/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/110210.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, February 10, 2011, Vol. 12, No. 29 Headlines A U S T R I A KNEISSL HOLDING: Failed Capital Increase Prompts Insolvency Filing OESTERREICHISCHE VOLKSBANKEN: Three Potential Buyers Eye VBI Unit D E N M A R K * DENMARK: PM Won't Back FSA-Central Bank Merger "Unconditionally" F I N L A N D ENCORIUM GROUP: Ilari Koskelo Holds 35.46% Equity Stake G R E E C E * Fitch Says Greek RMBS Performance Shows Signs of Deterioration I C E L A N D GLITNIR BANK: Court Orders FI Investment to Repay ISK4.7-Bil. Loan I R E L A N D ALLIED IRISH: S&P Downgrades Ratings on Six Bond Issues to 'BB' ANGLO IRISH: Expects EUR17.6-Bil. Pretax Loss in 2010 ANGLO IRISH: Irish Nationwide Merger Approved; Auction to Start EIRCOM GROUP: Has Yet to Seek Approval for Cost-Cutting Proposals IRISH NATIONWIDE: Anglo Irish Merger Approved; Auction to Start QUINN INSURANCE: Anglo Expects Approval of Takeover Bid This Week * IRELAND: ECB Chief Remains Opposed to Any Debt Restructuring * IRELAND: Needs EU Help to Deal with Banking Crisis, Report Says I T A L Y SAFILO GROUP: S&P Raises Long-Term Corporate Credit Rating to 'B-' N E T H E R L A N D S * NETHERLANDS: Corporate Bankruptcies Down 10% in 2010 T U R K E Y PETROL OFISI: S&P Raises Long-Term Corp. Credit Rating to 'BB-' U N I T E D K I N G D O M ALL NATURAL: Fruitapeel Acquires Firm, To Employ Former Workers BRITISH BOOKSHOPS: WH Smith Acquires Firm's Stores DUNDEE FOOTBALL: Avoids Liquidation, Reaches Deal With Creditors EISMANN UK: Goes Into Administration, Squeezed Out by Supermarkets MISSOURI TOPCO: Moody's Gives Negative Outlook; Keeps 'Ba2' Rating POLESTAR FOODS: Appoints FRP Advisory LL as Administrators ROSE AND CROWN HOTEL: Goes Into Receivership, To Go Up in Sale SMITHS OF PETERHEAD: Goes Into Administration Over Tax Debt * UK: Number of Hauliers Opting for CVA Up by More Than 50% in '10 X X X X X X X X * Upcoming Meetings, Conferences and Seminars ********* ============= A U S T R I A ============= KNEISSL HOLDING: Failed Capital Increase Prompts Insolvency Filing ------------------------------------------------------------------ Zoe Schneeweiss at Bloomberg News reports that Kneissl Holding GmbH said in an OTS statement on Tuesday that the company has filed for insolvency at the regional court of Innsbruck after a failed capital increase. Separately, Deutsche Presse Agentur's Albert Otti, citing Austrian press agency APA, says Kneissl amassed EUR23.3 million (US31.8 million) of debts. According to DPA, the company had hoped for a cash injection by its Saudi co-owner Mohamed al-Jaber, but the investor did not meet a deadline set by the bankruptcy judge. Kneissl's strategy of expanding and buying brands such as Raichle, Dynafit and Marker was not successful, leading to bankruptcy in 2003, followed by a series of ownership changes, DPA discloses. DPA relates that Mr. Al-Jaber announced Tuesday he is ready to inject another EUR1.2 million once a strategy for the future of the brand has been worked out with the main creditors. Kneissl Holding GmbH is an Austrian ski maker. OESTERREICHISCHE VOLKSBANKEN: Three Potential Buyers Eye VBI Unit ----------------------------------------------------------------- Russia's Sberbank is among three potential buyers eyeing Oesterreichische Volksbanken AG's VBI eastern European arm, Reuters' Christian Gutlederer and Michael Shields report, citing sources close to the matter. "We understand that a 100% potential sale is on the table, subject to valuation," Reuters quotes one of the sources as saying. According to Reuters, another source said a deal might emerge by mid-year. Reuters relates that a Volksbanken source said there were more than three bidders. Oesterreichische Volksbanken is under pressure to raise money to start paying back EUR1 billion in state aid it got during the financial crisis, and is due to pay back EUR300 million of aid in 2011, Reuters discloses. "I think the plan is to use some of the proceeds of the sale to help towards the EUR300 million," the Volksbanken source, as cited by Reuters, said. According to Reuters, one source said that agreeing to a price for VBI could be tricky, with the seller looking for upwards of EUR1.8 billion (US$2.44 billion). Reuters notes that another source said buyers are pitching for a price tag of no more than VBI's equity of EUR1.2 billion. Headquartered in Vienna, Austria, Oesterreichische Volksbanken-AG -- http://www.volksbank.com/-- is an internationally active commercial bank. The Bank is divided into four business segments: Corporates, Retail, Real Estate and Financial Markets. The Corporates segment caters to corporate customers, mainly via Investkredit Bank AG. The Retail segment covers all business areas which are executed directly with private individuals, executed mainly by the regional Volksbanks. The Real Estate segment provides financing, real estate project development and asset management for commercial real estate. The Financial Markets segment offers services such as exchange-rate, interest- rate and pricing products and different forms of derivatives. The Bank's subsidiaries include, amongst others, Investkredit Bank AG, Volksbank International AG, Volksbank Invest Kapitalanlagegesellschaft m.b.H., Immo Kapitalanlage AG, Volksbank Wien, Immo-Bank AG and Investkredit Investmentbank AG. The Bank is 58.2% owned by Volksbank Holding. * * * Oesterreichische Volksbanken AG continues to carry an 'E+' bank financial strength rating from Moody's Investors Service with negative outlook. The BFSR was downgraded from C- in July 2009. The bank also carries the rating agency's 'Caa2' rating on its preferred stock. Moody's said VBAG's downgraded E+ BFSR translates to a Baseline Credit Assessment (BCA) of B1 and reflected Moody's assessment of the bank's overall very strained financial profile. ============= D E N M A R K ============= * DENMARK: PM Won't Back FSA-Central Bank Merger "Unconditionally" ------------------------------------------------------------------ Christian Wienberg and Adam Ewing at Bloomberg News report that Danish Prime Minister Lars Loekke Rasmussen said at a weekly press briefing in Copenhagen on Tuesday that a merger between the Financial Supervisory Authority and the central bank may result in "synergies," though the move could also create some "problems" and isn't a proposal he would back "unconditionally." On Feb. 9, 2011, the Troubled Company Reporter-Europe, citing Bloomberg News, related that Nils Bernstein, Denmark's central bank governor, said in a written response to questions sent by newspaper Borsen that the failure of Amagerbanken A/S underlines the need for an investigation into whether the country's FSA should be merged with its central bank. Mr. Bernstein told the Copenhagen-based newspaper that the Ministry of Economy and Business Affairs has appointed a committee to look into the matter, Bloomberg disclosed. Amagerbanken is the eighth local lender to require a state bailout since 2008, Bloomberg noted. ============= F I N L A N D ============= ENCORIUM GROUP: Ilari Koskelo Holds 35.46% Equity Stake ------------------------------------------------------- In a Schedule 13D filing with the U.S. Securities and Exchange Commission on February 1, 2011, Ilari Koskelo disclosed that he beneficially owns 1,884,656 shares of common stock of Encorium Inc. representing 35.46% of the shares outstanding. As of August 16, 2010, there were 3,408,247 shares of Encorium Group, Inc. common stock outstanding, par value $.001 per share, which excludes 38,765 shares in treasury. About Encorium Group Wayne, Pa.