/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/110317.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, March 17, 2011, Vol. 12, No. 54 Headlines B E L A R U S * Fitch Gives Negative Outlook on Seven Belarusian Banks C Z E C H R E P U B L I C SAZKA AS: Administrator Rejects Request to Suspend Operations SAZKA AS: Shareholders Did Not Vote Out CEO Alex Husak * CZECH REPUBLIC: Company Insolvencies Up 6.2% in 2010 I C E L A N D KAUPTHING BANK: SFO Ignored Robert Tchenguiz's Offers to Cooperate KAUPTHING SINGER: Withdraws Kevin Stanford's Repayment Demand I R E L A N D GILSON MOTOR: High Court Judge Grants Winding-Up Petition IRISH NATIONWIDE: ODCE No Power to Investigate Corporate Failures TBS INTERNATIONAL: Posts US$217.4 Million Net Loss in Q4 2010 L U X E M B O U R G EUROMAX IV: S&P Downgrades Ratings on Class A1 Notes to 'D' N E T H E R L A N D S CLONDALKIN INDUSTRIES: S&P Cuts Corporate Credit Rating to 'B' INDIGOLD CARBON: Moody's Assigns 'Ba3' Corporate Family Rating R U S S I A TROIKA DIALOG: Fitch Puts 'B+' Rating on Positive Watch U N I T E D K I N G D O M BENNETTS: Bennetts Electrical Cuts 20 Jobs, Closes Store DGM INVESTMENTS: In Liquidation; Shuts Fisherman's Venue JJB SPORTS: Major Shareholders Back GBP65-Mil. Capital Raising OEM PLC: In Creditors' Voluntary Liquidation PEVEREL GROUP: Owner Hires Leeson's Star Lawyer POWERFUEL PLC: 2Co Energy Emerges as Preferred Bidder for Unit QUINN GROUP: Bidders To Use Compensation Fund for Firm Deal SAM TRANSPORT: Silver Lining Acquires Firm Out of Receivership SOUTHERN CROSS: May Breach Banking Covenants; In Rent Talks TRIUMPH FURNITURE: Administrators Put Business Up for Sale VIRIDAS: Warns It Could be Placed Into Receivership X X X X X X X X * EUROPE: Corporate Insolvencies Up in Central & Eastern Regions * Upcoming Meetings, Conferences and Seminars ********* ============= B E L A R U S ============= * Fitch Gives Negative Outlook on Seven Belarusian Banks -------------------------------------------------------- Fitch Ratings has revised the Outlook on seven Belarusian banks -- Belagroprombank (BAPB), Belarusbank (BBK), Belgazprombank (BGPB), Belinvestbank (BIB), Belvnesheconombank (BVEB), BPS-Bank (BPS), and VTB Bank (Belarus) CJSC (VTBB) -- 'B' Long-term Issuer Default Ratings to Negative from Stable. The Negative Outlooks reflect Fitch's opinion that the financial position of the Belarusian sovereign weakened significantly during Q410 and the beginning of 2011, and could deteriorate further in the near term. In particular, Fitch is concerned about the country's external finances, and the increased reliance of the sovereign on domestic commercial banks as suppliers of foreign currency. Sovereign gross foreign exchange reserves decreased by 16% during Q410 to US$5 billion at year-end, and by a further 20% to US$4 billion in January-February 2011. However, the net position weakened more rapidly, as the National Bank (NBRB) increased its foreign currency borrowings from Belarusian commercial banks to US$3.4 billion at end-2010 from US$1.3 billion at end-Q310. Furthermore, at end-2010, the NBRB also had significant off- balance sheet foreign currency obligations to commercial banks resulting from forward and swap agreements. Sizable borrowings from domestic commercial banks and foreign sources have in turn financed a large current account deficit, which the IMF estimates at 16% of GDP in 2010 (compared to 13% in 2009). In a report published last week, the IMF commented that the Belarusian authorities "need to make quickly difficult decisions to restore external sustainability." BAPB, BBK and BIB's Long-term IDRs are driven by possible support from the Belarusian sovereign in case of need. The Negative Outlook on these ratings reflects the potential for the sovereign's financial position to weaken further, which would undermine its ability to provide support to the banks. BGPB, BVEB, BPS and VTBB's Long-term IDRs are driven by possible support from these banks' foreign (Russian) shareholders. The Negative Outlook on the ratings reflects the potential for a further weakening of the Belarusian sovereign's financial position, which could cause an increase in Belarusian transfer and convertibility risks and therefore reduce the ability of these banks to utilize parental support to service obligations. The standalone profiles of Belarusian banks, in particular state- owned institutions, are highly dependent on the ability of the authorities to provide continued support to public sector companies. Rapid credit growth of 40% in 2010, which in turn helped to drive a 7.5% increase in GDP, has kept reported problem loans at a low 3.6% at end-2010. However, Fitch views this growth as unsustainable, and expects asset quality to deteriorate as the credit expansion slows. Belarusian banks' 'D/E' Individual ratings reflect this potential for asset quality deterioration, as well as broader weaknesses in the operating environment, relating to high state ownership of the economy and growing macroeconomic imbalances. Fitch views loss absorption capacity as somewhat stronger at BGPB and BVEB than at other rated banks, due to higher capital ratios and moderate lending under government programs. The rating actions are: Belagroprombank -- Long-term Issuer Default Rating: affirmed at 'B'; Outlook changed to Negative from Stable -- Short-term IDR: affirmed at 'B' -- Support Rating: affirmed at '4' -- Support Rating Floor: affirmed at 'B' -- Individual Rating of 'D/E' unaffected Belarusbank -- Long-term Issuer Default Rating: affirmed at 'B'; Outlook changed to Negative from Stable -- Short-term IDR: affirmed at 'B' -- Support Rating: affirmed at '4' -- Support Rating Floor: affirmed at 'B' -- Individual Rating of 'D/E' unaffected Belgazprombank -- Long-term Issuer Default Rating: affirmed at 'B'; Outlook changed to Negative from Stable -- Short-term IDR: affirmed at 'B' -- Individual Rating: affirmed at 'D/E' -- Support Rating: affirmed at '4' Belinvestbank -- Long-term Issuer Default Rating: affirmed at 'B'; Outlook changed to Negative from Stable -- Short-term IDR: affirmed at 'B' -- Support Rating: affirmed at '4' -- Support Rating Floor: affirmed at 'B' -- Individual Rating of 'D/E' unaffected Belvnesheconombank -- Long-term Issuer Default Rating: affirmed at 'B'; Outlook changed to Negative from Stable -- Short-term IDR: affirmed at 'B' -- Individual Rating: affirmed at 'D/E' -- Support Rating: affirmed at '4' -- Support Rating Floor: affirmed at 'No Floor' and withdrawn BPS-Bank -- Long-term Issuer Default Rating: affirmed at 'B'; Outlook changed to Negative from Stable -- Short-term IDR: affirmed at 'B' -- Individual Rating: affirmed at 'D/E' -- Support Rating: affirmed at '4' VTB Bank (Belarus) -- Long-term Issuer Default Rating: affirmed at 'B'; Outlook changed to Negative from Stable -- Short-term IDR: affirmed at 'B' -- Individual Rating: upgraded to 'D/E' from 'E' -- Support Rating: affirmed at '4' =========================== C Z E C H R E P U B L I C =========================== SAZKA AS: Administrator Rejects Request to Suspend Operations ------------------------------------------------------------- Peter Laca at Bloomberg News, citing newspaper Hospodarske Noviny, reports that Sazka AS