/raid1/www/Hosts/bankrupt/TCREUR_Public/100503.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, May 3, 2010, Vol. 11, No. 085
Headlines
B E L G I U M
GENERAL MOTORS: EU Unit Reaches Deal on Closure of Antwerp Plant
B U L G A R I A
* BULGARIAN CITY OF VARNA: S&P Cuts Issuer Credit Rating to 'BB'
F I N L A N D
STORA ENSO: Moody's Gives Stable Outlook; Affirms 'Ba2' Rating
F R A N C E
RHODIA SA: Moody's Puts Provisional (P)B1 Rating on EUR500MM Notes
RHODIA SA: S&P Assigns 'BB-' Rating on EUR500 Mil. Senior Notes
SPCM SA: Moody's Changes Outlook to Stable; Affirms 'B1' Rating
G E R M A N Y
ARCANDOR AG: Goldman Sachs Group May Submit Offer
FRESENIUS SE: S&P Gives Positive Outlook; Affirms 'BB' Rating
UNITYMEDIA GMBH: S&P Affirms Corporate Credit Rating at 'B+'
VIVACON AG: Has Composition Settlements with Principal Creditors
* Moody's Reviews Ratings on 25 Notes From Six CDO Transactions
I R E L A N D
BLACK SHORE: Examiner to Push Through Rescue Bids for Two Units
LIMERICK INDEPENDENT: High Court Judge Grants Winding-Up Order
QUINN INSURANCE: To Cut More Than 900 Jobs Under Rescue Plan
QUINN INSURANCE: Gets Green Light to Re-Enter UK Insurance Market
XELO PLC: S&P Withdraws 'CCC-' Rating on EUR40 Mil. Notes
I T A L Y
IT HOLDING: Ittierre Has Refinancing Deal with Creditor Banks
TAURUS CMBS: S&P Downgrades Rating on Class F Notes to 'BB'
L U X E M B O U R G
FINSPACE SA: Moody's Assigns 'B1' Corporate Family Rating
FINSPACE SA: S&P Assigns 'B+' Long-Term Corporate Credit Rating
N E T H E R L A N D S
ALMATIS BV: Files for Chapter 11 Bankruptcy in Manhattan
R U S S I A
AEROFLOT OJSC: Volcanic Disruption Won't Move Fitch's BB+ Rating
RUSSIAN CORPORATION: S&P Gives Stable Outlook; Keeps 'BB+' Rating
URALCHEM HOLDING: Has Urgent Need to Refinance US$1.4 Bil. Debt
* IRKUTSK OBLAST: S&P Gives Positive Outlook; Keeps 'B' Rating
U K R A I N E
NAFTOGAZ OF UKRAINE: Ex-PM Balks at Gazprom Merger Proposal
U N I T E D K I N G D O M
BRITISH AIRWAYS: Cabin Crew Begin Voting on Latest Pay Deal
CRYSTAL PALACE: Agilo May Seek to Recover GBP5.5-Mil. Claim
ELECTRUM HOLDINGS: Enters Into Administration
INEOS FINANCE: Moody's Assigns (P)'B2' Rating on Senior Notes
KINGLEA PLANTS: In Administration Receivership; 9 Jobs Affected
MACQUARIE MOTORWAYS: S&P Downgrades Ratings on Senior Loan to 'B+'
MCTAVISH RAMSAY: In Receivership; 62 Jobs Affected
X X X X X X X X
* BOND PRICING: For the Week April 26 to April 30, 2010
*********
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B E L G I U M
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GENERAL MOTORS: EU Unit Reaches Deal on Closure of Antwerp Plant
----------------------------------------------------------------
Nick S. Cyprus, Vice President, Controller and Chief Accounting
Officer at General Motors Company, reports that on April 26, 2010
an agreement was reached between GM's European management and
employees regarding the closure of the plant in Antwerp, Belgium
and certain termination benefits to be received by the employees.
The termination benefits will be offered to all of the
approximately 2,600 employees at the plant. The total estimated
cost for termination benefits to all 2,600 employees is
approximately EUR400 million. The charges are expected to result
in future cash expenditures. A significant number of employees
are expected to accept the terms and leave before the end of June
2010.
In addition, GM European management and employee representatives
entered into a Memorandum of Understanding whereby both parties
will cooperate in a working group, led by the Flemish government,
in order to find an outside investor to acquire the plant. The
search will conclude at the end of September 2010. If an investor
is found, the investor will determine the number of employees that
it would hire. Employees who had not previously accepted
termination benefits and were not hired by the purchaser of the
plant would receive termination benefits. If an investor is not
found, termination benefits will be offered to the remaining
employees and the plant will close by December 31, 2010.
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 US$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)
===============
B U L G A R I A
===============
* BULGARIAN CITY OF VARNA: S&P Cuts Issuer Credit Rating to 'BB'
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
issuer credit rating on the Bulgarian City of Varna to 'BB' from
'BB+'. The outlook is stable.
"The downgrade reflects the deterioration in Varna's risk profile
as a result of a notable increase in debt and a pronounced drop in
liquidity," said Standard & Poor's credit analyst Jean-Louis
Renaud.
This has occurred within a context of continuing high capital
expenditures and lower revenue growth due to Bulgaria's continuing
economic contraction.
The rating is constrained by Varna's tight liquidity, rapid growth
in debt, and limited revenue predictability amidst an environment
of high infrastructure investments and continuing economic
contraction.
These factors are mitigated by Varna's diversified and wealthy
economy relative to the national average, and improved operating
performance thanks to strong expenditure control.
The stable outlook reflects S&P's view that Varna's budgetary
performances will stabilize at the currently sustainable levels,
notably amidst higher operating surpluses, continued access to
borrowing, and no accumulation of debt beyond forecast levels.
S&P forecast the city's liquidity will remain tight, but
sustainable.
"S&P might lower the rating if Bulgaria's economic contraction
continues beyond 2010 or amplifies, with a concomitant impact on
Varna's revenue growth and operating balances," said Mr. Renaud.
Moreover, the city could face negative rating pressures if: the
anticipated EU/central government funding is not available for
investment projects already started; anticipated asset sales are
not forthcoming; or planned capital expenditures are not adjusted
downward, thus prompting the city to increase its debt
significantly beyond forecasts.
Although unlikely, S&P might raise the rating if the city were to
gain more substantial financial support from the state budget or
EU funds; enhance revenue performance beyond forecasts, leading to
better-that-expected budgetary performance and lower debt
accumulation; or improve its currently weak liquidity position.
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F I N L A N D
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STORA ENSO: Moody's Gives Stable Outlook; Affirms 'Ba2' Rating
--------------------------------------------------------------
Moody's Investors Service changed the outlook on the ratings of
Stora Enso Oyj to stable from negative. At the same time, Moody's
affirmed Stora Enso's Ba2 Corporate Family Rating and Probability
of Default Rating, the Ba2 Senior Unsecured Notes Ratings as well
as the Not-Prime short-term rating.
"The change in outlook to stable reflects the turnaround in Stora
Enso's operating performance and cash flow generation visible
since H2 2009," said Christian Hendker, Moody's lead analyst for
the European Paper and Forest Products industry. He continued:
"As Moody's assume that this trend will continue on the back of
implemented price increases especially for packaging products and
a moderate demand recovery for paper and forest products in
addition to benefits to be achieved through implemented
restructuring measures, this should enable Stora Enso to achieve
credit metrics more in line with the current rating in a
reasonable time frame".
The rating action reflects a recovery of credit metrics, such as
RCF to Debt which improved from 5.2% in 2008 to the low teen
percentages in the last twelve months ending March 2010, supported
by a reduction in dividend payouts but also a gradual improvement
in underlying funds from operations. Moody's outlines that credit
metrics continue to be slightly below the requirements for the
assigned rating category as a result of the structural and, more
recently, cyclical industry challenges. The outlook stabilization
however incorporates Moody's expectation of a sustained recovery
in profitability and cash flow generation over the coming
quarters, which should allow the company to position itself more
comfortably in the current rating category.
Further earnings recovery potential is primarily linked to the
positive pricing movements in packaging products, the group's long
position in pulp and a more favorable supply-and-demand balance
for solid wood products. However, at the same time Moody's
believe that especially the publication paper divisions will
continue to be challenged by only a slow recovery in demand
combined with rising input costs for major raw materials.
Therefore, Moody's believe that further reductions in production
capacity are necessary to achieve a realignment between supply and
the lower underlying demand, particularly in Western Europe to
support more competitive pricing levels.
The stable outlook however anticipates that Stora Enso will be
able to cope with these ongoing challenges given the
implementation of substantial cost reduction measures, a focus on
pricing quality for some paper grades as well as the group's solid
vertical integration which should shelter it to some extent from
input price movements.
While credit metrics require further improvements to underpin
Stora Enso's positioning in the Ba2 rating category, the rating
for Stora Enso continues to reflect the group's solid business
profile as one of the leading global paper and forest products
companies, with a solid vertical integration and a strong
segmental diversification, covering a variety of paper grades,
packaging and wood products. The rating also takes into account
the group's strong positions in the publication paper and paper-
based packaging markets, as well as its extended debt maturity
profile, diversified debt structure and a solid liquidity cushion
which recently benefited from a strong positive free cash flow
generation.
The ratings could be downgraded were Stora Enso not to improve
profitability and operating cash flow generation as indicated by
EBITDA margins not improving above 10% and RCF/Debt not
approaching 13%. Also should free cash flow generation turn
negative on an LTM basis, this would put pressure onto the rating.
The ratings could become under upwards pressure were Stora Enso to
clearly improve operating profitability on a sustainable basis as
indicated by EBITDA margins trending towards the mid teens and
Retained Cash Flow to Debt towards 17%.
The last rating action was implemented on May 8, 2009, when the
Corporate Family Rating was confirmed at Ba2 with a negative
outlook.
Outlook Actions:
Issuer: Stora Enso Oyj
-- Outlook, Changed To Stable From Negative
Headquartered in Helsinki, Finland, Stora Enso is among the
world's largest paper and forest products companies, with sales in
the last twelve months ending March 2010 of approximately
EUR9.1 billion. Core activities include publication and fine
papers, paper packaging products and solid wood products.
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F R A N C E
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RHODIA SA: Moody's Puts Provisional (P)B1 Rating on EUR500MM Notes
------------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)B1 rating
to Rhodia's new EUR500 million 8-years (Non callable 4 years)
Senior Unsecured Fixed Rate Notes. All other ratings of the group
including the rating on the existing EUR1.1 billion Senior
Unsecured Floating Rate Notes remain unchanged. The outlook on
all ratings is stable.
The newly issued EUR500 million 8-years (Non callable 4 years)
Senior Unsecured Fixed Rate Notes will rank pari passu with
existing Senior Unsecured Floating Rate Notes and Senior Unsecured
Convertible Bonds and will be used to repay existing Senior
Unsecured Floating Rate Notes (neutral impact on leverage). The
new notes will improve the maturity profile of Rhodia spreading
out the 2013 maturity on existing Senior Notes to 2018
notwithstanding that the new bonds are callable after 4 years.
The assignment of a definitive rating to the new EUR500 million
Senior Unsecured Fixed Rate Notes is subject to a review of the
associated documentation.
Moody's issues provisional ratings in advance of the final sale of
securities, and these ratings only represent Moody's preliminary
opinion. Upon a conclusive review of the transaction and
associated documentation, Moody's will endeavor to assign
definitive ratings to the securities. A definitive rating may
differ from a provisional rating.
The last rating action on Rhodia was on March 8, 2010, when
Moody's changed the outlook on all ratings to stable from
negative.
Rhodia S.A., headquartered in Paris, France, is a diversified
specialty chemicals group with leading market positions in most of
its business applications. Rhodia reported consolidated revenues
of EUR4.031 billion and a recurring EBITDA of EUR487 million for
the fiscal year ended 31st December 2009.