-based Encorium Group, Inc. (Nasdaq: ENCO) is a clinical research organization (CRO) that engages in the design and management of complex clinical trials for the pharmaceutical, biotechnology and medical device industries. The Company was initially incorporated in August 1998 in Nevada. In June 2002, the Company changed its state of incorporation to Delaware. In November 2006, the Company expanded its international operations with the acquisition of its wholly owned subsidiary, Encorium Oy, a CRO founded in 1996 in Finland, which offers clinical trial services to the pharmaceutical and medical device industries. Since 2006, the Company has conducted substantially all of its European operations through Encorium Oy and its wholly owned subsidiaries located in Denmark, Estonia, Sweden, Lithuania, Romania, Germany and Poland. On July 16, 2009, the Company sold substantially all of the assets relating to the Company's U.S. line of business to Pierrel Research USA, Inc., the result of which the Company no longer has any employees or significant operations in the United States. The Company's balance sheet as of June 30, 2010, showed US$10.0 million in total assets, US$10.6 million in total liabilities, and a stockholders' deficit of US$620,000. As reported in the Troubled Company Reporter on April 23, 2010, Deloitte and Touche, LLP, in Philadelphia, Pa., expressed substantial doubt about the Company's ability to continue as a going concern, following its 2009 results. The independent auditors noted of the Company's recurring losses from operations, current available cash, and anticipated level of capital requirements. =========== G R E E C E =========== * Fitch Says Greek RMBS Performance Shows Signs of Deterioration ---------------------------------------------------------------- Fitch Ratings says in a newly-published report that the performance of Greek RMBS transactions has begun to show signs of deterioration, having previously been unaffected by the weakened economic conditions in the country. In the report, the agency highlights that although reported losses remain very limited, the proportion of loans in arrears for more than three months has increased rapidly to 2.6% in December 2010 from less than 1.0% a year earlier. Along with increases in arrears levels, the agency has observed increases in period defaults in the majority of Greek RMBS transactions. Fitch notes that asset performance deterioration could accelerate with the proposed budget cuts, tax increases and reforms, especially in transactions with a high percentage of loans with government subsidies or loans to civil servants. The report follows the downgrade of 26 tranches from 14 Greek RMBS transactions in January 2011, due to Fitch's downgrade of Greece's long-term foreign and local currency Issuer Default Ratings to 'BB+' from 'BBB-'. ============= I C E L A N D ============= GLITNIR BANK: Court Orders FI Investment to Repay ISK4.7-Bil. Loan ------------------------------------------------------------------ Omar R. Valdimarsson at Bloomberg News reports that the District Court of Reykjavik ruled that FI Investments ehf, owned by former FL Group Chairman Hannes Smarason, must repay a ISK4.7 billion (US$41 million) loan owed to Glitnir Bank hf. The news was posted on the Web site of the District Court of Reykjavik on Tuesday. 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 November 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. As reported by the Troubled Company Reporter-Europe, Bloomberg News said Judge Stuart Bernstein of the U.S. Bankruptcy Court for the Southern District Court of New York granted Glitnir permission to enter into a proceeding under Chapter 15 of the U.S. bankruptcy code on January 6, 2008. Steinunn Gudbjarsdottir, as the duly authorized foreign representative for Glitnir, 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 loans provided to U.S. companies. Bloomberg, citing papers filed with the Court, said the bank issued 22 short- and long-term notes for about US$7 billion in the country. ============= I R E L A N D ============= ALLIED IRISH: S&P Downgrades Ratings on Six Bond Issues to 'BB' --------------------------------------------------------------- Standard & Poor's Ratings Services lowered its ratings on six bond issues that are supported by Allied Irish Banks PLC in the form of letters of credit. The ratings remain on CreditWatch with negative implications, where S&P had placed them on Dec. 1, 2010. The long- and short-term components of S&P's ratings on the bonds are based on its long- and short-term issuer credit ratings on Allied Irish Banks PLC (BB/Watch Neg/B). The ratings address the full and timely payment of the bonds' regularly scheduled interest, principal, and purchase price upon an optional or mandatory tender, according to the transactions' terms. Allied Irish Banks provides credit and liquidity support for the bonds in the form of LOCs. The rating actions reflect the Feb. 2, 2011, lowering of S&P's long-term issuer credit rating on Allied Irish Banks to 'BB' from 'BBB' and its short-term rating to 'B' from 'A-2'. These ratings remain on CreditWatch negative, where S&P had placed them on Nov. 26, 2010. Rating adjustments may be precipitated by, among other things, changes to S&P's rating on any financial institution that is providing an irrevocable LOC or by amendments to the documentation governing the obligations. Ratings Lowered Bucks County Industrial Development Authority US$20 million economic development variable-rate revenue bonds series 2003 due 05/01/2033 Rating ------ CUSIP To From ----- -- ---- 11861LAA6 BB/Watch Neg/B BBB/Watch Neg/A-2 Connecticut Health & Educational Facilities Authority US$6.75 million variable-rate demand revenue bonds series A due 07/01/2032 Rating ------ CUSIP To From ----- -- ---- 20774LXZ3 BB/Watch Neg/B BBB/Watch Neg/A-2 Illinois Health Facility Authority US$13.2 million weekly adjustable-rate revenue bonds series 2001 due 08/15/2031 Rating ------ CUSIP To From ----- -- ---- 45200PPZ4 BB/Watch Neg/B BBB/Watch