TCREUR_Public/100419.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, April 19, 2010, Vol. 11, No. 075

                            Headlines



G E R M A N Y

ALMATIS: Court Junks DIC's Petition to Finalize Refinancing Plan
CDV SOFTWARE: Operations to Continue In Spite of Insolvency
GENERAL MOTORS: Ford Balks at Opel-Vauxhall Government Bail-Out
HEIDELBERGCEMENT AG: Commerzbank, Unicredit Place Shares
SPRINGER & JACOBY: Files for Bankruptcy


I R E L A N D

QUINN INSURANCE: Put Into Administration; Under Investigation
SYSTEMHOUSE TECHNOLOGIES: Threatscape to Acquire Assets


S L O V E N I A

* SLOVAK REPUBLIC: Proposes Bill to Streamline Insolvency Rules


U N I T E D   K I N G D O M

FORD MOTOR: Overtakes VW as Best-Selling Car Brand in Europe
PRESBYTERIAN MUTUAL: Stormont Agrees GBP50MM Bail-Out for Savers
SIMMS AND WOODS: In Administration; Some 200 Jobs At Risk




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G E R M A N Y
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ALMATIS: Court Junks DIC's Petition to Finalize Refinancing Plan
----------------------------------------------------------------
The Amsterdam Court of Appeals on April 12 turned down Dubai
International Capital's petition to allow it more time to finalize
and implement a refinancing plan for German aluminium company
Almatis, Ainsley Thomson at Dow Jones Newswires reports, citing
people familiar with the matter.

According to Dow Jones, one of the people said the court's
decision means that distressed debt investor Oaktree Capital,
which is trying to take over the company through a debt
restructuring, will now go ahead with its plans to file for U.S.
Chapter 11 bankruptcy for Almatis.

Dow Jones says Oaktree plans to use the Chapter 11 procedure to
instigate a debt-for-equity swap that will more than halve
Almatis' US$1 billion debt to around US$422 million.
Subordinated-mezzanine and second-lien lenders and DIC's equity
stake will all be wiped out under the plan.

Almatis holds 46% of Almatis' senior debt and had support from at
least an additional 22% of senior lenders, Dow Jones discloses.

                          About Almatis

Almatis, operationally headquartered in Frankfurt, Germany, is a
global leader in the development, manufacture and supply of
premium specialty alumina products.  With nearly 900 employees
worldwide, the company's products are used in a wide variety of
industries, including steel production, cement production, non-
ferrous metal production, plastics, paper, ceramics, carpet
manufacturing and electronic industries.  Almatis operates nine
production facilities worldwide and serves customers around the
world.  Until 2004, the business was known as the chemical
business of Alcoa.  Almatis is now owned by Dubai International
Capital LLC, the international investment arm of Dubai Holding.


CDV SOFTWARE: Operations to Continue In Spite of Insolvency
-----------------------------------------------------------
Kris Graft at Gamasutra reports that CDV Sofware Entertainment AG,
which on April 12 filed for preliminary insolvency, said that it
"plan[s] to keep the business running."  The report notes the
company on Thursday said its Frankfurt headquarters are "fully
operational."

According to Gamasutra, CDV said subsidiaries including CDV
Deutschland GmbH, SDV Software Entertainment USA and CDV Software
Entertainment Ltd. "are not currently affected," by the
preliminary insolvency.

Gamasutra relates following the insolvency filing, a Frankfurt
court assigned to CDV an administrator to help navigate the
publisher through its current financial situation.

"The Administrator together with the management team is now
proactively working on solutions to restructure the company and
discussions with investors and potential purchasers are on-going,"
Gamasutra quoted CDV as saying in a statement.

As reported by the Troubled Company Reporter-Europe on April 16,
2010, Gamer/Law, citing Gamesindustry.biz, said CDV filed for
insolvency at the district court in Frankfurt.  Gamer/Law
disclosed CDV's insolvency comes soon after its victory over
Southpeak in a long-running UK legal battle by CDV against
Southpeak and its subsidiaries over alleged breaches of contract
and copyright infringement, which saw Southpeak being ordered to
pay substantial damages to CDV.

CDV Software Entertainment AG is a German console and PC
publisher.


GENERAL MOTORS: Ford Balks at Opel-Vauxhall Government Bail-Out
---------------------------------------------------------------
John Reed, Gerrit Wiesmann and Bernard Simon at The Financial
Times report that Ford Motor Co. on Thursday hit out against a
government bail-out of General Motor Co.'s Opel-Vauxhall unit.

According to the FT, Ford said that the provision of soft
government loans for "national champion" carmakers was holding
back needed restructuring in the European car industry.

