Favor of Liquidation LLOYDS BANKING: May Need to Raise GBP7.8 Bln in Capital UK GOLF: More Garon Park Jobs at Risk If Buyer Not Found VISTEON UK: Former Workers Protest Over Loss of Pension * UK: Administrations in Manufacturing Sector Up 12% in 2009 * UK: Two-Thirds of Businesses Worried About 1Q2010 Outlook X X X X X X X X * BOND PRICING: For the Week January 18 to January 22, 2010 ********* =========== F R A N C E =========== REMY COINTREAU: 3Q Revenue Down 5.4% on Champagne Sales Slump ------------------------------------------------------------- Ladka Bauerova at Bloomberg News reports that Remy Cointreau SA said third-quarter revenue fell 5.4% on a slump in champagne sales. Bloomberg relates the company said in an e-mailed statement Thursday sales in the three months through December dropped to EUR226 million (US$319 million) from EUR239 million a year earlier. According to Bloomberg, sales of the Piper Heidsieck and Charles Heidsieck brands declined 20% during the quarter, extending the first half's 42% drop as fewer U.S. and European consumers bought expensive alcohol. Headquartered in Cognac, France, Remy Cointreau -- http://www.remycointreau.com/-- offers a range of premium wine and spirit brands, known and recognized throughout the world. These brands include, among others, Remy Martin, Cointreau, Passoa, Metaxa, Mount Gay Rum, Charles Heidsieck and Piper- Heidsieck. * * * Remy Cointreau SA continues to carry a Ba2 corporate family rating and senior unsecured rating from Moody's Investors Service with negative outlook. The company still carries 'BB-' long-term corporate credit and debt ratings from Standard & Poor's Ratings Services with negative outlook. ============= G E R M A N Y ============= CONTINENTAL AG: S&P Retains CreditWatch Negative on 'B+' Rating --------------------------------------------------------------- Standard & Poor's Ratings Services said that the 'B+' long-term corporate credit rating on Germany-based automotive supplier Continental AG remained on CreditWatch with negative implications, where it was originally placed on June 10, 2009. The 'B' short- term rating was affirmed. S&P view as positive Continental's recent completion of a refinancing of EUR3.5 billion of bank debt, originally due in August 2010, through a new set of facilities (EUR2.5 billion) due in August 2012 and the successful completion of an equity rights issue (EUR1.1 billion proceeds). Furthermore, S&P view the December 2009 renegotiation of Continental's covenant headroom for its bank facilities as positive because it eliminates the immediate risk of a covenant breach, even though S&P considers that headroom under the new covenant structure could prove to be tight in 2010 and beyond. "Nevertheless, S&P remain concerned about the potential negative influence on Continental's credit quality from its 42% owner, the Schaeffler group (not rated)," said Standard & Poor's credit analyst Werner Staeblein. "In S&P's view, the nature of the relationship between Schaeffler and Continental make S&P's parent- subsidiary criteria applicable, and the relationship between Continental and Schaeffler remains the key risk for the rating." While Continental's bank loan documentation provides some protection for Continental at this stage, S&P views this as likely temporary in nature. From the limited available public information about Schaeffler, S&P concludes that there is a high probability that Schaeffler's financial situation is weaker than that of Continental, implying an overall credit quality lower than that of Continental. S&P will continue to try to verify Schaeffler's financial situation. "We aim to resolve the CreditWatch placement within the next three months, after obtaining more financial information from unrated Schaeffler Group as well as evaluating the strategic and operational longer term implications of the companies working together under the same ownership," said Mr. Staeblein. HYPO REAL: Wants to Transfer EUR210 Bln Assets Into Bad Bank ------------------------------------------------------------ Oliver Suess and Tony Czuczka at Bloomberg News report that Hypo Real Estate Holding AG is applying to transfer as much as EUR210 billion (US$296 billion) of assets into a so-called bad bank. Bloomberg relates Hypo Real Estate, wholly owned by the German government's Soffin bank-rescue fund, said in an e-mailed statement Thursday it asked the German Financial Markets Stabilization Agency, a unit of the country's Finance Ministry, for permission to separate the assets. According to Bloomberg, the company said the transfer will take place in the second half if approval is given. Hypo Real Estate Chief Executive Officer Axel Wieandt, as cited by Bloomberg, said in the statement "We will thus strengthen Deutsche Pfandbriefbank as the group's core bank by relieving it of nonstrategic or sub-performing assets, significantly reducing the size of its balance sheet". Bloomberg notes the company said the assets to be transferred may include parts of the public finance and real-estate funding portfolios of Deutsche Pfandbriefbank and the Dublin-based Depfa Bank Plc unit. The public-finance portfolio "consists of highly-rated government or government-related assets, which despite their strong credit quality are currently suffering from lower market valuations," Hypo Real Estate said, according to Bloomberg. "Parts of the real estate financing portfolio are affected by the prevailing difficult environment that continues to burden this segment." As reported by the Troubled Company Reporter-Europe, Bloomberg recalls Germany's bank-rescue fund took full-ownership of the bank in October following a so-called squeeze-out. The company needed a total of EUR102 billion in credit lines and debt guarantees from the German government and financial institutions to save it from collapse last year when its Depfa unit failed to get short-term funding, Bloomberg disclosed. About Hypo Real Estate Germany-based Hypo Real Estate Holding AG (FRA:HRXG) -- http://www.hyporealestate.com/-- is a German holding company for the Hypo Real Estate Group. It is an international real estate financing company, combining commercial real estate financing products with investment banking. The Company divides its operations into three business units: Commercial Real Estate, which provides real estate financing on the international and German market; Public Sector & Infrastructure Finance, and Capital Markets & Asset Management. Hypo Real Estate Group operates through a number of subsidiaries, including, among others, Hypo Real Estate Bank International AG that focuses on Pfandbrief-based commercial real estate financing in all international markets, and offers large-volume investment banking and structured finance transactions; Hypo Real Estate Bank AG that focuses on the commercial real estate financing and refinancing business in Germany, and DEPFA Bank plc in Dublin, Ireland, which is a provider of public finance. ============= I R E L A N D ============= AIROPTION LIMITED: Creditors Meeting Set for February 8 ------------------------------------------------------- A meeting of creditors of Airoption Limited will take place at 2:30 p.m. on February 8, 2010 at: Raheen House Raheen Road Clonmel Co. Tipperay Ireland The registered address of the company is at: C/o O'Gorman Brannigan Purtill & Co. Peter Street Clonmel Co. Tipperary Ireland BANK OF IRELAND: Fitch Corrects Rating on ISIN XS0125611482 to 'B' ------------------------------------------------------------------ This announcement corrects the version issued on 20 January 2010. The rating for ISIN XS0125611482 is maintained at 'B' on RWN and not downgraded to 'CCC' and refers to Bank of Ireland UK Holdings plc EUR600 million perpetual preferred securities and not to BoI Capital Funding (No.1) LP EUR600 million perpetual preferred securities, which are not rated by Fitch. Fitch Ratings has downgraded two of Ireland-based Bank of Ireland plc's tier 1 securities to 'CCC' from 'B' and removed them from Rating Watch Negative. The rating action follows an announcement by BOI that the European Commission has indicated that the bank should not make coupon payments on its tier 1 and upper tier 2 capital instruments unless under a binding legal obligation to do so. As a consequence, Fitch has downgraded its ratings on two of these securities, and maintained its ratings on RWN on two others, all of which are listed below. Coupons on two securities payable in February 2010 will not be paid, and the effect is to trigger dividend stopper mechanisms which prevent the bank from declaring and paying, for a period of one calendar year from and including February 1 and 4, 2010, any distribution or dividend on junior share capital or any parity security, which includes ordinary stock and several other perpetual securities. Two of the rated tier 1 securities, Bank of Ireland UK Holdings plc GBP350 million guaranteed callable perpetual preferred securities (ISIN XS0165122655) and Bank of Ireland UK Holdings plc EUR600 million guaranteed step-up callable perpetual preferred securities (ISIN XS0125611482), will as a result of the dividend stopper mechanism defer payment of coupons for one year and on restarting coupon