Neg/A-2 Iowa Financial Authority US$15.76 million variable-rate demand private school facility revenue bonds series 1997 due 06/01/2019 Rating ------ CUSIP To From ----- -- ---- 46246KLV2 BB/Watch Neg/B BBB/Watch Neg/A-2 Missouri Health & Educational Facilities Authority US$10 million variable-rate demand health facilities revenue bonds series 2007 due 07/01/2037 Rating ------ CUSIP To From ----- -- ---- 60635RZ34 BB/Watch Neg/B BBB/Watch Neg/A-2 Washington St Housing Finance Commission US$50 million variable-rate demand nonprofit revenue bonds series 2005 due 07/01/2033 Rating ------ CUSIP To From ----- -- ---- 93978LCQ7 BB/Watch Neg/B BBB/Watch Neg/A-2 ANGLO IRISH: Expects EUR17.6-Bil. Pretax Loss in 2010 ----------------------------------------------------- Joe Brennan at Bloomberg News reports that Anglo Irish Bank Corp., taken over by the government two years ago, said it expects to post a pretax loss of about EUR17.6 billion (US$24 billion) in 2010, the largest corporate loss in the nation's history. Bloomberg relates that Anglo Irish said in a statement on Tuesday that the company lost EUR16 billion, or 59%, of its deposits over the course of the year. The pretax loss exceeds the EUR12.8 billion loss the bank posted for the 15 months to the end of December 2009, Bloomberg notes. According to Bloomberg, Anglo Irish said that the company expects an EUR11.5 billion loss on the sale of loans to the National Asset Management Agency, the nation's so-called bad bank, and an impairment charge on other loans of EUR7.8 billion. The government was forced last year into seeking an EUR85 billion bailout, led by the European Union and International Monetary Fund, as deposits fled Ireland, Bloomberg recounts. Anglo Irish absorbed EUR29.3 billion of the EUR46 billion of capital Ireland pumped into its debt-laden banking system over the past two years, Bloomberg discloses. Anglo Irish, as cited by Bloomberg, said the company's reliance on central bank funding soared to EUR45 billion at the end of December from EUR23.7 billion at the end of 2009, as depositors fled. Anglo Irish Bank Corp PLC -- http://www.angloirishbank.com/-- operates in three core areas: business lending, treasury and private banking. The Bank's non-retail business is made up of more than 11,000 commercial depositors spanning commercial entities, charities, public sector bodies, pension funds, credit unions and other non-bank financial institutions. The Company's retail deposits comprise demand, notice and fixed term deposit accounts from personal savers with maturities of up to two years. Non-retail deposits are sourced from commercial entities, charities, public sector bodies, pension funds, credit unions and other non-bank financial institutions. In addition, at Sept. 30, 2008, its non-retail deposits included deposits from Irish Life Assurance plc. The Private Bank offers tailored products and solutions for high net worth clients and operates the Bank's lending business in Ireland and the United Kingdom. * * * As reported by the Troubled Company Reporter-Europe on Dec. 1, 2010, DBRS downgraded the ratings of the Euro Dated Subordinated Notes (specifically the EUR325.2 million Floating Rate Subordinated Notes due 2014, EUR500 million Callable Subordinated Floating Rate Notes due 2016 and the EUR750 million Dated Subordinated Floating Rate Notes due 2017) (collectively referred to as the 2017 Notes) issued by Anglo Irish Bank Corporation Limited (Anglo Irish or the Bank) to 'D' from 'C'. DBRS said the downgrade follows the execution of the Bank's note exchange offer. The default status for the exchanged and now-extinguished 2017 Notes reflects DBRS's view that bondholders were offered limited options, which, as discussed in DBRS' press release dated October 25, 2010, is considered a default per DBRS policy. On Oct. 29, 2010, the Troubled Company Reporter-Europe reported that Standard & Poor's Ratings Services lowered its rating on Anglo Irish Bank Corp. Ltd.'s non-deferrable dated subordinated debt (lower Tier 2) securities to 'D' from 'CCC'. The downgrade of the lower Tier 2 debt rating reflects S&P's opinion that the bank's exchange offer is a "distressed exchange" and tantamount to default in accordance with its criteria. ANGLO IRISH: Irish Nationwide Merger Approved; Auction to Start --------------------------------------------------------------- BBC News reports that the Irish Republic's debt management agency has said it will start an auction process for the sale of the deposits and assets of Anglo Irish Bank and Irish Nationwide Building Society. BBC relates that the government submitted restructuring plans for the two state-run lenders to the European Commission last week. They also include the merger of Anglo Irish and Irish Nationwide, BBC notes. The Irish High Court has now given clearance to those plans, BBC discloses. "The NTMA (National Treasury Management Agency) will immediately commence an auction process to invite interested, fully-licensed financial institutions to tender for Anglo and INBS deposits," BBC quotes the debt management agency as saying in a statement. "It is intended that this process will conclude as quickly as possible. "The process will also involve the amalgamation of Anglo [Irish] and INBS into a merged entity regulated by the Central Bank of Ireland." According to BBC, the banks said depositors need take no action and would not see any changes in their terms and conditions. Anglo Irish Bank Corp PLC -- http://www.angloirishbank.com/-- operates in three core areas: business lending, treasury and private banking. The Bank's non-retail business is made up of more than 11,000 commercial depositors spanning commercial entities, charities, public sector bodies, pension funds, credit unions and other non-bank financial institutions. The Company's retail deposits comprise demand, notice and fixed term deposit accounts from personal savers with maturities of up to two years. Non-retail deposits are sourced from commercial entities, charities, public sector bodies, pension funds, credit unions and other non-bank financial institutions. In addition, at Sept. 30, 2008, its non-retail deposits included deposits from Irish Life Assurance plc. The Private Bank offers tailored products and solutions for high net worth clients and operates the Bank's lending business in Ireland and the United Kingdom. * * * As reported by the Troubled Company Reporter-Europe on Dec. 1, 2010, DBRS downgraded the ratings of the Euro Dated Subordinated Notes (specifically the EUR325.2 million Floating Rate Subordinated Notes due 2014, EUR500 million Callable Subordinated Floating Rate Notes due 2016 and the EUR750 million Dated Subordinated Floating Rate Notes due 2017) (collectively referred to as the 2017 Notes) issued by Anglo Irish Bank Corporation Limited (Anglo Irish or the Bank) to 'D' from 