asked Josef Cupka, the company's insolvency administrator, to let it suspend its operations because it lacks money to pay winnings in its lottery and other bills. According to Bloomberg, the newspaper reported that Mr. Cupka rejected the request as it would cut Sazka's value and the value of its debt. Separately, CTK reports that Mr. Cupka said Sazka should file an insolvency petition against itself because it is unable to finance even its own operations. According to CTK, Sazka's creditors agree with Mr. Cupka's opinion that Sazka should file an insolvency petition against itself. "Sazka's board should file own insolvency petition and Sazka should undergo reorganization in the insolvency proceedings as soon as possible. This is the only solution which the KKCG group believes will secure Sazka's further operations and development," CTK quotes KKCG spokesman Dan Plovajko as saying. Sazka has conceded it has no money to pay a record jackpot worth over CZK100 million and other big wins and owes money also to mobile phone operators, CTK relates. As reported by the Troubled Company Reporter-Europe, CTK said Sazka face two insolvency petitions at present. One of them filed by KKCG, the other by entrepreneur Radovan Vitek, who claims to be Sazka's biggest creditor, CTK noted. Sazka AS is a provider of lotteries and sport betting games in the Czech Republic. SAZKA AS: Shareholders Did Not Vote Out CEO Alex Husak ------------------------------------------------------ CTK, Czech Shooting Federation chairman Lubomir Bilek, and Czech Olympic Committee (COV) vice-chairman Jiri Kejval, report that shareholders of Sazka AS did not remove chief executive officer and board chairman Ales Husak from his posts at an extraordinary general meeting on Tuesday. According to CTK, the shareholders also rejected a proposal for modification of the articles of association that would enable the entry of a strategic investor into the lottery company. As reported by the Troubled Company Reporter-Europe, CTK said Sazka faces two insolvency petitions at present. One of them filed by KKCG, the other by entrepreneur Radovan Vitek, who claims to be Sazka's biggest creditor, CTK noted. Sazka AS is a provider of lotteries and sport betting games in the Czech Republic. * CZECH REPUBLIC: Company Insolvencies Up 6.2% in 2010 ------------------------------------------------------ CTK, citing Creditreform, reports that the number of insolvent companies grew by 6.2% year-on-year to 4,852 in the Czech Republic last year owing to the economic crisis. The number of insolvent companies jumped by 57% in 2009, CTK notes. ============= I C E L A N D ============= KAUPTHING BANK: SFO Ignored Robert Tchenguiz's Offers to Cooperate ------------------------------------------------------------------ Lindsay Fortado at Bloomberg News reports that Robert Tchenguiz, the property investor whose home and office were raided as part of an investigation into the collapse of Kaupthing Bank hf, said the U.K. Serious Fraud Office ignored his offers to cooperate. According to Bloomberg, Mr. Tchenguiz, the chairman of R20 Ltd., who hasn't been charged with a crime, said in a statement on Monday that he offered to discuss his business relationship with Kaupthing "on more than one occasion." Mr. Tchenguiz, as cited by Bloomberg, said the SFO and London police spent two days searching Robert Tchenguiz's office in Mayfair and interviewed him for more than three hours. He said he answered all of their questions and has offered further cooperation, Bloomberg relates. Mr. Tchenguiz and his brother Vincent were two of nine people arrested March 9 as part of a probe into why some investors took out large loans in the days before Kaupthing collapsed in October 2008, Bloomberg discloses. "I believe that the disproportionate and aggressive conduct of the SFO was designed to generate maximum publicity for its own ends, given its uncertain future," Bloomberg quotes Mr. Tchenguiz as saying. "The SFO issued a press release before I had even had the opportunity to talk to my solicitor." The agency faces a possible dissolution ahead of the government's proposals for an economic crime agency, Bloomberg notes. As reported by the Troubled Company Reporter-Europe on March 11, 2011, the SFO, as cited by Bloomberg News, said the agency is investigating Kaupthing's "decision-making processes, which appear to have allowed substantial value to be extracted from the bank in the weeks and days prior to its collapse." In 2008, lending to Robert Tchenguiz and "related parties" corresponded to more than 25% of Kaupthing's equity, Bloomberg said, citing the Icelandic parliament-appointed Special Investigative Commission. Mr. Tchenguiz, Kaupthing's biggest retail borrower, was also a board member in Exista hf, one of the former owners of the bank, according to Bloomberg. The SFO is also probing whether Kaupthing made misrepresentations to attract U.K. investors, particularly its efforts to attract British investors to a high-yield deposit account called Kaupthing Edge, Bloomberg noted. About Kaupthing Bank Headquartered in Reykjavik, Kaupthing Bank -- http://www.kaupthing.com/-- is Iceland's largest bank and among the Nordic region's 10 largest banking groups. With operations in more than a dozen countries, the bank offers a range of services including retail banking, corporate finance, asset management, brokerage, private banking, treasury, and private wealth management. Kaupthing was created by the 2003 merger of Bunadarbanki and Kaupthing Bank. In October 2008, the Icelandic government assumed control of Kaupthing Bank after taking similar measures with rivals Landsbanki and Glitnir. As reported by the Troubled Company Reporter-Europe, on Nov. 30, 2008, Olafur Gardasson, assistant for Kaupthing Bank hf., filed a petition under Chapter 15 of title 11 of the United States Code in the United States Bankruptcy Court for the Southern District of New York commencing the Debtor's Chapter 15 case ancillary to the Icelandic Proceeding and seeking recognition for the Icelandic Proceeding as a "foreign main proceeding" under the Bankruptcy Code and relief in aid of the Icelandic Proceeding. KAUPTHING SINGER: Withdraws Kevin Stanford's Repayment Demand ------------------------------------------------------------- Anousha Sakoui, Brooke Masters and Claer Barrett at The Financial Times report that lawyers acting for Kaupthing Singer & Friedlander have withdrawn a request to retail entrepreneur Kevin Stanford to repay nearly US$2 million (GBP1.2 million) as part of efforts to recover funds owed to the bank. According to the FT, DWF, the law firm, told lawyers for Mr. Stanford in a letter on Friday that after receiving instructions to serve a "statutory demand," the bank then instructed the firm to withdraw it. The demand was linked to a purchase of a helicopter in 2007 by Mr. Stanford, who has a controlling interest in fashion chain All Saints, the FT discloses. In a response to KSF's demand, Mr. Stanford's lawyers said he rejected the claim and instead demanded at least GBP130 million in respect of losses that he said arose from KSF's participation in a share support scheme in 2008, the FT relates. Mr. Stanford claims Kaupthing lent him about GBP130 