TCREUR_Public/100409.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

            Friday, April 9, 2010, Vol. 11, No. 069



FRANS 2003: Moody's Confirms 'Ba2' Rating on Class B Notes
PLYSOROL: Union Files Insolvency Petition in Lisieux Court
RENAULT SA: Enters Strategic Partnership with Nissan, Daimler
RODRIGUEZ GROUP: Unit Seeks Bankruptcy Protection in U.S.


CINTERION WIRELESS: Creditor and Owner Vie for Control
DAIMLER AG: Renault and Nissan Deal Won't Affect Fitch's Ratings
DEUTSCHE LUFTHANSA: Pilots Call Off Strike, Agree to Arbitration
GENERAL MOTORS: Opel Nears Deal with Works Council on Cost Cuts
HYPO REAL ESTATE: Shareholder Case to Go to Top EU Court


* HUNGARY: Company Liquidations Up 3.3% in First Quarter 2010


QUINN INSURANCE: Financial Regulator May Lift Trading Ban
QUINN INSURANCE: Liquidation to Hit Commercial Policyholders


SPARKLE: Telecom Italia to Set Aside EUR330 Million on Probe


FOOD CONTRACT: Moody's Reviews 'Ba3' Corporate Family Rating


ELM BV: S&P Corrects Ratings on Secured Credit-Linked Notes to 'D'

* NETHERLANDS: Corporate Bankruptcies Up 5% in First Qtr. 2010


PETROJACK ASA: To Get US$160-Mil. From Rig Sale, Newspaper Says


URALCHEM OJSC: Aims to Raise US$600-Mil. in London Listing


CEMEX ESPANA: Fitch Assigns 'B+/RR3' Rating on Senior Notes

U N I T E D   K I N G D O M

AROSA FUNDING: S&P Withdraws 'D' Rating on Series 2006-9 Notes
BRITISH AIRWAYS: Talks to Avert Further Strike Actions Resume
ROYAL BANK: Global Merchant Services Unit Gets Dozen-Plus Bids
SANDPIPER CLOTHING: In Liquidation; Clarke Bell Appointed

* UK: Business Failures Up 16% to 26,165 in 2009, BDO LLP Says


* BOOK REVIEW: Rupert Murdoch: Creator of a Worldwide Empire



FRANS 2003: Moody's Confirms 'Ba2' Rating on Class B Notes
Moody's Investors Service has lowered to Baa2 from Baa1 the rating
of the Class A Enhanced Equipment Trust Notes issued by FRANs 2003
Plc; the Ba2 rating of the Class B notes of the same transaction
is confirmed.  This concludes the review that was initiated on 18
December 2009.  The notes have a legal maturity in 2016 and a
scheduled final repayment in 2013.  The Class A notes are
guaranteed by MBIA Insurance Corporation.  The rating of the Notes
is consistent with Moody's practice of rating insured securities
at the higher of the guarantor's insurance financial strength
rating or an underlying rating of the transaction that is public.
The determination of the underlying ratings considered qualitative
and quantitative factors, including structural features of the

The rating action reflects both the loan-to-value ratios of the
transaction, which have benefited in recent months from movement
in the US$-EUR rate.  It also factors in the operating performance
of the Air France group, the guarantor of the notes under the
transaction, as well as that of the Air France-KLM Group.  In
terms of operating performance, while year-to-date earnings were
substantially lower than the previous year, the Air France-KLM
group's third quarter operating loss (to December 2009) was at
EUR245 million, fairly unchanged over the prior year.  It is
currently targeting to break-even at the operating level in
FY2011, excluding the impact of pre-2009 hedges.  The charge
related to hedges amounted to EUR464 million in year-to-date, but
has been diminishing and fell to EUR34 million in the last
quarter.  Moody's believe at this time that industry conditions,
while still very weak, are likely to show a gradual, albeit
protracted, recovery.

As of December 31, 2009, the Air France-KLM group reported
EUR4.4 billion in cash and equivalents (including short-term
investments), and EUR1.2 billion of undrawn facilities.  Air
France is currently negotiating to extend the maturity of its
facility maturing in 2012, whose continued access will be a factor
in Moody's liquidity assessment.

In assessing the notes issued by FRANs 2003 Plc, Moody's has taken
into consideration the characteristics of the collateral pool and
the structural enhancement of the transaction, as well as the
credit profile of the airline.

The last rating action for Frans 2003 was implemented on
December 18, 2009, when the ratings of the Class A and Class B
Notes were placed under review for possible downgrade.

Air France-KLM is a publicly-listed entity with full ownership of
Air France and KLM.  It is incorporated in France and registered
in Paris.

PLYSOROL: Union Files Insolvency Petition in Lisieux Court
EUWID Wood Products and Panels reports that Union de recouvrement
des cotisations de securite sociale et d'allocations familiales
Plysorol filed a petition to initiate new judicial rescue
proceedings against Plysorol at a commercial court in Lisieux.

According to the report, the company is said to be in arrears with
social security contributions to the organization, responsible for
levying social welfare deductions in France, to the tune of some
EUR1.4 million even though they were deducted from employees' pay.

The report recalls in initial negotiations conducted on
March 26, the Lisieux commercial court therefore ordered that an
investigation be conducted until April 30 whose purpose is to
examine the initiation of new insolvency proceedings.

RENAULT SA: Enters Strategic Partnership with Nissan, Daimler
John Reed and Daniel Schafer at The Financial Times report that
Renault, Nissan and Daimler on Wednesday revealed a strategic
partnership that will see the three carmakers swap equity stakes
and develop and build small cars, engines and vans together.

According to the FT, the companies said the partnership would
yield combined benefits of EUR4 billion (US$5.3 billion) over five

The FT says under the share exchange, Daimler will take a 3.1%
stakes in both Renault and Nissan, and the allied French and
Japanese carmakers will share a 3.1% stake in their German
partner, holding 1.55% each.

