/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/100316.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 Tuesday, March 16, 2010, Vol. 11, No. 052 Headlines C Y P R U S REMEDIAL CYPRUS: Names Clarkson Offshore to Oversee Auction F R A N C E CMA CGM: In Talks with Potential Investors G E R M A N Y ALMATIS: To File for Chapter 11 with US$1-Bil. Debt Plan ARCANDOR AG: Sun Capital Not Keen on Buying Karstadt EUROPROP SA: S&P Lowers Rating on Class E Notes to 'B-' N E T H E R L A N D S LYONDELL CHEMICAL: Obtains Approval for Key Agreements SENSATA TECH: Extends Participation Date to March 18 for Notes R O M A N I A * ROMANIA: Fitch Assigns 'BB+' Rating on Sovereign Bonds R U S S I A EIRLES FOUR: Fitch Downgrades Ratings on US$15 Mil. Notes to 'D' INTERREGIONAL INVESTMENT: Moody's Withdraws 'C' National Rating * RUSSIAN REPUBLIC OF KHAKASSIA: Fitch Assigns 'BB-' Ratings S P A I N COOPER-STANDARD: To Close Auto Fluid Plant in Spain GENERAL MOTORS: Unions at Opel Figueruelas Plant Back Pay Freeze IM BANCO: Moody's Assigns 'Caa1' Rating on Class B Notes SANTANDER EMPRESAS: Moody's Junks Rating on Series E Notes T U R K E Y * TURKEY: Fitch Assigns 'BB+' Rating on US$1 Bil. Eurobonds U N I T E D K I N G D O M BLOCKBUSTER INC: Puts European Arm for Sale to Raise Cash BRITISH AIRWAYS: Cabin Crew Union Set Strike Dates EMAP INT'L: GMG Faces Up to GBP150 Mil. Impairment on Investment EMI GROUP: Loses Pink Floyd Case Over Online Royalties GALA CORAL: Nears GBP2.6-Billion Debt Restructuring Deal GENERAL MOTORS: UK to Provide Loan Guarantee for Vauxhall Plants GS MEZZANINE: Fitch Changes Outlooks on Two Loans to Negative JARVIS HOTELS: In Talks with Banks to Refinance GBP122 Mil. Debt PEARL GROUP: Close to Resolving Dispute with Junior Bondholders REC PLANTATION: Fitch Gives Stable Outlook; Affirms All Ratings VEDANTA RESOURCES: To Spin Off Aluminum Project in India X X X X X X X X * Large Companies with Insolvent Balance Sheet ********* =========== C Y P R U S =========== REMEDIAL CYPRUS: Names Clarkson Offshore to Oversee Auction ----------------------------------------------------------- Remedial (Cyprus) PCL has named Clarkson Offshore to manage the sale and auction process for substantially all of its assets, according to Marine Log. The report says bids for the Company's assets must filed by April 9, 2010. A sale hearing is scheduled for April 22. The assets will be offered for sale as one complete project. The assets include: * the Remedial ESV Solution at Cosco Shipyards in Qidong, China and due for delivery in April, the Remedial ESV Guardian at Yantai Raffles Shipyard in Yantai, China and due for delivery later in 2010; * two workover rigs each to be deployed on an ESV once completed, located at Advanced Rig Services yard near Houston, Texas; * equipment and spare parts to be used for the ESVs and other equipment purchased by Remedial in anticipation of constructing additional vessels; and * shares in the operating subsidiary, Remedial Offshore Limited. About Remedial (Cyprus) Based in Limassol, Cyprus, Remedial (Cyprus) Public Company owns and operates self-propelled jack up rigs called Elevating Support Vessels. The vessels facilitate offshore well intervention activities and work-over services. Remedial (Cyprus) Public Company Ltd. -- dba Brufani Shipmanagement Limited and Remedial Cyprus Limited -- filed for Chapter 11 bankruptcy protection on February 17, 2010 (Bankr. S.D.N.Y. Case No. 10-10782). Kenneth A. Rosen, Esq., at Lowenstein Sandler, P.C., assists the Company in its restructuring effort. The Company estimated its assets and debts at US$100,000,001 to US$500,000,000. =========== F R A N C E =========== CMA CGM: In Talks with Potential Investors ------------------------------------------ Robert Wright at The Financial Times reports that CMA CGM is seeking capital from outside investors for the first time in an attempt to tackle a liquidity crisis that has dragged on for months and left it unable to complete payments for new ships. According to the FT, CMA CGM has held talks with Louis Dreyfus Group, France's only other large shipowner, Goldman Sachs and Butler Capital Partners, among others. The FT says the fresh capital injection is part of a wider restructuring package which, if completed, would allow the company to access a US$500 million loan facility its lenders agreed in principle to make available in December. So far CMA CGM has been able to access only US$80 million of the facility, the FT notes. The FT relates people working with potential equity providers and familiar with CMA CGM's thinking said a number of potential investors were in talks with the company and might still invest. The company has set a deadline of March 17 for investors to make a decision, the FT discloses. State Aid Citing the FT, the Troubled Company Reporter-Europe reported on March 1, 2010, that CMA CGM's finance director said the company would receive no conventional state aid. According to the FT, Mr. Schapiro said the company haf spent months trying to persuade France's EUR20 billion (US$27 billion) sovereign wealth fund to invest. Mr. Schapiro gave no indication of whether he expected the talks with FSI eventually to succeed, the FT noted. CMA CGM is expected to give an update on the restructuring talks in April, when it reveals its 2009 results, the FT said. Headquartered in Marseilles, France, CMA CGM S.A. -- http://www.cma-cgm.com/-- ships freight PDQ. The marine transportation company is one of the world's leading container carriers. Through subsidiaries it operates a fleet of about 370 vessels that serve more than 400 ports around the globe, and it maintains a network of about 650 facilities in about 150 countries. In addition to hauling containers by sea, CMA CGM provides logistics services, arranging the transportation of containerized freight by river, road, and rail. The company's tourism division arranges cruises and other travel services. Chairman Jacques Saade founded the company in 1978. ============= G E R M A N Y ============= ALMATIS: To File for Chapter 11 with US$1-Bil. Debt Plan -------------------------------------------------------- Bloomberg News reports that Almatis will implement a restructuring by filing for bankruptcy protection in the United States under Chapter 11 of the Bankruptcy Code. Almatis has said it has approval from a two-thirds majority of senior lenders to restructure US$1 billion of debt. "The proposed restructuring would result in significant reduction in financial indebtedness and allow the business to continue its expansion in growth markets. The company is pleased that a consensus has been reached by a majority of its senior lenders and is presently considering its response," Almatis said in a statement. According to Bloomberg, Dubai International Capital LLC took control of Almatis after a US$1.2 billion