million for the purchases of his Kaupthing Iceland shares, and GBP81 million of this was loaned as late as August 2008, just two months before Kaupthing Iceland went into administration, the FT states. Lawyers for KSF said it reserved all rights to pursue the debt at a later date, the FT notes. "Kaupthing Singer & Friedlander (In Administration) has followed its normal procedures to recover amounts outstanding to the bank to allow them to pay back the bank's creditors who are principally the UK taxpayer," the FT quotes administrators at Ernst & Young as saying. Kaupthing Singer & Friedlander is UK arm of the collapsed Icelandic bank Kaupthing. ============= I R E L A N D ============= GILSON MOTOR: High Court Judge Grants Winding-Up Petition --------------------------------------------------------- The Irish Times reports that the High Court's Ms. Justice Mary Laffoy has granted the Revenue Commissioners' petition to wind up Gilson Motor Company Ltd. after being informed it has failed to satisfy a demand from the Revenue for more than EUR140,000 in unpaid taxes. The Revenue's petition was not contested, The Irish Times notes. The judge appointed Gary Lennon of Lennon Corporate Recovery as liquidator, The Irish Times discloses. According to The Irish Times, the company's directors, Glenda Gilson and her brother Damien, were directed to file a statement of affairs within 21 days. Dermot Cahill, who is representing the Revenue Commissioners, said a demand was made to the company in October last year seeking EUR141,937 for unpaid VAT, PAYE and PRSI, The Irish Times relates. Gilson Motor Company Ltd. is a Dublin-based car sales company. IRISH NATIONWIDE: ODCE No Power to Investigate Corporate Failures ----------------------------------------------------------------- According The Irish Times' Simon Carswell, a spokesman for the office of the Director of Corporate Enforcement the office, said he could not comment on reports around corporate governance failures at Irish Nationwide under former chief executive Michael Fingleton as it did not cover entities such as the building societies. "Because building societies are not registered as companies under the Companies Act we have no role in relation to building societies," The Irish Times quotes the ODCE spokesman as saying. According to The Irish Times, details of the reports into Irish Nationwide were published in Sunday's issue of Sunday Business Post. The reports by accountants Ernst Young and solicitors McCann Fitzgerald found Mr. Fingleton had been granted special powers, allowing him to circumvent the credit committee which approves the society's loans, The Irish Times discloses. These powers allowed Mr. Fingleton, who stepped down from the building society in April 2009 following the controversy arising over the payment of a EUR1 million bonus, to set or alter interest rates on loans and fees to be charged The Irish Times states. The Irish Times notes that reports said loans were advanced before approval and that the sums advanced were different from the loans approved. There was also no formal process for approving the extension of loan terms and they uncovered evidence that loans were given to associated companies rather than the borrowing entity, according to The Irish Times. Irish Nationwide Building Society, headquartered in Dublin, had total assets of EUR14.4 billion at year-end 2008. * * * As reported by the Troubled Company Reporter-Europe on March 8, 2011, Moody's Investors Service downgraded the bank deposit ratings of Anglo Irish Bank Corporation Limited and Irish Nationwide Building Society to Caa1/Not-Prime, from Baa3/P-3 (on review for possible downgrade), the same level as the unguaranteed senior unsecured debt ratings of the two institutions. The Caa1 long-term bank deposit ratings remain on review for possible downgrade, in line with the review on the unguaranteed senior unsecured debt ratings. S&P said there is no rating impact on the stand-alone bank financial strength ratings, on the senior unsecured and subordinated debt ratings, and on the government- guaranteed debt ratings. 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. TBS INTERNATIONAL: Posts US$217.4 Million Net Loss in Q4 2010 ------------------------------------------------------------- On March 15, 2011, TBS International Plc announced its financial and operating results for the fourth quarter and year ended Dec. 31, 2010. Joseph E. Royce, Chairman, Chief Executive Officer and President stated: "The TBS results for the fourth quarter 2010 reflect the ongoing downward pressure on dry cargo freight rates that have continued into the first quarter of 2011, as evidenced by the Baltic Dry Indices. "The Baltic Dry Index ("BDI") which was at 2,446 on Sept. 30, 2010, descended to 1,773 on December 24th (the last reporting date in 2010) and was at 1,559 on March 14, 2011. Correspondingly, the Baltic Handysize Index ("BHSI") which was at 1,039 on Sept. 30, 2010, descended to 829 on December 24th and was at 736 on March 14, 2011. A number of factors have contributed to this circumstance. Of most importance is the continued drumbeat of the delivery of new-built vessels in all four of the major vessel sizes - Capesize, Panamax, Supramax and Handysize. "While cargo demand generally increased during most of 2010, numerous events over the last several months have interrupted the availability of cargo contributing to both the supply-demand imbalance and the Asia-Americas imbalance. There has been severe flooding in Australia that has interrupted shipments of coal, iron ore and wheat, along with Government imposed reductions of the export of coal from Indonesia and Iron ore from India, thereby causing the deviation of vessels that traditionally carried these cargoes from that region into the Atlantic. "As a consequence, TBS is operating at freight and charter rates that would cause us to fail to comply with certain financial covenants in our credit facilities, even as recently modified, as soon as June 30, 2011." For the fourth quarter ended Dec. 31, 2010, total revenues were US$100.8 million, an increase of 18.9% compared to total revenues of US$84.8 million for the same period in 2009. Net loss for the fourth quarter 2010 was US$217.4 million, an increase of US$206.7 million compared to the net loss of US$10.7 million for the same period in 2009. The increase in net loss as compared to the same period in 2009 is mainly attributable to a US$201.7 million vessel impairment charge. Excluding vessel impairment, net loss for the three months ended Dec. 31, 2010 would have been US$15.7 million. For the year ended Dec. 31, 2010, total revenues were US$411.8 million, an increase of 36.1% compared to the US$302.5 million for the year 2009. Net loss for 2010 increased by US$178.3 million, or 266%, to US$245.3 million. The increase in net loss for the year ended Dec. 31, 2010, as compared to 2009 is mainly attributable to a US$201.7 million vessel impairment, partly offset by a slight increase in both cargo volumes and freight rates resulting in higher revenues and Time Charter Equivalent. Excluding vessel impairment, net loss for the year ended 2010 would have been US$43.6 million, a decrease of 34.9% compared to net Loss of US$67.0 