The partnership will be managed by a new 12-member co-operation
committee chaired by Renault and Nissan's chief executive Carlos
Ghosn and Dieter Zetsche, Daimler's chief executive, and steered
by executives from the three companies, the FT discloses.  It will
see Renault and Daimler work together on a forthcoming generation
of their respective Twingo and Smart Fortwo models, including
electric versions, according to the FT.  The two companies and
Nissan will also share and jointly develop diesel and petrol
engines to be used in the new cars, which would be modified for a
new generation of premium compact cars for Daimler's Mercedes-Benz
brand, the FT says.

The FT notes that before the deal, Nissan owned 15% of Renault and
Renault 44.3% of Nissan.  The French carmaker's share in its
Japanese partner will now fall to 43.2% as Renault is giving its
3.1% of its Nissan stake to Daimler, and taking a new 2% stake in
return, the FT states.

                         About Renault SA

Renault SA -- is a France-based company
primarily engaged in the manufacture of automobiles and related
services.  The Company has two main areas of business activity:
the Automobile division, which handles the design, manufacture and
marketing of passenger cars and commercial vehicles, under
Renault, Renault Samsung Motors and Dacia brands, and the Sales
Financing division, which provides financial and commercial
services related to the Company's sales activities, and is
comprised of RCI Banque and its subsidiaries.  The Company
operates worldwide via a group of subsidiaries and dependant
companies, including wholly owned Renault SAS, 99.43%-owned Dacia,
44.3%-owned Nissan Motor and 20.7%-owned AB Volvo, among others.

                           *     *     *

Renault SA continues to carry long- and short-term corporate
credit and debt ratings of 'BB/B' from Standards & Poor's Ratigns
Services with stable outlook.  The ratings were lowered to their
current level from 'BBB-/ A-3' in June 2009.

As reported by the Troubled Company Reporter-Europe on June 23,
2009, S&P said Renault's financial profile was already hit by the
large increase in debt in 2008, and credit measures were weak
compared with what S&P generally considered to be commensurate
with a 'BBB-' rating.  S&P said that the company's financial
metrics were likely to deteriorate further and would probably not
return in the medium term to levels S&P considered consistent with
the previous rating.

"Our downgrade of Renault reflects our view that auto demand is
likely to remain very low in Europe in 2010, due to the weak
economic environment and the payback effect of the incentive
schemes that several European countries have adopted to date in
2009," said Standard & Poor's credit analyst Barbara Castellano.
"We believe these factors will continue to penalize Renault's

Renault continues to carry a Ba1 long-term corporate family rating
and senior unsecured debt rating from Moody's Investors Services
with stable outlook.  The company's subordinated debt carries a
Ba2 rating from Moody's.

RODRIGUEZ GROUP: Unit Seeks Bankruptcy Protection in U.S.
Michael Bathon at Bloomberg News reports that SNP Boat Services SA
filed for Chapter 15 bankruptcy protection (Bankr. S.D. Fla. Case
No. 10-18891) from its U.S. creditors to aid its restructuring

SNP Boat is a unit of the Rodriguez Group SA which makes luxury
yachts.  The Rodriguez Group owns 99.7% of SNP Boat.

SNP Boat, based in Cannes, France, listed as much as $500 million
in both assets and debt in documents filed in bankruptcy court in
Fort Lauderdale, Florida.

Chapter 15 is the section of the bankruptcy code designed to block
U.S. lawsuits against a foreign company with assets in the U.S. as
it restructures in its home country.

According to Bloomberg, a commercial court has approved the
Rodriguez Group's recovery plan, bringing an end to one year of
protection from creditors.  Rodriguez shares will resume trading
in Paris on April 8.


CINTERION WIRELESS: Creditor and Owner Vie for Control
Karin Matussek at Bloomberg News, citing Financial Times
Deutschland, reports that two funds are competing for control of
Cinterion Wireless Modules GmbH, a former unit of Siemens AG that
filed for insolvency.

According to Bloomberg, FTD, citing an unidentified EQT spokesman,
said the Swedish fund, Cinterion's biggest creditor, made a bid.

Bloomberg notes FTD, citing Granville Baird GmbH managing director
Wolfgang Alvano, reported that the Hamburg-based private equity
firm, Criterion's owner, is ready to invest a "significant

DAIMLER AG: Renault and Nissan Deal Won't Affect Fitch's Ratings
Fitch Ratings says that the recent announcement that Daimler AG,
Renault SA and Nissan Motor Co, Ltd, will take minority equity
stakes in each other and cooperate on cars and powertrains has no
immediate rating implication because there is neither significant
cash outflow nor immediate material benefit for the three

Daimler is rated Long-term Issuer Default 'BBB+' and Short-term
IDR 'F2'; Nissan at Long-term IDR 'BBB-' and Short-term IDR 'F3';
and Renault at Long-term IDR 'BB'.  The Outlooks for Daimler and
Renault are Negative, while the Outlook for Nissan is Stable.

"While the immediate financial impact on the three groups is
minimal, the expected increased cooperation between Daimler,
Renault and Nissan should be positive for their business profiles
and provide opportunities for material cost savings and improved
capacity utilization," said Emmanuel Bulle, Senior Director in
Fitch's EMEA Industrials team.  "However, cost savings should be
limited in the short term and may only start materializing in the
next two to three years."

Cooperation between manufacturers, in the form of specific
agreements or partnerships, is common in the auto industry, to
develop vehicles or engines, and does not necessarily entail an
equity tie-up.  However, cross-shareholding could pave the way for
long-term collaborations and a signal that cooperation between the
partners is strategic.  The announcement is the latest of a series
of alliances and partnerships, aimed at saving significant
development costs, to comply notably with increasingly stringent
environmental regulations.