RHODIA SA: S&P Assigns 'BB-' Rating on EUR500 Mil. Senior Notes
---------------------------------------------------------------
Earlier, an issue rating was inadvertently assigned by Standard &
Poor's Ratings Services to the proposed issuance and then
corrected by withdrawing it and moving it to 'NR'. Standard &
Poor's Ratings Services has issued a press release clarifying the
rating to be assigned to the proposed notes.
On April 29, 2010, S&P assigned an issue rating of 'BB-' to the
proposed EUR500 million senior notes to be issued by French
chemicals company, Rhodia S.A. (BB-/Positive/B). At the same
time, S&P assigned a recovery rating of '4' to the proposed notes,
indicating Standard & Poor's expectation of average (30%-50%)
recovery in the event of a payment default. The issue ratings and
recovery ratings on all Rhodia's other rated debt instruments are
unchanged. S&P understand that substantially all the proceeds of
the proposed notes will be used in partial prepayment of Rhodia's
existing EUR1.1 billion floating-rate note.
Recovery prospects are supported by S&P's valuation of the group
on a going-concern basis due to its leading market positions in
certain product areas. Nonetheless, S&P believes that recovery
prospects are sensitive to the renewal of the carbon credits
scheme in 2013 and the extent to which Rhodia's Energy Services
business continues to contribute material profitability for the
group beyond that date. S&P assume that this business would
contribute substantially lower profitability beyond 2013. In
addition, S&P believes the group's substantial pension deficit
could materially limit recovery prospects for new and existing
noteholders.
In addition, S&P expects the proposed notes to include a permitted
lien for material levels of secured debt to be raised ahead of the
proposed and existing notes. Although S&P believes that this does
not have an immediate impact, if this flexibility appeared likely
to be used in the future it could result in a reassessment of
S&P's recovery ratings. Although S&P does not currently assume
any additional secured debt is raised in its default scenario, an
increase in prior-ranking obligations could lead to materially
reduced recoveries for all unsecured noteholders.
Rhodia reported a robust first-quarter 2010 operating performance.
EBITDA after restructuring costs rose substantially to
EUR210 million, compared with a loss in the first quarter of 2009.
Changes in selling prices minus changes in raw materials and
energy costs increased EBITDA by EUR138 million. Sales increased
significantly, thanks to a 25% volume and mix gain, and a 3% price
boost. Volumes reached precrisis levels supported by strong
demand, given Rhodia's significant exposure to Brazil and Asia, in
particular. These regions have enjoyed better growth than Europe
or North America. S&P believes Rhodia's good operating
performance can also be explained by tight supply, since several
competitors cut their capacities in 2009, notably in polyamide.
Just as importantly, the large gain in sales and EBITDA was
accompanied by only a modest working capital outflow of
EUR14 million and low restructuring costs of EUR7 million. This
resulted in material operating cash flow of EUR130 million, which
compares favorably with capital expenditure of EUR44 million, and
no acquisitions or shareholder distributions. As a result, net
debt further declined to reach EUR950 million at the end of March
2010 versus EUR1,029 million at the end of 2009. Cash increased
by EUR100 million in the quarter to EUR800 million.
While S&P expects a solid second-quarter operating performance,
S&P remains cautious for the second half and next year, as demand
may weaken or the industry supply/demand balance may become less
advantageous.
Recovery Analysis
The proposed notes, existing floating-rate notes, and convertible
bonds are all unsecured and unguaranteed obligations of Rhodia.
Recovery prospects are determined after deducting a relatively
high level of prior-ranking debt claims. S&P has revised its
assumption of the year of default to 2013 from 2012, reflecting
the recent improvement in trading, and now believe that default
would occur as a result of a combination of weak trading
performance, lower cash flows from the energy services business
beyond 2013, and an inability to refinance obligations maturing in
2013.
Ratings List
New Rating
Rhodia S.A.
EUR500 mil. senior notes (proposed) BB-
Recovery rating 4
SPCM SA: Moody's Changes Outlook to Stable; Affirms 'B1' Rating
---------------------------------------------------------------
Moody's Investors Service has changed the outlook on SPCM to
Stable from Negative. The Corporate Family Rating and Senior
Unsecured rating assigned to EUR210 million of bonds remain
unchanged at B1 and B3 respectively.
The rating action was prompted by a strong improvement in the
credit profile of the SNF Group since Moody's last changed Moody's
outlook to negative in January 2009. The strong operating
performance of the group was supported by relatively stable
organic volumes (-3% y-o-y) and solid pricing (-3% y-o-y) against
a backdrop of deflationary trends in raw material prices. The
pricing power of the group is mainly supported by its water
treatment business to municipalities which is mainly based on long
term contracts with limited price adjustments both to the upside
and to the downside. The SNF Group has build good financial
cushion to resume its investments in EOR and other debottlenecking
projects.
SPCM is currently strongly positioned in its current rating
category. Going forward Moody's expects SNF to use its liquidity
cushion to resume its investments thereby weighing on cash flow
generation during the course of fiscal year 2010 and beyond. The
agency also flags that raw material prices have risen continuously
over the last 9 to 12 months which will pressure operating margins
of SNF with a 3 to 6 months time lag. Raw material prices would
most likely continue to rise if the recovery in demand for
chemicals is sustained at current levels thereby exerting
continued pressure on the operating margins of the group. The
ability of the management of SNF to sustain the group's strong
operating performance in a more inflationary raw material price
environment and to manage its investment program without
sacrificing free cash flow generation will be key on Moody's
assessment of future positive upward potential on the ratings.
The liquidity position of SPCM is adequate and has shown strong
improvement over the last twelve months. The liquidity needs over
the next twelve months consisting primarily of capex and working
capital requirements are expected to be covered from operating
cash flows, cash available on balance sheet and drawings under the
group's available credit facilities. SPCM had EUR100mio of cash
on balance sheet and EUR77.4mio availability under its syndicated
facilities at December 31, 2009. In addition SPCM had EUR24.3mio
availabilities under bilateral facilities at subsidiary level.
The last rating action on SNF was on January 8, 2009, when Moody's
changed its outlook on SNF to Negative from Rating Under Review
for Possible Downgrade.
SPCM SA is the holding of the SNF Group. SNF is one of the
world's leading producers of acrylate-based water soluble polymers
used in water treatment, as well as in mining, pulp and paper and
enhanced oil recovery. The company is family-owned and was formed
as a result of a buy-out of the flocculants business from WR Grace
back in 1978. SNF, headquartered in Saint-Etienne, France,
reported revenues of EUR1,040 million and an EBITDA of
EUR171 million for the fiscal year ended December 31, 2009.
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G E R M A N Y
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ARCANDOR AG: Goldman Sachs Group May Submit Offer
-------------------------------------------------
Aaron Kirchfeld at Bloomberg News, citing Frankfurter Allgemeine
Sonntagszeitung, reports that Arcandor AG's Karstadt department-
store unit attracted another interested party last week.
Bloomberg relates Karstadt Chief Restructuring Officer Thomas, as
cited by the newspaper, said interest in the unit has increased
since interim earnings were published.
Citing Frankfurter Allgemeine, Bloomberg notes Mr. Fox said
Goldman Sachs Group Inc., which is a part-owner of the department-
store's real estate, may still make an offer.
As reported by the Troubled Company Reporter-Europe on April 30,
2010, Reuters said Triton has won more time to negotiate a deal to
buy Karstadt after asking for further concessions from workers and
landlords. Reuters disclosed Karstadt's administrator Klaus-
Hubert Goerg said the creditor committee of Karstadt has agreed to
extend the deadline for the sale to May 28, having initially aimed
to close the deal by the end of April.
About Arcandor AG
Germany-based Arcandor AG (FRA:ARO) -- http://www.arcandor.com/--
formerly KarstadtQuelle AG, is a tourism and retail group. Its
three core business areas are tourism, mail order services and
department store retail. The Company's business areas are covered
by its three operating segments: Thomas Cook, Primondo and
Karstadt. Thomas Cook Group plc is a tour operator with
operations in Europe and North America, set up as a result of a
merger between MyTravel and Thomas Cook AG. It also operates the
e-commerce platform, Thomas Cook, supporting travel services.
Primondo has a portfolio of European universal and specialty mail
order companies, including the core brand Quelle. Karstadt
operates a range of department stores, such as cosmopolitan
stores, including KaDeWe (Kaufhaus des Westens), Karstadt
Oberpollinger and Alsterhaus; Karstadt brand department stores;
Karstadt sports department stores, offering sports goods in a
variety of retail outlets, and a portal, karstadt.de that offers
online shopping, among others.
As reported by the Troubled Company Reporter-Europe, a local court
in Essen formally opened insolvency proceedings for Arcandor on
September 1, 2009. The proceedings started for the Arcandor
holding company and for 14 units, including the Karstadt
department-store chain and Primondo mail-order division.
Arcandor filed for bankruptcy protection after the German
government turned down its request for loan guarantees. On
June 8, 2009, the government rejected two applications for help by
the company, which employs 43,000 people. The retailer sought
loan guarantees of EUR650 million (US$904 million) from Germany's
Economy Fund program. It also sought a further EUR437 million
from a state-owned bank.
FRESENIUS SE: S&P Gives Positive Outlook; Affirms 'BB' Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it revised the
outlook on Germany-based health care group Fresenius SE and its
subsidiary Fresenius Medical Care AG & Co. KGaA to positive from
stable. At the same time, all the ratings on FSE and FME,
including the 'BB' long-term corporate credit ratings, were
affirmed.
"The outlook revision reflects S&P's view of improved debt
protection measures at FSE and FME. This follows good cost
control and improvements to operating efficiency on the back of
healthy organic sales growth in all divisions, helped by
contributions from acquisitions," said Standard & Poor's credit
analyst Marketa Horkova.
The outlook revision also reflects its view of FSE's and FME's
financial policies, which S&P anticipate will help the group's
debt protection measures to continue to improve gradually.
Specifically, FSE's stated policy is to target leverage of a
maximum 2.5x, which would translate into Standard & Poor's-
adjusted debt to EBITDA of about 3.0x. To achieve this, S&P
anticipate that group revenue growth in at least the high-single
digits will translate into profitability and that management will
adhere to its stated strategy of targeting only small add-on
acquisitions.
The outlook revision on FME is in line with that on FSE, and also
reflects S&P's assessment of FME's relationship with FSE. This
includes FSE's significant influence over FME, as well as the
nature of their economic relationship.
In S&P's view, both FSE and FME will continue to use their strong
earnings to progressively reduce debt leverage over the short to
medium term.
S&P would consider taking a positive rating action if FSE and FME
were able to demonstrate an ability to sustain adjusted debt to
EBITDA of about 3.0x and adjusted funds from operations to debt of
about 25%.
Conversely, given the group's operating fundamentals, negative
rating actions would most likely be prompted by decisions from
either FSE or FME to change their deleveraging plans in favor of
faster cash absorption through acquisitions, internal investment,
or shareholder returns.
UNITYMEDIA GMBH: S&P Affirms Corporate Credit Rating at 'B+'
------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its 'B+'
long-term corporate credit rating on U.S.-listed, international
cable TV operator and broadband services provider Liberty Global
Inc. and its subsidiaries.
At the same time, S&P lowered the long-term corporate credit
rating on German CATV operator Unitymedia GmbH and its
subsidiaries by one notch to 'B+' from 'BB-'. The ratings on both
LGI and Unitymedia were removed from CreditWatch with negative
implications, where they were placed on Nov. 13, 2009. The
outlook on both entities is positive.
In addition, S&P affirmed all the outstanding issue ratings on LGI
and its subsidiaries, and on the special purpose vehicle UPCB
Finance Ltd.