payments will also make good any missing payments. In view of their cumulative nature, Fitch has maintained the ratings of these securities on RWN. Under the terms of the EUR3.5 billion preference shares subscribed to by the National Pensions Reserve Fund Commission of Ireland (NPRFCI), the NPRFCI would be entitled to be issued BOI ordinary stock related to the cash amount of the dividend (EUR250 million). This outcome would increase the Irish government's stake in BOI. However, BOI remains in discussion with the Irish Department for Finance and the EC over its restructuring plan and the outcome is not certain. The rating actions taken are: * Bank of Ireland UK Holdings plc GBP350 million guaranteed callable perpetual preferred securities (ISIN XS0165122655) maintained at 'B' on RWN * Bank of Ireland UK Holdings plc EUR600 million guaranteed step- up callable perpetual preferred securities (ISIN XS0125611482) maintained at 'B' on RWN * BoI Capital Funding (No.2) LP US$800 million guaranteed non- voting non-cumulative perpetual preferred securities (ISIN USG12255AA64 and US055967AA11) downgraded to 'CCC' from 'B'; off RWN * BoI Capital Funding (No.4) LP GBP500 million guaranteed non- voting non-cumulative perpetual preferred securities (ISIN XS0268599999) downgraded to 'CCC' from 'B', off RWN BANTRY BAY: S&P Lowers Ratings on Six Classes of Notes to 'D' ------------------------------------------------------------- Standard & Poor's Ratings Services lowered and then withdrew its credit ratings on six classes of Bantry Bay CDO I PLC's notes. Following an event of default in January 2008, the transaction's underlying collateral was liquidated and the proceeds distributed in June 2009 according to the enforcement priority of payments. The trustee's enforcement payment report indicates that none of the noteholders was repaid in full. As a result, S&P has lowered its ratings on all classes of notes to 'D' and then withdrawn them. Due to an administrative error, S&P did not lower to 'D' the ratings on the notes at the time the trustee published the enforcement payment report. Bantry Bay CDO I is a static collateralized debt obligation of CDOs transaction that closed on May 3, 2007. Ratings List Bantry Bay CDO I PLC US$250 Million Secured Floating-Rate and Deferrable Floating-Rate Notes Ratings Lowered and Then Withdrawn Rating ------ Class To From ----- -- ---- A-1 D CC NR D Rating ------ Class To From ----- -- ---- A-2 D CC NR D Rating ------ Class To From ----- -- ---- A-3 D CC NR D Rating ------ Class To From ----- -- ---- B D CC NR D Rating ------ Class To From ----- -- ---- C D CC NR D Rating ------ Class To From ----- -- ---- D D CC NR D NR - Not rated. CUNNINGHAM STONE: Appoints PwC as Joint Liquidators --------------------------------------------------- Garth Calow and Paul Rooney of PricewaterhouseCoopers LLP were appointed joint liquidators of Cunningham Stone N.I. Limited at a meeting of creditors held on January 12, 2010. Creditors must send details in writing of any claim against the company to the joint liquidators at: PricewaterhouseCoopers LLP Waterfront Plaza 8 Laganbank Road Belfast BT1 3LR Northern Ireland FENCORE SERVICES: Creditors Meeting Set for February 2 ------------------------------------------------------ A meeting of creditors of Fencore Services Limited will take place at 11:00 a.m. on February 2, 2010 at: The Harcourt Hotel 60 Harcourt Street Dublin 2 Ireland The registered address of the company is at: Unit 33 Web Works Eglington Street Cork Ireland MAULBAWN HOLDINGS: Anglo Irish Appoints Kieran Wallace as Receiver ------------------------------------------------------------------ Kieran Wallace of KPMG was appointed receiver and manager of Maulbawn Holdings Limited by Anglo Irish Bank on January 15, 2010. The registered address of Maulbawn Holdings Limited is at: Unit 33 Web Works Eglington Street Cork Ireland MICHAEL TIMONEY: ACC Bank Appoints Declan Taite as Receiver ----------------------------------------------------------- Declan Taite of FGS was appointed receiver and manager of Michael Timoney & Son (Developments) Limited by ACC Bank plc on January 19, 2010. The registered address of Michael Timoney & Son (Developments) Limited is at: Clyhore Ballyshannon Co. Donegal Ireland MULVEY DEVELOPMENTS: Brian McEnery Appointed as Receiver -------------------------------------------------------- Brian McEnery of Horwath Bastown Charleton was appointed receiver and manager of Mulvey Developments Limited by Ulster Bank Ireland Limited on January 15, 2010. The registered address of Mulvey Developments Limited Limited is at: Drumcoura Drumshambo Co. Leitrim Ireland MULVEY DRUMSHANBO: Brian McEnery Appointed as Receiver -------------------------------------------------------- Brian McEnery of Horwath Bastown Charleton was appointed receiver and manager of Mulvey Developments Drumshanbo Limited on January 15, 2010. The registered address of Mulvey Developments Drumshanbo Limited is at: Corlough Drumshanbo Co. Leitrim Ireland ORIEL CONSTRUCTION: Creditors Meeting Set for February 1 -------------------------------------------------------- A meeting of creditors of Oriel Construction Limited will take place at 10:00 a.m. on February 1, 2010 at: Harcourt Hotel 60 Harcourt Street Dublin 2 Ireland The registered address of the company is at: Castle View Castelbellingham Co. Louth Ireland SHOP FIX: Creditors Meeting Set for February 5 ---------------------------------------------- A meeting of creditors of Shop Fix Limited will take place at 4:30 p.m. on February 5, 2010 at: The Hawthorn Hotel Main Street Swords Co. Dublin Ireland The registered address of the company is at: Unit 1 Blackchurch Farm Rathcoole Co. Dublin Ireland SIGMA TELECOM: Ulster Bank Appoints Tom Kavanagh as Receiver ------------------------------------------------------------ Tom Kavanagh of Kavanagh Fennell was appointed receiver and manager of Sigma Telecom Limited by Ulster Bank Ireland Limited on January 15, 2010. The registered address of Sigma Telecom Limited is at: Sigma Wireless Communications McKee Avenue Finglas Dublin 11 Ireland ========= I T A L Y ========= SEAT PAGINE: Bonds Priced at 725-750 Basis Points Over Euribor -------------------------------------------------------------- Sonja Cheung at Bloomberg News reports that Seat Pagine SpA's seven-year fixed rate bonds will be priced to yield about 10.75% to 11%. Citing a banker involved in the transaction, Bloomberg says the company's planned seven-year floating-rate note will be priced at 725-750 basis points over Euribor. As reported by the Troubled Company Reporter-Europe on Jan. 20, 2010, Bloomberg News said Seat Pagine will sell EUR650 million in senior secured debt with expiration date of 2017. Bloomberg disclosed the company said in a Jan. 18 statement the bond sale, to institutional investors, will extend the company's medium-term debt deadline. About Seat Pagine Gialle Seat Pagine Gialle SpA (PG IM) -- http://www.seat.it/-- is an Italy-based company that operates multimedia platform for assisting in the development of business contacts between users and advertisers. It is active in the sector of multimedia profiled advertising, offering print-voice-online directories, products for the Internet and for satellite and ortophotometric navigation, and communication services such as one-to-one marketing. Its products include EuroPages, PgineBianche, Tuttocitta and EuroCompass, among others. Its activity is divided into four divisions: Directories Italia, operating through, Seat Pagine Gialle; Directories UK, through TDL Infomedia Ltd. and its subsidiary Thomson Directories Ltd.; Directory Assistance, through Telegate AG, Telegate Italia Srl, 11881 Nueva Informacion Telefonica SAU, Telegate 118 000 Sarl, Telegate Media AG and Prontoseat Srl, and Other Activitites division, through Consodata SpA, Cipi SpA, Europages SA, Wer liefert was GmbH and Katalog Yayin ve Tanitim Hizmetleri AS. * * * As reported by the Troubled Company Reporter-Europe on Dec. 7, 2009, Moody's Investors Service downgraded the Corporate Family Rating and the Probability of Default Rating of SEAT Pagine Gialle SpA to B2 from B1. At the same time, Moody's downgraded the rating on the company's EUR1.3 billion 8% senior notes due 2014 issued by Lighthouse International Company SA to Caa1 from B3. The outlook for the ratings is negative. The negative outlook reflects Moody's increased concerns, in light of the limited visibility, regarding the company's ability to comfortably remain in compliance with its senior credit facility covenants, particularly to December 2010. ===================== N E T H E R L A N D S ===================== RHODIUM 1: S&P Downgrades Rating on Class D Notes to 'B-' --------------------------------------------------------- Standard & Poor's Ratings Services lowered its credit ratings on Rhodium 1 B.V.'s class B, C, and D notes. At the same time, S&P removed classes C and D from CreditWatch negative and affirmed the rating on class A. The rating actions on the class B, C, and D notes follow S&P's assessment of the deterioration in the underlying portfolio's credit quality. According to S&P's analysis, the average portfolio rating is currently 'BB+', compared with 'A-' as