/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/100916.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 Thursday, September 16, 2010, Vol. 11, No. 183 Headlines C Z E C H R E P U B L I C ODEVNI PODNIK: CS Files Constitutional Complaint Over Bankruptcy G E R M A N Y ALTERNATIVE CAPITAL: Fund Insolvencies Prompt Probe on Management DEUTSCHE POSTBANK: Fitch Maintains Watch Neg. on Funding Trusts MAERKLIN HOLDING: Plans to Exit Insolvency Next Year G R E E C E GLITNIR BANK: Creditors May Take Control in Five Years H U N G A R Y TRANSELEKTRO GANZ: Employees Seek Liquidation I C E L A N D * ICELAND: Ex-PM Haarde Denies Responsibility for 2008 Bank Crisis I R E L A N D CRYSTAL CREDIT: Moody's Reviews Ratings on Two Classes of Notes SHANNON MINERALS: Winding-Up Petition Set to Be Heard on Sept. 22 STANTON ABS: Moody's Cuts Ratings on Two Classes of Notes to 'C' I T A L Y COMPAGNIA ITALPETROLI: Sale Process for AS Roma Stake Begins N E T H E R L A N D S ELM BV: Moody's Downgrades Ratings on Secured Notes to 'Ba3' P O L A N D BANK ZACHODNI: Moody's Affirms 'D+' Bank Financial Strength Rating R U S S I A ROSAVIA: Files Bankruptcy Statement in Moscow Court S P A I N TDA IBERCAJA: S&P Downgrades Rating on Class F Notes to 'D' U N I T E D K I N G D O M EMI GROUP: Terra Firma-Citi Dispute Over Takeover Set for Trial HANNA QUALITY: Ulster Bank May Lose More Than GBP2 Million RENAISSANCE: Goes Into Administration SIMPSON LEISURE: Goes Into Administration TRENT CONCRETE: Cash Pressures Prompt Administration ORILLO: Assets Bought Out of Administration by Cambabest X X X X X X X X * Upcoming Meetings, Conferences and Seminars ********* =========================== C Z E C H R E P U B L I C =========================== ODEVNI PODNIK: CS Files Constitutional Complaint Over Bankruptcy ---------------------------------------------------------------- Ceska sporitelna has filed a constitutional complaint over Odevni podnik Prostejov's bankruptcy, arguing that the Regional Court in Brno broke the law in the bankruptcy proceedings, CTK reports, citing the high-street bank's spokeswoman Kristyna Havligerova. According to CTK, the judge did not allow CS, the company's largest creditor with a claim worth more than CZK1 billion, and its subsidiary REICO to vote on the removal of the first insolvency administrator, Jaroslav Svoboda, at the meeting of OPcs creditors on April 26. CTK notes the spokeswoman said Mr. Svoboda, appointed by the court, has kept his post. As reported by the Troubled Company Reporter-Europe on Sept. 10, 2010, CTK, citing information from the insolvency administrator published in the insolvency register, said Odevni podnik Prostejov posted a loss of CZK92.1 million in May-July. CTK disclosed between January and May, when OP was declared bankrupt, its loss was CZK211.2 million. In total, OP's loss amounts to CZK303.3 million in January-July, CTK noted. Odevni podnik is a clothing manufacturer based in the Czech Republic. ============= G E R M A N Y ============= ALTERNATIVE CAPITAL: Fund Insolvencies Prompt Probe on Management ----------------------------------------------------------------- David Crossland at The National reports that German prosecutors have confirmed they are investigating the management of Alternative Capital Invest amid allegations of fraud. "An investigation has been launched against executives of the company ACI for alleged capital investment fraud and breach of trust," Heinrich Rempe, a senior prosecutor in Bielefeld, western Germany, told The National on Monday night. "The company set up investment funds in Germany with the purpose of entering into investments in Dubai. The investigation is focusing on alleged false information given in the prospectus the company issued for its funds." Mr. Rempe said the investigation had been going on for several months. "The probe is still at an early stage," Mr. Rempe, as cited by The National, said. According to The National, German newspaper Handelsblatt said Bielefeld prosecutors were investigating the founder of ACI, Hanns-Uwe Lohmann, and his son Robin, and that ACI's headquarters in the western German town of Guetersloh had been searched in June. As reported by the Troubled Company Reporter-Europe on Sept. 13, 2010, gulfnews.com said ACI declared bankruptcy on four of its seven funds. The company, which is engaged in several development and property projects in Dubai, lodged an insolvency application at court in Bielefeld, Germany, according to gulfnews.com. gulfnews.com disclosed ACI said that "due to the balance of the funds the declaration of bankruptcy is evident and legally required." ACI's letter to investors stated that the price decline in properties in Dubai has made the move necessary, gulfnews.com noted. Alternative Capital Invest is the biggest German fund for property investments in Dubai. DEUTSCHE POSTBANK: Fitch Maintains Watch Neg. on Funding Trusts --------------------------------------------------------------- Fitch Ratings has affirmed Deutsche Bank AG's ratings at Long-term Issuer Default 'AA-' with a Negative Outlook, Short-term IDR 'F1+', Individual 'B/C', Support '1' and Support Rating Floor 'A+'. Simultaneously, Fitch has affirmed Deutsche Postbank AG's Long- term IDR at 'A+', Short-term IDR at 'F1+', Support Rating at '1', Support Rating Floor at 'A+' and Individual Rating on 'C/D'. The Outlook on the Long-term IDR is Stable. A full list of all rating actions is included at the end of this comment. The affirmations follow yesterday's announcement by Deutsche Bank of a capital increase of at least EUR9.5 billion, which has been fully underwritten by a number of investment banks. At the same time, the bank announced its plan to make a public offer for the free-float shares in Postbank, in which it currently holds a 29.95 per cent stake. Deutsche Bank's capitalization after the capital increase and the Postbank offer will depend on the level of acceptance of the offer and on market price movements. The bank expects a core tier 1 regulatory capital ratio of about 8% and a tier 1 regulatory capital ratio of 11.6% if it acquires an additional 21% stake in Postbank out of a possible maximum of 30%, including the impact of a EUR2.4 billion writedown of the mandatory convertible bond Deutsche Bank holds issued by Postbank. In Fitch's opinion, the acquisition of a controlling stake in Postbank and its consolidation