million in 2009. Selected balance sheet data at Dec. 31, 2010, showed: Total Assets US$686.3 million Total Debt US$332.3 million Total Shareholders' Equity US$296.9 million A full-text copy of the press release is available for free at: http://researcharchives.com/t/s?7527 About TBS International plc Dublin, Ireland-based TBS International plc (NASDAQ: TBSI) -- http://www.tbsship.com/-- provides worldwide shipping solutions to a diverse client base of industrial shippers through its Five Star Service: ocean transportation, projects, operations, port services and strategic planning. The TBS shipping network operates liner, parcel and dry bulk services, supported by a fleet of multipurpose tweendeckers and handysize/handymax bulk carriers, including specialized heavy-lift vessels and newbuild tonnage. TBS has developed its franchise around key trade routes between Latin America and China, Japan and South Korea, as well as select ports in North America, Africa, the Caribbean and the Middle East. * * * As reported in the Troubled Company Reporter on March 19, 2010, PricewaterhouseCoopers LLP, in New York, expressed substantial doubt about TBS's ability to continue as a going concern, following the Company's 2009 results. The independent auditors noted that the Company believes it will not be in compliance with the financial covenants under its credit facilities during 2010, which under the agreements would make the debt callable. "This has created uncertainty regarding the Company's ability to fulfill its financial commitments as they become due." As reported in the TCR on Feb. 8, 2011, TBS International on Jan. 31, 2011, announced that it had entered into amendments to its credit facilities with all of its lenders, including AIG Commercial Equipment, Commerzbank AG, Berenberg Bank and Credit Suisse and syndicates led by Bank of America, N.A., The Royal Bank of Scotland plc and DVB Group Merchant Bank (the "Credit Facilities"). The amendments restructure the Company's debt obligations by revising the principal repayment schedules under the Credit Facilities, waiving any existing defaults, revising the financial covenants, including covenants related to the Company's consolidated leverage ratio, consolidated interest coverage ratio and minimum cash balance, and modifying other terms of the Credit Facilities. The Company currently expects to be in compliance with all financial covenants and other terms of the amended Credit Facilities through maturity. As a condition to the restructuring of the Company's credit facilities, three significant shareholders who also are key members of TBS' management agreed on Jan. 25, 2011, to provide up to US$10 million of new equity in the form of Series B Preference Shares and deposited funds in an escrow account to facilitate satisfaction of this obligation. In partial satisfaction of this obligation, on Jan. 28, 2011, these significant shareholders purchased an aggregate of 30,000 of the Company's Series B Preference Shares at US$100 per share directly from TBS in a private placement. =================== L U X E M B O U R G =================== EUROMAX IV: S&P Downgrades Ratings on Class A1 Notes to 'D' ----------------------------------------------------------- Standard & Poor's Ratings Services lowered to 'D (sf)' and withdrew, effective in 30 days' time, its credit ratings on EUROMAX IV MBS S.A.'s class A1 notes. At the same time S&P withdrew, effective in 30 days' time, S&P's credit ratings on the class A2, B, C, D, F1 Combo, and F2 Combo notes. The rating actions follow confirmation from the receivers that the issuer has insufficient assets to fully repay the class A1 noteholders. In December 2010, the receivers liquidated the transaction's portfolio and indicated that there were insufficient proceeds to make further distributions to any class of noteholders other than class A1. At that time, S&P lowered its ratings on the class A2, B, C, D, F1 Combo, and F2 Combo notes to 'D (sf)'. Having recently received confirmation that class A1 noteholders will also experience principal losses, S&P now consider it appropriate to lower the ratings on the class A1 notes to 'D (sf)' from 'CC (sf)' and to withdraw its ratings on all classes in the transaction. The ratings will remain at 'D (sf)' for a period of 30 days before the withdrawals become effective. EUROMAX IV MBS is a cash flow collateralized debt obligation that was originally collateralized primarily by European mortgage- backed and related securities. The transaction closed in October 2005. Following an event of default under the conditions of the notes that occurred in February 2010, the trustee appointed receivers under the trust deed in September 2010. Ratings List EUROMAX IV MBS S.A. EUR206.45 Million Secured Floating-Rate Notes Ratings Lowered and Withdrawn[1] Rating ------ Class To From ----- -- ---- A1 single D (sf) CC (sf) NR D (sf) Rating ------ Class To From ----- -- ---- A1 delayed D (sf) CC (sf) NR D (sf) Rating ------ Class To From ----- -- ---- A1 floating D (sf) CC (sf) NR D (sf) Ratings Withdrawn[1] Rating ------ Class To From ----- -- ---- A2 NR D (sf) B NR D (sf) C NR D (sf) D NR D (sf) F1 Combo NR D (sf) F2 Combo NR D (sf) NR -- Not rated. [1] The withdrawals become effective in 30 days' time. ===================== N E T H E R L A N D S ===================== CLONDALKIN INDUSTRIES: S&P Cuts Corporate Credit Rating to 'B' -------------------------------------------------------------- Standard & Poor's Ratings Services said that it had lowered its long-term corporate credit rating on Netherlands-based packaging group Clondalkin Industries B.V. to 'B' from 'B+'. The outlook is stable. "The rating action primarily reflects Clondalkin's performance in 2010, which was weaker than S&P's expectations at the previous rating level," said Standard & Poor's credit analyst Jacob Zachrison. "In S&P's view, Clondalkin's credit metrics have remained weak for an extended period, instead of recovering in line with its previous expectations," he added. Furthermore, the group has recently announced its intention to use part of its cash position to acquire a printed components business in the U.S. Although moderately positive for the business risk profile, S&P views the timing of the acquisition as aggressive from a financial policy perspective, and as contributing an element of increasing uncertainty as to the pace and magnitude of any recovery in Clondalkin's operating and financial performance. Clondalkin achieved an estimated adjusted debt to EBITDA of about 9.2x in 2010 (about 6x excluding shareholder loans, unchanged from the 12 months ended Sept. 30, 2010). This compares with S&P's guidance at the previous rating level of adjusted cash debt to EBITDA of about 5x. Pressure on operating performance, partly due to significant increases in raw material costs, was the main reason that the ratio remained weaker than S&P expected. On Feb. 28, 2011, Clondalkin announced its intention to acquire the printed components business of Catalent Pharma Solutions Inc. The acquired business has annual sales of about EUR75 million in the healthcare and pharmaceutical secondary packaging markets in the U.S and Europe. S&P estimate the pro forma debt to EBITDA impact in 