of the closing date. In S&P's opinion, assets that fall in the 'CCC' rating category now account for about 5.5% of the portfolio (up from 0%). These assets are corporate CDOs. In addition, assets rated 'CC' account for approximately 4% of the portfolio. In S&P's analysis, the balance of assets rated 'CC' is included at the lower of the market value of the asset and its recovery assumption of that asset. In S&P's view, these developments are likely to result in a deterioration of the transaction's overcollateralization test results when compared with the levels reported by the trustee in November 2009, unless they are offset by a further paydown of the rated notes. As of November 2009, the reported class A/B/C OC test result was about 122%, while the class D OC test result was about 110%. These tests are calculated by dividing the adjusted asset balance by the principal amount outstanding of classes A, B, and C, and classes A, B, C, and D, respectively. A deterioration of the test results may occur, because according to the transaction documents, assets rated 'CCC+' and below have to be carried at the lower of 80% of their principal amount outstanding and their current market value, while defaulted assets are carried at the lower of market value and recovery rate. S&P also notes that according to the terms and conditions of the notes, a drop of the class A/B/C OC test result to or below 100% will trigger an event of default. In S&P's opinion, these factors indicate a worsening of the transaction's risk profile. In S&P's view, the credit enhancement available to the class B, C, and D notes is no longer sufficient to maintain their ratings. As such, S&P has lowered the ratings on these notes to levels which, in S&P's view, reflect the current likelihood of repayment to noteholders. S&P is affirming the rating on the class A as S&P believes there is sufficient credit enhancement available at the existing rating level. According to the latest available trustee report, the class A notes have paid down to 25% of their initial principal amount. Rhodium 1 closed in May 2004. Since the completion of the ramp-up period in November 2004, the portfolio is defensively managed and varies only due to asset redemptions and/or the sale of credit- impaired or defaulted assets. The issuer uses any principal proceeds to repay the notes starting with class A, followed by classes B, C, and D. According to S&P's analysis, the portfolio largely consists of prime RMBS (55%), ABS Consumer Assets (26%) and corporate CDOs (14%). Exposure to U.K. and Dutch assets together comprises over 70% of the portfolio. Ratings List Rhodium 1 B.V. EUR304.4 Million Asset-Backed Floating-Rate Notes Ratings Lowered Rating ------ Class To From ----- -- ---- B AA AAA Ratings Lowered and Removed From Creditwatch Negative Rating ------ Class To From ----- -- ---- C BBB AA/Watch Neg D B- BBB/Watch Neg Ratings Affirmed Class Rating ----- ------ A AAA WOOD STREET: Moody's Confirms Rating on Class E Notes at 'Caa2' --------------------------------------------------------------- Moody's Investors Service announced it has confirmed the rating on these notes issued by Wood Street CLO II B.V. -- EUR9,135,000 Class E Senior Secured Deferrable Floating Rate Notes, Confirmed at Caa2; previously on 19 March 2009 Downgraded to Caa2 and Placed Under Review for Possible Downgrade. This transaction is a managed cash leveraged loan collateralized loan obligation with exposure to predominantly European senior secured loans, as well as some mezzanine loan exposure. Moody's notes that due to an administrative oversight this tranche was not confirmed along with the rest of the rating action for Wood Street CLO II B.V. notes taken on November 18, 2009. Moody's has applied the same methodologies and assumptions in the rating confirmation. ============= R O M A N I A ============= LCR JEANS: Files for Insolvency; Stores in Romania Closed --------------------------------------------------------- Cristina Stoian at Ziarul Financiar reports that LCR Jeans, owning the license for Lee Cooper stores domestically, filed for insolvency in mid-December 2009. According to the report, Euroinsol Consulting legal administrator of Prahova, which took over the reorganization of the business, closed almost half of the number of the company's stores, four of which in Bucharest. Lee Cooper, which generated turnover worth almost EUR11 million in 2008 when it had around 30 units, most of them in Bucharest, directly competes with Little Big or Levi's on a jeans market players in the field put at EUR300 million, the report notes. The report recalls from a EUR1.3-million profit and EUR10.6-million turnover in 2007, LCR Jeans stepped into the red the following year, amid flat turnover. In 2009, the financial crisis further hurt the retailer's business, as the market fell by 30-40%, the report recounts. =========== R U S S I A =========== LSR OJSC: Fitch Affirms Long-Term Issuer Default Rating at 'B-' --------------------------------------------------------------- Fitch Ratings has affirmed Russia-based OJSC LSR Group's Long-term foreign currency Issuer Default rating at 'B-' and removed it from Rating Watch Negative. A Negative Outlook has been assigned. The removal of RWN reflects the now less immediate risk of non-payment of a material debt obligation due to LSR's success in signing new loan finance agreements over the course of 2009. In H209, LSR obtained new medium-term debt financing of around US$400 million, predominantly from Russian state banks. This has reduced short-term debt to US$391 million currently, from US$681 million in September 2009. The company anticipates signing additional bank debt financing in the next two months. While LSR's liquidity score (sources of liquidity to uses of liquidity over the next 12 months) is not yet above 1x, a score which would indicate that a company is not exposed to the uncertainties of attracting new external debt finance, it is close to this benchmark. As of December 31, 2009, LSR's score was 0.9x, up from 0.7x in September 2009. LSR's success so far in dealing with its short-term debt obligations supports Fitch's view that Russian state banks, which now provide around 75% (about US$1bn) of LSR's total drawn debt, will remain supportive due to their large existing exposures to LSR and the continuing strategic importance of LSR to the Russian state as a major supplier of building materials in the St. Petersburg region. Additionally, LSR has been successful in waiving its covenants for a second time for the period to 31 December 2009. There remains a risk of future covenant breaches, but the facility to which the covenant relates is relatively small compared with LSR's overall outstanding debt (around 13% of the company's drawn debt). It would seem likely that, should a future breach not be waived, LSR could use some of its existing undrawn debt capacity to repay the facility. The Negative Outlook reflects the more ongoing concerns that there is still some uncertainty surrounding LSR's ability to continue to attract new financing and also potential volatility in its trading outlook. Fitch's base case projections show that LSR's credit metrics will worsen in 2010 and 2011 compared with 2009 levels. This reflects the completion of existing development projects in 2009 and the fact that LSR started a comparatively lower number of new projects in 2008/2009, limiting development-related cash flow from 2010/2011. EBITDA from LSR's new cement plant is only projected to come on stream during 2011 when there is less visibility on the demand for building materials in Russia. Fitch anticipates that LSR's projected net debt/operating EBITDAR could rise to a peak of 3.5x at end-2010 from 2.7x at end-2009. Interest cover (funds from operations/net interest) is expected to deteriorate to 2x from 2.5x during this period, before making a recovery to closer to 3x by end-2012. The achievement of this base case is dependent on the cement plant EBITDA coming on stream as expected and a limited pickup in the trading of LSR's development and construction divisions from 2010, the latter supported by new government related residential construction contracts. The rating could be downgraded if evidence arises indicating that the positive momentum currently seen in LSR's financing initiatives is subsiding and no other sources of finance become available (e.g. improved free cash flow or equity issuance), leaving the company with a short-term debt refinancing problem, or if LSR materially underperforms Fitch's base case projections. UC RUSAL: Prices Hong Kong IPO at HK$10.80 a Share -------------------------------------------------- United Co. Rusal Ltd. priced its Hong Kong initial public offering at HK$10.80 a share, Bei Hu and Yuriy Humber at Bloomberg News report, citing two people familiar with the sale. "Most interest will be on how the stock trades after it is listed," Bloomberg quoted Chris Weafer, chief strategist with UralSib Financial Corp., as saying in Moscow before the pricing. A positive debut "will likely lead to further placings in Hong Kong by Russian companies. It will establish a second option for many beyond the traditional route to London." BNP Paribas