"We are definitely against any support for Opel for restructuring
its business because we think this is the company's own business
and not the taxpayer's business," the FT quoted Wolfgang
Schneider, Ford of Europe's head of legal, governmental and
environmental affairs, as saying.

                              Doubts

The FT relates Ford's intervention in the debate over whether to
aid Opel comes amid growing doubts in the German government over
whether it should provide GM with the EUR1.3 billion (US$1.8
billion) of loan guarantees GM is seeking from Berlin to
restructure its European arm.

Germany's government is now reluctant to give Opel state aid as it
believes that GM could be strong enough to fund its subsidiary
itself, the FT notes.

                       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 December 31, 2009, GM had total assets of US$136.295 billion
against total liabilities of US$107.340 billion.  At December 31,
2009, total equity was $21.249 million.

                    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)


HEIDELBERGCEMENT AG: Commerzbank, Unicredit Place Shares
--------------------------------------------------------
Mike Gavin at Bloomberg News reports that Commerzbank AG and
UniCredit Bank AG as joint bookrunners placed about 4.5 million
shares of HeidelbergCement AG with institutional investors, with
proceeds of about EUR190 million.

                      About HeidelbergCement

Based in Heidelberg, Germany, HeidelbergCement AG (FRA:HEI) --
http://www.heidelbergcement.com/-- is a global producer of
cement, concrete and building materials.  The Company's core
activities include the production and distribution of cement and
aggregates, the two raw materials for concrete.  It is also
engaged in the provision of such products as ready-mixed concrete,
as well as concrete products and elements.  It divides its
activities into four group areas: Europe-Central Asia, North
America, Asia-Australia-Africa-Mediterranean and Group Services.
It divides its products into three lines: cement, aggregates and
concrete and building products.  Its products include sand,
gravel, crushed stone, white cement, trass cement, masonry cement,
aquament and portland cement for hydraulic engineering, as well as
light, heavy and aerated concrete building blocks, pavers,
prefabricated ceilings and walls, prefabricated cellar units and
prefabricated sewage works units, among others.  In 2007, the
Company took over Hanson Group.

                           *     *     *

HeidelbergCement's long-term rating is BB- at Standard & Poor's
and Ba3 at Moody's Investors Service, three levels below
investment grade.


SPRINGER & JACOBY: Files for Bankruptcy
---------------------------------------
Emma Hall at Advertising Age reports that advertising agency
Springer & Jacoby has filed for bankruptcy.

The report recalls Interpublic Group of Cos. sold its majority
stake in Springer & Jacoby in October 2006 to German
Communications group Avantaxx, which is run by entrepreneur Lutz
Schaffhausen.

According to the report, Mr. Schaffhausen is said to have spent
nearly US$20 million trying to revive the ailing agency, but was
forced to admit defeat.

At the time of its demise, Springer & Jacoby's biggest client was
Osram light bulbs, the report notes.

Springer & Jacoby was known as the school of German advertising,
according Advertising Age.


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I R E L A N D
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QUINN INSURANCE: Put Into Administration; Under Investigation
-------------------------------------------------------------
John Murray Brown at The Financial Times reports that Quinn
Insurance on Thursday was put into administration after Sean Quinn
abandoned attempts to keep control of the family-owned company.

According to the FT, the administrators were instructed by the
High Court to run the company as a going concern "with a view to
placing it on a sound commercial footing".

                              Probe

The FT recalls Quinn Insurance was hit with the biggest-ever fine
by the regulator in October 2008, after it emerged the company had
lent EUR288 million (GBP252 million, US$391 million) to other
Quinn Group companies.  The regulator is now investigating "the
circumstances" behind the decision of Quinn Insurance to provide
guarantees to related group companies, the FT says.

The company is accused by the regulator of not maintaining
sufficient cash reserves as required by insurance regulations to
cover future claims by policyholders, the FT notes.

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 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.


SYSTEMHOUSE TECHNOLOGIES: Threatscape to Acquire Assets
-------------------------------------------------------
Gordon Smith at The Irish Times reports that Dermot Williams has
started a new venture with staff that had been made redundant from
his former company Systemhouse Technologies.

The report recalls the company went into liquidation last month
owing close to EUR2 million, following a High Court petition by
one of its major creditors over an unpaid debt.

The sale of Systemhouse to Top Security in 2004 earned EUR7
million for Mr.  Williams and his wife as that company's sole
shareholders, the report states.  Mr. Williams left Systemhouse in
February 2008 following the expiry of his earn-out period, the
report recounts.

According to the report, Mr. Williams decided to form a new IT
security business and approached six of his former colleagues to
join the company, which will trade as Threatscape.  The report
says five of Threatscape's management team will have an equity
stake in the new business.