"These rating actions follow the completion of LGI's acquisition
of 100% of Unitymedia and LGI's disposal of its 37.8% stake in
Jupiter Telecommunications Co., Ltd. (not rated)," said Standard &
Poor's credit analyst Raam Ratnam. "S&P is equalizing the ratings
on Unitymedia with those on LGI to reflect LGI's full control over
Unitymedia's corporate strategy and financial policy."
S&P is likely to raise the ratings on LGI and related entities if
the group is able to: establish a track record of moderate
financial policy (particularly around the prudent use of the cash
from the disposal of the stake in J:COM); continue to increase its
free operating cash flows; and improve its adjusted leverage
metrics.
Specifically, this would involve the group establishing a track
record of progressively increasing its FOCF generation and
reducing its leverage further toward fully adjusted debt to EBITDA
of about 5x. Accordingly, before considering an upgrade, S&P
anticipates that management would build up headroom in LGI's
capitalization measures, such that ongoing distributions to
shareholders or acquisitions would not weaken the group's leverage
position materially.
The group's focus on its share buyback program as a means to
enhance shareholder value remains a risk from a credit perspective
and limits rating upside. Although S&P factors in continued share
buybacks, a significant increase to the ongoing share buyback
program before any improvement in the leverage ratios would lead
S&P to revise the outlook to stable.
VIVACON AG: Has Composition Settlements with Principal Creditors
----------------------------------------------------------------
Vivacon AG has reached composition settlements with significant
principal creditors, which will make sustained financing and
liquidity planning for future business operations possible. In
the future, Vivacon will once again be focusing its business
operations entirely on its core competence in the hereditary
building right segment. In addition to the investments in
leasehold land and the sale of real estate on the basis of
hereditary building right, henceforth the operations will also
include various services in the context of the management,
administration and financing, of real estate and leasehold land
for third parties.
With the conclusion of the settlement negotiations, the cost
reductions already made including marked savings in personnel and
the sale of development projects, the interest in Curanis Holding
GmbH as well as various property portfolios over the last few
months, significant measures have been taken to safeguard the
liquidity and to recapitalize the entire business group.
The settlements are based on a recapitalization expertise audited
in accordance with Standard No. 6 of the German Independent
Auditors Institute (IDW S6) and issued with a positive
continuation prediction. An integral component of the continuing
restructuring efforts and the basis of all settlements reached
with the principal creditor banks is an increase in the share
capital which has been executed through the transformation of a
partial amount of a convertible bond into net assets in the
context of a debt for equity swap. For this purpose, Vivacon has
passed a resolution to increase capital through contributions in
kind with partial utilization of the Authorized Capital under
exclusion of shareholders' subscription rights and admitted Saxon
S.a.r.l., Luxembourg for subscription. Saxon S.a.r.l. has
contributed a partial receivable in the nominal aggregate amount
of EUR18.6 million from the termination of the convertible bond
issued on April 28, 2008 in the total aggregate amount of EUR24
million (ISIN DE 000A0 SFX67) which was purchased from Credit
Suisse Securities (Europe) Limited and contributed to Vivacon.
After registration of the capital increase through contributions
in kind Vivacon's share capital amounts to EUR25,985,216.00.
Therefore Saxon S.a.r.l. has a stake of around 23.48% in the share
capital of Vivacon.
In the wake of the recapitalization the insolvency applications
for the property subsidiaries in Salzgitter and Kassel have also
been withdrawn in the meantime. The stocks are, however, still
under the institutional management of the financing bank. The
company will report in detail to its shareholders on the
recapitalization and the future goals of business operations in
the hereditary building right segment at the extraordinary general
meeting due to be held on May 21, 2010.
Vivacon AG -- http://www.vivacon.de/-- is a Germany-based holding
company of the Vivacon Group, engaged in the real estate sector.
The Vivacon Group focuses on the acquisition and management of
rentable properties, dealing in housing portfolios, asset
management and other real estate-related services, leasing
properties held in the proprietary real estate portfolio, property
development for restored listed housing and designer properties.
The Company's activities are divided into three business sectors:
Investment Management, Asset Management, and Development. The
Company has representative offices in Hamburg, Berlin, Hannover,
Frankfurt and Munich, Germany. The Vivacon Group operates through
a number of subsidiaries in Germany and Luxembourg, as well as
through Vivacon CEE in the Czech Republic. As of July 1, 2008,
the Company sold a residential real estate portfolio with a total
area of more than 130,000 square meters in Western Germany in the
form of a sale of shares in special purpose vehicles.
* Moody's Reviews Ratings on 25 Notes From Six CDO Transactions
---------------------------------------------------------------
Moody's Investors Service has placed on review for possible
downgrade the ratings of 25 Notes issued by six collateralized
debt obligation transactions backed by non-granular portfolios of
German Small and Medium Enterprise loans.
The rating actions are:
Issuer: European Private Funding I Limited Partnership (Preps
2004-1)
-- EUR220M (Currently EUR180.8M) Senior Notes, Baa1 Placed Under
Review for Possible Downgrade; previously on May 7, 2009
Downgraded to Baa1
Issuer: PREPS 2005-1 Limited Partnership
-- EUR175M (Currently EUR145.7M) A1, Aa1 Placed Under Review for
Possible Downgrade; previously on Jun 17, 2009 Downgraded to
Aa1
-- EUR60M (Currently EUR49.9M) A2, Aa1 Placed Under Review for
Possible Downgrade; previously on Jun 17, 2009 Downgraded to
Aa1
-- EUR47M B, Ba1 Placed Under Review for Possible Downgrade;
previously on Jun 17, 2009 Downgraded to Ba1
Issuer: PREPS 2005-2 plc
-- EUR217M (Currently EUR189.2M) A1, A3 Placed Under Review for
Possible Downgrade; previously on May 7, 2009 Downgraded to
A3
-- EUR53M (Currently EUR46.2M) A2, A3 Placed Under Review for
Possible Downgrade; previously on May 7, 2009 Downgraded to
A3
-- EUR41.5M B1, Caa2 Placed Under Review for Possible Downgrade;
previously on May 7, 2009 Downgraded to Caa2
-- EUR12.5M B2, Caa2 Placed Under Review for Possible Downgrade;
previously on May 7, 2009 Downgraded to Caa2
Issuer: H.E.A.T Mezzanine S.A. - Compartment 3 Notes
-- EUR233M (Currently EUR217.8M) A, A2 Placed Under Review for
Possible Downgrade; previously on Oct 15, 2009 Downgraded to
A2
-- EUR31M B, B2 Placed Under Review for Possible Downgrade;
previously on Oct 15, 2009 Downgraded to B2
-- EUR25.5M C, Caa3 Placed Under Review for Possible Downgrade;
previously on Oct 15, 2009 Downgraded to Caa3
Issuer: PULS CDO 2006-1 PLC
-- EUR39.1M (Currently EUR31.4M) A1, A1 Placed Under Review for
Possible Downgrade; previously on Jun 17, 2009 Downgraded to
A1
-- EUR24M A2B, Baa1 Placed Under Review for Possible Downgrade;
previously on Jun 17, 2009 Downgraded to Baa1
-- EUR26.5M B, Ba3 Placed Under Review for Possible Downgrade;
previously on Jun 17, 2009 Downgraded to Ba3
-- EUR21.1M C1, Caa1 Placed Under Review for Possible Downgrade;
previously on Jun 17, 2009 Downgraded to Caa1
-- EUR5.7M C2, Caa3 Placed Under Review for Possible Downgrade;
previously on Jun 17, 2009 Downgraded to Caa3
-- EUR14.6M (Currently EUR15.2M) D, Ca Placed Under Review for
Possible Downgrade; previously on Jun 17, 2009 Downgraded to
Ca
-- EUR8.35M (Currently EUR9.2M) E1, Ca Placed Under Review for
Possible Downgrade; previously on Jun 17, 2009 Downgraded to
Ca
-- EUR2.85M (Currently EUR3.2M) E2, Ca Placed Under Review for
Possible Downgrade; previously on Jun 17, 2009 Downgraded to
Ca
-- EUR6M ComboP, Ca Placed Under Review for Possible Downgrade;
previously on Jun 17, 2009 Downgraded to Ca
Issuer: Entry Funding No.1 plc
-- EUR358.5M (Currently EUR204.8M) A, Baa3 Placed Under Review
for Possible Downgrade; previously on Aug 10, 2009 Downgraded
to Baa3
-- EUR8M B, Caa1 Placed Under Review for Possible Downgrade;
previously on Aug 10, 2009 Downgraded to Caa1
-- EUR8M C, Caa3 Placed Under Review for Possible Downgrade;
previously on Aug 10, 2009 Downgraded to Caa3
-- EUR10M D, Ca Placed Under Review for Possible Downgrade;
previously on Aug 10, 2009 Downgraded to Ca
-- EUR11M E, Ca Placed Under Review for Possible Downgrade;
previously on Aug 10, 2009 Downgraded to Ca
The rating actions are the result of worse than anticipated credit
deterioration affecting the underlying pools of these six German
SME transactions. This is primarily reflected by higher default
rates than envisaged when these deals were last monitored as
further detailed below. To the extent available in a transaction,
Moody's also considers as a key metric the increase in the
Principal Deficiency Ledger. PDL is a measure representing the
cumulative nominal amount of defaults in a transaction cured by
the redemption of the senior note from excess spread proceeds. An
increase in PDL highlights that the positive effect of excess
spread diversion mechanisms designed to protect most senior
tranches in the transaction is outbalanced by rate of defaults in
a given portfolio. This therefore implies lower collateralization
levels for all tranches. As most of these deals are highly
concentrated (typically less than 60 obligors in each pool),
ratings show an increased sensitivity to changes in
collateralization levels.
Moody's expects to resolve its review in the coming weeks
following further deal specific analysis.
European Private Funding I Limited Partnership (Preps 2004-1) has
experienced further credit deterioration since last rating action
on 7 May 2009, illustrated among others by the missed interest
payment of a loan of EUR10 million accounting for 4.7% of the
outstanding portfolio pool.
Preps 2005-1 Limited Partnership has seen an increase in the PDL
from zero to EUR 15.0 million (5.6% of the pool) between the
February 2009 investor report and latest reporting date.
Preps 2005-2 plc has suffered further defaults causing the PDL to
increase to EUR52.0 million (18.4% of the pool) as given in the
report dated March 2010 from EUR32.9 million (10.5% of the pool)
in the report used at last monitoring report dated March 2009. In
addition, two credits accounting for EUR24 million or 8.5% of the
outstanding portfolio have recently missed interest payments
suggesting further defaults are likely.
H.E.A.T Mezzanine S.A. -- Compartment 3 Notes has seen an increase
in the PDL to EUR58.3 million (24.0% of the pool) as of the April
2010 report from EUR27.3 million (10.4% of the pool) in the report
dated October 2009.
PULS CDO 2006-1 PLC, which references some senior unsecured in
addition to subordinated bonds, has seen an increase in its PDL to
EUR36.1 million (18.7% of the pool) in the January 2010 report
from EUR25.8 million (12.1% of the pool) as of the April 2009
report.
Entry Funding, which is exposed to a relatively more granular
portfolio made of senior unsecured loans from 185 issuers, has
experienced an increase in the PDL to EUR31.1 million (14.99% of
the pool) on March 2010 from EUR 20.8 million (8.2% of the pool)
on June 2009 and an increase in delinquencies over the same
period.
The watchlisting does not indicate an increased pessimism
regarding the German SME sector as a whole but rather reflects
worse than expected performance of the above listed transactions.
Despite early signs of stabilization in the German SME loan
market, Moody's outlook on German SMEs continues to be negative in
H01 2010, as a result of persisting liquidity concerns for small
and medium businesses in the context of a sluggish economic
recovery in Germany. Moody's expects that the default rate for
the SME sector in 2010 will be comparable to that of 2009.