buyout in 2007. Banks including UBS AG and Bahrain-based Arab Banking Corp. helped finance Almatis' buyout with US$970 million of loans, including US$235 million in junior debt. The company breached terms of the loans in the first half of 2009 as the global economic slowdown hurt demand for its products. Oaktree Capital Management LLC, the biggest holder of Almatis' senior loans with a 38% stake, was seeking control of the company in exchange for writing off some of the debt. According to Financial Times, the restructuring plan provides for these terms: -- The Plan would more than halve Almatis's debts to about US$422 million, with senior lenders, which are owed about US$680 million, being offered a choice of options under the restructuring. -- Oaktree would own 80% of the reorganized company. -- Lenders can either opt for a share of new senior debt and a cash pay-out equivalent to a recovery of their claims of 86.5 cents on the dollar, along with a share of a 13.5% stake in the Company, in exchange for writing off their debt. The alternative is a greater share of the equity in the company, which Oaktree is expected to take, involving 45 cents worth of new subordinated debt and a share of 86.5% of the equity. It is assumed that the remaining 54 per cent of lenders will opt for the first option. -- The Plan will wipe out the debt claims of more subordinated mezzanine and second-lien lenders, as well as Dubai International Capital's equity stake. -- Subordinated lenders are expected to receive warrants that will allow them a small share of any proceeds from a sale of the Company. About Almatis Almatis, operationally headquartered in Frankfurt, Germany, is a global leader in the development, manufacture and supply of premium specialty alumina products. With nearly 900 employees worldwide, the company's products are used in a wide variety of industries, including steel production, cement production, non- ferrous metal production, plastics, paper, ceramics, carpet manufacturing and electronic industries. Almatis operates nine production facilities worldwide and serves customers around the world. Until 2004, the business was known as the chemical business of Alcoa. Almatis is now owned by Dubai International Capital LLC, the international investment arm of Dubai Holding. ARCANDOR AG: Sun Capital Not Keen on Buying Karstadt ---------------------------------------------------- Holger Elfes at Bloomberg News, citing Financial Times Deutschland, reports that Sun Capital Partners Inc. isn't interested in buying Arcandor AG's department-store chain Karstadt. According to Bloomberg, the newspaper said Sun Capital, which acquired Arcandor's mail-order unit Neckermann two years ago, decided not to take part in the final round of bidding. About Arcandor AG Germany-based Arcandor AG (FRA:ARO) -- http://www.arcandor.com/-- formerly KarstadtQuelle AG, is a tourism and retail group. Its three core business areas are tourism, mail order services and department store retail. The Company's business areas are covered by its three operating segments: Thomas Cook, Primondo and Karstadt. Thomas Cook Group plc is a tour operator with operations in Europe and North America, set up as a result of a merger between MyTravel and Thomas Cook AG. It also operates the e-commerce platform, Thomas Cook, supporting travel services. Primondo has a portfolio of European universal and specialty mail order companies, including the core brand Quelle. Karstadt operates a range of department stores, such as cosmopolitan stores, including KaDeWe (Kaufhaus des Westens), Karstadt Oberpollinger and Alsterhaus; Karstadt brand department stores; Karstadt sports department stores, offering sports goods in a variety of retail outlets, and a portal, karstadt.de that offers online shopping, among others. As reported by the Troubled Company Reporter-Europe, a local court in Essen formally opened insolvency proceedings for Arcandor on September 1, 2009. The proceedings started for the Arcandor holding company and for 14 units, including the Karstadt department-store chain and Primondo mail-order division. Arcandor filed for bankruptcy protection after the German government turned down its request for loan guarantees. On June 8, 2009, the government rejected two applications for help by the company, which employs 43,000 people. The retailer sought loan guarantees of EUR650 million (US$904 million) from Germany's Economy Fund program. It also sought a further EUR437 million from a state-owned bank. EUROPROP SA: S&P Lowers Rating on Class E Notes to 'B-' ------------------------------------------------------- Standard & Poor's Ratings Services lowered and removed from CreditWatch negative its credit ratings on all classes of EuroProp (EMC) S.A. (Compartment) 1's commercial mortgage-backed floating- rate notes. In S&P's opinion, the loan creditworthiness has deteriorated due to increased refinance risk. At closing, in July 2006, EuroProp (EMC) S.A. (Compartment) 1 acquired eight loans secured on 142 properties in Germany, France, Portugal, Sweden, and Belgium. Since closing, three of the loans have fully repaid and the outstanding note balance is EUR423.72 million (from EUR648.55 million at closing). The final maturity date of the notes is in April 2013. The largest loan in the pool is the Sunrise loan, which accounts for 63% of the total pool balance. The loan represents 50% of the senior whole-loan, while the remaining 50% is securitized in another European commercial mortgage-backed securities transaction, DECO 9 -- Pan Europe 3 PLC. The two halves are pari passu pieces. A portfolio of 60 properties across Germany, predominantly secondary retail assets, secures this loan. Deutsche Bank AG, acting as loan facility agent, has been trapping the excess cash since Q3 2008 as a result of the breach of the 1.45x whole-loan interest coverage ratio and the 80% whole-loan loan-to-value ratio trap covenants. Current trapped cash amounts to EUR13.2 million, of which EUR6.1 million was released to partly repay the loan in January 2010. The most recently reported whole- loan LTV ratio is 81.19%. S&P understand that Deutsche Bank is in negotiation with the borrower over a cash flow restructure. The loan matures in January 2011. As two different lenders advanced each pari passu piece, any resolution may result in a deadlock if agreement cannot be reached between the lenders. It is S&P's understanding that the loan-facility agent and/or the special servicers have no ultimate override rights in case of disagreement between the lenders. Two of the loans, Elancourt (17% of the total pool balance) and Selaht (14% of the total pool balance) are each secured on mixed- use properties across France. Thales and/or EADS occupy the properties. The reported senior LTV ratios are 41.52% and 55.80%, respectively. Both loans have been