is positive for Deutsche Bank. After the integration of Postbank, Deutsche Bank's private and business client division will be the leading retail bank in Germany with a EUR224 billion deposit base and access to about 24 million retail and business customers. The strengthening of its commercial and retail banking activities should help the group to achieve more balanced earnings, which to date have largely relied on potentially more volatile investment banking revenues, and will further strengthen the group's stable funding base. Deutsche Bank's ratings are underpinned by Fitch's expectation that it will be able to benefit from its position as the dominant retail bank in its domestic market. Fitch also views the substantial increase in Deutsche Bank's core capital base as positive given that the amount of capital had been losing ground compared with some of its global investment banking peers in recent years. Fitch will review the Negative Outlook on the Long-term IDR once it has assessed the degree of success of the tender offer for Postbank. Ratings would come under pressure if the group is not successful in strengthening its capabilities to generate a more balanced earnings mix, while maintaining solid returns from its investment banking operations. Postbank's Long-term IDR remains at its Support Rating Floor. This reflects Fitch's view on the extremely high likelihood of external support from the German government, if needed, due to Postbank's systemic importance given its strong domestic retail franchise and deposit base. Postbank's Individual Rating continues to reflect its strong domestic retail franchise and solid funding position. At the same time, it takes into account the bank's weak capitalization and exposure to international commercial real estate markets and structured credit products. This is somewhat balanced by the Deutsche Bank's and Deutsche Post AG's commitment to participate in any capital increase of Postbank until Q112. Deutsche Bank's commitment has been, in Fitch's view, strengthened by its announced tender offer for Postbank's shares. Should the forthcoming takeover of control by Deutsche Bank help to improve Postbank's risk profile and operational efficiency, Fitch sees upward potential for the Individual Rating. Capital is likely to be managed at group level. The rating actions related to Deutsche Bank and Postbank are: Deutsche Bank AG -- Long-term IDR: affirmed at 'AA-'; Negative Outlook -- Short-term IDR: affirmed at 'F1+' -- Individual Rating: affirmed at 'B/C' -- Support Rating: affirmed at '1' -- Support Rating Floor: affirmed at 'A+' -- Senior debt: affirmed at 'AA-' / 'F1+' -- Subordinated lower tier II debt: affirmed at 'A+' Deutsche Postbank AG -- Long-term IDR: affirmed at 'A+'; Stable Outlook -- Short-term IDR: affirmed at 'F1+' -- Individual Rating: affirmed at 'C/D' -- Support Rating: affirmed at '1' -- Support Rating Floor: affirmed at 'A+' -- Senior debt: affirmed at 'A+' / 'F1+' -- Subordinated lower tier II debt: affirmed at 'A' -- Unsecured bonds issued by former DSL Bank and guaranteed by the Federal Republic of Germany: affirmed at 'AA' Deutsche Bank Securities -- Long-term IDR: affirmed at 'AA-'; Negative Outlook -- Short-term IDR: affirmed at 'F1+' -- Support Rating: affirmed at '1' -- Subordinated debt: affirmed at 'A+' Deutsche Bank Trust Company Americas -- Long-term IDR: affirmed at 'AA-'; Negative Outlook -- Short-term IDR: affirmed at 'F1+' -- Support Rating: affirmed at '1' Deutsche Bank Trust Corporation -- Long-term IDR: affirmed at 'AA-'; Negative Outlook -- Short-term IDR: affirmed at 'F1+' -- Support Rating: affirmed at '1' -- Senior debt: affirmed at 'AA-' / 'F1+' -- Subordinated debt: affirmed at 'A+' Deutsche Bank Australia Ltd. -- Commercial paper affirmed at 'F1+' Deutsche Bank Financial LLC -- Short-term IDR affirmed at 'F1+' -- Senior debt: affirmed at 'AA-' / 'F1+' -- Subordinated debt: affirmed at 'A+' The ratings of Sal. Oppenheim jr. & Cie. S.C.A., Sal. Oppenheim jr. & Cie. KGaA, BHF-Bank AG are not affected: -- Deutsche Bank Capital Funding Trust I: affirmed at 'A' -- Deutsche Bank Capital Funding Trust IV: affirmed at 'A' -- Deutsche Bank Capital Funding Trust V: affirmed at 'A' -- Deutsche Bank Capital Funding Trust VI: affirmed at 'A' -- Deutsche Bank Capital Funding Trust VII: affirmed at 'A' -- Deutsche Bank Capital Funding Trust VIII: affirmed at 'A' -- Deutsche Bank Capital Funding Trust IX: affirmed at 'A' -- Deutsche Bank Capital Funding Trust X: affirmed at 'A' -- Deutsche Bank Capital Funding Trust XI: affirmed at 'A' -- Deutsche Bank Contingent Capital Trust II: affirmed at 'A' -- Deutsche Bank Contingent Capital Trust III: affirmed at 'A' -- Deutsche Bank Contingent Capital Trust IV: affirmed at 'A' -- Deutsche Bank Contingent Capital Trust V: affirmed at 'A' -- Deutsche Postbank Funding Trust I (Germany): 'BB', Rating Watch Negative maintained -- Deutsche Postbank Funding Trust II (Germany): 'BB', Rating Watch Negative maintained Deutsche Postbank Funding Trust III (Germany): 'BB', Rating Watch Negative maintained -- Deutsche Postbank Funding Trust IV (Germany): 'BB', Rating Watch Negative maintained -- ProSecure Funding Limited Partnership (LP Jersey): 'BB-', Rating Watch Negative maintained MAERKLIN HOLDING: Plans to Exit Insolvency Next Year ---------------------------------------------------- Cornelius Rahn at Bloomberg News reports that Michael Pluta, Maerklin Holding GmbH's insolvency administrator, said in an e-mailed statement that the company will begin exiting insolvency by next year and is working to ensure its long-term viability without the help of an investor. According to Bloomberg, the statement said the company's Goeppingen, Germany, headquarters will shed 28 of 500 employees as part of its recovery plan. Mr. Pluta, as cited by Bloomberg, said revenue is forecast to be "stable" until 2014, and creditors will decide on the plan. As reported by the Troubled Company Reporter-Europe, on Feb. 6, 2009, The Associated Press reported Maerklin filed for bankruptcy protection from creditors at a court in Goeppingen after failing to secure new credit from banks. In the same report, citing German weekly Wirtschaftswoche, Bloomberg News disclosed the company made a net loss of about EUR20 million in 2008, while its revenue stood at EUR128 million (US$165 million). It owed "at least" EUR50 million to