=============
I R E L A N D
=============
BLACK SHORE: Examiner to Push Through Rescue Bids for Two Units
---------------------------------------------------------------
Gretchen Friemann at The Irish Times reports that efforts to
salvage part of Black Shore Holdings, John Sweeney's business
empire, will move back to the High Court next week after a rescue
bid aimed at taking four companies out of examinership was opposed
by the businessman's largest creditor, Anglo Irish Bank.
According to the report, the court-appointed examiner, Michael
McAteer, will push through a rescue package for two of the firms
on Wednesday, while the other two companies, which control the
Marriott Courtyard hotel in Galway and two petrol stations, are
likely to be placed in receivership.
The examiner has selected Sweeney Oil (Retail), which owns a
petrol station and rented retail units in Clifden, Galway, as well
as Sweeney Oil Service Stations, a trading company without assets,
as the two firms most likely to survive the court petition for
survival, the report notes.
According to the report, well-placed sources say the bank's
opposition to the rescue bids is likely to result in the examiner
recommending a receiver be appointed over heavily indebted Slyne
Properties, which controls the Marriot Courtyard hotel, and
Sweeney Oil (Moycullen) which owns filling stations in Moycullen
and Oranmore, Galway.
In court, lawyers for Anglo Irish claimed there had been a loss of
confidence in Mr. Sweeney, the report recounts. The bank is owed
around EUR50 million by Mr. Sweeney, the report discloses.
Blackshore Holdings comprises Mr. Sweeney's oil, property and
hotel interests.
LIMERICK INDEPENDENT: High Court Judge Grants Winding-Up Order
--------------------------------------------------------------
Colum Coomey at Limerick Post reports that the High Court's
Mr. Justice Roderick Murphy on Friday ordered the winding up of
Limerick Independent Newspapers over substantial unpaid debts.
The report relates Limerick accountant Brian McEnery has been
appointed as liquidator to the company.
The winding-up petition was lodged by the company's former
printers Webprint Concepts Ltd., which is owed over EUR90,000.
The petition was supported by the Revenue Commissioners who are
owed by the company of over a quarter of a million euro in VAT,
PAYE and PRSI, the report notes.
According to the report, Judge Murphy said the case will go to the
examiners list on June 14 with costs made in favor of the
petitioner and the Revenue.
QUINN INSURANCE: To Cut More Than 900 Jobs Under Rescue Plan
------------------------------------------------------------
The Irish Times reports that Paul McCann and Michael McAteer of
Grant Thornton, the joint administrators of Quinn Insurance, on
Friday afternoon announced that more than 900 jobs are to be cut
at the insurance firm as part of a restructuring plan to address
the company's insolvency issues.
According to The Irish Times, the downsizing, which represents 37%
of the 2,400 staff across its nine centers in Ireland and Britain,
will be on a voluntary basis and take place over a 12-month
period. The Irish Times says approximately 350 employees will be
affected across all locations in the first phase of the process.
The plan is to provide a severance package of four weeks pay per
year of service, including bonus payments, plus statutory
redundancy entitlements, The Irish Times notes.
The Irish Times relates the administrators said loss-making lines
of business will be discontinued. The company, as cited by the
Irish Times, said it would meet with members of the employees'
representative committee tomorrow, May 4, to commence consultation
with employee representatives.
As reported by the Troubled Company Reporter-Europe on April 19,
2010, The Financial Times said Quinn Insurance was put into
administration on April 15 after Sean Quinn abandoned attempts to
keep control of the family-owned company. The FT disclosed 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".
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: Gets Green Light to Re-Enter UK Insurance Market
-----------------------------------------------------------------
Ciaran Hancock and Eoin Burke-Kennedy at The Irish Times report
that Financial Services Authority on Thursday gave the go-ahead
for Quinn Insurance Ltd. to re-enter the motor insurance market in
the UK.
The Irish Times relates in a statement Friday, the Financial
Regulator said its decision to allow Quinn Insurance to re-enter
the motor insurance market followed "careful consideration".
"This decision has been made following detailed discussions with
the Financial Services Authority in the UK and joint
administrators of Quinn Insurance Ltd and permits the reopening of
private motor business (new and renewals) of Quinn Insurance Ltd
UK," the regulator stated, according to The Irish Times.
The Irish Times notes the insurer's joint administrators -- Paul
McCann and Michael McAteer of Grant Thornton -- said they would
continue to work with the regulator on the potential of reopening
other business lines.
As reported by the Troubled Company Reporter-Europe on April 19,
2010, The Financial Times said Quinn Insurance was put into
administration on April 15 after Sean Quinn abandoned attempts to
keep control of the family-owned company. The FT disclosed 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".
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.
XELO PLC: S&P Withdraws 'CCC-' Rating on EUR40 Mil. Notes
---------------------------------------------------------
Standard & Poor's Ratings Services withdrew its credit ratings on
six European collateralized debt obligation tranches.
The withdrawals follow the arrangers' recent notification to us
that the notes were fully repurchased.
Ratings List
Ratings Withdrawn
Xelo PLC
EUR40 Million Secured Limited Recourse Credit-Linked Notes
Series 2006 (Spinnaker III Europe Series 1)
Ratings
-------
To From
-- ----
NR CCC-
Magnolia Finance VII PLC
EUR10 Million Zero Coupon Principal Protected Notes Series 2006-3
CLIPPER
Ratings
-------
To From
-- ----
NR AAA
US$8 Million Fixed-Rate Principal Protected Notes Series 2006-4
CLIPPER
Ratings
-------
To From
-- ----
NR AAA
EUR13 Million Fixed-Rate Principal Protected Notes Series 2006-6
CLIPPER
Ratings
-------
To From
-- ----
NR AAA
EUR$20 Million Floating-Rate Principal Protected Notes
Series 2007-1 CLIPPER
Ratings
-------
To From
-- ----
NR AAA
Magnolia Funding Ltd.
EUR17.75 Million Cheyne Target Redemption Notes Series 2007-3
Ratings
-------
To From
-- ----
NR AAA
NR -- Not Rated.
=========
I T A L Y
=========
IT HOLDING: Ittierre Has Refinancing Deal with Creditor Banks
-------------------------------------------------------------
Chiara Vasarri at Dow Jones Newswires reports that IT Holding said
Thursday in a statement that its manufacturing unit Ittierre has
closed a financing deal with creditor banks for a EUR60.6-million
loan. According to Dow Jones, UniCredit will be the main lender,
with the participation of other banks including Intesa Sanpaolo
and Banca Popolare di Milano.
Dow Jones notes the statement said the deal has already been
approved by the European Commission and the Italian Industry
Ministry.
As reported by the Troubled Company Reporter-Europe, IT Holding
was granted bankruptcy protection in February 2009 along with all
of its units after failing to make payments to lenders and
suppliers.
About IT Holding SpA
Based in Milan, Italy, IT Holding SpA (BIT:ITH) --
http://www.itholding.com/-- operates in the luxury goods market.
The company and its subsidiaries design, produce and distribute
apparel, accessories, eyewear and perfumes. Its brand portfolio
embraces: owned brands, Gianfranco Ferre, Malo, Exte, as well as
licensed brands, Versace Jeans Couture, Versace Sport, Just
Cavalli, C'N'C Costume National and Galliano. The company's
production facilities are located in Italy. IT Holding SpA has a
worldwide distribution network, including 39 directly operated
stores, 274 monobrand stores and over 6,000 department and
specialty stores. In order to be present in the most significant
markets, IT Holding SpA has dedicated market companies: ITTIERRE
SpA, ITTIERRE France SA, ITTIERRE Moden GmbH, IT USA HOLDING Inc
and IT Asia Pacific Limited, among others.
TAURUS CMBS: S&P Downgrades Rating on Class F Notes to 'BB'
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'BB' from 'BBB+' its
credit rating on Taurus CMBS No. 2 S.r.l.'s class F notes. All
other classes remain unaffected.
This transaction closed in December 2005 and was originally backed
by four loans secured on 82 properties in Italy. Due to loan
prepayments, only one loan (the Berenice loan) remains
outstanding.
The effect of these prepayments, as well as prepayments on the
remaining loan, is that the weighted-average margin on the notes
(103.4 bps) is greater than that on the remaining loan (95.0 bps).
This, together with senior expenses payable on the April interest
payment date, has adversely affected the amounts available to meet
interest payments on the class F and G notes.
The interest that would have been payable on the class G notes was
written off because of the note terms, under which this class is
only entitled to receive interest up to an amount available from
loan interest (provided that the shortfall is solely attributable
to prepayments). This structure is commonly known as an available
funds cap.
The terms of the class F notes do not include this available funds
cap feature. Moreover, under the rules governing use of principal
receipts, principal funds could not be used to meet accrued
interest shortfalls. Accordingly, the class F notes interest
shortfall in April amounted to approximately EUR7,000 (0.08% of
the class F note balance). Although this shortfall may be repaid
on the next IPD, if more loan prepayments are made, this class may
experience further shortfalls. This is because such prepayments
would be used to repay the senior bonds, which would increase the
weighted-average note margin and the margin mismatch and, in turn,
increase the class F interest shortfalls. These shortfalls would
be deferred and S&P believes that these funds are unlikely to be
recovered. For these reasons, S&P has lowered the rating on the
class F notes.
Finally, S&P may lower the rating on the class F notes to 'D' in a
scenario where further partial prepayments lead to a substantial
unrecoverable interest shortfall on that class. S&P notes that in
this circumstance, because of the structural protection afforded
by the available funds cap device, the rating on the class G notes
would be higher than the rating on the class F notes.
===================
L U X E M B O U R G
===================
FINSPACE SA: Moody's Assigns 'B1' Corporate Family Rating
---------------------------------------------------------
Moody's Investors Service has assigned a B1 corporate family
rating to Finspace S.A. Moody's has also assigned a B1 senior
unsecured rating to Finspace's proposed US$ bond issue. The
outlook for both ratings is stable. This is the first time that
Moody's has assigned ratings to Finspace.
Finspace plans to use the proceeds of the bond issue for its plate
mill expansion, debt refinancing, acquisition and general
corporate purposes.
"Finspace's B1 rating reflects its differentiated and strong
position in the niche piping market," said Ken Chan, a Moody's
Vice President, adding that "its low volume and highly customized
product business model allows for better profit margins than its
peers."
The company's prowess is backed by a wide variety of product
offerings and its in-house ability to offer one-stop shopping
solutions to end-customers.
Moreover, the company minimizes the risk of margin volatility
through cautious pricing, which includes back-to-back price
factoring of raw material costs.
"The rating is constrained, however, by the company's small scale
and fast growth, existence of related party transactions with the
group's regional sales offices as well as its short operating
track record in the pipe, pressure vessels, and coating business
segments," commented Mr. Chan.
"Additionally, Finspace's working capital requirements are
vulnerable to volatility stemming from changes in steel prices.
Long production lead times for fittings and pipe products further
exacerbate the pressure on working capital, especially during
commodity price up-cycles," said Mr. Chan.
"The company also has weak balance sheet liquidity and high
reliance on short-term bank lines. However, its projected
Debt/EBITDA of around 4.0x over the next two years is appropriate
for the current B1 rating," said Mr. Chan.
"Construction of the plate mill will raise the company's debt and
execution risk in the next two years, before it can start reaping
any financial benefits when the plate mill starts operating in
2012. However, the plate mill will integrate vertically with the
company's production processes, enhance efficiency and
profitability, and cut production lead times. The plate mill will
allow more product customization and also help retain and protect
Finspace's in-house technical know-how."
The stable outlook reflects Moody's expectation that the company
will prudently carry out its business plan, further solidify its
market position in the global pipe industry, and maintain adequate
bank lines to mitigate the volatility in working capital.