'C'. DBRS said the downgrade follows the execution of the Bank's note exchange offer. The default status for the exchanged and now-extinguished 2017 Notes reflects DBRS' view that bondholders were offered limited options, which, as discussed in DBRS' press release dated October 25, 2010, is considered a default per DBRS policy. On Oct. 29, 2010, the Troubled Company Reporter-Europe reported that Standard & Poor's Ratings Services lowered its rating on Anglo Irish Bank Corp. Ltd.'s non-deferrable dated subordinated debt (lower Tier 2) securities to 'D' from 'CCC'. The downgrade of the lower Tier 2 debt rating reflects S&P's opinion that the bank's exchange offer is a "distressed exchange" and tantamount to default in accordance with its criteria. EIRCOM GROUP: Has Yet to Seek Approval for Cost-Cutting Proposals ----------------------------------------------------------------- John Mulligan and Donal O'Donovan at Irish Independent report that proposals for fresh cost cutting at Eircom could be hammered out within two weeks, paving the way for movement on addressing the company's debt burden. Irish Independent says the cost-cutting proposals have yet to be agreed but are expected to be put to union members for approval within weeks. Irish Independent notes that acceptance of further cutbacks would pave the way for majority-owner Singapore Technologies Telemedia and the firm's Employee Share Ownership Trust (ESOT) to invest as much as EUR300 million in fresh equity in the business. Irish Independent relates that people involved in behind-the- scenes contacts between the company's advisers and its creditors said a cash injection would be dependent on a wide-ranging agreement with senior lenders owed EUR3 billion and senior bondholders owed EUR350 million. According to Irish Independent, people involved in the discussions said that shareholders are thought to be unwilling to put in the cash without ensuring the new funds are not at risk of absorbing losses because of covenant breaches or left sitting behind an unsustainable debt pile. Negotiations with Eircom's large creditor group could take months, but will need to be finalized before a covenant test on June 30, Irish Independent states. Creditors are already forming committees in anticipation of the negotiations, Irish Independent discloses. An ad hoc group representing three-quarters of senior bondholders is being represented by law firm Cadwalader, Irish Independent notes. A bondholder source told the Irish Independent on Monday night that senior bondholders, who sit in the middle of Eircom's complicated debt structure, are amenable to a deal if it involves a cash payoff, even at a significant discount to what they are owed. He said there was less likelihood of a buyback offer being extended to more junior Payment in Kind (PIK) creditors, Irish Independent states. The PIK notes are owed EUR600 million but it is secured against a holding company, not against Eircom's assets, leaving the PIK vulnerable to being written off or stepped around in a debt restructuring, Irish Independent says. Holders of senior loans are not expected to suffer any haircuts but their agreement will be crucial to changing the restrictive debt covenants that leave shareholders vulnerable to technical default, even as they meet all of their financial obligations, Irish Independent notes. Later this week, a group of these senior "bank" lenders are understood to be meeting with investment banks pitching to be mandated as financial advisers, to represent the senior lenders in talks with the company and its shareholders, Irish Independent discloses. As reported by the Troubled Company Reporter-Europe on Dec. 1, 2010, Bloomberg News said Eircom may breach the terms of its loans as Ireland's austerity measures imposed to combat the collapse of the banking system force consumers to cut spending. Bloomberg disclosed Eircom said in a statement declining revenue combined with "high" debt levels to push the company close to a covenant breach. Eircom, as cited by Bloomberg, said the company's loan covenants may be violated in the next 12 months if no action is taken. Headquartered in Dublin, Ireland, Eircom Group -- http://www.eircom.ie/-- is an Irish telecommunications company, and former state-owned incumbent. It is currently the largest telecommunications operator in the Republic of Ireland and operates primarily on the island of Ireland, with a point of presence in Great Britain. IRISH NATIONWIDE: Anglo Irish Merger Approved; Auction to Start --------------------------------------------------------------- BBC News reports that the Irish Republic's debt management agency has said it will start an auction process for the sale of the deposits and assets of Anglo Irish Bank and Irish Nationwide Building Society. BBC relates that the government submitted restructuring plans for the two state-run lenders to the European Commission last week. They also include the merger of Anglo Irish and Irish Nationwide, BBC notes. The Irish High Court has now given clearance to those plans, BBC discloses. "The NTMA (National Treasury Management Agency) will immediately commence an auction process to invite interested, fully-licensed financial institutions to tender for Anglo and INBS deposits," BBC quotes the debt management agency as saying in a statement. "It is intended that this process will conclude as quickly as possible. "The process will also involve the amalgamation of Anglo [Irish] and INBS into a merged entity regulated by the Central Bank of Ireland." According to BBC, the banks said depositors need take no action and would not see any changes in their terms and conditions. Irish Nationwide Building Society, headquartered in Dublin, had total assets of EUR14.4 billion at year-end 2008. * * * Irish Nationwide Building society continues to carry Moody's Investors Service's 'E' bank financial strength rating and 'C' subordinated debt rating with negative outlook. Irish Nationwide also carries Fitch's 'E' bank financial strength rating and 'C' subordinated debt rating. The individual rating was upgraded from 'F' in September 2010. Fitch said the upgrade of INBS's Individual Rating to 'E' recognized the government's injection of EUR2.7 billion capital into the society, but also acknowledged that the society was still likely to require further external support. QUINN INSURANCE: Anglo Expects Approval of Takeover Bid This Week ----------------------------------------------------------------- Laura Noonan at Irish Independent reports that Anglo Irish Bank is hoping to be given the government's approval to go ahead with its bid for Quinn Insurance by the end of the week. Irish Independent relates that National Treasury Management Agency, which looks after Ireland's banking interests, has been mulling over Anglo's plan to take over the insurer for more than a