2010 to be largely neutral. Furthermore, S&P views the acquisition as a good strategic fit. Nevertheless, S&P views the acquisition at a time when credit measures are already under pressure as aggressive from a financial policy perspective. Although S&P continue to forecast an improvement in Clondalkin's credit measures from current levels, S&P believes that the group's current weaker-than-expected performance and weak track record in achieving S&P's expected credit measures for the previous ratings, as well as the risk of volatile input costs, make prospects in this respect uncertain. S&P does, however, believe that Clondalkin will be able to maintain adjusted debt to EBITDA of about 9x (cash debt to EBITDA of 5.5x-6x) over the short term, and continue to be free operating cash flow positive on a 12-month basis. The ratings continue to reflect the group's highly leveraged financial risk profile with weak credit measures, and its modest size and exposure to raw material cycles through some of its products. Positive rating factors include the group's leading niche positions in normally stable, but competitive, packaging markets, stable operating margins, and a liquidity position which S&P considers to be strong. The stable outlook reflects S&P's view that relatively stable market conditions and internal efficiency measures will allow Clondalkin to maintain a ratio of adjusted debt to EBITDA of about 9x and 5.5x-6x excluding shareholder loans. It also reflects S&P's expectations that Clondalkin can remain free operating cash flow positive. INDIGOLD CARBON: Moody's Assigns 'Ba3' Corporate Family Rating -------------------------------------------------------------- Moody's Investors Service assigned a Ba3 Corporate Family Rating to Indigold Carbon (Netherlands) BV and Ba3 ratings to its proposed $75 million Revolving Credit Facility due 2016, US$175 million Term Loan A due 2016, and US$325 million Term Loan B due 2018. The proceeds from the new debt will partially finance the acquisition of Columbian Chemicals Acquisition, LLC (Columbian Chemicals) by the Aditya Birla Group and repay Columbian Chemicals existing debt. The revolving credit facility is not expected to be utilized upon completion of the acquisition, which is expected to occur in mid 2011 after the necessary regulatory approvals are secured. The outlook is stable. This summarizes the ratings activity: Ratings assigned: Indigold Carbon (Netherlands) BV -- Corporate Family Rating -- Ba3 -- Probability of Default Rating -- Ba3 -- Outlook -- Stable Indigold Carbon USA, Inc. & other borrowers -- US$75mm sr sec revolving credit facilities due 2016 -- Ba3 (LGD3, 42%) -- US$175mm sr sec term loan A due 2016 -- Ba3 (LGD3, 42%) -- US$325mm sr sec term loan B due 2018 -- Ba3 (LGD3, 42%) -- Outlook -- Stable Ratings affirmed: Columbian Chemicals Acquisition, LLC -- Corporate Family Rating -- Ba3* -- Probability of Default Rating -- Ba3* -- US$75mm sr sec revolving credit facilities due 2015 -- Ba3 (LGD3, 42%) from (LGD3, 46%)* -- US$300mm sr sec term loan A due 2015 -- Ba3 (LGD3, 42%) from (LGD3, 46%)* -- Outlook -- Stable * Columbian Chemicals' ratings to be withdrawn upon the completion of the refinancing. Ratings Rationale The Ba3 CFR rating is supported by expectations for strong performance in 2011 as the industry continues to operate at high capacity utilization rates, the stable nature of the carbon black business (relative to other commodity chemical businesses), the company's strong market positions as one of the top three global producers, long-term stable customer relationships, moderate global demand growth, and geographic diversity with operations in all major regions. There is the potential for synergies to contribute to Columbian Chemicals' and Birla's profitability (the combined companies will be the largest producer of carbon black globally), however Moody's note that the majority of the two companies' businesses have little geographic overlap, except in Europe, and the companies will be operated as separate entities. Indigold Carbon's leverage is expected to be 4.0x (as of Dec. 31, 2010, pro forma for the proposed financing and inclusive of Moody's standard analytical adjustments), up from Columbian Chemicals' actual leverage of 2.6x as to Dec. 31, 2010, however the company is expected to de-lever steadily. Pressuring the ratings are the limited product diversity (carbon black of various grades), commodity nature of the majority of the company's carbon black business, meaningful customer concentration, and exposure to energy and petroleum-based feedstock costs. The stable outlook reflects Moody's expectation that the carbon black market will continue to grow at GDP-like rates, the company will maintain its margins despite potential raw material cost pressure and will generate positive free cash flow. Currently, upside to the rating is limited due to the size of the company (annual revenues of approximately $1 billion), the commodity nature of the majority of its products, but a positive outlook could be considered should the company be able to significantly reduce leverage after the acquisition. Any decline in EBITDA margins or unexpected increases in leverage could cause a change in the outlook or a negative rating action. Indigold Carbon has an adequate liquidity position. Liquidity is supported by the cash balances (US$49 million at the end of 2010), expectations for positive free cash flow, and full availability under the revolving credit facility. At the close of the acquisition, it is expected that the revolving facility will be undrawn. Indigold Carbon (Netherlands) BV is a new holding company formed in connection with the acquisition of Columbian Chemicals Acquisition, LLC by The Aditya Birla Group and after consummation of the acquisition, its subsidiary operations will be comprised of the existing Columbian Chemicals business. It will be a guarantor of the debt and issuer of audited financial statements. Indigold Carbon USA, Inc. & other entities will be the borrowers under the proposed debt facilities. Columbian Chemicals is currently majority owned by private equity firm One Equity Partners and is a leading global manufacturer of carbon black and carbon black derivatives. Headquartered in Marietta, Georgia, the company has 11 operating facilities in the U.S., Canada, South America, Europe and Asia Pacific. Revenues for the twelve months ending Dec. 31, 2010 were US$1.08 billion. =========== R U S S I A =========== TROIKA DIALOG: Fitch Puts 'B+' Rating on Positive Watch ------------------------------------------------------- Fitch Ratings has placed Russia-based Troika Dialog Group Limited's ratings on Rating Watch Positive. TDGL, registered in the Cayman Islands, is the ultimate holding company of the Russian and CIS investment banking group, known as Troika Dialog. The agency has simultaneously put Troika Dialog's subsidiary bank, CJSC Troika Dialog Bank (formerly ZAO Standard Bank), ratings on RWP. A full list of rating actions is at the end of this comment. The RWP follows the announcement that Russia's Sberbank ('BBB'/Stable) will acquire Troika Dialog in a cash transaction for an initial consideration of US$1 billion. The transaction will turn Troika Dialog