SA and Credit Suisse Group AG led others including Bank of America Merrill Lynch, BOC International Holdings Ltd., Nomura Holdings Inc., Renaissance Capital Ltd., OAO Sberbank and VTB Capital SA in arranging the sale, Bloomberg discloses. Bloomberg says the proceeds will help cut Rusal's debt. Borrowings almost doubled after the company bought a quarter of OAO GMK Norilsk Nickel before commodity prices collapsed in 2008, Bloomberg recalls. RUSAL -- http://www.rusal.com/-- is among the world's top aluminum producers, along with Rio Tinto Alcan and Alcoa. Formed in 2000 from various parts of the old Soviet state apparatus, RUSAL produces about 4 million tons of aluminum, 11 million tons of alumina, and 6 million tons of bauxite. Its aluminum business include packaging and foil operations in addition to a network of smelters. Those Soviet spare parts were significantly augmented in 2007 when the company merged with fellow Russian aluminum producer Sual and Glencore's alumina unit. RUSAL is majority owned by Board member Oleg Deripaska, who had owned the company completely prior to the merger. UC RUSAL: Has US$4.5BB Debt Refinancing Deal with VEB, Sberbank --------------------------------------------------------------- John Bowker at Reuters reports that United Co. Rusal Ltd. has secured a refinancing deal for US$4.5 billion debt, reducing the risk for investors in its ground-breaking Hong Kong IPO. Reuters recalls the company, which will become the first non-Asian firm to launch a primary share offering in Hong Kong, warned in its IPO prospectus that it might cease to be a going concern if it failed to renegotiate the loan owed to state bank VEB. According to Reuters, German Gref, chief executive of Sberbank, Russia's biggest lender, told reporters it had agreed to refinance the loan on an equal basis with VEB. The debt was due on October 29 and was one of the major concerns for Hong Kong regulators when they blocked the IPO from retail investors late last year, Reuters notes. Rusal, Reuters says, is being floated by Russian industrial tycoon and majority owner Oleg Deripaska, partly to pay down a near US$15 billion debt pile owed to around 70 banks both in Russia and overseas. RUSAL -- http://www.rusal.com/-- is among the world's top aluminum producers, along with Rio Tinto Alcan and Alcoa. Formed in 2000 from various parts of the old Soviet state apparatus, RUSAL produces about 4 million tons of aluminum, 11 million tons of alumina, and 6 million tons of bauxite. Its aluminum business include packaging and foil operations in addition to a network of smelters. Those Soviet spare parts were significantly augmented in 2007 when the company merged with fellow Russian aluminum producer Sual and Glencore's alumina unit. RUSAL is majority owned by Board member Oleg Deripaska, who had owned the company completely prior to the merger. =========== S W E D E N =========== GENERAL MOTORS: Nears Deal to Sell Saab to Netherlands' Spyker -------------------------------------------------------------- Andrew Ward and John Reed at The Financial Times report that General Motors Co. is close to reaching a deal to sell its Swedish unit Saab Automobile to Spyker Cars of the Netherlands. According to the FT, people involved in negotiations said the two sides had moved within reach of a deal, with an announcement tentatively scheduled for today, Jan. 25, but cautioned there were still details to finalize and that delays or even a breakdown were still possible. The FT recalls Spyker has been negotiating with GM since the collapse of an earlier deal to sell Saab to Koenigsegg Automotive, a Swedish sports car maker, in November. GM, which put Saab up for sale a year ago along with other loss-making units such as Saturn and Hummer, had signaled increasing pessimism over the prospects of a deal and appointed wind-down supervisors this month in readiness for closure, the FT recounts. But Victor Muller, Sypker's chief executive, continued to push for an agreement, with support from the Swedish government, which has offered loan guarantees to help any buyer rescue Saab, the FT states. The FT relates the people said GM would receive some payment for the assets, possibly including shares in the new Saab-Spyker entity, but noted the biggest stumbling block has always been the need for a buyer to prove its financial means to keep the company afloat. The FT relates people close to the situation said GM and Spyker could move quickly to conclude a final deal as much legal and contract work had already been completed for the abortive sale to Koenigsegg. The deal, the FT says, is still likely to hinge on successful completion of EUR400 million (US$565 million) loan pledged by the European Investment Bank. The FT notes a spokesman for rival bidder Genii consortium said it was still interested in Saab but acknowledged Spyker was favorite. "We have worked hard, unfortunately time was not on our side," Bloomberg quoted Lars Carlstroem, the Swedish investor working with Genii, as saying in a phone interview Saturday. "We are pleased to hear about Victor and his attempt to buy Saab. He'll be a perfect owner for Saab going into the future. Genii is on hold until an official GM statement is released." Bloomberg News' Ola Kinnander and Serena Saitto recalls people familiar with the matter earlier said Spyker has offered GM about US$75 million in cash and US$325 million in preferred shares in the company that would emerge from the transaction. According to Bloomberg, the people said GM would get US$100 million of Saab's existing liquidity. Saab's main factory in Trollhaettan in southwestern Sweden employs about 3,500 workers, Bloomberg discloses. About General Motors General Motors Company -- http://www.gm.com/-- is one of the world's largest automakers, tracing its roots back to 1908. With its global headquarters in Detroit, GM employs 209,000 people in every major region of the world and does business in some 140 countries. GM and its strategic partners produce cars and trucks in 34 countries, and sell and service these vehicles through these brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, Opel, Vauxhall and Wuling. GM's largest national market is the United States, followed by China, Brazil, the United Kingdom, Canada, Russia and Germany. GM's OnStar subsidiary is the industry leader in vehicle safety, security and information services. GM acquired its operations from General Motors Company, n/k/a Motors Liquidation Company, on July 10, 2009, pursuant to a sale under Section 363 of the Bankruptcy Code. Motors Liquidation or Old GM is the subject of a pending Chapter 11 reorganization case before the U.S. Bankruptcy Court for the Southern District of New York. At September 30, 2009, GM had US$107.45 billion in total assets against US$135.60 billion in total liabilities. About Motors Liquidation General Motors Corporation and three of its affiliates filed for Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case No. 09-50026). General Motors changed its name to Motors Liquidation Co. following the sale of its key assets to a company 60.8% owned by the U.S. Government. The Honorable Robert E. Gerber presides over the Chapter 11 cases. Harvey R. Miller, Esq., Stephen Karotkin, Esq., and Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges LLP, assist the Debtors in their restructuring efforts. Al Koch at AP Services, LLC, an affiliate of AlixPartners, LLP, serves as the Chief Executive Officer for Motors Liquidation Company. GM is also represented by Jenner & Block LLP and Honigman Miller Schwartz and Cohn LLP as counsel. Cravath, Swaine, & Moore LLP is providing legal advice to the GM Board of Directors. GM's financial advisors are Morgan Stanley, Evercore Partners and the Blackstone Group LLP. Bankruptcy Creditors' Service, Inc., publishes General Motors Bankruptcy News. The newsletter tracks the Chapter 11 proceeding undertaken by General Motors Corp. and its various affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) ============= U K R A I N E ============= HYPOBANK: National Bank of Ukraine Initiates Liquidation Procedure ------------------------------------------------------------------ Ukrainian News Agency reports that the National Bank of Ukraine has decided to liquidate UkrPromBank and HypoBank. According to the report, the decision was made to prevent further contraction of UkrPromBank and HypoBank assets and to ensure they fulfill their liabilities to creditors. The report relates guided by the laws "On the National Bank of Ukraine", "On banks" and by other normative documents, the NBU board ruled from January 21 to recall banking licenses and initiate the procedure of liquidation of the limited liability company Ukrainian Industrial Bank and of the open joint-stock company HypoBank, to terminate powers of the banks' provisional administrators, boards, supervisory boards and general meetings. The report recalls National Bank took UkrPromBank into provisional administration from January 21, 2009 and HypoBank from October 2, 2009. UKRPROMBANK: National Bank of Ukraine Starts Liquidation Procedure ------------------------------------------------------------------ Ukrainian News Agency reports that the National Bank of Ukraine