banks including Landesbank Baden- Wuerttemberg, Bloomberg said. Based in Goeppingen, Germany, Maerklin Holding GmbH is a model railway maker. =========== G R E E C E =========== GLITNIR BANK: Creditors May Take Control in Five Years ------------------------------------------------------ Omar R. Valdimarsson at Bloomberg News reports that Internet news service Visir.is, citing the chairman of Glitnir Bank hf's resolution committee Arni Tomasson, said the lender's creditors will probably control the bank within five years. According to Bloomberg, the Reykjavik-based news service said before control is handed over to the creditors, Glitnir plans to sell its 95% share in Islandsbanki hf, a state-created domestic successor to the failed lender. Bloomberg relates Mr. Tomasson, as cited by Visir, said some creditor claims made against Glitnir will need to be settled in court before control is handed over. Creditors will be able to manage the assets placed in Glitnir with a view to compensating themselves for losses, Bloomberg notes. About Glitnir Banki Headquartered in Reykjavik, Iceland, Glitnir banki hf -- http://www.glitnir.is/-- offers an array of financial services to corporation, financial institutions, investors and individuals. Iceland's government took control of Glitnir, along with two other financial institutions -- Landsbanki Islands hf and Kaupthing Bank hf -- after it failed to obtain short-term funding. The District Court of Reykjavik granted a Moratorium order on Glitnir on Nov. 24 2008. Glitnir said the Moratorium is not a bankruptcy proceeding and does not affect its banking licenses or its ability to operate as a bank. The Moratorium is a specialized proceeding under Icelandic law designed to provide it with appropriate global protection from legal action taken by its creditors, Glitnir pointed out. Steinunn Gudbjarsdottir, as the duly authorized foreign representative for Glitnir banki hf, sought creditor protection for the bank under Chapter 15 of the U.S. Bankruptcy Code on November 26, 2008 (Bankr. S.D.N.Y. Case No. 08-14757). According to Bloomberg, Glitnir's assets in the United States comprised of bank accounts and loan provided to U.S. companies. The company, Bloomberg citing papers filed with the Court, issued 22 short- and long-term notes for about US$7 billion in the country. Judge Stuart M. Bernstein presides over the case. Gary S. Lee, Esq., at Morrison & Foerster LLP in New York, serves as counsel to the foreign representative. The Chapter 15 petition estimated both assets and debts to be more than US$1 billion. On January 6, 2009, Judge Bernstein issued an order recognizing the bank's restructuring proceedings in Iceland. ============= H U N G A R Y ============= TRANSELEKTRO GANZ: Employees Seek Liquidation --------------------------------------------- MTI-Econews reports that Transelektro (TE) Ganz-Rock Zrt's employees will initiate liquidation procedures against the company. Gabor Kengyel, secretary of the union representing the employees, told MTI the company, which has been idle since its electricity was shut off on Sept. 3 due to non-payment of power bills, failed to pay workers nearly six months of wages. MTI relates Mr. Kengyel said that 144 TE Ganz-Rock employees had signed the petition to be submitted to the Budapest Municipal Court on Wednesday requesting that the court initiate liquidation procedures against the company. Hungary's previous Hungarian Socialist Party-controlled government decided in April to provide TE Ganz-Rock with a HUF2 billion guarantee on working-capital loans from commercial banks subject to approval from the European Commission, MTI recounts. Transelektro (TE) Ganz-Rock Zr is a boiler and power-plant equipment maker based in Hungary. ============= I C E L A N D ============= * ICELAND: Ex-PM Haarde Denies Responsibility for 2008 Bank Crisis ------------------------------------------------------------------ Omar R. Valdimarsson at Bloomberg News reports that Iceland's former Prime Minister Geir H. Haarde defended his role in the 2008 implosion of the island's financial system after a parliamentary committee recommended he be indicted for "violations" of his duties. "An innocent person isn't afraid of having his affairs reviewed by an independent and impartial court," Mr. Haarde said in an e- mailed statement on Sunday. "My official acts as prime minister didn't cause the banking collapse; it wasn't in my power, or in the power of other ministers, to prevent it." The committee on Sept. 11 asked the Reykjavik-based legislature to indict Mr. Haarde, 59, along with former Foreign Minister Ingibjorg Solrun Gisladottir, former Finance Minister Arni M. Mathiesen and former Business Minister Bjorgvin G. Sigurdsson, Bloomberg says, citing a written motion delivered to lawmakers. Bloomberg relates the committee said the recommendation to charge Mr. Haarde, who was prime minister from 2006 until the beginning of 2009, was based on "violations committed from February 2008 through the beginning of October of the same year, by intent or gross neglect, mostly violations against the laws of ministerial responsibility" as well as breaches of the Icelandic penal code. The committee of nine lawmakers was appointed in April after a separate commission investigating the causes of the 2008 crisis found that the government, central bank and financial regulator had all been "negligent" in their failure to address some of the factors that exacerbated the collapse, Bloomberg discloses. The commission alleged that Messrs. Haarde, Sigurdsson and Mathiesen didn't exert enough pressure on the banks to shrink their balance sheets after they amassed debts equivalent to 10 times Iceland's economic output, a development it said was key in fuelling the financial collapse, Bloomberg notes. Kaupthing Bank hf, Landsbanki Islands hf and Glitnir Bank hf, all based in the capital Reykjavik, failed within weeks of each other in October 2008 after they were unable to secure enough short-term funds to continue their operations, Bloomberg recounts. According to Bloomberg, the committee also found that Mr. Haarde should be indicted because he failed to ensure that Landsbanki created a U.K. subsidiary when selling its Internet Icesave accounts there -- a measure that would have forced the British government to cover depositor claims. ============= I R E L A N D ============= CRYSTAL