week. According to The Irish Independent, the plan involves Anglo taking over Quinn Insurance Limited (QIL) in a joint venture with US insurance giant Liberty Mutual, who would stump up a "significant" portion of the EUR600 million investment. Their bid is believed to be one of the last two or three under consideration by Quinn's administrators and their advisers Macquarie, Irish Independent notes. A decision is expected within a fortnight, Irish Independent says. Anglo believes that taking over QIL is the best way to secure repayment of a EUR2.8 billion debt pile owed by the family of QIL founder Sean Quinn and his family, Irish Independent states. Anglo is understood to have picked Liberty as its partner because the US insurer is willing to put up some of the cash for the deal and share the risk of future losses, Irish Independent discloses. The Irish bank also believes it has a better chance of getting regulatory approval for the deal if it partners with an established insurer rather than partnering with the Quinn family, according to Irish Independent. About Quinn Insurance Quinn Insurance is owned by Sean Quinn, Ireland's richest man, and his family. The company has more than 20% of the motor and health insurance market in Ireland. Employing almost 2,800 people in Britain and Ireland, it was founded in 1996 and entered the UK market in 2004. As reported by the Troubled Company Reporter-Europe, The Irish Times said the Financial Regulator put Quinn Insurance into administration in March 2010 after his office discovered guarantees had been provided by the insurer's subsidiaries as far back as 2005 on Quinn Group debts of more than EUR1.2 billion. The regulator said the guarantees reduced the amount the firm had in reserve to protect policyholders against possible claims, putting 1.3 million customers at risk, according to The Irish Times. * IRELAND: ECB Chief Remains Opposed to Any Debt Restructuring -------------------------------------------------------------- Arthur Beesley at The Irish Times reports that European Central Bank (ECB) chief Jean-Claude Trichet has reiterated his opposition to any debt restructuring by Ireland, saying the terms of the EU- IMF bailout plan for the State have been approved by the entire world. According to The Irish Times, Mr. Trichet's remarks before a committee of the European Parliament come against the backdrop of demands for the renegotiation of key elements of the deal by Fine Gael and Labour, which hope to be in government within weeks. Responding to an MEP's question after making a presentation in his capacity as chairman of the newly established European Systemic Risk Board, Mr. Trichet, as cited by The Irish Times, said the requirement on the Irish authorities to "apply the program" as agreed has not changed. The Irish Times relates that in Brussels on Tuesday, Mr. Trichet said the Irish rescue plan and that of Greece did "not comprehend" the notion of bondholders being compelled to take a "haircut" on their investments. Ireland entered an EUR85 billion EU-IMF program last November and Greece was bailed out to the tune of EUR110 billion last May, The Irish Times recounts. "We have plans. The plans have to be executed, have to be implemented in the best fashion possible as has been the case the world over and it is very, very important in my opinion not to confuse things," The Irish Times quotes Mr. Trichet as saying. "Those plans have been approved. They have to be implemented and I expect that the working assumption of the international community, not only the European, according to which they will demonstrate their capacity to adjust, after having behaved in a very improper manner, will be progressively convincing." Mr. Trichet said it would take time for both countries to restore their credibility on the markets and added that investors who make bets against the euro zone should not be rewarded, notes The Irish Times. According to The Irish Times, Mr. Trichet said "Modern markets are made of investors that are long and investors that are short. The investors that are long, private sector investors, are losing money when you practice this haircut you have mentioned. Those investors that are short are making money, so this is also something that one must have in mind when reflecting on this very, very important issue." * IRELAND: Needs EU Help to Deal with Banking Crisis, Report Says ----------------------------------------------------------------- According to RTE News, a report from Goodbody Stockbrokers has argued that Ireland cannot bear the losses from the banking crisis on its own. RTE News relates that in a report on Irish debt levels, Goodbody says there should be some form of risk-sharing with bondholders. But it adds that Ireland cannot do this on its own, and should push for a Europe-wide solution to the problem, RTE notes. Goodbody says some EUR21 billion of bank debt should be restructured now -- otherwise there will have to be a restructuring of Irish sovereign debt some time after 2014, RTE discloses. Goodbody economist, Dermot O'Leary, says a new government must act urgently, as two-thirds of these bondholders are due to be repaid over the next 24 months, according to RTE. Goodbody estimates the savings to the taxpayer could be around EUR10 billion if a 50% haircut were applied to the outstanding stock of unsecured, unguaranteed senior and subordinate bondholders, RTE says. Goodbody says the costs of the banking crisis make it less likely that Ireland will be able to pay back its debts in the future, RTE notes. According to RTE, other options suggested by Goodbody are allowing the European Financial Stability Facility to directly recapitalize weak banking systems such as Ireland's, or facilitate the sale of Irish banking assets through an EU-wide insurance scheme. The Goodbody report also says a reduction in the interest rates charged under the EU/IMF bail-out is needed, RTE discloses. It calculates that every one-point reduction saves EUR675 million a year in interest payments, RTE states. RTE relates that stockbroker NCB has said that Ireland will need further EU help after 2013 to raise funds. It says a lowering of the interest rate on EU loans would give Ireland a higher probability of weaning itself off aid by 2014, according to RTE. The 'Ireland Moves Forward' report also identifies state assets that could be the first to be sold off to help the Government finances, including those in the areas of forestry, energy, networks and ports, RTE notes. The report says the Irish banks remain reliant on the state for capital and on the ECB and Irish Central Bank for liquidity, RTE discloses. It adds that the March stress tests will determine whether any additional capital is needed apart from the EUR10 billion already earmarked for the financial institutions, RTE notes. NCB predicts that the National