Although near-term upward rating pressure is limited, positive
rating implications may arise if the company 1) can complete its
plate mill construction as planned; 2) enhance its balance sheet
liquidity and lower its reliance on uncommitted working capital
facilities; 3) lower its related party transactions; and 4) expand
its earning base through its business model, such that Debt/EBITDA
declines to less than 2.5-3.0x and EBITDA/Interest rises to 3.5-
4.0x or higher.
Downward rating pressure could arise if 1) the company's plate
mill experiences significant construction delays and cost
overruns; 2) the company fails to implement its business plan, and
thus weaken its market position in the global pipe industry; or 3)
it makes any aggressive debt-funded acquisitions, such that its
Debt/EBITDA rises above 4.5-5.0x and EBITDA/Interest declines to
less than below 2.0-2.5x.
Finspace's rating was assigned by evaluating factors Moody's
believe are relevant to the issuer's credit profile, such as 1)
business risk and the competitive position of the company versus
others in its industry; 2) its balance sheet and financial risk;
3) the projected performance over the near to medium term; and 4)
management's track record and tolerance for risk.
These attributes were compared against those of other issuers
within and outside Finspace's core industry; thus, Moody's
considers Finspace's rating comparable to those of other issuers
with similar credit risk.
Finspace S.A., also known as the Canadoil Group, produces
specialized pipes, vessels, and fittings for oil and gas,
chemical, refining, power, water, and infrastructure projects
worldwide. Finspace is unique as a global company that can
provide end-customers one-stop shopping integrated solutions. The
Group has manufacturing facilities in Thailand, Canada, and Italy,
with sales offices in Thailand, Korea, Dubai, Canada, and Italy.
FINSPACE SA: S&P Assigns 'B+' Long-Term Corporate Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' long-term
corporate credit rating to Finspace S.A. The outlook on the
corporate credit rating is positive. Standard & Poor's also
assigned its 'B+' issue rating to Finspace's proposed senior
guaranteed notes.
The notes are guaranteed by all of Finspace's subsidiaries, other
than Canadoil Plate Ltd., Petrol Raccord, and Lindborg Management
S.A. Petrol Raccord is expected to become a guarantor
subsequently.
Finspace S.A. is part of the Canadoil Group, the only integrated
fittings and pipe manufacturer in the world that specializes in
high specification applications.
"The rating on Finspace reflects the company's aggressive
financial risk profile, reliance on short-term debt funding, and
execution risk from its capital expenditure program," said
Standard & Poor's credit analyst Andrew Wong. "These weaknesses
are offset to an extent by the company's strong market position in
fittings and its good niche position and brand recognition in
specialized piping systems, strategic locations, and some margin
stability from a natural hedge in steel prices."
The rating on the proposed notes is subject to finalization of
issuance documentation, including confirmation of amounts and
terms. The proceeds from the notes will be used predominantly for
refinancing existing borrowings and funding the company's plate
mill investment.
In determining the issue rating, Standard & Poor's bases its
assessment on the continuity of the consolidated corporate entity
of Finspace, including all restricted subsidiaries (including
Petrol Raccord subsequently) other than Canadoil Plate Ltd.
The company is reliant on short-term debt funding to manage its
working capital cycle. This is due to the long lead time for
manufacturing its products, which are invoiced only upon delivery
of the completed product, and the need to pay for raw materials
upfront. This necessitates the use of short-term working capital
bank lines, increasing the company's funding costs and straining
liquidity, Mr. Wong said.
The company has substantial capital investment plans in the next
three years, related to its proposed investment in a steel plate
mill. The plans will be largely debt funded, therefore any
improvement in the company's financial risk profile will come from
its ability to achieve forecast growth in sales volumes and
generate sufficient operating cash flow to reduce debt.
S&P believes there is potential for improvement in credit
protection measures, given the expected global investment growth
in energy infrastructure, particularly as this investment shifts
to more challenging terrains and demand for customized and
technologically demanding piping solutions increases.
The positive rating outlook reflects Standard & Poor's expectation
that Finspace's financial risk profile will improve in the next
one to two years, despite the company's significant capital
investment plan. With continuing global investment in energy
infrastructure, S&P expects Finspace's sales volumes to grow
further, and that is likely to allow the company to continue to
reduce its debt.
=====================
N E T H E R L A N D S
=====================
ALMATIS BV: Files for Chapter 11 Bankruptcy in Manhattan
--------------------------------------------------------
Almatis BV and 12 units on April 30 filed for Chapter 11 in
Manhattan, New York (Bankr. S.D.N.Y. Lead Case No: 10-12308).
In conjunction with the filings, Almatis also filed its
prepackaged Plan of Reorganization, the terms of which have
already been approved in a Plan Support Agreement signed by over
two-thirds of the holders of the Group's senior first lien debt.
The Chapter 11 filings were made by, among others, Almatis, Inc.,
Almatis BV and Almatis GmbH, and include the Group's operations in
the U.S., Germany and The Netherlands. Chapter 11 allows Almatis
Group to continue normal operations, led by the current management
team, while restructuring its financial indebtedness. The
financial debt of the Almatis Group will be settled as part of the
Plan; in addition, the Company is requesting court authority to
pay prepetition claims of its trade vendors, employees and various
other non-financial creditors, and will be able to pay all
creditors in the normal course for goods and services provided
after the filing.
Creditors entitled to vote have been voting on the Plan since
April 23 and have until May 7 to submit votes. To date, 100% of
the votes that have been received, including 63% of the Group's
senior lenders, are votes to accept the Plan and, pursuant to the
Plan Support Agreement signed by almost 75% of the Group's senior
lenders, the Group expects quickly to receive more than enough
votes to allow approval of the Plan by the Bankruptcy Court. The
Plan is expected to be presented for confirmation to the
Bankruptcy Court within the next 45 days.
Following the rapid deterioration of the trading environment in
early 2009, the management of Almatis engaged in discussions with
its lenders and shareholders about a financial restructuring of
its balance sheet. As a result of those discussions, Almatis and
lenders holding approximately 75% of the senior debt (including an
Oaktree-managed fund, which itself holds 46% percent of the senior
debt, as well as the members of the coordination committee of the
senior lenders) executed the Plan Support Agreement committing to
support the financial restructuring now proposed in the Plan.
The Plan would enable Almatis to regain financial flexibility,
support future growth and protect the Company from future
volatility in its marketplace. The Company anticipates that the
broad support for the Plan among senior lenders will help to
ensure that the Chapter 11 process is as short as possible.
The Company is seeking approval from the Court for a series of
First Day Motions to ensure that it can continue to operate in the
ordinary course during the Chapter 11 process. The Company
currently has approximately US$85 million of available cash to
meet operating expenses and anticipates approval, if necessary, of
additional funding in the form of debtor in possession financing.
Following confirmation of the Plan, it is anticipated that the
Oaktree-managed fund will own a majority of the equity in the
restructured Almatis Group. Oaktree has made clear that its
managed fund is fully committed to investing in the business to
facilitate future growth.
"Implementing the proposed debt restructuring plan through the
Chapter 11 filing provides Almatis with an orderly process that
allows us to address the necessary balance sheet restructuring
while continuing to operate our business in the best interests of
all stakeholders, including employees, customers, lenders and
other business partners," said Remco de Jong, CEO of Almatis.
"This process has been made possible now that our largest lender,
an Oaktree-managed fund, has expressed its full support for the
proposal and reaffirmed its commitment to the prospects and
opportunities for the business going forward. We are well
prepared and will do everything in our power to complete this
process as quickly as possible. Our business is fundamentally
sound and I am convinced that once we have fixed our balance
sheet, we will emerge from this process as a stronger Company."
* * *
netDockets reports that bankruptcy filing was made late Thursday
night/early Friday, approximately one day after private equity
firm Dubai International Capital urged lenders and management not
to rush to file for bankruptcy and consider an out-of-court
refinancing. netDockets, citing Bloomberg/BusinessWeek, relates
that in its April 28 letter, DIC reported that "JPMorgan Chase &
Co. and Bank of America Merrill Lynch [were] preparing final term
sheets and underwritten commitments for US$350 million of senior
secured notes and a US$50 million revolving credit."
According to netDockets, the voluntary chapter 11 petition for
Almatis attaches minutes of an April 29, 2010 board meeting.
Those minutes, netDockets relates, state that the company's board
"considered and discussed" the "high yield refinancing" proposed
by DIC, but rejected the proposal because the board decided that
it "did not amount to a sufficiently credible and viable
alternative restructuring option." Almatis' board instead
reaffirmed its support for the transactions contemplated by the
Plan Support Agreement that Almatis entered into on April 14 with
its first lien senior lenders, led by Oaktree Capital Management,
LLC.
According to netDockets, pursuant to the plan, the companies' bank
debt would be reduced to US$415 million (they reported current
secured debt in excess of US$1 billion) and all general unsecured
claims would be paid in full. The PSA also includes a Key
Employee Incentive Plan and a Key Senior Employee Incentive Plan.
Almatis is represented by lawyers at Gibson, Dunn & Crutcher LLP
as U.S. restructuring counsel; Linklaters LLP as special English
and German counsel; Moelis & Company as investment banker and
financial advisor; and Close Brothers Corporate Finance Limited as
investment banker and financial advisor.
The Lawyer.com reported earlier this month that Kirkland & Ellis
will represent Oaktree Capital Management in its proposed
US$1 billion -- GBP650 million -- restructuring of Almatis when it
files for Chapter 11.
About Oaktree
Oaktree (GSTrUE: OAKTRZ) is a global alternative and non-
traditional investment manager with more than US$76 billion in
assets under management as of March 31, 2010. The firm emphasizes
an opportunistic, value-oriented and risk-controlled approach to
investments in specialized private equity (including power
infrastructure), distressed debt, high yield and convertible
bonds, real estate, emerging market and Japanese securities, and
mezzanine finance. Oaktree was founded in 1995 by a group of
principals who have worked together since the mid-1980s.
Headquartered in Los Angeles, the firm has approximately 600
employees and offices in 14 cities worldwide. The team
responsible for this investment at Oaktree is based in the firm's
London office.
About Almatis
Based in Frankfurt, Germany, Almatis 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, including production facilities located in China,
Germany, India, Japan, the Netherlands, and the United States, and
serves customers around the world. Until 2004, the business was
known as the chemical business of Alcoa.
===========
R U S S I A
===========
AEROFLOT OJSC: Volcanic Disruption Won't Move Fitch's BB+ Rating
----------------------------------------------------------------
Fitch Ratings said the recent volcanic ash disruption is not
expected to have materially affected the creditworthiness of
Russian flag carrier, OJSC Aeroflot ('BB+'/Outlook Stable).
However, if the disruption reoccurs for a prolonged period, this
could increase pressure on the overall airline industry.
"Unlike many European cities which closed their airports for
almost six days, airports in Russia stayed largely open," said
Sabrina Ran, Associate Director in Fitch's EMEA Corporates team.
"Although many of Aeroflot's European routes were affected,
including some of its most profitable routes such as London and
Paris, the carrier was able to take off from Moscow and fly to
other European cities that accepted flights, providing an
alternative return route to many stranded passengers."
In the absence of official disclosure, Fitch expects the financial
impact of the ash disruption on Aeroflot to be significantly
smaller than for most major European airlines. The negative
impact on cash flow experienced by Aeroflot to date is partially
offset by the additional profit gained from transporting other
airlines' stranded passengers during the ash disruption.
Furthermore, because Aeroflot was operating at almost full
capacity, it benefited from short-term efficiency gains arising
from load factor increases on major routes.
Fitch expects that Aeroflot's liquidity will remain adequate and
at end-Q309 it had US$126.5 million in cash and US$297 million in
undrawn bank facilities, sufficient to cover its short-term
maturities of US$283 million. The company is also expected by
Fitch to have sustained a double-digit EBITDA margin in 2009,
making it one of the most profitable airlines in Europe and the
CIS region.