CREDIT: Moody's Reviews Ratings on Two Classes of Notes --------------------------------------------------------------- Moody's Investors Service said it is reviewing these classes of notes issued by Crystal Credit Ltd (Issuer) for possible downgrade: - EUR108 million Class 2005-A Principal at Risk Variable Rate Notes due June 30 2012, B3 (sf) placed on review for downgrade; previously on March 3 2010 downgraded to B3 (sf) from Ba1(sf). - EUR81 million Class 2005-B Principal at Risk Variable Rate Notes due June 30 2012, Caa2 (sf) placed on review for downgrade; previously on March 3 2010 downgraded to Caa2 (sf) from Caa1(sf). Moody's says that its review has been prompted by a continued increase in the reported aggregate losses and provisions from the cedant insurers. The recently reported aggregate loss for the three underwriting years of EUR769 million is in excess of Moody's previous estimates of EUR735 million. Based on these figures, Moody's now expects that the Class B notes are likely to experience a higher loss than indicated by the current Caa2 (sf) rating. The higher loss estimation for the underwriting year 2008 and uncertainty surrounding such an estimate could also have an impact on the Class A notes. The losses from underwriting years 2006 and 2007 are now well developed and provisioned for and Moody's expects the ultimate losses to be in line with current paid and provisioned losses. However, losses from underwriting year 2008 are expected to develop further. During the review period, Moody's will seek additional information from the Issuer to assess the risk posed by the underwriting year 2008 and finalize its review of the ratings of Class A and B notes. Moody's expects that the Class C Notes will experience a total loss and hence their C (sf) rating remains unaffected by this review. The transaction transfers credit risk on a mezzanine tranche of a pro-rata share of Swiss Re's trade credit re-insurance business (Swiss Re retains a 10% minimum share). The transaction reflects the ratio of ceded losses to the gross premium received by Swiss Re from cedent insurers. As such, the transaction's structure envisions that the Issuer will pay a protection amount to Swiss Re if the aggregate losses for underwriting years 2006, 2007 and 2008 exceed EUR666 million. This protection amount will be drawn from the proceeds of the sale of the Notes, which, otherwise will be repaid to Note holders at the transactions maturity. The various attachment points, as a ratio of claims and reserves to gross premium are: Class A: 90%, Class B: 81%, Class C: 74%. * Date of last rating action: March 3 2010 Moody's has initially analyzed this transaction using a bespoke Monte Carlo simulation model which generates the three year loss ratio distribution for Swiss Re's trade credit re-insurance business. The key inputs are A) defaults of each of the risks in the pool, and B) the Loss given default of each entity in the pool. In order to asses (B), Moody's examines the Assigned Credit Limit of the entity, and the Possible Maximum Loss. The resulting Loss Given Default of the i'th entity will be given by: Loss(i) = ACL(i) * PML(i). However, the model output is only of limited use at this stage in the transaction's lifecycle. Losses from UY 2006 and 2007 are almost fully developed. Losses from UY 2008, as mentioned above are still increasing. Moody's therefore carried out a simple static extrapolation of the loss ratios to arrive at the ultimate loss ratios for the UY 2008. The results from this exercise are also "sense checked" against more detailed confidential numbers produced by Swiss Re. As the Notes indicate a high probability of default, Moody's also used "Moody's approach to rating structured finance securities in default" published in November 2009 as a part of its approach. SHANNON MINERALS: Winding-Up Petition Set to Be Heard on Sept. 22 ----------------------------------------------------------------- Shane Phelan at Irish Independent reports that Shannon Minerals is to face winding up proceedings in the High Court. According to the report, a petition is being brought by slimming firm Unislim, whose director Fiona Gratzer filed an affidavit with the court last month. The petition is due to be heard at the High Court on Sept. 22, the report discloses. The report notes a public notice issued by Unislim simply said they were creditors of Shannon Minerals, but did not give any details of what was owed. The company's last filed accounts, for the year ended June 30, 2007, showed an operating loss of just over EUR1 million. Based in Limerick, Shannon Minerals has been a major supplier of water and soft drinks to international retailers. STANTON ABS: Moody's Cuts Ratings on Two Classes of Notes to 'C' ---------------------------------------------------------------- Moody's Investors Service took these rating actions on the notes issued by Stanton ABS I p.l.c. The notes affected by the rating actions are: -- EUR232M EUR232,000,000 Class A-1 Notes due 2096 Notes, Downgraded to Ba3 (sf); previously on Sep 14, 2009 Downgraded to Ba1 (sf) -- EUR23M EUR23,000,000 Class A-2 Notes due 2096 Notes, Downgraded to Ca (sf); previously on Sep 14, 2009 Downgraded to B3 (sf) -- EUR12.5M EUR12,500,000 Class A-3 Notes due 2096 Notes, Downgraded to Ca (sf); previously on Sep 14, 2009 Downgraded to Caa3 (sf) -- EUR12.5M EUR12,500,000 Class A-4 Deferrable Interest Notes due 2096 Notes, Downgraded to C (sf); previously on Sep 14, 2009 Downgraded to Ca (sf) -- EUR12M EUR12,000,000 Class B-1 Deferrable Interest Notes due 2096 Notes, Downgraded to C (sf); previously on Mar 11, 2009 Downgraded to Ca (sf) Stanton ABS I p.l.c. is a managed cash flow CDO backed by a portfolio of structured finance securities predominantly originated in Europe. The portfolio consists of 53% RMBS, 26% CDOs and 20% CMBS securities. The rating downgrade actions reflect the general deterioration of the underlying portfolio. Since the last rating action in September 2009, the portfolio weighted average rating factor (WARF) has deteriorated from 1079 to 2046 (as of August 2010). The amount of defaulted securities has increased from 4.36% to 13.17%. The transaction has suffered an event of default multiple times due to a failure of the Class A-3 overcollateralization ratio to be greater than or equal to 96%. Following the event of default, the Class A-3 