Asset Management Agency will be a major 'dictator of activity in 2011' and beyond, RTE relates. ========= I T A L Y ========= SAFILO GROUP: S&P Raises Long-Term Corporate Credit Rating to 'B-' ------------------------------------------------------------------ Standard & Poor's Ratings Services said that it has raised its long-term corporate credit ratings on Italy-based eyewear manufacturer Safilo Group SpA and its 100%-owned subsidiary Safilo SpA to 'B-' from 'CCC+'. The outlook is stable. At the same time, S&P raised its issue rating on the outstanding EUR184.7 million of second-lien notes issued by Safilo's fully owned finance subsidiary Safilo Capital International S.A. to 'CCC+' from 'CCC'. The recovery rating of '5' on this instrument remains unchanged and reflects Standard & Poor's expectations of modest (10%-30%) recovery for noteholders in the event of a payment default. "The upgrade reflects S&P's view of Safilo's improved operating performance and liquidity, and its belief that the company will likely pass its 2012 covenant tests with adequate headroom," said Standard & Poor's credit analyst Florence Devevey. After two years of negative free cash flow, Safilo generated EUR65 million of positive free cash flow in the first nine months of 2010. This turnaround resulted from consistent EBITDA growth in the first three quarters of the year (reported EBITDA to end- September almost doubled, to EUR82.5 million, up from EUR47.5 million a year earlier), lower interest expense following the company's recapitalization in the beginning of 2010, and what S&P views as tight management of working capital and capital expenditures. In addition, S&P now believes that Safilo will likely pass with adequate headroom its impending covenants tests, which will resume in June 2012 after a covenant holiday resulting from the company's recapitalization. For the 12 months ended Sept. 30, 2010, reported EBITDA interest coverage was 3.2x (versus the June 2012 covenant level of a minimum of 3.0x) and reported net debt to EBITDA was 2.8x (versus the June 2012 covenant level of a maximum of 3.0x). "The stable outlook reflects S&P's view that Safilo's recent operational recovery has improved its liquidity and debt metrics," said Ms. Devevey. "It also reflects the likelihood, in S&P's opinion, that the company's operating cash flow generation will continue to improve on the back of recovering sales and profitability, as well as controlled capital spending." S&P could lower the rating if Safilo's operating performance starts to deteriorate, leading to a weaker liquidity position reflected, among other things, in negative free cash flow or a high likelihood of a covenant breach in 2012. In particular, S&P will closely monitor the renewal of the Armani license, which is set to expire at the end of 2012. Conversely, an upgrade would be possible if free operating cash flow were to grow, backed by what S&P would consider to be a reliable strategy to address the 2013 maturities. ===================== N E T H E R L A N D S ===================== * NETHERLANDS: Corporate Bankruptcies Down 10% in 2010 ------------------------------------------------------ Statistics Netherlands disclosed that the number of corporate bankruptcies, excluding one-man businesses, was 6,300 in 2010, 10% down from one year previously, but still among the highest Statistics Netherlands has ever recorded in the span of one year. The number of bankruptcies dropped in nearly all sectors in 2010. The only sectors to show an increase were construction, up 20%, and hotels and restaurants, up 7%. In construction, non- residential building was hit hard. In the sector hotels and restaurants, many pubs faced bankruptcy. The number of bankruptcies declined most in the sector financial institutions, followed by business services and trade and repair of consumer articles. Despite the rapid decline, the sector business services still accounted for the highest number of bankruptcies. There were 1,500 bankruptcies recorded in the sector. Many consultancy agencies providing legal and economic services, temp agencies, architectural firms and technical consultancy agencies went bankrupt. The number of bankruptcies was also high in the sector trade and repair, particularly in retail and wholesale of clothes, shoes, furniture and home furnishing. =========== T U R K E Y =========== PETROL OFISI: S&P Raises Long-Term Corp. Credit Rating to 'BB-' --------------------------------------------------------------- Standard & Poor's Ratings Services said that it raised the long- term corporate credit rating on Turkey-based petrol distributor Petrol Ofisi A.S. to 'BB-' from 'B+'. S&P then withdrew the rating at the issuer's request. At the time of the withdrawal, the outlook was stable. "The rating action follows an announcement by Austria-based OMV Aktiengesellschaft (not rated) that it has completed its acquisition of Dogan Holdings' (not rated) 54.14% interest in Petrol Ofisi," said Standard & Poor's credit analyst Per Karlsson. Together with its previous interest in Petrol Ofisi, OMV now owns a 95.72% stake in the company. As part of the acquisition, S&P understand that Petrol Ofisi distributed a special dividend of EUR380 million. S&P raised the rating on Petrol Ofisi because of its expectation of parental support from OMV, as well as its assessment that certain constraints on the rating have since become irrelevant following the announced acquisition. These constraints include, among others, a sizable and ongoing tax dispute between Dogan Holdings and Turkey's tax authorities, Petrol Ofisi's ambitious growth policy to become an integrated oil company, and cash flow fluctuations due to foreign exchange swings. S&P believes that Petrol Ofisi will be an important milestone in OMV's strategy to expand its operations eastward, rather than merely a financial investment. "The outlook at the time of the withdrawal was stable," said Mr. Karlsson, "reflecting S&P's expectation that Petrol Ofisi's profitability will likely remain adequate, given that the company has already dealt with most of the regulatory changes implemented in Turkey in 2010." =========================== U N I T E D K I N G D O M =========================== ALL NATURAL: Fruitapeel Acquires Firm, To Employ Former Workers --------------------------------------------------------------- BBC News reports that Fruit and confectionary firm Fruitapeel is to employ 25 people after taking on the assets of All Natural Juice Company following its fall to administration. The report relates that former workers will be offered jobs with Fruitapeel. Fruitapeel Managing Director Terry Haigh said he had taken a 10- year lease on the All Natural Juice Company's factory, according to BBC News. The report relates that Mr. Haigh aims to reopen it in the next few weeks. BBC News says that jobs will be