into a 100%-owned subsidiary of Sberbank, and Fitch expects its credit profile to improve to a level consistent with an investment grade rating upon completion of the transaction, based on potential support from Sberbank. The acquisition should be strategically positive for Troika Dialog as, over time, it should enhance its financial flexibility and competitive position. Fitch also considers the investment-banking business to be strategically important for Sberbank, which should lead to a high propensity to provide support to Troika Dialog once it is acquired. Troika Dialog has no public debt. Its operations are funded with equity and short-term market-based funding sources (e.g. repo, money market lines). Troika Dialog's performance is highly correlated with the performance of the capital markets. Since the beginning of the financial crisis in 2007, its profitability has come under pressure, with return on average equity recovering to 4.7% at Sept. 30, 2010) from a marginally negative figure at the same point in 2009. Fitch expects performance to improve in the medium term, on the back of a more positive outlook for the industry overall and in the region, and potential synergies from cooperation with Sberbank. TDGL is currently controlled by a partnership of 145 managers and employees, including the chairman of the board, Ruben Vardanian. 36.4% of TDGL is ultimately held by Standard Bank Group Limited. SBG's core operating subsidiary is Standard Bank of South Africa ('BBB+'/Stable). Sberbank and Standard Bank of South Africa's ratings are unaffected by the acquisition. The rating actions are: Troika Dialog Group Limited: -- Long-term foreign currency IDR: 'B+', placed on RWP -- Short-term IDR: 'B', placed on RWP -- Support Rating: '5', placed on RWP -- Support Rating Floor: affirmed at 'No floor' CJSC Troika Dialog Bank (formerly ZAO Standard Bank): -- Long-term foreign currency IDR: 'B+', placed on RWP -- Short-term IDR: 'B', placed on RWP -- Support Rating: '4', placed on RWP -- National Long-term Rating: 'A-(rus)', placed on RWP -- Individual Rating: affirmed at 'D/E' and withdrawn =========================== U N I T E D K I N G D O M =========================== BENNETTS: Bennetts Electrical Cuts 20 Jobs, Closes Store -------------------------------------------------------- Lynn News reports that up to 20 staff is believed to have been made redundant at the new Bennetts Electrical superstore in Lynn after its parent company went into administration. As reported in the Troubled Company Reporter-Latin America on March 14, 2011, Norwich Evening News24 said that Bennetts has gone into administration, putting hundreds of jobs at risk. The report relates that Bennettd, which employs about 300 staff in 14 stores, has called in administrators PKF. Staffs were told that the administrators had been called in and that their jobs were on the line, according to Norwich Evening News24. An unnamed spokesman for administrators PKF told Lynn News that 228 staff have been made redundant and 57 retained across the company as a whole, but he did not have precise figures for the Lynn store. The report relates that PKF is hopeful that it can find a buyer within the next fortnight for Bennetts. Headquartered in Norfolk Bennetts is an independent electrical retailer. The electrical company has its head office in Bowthorpe and has 14 stores across the country, including outlets in Norwich, Costessey, Great Yarmouth, Holt, Cromer, King's Lynn, Diss and Dereham. DGM INVESTMENTS: In Liquidation; Shuts Fisherman's Venue -------------------------------------------------------- The Journal reports that the Fisherman's Lodge, one of Newcastle's best-known high-end restaurants, has gone bust after suffering a drop in trade. The Journal says DGM Investments, the company behind the venue, has officially been liquidated. A spokeswoman for London-based insolvency practitioners the Macdonald Partnership confirmed the company was in liquidation. According to The Journal, the restaurant shut abruptly several weeks ago, leaving customers worried about the security of their bookings. The Journal relates that company director Jamie Howell, who has been at the helm of the Fisherman's Lodge since 2009, said he was still in discussions over the future of the business. Mr. Howell has set up a new company, Harmony Fine Dining Limited, which may buy the assets and re-open the restaurant. But it is believed there are other investors also interested, the Journal says. "We have had a creditors' meeting and are in voluntary liquidation," the Journal quotes Mr. Howell as saying. "I am still trying to weigh up how to move forward." Mr. Howell said HMRC had put in a court order for a large sum of money, which forced the liquidation, the Journal notes. DGM Investments has three County Court Judgements against it from creditors, totalling GBP7,049. The Journal says the claims date from January and December. JJB SPORTS: Major Shareholders Back GBP65-Mil. Capital Raising -------------------------------------------------------------- Claer Barrett at The Financial Times reports that JJB Sports plc confirmed on Tuesday that its five biggest shareholders had "agreed in principle" to support a life saving GBP65 million capital raise, planned for early April. According to the FT, the five shareholders, including Crystal Amber, US fund Harris Associates, and the Bill and Melinda Gates Foundation, will only stump up the cash if the retailer's landlords agree to controversial plans to close up to 89 stores and cut rents in a vote on March 22. JJB requires 50% of its external creditors to vote through a company voluntary arrangement (CVA), the FT notes. The FT relates that the company said key component of its revised business plan, annual cost savings of between GBP30 million and GBP55 million could be achieved if unprofitable stores are closed. Its lender, the Bank of Scotland, has agreed to extend JJB's GBP25 million working capital facility to May 2014 providing the CVA and the fundraising proceed according to plan, the FT discloses. JJB Sports plc (JJB Sports) is a sports retailer supplying branded sports and leisure clothing, footwear and accessories. JJB Sports is a high street sports retailer, with 250 stores in the United Kingdom and Eire. It provides a range of products covering United Kingdom sports. The Company stocks all its sports brands, supported by its own-brand and exclusive ranges. The Company's segment includes the Company's retail operations, including any retail stores, which are attached to fitness clubs. The Company operates in two geographic segments: the United Kingdom and Eire. The Company's subsidiaries include Blane Leisure Limited, Sports Division (Eireann) Limited, Golf TV Limited, TV Sports Shop Limited, Original Shoe Company Limited and Qubefootwear Limited. The Company sold its fitness club operations on March 25, 2009. OEM PLC: In Creditors' Voluntary Liquidation -------------------------------------------- Trading in OEM PLC's shares on AIM was suspended on March 3, 2008 and the Company subsequently disclosed Dec. 3, 2010 that the Company was considering a Company Voluntary Arrangement (CVA). However, it was subsequently deemed that a CVA was not a viable option. It was therefore agreed to place the Company into Creditors' Voluntary Liquidation. As a result of this, a General Meeting of the Company's shareholders was duly convened and held at Quadrant House, 4 Thomas More Square, London, E1W 1YW, on March 4, 2011. The following resolutions were duly passed as a special and an ordinary resolution, respectively: 1. "That it has been resolved by special resolution that the Company be wound up voluntarily." 