The report relates after forming Threatscape, Mr. Williams
submitted a bid to the liquidator, David van Dessel of Kavanagh
Fennell, to buy the assets of Systemhouse including stock, fixed
assets, customer base, business and goodwill in a single
transaction.

The sale has been agreed and the financial and legal process is
expected to conclude this week, the report notes.

Systemhouse Technologies is an IT security company based in
Ireland.


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S L O V E N I A
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* SLOVAK REPUBLIC: Proposes Bill to Streamline Insolvency Rules
---------------------------------------------------------------
STA reports that Slovenia's cabinet has adopted a reform bill for
the financial operations, insolvency proceedings and compulsory
dissolution act in a bid to streamline insolvency proceedings.

According to STA, Justice Minister Ales Zalar said the proposed
measures are part of the exit strategy and enable quicker
restructuring of insolvent firms.


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U N I T E D   K I N G D O M
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FORD MOTOR: Overtakes VW as Best-Selling Car Brand in Europe
------------------------------------------------------------
John Reed and Bernard Simon at The Financial Times report that
Ford Motor said on Thursday that it had unseated Volkswagen as
Europe's best-selling car brand in March.

According to the FT, Ford said it sold 192,500 cars in Europe cars
last month and reported market share of 10.4%, its best since
August 1998.  It said that its strong performance last month owed
largely to its "exceptionally strong" performance in the UK, its
biggest market, where March is traditionally one of the strongest
month for car sales because of a license changeover, the FT notes.

The FT relates in Europe, Ford said it expected total industry
sales to reach 14.5m this year, down from about 16m in 2009,
because of the winding down of scrappage programs around the
continent.

                         About Ford Motor

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles
across six continents.  With about 200,000 employees and about 90
plants worldwide, the company's automotive brands include Ford,
Lincoln, Mercury and Volvo.  The Company provides financial
services through Ford Motor Credit Company.

At December 31, 2009, the Company had US$194.850 billion in total
assets against US$201.365 billion in total liabilities.  Total
deficit attributable to Ford Motor at December 31, 2009, was
US$7.820 billion.

On March 4, 2009, Ford deferred future interest payments on its
6.50% Junior Subordinated Convertible Debentures due January 15,
2032, beginning with the April 15, 2009 quarterly interest
payment.

In March 2010, Moody's Investors Service raised Ford's Corporate
Family Rating (CFR) and Probability of Default Rating (PDR) to B2
from B3, secured credit facility to Ba2 from Ba3, senior unsecured
debt to B3 from Caa1, trust preferred to Caa1 from Caa2, and
Speculative Grade Liquidity rating to SGL-2 from SGL-3. Also
raised is Ford Credit's senior debt rating to B1 from B2.

On Nov. 3, 2009, S&P raised the corporate credit ratings on Ford
Motor Co. and Ford Motor Credit Co. LLC to 'B-' from 'CCC+'.  Ford
Motor Co. carries a long-term issuer default rating of 'CCC', with
a positive outlook, from Fitch Ratings.


PRESBYTERIAN MUTUAL: Stormont Agrees GBP50MM Bail-Out for Savers
----------------------------------------------------------------
Belfast Telegraph reports that the Stormont Executive has agreed
to a GBP50 million bail-out of Presbyterian Mutual Society savers
in Northern Ireland.

According to the report, the proposals will also include a loan of
GBP175 million plus interest from the Treasury to the PMS
administrator.  The administrator will then pay creditors, who are
mainly larger investors, the report says.

"Repayment of the loan would be effected through the rental
revenues received from PMS properties, other incomes, and the sale
of property owned by the PMS as the market improves," the report
quoted a spokesman for the Stormont Executive as saying.

The proposals depend on Treasury approval to extend the borrowing
and on resolution of any potential state aid issues, the report
notes.

The Presbyterian Church has agreed to contribute GBP1 million to a
hardship fund established by the government as part of the rescue
plan for savers, the report discloses.

The report recalls the High Court originally ruled that
shareholders with less than GBP20,000 in the society cannot
receive interim payments from the GBP20 million pot of money that
the administrator has received from rental and mortgage income.

PMS was forced into administration in 2008 after a run on
withdrawals, the report recounts.

Presbyterian Mutual Society is based in Belfast, Northern Ireland.


SIMMS AND WOODS: In Administration; Some 200 Jobs At Risk
---------------------------------------------------------
Rachel Sixsmith at HortWeek.com reports that Simms and Woods has
gone into administration, putting some 200 jobs at risk.

According to the report, auditors at KPMG have been appointed to
oversee the firm's affairs.

Based near Pershore in Worcestershire, Simms and Woods is one of
the largest fresh produce companies in the Vale of Evesham.


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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-Fernandez, 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.


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