Fitch considers the announced cooperation between the three groups
positively, as this should provide further economies of scale to
the partners and enable them to share development costs and
engines.  The three groups should benefit from each other's
strengths, particularly as direct competition between Daimler and
Renault/Nissan is limited.  In particular, Daimler should benefit
from Renault's expertise in small cars platforms and powertrains,
notably for the development of its "smart" vehicles, and for fuel
efficiency.  Renault and Nissan will increase their capacity
utilization by providing engines to Daimler and will benefit from
the supply of 6-cylinder engines from Daimler.  The three groups
will also share powertrains and collaborate on light commercial
vehicles and pursue other opportunities on future projects such as
electric vehicles.

In parallel, the three companies detailed a cross-shareholding
structure, in which Daimler will have 3.1% in Renault, 3.1% in
Nissan, while Nissan and Renault will each have 1.55% in Daimler.
The bulk of the respective stocks to be acquired will be treasury
shares and will not involve material cash inflows and outflows nor
affect their respective credit metrics.  The cross-shareholding
will not fundamentally change the respective groups' shareholding
structures.  The French state will remain Renault's main
shareholder with 15.01%, while Nissan will have 15% of Renault.
Renault will have a 43.4% stake in Nissan.

While Daimler and Renault have gained some flexibility in their
current ratings, the Outlooks are still Negative.  In particular,
the Negative Outlook reflects uncertainties about new car and
truck sales development in 2010, in particular in their core
European markets.  Nissan's Outlook was revised to Stable from
Negative in January 2010 in the wake of early improvement of the
US market and an improved financial profile.

DEUTSCHE LUFTHANSA: Pilots Call Off Strike, Agree to Arbitration
Ralph Atkins at The Financial Times reports that Lufthansa pilots
have called off strike action planned for next week after agreeing
to an arbitration process with the German airline.

The FT relates the announcement late on Wednesday averted, at
least temporarily, a four-day stoppage that could have cost
Lufthansa tens of millions of euros.  Lufthansa says strike action
costs it at least EUR25 million a day, the FT notes.

According to the FT, Vereinigung Cockpit, the trade union, says
pay and conditions are being undermined by Lufthansa's increasing
reliance on foreign subsidiaries, including recently bought
Austrian Airlines and British Midland.

Lufthansa welcomed the union's decision to call off the strike,
which had been due to start on Tuesday, April 13, and the
agreement to call in an arbitrator, the FT discloses.

Both sides said agreement on an arbitrator in the current dispute
would be reached in the next few days, according to the FT.

Deutsche Lufthansa AG -- is an
aviation company with operations worldwide.  It operates in five
business segments: Passenger Transportation, Logistics,
Maintenance, Repair and Overhaul (MRO), Information Technology
(IT) services and Catering.  On January 22, 2008, it acquired 19%
of the shares in JetBlue Airways.  In October 2008, Lufthansa
established an Italian company called Lufthansa Italia as it mulls
to make Milan based Malpensa airport its third hub after Frankfurt
and Munich.  In September 2009, Austrian Airlines AG was taken
over by Deutsche Lufthansa AG.  Austrian Airlines will therefore
become part of the Lufthansa Group as of September 2009.

                           *     *     *

Deutsche Lufthansa AG continues to carry a Ba1 Corporate Family
Rating and Probability of Default Rating from Moody's Investors
Service with stable outlook.  The ratings were assigned by Moody's
in September 2009.

GENERAL MOTORS: Opel Nears Deal with Works Council on Cost Cuts
Daniel Schafer, Gerrit Wiesmann and John Reed at The Financial
Times report that Opel, General Motors' European arm, said on
Wednesday that it was close to an agreement with its works council
on cost reductions, a crucial part of its restructuring plan.

According to the FT, Nick Reilly, Opel's chief executive, is
poised to resume the protracted negotiations with trade unions
over EUR265 million (US$354 million) in yearly wage concessions
and other cost cuts next week, following a short Easter break.

The FT says an agreement would remove the last roadblock in GM's
quest to restructure ailing Opel with the help of state money.  GM
is seeking EUR2 billion in state aid from five European
governments to turn round Opel and Vauxhall, its British brand,
the FT notes.

                       About General Motors

General Motors Company -- 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

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.
( 215/945-7000)

HYPO REAL ESTATE: Shareholder Case to Go to Top EU Court
Oliver Suess and Karin Matussek at Bloomberg News report that a
Hypo Real Estate Holding AG shareholder case over the German bank-
rescue fund's decision to force out minority investors will be
sent to the European Union's top court.

According to Bloomberg, Presiding Judge Helmut Krenek on Thursday
said the Munich Regional Court will ask the EU's Court of Justice
to review whether a German rule to expedite bank rescues complies
with EU laws.

Bloomberg says the plaintiffs seek to invalidate a decision at
Hypo Real Estate's June 2, 2009, shareholders meeting that allowed
the government's bank-rescue fund, known as Soffin, to
subsequently attain full ownership of the lender.

Bloomberg notes Judge Krenek said the capital increase approved at
Hypo Real Estate's shareholders meeting will remain valid, even if
the European court decides rules were violated.

Bloomberg recalls a capital increase of 3 billion euros (US$4
billion) was approved at the extraordinary shareholders meeting in
June last year, excluding subscription rights for shareholders
other than Soffin.  That pushed Soffin's stake in Munich-based
Hypo Real Estate to the 90% threshold needed to force remaining
investors to sell their stock, known as a squeeze-out, Bloomberg

The case is LG Muenchen, 5HK O 12377/09.

                      About Hypo Real Estate

Germany-based Hypo Real Estate Holding AG (FRA:HRXG) -- 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.