In view of its liquidity profile and sustained strong
profitability, Fitch believes that the overall financial impact of
the disruption can be readily absorbed by Aeroflot without
impacting its ratings. The ratings also continue to incorporate a
one-notch uplift for parental support; Fitch expects state aid to
be forthcoming should possible future disruptions put pressure on
the company's financial profile.
Aeroflot's RUB12 billion 7.75% three-year bonds are rated National
senior unsecured 'AA(rus)' and local currency senior unsecured
'BB+'.
RUSSIAN CORPORATION: S&P Gives Stable Outlook; Keeps 'BB+' Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised its
outlook on Russian Corporation of Nanotechnologies to stable from
negative. RusNano is a state investment institution established
by the government of the Russian Federation (foreign currency
BBB/Stable/A-3; local currency BBB+/Stable/A-2; Russia national
scale 'ruAAA'). At the same time S&P affirmed its 'BB+' long-term
and 'B' short-term issuer credit ratings and its 'ruAA+' Russia
national scale rating on RusNano.
"The outlook revision reflects strong ongoing support expected
from the Russian government at least until 2012 in the form of
capital injections and guarantees until 2015," said Standard &
Poor's credit analyst Boris Kopeykin.
S&P uses its criteria for government-related entities in rating
RusNano. In spite of the recent government decision to change
RusNano's legal status from a state corporation to a joint-stock
company (in 2010-2011), S&P believes there is a "high" likelihood
that it would receive timely, extraordinary support from the state
in case of financial distress. S&P's opinion is based on
RusNano's:
* "Important role" for the government of Russia. The government
created RusNano to support state policies on promoting economic
diversification into innovative sectors. The corporation is
supposed to invest in projects that apply nanotechnology and
promote such investments in the market. It is one of the main
tools of economic diversification in high-tech industries now
used by the government. RusNano selects and provides financing
in the form of capital injections, loans, and guarantees to
start-ups in the sector. The government has approved regular
large equity injections for RusNano until 2012. The company's
capital is likely to reach Russian ruble (RUB) 130 billion
(almost US$5 billion at that moment) -- the equivalent of about
0.3% of Russia's GDP -- by year-end 2012; and
* "Very strong" link with the Russian government, its full owner.
RusNano will be transformed into a joint-stock company in 2010-
2011, but privatization is not expected. The government is
tightly monitoring RusNano, and several Russian ministers sit on
the board. The government announced its plans to guarantee
RusNano's expected bond issues of RUB182 billion in 2010-2015, i
ncluding RUB53 billion in 2010. Politically it is a very
visible entity.
The stable outlook balances S&P's expectations of a "high"
probability of timely extraordinary support and currently strong
ongoing support with the uncertainty regarding RusNano's
relationship with the state in the longer term, and still further
uncertainties about the viability of the applied business model.
"Confirmation of the government's strong ongoing support to the
company, and of the availability of timely extraordinary support
to the company in an emergency in the longer term, might result in
an upgrade," said Mr. Kopeykin.
In contrast, a downgrade might result if S&P observes signs of
weakening ongoing or lower chances of timely extraordinary
support. Additional pressure might come from larger-than-expected
borrowings, particularly borrowings with only up to three-year
maturities, and deterioration of the liquidity position, which S&P
doesn't currently expect.
URALCHEM HOLDING: Has Urgent Need to Refinance US$1.4 Bil. Debt
---------------------------------------------------------------
Ilya Khrennikov and Jason Corcoran at Bloomberg News report that
VTB Group said UralChem Holding Plc, which postponed its initial
public offering Thursday, needs another way to pay off its
borrowings as a debt crisis in Europe curbs demand for share
sales.
"The market situation was indeed unfavorable for UralChem as
investors became concerned about Greek debt and perceived many
scheduled IPOs as being overpriced," Elena Sakhnova, an analyst at
VTB, said by phone from Moscow Friday, according to Bloomberg."
"UralChem now has an urgent need to refinance its US$1.4 billion
debt."
Bloomberg relates UralChem on Thursday blamed market conditions
for the delay in a London IPO that would have raised as much as
US$642 million.
According to Bloomberg, Ms. Sakhnova said Uralchem, controlled by
Chairman Dmitry Mazepin, could convert into company shares the
debt it owes to OAO Sberbank, Russia's biggest lender. Bloomberg
recalls UralChem on Nov. 16 said it owes Sberbank more than US$867
million.
As reported by the Troubled Company Reporter-Europe on April 30,
2010, The Daily Telegraph said the Financial Services Authority
has been asked to investigate the proposed US$600 million (GBP400
million) London listing of Uralchem. The Daily Telegraph
disclosed a former minority investor has written to the regulator
claiming that the debt-laden company does not adequately disclose
the risks to its business in its prospectus for the initial public
offering, for which Morgan Stanley is the bookrunner.
URALCHEM OJSC -- http://uralchem.com/-- is one of the largest
producers of mineral fertilizers in the Russian Federation, the
CIS and the Eastern Europe.
* IRKUTSK OBLAST: S&P Gives Positive Outlook; Keeps 'B' Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised its
outlook on Irkutsk Oblast to positive from stable based on the
oblast's commitment to cost-containing measures amidst economic
difficulties and conservative revenue planning. At the same time,
S&P affirmed its 'B' long-term issuer credit rating.
The rating on the Irkutsk Oblast, located in Eastern Siberia in
the Russian Federation (foreign currency BBB/Stable/A-3; local
currency BBB+/Stable/A-2; Russia national scale 'ruAAA') is
constrained by the oblast's limited financial flexibility, high
operating and capital-expenditure pressure, high contingent
liabilities, and still modest--although improved--liquidity.
On a positive note, the oblast government's ability and
willingness to take cost-containing measures to improve budgetary
performance and lower the debt burden, as well as its diversified
economy with long-term growth potential, support the oblast's
credit quality.
"The positive outlook reflects S&P's expectations that Irkutsk
Oblast might receive higher-than-expected revenues if already
established taxpayers increase profit tax allocations to the
budget due to rebounding commodity prices or if investments in new
enterprises result in significant tax proceeds," said Standard &
Poor's credit analyst Felix Ejgel. "Moreover, currently positive
sentiments in the Russian domestic capital market could allow the
region to smooth its debt repayment schedule."
Should the oblast achieve better-than-planned operating budgetary
performance that would allow it to either reduce its contingent
liabilities or increase capital investments without deterioration
of its debt burden, S&P could raise the rating. An improved
liquidity position, through building up its cash reserves,
arranging medium-term committed credit facilities, or further
reducing annual debt service, could also lead to a positive rating
action.
Conversely, the oblast's failure to recover an adequate liquidity
position; faster-than-planned operating-expenditure growth, which
could stem from political or social pressure on the government; or
resumed negative capital market sentiment leading to predominant
reliance on short-term borrowings could lead us to revise the
outlook to stable.
=============
U K R A I N E
=============
NAFTOGAZ OF UKRAINE: Ex-PM Balks at Gazprom Merger Proposal
-----------------------------------------------------------
FOCUS News Agency, citing Interfax, reports that Julia Tymoshenko,
Ukraine's former prime minister, said that the possibility for
merger of state-owned corporations Naftogaz Ukraine and Gazprom
could be considered as a "big plan for liquidation" of Ukraine.
"The proposal for merger of Gazprom and Naftogaz, which was made
[Fri]day during the meeting between the Prime Ministers of Ukraine
and Russia could be considered as a joke, but in our eyes we see
how the big plan for the liquidation of independent Ukraine is
working every day," the report quoted Ms. Tymoshenko as saying.
The Troubled Company Reporter-Europe, citing Bloomberg News,
reported on April 29, 2010, that Ukrainian President Viktor
Yanukovych said Naftogaz, which has been forced to reschedule some
of its debts, will be profitable next year after Russia agreed to
reduce natural gas prices. Bloomberg recalled Ukrainian President
Viktor Yanukovych said NAK Naftogaz Ukrainy, which has been forced
to reschedule some of its debts, will be profitable next year
after Russia agreed to reduce natural gas prices. Bloomberg
disclosed Russia, which supplies almost 50% of Ukraine's energy
needs, agreed on April 21 to cut the price by 30% this year.
About NJSC Naftogaz of Ukraine
Headquartered in Kiev, Ukraine, NJSC Naftogaz of Ukraine --
http://www.naftogaz.com/-- is a vertically integrated oil and gas
company engaged in full cycle of operations in gas and oil field
exploration and development, production and exploratory drilling,
gas and oil transport and storage, supply of natural gas and LPG
to consumers.
* * *
On March 16, 2010, the Troubled Company Reporter-Europe reported
that Moody's Investors Service withdrew the Caa2 corporate family
and Ca/LD probability of default ratings of NJSC Naftogaz of
Ukraine. Moody's previous rating action on Naftogaz took place on
October 6, 2009 when the agency changed the PDR to Ca/LD from Ca.
The rating action followed the actual default by Naftogaz on
repayment of its US$500 million Loan Participation Notes due
September 30, 2009 at their maturity. Naftogaz's foreign currency
corporate family and debt ratings remained unchanged at that point
in time at Caa2. Moody's said the ratings remained under review
with direction uncertain, which reflected uncertainty at that time
over the execution and then impact of the restructuring proposal
put forward by the company to its debt holders.
As reported by the Troubled Company Reporter-Europe on Nov. 18,
2009, Fitch Ratings affirmed NJSC Naftogaz of Ukraine's long-term
foreign currency and local currency issuer default ratings at
'CCC'. Fitch said the outlook is negative.
===========================
U N I T E D K I N G D O M
===========================
BRITISH AIRWAYS: Cabin Crew Begin Voting on Latest Pay Deal
-----------------------------------------------------------
Steve Rothwell at Bloomberg News reports that the cabin crew at
British Airways Plc began voting on Friday on a pay deal that the
cabin crew's union says should be rejected unless the company
reinstates free travel and takes back workers fired in the run up
to a strike last month.
Bloomberg relates the latest proposal from the London-based
carrier was sent to the crew represented by the Unite union on
Thursday night, accompanied by a letter from the union urging the
workers to reject the offer and stating that without further
compromise, "early resumption of industrial action" is likely.
Bloomberg recalls British Airways introduced cost cuts without the
agreement of unions after the recession hurt demand for travel.
According to Bloomberg, the airline's latest proposal involves a
two-year pay deal pegging wages for 12,000 flight attendants to
U.K. inflation from the start of next year. Bloomberg says the
plan would also restore 184 crew posts removed in November, and
introduce monthly travel payments in lieu of scrapping other
allowances.
"Accepting this offer is incompatible with your dignity and self-
respect," Bloomberg quoted Unite General Secretary Tony Woodley as
saying in the letter. "We stand for a proper partnership with
British Airways going forward, based on mutual respect and shared
values. Such a scenario is untenable on the basis of the offer
before you."
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 March 19,
2010, Moody's Investors Service lowered to B1 from Ba3 the
Corporate Family and Probability of Default Ratings of British
Airways plc; and the senior unsecured and subordinate ratings to
B2 and B3, respectively. Moody's said the outlook is stable.
This concludes the review that was initiated on November 10, 2009.
The rating action reflects Moody's view that credit metrics will
not be commensurate with the previous rating category in the
medium term. Moody's expect furthermore that metrics will be
burdened in the foreseeable future by the company's significant
pension deficit, which was at GBP2.6 billion for the APS and NAPS
schemes combined as of September 2009 (under IAS). Moody's
nevertheless understand that under the current agreement with the
trade unions, the cash contributions to these deficits will be
frozen at GBP330 million per year for three years, subject to
approval by the Pensions Regulator and the trustees.