has decided to liquidate UkrPromBank and HypoBank. According to the report, the decision was made to prevent further contraction of UkrPromBank and HypoBank assets and to ensure they fulfill their liabilities to creditors. The report relates guided by the laws "On the National Bank of Ukraine", "On banks" and by other normative documents, the NBU board ruled from January 21 to recall banking licenses and initiate the procedure of liquidation of the limited liability company Ukrainian Industrial Bank and of the open joint-stock company HypoBank, to terminate powers of the banks' provisional administrators, boards, supervisory boards and general meetings. The report recalls National Bank took UkrPromBank into provisional administration from January 21, 2009 and HypoBank from October 2, 2009. Ukrprombank is headquartered in Kiev, Ukraine. Ukrprombank ranked 18th place among the 182 banks operating in the country by assets. According to the NBU, at April 1, 2009, Ukrprombank has total assets of UAH9.83 billion. =========================== U N I T E D K I N G D O M =========================== ABDULLA'S HORTICULTURE: Goes Into Administration ------------------------------------------------ Watford Observer reports that Abdulla's Horticulture Ltd., the company that runs the Carpenders Park Garden Centre and Plant Nursery, went into administration on January 19. According to the report, the nursery, in Little Oxhey Lane, has been closed for much of the week, prompting a number of calls from concerned customers. BRITISH AIRWAYS: To Begin Training Non-Cabin Crew Employees Today ----------------------------------------------------------------- Steven Rothwell at Bloomberg News reports that British Airways Plc will today begin training pilots, baggage handlers and engineers to take over the duties of flight attendants as its 12,000 cabin crew commence voting on a walkout over staffing reductions. "This should allow them to operate some flights, but whether they can maintain anything like a full service is another matter," Bloomberg quoted Douglas McNeill, an analyst at Astaire Securities in London with a "buy" rating on BA stock, as saying. "The question is not how many interim staff they can attract, but how many experienced staff there'll be to lead them." According to Bloomberg, BA has registered volunteers for a three- week course in serving meals, selling duty-free goods and taking charge of passenger safety for the duration of a strike that could cost GBP20 million (US$32 million) a day in lost sales. The strike ballot, organized by the Unite union, runs until February 25 and a walkout can begin one week after a "yes" vote, Bloomberg discloses. Unite is seeking a strike mandate over BA's introduction of new working practices in November that cut at least one flight attendant on long-haul flights from London Heathrow airport, Bloomberg notes. The airline, Bloomberg says, needs to cut costs after posting a record GBP217-million loss in the six months to September 30. Bloomberg recalls BA Chief Executive Officer Willie Walsh wrote to about 25,000 non-cabin crew employees on January 18 asking them to help keep aircraft flying through a strike with a simplified service. Bloomberg relates Paul Marston, a spokesman for BA, said the London-based airline "will explore all options" for maintaining schedules. About British Airways Headquartered in Harmondsworth, England, British Airways Plc, along with its subsidiaries, (LON:BAY) -- http://www.ba.com/-- is engaged in the operation of international and domestic scheduled air services for the carriage of passengers, freight and mail and the provision of ancillary services. The Company's principal place of business is Heathrow. It also operates a worldwide air cargo business, in conjunction with its scheduled passenger services. The Company operates international scheduled airline route networks together with its codeshare and franchise partners, and flies to more than 300 destinations worldwide. During the fiscal year ended March 31, 2009 (fiscal 2009), the Company carried more than 33 million passengers. It carried 777,000 tons of cargo to destinations in Europe, the Americas and throughout the world. In July 2008, the Company's subsidiary, BA European Limited (trading as OpenSkies), acquired the French airline, L'Avion. * * * As reported in the Troubled Company Reporter-Europe on Nov. 12, 2009, Moody's placed the Ba3 Corporate Family and Probability of Default Ratings of British Airways plc and the senior unsecured and subordinate ratings of B1 and B2 under review for possible downgrade. ENTERPRISE INNS: Trading Improved; May Not Need Rights Issue ------------------------------------------------------------ Adam Jones at The Financial Times reports that a trading statement issued by Enterprise Inns plc on Thursday showed signs of improvement. The FT relates the group said the average net income it received from its pubs fell about 4% in the 16 weeks to January 16. This was better than the preceding trend, in which income fell 8%, the FT states. According to the FT, the improvement partly reflected the sale of 103 pubs for GBP32 million, which removed some weaker venues from the calculation. Ted Tuppen, Enterprise chief executive, said debt had continued to fall during the period, the FT relates. Enterprise's net debt stood at GBP3.68 billion at the end of September, the FT discloses. Mr. Tuppen remained confident the company would not need a rights issue as it negotiated the refinancing of a GBP1 billion bank loan facility due for renewal in May 2011, the FT says. Mr. Tuppen added that if necessary, the group could raise funds by accessing the high-yield bond market or by carrying out more disposals, the FT notes. Mr. Tuppen, as cited by the FT, said Enterprise expected to sell 400 to 500 pubs during the current financial year, which runs to the end of September, leaving it with just under 7,000 properties in its estate. As reported by the Troubled Company Reporter-Europe on Aug. 17, 2009, The Daily Telegraph said the company was at risk of breaching debt covenants as the rental value of its estate slumps. The Daily Telegraph disclosed in a note to clients Oliver Neal, a Goldman Sachs analyst, wrote "We remain concerned that declining asset values and cashflows will limit the group's ability to extend its bank facilities and that it will need to raise extra capital." According to the Daily Telegraph, Mr. Neal, who has advised clients to sell their shares, warned that more than half of Enterprise's debt facilities would have to be renegotiated if the 20% fall in rental values was repeated across the estate. Enterprise Inns plc -- http://www.enterpriseinns.com/-- is a leased and tenanted pub operator in the United Kingdom. As of September 30, 2008, it owned 7,763 pubs. T he Company's wholly owned subsidiaries include Unique Pub Properties Limited, which is engaged in the ownership of licensed properties; The Unique Pub Finance Company plc, which is engaged in the financing acquisitions of licensed property, and Voyager Pub Group Limited, which is a borrower of secured bank facility. * * * Enterprise Inns plc continues to carry a Ba3 Corporate Family Rating and B1 Probability of Default Rating from Moody's Investors Service with negative outlook. ESSEX GOLF: In Administration; Buyer Sought for Golf Course ----------------------------------------------------------- Sam Adams at Guardian reports that Essex Golf Centre Limited entered administration on January 14. According to the report, a new owner is now being sought for the company's Hainault Forest Golf Course. The report relates a council spokeswoman said the club, in Romford Road, Chigwell, will remain open to users while a new owner is found. "The golf complex is now being run by the Joint Administrators, Jason Baker and Geoffrey Rowley of Vantis Business Recovery Services, and remains open to members and customers as usual, the report quoted the spokeswoman as saying. "Redbridge Council is in close contact with the Joint Administrators and will do everything it can to ensure that customers are unaffected, while the Joint Administrators seek a new operator for the course." GALA CORAL: Investor Consortium Potential Takeover Contender ------------------------------------------------------------ Anousha Sakoui and Roger Blitz at The Financial Times report that a consortium of investors including US private equity groups Apollo Management, Cerberus and Goldman Sachs have emerged as potential contenders to take control of Gala Coral. The FT relates the move comes after ICG Capital, one of the company's biggest holders of mezzanine debt, along with its co-investors sold its debt claims against the company on Thursday. Citing people familiar with the situation, the FT discloses around 25% of Gala's GBP540 million of mezzanine debts was sold in a trade facilitated by Goldman Sachs, at just below 70% of face value. Further trades from other holders were also expected, the FT notes. The FT says it is expected that once the trades have cleared, a new committee of creditors representing the mezzanine lenders will form over coming days and meet with the company and its banks to agree a debt restructuring. The FT notes people