* HUNGARY: Company Liquidations Up 3.3% in First Quarter 2010
MTI-Econews, citing data published by Opten, reports that the
number of Hungarian companies that went under liquidation in the
first quarter of 2009 grew 3.3% to 3,947 from the same period a
year earlier.

According to the report, the number of companies wound up by its
owners rose 6.7% yr/yr to 3,473 in the first quarter, a slight
increase compared to the 24.2% jump a year before.

Creditors initiated liquidation procedures for 1,356 businesses in
March, compared to 1,342 a year before, the report discloses.


QUINN INSURANCE: Financial Regulator May Lift Trading Ban
Colm Heatley at Bloomberg News, citing the Irish News, reports
that Ireland's financial regulator is considering a plan to allow
Quinn Insurance to resume trading in the U.K.  According to
Bloomberg, the newspaper said the plan -- put forward by Quinn
Insurance -- would mean the ban on trading in the U.K. imposed by
the regulator on March 30 would be revoked.

Jennifer Hill at The Scotsman reports that workers at Quinn Group
on Wednesday said that they were confident the multinational's
U.K. insurance unit would reopen for business.

According to The Scotsman, employees said they had been assured
the closure order was being reviewed and were hopeful the UK arm
would reopen today, April 9, following talks between the Irish
financial regulator and a cross-border, cross-party group of
concerned politicians.

"As a direct result of our work, the administrator is currently
reassessing the NI/UK business plan which contains supporting
information for the lifting of the NI/UK ban," The Scotsman quoted
employees as saying in a statement.

As reported by the Troubled Company Reporter-Europe on April 1,
2010, The Times said Irelands' Financial Regulator on March 30 put
Quinn Insurance into provisional administration.  The Times
disclosed joint administrators were appointed to Quinn Insurance
by the High Court in Dublin after the regulator expressed concerns
about the company's finances and how it was being run.  The Times
related the regulator said the business would remain open for
business and would continue to be run as a going concern under
different management.  The Times noted the regulator did not
disclose the matters being investigated but its counsel told the
court that, in recent months, the company had "significantly
breached" its solvency ratios.  According to The Times, the
counsel said the company had gone from a position of having assets
over liabilities of some EUR200 million to now having an excess of
liabilities of more than EUR200 million.

Quinn Insurance is owned by Sean Quinn, Ireland's richest man, and
his family.  The company has just more than 20% of the motor and
health insurance market in Ireland.  It has more than one million
customers in the country.  Employing almost 2,800 people in
Britain and Ireland, it was founded in 1996 and entered the UK
market in 2004, according to The Times.

QUINN INSURANCE: Liquidation to Hit Commercial Policyholders
Laura Noonan at Irish Independent reports that insurance brokers
have warned the hundreds of companies insured with Quinn that they
stand to get nothing if the insurer goes bust.

According to the report, the situation is set out in a memo sent
by the Insurance Brokers Association -- to its 700 members in
recent days and comes a week after Quinn Insurance was put into

The report says the memo explains that if Quinn Insurance
collapses, an insurance compensation fund will honor 65% of any
claims made by individuals -- but won't honor any claims made by
the companies that hold Quinn policies.

The IBA document explains that companies are only exposed if Quinn
collapses and goes into liquidation, and not if Quinn remains
under the administration process and continues to trade as a going
concern, the report notes.

The report relates the situation arises because the 1989 Insurance
Act says compensation can only be paid to "natural persons"
holding policies in the event of an insurance company liquidation.

As reported by the Troubled Company Reporter-Europe on April 1,
2010, The Times said Irelands' Financial Regulator on March 30 put
Quinn Insurance into provisional administration.  The Times
disclosed joint administrators were appointed to Quinn Insurance
by the High Court in Dublin after the regulator expressed concerns
about the company's finances and how it was being run.  The Times
related the regulator said the business would remain open for
business and would continue to be run as a going concern under
different management.  The Times noted the regulator did not
disclose the matters being investigated but its counsel told the
court that, in recent months, the company had "significantly
breached" its solvency ratios.  According to The Times, the
counsel said the company had gone from a position of having assets
over liabilities of some EUR200 million to now having an excess of
liabilities of more than EUR200 million.

Quinn Insurance is owned by Sean Quinn, Ireland's richest man, and
his family.  The company has just more than 20% of the motor and
health insurance market in Ireland.  It has more than one million
customers in the country.  Employing almost 2,800 people in
Britain and Ireland, it was founded in 1996 and entered the UK
market in 2004, according to The Times.


SPARKLE: Telecom Italia to Set Aside EUR330 Million on Probe
Tommaso Ebhardt at Bloomberg News, citing Italian daily Il
Messaggero, reports that Telecom Italia SpA will set aside more
than EUR330 million (US$440 million) in 2009 accounts because of
its Sparkle unit probe.

As reported by the Troubled Company Reporter-Europe on April 6,
2010, The Financial Times said that Sparkle, a unit of Telecom
Italia, would not be placed under administration.  The FT
disclosed prosecutors had asked the court handling the case to
place Fastweb, which is 82%-owned by Swisscom, and Sparkle under
special administration while investigations continued into their
alleged role in a scam involving fictitious services and paper
companies set up to defraud the government of value added tax.
According to the FT, police seized EUR300 million of cash and
other assets of Sparkle when the investigation was made public in


FOOD CONTRACT: Moody's Reviews 'Ba3' Corporate Family Rating
Moody's Investors Service has placed the Ba3 corporate family
rating, the Ba3 probability of default rating and the bond rating
(P) Ba3 of JSC National Company Food Contract Corporation under
review for possible downgrade.