offered to those who were made redundant, and a number of new posts will be created including a senior executive position. "It marks another significant investment and expansion for us, and will expand our product portfolio and make us more competitive. We forecast we would create 60 jobs as a result of support from the assembly government and this latest investment means we will exceed this target," BBC News quoted Mr. Haigh as saying. Natural Juice Company is located in Llantrisant, Rhondda Cynon Taf. BRITISH BOOKSHOPS: WH Smith Acquires Firm's Stores -------------------------------------------------- Insider Media Limited reports that WH Smith has bought 22 stores and intellectual property from British Bookshops and Stationers. The report relates that the deal was for a GBP1.05 million in cash. No stock has been purchased. As reported in the Troubled Company Reporter-Europe on Jan. 17, 2011, The Bookseller said that British Bookshops and Stationers have gone into administration with recovery specialists Zolfo Cooper appointed on Jan. 13, 2011. No redundancies were made on the appointment of joint administrators Simon Appell, Fraser Gray, and Stuart Mackellar, according to The Bookseller. The report related that the business will continue to trade as normal. The Bookseller noted that rumors about the chain's future have been circulating. Book distributor MDL had stopped supplying the chain since Jan. 13, 2011, over an unpaid bill, the report related. British Bookshops and Stationers' history goes back to 1938 when the first Sussex Stationers opened in Haywards Heath. Brothers Michael and Jonathan Chowen bought the shop in 1971 for GBP600 and slowly expanded it to 50 shops throughout the Southeast, incorporating books into the stock and renaming the chain British Bookshops, Sussex Stationers. The firm employs 300 people across the south of England. DUNDEE FOOTBALL: Avoids Liquidation, Reaches Deal With Creditors ----------------------------------------------------------------- DailyRecord.co.uk reports that Dundee Football Club have been saved from oblivion after it reached a settlement with creditors on Feb.8. The report relates that creditors have voted overwhelmingly in favor of accepting an offer of six pence in the pound of the money owed to them. The offer was made at a meeting at Dens Park on Feb. 8 and, with the club requiring 75%, 81.6% of those voting accepted it, according to DailyRecord.co.uk. The report notes that shareholders at the first division outfit will now seek to ratify the offer while creditors opposing it have 28 days to make their objections. DailyRecord.co.uk relates that the offer does not cover money owed to former players or management who would be dealt with by the new owners. DailyRecord.co.uk discloses that Her Majesty's Revenue and Customs (HRMC) does not approve of any creditors being afforded preferential treatment but if the club does not make separate arrangements with football staff there could be further sanctions imposed by the Scottish Football League. The report says that the new owners are headed by Dundee FC Supporters' Society Ltd, who controls 53.7% of the club's shares, and they should be able to take the club forward if all opposition to the offer is resolved. Dundee Football Club could have faced liquidation if the offer had been rejected by creditors, the report adds. Dundee Football Club -- http://www.thedees.co.uk/-- is a Scottish football club. * * * As reported in the Troubled Company Reporter-Europe on October 18, 2010, Agence France-Presse said that Dundee Football Club was placed into administration on October 14, 2010, after failing to pay a GBP365,000 (US$583,525) tax bill. The report related that Dundee had no option but to accept administration after being unable to negotiate the payment and the process was finally confirmed on. EISMANN UK: Goes Into Administration, Squeezed Out by Supermarkets ------------------------------------------------------------------ Joanna Bourke at ROADTRANSPORT.com reports that Eismann UK has gone into administration after it found itself squeezed by supermarket home-delivery services. The report relates that the company and its subsidiary Country Home Foods, appointed RSM Tenon as administrator of the firm on January 28. RSM Tenon spokeswoman said that 80 HGV and van drivers were made redundant "as the company could no longer trade the business while in administration, due to the sums owed to franchisees and suppliers", according to ROADTRANSPORT.com. The report relates that drivers had been based at 11 Eismann depots, including at Braintree, Essex; Corby, Northants and Southampton. Vehicles are currently being returned to leasing firms. "It appears that the launch of supermarket chains delivering groceries door-to-door has had a drastic impact on the turnover of the group," ROADTRANSPORT.com quoted the unnamed spokeswoman as saying. The report adds that RSM Tenon is now seeking interested parties who may want to take over the business and assets. Headquartered in Bedford, Eismann UK is a frozen food distributor. MISSOURI TOPCO: Moody's Gives Negative Outlook; Keeps 'Ba2' Rating ------------------------------------------------------------------ Moody's Investors Service changed to negative from stable the outlook on the ratings of Missouri TopCo Limited. These ratings include the Ba2 corporate family rating as well as the Ba1 senior secured rating and the Ba3 senior unsecured rating assigned to Matalan Finance Limited. Ratings Rationale The change in outlook is based upon Moody's expectations that the pressure reported by Matalan in recent months on both its net sales growth and its cost base could continue in the short term, which may lead to a weakening in its credit metrics. Matalan's performance in the latter part of 2010 has been under greater pressure than had been previously anticipated by Moody's. The company's earnings have suffered from the ongoing tight consumer-spending environment and by harsh weather conditions in December and January. Difficult weather conditions had a comparatively higher adverse impact on Matalan's sales than some other clothing retailers due to its higher proportion of out-of- town stores. Matalan's like-for-like sales declined by 0.6% in the 39 weeks to 27 November 2010, and by 4.5% in the 19 weeks to 8 January 2011. The rating agency also notes that the company has engaged in heavy promotional activity in the recent period, which will be detrimental to its margins. In addition, Moody's notes that the company is experiencing increasing pressures from higher raw material prices, freight rates and labor inflation in the countries where it sources its products. As a consequence, it reported an erosion of its gross profit and gross margin of 13% and 300bps (to 21.8%), respectively, in its third quarter ending November 2010. Moody's expected