CRYSTAL PALACE: Agilo May Seek to Recover GBP5.5-Mil. Claim
-----------------------------------------------------------
Owen Gibson at The Guardian reports that Agilo, the hedge fund
that placed Crystal Palace into administration in January, will
look to recover some of the GBP5.5 million it is owed from player
sales in the summer. According to The Guardian, this could make
it easier for the consortium that wants to buy Palace, led by the
local businessman Steve Parish, to fund its takeover because the
non-negotiable sum payable to Agilo would be reduced.
The Guardian says representatives of Agilo are expected to meet
Brendan Guilfoyle, the club's administrator, and consult the
Football League over a way forward. According to The Guardian,
negotiations over the complex sale of the club and Selhurst Park,
which is separately in administration, continue.
The Guardian recalls a meeting between all parties on Wednesday
failed to break the deadlock.
PricewaterhouseCoopers, the ground's administrator, is willing to
sell to the consortium at a price below its open market value but
only if a deal is agreed for the club first and approved by the
Football League, The Guardian states.
As reported by the Troubled Company Reporter-Europe on Jan. 28,
2010, The Times said Crystal Palace went into administration after
running into financial problems. The Times disclosed the club has
debts estimated at GBP30 million.
London-based Crystal Palace Football Club --
http://www.cpfc.premiumtv.co.uk/-- plays in the English League.
The team, also known as the "Eagles" represents a borough of
London called Croydon. It was founded in 1905 by workers at the
Crystal Palace, a wrought iron and glass building originally
erected in the Hyde Park area of London to house the Great
Exhibition of 1851 (the first in a series of World's Fair
exhibitions). The Crystal Palace Football Club moved to its
current stadium Selhurt Park in 1924. Chairman Simon Jordan took
over the club in 2000, ending Crystal Palace's stint with
bankruptcy.
ELECTRUM HOLDINGS: Enters Into Administration
---------------------------------------------
Electrum Holdings Ltd, AC2000 Ltd and EINW Ltd, the Leicester-
based air-conditioning and electrical contractors, have been
placed into administration on April 12, 2010.
Beverley Marsh and David Thornhill, Client Partners at Vantis
Business Recovery Services (BRS), a division of Vantis, the UK
accounting, tax and business advisory group, have been appointed
as joint administrators.
With a combined annual turnover of GBP13.8 million, Electrum
Holdings, AC2000 and EINW, employ a 98-strong workforce and trade
from locations across the UK including Leicester, Blackpool and
Leeds.
Commenting on the administrations, Beverley Marsh said, "The
economic recession coupled with the unsustainability of the
companies' servicing of its group pension liability scheme has
resulted in the companies being placed into administration. We
are working closely with the management team to assess the
opportunities to rescue various parts of the businesses".
The administrators are allowing EINW to continue to trade. A
total of 64 redundancies have been made to date. The
administrators are continuing to keep the situation under review.
INEOS FINANCE: Moody's Assigns (P)'B2' Rating on Senior Notes
-------------------------------------------------------------
Moody's Investors Service has assigned provisional (P) B2 / LGD 3
(30) ratings to the proposed senior secured guaranteed notes to be
issued by Ineos Finance Ltd. to refinance in part its senior
secured guaranteed bank facilities. The ratings on the existing
instruments issued by Ineos Group Holding plc and its subsidiaries
remain unchanged. The outlook on all ratings remains positive.
The (P) B2 / LGD 3 (30) ratings on the proposed senior secured
guaranteed notes recognizes the priority position of the notes
within the capital structure of the group, as well as the benefits
of the security and guarantee package provided by the key holding
companies and operating companies of the group initially
representing at least 85% of its historical EBITDA and assets.
The security and guarantee package mirrors that enjoyed by the
lenders of the existing first lien guaranteed facilities. The
expected recovery on the new notes is also supported by the
significant layer of junior debt in the liability structure
(including second lien guaranteed facilities and existing 2016
senior guaranteed notes).
The provisional ratings reflect Moody's preliminary credit opinion
regarding the transaction only. Upon conclusive review of the
final documentation, Moody's will endeavor to assign definitive
ratings to the notes. A definitive rating may differ from a
provisional rating.
Ineos liquidity position remains satisfactory and is further
supported by improved cash and working capital management, as well
as two recent disposals. At the end of 2009, the company reported
EUR666 million in cash balances (before the disposals that are
expected to bring in additional EUR400 million) and further
EUR50 million in availability under its RCF and securitization
facilities. This refinancing will also strengthen the liquidity
position of the group through the extension of the maturities of
the working capital and securitization facilities and increased
financial flexibility achieved following the amendment of the
financial covenants. Moody's note that the proposed transaction
will also allow to improve the refinancing profile, that includes
EUR500 million prepayment requirement in 2012 agreed with the
senior secured lenders, as well as other principal repayments
under the senior secured facilities scheduled for 2013/2014.
The positive outlook reflects the underlying positive trend in the
operations, confirmed in the recently published 1Q trading
results, as well as the assumption that the company will be
successful in managing its refinancing and liquidity profile. A
sustained reduction in the refinancing risk and improvement in
cash flow generation with (FFO + Interest) / Interest sustained
above 2.5x and Debt/ EBITDA trending towards 5.0x times would put
a positive pressure on the ratings.
Ineos Group Holdings plc:
* Corporate Family Rating: Caa1 / PD -- Caa1
* 2016 senior g-teed notes -- Caa3 / LGD 5 (88);
Ineos Holding Limited
* First-lien senior g-teed bank facilities -- B2 / LGD 3 (30);
* Second lien senior loans -- Caa2 / LGD 5 (72).
Ineos Finance plc
* 2015 first-lien senior g-teed notes - (P) B2 / LGD 3 (30).
Moody's last rating action on Ineos Group was on March 18, 2010.
The rating agency (i) upgraded the Corporate Family Rating by one
notch to Caa1, (ii) The ratings on the first lien senior secured
bank facilities were upgraded by two notches to B2, and (iii) The
ratings on the EUR650 million 2015 2d lien senior secured loans
were upgraded by one notch to Caa2. The Caa3 ratings on 2016
senior g-teed notes were not affected.
Ineos Group Holdings plc is a diversified and integrated chemicals
group headquartered in Southampton, the United Kingdom. Ineos
reported 2009 Revenues of EUR18.1 billion.
KINGLEA PLANTS: In Administration Receivership; 9 Jobs Affected
---------------------------------------------------------------
Matthew Appleby at HortWeek.com reports that Kinglea Plants has
gone into administrative receivership, resulting in the loss of
nine of the 200 jobs at the company.
The report relates Kinglea Plants said in a statement Geoff Kinlan
and William Turner of BDO Hatfield were appointed administrative
receivers of the company on April 28 at the request of the
directors.
"This is the result of difficult trading conditions. We are
continuing to carry on trading the business as usual for the time
being, with the support of existing management and key suppliers
and customers. We hope to secure offers for the acquisition of
all or part of the business and sites," the report quoted
Mr. Kinlan as saying.
Based in Essex, Kinglea Plants sells young vegetable plants to
garden centers.
MACQUARIE MOTORWAYS: S&P Downgrades Ratings on Senior Loan to 'B+'
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered to 'B+'
from 'BB' its long-term debt ratings on the GBP1 billion senior
secured term loan facility A, the GBP30 million senior secured
capital expenditure term loan facility B, both due 2015, and the
30-year accreting swap overlay due 2036 issued by Macquarie
Motorways Group Ltd. S&P also revised the outlook on the ratings
to stable from negative.
Subsequently, at the issuer's request, S&P withdrew all the
ratings on debt issued by MMG.
The downgrade reflects S&P's view that the refinancing of about
GBP1 billion term loan (excluding an implicit loan in the swap of
GBP270 million in 2015) by December 2015 will be difficult. The
execution and terms of the refinancing will, in S&P's view, depend
on the traffic volumes and revenue generation by the project in
the next five years, the development of the refinancing markets,
in particular the cost of debt, and the potential initiatives that
may be undertaken by MMG in order to improve the chances of
refinancing.
Following the downgrade, and at the request of the issuer, S&P has
withdrawn all the ratings on debt issued by MMG.
Midlands Expressway Ltd. (not rated), a subsidiary of MMG, is
responsible for the operation and maintenance of the 42-kilometer
M6 toll road (formerly known as the Birmingham Northern Relief
Road) under a concession until 2054 awarded in February 1992 by
the U.K. Secretary of State for Transport. The road is a
congestion-relieving bypass of the M6 motorway, east of the city
of Birmingham. MMG receives revenue from tolls that MEL collects
directly from motorists. MEL and MMG are owned indirectly by MQA.
MCTAVISH RAMSAY: In Receivership; 62 Jobs Affected
--------------------------------------------------
BBC News reports that McTavish Ramsay has gone into receivership,
resulting in the loss of 62 of the 86 jobs at the company. The
report relates the company called in receivers from accountants
KPMG.
The report recalls that after experiencing a downturn the firm
entered a Company Voluntary Arrangement in March. The CVA set up
an agreement between McTavish and its creditors, the report notes.
"Over the last two months McTavish Ramsay, with the support of its
creditors under the CVA, has worked to restore viability, however,
due to unforeseen difficulties and the ongoing impact of the
current economic slowdown, the business has experienced cashflow
pressures, resulting in receivership," the report quoted Blair
Nimmo, head of restructuring for KPMG in Scotland, as saying.
According to the report, KPMG said a number of factors, including
machine breakdown and a tax bill, meant the company had no option
but to opt for insolvency. In addition to machine breakdowns and
bills, a proposed deal involving substantial new investment in the
company also collapsed, the report states.