advanced to the same borrower. S&P has lowered its ratings to reflect its adjusted view of the creditworthiness of the loans remaining in the collateral pool. In its opinion, most of the properties securing the loans are of secondary quality, but they have not experienced material declines in net operating income since closing (with the exception of Sunrise). S&P's rating changes reflect the recent market value declines observed in the various European real estate markets and the concentration of refinance risk around 2010 to 2011 -- particularly for the Sunrise loan, which accounts for the majority of the loan pool. S&P has also reflected its opinion of increased risk of principal losses under the Sunrise and Selaht loans. S&P initially placed the notes on CreditWatch negative in June 2009 in light of market conditions and the upcoming refinancing date of the loans. Ratings List EuroProp (EMC) S.A. (Compartment) 1 EUR648.55 Million Commercial Mortgage-Backed Floating-Rate Notes Series 4 Ratings Lowered and Removed From CreditWatch Negative Rating ------ Class To From ----- -- ---- A A AAA/Watch Neg X A AAA/Watch Neg B BBB AA/Watch Neg C BB A/Watch Neg D B BBB/Watch Neg E B- BBB-/Watch Neg ===================== N E T H E R L A N D S ===================== LYONDELL CHEMICAL: Obtains Approval for Key Agreements ------------------------------------------------------ LyondellBasell has three significant developments toward its emergence from bankruptcy protection. Specifically, LyondellBasell: * obtained bankruptcy court approval of its Third Amended Disclosure Statement, permitting LyondellBasell to begin soliciting votes on its Third Amended Plan of Reorganization; * obtained bankruptcy court authorization for a settlement resolving various claims asserted against LyondellBasell's prepetition secured senior and bridge lenders and providing for treatment of its 2015 noteholders and Millennium noteholders; and * obtained bankruptcy court approval of an Equity Commitment Agreement entered into on Dec. 11, 2009 with respect to a backstopped US$2,800 million rights offering. Holders of the majorities of the Company's prepetition senior and bridge debt have agreed to support confirmation of the Plan, as have the following groups: a majority of the holders of its 2015 Notes and its Millennium Notes, the Indenture Trustees for each of the 2015 Notes and the Millennium Notes, and the Official Committee of Unsecured Creditors. With the approval of the Disclosure Statement, LyondellBasell can commence solicitation of acceptances of the Plan. It also can now commence the rights offering to holders of its senior secured debt who will be receiving rights under the Plan. The Bankruptcy Court set the record date for being able to vote on the Plan and to participate in the rights offering as March 11, 2010 and the deadline for voting on the Plan and exercising rights as April 15, 2010. The Confirmation Hearing of the Plan is currently scheduled to commence on April 23, 2010. About Lyondell Chemical LyondellBasell Industries is one of the world's largest polymers, petrochemicals and fuels companies. It is the global leader in polyolefins technology, production and marketing; a pioneer in propylene oxide and derivatives; and a significant producer of fuels and refined products, including biofuels. Through research and development, LyondellBasell develops innovative materials and technologies that deliver exceptional customer value and products that improve quality of life for people around the world. Headquartered in The Netherlands, LyondellBasell -- http://www.lyondellbasell.com/-- is privately owned by Access Industries. Basell AF and Lyondell Chemical Company merged operations in 2007 to form LyondellBasell Industries, the world's third largest independent chemical company. LyondellBasell became saddled with debt as part of the US$12.7 billion merger. On January 6, 2009, LyondellBasell Industries' U.S. operations and one of its European holding companies -- Basell Germany Holdings GmbH -- filed voluntary petitions to reorganize under Chapter 11 of the U.S. Bankruptcy Code to facilitate a restructuring of the company's debts. The case is In re Lyondell Chemical Company, et al., Bankr. S.D.N.Y. Lead Case No. 09-10023). Seventy-nine Lyondell entities, including Equistar Chemicals, LP, Lyondell Chemical Company, Millennium Chemicals Inc., and Wyatt Industries, Inc. filed for Chapter 11. In May 2009, one of the cases was dismissed -- Case No. 09-10068 -- because it is duplicative of Case No. 09- 10040 relating to Debtor Glidden Latin America Holdings. The Hon. Robert E. Gerber presides over the case. Deryck A. Palmer, Esq., at Cadwalader, Wickersham & Taft LLP, in New York, serves as the Debtors' bankruptcy counsel. Evercore Partners serves as financial advisors, and Alix Partners and its subsidiary AP Services LLC, serves as restructuring advisors. AlixPartners' Kevin M. McShea acts as the Debtors' Chief Restructuring Officer. Clifford Chance LLP serves as restructuring advisors to the European entities. Lyondell Chemical estimated that consolidated assets total US$27.12 billion and debts total US$19.34 billion as of the bankruptcy filing date. Lyondell has obtained approximately US$8 billion in DIP financing to fund continuing operations. The DIP financing includes two credit agreements: a US$6.5 billion term loan, which comprises a US$3.25 billion in new loans and a US$3.25 billion roll-up of existing loans; and a US$1.57 billion asset-backed lending facility. Luxembourg-based LyondellBasell Industries AF S.C.A. and another affiliate were voluntarily added to Lyondell Chemical's reorganization filing under Chapter 11 on April 24, 2009, in order to seek protection against claims by certain financial and U.S. trade creditors. On May 8, 2009, LyondellBasell Industries added 13 non-operating entities to Lyondell Chemical Company's reorganization filing under Chapter 11 of the U.S. Bankruptcy Code. All of the entities are U.S. companies and were added to the original Chapter 11 filing for administrative purposes. The filings will have no impact on current business or operations as none of the entities manufactures or sells products. Bankruptcy Creditors' Service, Inc., publishes Lyondell Bankruptcy News. The newsletter tracks the Chapter 11 proceeding undertaken by Lyondell Chemical Company and its various affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) SENSATA TECH: Extends Participation Date to March 18 for Notes -------------------------------------------------------------- Sensata Technologies B.V. has extended the Early Participation Date to 5:00 P.M., New York City time, on March 18, 2010, with respect to its previously announced cash tender offer to purchase the maximum aggregate principal amount of its Notes (as defined below) that it can purchase for