familiar with the situation said that while it is unclear what direction the new lenders will want to take in the restructuring, it is expected that the restructuring could involve mezzanine lenders, including the new lenders who will replace ICG, providing the fresh funds to the company in exchange for the majority of the equity in the company. The company has a standstill with creditors in place until mid-February, the FT states. Gala Coral Group Ltd. -- http://www.galacoral.co.uk/-- is one of the leading gaming companies in the U.K., with operations encompassing bingo, casinos, and sports betting. It runs more than 150 bingo halls throughout the country, as well as some 30 casinos. The company is also a leading bookmarker with nearly 1,600 betting shops and online betting sites. Gala Coral Group was formed in 2005 when Gala Group acquired Coral Eurobet. The company is jointly owned by private equity firms Cinven Group, Candover Investments, and Permira. GLOBESPAN: Scottish Government Calls for Probe Into Collapse ------------------------------------------------------------ TravelWeekly reports that the Scottish government has called for an investigation into the collapse of Globespan, after credit-card processing firm E-Clear was forced into administration this week. "This outcome vindicates the action taken by the administrator. This is a deeply worrying situation and we will continue to press the UK government to investigate fully the circumstances behind the collapse of Globespan," TravelWeekly quoted a spokesman for the Scottish government as saying. "It is clear that E-Clear could not provide evidence that the funds due to Globespan were still held by them. The Globespan administrator will now be working closely with BDO, the administrator of E-Clear, to see if any funds due to Globespan creditors and customers can be recovered." The Serious Fraud Office is also understood to be "very interested" in the business dealings of E-Clear, TravelWeekly notes. As reported by the Troubled Company Reporter-Europe on Jan. 21, 2010, Mr. Justice Vos at the High Court on Jan. 19 approved the order for the administration of E-Clear plc, following the failure of the company to submit evidence of funds on Friday, Jan. 22. BDO has been appointed administrator. Bruce Cartwright at PricewaterhouseCoopers LLP, Globespan's administrator, said, "Over the last month we have sought financial reassurance from E-Clear and are disappointed that the funds are no longer there. We will now work closely with BDO to maximize the situation for Globespan creditors under exceptional circumstances. "Those who bought services on credit card or visa debit, that have not been supplied, will continue to be protected by consumer card legislation and should contact their credit card issuer." Peter Jones and Michael Herman at The Times reported that E-Clear collapsed with debts estimated at GBP100 million, nearly three times the amount owed to Globespan. According to the Times, papers shown to the High Court in London Tuesday said that E-Clear had less than GBP10 million in two bank accounts, while the personal account of Elias Elia, the owner, was empty. The Times said investigators for BDO, the accountancy firm appointed by the court to administer E-Clear, are now looking for GBP90 million and trying to establish whether Globespan was the victim of fraud or incompetence. Simon Mortimer, QC, for PwC, said that E-Clear had not complied with an order made by the court to prove that it had the GBP35 million owed to Globespan, the Times disclosed. As reported by the Troubled Company Reporter-Europe, Globespan collapsed in December leaving about 4,000 holidaymakers stranded across Europe and Africa. Globespan's administrator, accused E-Clear of withholding money that E-Clear took from Globespan customers without passing it on to the airline, Times Online noted. About Globespan Group plc/ Globespan Airways Limited Established in 1970, the company provided flight only and package holidays to a number of destinations across Europe as well as Orlando in America from airports in Aberdeen, Edinburgh and Glasgow. Globespan Group plc also operates flights between the UK and the Falkland Islands under a MOD contract. The company's subsidiary Alba Ground Holdings Ltd. manages the baggage check-in for Flybe at Glasgow and Edinburgh airports JESSOPS PLC: Shareholders Voted in Favor of Liquidation ------------------------------------------------------- BBC News reports that shareholders in Jessops plc have voted to voluntarily wind down the company. According to the report, Jessops shareholders will receive 9.7p for every 100 shares they own. KPMG has been appointed as the liquidator, the report relates. Jessops plc was to be delisted from the stock exchange January 22, the report states. Shares have already been suspended, the reports recounts. Snap Equity now owns Jessops Group, which contains all the company's assets including its shops and stock, the report discloses. According to the report, firm's old parent company, Jessops plc, is now set to be wound up. As reported by the Troubled Company Reporter-Europe on Oct. 1, 2009, Jessops avoided insolvency after completing a debt-for- equity swap with its lender HSBC. The FT disclosed the company, which struggled under a GBP60 million debt, set up a vehicle called Snap Equity, 47% of which is owned by HSBC, in return for GBP34 million of debt. HSBC waived its right to a GBP5 million deferred financing fee, leaving the new company with GBP20 million debt outstanding, the FT said. Headquartered in Leicester, United Kingdom, Jessops plc -- http://www.jessops.com/- is a holding company of a group of companies whose principal activity is the retail of photographic products and services. It operates via the Internet and through mail order and telesales. Jessops plc sells a range of digital and analogue cameras, digital and analogue camcorders, binoculars, digital home print solutions, memory cards, film and photographic materials, as well as a range of accessories for the photographic market, including its own brand products. The Company also provides developing and printing, and digital imaging services. The Company is engaged in the business of selling branded photographic equipment. Its subsidiaries include Camera Bond Limited, Camera Mezz Limited, Camera Equity Limited, The Jessop Group Limited, Well Hall (Jersey) Limited, Expert Imaging Limited, MacKinnons of Dyce Limited and Jessops Photographic (Ireland) Limited. LLOYDS BANKING: May Need to Raise GBP7.8 Bln in Capital ------------------------------------------------------- John Glover at Bloomberg News that Matrix Corporate Capital LLC said that Lloyds Banking Group Plc may need to raise as much as GBP7.8 billion to meet new rules on how much capital to hold against losses. Bloomberg relates the Basel Committee works under the Bank for International Settlements to set financial company capital rules and is proposing regulation that may come into effect in 2012. Regulators want lenders to hold better-quality capital to prevent a repeat of the crisis that followed the 2008 collapse of Lehman Brothers Holdings Inc. when trillions of dollars of taxpayers' money was used to prevent bank failures, Bloomberg discloses. Bloomberg says banks probably will have to maintain a so-called core capital ratio of at least 6% under the Basel Committee proposals. Bloomberg recalls Lloyds issued more than GBP8 billion of contingent convertible capital notes, or CoCos, in November and December, which become equity when its capital ratios fall below 5%. The transaction was part of a wider quest for cash that totaled more than GBP23 billion, Bloomberg notes. According to Bloomberg, Sara Evans, a spokeswoman for Lloyds in London, said in a statement Lloyds's has a core Tier 1 capital ratio of more than 8%. "Our recent capital raising proposals were designed to meet the group's current and long-term capital requirements," Bloomberg quoted Ms. Evans as saying in a statement. Lloyds has "a strong capital foundation to support the future stability and success of the group." HBOS Probe Citing the Financial Times, the Troubled Company Reporter-Europe reported on Jan. 5, 2010, that the Financial Services Authority engaged Ernst & Young to look at HBOS -- which is now part of Lloyds Banking Group -- to conduct supervisory reviews into the actions of the bank. The FT disclosed the investigation of HBOS focused on documents supporting the bank's capital raisings and how it disclosed its bad debts throughout 2008, As reported by the Troubled Company Reporter-Europe, Lloyds sought a GBP17-billion bailout from taxpayers after it agreed to buy HBOS in September in a government-brokered deal to prevent the collapse of Britain's biggest mortgage lender. About Lloyds Banking Group PLC Lloyds Banking Group PLC, formerly Lloyds TSB Group plc, (LON:LLOY) -- http://www.lloydsbankinggroup.com/-- is a United Kingdom-based financial services group providing a range of banking and financial services, primarily in the United Kingdom, to personal and corporate customers. The Company operates in three divisions: UK Retail Banking, Insurance and Investments, and Wholesale and International Banking. Its