This decision was prompted by the fact so far the Kazakh
government did not come through with an expected increase of FCC's
capital by US$122 million (around KZT18 billion) which would have
been necessary to stem the near term risk of a possible breach of
covenants.  Moody's now expects that a revised increase of FCC's
capital by US$72 million would take place in the next 2-3 months
according to budget plan provided by the company.  Though the
agency recognizes that public funding has been channeled to FCC in
amounts similar to the anticipated capital increase recently, the
nature of this support has not addressed the issue of capital
structure that the company was facing now.  Consequently Moody's
is concerned that an event of default under certain loan
facilities could potentially be triggered if no agreement is
reached with certain bank lenders in the coming weeks.
Previously, all foreign lending banks granted a waiver to FCC's
financial covenants until February 2010 to prevent a breach of its
covenants in 2009, but Moody's understands that a portion of the
bank facilities have not been repaid or refinanced.

The review will mainly be focused on:

  -- The progress with obtaining any required waiver to financial

  -- The ability of the company in regaining sufficient headroom
     under covenants or set-up alternative financing arrangements

  -- Evidence of physical disbursements of funds to finance
     capital increase which is expected to begin in May 2010

The last rating action was implemented on December 22, 2009, when
Moody's assigned (P)Ba3 to FCC's proposed KZT15 billion unsecured

Headquartered in Astana, Kazakhstan, JSC National Company Food
Contract Corporation is fully owned by the Kazakh Republic through
the National Holding KazAgro.  FCC's principal mandate is to
maintain state grain reserves at the levels required to supply
Kazakhstan and to ensure timely grain replenishment.  At the end
of December 2008, FCC employed 1,718 people and reported revenues
at KZT35 billion, up from KZT24 billion the previous year.


ELM BV: S&P Corrects Ratings on Secured Credit-Linked Notes to 'D'
Standard & Poor's Ratings Services corrected its ratings on the
secured credit linked notes issued under ELM B.V.'s series 95 and
97 transactions by lowering its ratings on the notes to 'D' from
'CCC-', following the receipt of cash settlement notices.

On April 2, 2010, the calculation agent notified Standard & Poor's
that the losses from credit events in the transactions' underlying
portfolios had exceeded the available credit enhancement on
Aug. 13, 2009, with respect to the series 95 transaction, and on
March 9, 2010, with respect to the series 97 transaction.  S&P
lowered the ratings on the notes to 'D' based on the fact that
noteholders of series 95 and 97 have suffered principal losses.

The rating actions did not occur contemporaneously with the loss
realization because the cash settlement notices were not delivered
to us until April 2010.

                         Ratings Lowered

                             ELM B.V.
      Elysium class B secured credit linked notes series 95

                     To   From   Issue Amount
                     --   ----   ------------
                     D    CCC-   US$40.0 mil.

      Elysium class B secured credit linked notes series 97

                     To   From   Issue Amount
                     --   ----   ------------
                     D    CCC-   US$20.0 mil.

* NETHERLANDS: Corporate Bankruptcies Up 5% in First Qtr. 2010
--------------------------------------------------------------, citing the Volkskrant, reports that the number of
companies that went bankrupt in the Netherlands in the first three
months of this year is up 5% from the same period last year
despite signs of economic recovery.

According to the report, figures from advisory firm Dunn &
Bradstreet show 1,769 firms went bust early this year, compared
with 1,689 in the same period in 2009.

The report says transport and building firms were hardest hit,
accounting for 112 bankruptcies, almost double the 2009 Q1 total.
Construction company bankruptcy rose 30%, the report states.

Most bankruptcies were reported in Zeeland (32%) and Zuid-Holland
(22%), the report notes.


PETROJACK ASA: To Get US$160-Mil. From Rig Sale, Newspaper Says
Vibeke Laroi at Bloomberg News, citing Dagens Naeringsliv, reports
that Petrojack ASA may earn a net US$160 million from selling a
rig.  According to Bloomberg, the Oslo-based newspaper said major
"established" rig companies are interested in the unit.

Bloomberg notes the newspaper said bondholders will approve the
transaction at a meeting later this month.

As reported by the Troubled Company Reporter-Europe, by the
decision of Oslo Bankruptcy Court on March 8, 2010, bankruptcy
proceedings were opened against PetroJack.  Tom Hugo Ottesen with
Kvale Advokatfirma DA was appointed by the court as Bankruptcy

Petrojack ASA -- is a Norway-based
company active within the offshore drilling business.  The Company
is engaged in the development, rental and project management of
offshore oilrigs.  It specializes in the construction and
operation of jack-up rigs, which are comprised of self-contained
combination drilling rigs and floating barges, fitted with long
support legs that can be raised or lowered independently of each
other.  The Company operates through three wholly owned
subsidiaries of which Petrojack II Pte Ltd and Petrojack IV Pte
Ltd are domiciled in Singapore, and Petrojack Ltd. registered in


URALCHEM OJSC: Aims to Raise US$600-Mil. in London Listing
Courtney Weaver at The Financial Times reports that Uralchem, the
indebted Russian fertilizer producer, hopes to raise up to US$600
million (GBP393 million) in a London listing by the end of the

"Conditions are as good as they need to be to get a good number of
chunky issues out of the way," the FT quoted one person involved
in the Uralchem offering, as saying.

According to the FT, other people close to the deal said London
remained the choice listing destination for companies of
Uralchem's size and that a majority of the four to five Russian
listings expected by the end of June would all take place in the
The FT relates Uralchem said in a trading announcement on
Wednesday that the company planned to sell up to 40% of its stock
in an offering managed by Morgan Stanley, Renaissance Capital and

The FT notes analysts remained skeptical that the company would be
able to achieve its US$500 million-US$600 million target.  The
company is racing to pay back US$1.4 billion in debt, US$178
million of which is due before the end of the year, the FT says.

"Theoretically Uralchem could have waited [to do the IPO] in the
autumn or next spring, but the debt burden was probably pushing
them to do it earlier," Yelena Sakhnova, a senior analyst at VTB
Capital, the Russian investment bank, said, according to FT.