overcollateralization ratio came back into compliance on both occasions. The transaction has however since remained in event of default since 28 September 2009. Moody's applied the Monte Carlo simulation framework within CDOROM v2.6 to model the loss distribution of this transaction. Cash flow analysis was carried out using HF v1.5 in conjunction with the loss distribution generated by CDOROM. CDOROM model is available on moodys.com under Products and Solutions -- By Product Type -- Analytic Models, upon return of a signed free license agreement. Moody's Investors Service did not receive or take into account a third party due diligence report on the underlying assets or financial instruments related to the monitoring of this transaction in the past 6 months. Regulatory Disclosures The rating has been disclosed to the rated entity or its designated agents and issued with no amendment resulting from that disclosure. Information sources used to prepare the credit rating these: parties involved in the ratings, parties not involved in the ratings, and public information. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY'S is not an auditor and cannot in every instance independently verify or validate information received in the rating process. ========= I T A L Y ========= COMPAGNIA ITALPETROLI: Sale Process for AS Roma Stake Begins ------------------------------------------------------------ UniCredit SpA has started the sale process for the controlling stake in AS Roma SpA, Sonia Sirletti at Bloomberg News reports, citing Deputy Chief Executive Officer Paolo Fiorentino. As reported by the Troubled Company Reporter-Europe on Aug. 18, 2010, the Financial Times said Italian private equity firm Clessidra would jointly bid with lender UniCredit and Angelini, a pharmaceuticals company to acquire AS Roma, one of the country's top Serie A football clubs, owned by the Sensi family through Italpetroli. With equal shares, the three investors could take up to 67% of the football team, according to the FT. The FT noted analysts said that, before the global financial crisis, Roma could have been expected to fetch possibly double its current market value of some EUR150 million. On July 12, 2010, the Troubled Company Reporter-Europe, citing the FT, reported that UniCredit was looking for a new owner to acquire AS Roma following an agreement reached on July 8 with Rosella Sensi to settle debts owed to the bank by Italpetroli, her near- bankrupt family holding company. Ms. Sensi, whose family has held a majority stake in Roma since 1993 until July 8 amounting to 67%, was struggling to repay Italpetroli's debts, with some EUR320 million owed to UniCredit and EUR80 million to Monte dei Paschi di Siena, according to the FT. In the meantime, Ms. Sensi would remain part of the management team to ensure continuity for the club in the build-up to the new season, the FT disclosed. Headquartered in Rome, Italy, Compagnia Italpetroli SpA operates as an oil storage company. The company also offers petroleum refining services. ===================== N E T H E R L A N D S ===================== ELM BV: Moody's Downgrades Ratings on Secured Notes to 'Ba3' ------------------------------------------------------------ Moody's Investors Service took this rating action on the Series 48 notes issued by ELM B.V. The notes affected by the rating action are: -- EUR22,500,000 Floating Rate Credit Linked Secured Notes due 2056, Downgraded to Ba3 (sf); previously on Jul 17, 2009 Downgraded to Ba1 (sf) Ratings Rationale ELM B.V. Series 48 - Leveraged Asset Backed Securities 2006-2 is a synthetic CDO of ABS backed by a portfolio of entirely European Asset Backed Securities. The top three largest asset classes are 42% RMBS (17% Dutch RMBS, 10.7% UK RMBS, 6.7% Italian RMBS, 5% Spanish etc), 28% CMBS and 16.6% CDOs of RMBS. The rating downgrade action reflects the general credit deterioration of the underlying pool. Since Moody's last rating action in July 2009, 25% of the portfolio was downgraded by between 1-7 notches, where 14.5% are three or more notches. The portfolio remain exposed to five underlying assets under review for possible downgrade, which represents 10.5% of the portfolio. The transaction has not suffered any credit events since closing and 5.6% of the portfolio is exposed to Baa1 (sf) rated assets -- the lowest rating in the portfolio. The portfolio is largely strong with 94% of the portfolio rated Aa3 and above. However, Moody's notes that this transaction has no subordination to support any potential losses and that it would take on average only three defaults to fully write down the tranche of approximately 3.8% in size. Moody's performed a number of sensitivity analyses in addition to the standard stresses applied to assets under review for possible downgrade. These included further stressing all Aaa-rated asset under review for possible downgrade by 2 notches and separately stressing down by one notch the lowest rated assets that have not been subjected to a rating action recently. The resulting impact negatively affects the model results only marginally in the first case and in the second case worsening the results by less than one notch. Moody's also considered positive sensitivity runs including the assumption that no assets are under review for downgrade. As expected, the positive impact was marginal given the zero subordination of the tranche. Moody's also considered the impact of adjusting the weighted average life for each individual assets, including capping the WAL to 8 years and flooring the short-dated assets to one year. The overall impact improved the results by approximately one notch due to the shortening of the risk on the long dated assets. Moody's applied the Monte Carlo simulation framework within CDOROMv2.6 to model the loss distribution for SF CDOs. This model is available on moodys.com under Products and Solutions -- Analytical models, upon return of a signed free license agreement. Moody's Investors Service did not receive or take into account a third party due diligence report on the underlying assets or financial instruments related to the monitoring of this transaction in the past 6 months. Moody's did not run a separate loss and cash flow analysis other than the one already done using the CDOROM model. For a description of the analysis, refer to the methodology and the CDOROM user guide on Moodys website. Regulatory Disclosures The rating has been disclosed to the rated entity or its designated agents and issued with no amendment resulting from that disclosure. Information sources used to prepare the credit rating are these: parties involved in the ratings and public information. Moody's Investors Service considers the quality of information available on the issuer or obligation satisfactory for the purposes of maintaining a credit rating. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY'S is not an auditor and cannot in every instance independently verify or validate information received in the rating process. =========== P O L A N D =========== BANK ZACHODNI: Moody's Affirms 'D+' Bank Financial Strength Rating ------------------------------------------------------------------ Moody's Investors Service placed on review for possible upgrade Bank Zachodni WBK SA's Baa2 long-term bank-deposit ratings following the announcement of its proposed acquisition by Banco Santander (rated Aa2/P-1/B-/Negative). The bank's D+ financial strength rating was affirmed together with its short-term bank- deposit rating of Prime-2. The proposed acquisition of BZ WBK, which is the polish subsidiary of the Allied Irish Bank (rated A1/P-1/D) by Santander was announced on the 10th of September 2010, and is expected to be cleared with the monopoly competition and the authorities, although the timeframe of this is currently unclear. Moody's said that the decision to place BZ WBK's long-term deposit ratings on review for possible upgrade reflects the fact that the acquisition, if completed, is likely to give further uplift to the Polish bank's long-term ratings given the expectation of parental support from Santander, which is viewed by the rating agency as significantly stronger than AIB, as reflected in its higher rating level. The high probability of systemic support which currently leads to a one notch uplift to BZ WBK's long-term ratings is not expected to change after the merger. According to the rating agency the review will focus on the likely extent of parental support and the magnitude of the resulting uplift. In affirming BZ WBK's short-term rating at the P-2 level the rating agency noted that the extent of this increased uplift is unlikely to be sufficient to result in a higher short-term deposit rating. BZ WBK's BFSR was affirmed but remains on negative outlook due a sizeable exposure to commercial real estate, including land financing. However, as the operating environment in Poland stabilises Moody's expects a diminishing likelihood for potential losses from these exposures. The rating agency also noted the new parent's experience in integrating and managing international subsidiaries, and the fact that the Santander group has been present in the Polish market since 2003 mainly as a leading specialized consumer lender, and commented that in time if the acquisition is successfully completed, and BZ WBK is well integrated into the Santander group, that this could have positive implications for the BFSR. The review is expected to be concluded when the legal side of the merger is finalized, although the potential timescale of this event has not been provided by the bank at this stage. Last Rating Action On June 18, 2009 the BFSR was downgraded to D+ (mapping to the BCA of Baa3) with negative outlook from C-. The local and foreign currency deposit ratings were also downgraded to Baa2 with negative outlook from A2 due to combination of the reassessment of the systemic support input and downgrade of the BFSR. The short term rating was downgraded to P-2 from P-1. Headquartered in Warsaw, Poland, BZ WBK reported total assets of PLN54 billion (EUR13.1 billion) as of December 31, 2009. These ratings were affected: * The local and foreign currency deposit ratings of Baa2 were put on review for possible upgrade =========== R U S S I A =========== ROSAVIA: Files Bankruptcy Statement in Moscow Court --------------------------------------------------- Itar-Tass reports that Rosavia has filed a bankruptcy statement at the Moscow Court of Arbitration. Rosavia was formed by the state corporation Russian Technologies to create a national airline based on the assets of companies STC Russia, Kavminvodyavia, Orenburg Airlines, Vladivostokavia, Saratov Airlines and Sakhalin Airways, the report discloses. The report relates in February 2010, the Russian government abandoned the idea of creating a new Russian national carrier called Rosavia. It was decided that the assets of Russian Technologies be transferred to Aeroflot, the report recounts. ========= S P A I N ========= TDA IBERCAJA: S&P Downgrades Rating on Class F Notes to 'D' ----------------------------------------------------------- Standard & Poor's Ratings Services lowered to 'D (sf)' its credit rating on TDA Ibercaja 4 Fondo de Titulizacion de Activos' class F notes due to a missed interest payment. The ratings on all other notes remain unaffected by this default. A missed payment of interest to the class F noteholders at the last payment date in August 2010 triggered the rating action. TDA Ibercaja 4 issued the class F notes to fund the reserve fund at closing in October 2006. These notes are not backed by mortgages. Caja de Ahorros y Monte de Piedad de Zaragoza, Aragon y Rioja (Ibercaja) originated the mortgages that back the other classes of notes. TDA Ibercaja 4 is one of Ibercaja's residential mortgage securitizations in which a class of issued notes funded the reserve fund. =========================== U N I T E D K I N G D O M =========================== EMI GROUP: Terra Firma-Citi Dispute Over Takeover Set for Trial --------------------------------------------------------------- Andrew Edgecliffe-Johnson at The Financial Times reports that New York judge Jed Rakoff ruled on Tuesday that the dispute between Citigroup and Guy Hands' Terra Firma private equity group over the GBP4.2 billion buyout of EMI in 2007 will proceed to trial next month. According to the FT, Judge Rakoff rejected two of Terra Firma's arguments, alleging negligent misrepresentation and tortious interference, meaning the court will hear just two allegations, of fraudulent misrepresentation and fraudulent concealment. "We are pleased that Judge Rakoff has rejected Citi's attempt to avoid a trial on both of Terra Firma's fraud claims. We look forward to the beginning of the trial on October 