McTavish Ramsay is a Dundee-based specialist door manufacturer.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week April 26 to April 30, 2010
-------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRIA
-------
KOMMUNALKREDIT 4.900 6/23/2031 EUR 72.63
KOMMUNALKREDIT 4.440 12/20/2030 EUR 69.38
OESTER VOLKSBK 5.270 2/8/2027 EUR 97.82
OESTER VOLKSBK 5.450 8/2/2019 EUR 72.63
REPUBLIC OF AUST 2.452 10/10/2025 EUR 78.66
BELGIUM
-------
FORTIS BANK 8.750 12/7/2010 EUR 19.11
BULGARIA
--------
PETROL AD-SOFIA 8.375 10/26/2011 EUR 51.85
CYPRUS
------
INTERPIPE LTD 8.750 8/2/2010 USD 77.48
DENMARK
-------
TRYG FORSIKRING 4.500 12/19/2025 EUR 74.61
FINLAND
-------
MUNI FINANCE PLC 0.250 6/28/2040 CAD 22.31
MUNI FINANCE PLC 0.500 3/17/2025 CAD 49.29
MUNI FINANCE PLC 1.000 2/27/2018 AUD 64.34
MUNI FINANCE PLC 1.000 10/30/2017 AUD 65.66
MUNI FINANCE PLC 1.000 11/21/2016 NZD 65.57
MUNI FINANCE PLC 0.500 9/24/2020 CAD 63.08
FRANCE
------
AIR FRANCE-KLM 4.970 4/1/2015 EUR 15.69
ALCATEL SA 4.750 1/1/2011 EUR 16.24
ALCATEL-LUCENT 5.000 1/1/2015 EUR 3.48
ALTRAN TECHNOLOG 6.720 1/1/2015 EUR 5.15
ATOS ORIGIN SA 2.500 1/1/2016 EUR 54.38
CALYON 6.000 6/18/2047 EUR 47.68
CAP GEMINI SOGET 1.000 1/1/2012 EUR 44.76
CAP GEMINI SOGET 3.500 1/1/2014 EUR 44.93
CLUB MEDITERRANE 4.375 11/1/2010 EUR 49.22
DEXIA MUNI AGNCY 1.000 12/23/2024 EUR 62.43
EURAZEO 6.250 6/10/2014 EUR 59.52
FAURECIA 4.500 1/1/2015 EUR 21.46
GROUPE VIAL 2.500 1/1/2014 EUR 18.54
MAUREL ET PROM 7.125 7/31/2014 EUR 18.74
NEXANS SA 4.000 1/1/2016 EUR 70.70
PEUGEOT SA 4.450 1/1/2016 EUR 30.82
PUBLICIS GROUPE 3.125 7/30/2014 EUR 36.28
PUBLICIS GROUPE 1.000 1/18/2018 EUR 46.36
RHODIA SA 0.500 1/1/2014 EUR 46.29
SOC AIR FRANCE 2.750 4/1/2020 EUR 21.06
SOITEC 6.250 9/9/2014 EUR 12.52
TEM 4.250 1/1/2015 EUR 58.59
THEOLIA 2.000 1/1/2014 EUR 14.14
VALEO 2.375 1/1/2011 EUR 46.67
ZLOMREX INT FIN 8.500 2/1/2014 EUR 45.38
ZLOMREX INT FIN 8.500 2/1/2014 EUR 45.38
GERMANY
-------
DEPFA PFANDBRIEF 6.759 2/22/2019 EUR 65.39
DEUTSCHE BK LOND 1.000 3/31/2027 USD 46.31
DEUTSCHE BK LOND 3.000 5/18/2012 CHF 71.91
ESCADA AG 7.500 4/1/2012 EUR 16.24
EUROHYPO AG 5.000 5/15/2027 EUR 94.81
L-BANK FOERDERBK 0.500 5/10/2027 CAD 44.55
LB BADEN-WUERTT 5.250 10/20/2015 EUR 33.97
LB BADEN-WUERTT 2.500 1/30/2034 EUR 67.10
QIMONDA FINANCE 6.750 3/22/2013 USD 4.00
RENTENBANK 1.000 3/29/2017 NZD 70.53
SOLON AG SOLAR 1.375 12/6/2012 EUR 45.96
GREECE
------
HELLENIC REP I/L 2.900 7/25/2025 EUR 74.44
HELLENIC REP I/L 2.300 7/25/2030 EUR 64.46
HELLENIC REPUBLI 4.500 9/20/2037 EUR 69.26
HELLENIC REPUBLI 4.600 9/20/2040 EUR 69.37
YIOULA GLASSWORK 9.000 12/1/2015 EUR 62.01
YIOULA GLASSWORK 9.000 12/1/2015 EUR 61.13
HUNGARY
-------
REP OF HUNGARY 2.110 10/26/2017 JPY 86.85
IRELAND
-------
ALLIED IRISH BKS 5.625 11/29/2030 GBP 74.25
ALLIED IRISH BKS 5.250 3/10/2025 GBP 75.75
DEPFA ACS BANK 5.125 3/16/2037 USD 75.32
DEPFA ACS BANK 5.125 3/16/2037 USD 74.67
DEPFA ACS BANK 0.500 3/3/2025 CAD 31.67
DEPFA ACS BANK 4.900 8/24/2035 CAD 69.72
DEPFA ACS BANK 5.250 3/31/2025 CAD 72.54
IRISH NATIONWIDE 5.500 1/10/2018 GBP 64.87
ITALY
-----
BANCA INTESA SPA 6.984 2/7/2035 EUR 57.88
BEATRICE FOODS 1.000 11/19/2026 USD 29.00
LUXEMBOURG
----------
ARCELORMITTAL 7.250 4/1/2014 EUR 35.98
BREEZE 4.524 4/19/2027 EUR 68.75
GALLERY CAPITAL 10.125 5/15/2013 USD 19.95
GLOBAL YATIRIM H 9.250 7/31/2012 USD 73.13
HELLAS III 8.500 10/15/2013 EUR 35.56
IT HOLDING FIN 9.875 11/15/2012 EUR 14.98
LA VEGGIA FIN 7.125 11/14/2004 EUR 50.00
LIGHTHOUSE INTL 8.000 4/30/2014 EUR 70.05
LIGHTHOUSE INTL 8.000 4/30/2014 EUR 70.65
NETHERLANDS
-----------
APP INTL FINANCE 11.750 10/1/2005 USD 1.05
ARPENI PR INVEST 8.750 5/3/2013 USD 61.88
ARPENI PR INVEST 8.750 5/3/2013 USD 61.88
BK NED GEMEENTEN 0.500 6/27/2018 CAD 70.34
BK NED GEMEENTEN 0.500 2/24/2025 CAD 48.67
BRIT INSURANCE 6.625 12/9/2030 GBP 75.50
DGS INTL FIN BV 10.000 6/1/2007 USD 0.01
ELEC DE CAR FIN 8.500 4/10/2018 USD 59.25
EM.TV FINANCE BV 5.250 5/8/2013 EUR 5.35
ENERGY GROUP O/S 7.550 10/15/2027 USD 18.00
ENERGY GROUP O/S 7.425 10/15/2017 USD 18.00
INDAH KIAT INTL 12.500 6/15/2006 USD 0.01
INDAH KIAT INTL 11.875 6/15/2002 USD 0.01
NATL INVESTER BK 25.983 5/7/2029 EUR 42.78
NED WATERSCHAPBK 0.500 3/11/2025 CAD 49.33
Q-CELLS INTERNAT 5.750 5/26/2014 EUR 68.50
Q-CELLS INTERNAT 1.375 2/28/2012 EUR 70.51
RBS NV EX-ABN NV 2.910 6/21/2036 JPY 75.65
RBS NV EX-ABN NV 7.540 6/29/2035 EUR 73.08
TEMIR CAPITAL 9.500 5/21/2014 USD 33.00
TEMIR CAPITAL 9.000 11/24/2011 USD 30.50
TURANALEM FIN BV 8.500 2/10/2015 USD 48.30
TURANALEM FIN BV 7.875 6/2/2010 USD 46.75
TURANALEM FIN BV 8.250 1/22/2037 USD 47.01
TURANALEM FIN BV 8.250 1/22/2037 USD 48.49
TURANALEM FIN BV 8.000 3/24/2014 USD 46.25
TURANALEM FIN BV 7.750 4/25/2013 USD 47.37
TURANALEM FIN BV 8.000 3/24/2014 USD 47.00
NORWAY
------
EKSPORTFINANS 0.500 5/9/2030 CAD 38.40
NORSKE SKOGIND 7.000 6/26/2017 EUR 72.56
POLAND
------
POLAND-REGD-RSTA 2.810 11/16/2037 JPY 70.63
REP OF POLAND 4.250 7/20/2055 EUR 73.35
REP OF POLAND 3.300 6/16/2038 JPY 72.98
REP OF POLAND 3.220 8/4/2034 JPY 74.30
REP OF POLAND 2.648 3/29/2034 JPY 65.35
RUSSIA
------
MRSK URALA 8.150 5/22/2012 RUB 89.99
SIBIRTELECOM 9.750 9/16/2010 RUB 100.99
VOLGATELECOM 9.500 11/30/2010 RUB 99.92
SPAIN
-----
BANCAJA EMI SA 2.755 5/11/2037 JPY 70.95
BBVA SUB CAP UNI 2.750 10/22/2035 JPY 69.87
MINICENTRALES 4.810 11/29/2034 EUR 67.69
SWEDEN
------
SWEDISH EXP CRED 0.500 12/17/2027 USD 44.01
SWITZERLAND
-----------
CYTOS BIOTECH 2.875 2/20/2012 CHF 56.74
UBS AG JERSEY 9.000 7/19/2010 USD 60.00
UBS AG JERSEY 9.350 7/27/2010 USD 60.65
UBS AG JERSEY 9.000 8/13/2010 USD 65.10
UBS AG JERSEY 9.500 8/31/2010 USD 66.85
UBS AG JERSEY 10.000 10/25/2010 USD 66.35
UBS AG JERSEY 3.220 7/31/2012 EUR 61.70
UBS AG JERSEY 10.140 12/30/2011 USD 14.92
UBS AG JERSEY 9.350 9/21/2011 USD 67.10
UBS AG JERSEY 11.150 8/31/2011 USD 41.10
UBS AG JERSEY 10.360 8/19/2011 USD 54.60
UBS AG JERSEY 10.650 4/29/2011 USD 16.30
UBS AG JERSEY 11.030 4/21/2011 USD 21.50
UBS AG JERSEY 10.820 4/21/2011 USD 22.29
UBS AG JERSEY 16.160 3/31/2011 USD 45.15
UBS AG JERSEY 10.990 3/31/2011 USD 30.88
UBS AG JERSEY 11.400 3/18/2011 USD 25.78
UBS AG JERSEY 11.330 3/18/2011 USD 18.08
UBS AG JERSEY 12.800 2/28/2011 USD 35.02
UBS AG JERSEY 8.250 2/28/2011 USD 70.78
UBS AG JERSEY 15.250 2/11/2011 USD 12.32
UBS AG JERSEY 10.000 2/11/2011 USD 61.60
UBS AG JERSEY 16.170 1/31/2011 USD 13.78
UBS AG JERSEY 14.640 1/31/2011 USD 38.55
UBS AG JERSEY 13.900 1/31/2011 USD 36.15
UBS AG JERSEY 13.000 6/16/2011 USD 50.87
UBS AG JERSEY 9.000 5/18/2010 USD 61.43
UBS AG JERSEY 9.000 6/11/2010 USD 60.10
UBS AG JERSEY 9.000 7/2/2010 USD 60.30
UNITED KINGDOM
--------------
ALPHA CREDIT GRP 2.940 3/4/2035 JPY 42.16
BARCLAYS BK PLC 7.610 6/30/2011 USD 54.33
BARCLAYS BK PLC 11.650 5/20/2010 USD 38.91
BARCLAYS BK PLC 10.600 7/21/2011 USD 42.37
BARCLAYS BK PLC 9.000 6/30/2011 USD 44.71
BARCLAYS BK PLC 8.550 1/23/2012 USD 11.55
BRADFORD&BIN BLD 5.500 1/15/2018 GBP 32.48
BRADFORD&BIN BLD 2.875 10/16/2031 CHF 74.33
BRADFORD&BIN BLD 5.750 12/12/2022 GBP 32.96
BRADFORD&BIN PLC 6.625 6/16/2023 GBP 30.21
BROADGATE FINANC 5.098 4/5/2033 GBP 74.66
EFG HELLAS PLC 2.760 5/11/2035 JPY 70.64
ENTERPRISE INNS 6.375 9/26/2031 GBP 75.52
F&C ASSET MNGMT 6.750 12/20/2026 GBP 69.86
NATL GRID GAS 1.771 3/30/2037 GBP 45.56
NATL GRID GAS 1.754 10/17/2036 GBP 47.23
NBG FINANCE PLC 2.755 6/28/2035 JPY 74.12
NOMURA BANK INTL 0.800 12/21/2020 EUR 60.79
NORTHERN ROCK 4.574 1/13/2015 GBP 75.11
NORTHERN ROCK 5.750 2/28/2017 GBP 66.20
NORTHERN ROCK 9.375 10/17/2021 GBP 76.50
OJSC BANK NADRA 9.250 6/28/2010 USD 39.50
PUNCH TAVERNS 6.468 4/15/2033 GBP 72.08
ROYAL BK SCOTLND 4.243 1/12/2046 EUR 58.51
ROYAL BK SCOTLND 4.700 7/3/2018 USD 72.64
RSL COMM PLC 9.875 11/15/2009 USD 3.00
SPIRIT ISSUER 5.472 12/28/2028 GBP 76.00
TXU EASTERN FNDG 6.450 5/15/2005 USD 2.38
TXU EASTERN FNDG 6.750 5/15/2009 USD 2.38
UNIQUE PUB FIN 6.464 3/30/2032 GBP 66.72
WESSEX WATER FIN 1.369 7/31/2057 GBP 22.33
*********
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 U. Pascual, Marites O. Claro, Rousel Elaine
T. 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.
* * * End of Transmission * * *