main business activities are retail, commercial and corporate banking, general insurance, and life, pensions and investment provision. The Company also operates an international banking business with a global footprint in 40 countries. Services are offered through a number of brands, including Lloyds TSB, Halifax, Bank of Scotland, Scottish Widows, Clerical Medical and Cheltenham & Gloucester. On January 16, 2009, Lloyds Banking Group plc acquired HBOS plc. * * * As reported by the Troubled Company Reporter-Europe on Nov. 25, 2009, Moody's took rating actions on certain hybrid and junior subordinated capital instruments of Lloyds Banking Group. The actions incorporate the European Commission requirement for Lloyds to skip coupons from January 31, 2010 to January 30, 2012 on those hybrid instruments where the terms allow for such a coupon skip. This requirement was part of Lloyds' restructuring plan formally approved by the EC on November 18, 2009. The changes to some of the ratings also incorporate Moody's revised methodology for hybrids and subordinated debt. Non-cumulative preference shares/ preferred securities May Pay -- affirmed at B3, outlook changed to negative -- List A: Non-cumulative preference shares/ preferred securities Must Pay -- upgraded from B3 to Ba2/Ba3 (negative outlook) -- List B: Cumulative preferred securities May Pay -- confirmed at Ba2 (negative outlook) -- List C: Cumulative preferred securities Must Pay -- upgraded to Ba1 (negative outlook) -- List D: Junior subordinated debt May Pay -- downgraded to Ba2 (negative outlook) -- List E: Junior subordinated debt Must Pay -- confirmed at Ba1 / downgraded to Ba2 (negative outlook) -- List F: All ratings have a negative outlook. UK GOLF: More Garon Park Jobs at Risk If Buyer Not Found -------------------------------------------------------- Echo reports that further jobs at UK Golf Group's Garon Park golf complex could be at risk if a buyer is not found soon for the company, which went into administration on January 14 after being hit by bad weather and the recession. The report recalls that before UK Golf Group went into administration, it employed 108 people across three golf clubs in the south east, but has since made a total of 15 redundancies in order to cut costs. This includes five people at Garon Park, the report notes. According to the report, Vantis, the company's administrators, confirmed they would consider all offers for the business, both as a whole and as separate sites. "We regard the golf courses, both together and separately, as viable businesses, attractive to purchasers within the golf and leisure sectors," the report quoted joint administrator Jason Baker, of Vantis, as saying. UK Golf Group operates in the South East and owns three golf clubs, namely Garon Park Golf Complex, Hainault Forest Golf Complex and Stockley Park Golf Course. The business achieved a turnover of GBP6.5 million in its last financial year VISTEON UK: Former Workers Protest Over Loss of Pension ------------------------------------------------------- BBC News reports that former workers of Visteon UK Ltd. have protested at the Welsh assembly over the loss of part of their pensions. Unite members demonstrated outside the Senedd building on Thursday and asked assembly members to support their cause, the report discloses. The report recalls last year, Visteon UK went into administration with nearly 1,000 workers at Basildon, Belfast, Enfield and Swansea losing their jobs. Unite, the report says, is now fighting over pension provision. According to the report, it said the government's pension protection fund will only cover a proportion of the workers' pensions and it believes the taxpayer should not have to pick up the bill. "Unite will firmly support ex-Visteon workers fighting for pensions justice, the report quoted regional secretary Andy Richards as saying. "Ford made copper-bottomed promises to the workers before they were transferred to Visteon and we intend to hold them to these promises." According to the report, Ford said it had met or exceeded its obligations to staff who transferred to Visteon when it became independent. The report relates in a statement Ford said: "Ford met or exceeded its obligations under the 2000 agreement when Visteon became fully independent. "The agreement covered the transfer of employees to Visteon UK and their pensions into the Visteon fund. "The situation for former Visteon UK employees is unfortunate but the responsibility for administering and funding their terms and conditions was Visteon's, including managing its pension fund. "Ford's obligations to its former employees were fully discharged and Ford believes there is no basis for resuming liability for benefits transferred to Visteon. "Since 2000 Visteon has operated as an independent company supplying parts to Ford. "During this period Ford has taken a number of actions to support Visteon and to assist Visteon in its efforts to achieve long-term viability." As reported in the Troubled Company Reporter, Visteon Corp. said Visteon UK, a company organized under the laws of England and Wales and an indirect, wholly-owned subsidiary of the company, filed on March 31, 2009, for administration under the United Kingdom Insolvency Act of 1986 with the High Court of Justice, Chancery division in London, England. The UK administration was initiated in response to continuing operating losses of the Visteon UK and mounting labor costs and their related demand on the company's cash flows. Visteon UK has operations in Enfield, UK, Basildon, UK, and Belfast, UK and recorded sales of US$250 million for the year ended December 31, 2008. It had total assets of US$153 million as of December 31, 2008. * UK: Administrations in Manufacturing Sector Up 12% in 2009 ------------------------------------------------------------ Total administrations in the UK manufacturing sector for 2009 were up 12% from the previous year, according to data compiled by business advisory firm, Deloitte. The manufacturing sector was the second hardest hit industry representing 17% of total administrations in 2009, following the property and construction sector which accounted for 20% of total administrations. The recruitment and business services sector was the third most affected industry, representing 16%. However the rate of administrations eased off toward the end of the year, with the numbers for Q409 falling 32% on the previous quarter, from 128 in Q309 to 87 in Q409. Ross James, manufacturing partner at Deloitte, commented: "It comes as no surprise that 2009 was a bad year for manufacturing administrations and 2010 will be another challenging year. There are however pockets of optimism across certain industry areas such as high-tech specialized manufacturing. "Fundamentally a manufacturing recovery will center around demand. While the low value of sterling is certainly a factor when it comes to boosting the UK's exports, there must firstly be a sustained recovery in demand. "Recent consumer spending data has been quite upbeat. Hopefully this positive sentiment will filter through to the manufacturing sector and orders will increase. This would also help manufacturers of machinery and tooling, who have been badly hit in the last year or so by other manufacturers cutting capital expenditure. Mr. James added: "At this stage it is difficult to predict whether the total number of manufacturing administrations will increase in 2010. Primarily it centers on whether there is a sustained recovery in demand. All eyes remain focused on whether there will be a double dip in the economic growth if so it is inevitable that there will be more manufacturers forced into administration. However, hopefully we will see the return of confidence and a sustainable increase in demand so it doesn't come to that." * UK: Two-Thirds of Businesses Worried About 1Q2010 Outlook ----------------------------------------------------------- Figures released Thursday by R3, the insolvency trade body, show that just one in three businesses (39%) feel that the outlook for the first three months of 2010 looks positive. The figures come as no surprise to R3s President, Peter Sargent, who acknowledges that the early stages of an economy's recovery can be a dangerous time for businesses. Mr. Sargent said: "Interestingly, businesses seem more confident about the future than insolvency experts. Our figures show that, whilst 39 per cent of businesses are feeling positive about this quarter, only eight per cent of insolvency experts are positive about the outlook for businesses for the same period. Insolvency practitioners know that creditors tend to act more aggressively as we come out of a recession and corporate insolvencies continue to rise. The research also finds: * Businesses in the manufacturing industry are the most positive about the future. Fifty-three percent of manufacturing businesses feel positive compared with 34% of those in the services industry. * Business confidence is at 44% in the South compared with 37% in the North. * Business confidence correlates to the business's size. Thirty-eight percent of small businesses are confident about the future, compared with 48% of large firms. R3 is the trade body for Insolvency