US$350,000,000. The Early Participation Date was previously scheduled for 5:00 P.M., New York City time, on March 11, 2010. As of that time, Sensata had received tenders of approximately US$98,700,000 (or the equivalent amount in euros) aggregate principal amount of its outstanding 8% Senior Notes due 2014 (the "Dollar Notes"), its 9% Senior Subordinated Notes due 2016 (the "9% Notes") and its 11.25% Senior Subordinated Notes due 2014 (the "11.25% Notes" and, together with the 9% Notes, the "Euro Notes"). The Dollar Notes and the Euro Notes are collectively referred to herein as the "Notes." Each Holder who validly tenders (and does not withdraw) his or her Notes prior to the Early Participation Date, and whose Notes are accepted for purchase in the Tender Offer, will receive an early participation payment of US$30.00 per $1,000 principal amount of Dollar Notes or EUR30.00 per EUR1,000 principal amount of Euro Notes tendered in the Tender Offer (the "Early Participation Payment"). Holders tendering their Notes in the Tender Offer after the Early Participation Date will not be eligible to receive the Early Participation Payment. Sensata is extending the Early Participation Date to permit Holders of the Notes more time to consider and tender their Notes into the Tender Offer and still receive the Early Participation Payment. During this extension, Sensata will continue to evaluate its alternatives with respect to the Tender Offer. Sensata has also determined to extend the withdrawal date relating to the Tender Offer to 5:00 P.M., New York City time, on March 18, 2010 (the "Withdrawal Date"). Notes tendered (and not withdrawn) prior to the Withdrawal Date and Notes that are tendered after the Withdrawal Date may not be withdrawn. The Tender Offer is scheduled to expire at 11:59 P.M., New York City time, on March 25, 2010, unless such time and date is extended or earlier terminated by Sensata (the "Expiration Date"). Except as set forth herein, the terms of the Tender Offer remain the same as those set forth in the Offer to Purchase and related documents. The Tender Offer is conditioned upon the satisfaction or waiver of certain conditions as described in the Offer to Purchase, including Sensata's ultimate parent company, which is currently undertaking a financing transaction, having received sufficient net proceeds to make the payments contemplated by the Tender Offer. Subject to applicable law, Sensata may also terminate the Tender Offer at any time prior to the applicable Expiration Date in its reasonable discretion in the event that one or more of the conditions to the Tender Offer are not satisfied or waived by Sensata. About Sensata Technologies Almelo, Netherlands-based Sensata Technologies B.V. -- http://www.sensata.com/-- supplies sensing, electrical protection, control and power management solutions. Owned by affiliates of Bain Capital Partners, LLC, a global private investment firm, and its co-investors, Sensata employs approximately 9,500 people in nine countries. Sensata's products improve safety, efficiency and comfort for millions of people every day in automotive, appliance, aircraft, industrial, military, heavy vehicle, heating, air-conditioning, data, telecommunications, recreational vehicle and marine applications. * * * As reported by the Troubled Company Reporter on December 7, 2009, Moody's Investors Service has upgraded Sensata Technologies B.V.'s Corporate Family and Probability of Default ratings to Caa1 from Caa2, as well as the company's senior secured credit facility to B2, senior unsecured notes to Caa2, and senior subordinated notes to Caa3. In a related rating action, Moody's affirmed the company's Speculative Grade Liquidity rating at SGL-3. The outlook is positive. ============= R O M A N I A ============= * ROMANIA: Fitch Assigns 'BB+' Rating on Sovereign Bonds -------------------------------------------------------- Fitch Ratings has assigned the Republic of Romania's 5-year EUR1 billion sovereign bond a rating of 'BB+'. The rating is in line with Romania's Long-term foreign currency Issuer Default Rating of 'BB+', which has a Stable Outlook. Fitch revised the Outlook on Romania's Long-term IDRs to Stable from Negative on February 2, 2010, on the passing of the 2010 budget and the normalization of Romania's IMF/EU funding program, which eased downward pressures on Romania's sovereign ratings. The IMF-agreed 2010 budget deficit target is 5.9%, compared with an estimated general government deficit of 7.8% in 2009. Fitch notes that there are risks related to the implementation of politically challenging policies contained in the 2010 budget, including the public wage freeze and redundancies, while fiscal consolidation will need to continue beyond 2010 to sustain the economy's external adjustment and lessen the upward trend in public debt ratios. Fitch forecasts Romania's general government debt (including guarantees) at 33% of GDP at end-2010, compared with 21.8% at end-2008. =========== R U S S I A =========== EIRLES FOUR: Fitch Downgrades Ratings on US$15 Mil. Notes to 'D' ---------------------------------------------------------------- Fitch Ratings has downgraded Eirles Four Limited Series 42's US$15,000,000 synthetic investment grade CDO notes, due June 2014: -- US$15 million (ISIN: XS0171953796): downgraded to 'D' from 'CCC' The downgrade follows the default of Series 42 after principal of the notes was written-down by credit losses from the reference portfolio. So far, seven credit events in the portfolio, which is partially managed by Sarco Holdings, have been triggered with a weighted average recovery of 18.7%. The Series 42 portfolio is heavily concentrated in the automotive sector which has led to low recoveries. Losses from credit events total 5.3% of the portfolio notional which exceeds the initial subordination of 4% of the Series 42 notes. This has resulted in a principal impairment to the noteholders. A further one or two credit events could result in the complete loss of the tranche. Eirles Four Limited Series 42 is a synthetic securitization of a portfolio of 100 largely investment grade corporate credits, which were geographically diversified. In 2003, Fitch assigned ratings to the US$115m credit-linked notes issued by Eirles Four Limited Series 42, under the Eirles Four Limited program incorporated in the Republic of Ireland, and due 2013. At closing, the note proceeds were used by the issuer to purchase US$115 million 'AAA'-rated Freddie Mac Bonds, due 15 January 2013, issued by the US-based Federal Home Loan Mortgage Corporation. At the same time, the issuer entered into a 10-year credit default swap with Deutsche Bank AG London for the reimbursement of potential losses in the reference portfolio exceeding the threshold amount and up to the notional amount of the tranche. The reference portfolio was selected