URALCHEM OJSC -- is one of the largest
producers of mineral fertilizers in the Russian Federation, the
CIS and the Eastern Europe.


CEMEX ESPANA: Fitch Assigns 'B+/RR3' Rating on Senior Notes
Fitch Ratings has assigned ratings of 'B+/RR3' to the proposed
senior secured notes to be issued by CEMEX Espana.  These notes
consist of a Euro-denominated note that matures in 2017 and is
callable after four years, and a U.S. dollar-denominated note
maturing in 2020, which is callable after five years.  These notes
will have the same security package as the bank debt subject to
the Financing Agreement as well as other capital markets debt.
The notes are unconditionally guaranteed by CEMEX, S.A.B. de C.V.
and its subsidiaries CEMEX Mexico, S.A. de C.V. and New Sunward
Holding B.V. and are being offered to holders of Cemex's C-5, C-8,
C-10 and C-10 Euro perpetual bonds at exchange rates of between
68.75% and 72.38% of the face value of the perpetual notes.  The
issuance of the proposed 2017 and 2020 senior notes is contingent
upon the acceptance of the voluntary exchange offering by more
than 50% of the holders of a given series of the perpetual bonds.

It is expected that a material amount of the US$3.045 billion of
perpetual bonds will not be tendered and will continue to be
serviced in accordance with the original terms and conditions.
Any non-tendered callable perpetual notes will continue to be
rated 'B+/RR3', as this exchange offering does not meet Fitch's
criteria for a distressed debt exchange for these two reasons.
First, to be considered a distressed debt exchange by Fitch, the
tender must be sufficiently broad or relevant with a goal of
staving off bankruptcy or a liquidity crunch by reducing interest
and debt service to the point where the company's cash flow can
service debt.  This exchange offering only relates to 16% of
CEMEX's financial debt and failure to complete would not lead to a
payment default.  Second, a distressed debt exchange also needs to
be coercive or de facto necessary even if technically voluntary.
In Fitch's judgment, this exchange does not meet the coercive
threshold, as the company has the willingness and ability to
continue to service any non-tendered perpetual notes consistent
with the original terms.  Investors who exchange perpetual notes
for the 2017 or 2020 notes will likely do so to obtain a fixed
maturity date and higher trading liquidity.

The 'B' IDR ratings of CEMEX and its subsidiary CEMEX Espana take
into consideration CEMEX's strong global business position as an
integrated cement player and its ability to continue to generate
free cash flow during the sharp contraction in its key markets.
The company's credit ratings continue to reflect the support the
company receives from its key banks.  Balanced against these
credit strengths are the high level of leverage at CEMEX and the
below-average free cash flow prospects for three of its key
markets in the near term.

CEMEX generated US$2.9 billion of EBITDAR during 2009, a decline
from US$4.6 billion of EBITDAR during 2008.  As of Dec. 31, 2009,
the company had US$21.1 billion of total lease adjusted debt and
US$1.1 billion of cash and marketable securities, resulting in a
net debt/EBITDAR ratio of 6.9 times (x).  The company's lease
adjusted net debt declined by approximately US$2.1 billion during
2009 due to a US$1.8 billion equity issuance during September and
the sale of the company's Australian assets for US$1.7 billion
during October.

During 2010, CEMEX's debt amortization schedule is manageable with
US$594 million of total debt maturities.  In these years, the
company's debt service grows, as it will face debt amortizations
of US$1.378 billion (2011), US$1.456 billion (2012),
US$2.456 billion (2013) and US$8.316 billion (2014).  CEMEX raised
US$500 million during January 2010 through the reopening of its
notes due in 2016 and plans to repay US$411 million of the 2012
bank debt with proceeds from this issuance.

According to the Financing Agreement signed with creditors during
August 2009, CEMEX has to meet a consolidated finance leverage
ratio of 7.75x as of June 30, 2010, declining semi-annually until
reaching 3.5x for the period ended Dec. 31, 2013.  The recent
issuance of US$715 million of optionally convertible debentures,
which are excluded from the leverage calculation ratio, should
help the company remain below this ratio during 2010, as would a
reduction of principal associated with this exchange offering.

The outlook for growth of CEMEX's operating cash flow during 2010
remains below average, as it depends primarily upon a rebound in
demand in three of the company's key markets - the United States,
Spain and the U.K.  Continued weakness in these markets or a
sudden downturn in the company's performance in Mexico would
pressure the company's leverage covenant during the second half of
2010 and throughout 2011.  Given the company's successful
negotiations of debt agreements with its banks during 2009 and
2010, Fitch would expect CEMEX to renegotiate the financial
covenants of this agreement should the company's EBITDAR decline
from current levels.

Fitch currently rates CEMEX and its subsidiaries:


  -- Foreign currency Issuer Default Rating 'B';

  -- Local currency IDR 'B';

  -- Senior debt obligations 'B+/RR3';

  -- Long-term national scale rating 'BB-(mex)';

  -- Certificados Bursatiles program 'BB-(mex)';

  -- Programa Dual Revolvente de Certificados Bursatiles program

  -- Debt issued through the Certificados Bursatiles program 'BB-

  -- Short-term national scale rating 'B(mex)';

  -- Debt issued through the Programa Dual Revolvente de
     Certificados Bursatiles program 'B(mex)'.

CEMEX Espana S.A.  (CEMEX Espana)

  -- IDR 'B';
  -- Senior debt obligations 'B+/RR3'.

Rinker Materials Corporation

  -- US$150 million senior unsecured notes due 2025 'B+/RR3'.

The Rating Outlook is Stable.

U N I T E D   K I N G D O M

AROSA FUNDING: S&P Withdraws 'D' Rating on Series 2006-9 Notes
Standard & Poor's Ratings Services withdrew its rating on Series
2006-9 notes issued by Arosa Funding Ltd., following the
redemption of all the notes.