2. "That Peter Kubik and Michael Kiely of UHY Hacker Young LLP, Quadrant House, 4 Thomas More Square, London, E1W 1YW be and are hereby appointed Joint Liquidators of the Company for the purposes of the winding-up". At the subsequent meeting of creditors held at the same place on the same date, the resolutions were ratified confirming the appointment of Peter Kubik and Michael Kiely as Joint Liquidators. For more information please contact: UHY Hacker Young LLP Michael Kiely 020 7216 4636 UHY Hacker Young LLP Quadrant House 4 Thomas More Square London E1W 1YW The Connors Group, Inc. is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. PEVEREL GROUP: Owner Hires Leeson's Star Lawyer ----------------------------------------------- David Hellier at City A.M. reports that Vincent Tchenguiz, who has blamed the recent Serious Fraud Office (SFO) raids at his offices for one of his companies falling into administration, appointed Stephen Pollard (pictured), rogue trader Nick Leeson's former lawyer, as his new legal adviser. Mr. Pollard took the reins from John Martin of Stephens Innocent, who advised Vincent Tchenguiz during last week's questioning by the SFO and the City of London police, according to City A.M. The report relates that Mr. Pollard has considerable experience in defending allegations of fraud, particularly those prosecuted by the SFO and emanating from the City of London. As reported in the Troubled Company Reporter-Europe on March 16, 2011, The Independent said that Mr. Tchenguiz, the property tycoon, saw the holding companies behind his largest property business collapse into administration. The report related that Zolfo Cooper, the restructuring firm, has been hired as administrator for four companies -- Peverel, Peverel Group, Aztec Opco Developments and Aztec Acquisitions -- within the Peverel Group, which is the UK's largest property management company. POWERFUEL PLC: 2Co Energy Emerges as Preferred Bidder for Unit -------------------------------------------------------------- Sally Bakewell at Bloomberg News reports that 2Co Energy Ltd., a British carbon capture and storage company owned by private equity group TPG Capital, emerged as the preferred bidder for Powerfuel Power Ltd., whose parent company is in administration. According to Bloomberg, Jane Paxman, director of policy and communications at 2Co Energy, said on Monday that 2Co Energy plans to complete the transaction in the next few weeks and is carrying out further review on Powerfuel Power. Ms. Paxman, as cited by Bloomberg, said TPG, based in Fort Worth, Texas, will provide the funds to buy Powerfuel Power. Its parent company Powerfuel Plc went into administration in December, Bloomberg recounts. It was GBP53 million (US$1 billion) short of the investment needed to develop the CCS project, Bloomberg says, citing administrators, KPMG International. Bloomberg relates KPMG said in a statement that 2Co Energy was appointed preferred bidder on Friday. Bloomberg notes that Ms. Paxman said Powerfuel Power's plans to develop a carbon capture and storage plant in northern England are some of the most advanced in the U.K. It already won EUR180 million (US$252 million) of European Commission funding to demonstrate the emissions cutting technology at the site near the Hatfield coalfield, Bloomberg states. Brian Green, joint administrator and restructuring partner, said in the statement that the accounting farm was also making "positive progress" on the sale of Powerfuel's other business, Powerfuel Mining Ltd., which owns the Hatfield Colliery, Brian Green, joint administrator and restructuring partner, Bloomberg notes. Powerfuel plc is based in Doncaster. It is also the parent company of two businesses: Powerfuel Mining Ltd, which owns Hatfield Colliery. QUINN GROUP: Bidders To Use Compensation Fund for Firm Deal ----------------------------------------------------------- Emmet Oliver at Irish Independent reports that three proposals for the purchase of Quinn Insurance have now been submitted to Finance Minister Michael Noonan -- with all of them requiring some use of the Insurance Compensation Fund. The report relates that the administrators running Quinn Insurance, Grant Thornton, have requested a meeting with Mr. Noonan who has the final say on which structure the deal will be based on. Three options on the future of Quinn have been finalized by the administrators, according to Irish Independent. The report relates that these options would involve Quinn's legacy claims being absorbed by the country's insurance compensation fund. Irish Independent discloses that the bidders want to effectively 'scoop' a new company out of Quinn Insurance, rather than continue operations under the current arrangements. The new company would avoid the buyer having to take on any long-standing Quinn Insurance claims, the report adds. Irish Independent notes that the remaining claims would be managed within Quinn Insurance Limited, which could then be funded by the Insurance Compensation Fund if needed. The report says that if these options are to be considered then the Department of Finance and Mr. Noonan will have to sign off on whatever proposal emerges. Bidders include Anglo Irish Bank/Liberty Mutual and Zurich, the report adds. The Quinn Group -- http://www.quinn-group.com/-- is a business group headquartered in Derrylin, County Fermanagh, Northern Ireland. The privately owned group has ventured into cement and concrete products, container glass, general insurance, radiators, plastics, hotels and real estate. It was formed by its Chairman Sean Quinn in 1973, developing from a small quarrying operation in Derrylin into the large organization, employing over 7,000 people in various locations throughout Europe. SAM TRANSPORT: Silver Lining Acquires Firm Out of Receivership -------------------------------------------------------------- Simon Jack at RoadTransport reports that SAM Transport & Distribution has had its assets acquired out of receivership by recycling and waste management group Silver Lining Industries (SLI). The report relates that SLI is buying SAM's 26 vehicles and its 115,000sq ft distribution facility. SAM staff will be employed by a newly created division within SLI, LogiCare, which will serve existing SAM customers as well as SLI customers in the IT and electronics market, according to RoadTransport. The report notes that former SAM director Marc Ransley, son of the original owner of the business, Shaun Ransley, will head the operation. Headquartered in Normanton, West Yorkshire, SAM Transport & Distribution is a haulier company. SAM Transport & Distribution was formed in 1996 and its customers over the years have included Asda, Coca Cola, Kelloggs, Linpac and Nestle. SOUTHERN CROSS: May Breach Banking Covenants; In Rent Talks ----------------------------------------------------------- Michael Kavanagh at The Financial Times reports that Southern Cross Healthcare said it was seeking to renegotiate the rent paid to its landlords and admitted cuts by local authorities in the amounts paid for elderly care would force a breach in its banking covenants. According to the FT, the company has also appointed KPMG to advise on restructuring options after suffering a further decline in its trading outlook since its last trading update just five weeks ago. The FT relates that on Monday the company, led by chief executive Jamie Buchan, said KPMG would "advise it both in pursuing the necessary dialogue with lenders and in accelerating negotiations with landlords." In its statement Southern Cross also confirmed that it was no longer in takeover talks, after judging that several preliminary approaches in the past few months had no prospect of resulting in a meaningful offer, the FT notes. The company, which then expressed concerns over the impact of government spending cuts on its business, as cited by the FT, said on Monday cuts in council spending had made it unrealistic to meet payments to landlords, which it said were "unsustainable." About 80% of Southern Cross's residents are funded out of NHS or local authority budgets, the FT states. Following the year-end, banking covenants were eased as the company pursued talks to secure a less onerous deal with landlords, the FT discloses. Mr. Buchan said in December that the company had entered talks with 10 of its largest landlords, and was seeking cuts in its rents and an end to agreements that linked rent increases with inflation, the FT recounts. Separately, The FT's Sarah Mishkin reports that Mr. Buchan said the company was hoping to resolve the negotiations before the summer. According to the FT, Southern Cross is looking to reduce its rent and the number of lower quality or poorly located homes it operates. The company faces a test of its banking covenants at the end of June, the FT notes. According to the FT, it has already said it would fail one test, but that lenders Barclays and Lloyds were "fully supportive". The FT says the negotiations are complicated as the company has more than 20 landlords, including competitors such as Four Seasons as well as property companies such as NHP that are in administration. Southern Cross Healthcare provides residential and nursing care to more than 31,000 residents cared for by 45,000 staff in 750 locations. Its also operates homes that specialize in treating people with dementia, mental health problems and learning disabilities. TRIUMPH FURNITURE: Administrators Put Business Up for Sale ---------------------------------------------------------- Hanna Sharpe at The Business Sale Report says Triumph Furniture Company is to be put up for sale by its administrators. The report relates the company entered administration after a fall in demand from public sector organisations. According to the report, the firm is still trading while the administrators of FRP Advisory, Nigel Hamilton-Smith, Charles Turner and Geoff Rowley, focus on restructuring the business after making 110 of its 300-strong workforce redundant, before selling it. "The company has a fixed cost base that includes nearly 300 staff and two factory sites . . . Taking these overheads into account, it faced mounting losses as its public sector customers reduced their budgets and private businesses continued to spend less than before the recession," The Business Sale Report quotes Mr. Hamilton-Smith as saying. The Business Sale Report notes that the administrators are confident of a sale for the business, which will also protect the remaining jobs at the two factories, which combined reach a total of 300,000 sq. ft. For the year to May 3, 2009, its recorded turnover was GBP23 million-- a steady increase over the previous years -- with pre-tax profits of GBP663,000, according to The Business Sale Report. Established in 1941, Triumph Furniture Company is a corporate furniture and storage specialist. The firm has a London showroom, an office in Solihull and a base in Holland. VIRIDAS: Warns It Could be Placed Into Receivership --------------------------------------------------- Insider Media Limited reports that Viridas has warned it could be placed into administration and hit out at the government after plans to grow energy crops in Brazil failed to secure enough investment. The report relates that the green fuel business blamed a "lack of clarity" over the government's support for biomass as a renewable fuel for putting investors off the project. Viridas said it had been seeking an additional GBP1.4 million for the next stage of a financing program for the company's ongoing development plan, according to Insider Media Limited. This involved the establishment and planting out of a jatropha base farm in Brazil, the report relates. "Unfortunately, lack of clarity from the government regarding future support for biomass in the renewable energy industry and the reduction of greenhouse gas emissions in the UK has created a high degree of uncertainty and had a significant negative impact on the decision making process of potential investors," Insider Media Limited quotes Viridas as saying. The business said that along with the "difficult current economic and political climate", it meant it had to abandon its plans for Brazil, it added. Viridas, Insider Media Limited notes, said it had tried to enter into an option agreement with "certain African investors" using Viridas as a "quoted vehicle" but that had lapsed. Viridas told the Stock Exchange: "In view of the above and the very small amount of funds remaining available to the company, the directors are reviewing the options available to the company which might include placing the company into some form of administration or other insolvency process. At the moment the company has the funds to settle in full all creditors of the company with the exception of liabilities arising from the director contracts," the report adds. Viridas is headquartered in Leeds. =============== X X X X X X X X =============== * EUROPE: Corporate Insolvencies Up in Central & Eastern Regions ---------------------------------------------------------------- CTK, citing Creditreform, reports that the number of corporate insolvencies in Central and Eastern Europe rose by 11.8% to 52,181. According to CTK, the number of insolvencies in Central and Eastern Europe grew by 40% in 2009. "The impacts of the crisis in 2008 and 2009 are far from being over. The economic situation in countries in Central and Eastern Europe has stabilized in recent months, but the drop in corporate bankruptcies is not in sight yet," CTK quotes Creditreform as saying. Creditreform registered the biggest rise in insolvencies of companies of 28.1% in Lithuania last year, while Estonia showed the sharpest drop in the number of insolvencies of 27.3%, CTK notes. The number of insolvencies in Western Europe dropped by 1.4% to fewer than 175,700 last year, while in 2009 their number grew by 22%, CTK discloses. * Upcoming Meetings, Conferences and Seminars --------------------------------------------- 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 * * *