pursuant to a services agreement between Sarco Holdings, the service provider, and Deutsche Bank AG London. Under the agreement, Sarco Holdings could make a maximum of five reference entity substitutions per year. Fitch used its Global Rating Criteria for Synthetic CDOs to analyze the credit risk of Eirles Four Limited Series 42's Synthetic Investment Grade CDO. INTERREGIONAL INVESTMENT: Moody's Withdraws 'C' National Rating --------------------------------------------------------------- Moody's Interfax Rating Agency has withdrawn the C.ru national scale rating of Russia-based Interregional Investment Bank because the issuer has entered bankruptcy. Moscow-based Moody's Interfax is majority owned by Moody's, a leading global rating agency. The bank had no global scale deposit rating and no senior unsecured, subordinate or structured finance obligations rated by Moody's Interfax or Moody's. The last rating action on Interregional Investment Bank was on November 19, 2009, when Moody's Interfax downgraded its NSR to C.ru (lowest possible level) from Baa1.ru. This downgrade was triggered by the bank losing its banking license due to violation of banking laws, failure to conduct client transactions, failure to create adequate loan loss and general provisions, as well as substantial manipulation with regard to regulatory reporting (source: Central Bank of Russia). Interregional Investment Bank was declared bankrupt in January 2010 by the Moscow Arbitration Court. In February, its temporary administration was terminated and the bank is now collecting claims from creditors. Once this process is completed, the bank will be liquidated. Domiciled in Moscow, Russia, Interregional Investment Bank reported -- as of October 1, 2009 (under Russian GAAP) -- total assets of RUB6.6 billion (US$220 million) and total shareholders' equity of RUB1.6 billion (US$53 million). Those figures could be substantially misstated and differ from the real numbers, as indicated by the CBR. * RUSSIAN REPUBLIC OF KHAKASSIA: Fitch Assigns 'BB-' Ratings ------------------------------------------------------------ Fitch Ratings has assigned the Russian Republic of Khakassia Long- term foreign and local currency ratings of 'BB-', a Short-term foreign currency rating of 'B' and a National Long-term rating of 'A+(rus)'. The Outlooks for the Long-term ratings are Stable. The ratings reflect the modest scale of the republic's economy, its high tax concentration, and contingent liabilities stemming from its public sector enterprises. The ratings also factor in the republic's sound budget performance and low debt burden. The Stable Outlooks reflect Fitch's expectation that prudent fiscal discipline and a recovery of the local economy will continue to support a sound budget performance. Fitch expects Khakassia's debt burden will remain manageable despite an expected direct debt increase. The republic has a modest economy with per capita gross regional product equal to 55% of the national average in 2008. The region recorded stable, but moderate economic development with annual GRP growth below the national level in 2004-2008. However, Khakassia demonstrated better resilience to the national economic recession in 2009 when its GRP declined just 0.8% y-o-y in real terms, compared to the national decline of 7.9%. The republic has high tax concentration and the 10 largest taxpayers generated 46% of tax revenue proceeds to republic's budget, which Fitch views as a credit weakness. Khakassia has demonstrated a sound budget performance over the last five years, as the operating balance increased to 14.6% of operating revenue in 2008 from 8.9% in 2005. Despite the downturn of the national economy, the republic continued to demonstrate a sound budget performance in 2009 with an operating margin of about 9%. Fitch expects the operating margin to increase above 10% in 2010. The republic's administration has demonstrated conservative budget management in the past aiming at minimizing the budget deficit and funding investment through its own resources. As of end 2008, the direct risk of the republic's budget was immaterial, but in 2009 the republic recorded a moderate deficit before debt variation, and its direct risk grew to a manageable RUB866 million (7.2% of current revenue in 2009). In 2010, the administration budgeted RUB1.5 billion deficit before debt variation, which will be financed by new bank loans and a domestic bond issue. The loans and bond issue will increase the direct risk of the republic to RUB2.3bn or about 12% of total revenue. However, direct risk will remain moderate given the republic's well structured debt profile. The republic is exposed to contingent risk totaling RUB453 million stemming from public sector entities. This debt mostly consists of the RUB380 million bond of the Mortgage Agency of the Republic of Khakassia, which is guaranteed by the republic. The agency recorded losses in 2008 and 2009 and defaulted on RUB10.4 million coupon payments in late 2009. The republic's guarantee was declared invalid by regional courts, but the republic continues to support the agency and has undertaken direct negotiations with the bond holder to restructure the payment schedule. Khakassia is located in southwest Siberia. Its GRP accounts for 0.2% of national GDP, and the republic has 538,000 inhabitants, representing 0.4% of the national population. ========= S P A I N ========= COOPER-STANDARD: To Close Auto Fluid Plant in Spain --------------------------------------------------- Cooper-Standard Holdings Inc., a leading global automotive supplier, announced that the subsidiary company Coper-Standard Automotive Espana SL will initiate legal proceedings to close its automotive Fluid plant located at Pol�gono Industrial San Marcos in Getafe, Madrid, Spain. The closure is slated to be complete by August -- September 2010. This is the result of an in-depth analysis of the facility's situation and current market conditions. The closure is due, in part, to the continued deterioration of the automotive industry. As a result, the Getafe plant does not have the necessary minimum production volumes necessary to continue operations. "This announcement comes as part of Cooper-Standard's ongoing effort to better align our manufacturing operations with current industry demand," said Keith D. Stephenson, President International Division, Cooper-Standard Automotive. "While other possibilities were studied, the current economic climate, unfavorable fixed cost structure and expiration of two customer contracts this year at the Getafe facility hinder the on-going viability of the facility's business." The Getafe operation employs approximately 75 employees and manufactures fuel and brake products, such as brake boosters, vapor and clutch lines, and water valves. Cooper-Standard is working with the appropriate