The rating action on the affected transaction is:

Rating lowered:

        Name                     Rating To    Rating From
        ----                     ---------    -----------
        Arosa Funding Ltd.       N.R.          D
        Series 2006-9

                         N.R. - Not rated

BRITISH AIRWAYS: Talks to Avert Further Strike Actions Resume
Pilita Clark at The Financial Times reports that the Unite union
representing most of British Airways plc's 13,400 flight
attendants revealed talks to avert further industrial action had
resumed over the Easter weekend and "some serious progress" had
been made.

According to the FT, Tony Woodley, Unite's joint general
secretary, said negotiations would keep going over the next few
days and no further strike dates would be set while productive
talks continued.

The FT says fresh discussions in the long-running dispute over
cabin crew pay and staffing levels will be encouraging for those
concerned about further industrial action at BA, which saw its
shares slide 2% to 238.20p on Wednesday, April 7.

The FT relates throughout the disruption, BA fought a sharp verbal
war with Unite over the real effect of the two walk-outs staged
for three days after March 20 and four days after March 27,
insisting its use of hired aircraft and flight crew had helped
keep a substantial proportion of its passengers flying.

BA confirmed that the total cost of the March strike action could
be between GBP40 million and GBP45 million, with half of the
capacity reduction due to strikes and half by planned winter
capacity cuts, the FT states.

                         Traffic Figures

Steve Rothwell at Bloomberg News reports that BA said passenger
traffic tumbled last month because of seven days of strikes by
flight attendants and after the airline trimmed capacity.

According to Bloomberg, traffic fell 11 percent in March from a
year earlier, the London-based carrier said Wednesday in a
statement.  First-and business-class travel dropped 7.2%, while
economy traffic declined 12%, Bloomberg discloses.

The airline's capacity, a measure of seats available that takes
flight distance into account, fell almost 14% in March, Bloomberg
states.  Bloomberg notes British Airways Treasurer George Stinnes
said the cancellation of flights during the strike reduced
available seats, and half of the decline for the month was caused
by planned reductions in winter services.

                      About British Airways

Headquartered in Harmondsworth, England, British Airways Plc,
along with its subsidiaries, (LON:BAY) -- 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,

                           *     *     *

As reported in the Troubled Company Reporter-Europe on Nov. 12,
2009, Moody's Investors Service 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.  Moody's said the rating action reflects
the continued weakening in profitability in the first half of
FY2010 (to September 2009), with an operating loss of GBP111
million reported versus a profit of GBP140 million a year earlier
(post restructuring charges), and Moody's view that losses in
FY2010 will likely be higher than in FY2009.  This comes in spite
of lower operating costs, notably for fuel, as demand in the
industry remains very depressed, while the company has
successfully reduced its employee and selling costs.  Reported net
debt remained constant during the period, partly benefiting from a
positive exchange rate impact, although Moody's debt metrics also
incorporate the full value of the convertible notes issued in
August 2009.

ROYAL BANK: Global Merchant Services Unit Gets Dozen-Plus Bids
Royal Bank of Scotland had received more than a dozen bids for its
Global Merchant Services card payments unit by Wednesday night's
deadline, valuing the business at as much as GBP2.5 billion,
Patrick Jenkins and Martin Arnold at The Financial Times report,
citing people involved in the sale process.

The FT notes the operation, centered on the WorldPay payments
business and incorporating the Streamline cards operation that
dominates the UK market, is one of the assets that RBS must sell
under the terms of a European Commission state aid ruling from
last December.

According to the FT, there are three categories of bidder -- rival
financial services companies; technology companies; and private

The FT relates people close to the deal said RBS, which is 70%-
owned by the British government, has agreed to provide vendor
financing on the deal alongside Goldman Sachs.

RBS may keep a stake of up to 20% of Global Merchant Services if
that fits with the plans of the successful bidder, the FT states.

The Royal Bank of Scotland Group plc (NYSE:RBS) -- is a holding company of The Royal Bank of
Scotland plc (Royal Bank) and National Westminster Bank Plc
(NatWest), which are United Kingdom-based clearing banks.  The
company's activities are organized in six business divisions:
Corporate Markets (comprising Global Banking and Markets and
United Kingdom Corporate Banking), Retail Markets (comprising
Retail and Wealth Management), Ulster Bank, Citizens, RBS
Insurance and Manufacturing.  On October 17, 2007, RFS Holdings
B.V. (RFS Holdings), a company jointly owned by RBS, Fortis N.V.,
Fortis SA/NV and Banco Santander S.A. (the Consortium Banks) and
controlled by RBS, completed the acquisition of ABN AMRO Holding
N.V. (ABN AMRO).  In July 2008, the company disposed its entire
interest in Global Voice Group Ltd.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on March 29,
2010, Standard & Poor's Ratings Services said that it lowered its
ratings on "may pay" Tier 1 securities issued or guaranteed by The
Royal Bank of Scotland Group PLC (A/Stable/A-1) to 'C' from 'CC'.
At the same time, the rating on the RBSG-related security issued
by Argon Capital PLC was similarly lowered to 'C' from 'CC'.  The
counterparty credit ratings and stand-alone credit profiles of
RBSG and subsidiaries, and the ratings on other debt securities
issued by these entities, are unaffected.

SANDPIPER CLOTHING: In Liquidation; Clarke Bell Appointed
Crain's Manchester Business reports that Sandpiper Clothing has
gone into liquidation.  The report relates accountancy firm Clarke
Bell has been appointed to oversee the liquidation.

Citing a statement of affairs filed at Companies House, the report
says the firm owed a total of GBP461,000, including a secured debt
of GBP271,000 to the Royal Bank of Scotland, and GBP128,000 to
trade creditors,

According to the report, Clarke Bell said creditors should expect
an overall deficiency of GBP190,000.