18, when Citi will have to answer to a group of New York jurors," the FT quoted a Terra Firma spokesperson as saying. The planned jury trial is expected to see Mr. Hands testify about a deal to which he committed a large portion of his funds, and could see several Citigroup bankers called as witnesses, the FT notes. As reported by the Troubled Company Reporter-Europe, the FT said Mr. Hands sued Citi last year, alleging that David Wormsley, a top Citi dealmaker, tricked him into buying EMI by falsely claiming a rival bidder -- Cerberus -- was still in the running, Pension Dispute As reported by the Troubled Company Reporter-Europe on Aug. 30, 2010, BBC News said Pensions Regulator was asked to decide on the funding of the main EMI pension scheme because the trustees and the company cannot agree. BBC disclosed the shortfall in the EMI fund is estimated at between GBP115 million and GBP217 million. The company hinted that if the regulator's ruling is too harsh it might tip the firm into insolvency, according to BBC. BBC noted in its annual report, EMI said the dispute over the size of the deficit -- a debt owed by firm to the scheme -- was one of the factors that had cast "fundamental uncertainty" over the company's future. The EMI pension scheme has 269 active members and was closed to new joiners in November 2005, according to BBC. EMI Group Ltd. -- http://www.emigroup.com/-- is the fourth largest record company in terms of market share (behind Universal Music Group, Sony Music Entertainment, and Warner Music Group). It houses recorded music segment EMI Music and EMI Music Publishing. EMI Music distributes CDs, videos, and other formats primarily through imprints and divisions such as Capitol Records and Virgin, and sports a roster of artists such as The Beastie Boys, Norah Jones, and Lenny Kravitz. EMI Music Publishing, the world's largest music publisher, handles the rights to more than a million songs. EMI Music operates through regional divisions (EMI Music North America, International, and UK & Ireland). Private equity firm Terra Firma owns EMI. HANNA QUALITY: Ulster Bank May Lose More Than GBP2 Million ---------------------------------------------------------- BBC News reports that the Ulster Bank is likely to lose more than GBP2 million it is owed by Hanna Quality Homes Limited, which went into administration. The company owed the bank GBP3.4 million when administrators were appointed last year, BBC relates. According to BBC, a report filed by the administrator from FGS McClure Watters shows that the bank can expect to get back about GBP1.2 million from the sale of assets. Most of the assets are land and properties in the Portrush and Coleraine areas, BBC notes. Hanna Quality Homes Limited is a property company. RENAISSANCE: Goes Into Administration ------------------------------------- Resident Advisor, citing a notice sent out by London-based firm Resolve Partners LLP, reports that Renaissance has gone into administration. According to the report, declining sales in the mix CD market are likely a large part of the reason behind Renaissance entering into administration. Renaissance, the quintessential '90s club label has been in operation since 1994. It was founded by Geoff Oakes. SIMPSON LEISURE: Goes Into Administration ----------------------------------------- The Business Desk reports that Simpson Leisure has gone into administration. The report relates Paul Dumbell and Brian Green of KPMG were appointed to the company at the end of August. According to the report, the administrators are continuing to trade the business while they look for a buyer. Simpson Leisure trades as Old Hall Health Club & Spa in Mobberley. It is owned by David and Jordi Bloomberg. TRENT CONCRETE: Cash Pressures Prompt Administration ---------------------------------------------------- David Matthews at Building.co.uk reports that Trent Concrete has gone into administration after its pipeline of projects was hit by the uncertainties surrounding public projects. According to the report, the firm, which employs around 150 people, had seen turnover drop during the past year and been hit by "cash pressures". The report notes administrators KPMG said that no redundancies had been made yet. The report relates KPMG said that the company had two partly completed long-term contracts, and it would look into the possibility of trading the business while in administrative receivership. Trent Concrete is a Nottingham-based precast specialist firm. ORILLO: Assets Bought Out of Administration by Cambabest -------------------------------------------------------- Worcester News reports that Cambabest has bought Orillo's assets, including leftover stock and property, out of administration. Orillo, which traded from premises in Foundry Street in Worcester, and showrooms in Malvern and Evesham, entered administration in June, the report relates. According to the report, the company's branches will reopen on Oct. 11. The majority of the old Orillo sales staff will be taken on by their new employers, the report notes. Orillo is a bathroom and plumbing firm. =============== X X X X X X X X =============== * Upcoming Meetings, Conferences and Seminars --------------------------------------------- Sept. 14, 2010 AMERICAN BANKRUPTCY INSTITUTE ABI/NYIC Golf and Tennis Fundraiser Maplewood Golf Club, Maplewood, N.J. Contact: 1-703-739-0800; http://www.abiworld.org/ Sept. 20, 2010 (tentative) AMERICAN BANKRUPTCY INSTITUTE Complex Financial Restructuring Program Fordham Law School, New York, N.Y. Contact: 1-703-739-0800; http://www.abiworld.org/ Sept. 22-23, 2010 (tentative) AMERICAN BANKRUPTCY INSTITUTE ABI/NYU Bankruptcy and Business Reorganization Workshop New York University School of Law, New York, N.Y. Contact: 1-703-739-0800; http://www.abiworld.org/ Sept. 23-25, 2010 AMERICAN BANKRUPTCY INSTITUTE Southwest Bankruptcy Conference Four Seasons Las Vegas, Las Vegas, Nev. Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 1, 2010 AMERICAN BANKRUPTCY INSTITUTE ABI/UMKC Midwestern Bankruptcy Institute Kansas City Marriott Downtown, Kansas City, Kan. Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 1, 2010 AMERICAN BANKRUPTCY INSTITUTE ABI/GULC "Views from the Bench" Georgetown University Law Center, Washington, D.C. Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 6-8, 2010 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention JW Marriott Grande Lakes, Orlando, Florida Contact: http://www.turnaround.org/ Oct. 11, 2010 AMERICAN BANKRUPTCY INSTITUTE Chicago Consumer Bankruptcy Conference Standard Club, Chicago, Ill. Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 15, 2010 AMERICAN BANKRUPTCY INSTITUTE NCBJ/ABI Educational Program Hilton New Orleans Riverside, New Orleans, La. Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 28, 2010 AMERICAN BANKRUPTCY INSTITUTE Mid-Level Professional Development Program Weil, Gotshal & Manges LLP, New York, N.Y. Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 29, 2010 (tentative) AMERICAN BANKRUPTCY INSTITUTE International Insolvency Symposium The Savoy, London, England Contact: 1-703-739-0800; http://www.abiworld.org/ Nov. __, 2010 AMERICAN BANKRUPTCY INSTITUTE Delaware Views from the Bench and Bankruptcy Bar Hotel du Pont, Wilmington, Del. Contact: 1-703-739-0800; http://www.abiworld.org/ Nov. 11, 2010 AMERICAN BANKRUPTCY INSTITUTE Detroit Consumer Bankruptcy Conference Hyatt Regency Dearborn, Dearborn, Mich. Contact: 1-703-739-0800; http://www.abiworld.org/ Nov. 29, 2010 RENAISSANCE AMERICAN MANAGEMENT, INC. & BEARD GROUP, INC. 17th Annual Distressed Investing Conference The Helmsley Park Lane Hotel, New York City Contact: 1-903-595-3800; http://www.renaissanceamerican.com/ Dec. 9-11, 2010 AMERICAN BANKRUPTCY INSTITUTE Winter Leadership Conference Camelback Inn, a JW Marriott Resort & Spa, Scottsdale, Ariz. Contact: 1-703-739-0800; http://www.abiworld.org/ Dec. 2-4, 2010 AMERICAN BANKRUPTCY INSTITUTE 22nd Annual Winter Leadership Conference Camelback Inn, Scottsdale, Arizona Contact: 1-703-739-0800; http://www.abiworld.org/ January 26-28, 2011 TURNAROUND MANAGEMENT ASSOCIATION TMA Distressed Investing Conference Aria Las Vegas Contact: http://www.turnaround.org/ Jan. 27-28, 2011 AMERICAN BANKRUPTCY INSTITUTE Rocky Mountain Bankruptcy Conference Westin Tabor Center, Denver, Colo. Contact: 1-703-739-0800; http://www.abiworld.org/ Feb. 3-5, 2011 AMERICAN BANKRUPTCY INSTITUTE Caribbean Insolvency Symposium Westin Casuarina Resort & Spa, Grand Cayman Island Contact: 1-703-739-0800; http://www.abiworld.org/ Feb. 24-25, 2011 AMERICAN BANKRUPTCY INSTITUTE Valcon Four Seasons Las Vegas, Las Vegas, Nev. Contact: 1-703-739-0800; http://www.abiworld.org/ Mar. 4, 2011 AMERICAN BANKRUPTCY INSTITUTE Bankruptcy Battleground West Hyatt Regency Century Plaza, Los Angeles, Calif. Contact: 1-703-739-0800; http://www.abiworld.org/ Mar. 7-9, 2011 AMERICAN BANKRUPTCY INSTITUTE Conrad Duberstein Moot Court Competition Duberstein U.S. Courthouse, New York, N.Y. Contact: 1-703-739-0800; http://www.abiworld.org/ Mar. 10, 2011 AMERICAN BANKRUPTCY INSTITUTE Nuts and Bolts - Florida Tampa, Fla. Contact: 1-703-739-0800; http://www.abiworld.org/ Mar. 10-12, 2011 AMERICAN BANKRUPTCY INSTITUTE SUCL/ Alexander L. Paskay Seminar on Bankruptcy Law and Practice Marriott Tampa Waterside, Tampa, Fla. Contact: 1-703-739-0800; http://www.abiworld.org/ Mar. 17-19, 2011 AMERICAN BANKRUPTCY INSTITUTE Byrne Judicial Clerkship Institute Pepperdine University School of Law, Malibu, Calif. Contact: 1-703-739-0800; http://www.abiworld.org/ Mar. 31-Apr. 3, 2011 AMERICAN BANKRUPTCY INSTITUTE Annual Spring Meeting Gaylord National Resort & Convention Center, National Harbor, Md. Contact: 1-703-739-0800; http://www.abiworld.org/ April 27-29, 2011 TURNAROUND MANAGEMENT ASSOCIATION TMA Spring Conference JW Marriott, Chicago, IL Contact: http://www.turnaround.org/ May 5, 2011 AMERICAN BANKRUPTCY INSTITUTE Nuts and Bolts - New York City Association of the Bar of the City of New York, New York, N.Y. Contact: 1-703-739-0800; http://www.abiworld.org/ May 6, 2011 AMERICAN BANKRUPTCY INSTITUTE New York City Bankruptcy Conference Hilton New York, New York, N.Y. Contact: 1-703-739-0800; http://www.abiworld.org/ June 6, 2011 AMERICAN BANKRUPTCY INSTITUTE Canadian-American Cross-Border Insolvency Symposium Fairmont Royal York, Toronto, Ont. Contact: 1-703-739-0800; http://www.abiworld.org/ June 9-12, 2011 AMERICAN BANKRUPTCY INSTITUTE Central States Bankruptcy Workshop Grand Traverse Resort and Spa, Traverse City, Mich. Contact: http://www.abiworld.org/ July 21-24, 2011 AMERICAN BANKRUPTCY INSTITUTE Northeast Bankruptcy Conference Hyatt Regency Newport, Newport, R.I. Contact: 1-703-739-0800; http://www.abiworld.org/ July 27-30, 2011 AMERICAN BANKRUPTCY INSTITUTE Southeast Bankruptcy Workshop The Sanctuary at Kiawah Island, Kiawah Island, S.C. Contact: 1-703-739-0800; http://www.abiworld.org/ Aug. 4-6, 2011 AMERICAN BANKRUPTCY INSTITUTE Mid-Atlantic Bankruptcy Workshop Hotel Hershey, Hershey, Pa. Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 14, 2011 AMERICAN BANKRUPTCY INSTITUTE NCBJ/ABI Educational Program Tampa Convention Center, Tampa, Fla. Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. __, 2011 AMERICAN BANKRUPTCY INSTITUTE International Insolvency Symposium Dublin, Ireland Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 25-27, 2011 TURNAROUND MANAGEMENT ASSOCIATION Hilton San Diego Bayfront, San Diego, CA Contact: http://www.turnaround.org/ Dec. 1-3, 2011 AMERICAN BANKRUPTCY INSTITUTE 23rd Annual Winter Leadership Conference La Quinta Resort & Spa, La Quinta, Calif. Contact: 1-703-739-0800; http://www.abiworld.org/ Apr. 19-22, 2012 AMERICAN BANKRUPTCY INSTITUTE Annual Spring Meeting Gaylord National Resort & Convention Center, National Harbor, Md. Contact: 1-703-739-0800; http://www.abiworld.org/ July 14-17, 2012 AMERICAN BANKRUPTCY INSTITUTE Southeast Bankruptcy Workshop The Ritz-Carlton Amelia Island, Amelia Island, Fla. Contact: 1-703-739-0800; http://www.abiworld.org/ Aug. 2-4, 2012 AMERICAN BANKRUPTCY INSTITUTE Mid-Atlantic Bankruptcy Workshop Hyatt Regency Chesapeake Bay, Cambridge, Md. Contact: 1-703-739-0800; http://www.abiworld.org/ Nov. 29 - Dec. 2, 2012 AMERICAN BANKRUPTCY INSTITUTE Winter Leadership Conference JW Marriott Starr Pass Resort & Spa, Tucson, Ariz. Contact: 1-703-739-0800; http://www.abiworld.org/ ********* 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. Joy A. Agravante, Valerie U. Pascual, Marites O. Claro, Rousel Elaine T. Fernandez, Frauline S. Abangan and Peter A. Chapman, Editors. Copyright 2010. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$625 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Christopher Beard at 240/629-3300. * * * End of Transmission * * *