government agencies to assist the effected workers throughout the transition. About Cooper-Standard Cooper-Standard Automotive Inc. -- http://www.cooperstandard.com/ -- headquartered in Novi, Michigan, is a leading global automotive supplier specializing in the manufacture and marketing of systems and components for the automotive industry. Products include body sealing systems, fluid handling systems and NVH control systems. The Company is one of the leading suppliers of chassis products in North America, with about 14% of market share. The Company's main custoemrs include Ford Motor Company, General Motors, Chrysler, Audi, Volkswagen, BMW, Fiat and Honda, among other automakers. Cooper-Standard Automotive employs approximately 16,000 people globally with more than 70 facilities throughout the world. Cooper-Standard is a privately held portfolio company of The Cypress Group and Goldman Sachs Capital Partners Funds. Cooper-Standard Holdings Inc., together with affiliates, filed for Chapter 11 on August 4, 2009 (Bankr. D. Del. Case No. 09-12743). Attorneys at Fried, Frank, Harris, Shriver & Jacobson LLP and Richards, Layton & Finger, P.A., will serve as bankruptcy counsel to the Debtors. Lazard Freres & Co. is serving as investment banker while Alvarez & Marsal is financial advisor. Kurtzman Carson Consultants LLC is notice, claims and solicitation agent. In its bankruptcy petition, the Company said that assets on a consolidated basis total US$1,733,017,000 while debts total US$1,785,039,000 as of March 31, 2009. The Company's Canadian subsidiary, Cooper-Standard Automotive Canada Limited, also sought relief under the Companies' Creditors Arrangement Act in the Ontario Superior Court of Justice in Toronto, Ontario, Canada. Bankruptcy Creditors' Service, Inc., publishes Cooper-Standard Bankruptcy News. The newsletter tracks the Chapter 11 and CCAA proceedings undertaken by Cooper-Standard Holdings Inc. and its various affiliates. (http://bankrupt.com/newsstand/or 215/945- 7000) GENERAL MOTORS: Unions at Opel Figueruelas Plant Back Pay Freeze ---------------------------------------------------------------- Daniel Schafer, Andrew Bounds and Gerrit Wiesmann at The Financial Times report that Spanish unions agreed on a pay freeze and job cuts at the plant in Figueruelas, the biggest factory of General Motor Co.'s Opel unit. The FT relates the Comisiones Obreras union said in a statement that it had accepted a wage freeze this year and in 2011, with 2% increases in the following two years. According to the FT, GM will reduce the 6,300-strong workforce by 900 employees through early retirement or attrition. GM wants to restructure its European operations under a EUR3.7 billion (US$5 billion) plan, for which it is seeking around EUR1.8 billion in loans and guarantees from five European countries where it has plants -- the UK, Germany, Spain, Poland and Austria -- the FT notes. About General Motors General Motors Company -- http://www.gm.com/-- is one of the world's largest automakers, tracing its roots back to 1908. With its global headquarters in Detroit, GM employs 209,000 people in every major region of the world and does business in some 140 countries. GM and its strategic partners produce cars and trucks in 34 countries, and sell and service these vehicles through these brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, Opel, Vauxhall and Wuling. GM's largest national market is the United States, followed by China, Brazil, the United Kingdom, Canada, Russia and Germany. GM's OnStar subsidiary is the industry leader in vehicle safety, security and information services. GM acquired its operations from General Motors Company, n/k/a Motors Liquidation Company, on July 10, 2009, pursuant to a sale under Section 363 of the Bankruptcy Code. Motors Liquidation or Old GM is the subject of a pending Chapter 11 reorganization case before the U.S. Bankruptcy Court for the Southern District of New York. At September 30, 2009, GM had US$107.45 billion in total assets against US$135.60 billion in total liabilities. About Motors Liquidation General Motors Corporation and three of its affiliates filed for Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case No. 09-50026). General Motors changed its name to Motors Liquidation Co. following the sale of its key assets to a company 60.8% owned by the U.S. Government. The Honorable Robert E. Gerber presides over the Chapter 11 cases. Harvey R. Miller, Esq., Stephen Karotkin, Esq., and Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges LLP, assist the Debtors in their restructuring efforts. Al Koch at AP Services, LLC, an affiliate of AlixPartners, LLP, serves as the Chief Executive Officer for Motors Liquidation Company. GM is also represented by Jenner & Block LLP and Honigman Miller Schwartz and Cohn LLP as counsel. Cravath, Swaine, & Moore LLP is providing legal advice to the GM Board of Directors. GM's financial advisors are Morgan Stanley, Evercore Partners and the Blackstone Group LLP. Bankruptcy Creditors' Service, Inc., publishes General Motors Bankruptcy News. The newsletter tracks the Chapter 11 proceeding undertaken by General Motors Corp. and its various affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) IM BANCO: Moody's Assigns 'Caa1' Rating on Class B Notes -------------------------------------------------------- Moody's Investors Service assigned definitive credit ratings to these classes of Notes issued by IM Banco Popular MBS 2: -- Aaa to the EUR596,000,000 Class A due 2052 -- Caa1 to the EUR89,000,000 Class B due 2052 The transaction represents the securitization of Spanish High LTV mortgage loans originated by Banco Popular, S.A. The assets supporting the notes are prime mortgage loans secured on residential and some commercial properties located in Spain. The portfolio will be serviced by Banco Popular, S.A. Moody's based the provisional ratings primarily on: (i) an evaluation of the underlying portfolio of loans; (ii) an analysis of the collateral historical performance; (iii) the swap agreements hedging the interest rate risk; (iv) the credit enhancement provided by the reserve fund, the subordination of the notes, and the excess spread; and (v) the legal and structural integrity of the transaction. The expected portfolio loss of 6.0% and the MILAN Aaa required credit enhancement of 22.5% serve as input parameters for Moody's cash flow model, which is based on a probabilistic lognormal distribution as described in the report "The Lognormal Method Applied to ABS Analysis", published in September 2000. Specific characteristic of this High LTV pool such as missing information on employment type, combined with uncertainty in the real estate sector and the deteriorating economic environment drove to a Milan Aaa CE in excess of that which would be driven by the MILAN model outcome. The V