Manchester-based Sandpiper Clothing sold surplus fleeces, coats
and other knitwear from chain stores such as Marks & Spencer,
Debenhams and British Home Stores, according to Crain's Manchester

* UK: Business Failures Up 16% to 26,165 in 2009, BDO LLP Says
The total number of business failures reached 26,165 in 2009 an
increase of 16% compared to the previous year and up by 59%
compared to pre-recession levels in 2007.  Surprisingly, business
failures declined since peaking in the first quarter of 2009 well
before economic output stabilized, according to the latest
Industry Watch report by accountants and business advisors, BDO

Shay Bannon, Head of Business Restructuring at BDO LLP commented:
"The rise in insolvencies is certainly considerable and equates to
1 in 74 businesses failing in 2009.  However, business failures
reached their peak in Q1 2009 and since then we've seen a downward
trend.  Historically business failures are lagging indicators and
continue rising well after the economy has turned.  So we were
surprised to see that business failures rose far less than
expectations through this recession and indeed less sharply than
during previous recessions.

"Usually there is a strong correlation between economic output and
business failures but during the 08/09 recession that relationship
seems to have been weakened.  Surprisingly, businesses have held
up better than the economic decline would have suggested."

According to BDO's latest Industry Watch report a number of
factors have worked in tandem to mitigate the worst impact on
business during this downturn:

     -- 1,600 to 2,000 corporate business failures were avoided
        thanks to the time to pay scheme that offers struggling
        businesses the chance to defer tax payments and was
        refined in the March Budget.

     -- Between 3,600 and 4,900 business failures were prevented
        due to falling mortgage and interest costs which boosted
        disposable income and corporate profitability.

     -- Between 800 and 1,050 business failures were avoided due
        to the impact that the reduction in VAT had on consumer

Mr. Bannon went on to explain: "Other factors that have helped
businesses weather this downturn have been that Banks have been
more flexible when it comes to late payments; we've seen more
elasticity in the labor market; and, I think on the whole,
businesses have learned from the hard lessons of previous

"However, this is not the time to become complacent.  With the
economic recovery sluggish at the best, and the uncertainty the
Election will certainly create, there is the need for continued
support in order to avoid a second wave of business failures.  A
Government of any color must recognize that enterprise is the UK's
engine room and so any increases in VAT or tax reforms that hinder
UK plc's competitive global standing could seriously upset the
apple cart."


* BOOK REVIEW: Rupert Murdoch: Creator of a Worldwide Empire
Author: Jerome Tuccille
Publisher: Beard Books
Softcover: 304 pages
List Price: US$34.95

With his recent purchase of the Dow Jones Company, parent company
of the Wall Street Journal, Rupert Murdoch added another piece to
his global communications empire and again showed why he is the
preeminent media mogul in the world.

While many books have been written about Murdoch, Rupert Murdoch:
Creator of a Worldwide Empire, is among the most enlightening
because it was written in 1989 and chronicles Murdoch's activities
during the 1980s, a critical period of time when he built his
empire in the United States.  It was a time when Murdoch "bought
and sold properties with dizzying speed," notes the author.  Two
of the most notable acquisitions were his purchase of Twentieth
Century Fox from Marvin Davis and the purchase of Triangle
Publications from Walter Annenberg, but many other acquisitions
are recounted in this fascinating book.  It was also a time when
Murdoch fiercely battled regulators, legislators, labor unions,
competitors, and even public opinion. These battles are recounted

In writing Rupert Murdoch: Creator of a Worldwide Empire, the
author had access to a multitude of sources inside and outside the
Murdoch organization, including Murdoch himself.  Tucille
demonstrates Murdoch's mastery at taking advantage of tax and
financing techniques to borrow more than his rivals without
diluting the value of his holdings.

Murdoch's business acumen allowed him to continually outbid and
outmaneuver the competition to compile a media conglomerate that,
in the United States, includes The Boston Herald and The New York
Post newspapers; New York, TV Guide, and Seventeen magazines; the
HarperCollins publishing house, 20th Century Fox Film Corporation;
the Fox television network, and numerous Fox television stations
around the country.

Murdoch's international assets include the Times of London
newspaper and dozens of newspapers and magazines in his native
Australia.  Murdoch has often been compared to William Randolph
Hearst, but Tucille counters that Murdoch is his own man and, in
point of fact, has achieved a larger measure of success.  At the
time of this book's writing, Murdoch controlled a media empire of
US$12 billion.  Hearst's holdings, adjusted to 1989 dollars, would
be approximately US$700 million.

With the acquisition of The Wall Street Journal, Murdoch's
combined news, entertainment and Internet enterprises (he also
recently added the MySpace web site to his holdings) are now
valued at US$68 billion.

Tucille dispels many of the myths about the man.  The author finds
Murdoch to be in the mold of the old publishing barons, who are
motivated to construct an empire through savvy acquisitions and
then by building readership and viewership.  Murdoch does not
acquire assets with the intent of breaking them down, disposing of
them, and quickly turning a profit.  He is a "builder"
entrepreneur who makes his assets stronger and more valuable.
Murdoch is also a risk-taker or, as some have characterized him,
as a gambler extraordinaire who, through a combination of luck and
good timing, has been able to build an empire although seemingly
overpaying for assets.  The author notes, however, that ". . . no
one's luck lasts that long.Murdoch -- like most successful people
-- makes his own luck through hard work and effort, by hiring the
right people to do the job and replacing them quickly when they

Jerome Tuccille has written more than 20 books, including a
biography of Alan Greenspan.


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

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  Go to 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-Fernandez, Joy A. Agravante, Christopher G.
Patalinghug, Frauline S. Abangan 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 * * *