Professionals, and is made up of 97% of the UK's Insolvency Practitioners from all over the UK. =============== X X X X X X X X =============== * BOND PRICING: For the Week January 18 to January 22, 2010 ----------------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- AUSTRIA ------- HAA-BANK INTL AG 5.250 10/27/2015 EUR 75.75 KOMMUNALKREDIT 4.440 12/20/2030 EUR 65.00 KOMMUNALKREDIT 4.900 6/23/2031 EUR 68.25 OESTER VOLKSBK 5.270 2/8/2027 EUR 92.69 OESTER VOLKSBK 4.810 7/29/2025 EUR 74.25 OESTER VOLKSBK 4.170 7/29/2015 EUR 74.75 RAIFF ZENTRALBK 4.500 9/28/2035 EUR 89.41 BELGIUM ------- FORTIS BANK 8.750 12/7/2010 EUR 20.08 BULGARIA -------- PETROL AD-SOFIA 8.375 10/26/2011 EUR 49.10 CZECH REPUBLIC -------------- CZECH REPUBLIC 2.750 1/16/2036 JPY 70.13 DENMARK ------- DANMARK SKIBSKRD 2.000 11/15/2024 DKK 73.21 DENMARK ------- MUNI FINANCE PLC 0.500 3/17/2025 CAD 48.40 MUNI FINANCE PLC 0.250 6/28/2040 CAD 21.89 MUNI FINANCE PLC 0.500 9/24/2020 CAD 61.94 MUNI FINANCE PLC 1.000 10/30/2017 AUD 64.46 MUNI FINANCE PLC 1.000 11/21/2016 NZD 70.61 MUNI FINANCE PLC 1.000 2/27/2018 AUD 63.34 FRANCE ------ AIR FRANCE-KLM 4.970 4/1/2015 EUR 15.94 ALCATEL SA 4.750 1/1/2011 EUR 16.00 ALCATEL-LUCENT 5.000 1/1/2015 EUR 3.50 ALTRAN TECHNOLOG 6.720 1/1/2015 EUR 5.20 ATARI SA 4.000 4/1/2020 EUR 0.70 ATOS ORIGIN SA 2.500 1/1/2016 EUR 51.10 CALYON 6.000 6/18/2047 EUR 46.04 CAP GEMINI SOGET 3.500 1/1/2014 EUR 41.73 CAP GEMINI SOGET 1.000 1/1/2012 EUR 43.08 CLUB MEDITERRANE 4.375 11/1/2010 EUR 48.70 CMA CGM 5.500 5/16/2012 EUR 67.97 CMA CGM SA 7.250 2/1/2013 USD 65.29 DEXIA MUNI AGNCY 1.000 12/23/2024 EUR 61.70 EURAZEO 6.250 6/10/2014 EUR 57.01 FAURECIA 4.500 1/1/2015 EUR 18.91 GROUPE VIAL 2.500 1/1/2014 EUR 19.40 MAUREL ET PROM 7.125 7/31/2014 EUR 18.52 NEXANS SA 4.000 1/1/2016 EUR 64.47 PEUGEOT SA 4.450 1/1/2016 EUR 32.13 PUBLICIS GROUPE 3.125 7/30/2014 EUR 35.48 PUBLICIS GROUPE 1.000 1/18/2018 EUR 46.00 RHODIA SA 0.500 1/1/2014 EUR 43.57 SOC AIR FRANCE 2.750 4/1/2020 EUR 20.92 SOITEC 6.250 9/9/2014 EUR 11.22 TEM 4.250 1/1/2015 EUR 56.48 THEOLIA 2.000 1/1/2014 EUR 14.12 VALEO 2.375 1/1/2011 EUR 46.01 ZLOMREX INT FIN 8.500 2/1/2014 EUR 34.63 ZLOMREX INT FIN 8.500 2/1/2014 EUR 34.62 GERMANY ------- DEUTSCHE BK LOND 3.250 5/18/2012 CHF 47.69 DEUTSCHE BK LOND 1.000 3/31/2027 USD 46.44 ESCADA AG 7.500 4/1/2012 EUR 16.74 EUROHYPO AG 5.000 5/15/2027 EUR 93.34 HSH NORDBANK AG 4.375 2/14/2017 EUR 68.37 KFW 5.000 10/17/2035 EUR 73.56 L-BANK FOERDERBK 0.500 5/10/2027 CAD 43.90 LB BADEN-WUERTT 2.500 1/30/2034 EUR 62.15 LB BADEN-WUERTT 5.250 10/20/2015 EUR 34.59 RENTENBANK 1.000 3/29/2017 NZD 69.79 SOLON AG SOLAR 1.375 12/6/2012 EUR 39.95 GREECE ------ HELLENIC REP I/L 2.300 7/25/2030 EUR 71.17 YIOULA GLASSWORK 9.000 12/1/2015 EUR 59.17 YIOULA GLASSWORK 9.000 12/1/2015 EUR 58.13 HUNGARY ------- REP OF HUNGARY 2.110 10/26/2017 JPY 72.43 IRELAND ------- ALLIED IRISH BKS 5.625 11/29/2030 GBP 63.84 ALLIED IRISH BKS 5.250 3/10/2025 GBP 65.69 DEPFA ACS BANK 0.500 3/3/2025 CAD 29.78 DEPFA ACS BANK 3.250 7/31/2031 CHF 74.61 DEPFA ACS BANK 4.900 8/24/2035 CAD 61.29 DEPFA ACS BANK 5.250 3/31/2025 CAD 72.97 IRISH LIFE & PER 4.625 5/9/2017 EUR 70.92 IRISH NATIONWIDE 13.000 8/12/2016 GBP 72.38 UT2 FUNDING PLC 5.321 6/30/2016 EUR 66.76 ITALY ----- ROMULUS FINANCE 5.441 2/20/2023 GBP 74.51 LUXEMBOURG ---------- ARCELORMITTAL 7.250 4/1/2014 EUR 34.02 BREEZE 4.524 4/19/2027 EUR 84.82 GLOBAL YATIRIM H 9.250 7/31/2012 USD 67.90 HELLAS III 8.500 10/15/2013 EUR 66.75 LIGHTHOUSE INTL 8.000 4/30/2014 EUR 70.35 LIGHTHOUSE INTL 8.000 4/30/2014 EUR 70.42 NETHERLANDS ----------- ABN AMRO BANK NV 7.540 6/29/2035 EUR 66.25 AI FINANCE B.V. 10.875 7/15/2012 USD 57.13 AIR BERLIN FINAN 1.500 4/11/2027 EUR 74.58 ALB FINANCE BV 7.875 2/1/2012 EUR 35.46 ALB FINANCE BV 8.750 4/20/2011 USD 35.48 ALB FINANCE BV 9.250 9/25/2013 USD 35.50 ALB FINANCE BV 9.000 11/22/2010 USD 35.49 ARPENI PR INVEST 8.750 5/3/2013 USD 54.88 ARPENI PR INVEST 8.750 5/3/2013 USD 54.88 ASTANA FINANCE 9.000 11/16/2011 USD 23.97 BK NED GEMEENTEN 0.500 6/27/2018 CAD 71.85 BK NED GEMEENTEN 0.500 2/24/2025 CAD 48.47 BLT FINANCE BV 7.500 5/15/2014 USD 68.00 BLT FINANCE BV 7.500 5/15/2014 USD 68.50 BRIT INSURANCE 6.625 12/9/2030 GBP 72.96 CLONDALKIN BV 8.000 3/15/2014 EUR 90.42 ELEC DE CAR FIN 8.500 4/10/2018 USD 68.00 EM.TV FINANCE BV 5.250 5/8/2013 EUR 3.99 IVG FINANCE BV 1.750 3/29/2017 EUR 67.63 KBC IFIMA NV 6.004 2/7/2025 USD 75.60 NATL INVESTER BK 25.983 5/7/2029 EUR 35.40 NED WATERSCHAPBK 0.500 3/11/2025 CAD 46.92 NIB CAPITAL BANK 4.790 12/17/2043 EUR 72.12 Q-CELLS INTERNAT 1.375 2/28/2012 EUR 64.31 Q-CELLS INTERNAT 5.750 5/26/2014 EUR 67.78 TEMIR CAPITAL 9.500 5/21/2014 USD 27.00 TEMIR CAPITAL 9.500 5/21/2014 USD 28.00 TEMIR CAPITAL 9.000 11/24/2011 USD 17.75 TJIWI KIMIA FIN 13.250 8/1/2001 USD 0.01 TURANALEM FIN BV 8.250 1/22/2037 USD 37.95 TURANALEM FIN BV 7.125 12/21/2009 GBP 36.75 TURANALEM FIN BV 7.875 6/2/2010 USD 37.99 TURANALEM FIN BV 6.250 9/27/2011 EUR 36.97 TURANALEM FIN BV 7.750 4/25/2013 USD 37.87 TURANALEM FIN BV 8.250 1/22/2037 USD 38.37 TURANALEM FIN BV 8.500 2/10/2015 USD 38.10 TURANALEM FIN BV 8.000 3/24/2014 USD 39.70 NORWAY ------ EKSPORTFINANS 0.500 5/9/2030 CAD 37.86 NORSKE SKOGIND 7.000 6/26/2017 EUR 67.92 NORWAY ------ POLAND-REGD-RSTA 2.810 11/16/2037 JPY 62.47 REP OF POLAND 2.648 3/29/2034 JPY 68.05 SPAIN ----- BANCAJA EMI SA 2.755 5/11/2037 JPY 65.01 BBVA SUB CAP UNI 2.750 10/22/2035 JPY 69.16 GENERAL DE ALQUI 2.750 8/20/2012 EUR 57.25 MINICENTRALES 4.810 11/29/2034 EUR 64.90 SWEDEN ------ SWEDISH EXP CRED 0.500 12/17/2027 USD 49.50 SWITZERLAND ----------- CYTOS BIOTECH 2.875 2/20/2012 CHF 52.16 UBS AG JERSEY 10.000 10/25/2010 USD 66.30 UBS AG JERSEY 9.000 3/9/2010 USD 60.71 UBS AG JERSEY 9.000 5/18/2010 USD 60.45 UBS AG JERSEY 9.000 6/11/2010 USD 59.09 UBS AG JERSEY 9.000 7/2/2010 USD 59.55 UBS AG JERSEY 9.000 7/19/2010 USD 59.25 UBS AG JERSEY 9.350 7/27/2010 USD 59.90 UBS AG JERSEY 9.000 8/13/2010 USD 64.15 UBS AG JERSEY 9.500 8/31/2010 USD 66.10 UBS AG JERSEY 13.900 1/31/2011 USD 36.70 UBS AG JERSEY 14.640 1/31/2011 USD 39.40 UBS AG JERSEY 16.170 1/31/2011 USD 13.97 UBS AG JERSEY 10.000 2/11/2011 USD 61.28 UBS AG JERSEY 15.250 2/11/2011 USD 12.52 UBS AG JERSEY 8.250 2/28/2011 USD 72.19 UBS AG JERSEY 12.800 2/28/2011 USD 35.62 UBS AG JERSEY 11.330 3/18/2011 USD 18.29 UBS AG JERSEY 11.400 3/18/2011 USD 25.81 UBS AG JERSEY 16.160 3/31/2011 USD 45.72 UBS AG JERSEY 10.820 4/21/2011 USD 22.33 UBS AG JERSEY 11.030 4/21/2011 USD 21.69 UBS AG JERSEY 10.650 4/29/2011 USD 16.35 UBS AG JERSEY 13.000 6/16/2011 USD 50.53 UBS AG JERSEY 10.280 8/19/2011 USD 33.99 UBS AG JERSEY 10.360 8/19/2011 USD 52.79 UBS AG JERSEY 11.150 8/31/2011 USD 40.07 UBS AG JERSEY 9.350 9/21/2011 USD 68.90 UBS AG JERSEY 3.220 7/31/2012 EUR 65.23 UNITED KINGDOM -------------- ALPHA CREDIT GRP 2.940 3/4/2035 JPY 70.48 BARCLAYS BK PLC 8.550 1/23/2012 USD 11.60 BARCLAYS BK PLC 11.650 5/20/2010 USD 41.13 BARCLAYS BK PLC 7.610 6/30/2011 USD 54.30 BARCLAYS BK PLC 10.600 7/21/2011 USD 42.40 BARCLAYS BK PLC 10.350 1/23/2012 USD 25.77 BRADFORD&BIN BLD 5.750 12/12/2022 GBP 14.65 BRADFORD&BIN BLD 2.875 10/16/2031 CHF 74.11 BRADFORD&BIN BLD 5.500 1/15/2018 GBP 14.97 BRADFORD&BIN BLD 7.625 2/16/2049 GBP 14.99 BRADFORD&BIN PLC 6.625 6/16/2023 GBP 14.95 CATTLES PLC 7.875 1/17/2014 GBP 8.00 CO-OPERATIVE BNK 5.875 3/28/2033 GBP 75.94 EFG HELLAS PLC 2.760 5/11/2035 JPY 66.24 ENTERPRISE INNS 6.500 12/6/2018 GBP 86.44 ENTERPRISE INNS 6.375 9/26/2031 GBP 76.52 EXIM OF UKRAINE 8.400 2/9/2016 USD 82.47 F&C ASSET MNGMT 6.750 12/20/2026 GBP 67.39 GREENE KING FIN 5.702 12/15/2034 GBP 70.89 HBOS PLC 4.500 3/18/2030 EUR 71.10 INEOS GRP HLDG 7.875 2/15/2016 EUR 67.60 INEOS GRP HLDG 8.500 2/15/2016 USD 68.83 INEOS GRP HLDG 8.500 2/15/2016 USD 68.43 INEOS GRP HLDG 7.875 2/15/2016 EUR 67.27 MARSTONS ISSUER 5.641 7/15/2035 GBP 73.44 NATL GRID GAS 1.771 3/30/2037 GBP 47.06 NATL GRID GAS 1.754 10/17/2036 GBP 48.31 NBG FINANCE PLC 2.755 6/28/2035 JPY 66.51 NOMURA BANK INTL 0.800 12/21/2020 EUR 60.69 NORTHERN ROCK 9.375 10/17/2021 GBP 62.00 NORTHERN ROCK 5.750 2/28/2017 GBP 55.58 PARAGON GROUP 7.000 4/20/2017 GBP 74.50 PRIVATBANK 8.750 2/9/2016 USD 74.69 PUNCH TAVERNS 6.468 4/15/2033 GBP 70.39 ROYAL BK SCOTLND 9.500 4/4/2025 USD 59.56 SPIRIT ISSUER 5.472 12/28/2028 GBP 71.95 TXU EASTERN FNDG 6.450 5/15/2005 USD 2.00 UNIQUE PUB FIN 6.464 3/30/2032 GBP 60.33 UNIQUE PUB FIN 7.395 3/28/2024 GBP 75.38 WESSEX WATER FIN 1.369 7/31/2057 GBP 21.67 ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR 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 constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers' public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than US$3 per share in public markets. 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. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/booksto order any title today. ********* 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 -- Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Valerie C. Udtuhan, Marites O. Claro, Rousel Elaine C. Tumanda, Joy A. Agravante and Peter A. Chapman, Editors. Copyright 2010. All rights reserved. ISSN 1529-2754. 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 Europe 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 * * *