Score for this transaction is Medium, which is in line with the V score assigned for the Spanish RMBS sector. Only three sub components underlying the V Score have been assessed higher than the average for the Spanish RMBS sector. The Sector's Historical Downgrade Rate, Disclosure of Securitisation Collateral Pool Characteristics and Transaction Complexity are assessed as Medium, which are higher than the Low/Medium V score assigned for the Spanish RMBS sector for those sub components. This is due to the exposure of the transaction to HLTV's which have suffered more downgrades than traditional mortgages pools in recent years, no employment data and no months current data available and because HLTV loans are more exposed to house price declines. Issuer/Sponsor/Originator's Historical Performance Variability is Medium, which is in line the V score assigned for the Spanish RMBS sector for this sub component, although High LTV (HLTV) pools have historically higher defaults and arrears than traditional mortgages pools, the historical 1-year notch-weighted Baa downgrade rate is comparable to Spanish corporates. V-Scores are a relative assessment of the quality of available credit information and of the degree of dependence on various assumptions used in determining the rating. High variability in key assumptions could expose a rating to more likelihood of rating changes. The V-Score has been assigned accordingly to the report "V-Scores and Parameter Sensitivities in the Major EMEA RMBS Sectors" published in April 2009. The definitive ratings address the expected loss posed to investors by the legal final maturity. The structure allows for timely payment of interest and ultimate payment of principal at par on or before the legal final maturity date. Moody's ratings address only the credit risks associated with the transaction. Other non-credit risks have not been addressed but may have a significant effect on the yield to investors. SANTANDER EMPRESAS: Moody's Junks Rating on Series E Notes ---------------------------------------------------------- Moody's Investors Service has downgraded the ratings of the outstanding Series B, C, D and E notes issued by Santander Empresas 3, FTA, to Aa3, Baa3, B3 and Ca, from Aa2, A3, Baa3 and Ba1, respectively and confirmed the Aaa ratings of the Series A2 and A3 notes. The rating downgrades conclude the review for possible downgrade that Moody's initiated on March 18, 2009. The downgrades were prompted by the weaker-than-expected collateral performance of the pool of loans backing the notes. The rating review also incorporated Moody's refinement of its ABS SME approach, as described in the Rating Methodology report "Moody's Probability of Default Assumptions in the Rating Analysis of Granular Small and Mid-sized Enterprise Portfolios in EMEA", published on March 17, 2009. As part of its review, Moody's considered the potential for further performance deterioration in the current economic cycle, and the exposure of the transaction to the real estate sector. The deterioration of the Spanish economy has been reflected in Moody's negative sector outlook for Spanish SME securitization transactions. Moody's rating review also took into account the repurchase by the originator, Banco Santander S.A. (rated Aa2/P-1), on February 25 and March 5, 2010, of all outstanding 121 bullet loans (total principal balance of EUR136 million) -- as notified to Moody's by the servicer, Santander de Titulizacion. Bullet loans accounted for approximately 9% of the portfolio balance before the repurchase. According to the servicer, the cash from the repurchase will be treated as loan amortization. It will therefore result in accelerated amortization on the Class A1 and A2 notes on the next payment date. Collateral Performance Outstanding 90+ delinquencies (i.e. the balance of loans with arrears for more than 90 days) reached 1.30% of the portfolio current balance, as of the January 2010 investor report. While this is down from the peak of 1.98% reported in April 2009, Moody's notes that the cumulative balance of defaulted loans has now increased to 0.97% of the original portfolio balance (January 2010 report). In this transaction, a loan is in default if it has been in arrears for 12 months or over. In addition, the reserve fund has been reported drawn since January 2009 and it was at only 71% of its target balance in January 2010. As a result of the increased delinquencies, the balance of loans in arrears first exceeded the threshold of 1.50% of the outstanding portfolio balance in October 2008, prompting the pro- rata amortization of the Series A2 and A3 notes (the Series A1 notes were redeemed in June 2008). Although in the latest reporting period, the delinquency ratio fell below the threshold (1.30% in the January 2010 report), the pro-rata amortization of the senior notes is irreversible. During its review, Moody's was unable to obtain detailed and complete information on some of the characteristics of the outstanding pool of loans, particularly at the loan level, as was also the case for the Santander Empresas 4 transaction review (see press release from February 4, 2010). Therefore, in some instances Moody's made assumptions relying on aggregate information or loan-level data obtained at closing, as detailed below. Default Probability Adjustments Moody's first revised its assumption for the default probability of the SME debtors to an equivalent rating in the single B-range for debtors operating in the real estate sector, and in the low Ba-range for non-real estate debtors. Approximately 28% of the outstanding December 2009 pool balance related to borrowers in the building and real estate sector based on loan-level data. However, Moody's was unable to verify the sector of activity for nearly 12% of the outstanding pool balance and assumed that a proportion of these loans related to activities in the building and real estate sector. According to Moody's industry classification, the concentration in the "building and real estate" sector was approximately 37% of the portfolio balance at closing. In addition, Moody's made DP adjustments to reflect the size of the debtors' companies. Based on stratification data at closing, Moody's assumed that approximately 40% of the loans were to micro- size SMEs (including self-employed borrowers) and therefore notched down its rating proxy to reflect additional default risk associated with these debtors. Similarly, Moody's assumed that approximately 10% of the outstanding portfolio comprised loans to large-size SMEs and accordingly notched up its rating proxy for these debtors. Moody's also increased its DP assumptions for the loans that have not made any principal payment since the transaction closed. Non- amortized loans amount to approximately 5% of the remaining outstanding portfolio balance after