at rating assignment that Matalan's (gross) debt to EBITDA ratio would decline in the current year ending February 2011 from the level recorded after the refinancing conducted in March 2010 (leverage at the time estimated at 4.5x). On the basis of recent developments, Moody's believes this objective will be more difficult to achieve. The negative outlook on Matalan's ratings reflects the rating agency's concerns that it could be difficult for the company to improve its earnings during 2011, placing it at risk for further deterioration in its credit metrics to levels no longer commensurate with a Ba2 rating. Matalan's liquidity profile continues to be supported by (i) a cash balance amounting to GBP73 million at the end of November 2010; (ii) its moderate capital requirements -- which Moody's expects will be further reduced as the company prioritizes its investments -- and (iii) access to a revolving credit facility of GBP50 million, of which GBP38 million was undrawn in November 2010. The rating agency cautions that a tightening of Matalan's leeway under its financial covenants could occur should it fail to mitigate the current pressure on its operating performance. Moody's previous rating action on Matalan was implemented on April 2, 2010, when the rating agency assigned a Ba1 rating to the GBP250 million senior secured term loan and GBP50 million revolver facility of Matalan Finance Limited, and a Ba3 rating to its GBP225 million senior unsecured notes. Headquartered in Skelmersdale, UK, Missouri TopCo Limited is the ultimate holding company that owns Matalan Retail Limited -- the principal operating subsidiary of the group -- a leading out of town value clothing retailer with revenue of GBP1.1 billion in the financial year ended 27 February 2010. POLESTAR FOODS: Appoints FRP Advisory LL as Administrators ----------------------------------------------------------- PoleStar Foods Limited and Okehampton Desserts Limited entered into administration on Feb. 4, 2011, with the appointment of Joint Administrators, Phil Armstrong and Nick O'Reilly, partners at specialist restructuring, recovery and insolvency firm, FRP Advisory. PoleStar Foods Limited and Okehampton Desserts Limited were acquired by Privet Capital in November last year, when the Companies were facing imminent collapse. Commenting on the administration, Phil Armstrong said: "PoleStar Foods and Okehampton Desserts have been in difficulties since their formation in December 2009 and, indeed, the Companies were struggling under their previous ownership. Unfortunately, the restructuring of the business was not sufficient to ultimately solve the Companies' cashflow problems. "The Companies unfortunately did not represent a viable purchase as a going-concern. The Directors, therefore, sadly had to make 232 employees at the Okehampton site redundant on Tuesday, Feb. 1, prior to our appointment. Our employee specialists, together with a local Job Centre team, will be on-site this week to advise all staff members on their best route back into employment and assist with their claims from the Redundancy Payments Office. "We are now working towards an outcome where a buyer can be found for the operation, in the hope that some staff can be re-employed under new ownership." PoleStar Foods Limited and Okehampton Desserts Limited are Okehampton based suppliers of own-label desserts and Heinz branded products. ROSE AND CROWN HOTEL: Goes Into Receivership, To Go Up in Sale -------------------------------------------------------------- Fenland Citizen reports that Rose and Crown Hotel has gone into receivership and will go up for sale. The report relates that Jonathan Davies and his long-term partner Jacqueline Noot, who traded as the Rose and Crown Hotel, entered into Law of Property Act Receivership with RSM Tenon Recovery being appointed as receivers acting on behalf of the mortgage company. According to Fenland Citizen, Paul Whitwam, who is the case manager for RSM Tenon, said that Convivial Management Services have been employed to review the hotel to see if it can be sold as going concern. The report notes that Ipswich-based Colliers have been appointed as agents to find a buyer for the listed building and they are in the process of valuing the property. Mr. Whitwam believes it could sell for less than GBP1 million and there were already interested parties, Fenland Citizen says. Rose and Crown Hotel is located in Wisbech, Fenland. SMITHS OF PETERHEAD: Goes Into Administration Over Tax Debt ----------------------------------------------------------- Greig Cameron at Business7 reports that Smiths of Peterhead has been put into administration after failing to settle a tax bill. The company has appointed Begbies Traynor to handle the process. The business was unable to agree to a repayment plan with Her Majesty's Revenue and Customs for a debt of more than GBP120,000 which covered two years of tax payments, according to Business7. The report notes that none of the 50-strong workforce has been made redundant and the business is still trading while a buyer is sought. Ken Pattullo and Paul Dounis, of Begbies Traynor, are consulting with employees at the moment, the report adds. Smiths of Peterhead makes woolen fabric and knitwear yarns with its client list including high end fashion houses such as Prada, Gucci and Ralph Lauren. The business was founded in by Thomas and Joshua Smith and traded as Thomas Smith & Co until 2005. * UK: Number of Hauliers Opting for CVA Up by More Than 50% in '10 ------------------------------------------------------------------ Joanna Bourke at Roadtransport.com reports that the number of hauliers opting to enter a company voluntary arrangement (CVA) increased by more than 50% in 2010. Roadtransport.com, citing turnaround firm KSA Group, says a total of 22 CVAs were approved in the haulage sector in 2010, compared to 14 in 2009. According to Roadtransport.com, KSA Group said that it has seen a 100% rise in the number of inquiries from struggling smaller couriers in the last quarter of last year, where the number of inquiries from larger haulage firms fell by 40%. A CVA differs from an administration by keeping a director involved in a company restructure, Roadtransport.com notes. The amounts owed to the company's current unsecured creditors are frozen, and repaid over a period of time from the trading profits, Roadtransport.com discloses. =============== X X X X X X X X =============== * Upcoming Meetings, Conferences and Seminars --------------------------------------------- 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. Valerie U. Pascual, Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante, Psyche A. Castillon, Julie Anne G. Lopez, Ivy B. Magdadaro, Frauline S. Abangan and Peter A. Chapman, Editors. Copyright 2011. 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 * * *