taking into account Banco Santander's repurchase of all outstanding bullet loans on 25 February and March 5, 2010. The servicer has indicated that all non-amortized loans remaining in the pool following the repurchase were still in their principal payment grace periods. The rating agency believes there is a payment shock risk associated with the end of non-amortizing periods and therefore made a 10% DP adjustment for such loans. Finally, Moody's equivalent rating for loans in arrears for more than 30 days was notched down depending on the length of time the loans had been in arrears, and notched up for performing loans not in the building and real estate sector originated prior to 2006, depending on their actual seasoning. Loans originated prior to 2006 contributed nearly half of the outstanding portfolio balance (including loans in the building and real estate sector) in December 2009. Revised WAL and DP Assumptions Moody's separately revised its weighted-average remaining life assumption for the pool of loans to 4.5 years. With a 4.5-year average life, the high single-B overall DP equivalent rating resulting from the above DP adjustments translate into an increased cumulative mean default assumption of 12.5% of the current outstanding portfolio amount. Moody's DP assumption relates to the typical 90-day past due default definition, which is different from the actual default definition in this transaction (12-month past due). Moody's recovery assumption is consistent with the default definition reflected in its DP assumption. Expressed as a percentage of the original portfolio balance, Moody's revised cumulative mean default rate is 6.5% (assuming cumulative defaults on a 90-day basis of 1.9% of the original portfolio). This compares to an initial mean cumulative DP assumption of 2.64% at closing. Recovery and Prepayment Assumptions Moody's increased its initial mean recovery expectation to 45% from 42.5% to reflect the increased proportion of properties backed by mortgage guarantees (approximately 58% of the outstanding balance against 42% at closing), but only made a marginal adjustment given the lack of recovery data available and the absence of detailed data on the type of properties serving as collateral for these mortgage securities. However, Moody's tested the sensitivity of results to recovery assumptions in a 40%-50% range. Stochastic recoveries were modeled assuming a 20% standard deviation. The constant prepayment rate assumption used in Moody's cash flow model has decreased to 5% from 15% at closing. This rate is consistent with the most recently reported prepayment rate data and Moody's revised default rate expectation for the remainder of the transaction. Large Loan Concentrations Although the portfolio remains granular with more than 10,000 outstanding loans in January 2010, exposures to some very large borrowers have increased. In particular, the largest single loan, now over 3% of the portfolio outstanding balance, has not amortized since closing (it was confirmed by the servicer as still in its grace period). Therefore, the exposure of the transaction to very large loans should continue to increase in the short to medium term, as smaller loans amortize. Given the remaining granularity of the outstanding portfolio, Moody's used a normal inverse distribution to derive the probabilities of its default scenarios in its cash flow model, ABSROM. However, to reflect increasing concentrations of large loans in the pool, Moody's has increased its asset correlation assumption, driving up the standard deviation of the loss distribution. As Moody's simultaneously increased its mean cumulative DP in a larger proportion, it has ultimately lowered its coefficient of variation assumption (standard deviation over mean DP) to 43% from 60% at closing. The Transaction Santander 3 is a securitization fund which purchased a pool of loans granted by Banco Santander, S.A., to Spanish SMEs. At closing, in May 2007, the portfolio consisted of over 25,000 loans. The loans were originated between 1994 and 2006, with a weighted-average seasoning of 1.85 years and a weighted-average remaining term of 9.3 years. Geographically the pool was well diversified with the highest concentrations in Madrid (25%), Catalonia (17.5%) and Andalusia (12%) at closing. Meaning of Rating and Methodologies Moody's ratings address the expected loss posed to investors by the legal final maturity of the notes. Moody's ratings address only the credit risks associated with the transaction. Other risks have not been addressed, but may have a significant effect on yield to investors. Detailed Rating Actions -- Series A2: Confirmed at Aaa; previously on March 18, 2009 Aaa placed under review for possible downgrade -- Series A3: Confirmed at Aaa; previously on March 18, 2009 Aaa placed under review for possible downgrade -- Series B: Downgraded to Aa3; previously on March 18, 2009 Aa2 placed under review for possible downgrade -- Series C: Downgraded to Baa3; previously on March 18, 2009 A3 Placed Under Review For Possible Downgrade -- Series D: Downgraded to B3; previously on March 18, 2009 Baa3 placed under review for possible downgrade -- Series E: Downgraded to Ca; previously on March 18, 2009 Ba1 placed under review for possible downgrade =========== T U R K E Y =========== * TURKEY: Fitch Assigns 'BB+' Rating on US$1 Bil. Eurobonds ----------------------------------------------------------- Fitch Ratings has assigned the Republic of Turkey's US$1 billion eurobond, due on 30 March 2021, a 'BB+' rating. The eurobond has a coupon rate of 5.625%, with a yield to investors of 5.75% and a spread over benchmark US Treasury bonds of 203 basis points. The rating is in line with Turkey's Long-term foreign currency Issuer Default Rating, which has a Stable Outlook. On December 3, 2009, Fitch upgraded Turkey's Long-term foreign currency IDR to 'BB+' from 'BB-', reflecting Turkey's relative resilience to the global financial crisis. =========================== U N I T E D K I N G D O M =========================== BLOCKBUSTER INC: Puts European Arm for Sale to Raise Cash --------------------------------------------------------- Ben Marlow at The Sunday Times reports that Blockbuster Inc. has put its European arm for sale. Accoding to the report, Blockbuster, which is struggling with spiraling losses and more than US$1 billion (GBP660 million) of debts, wants to offload the European division -- including 650 stores in the UK and more than 5,000 staff -- as part of a drive to raise cash. The company has appointed Winchester Capital, an American corporate finance house, to find a buyer for the European operation, which it values at about GBP50 million, the report says. About Blockbuster Inc. Dallas-based Blockbuster Inc. (NYSE: BBI, BBI.B) is a global provider of rental and retail movie and game entertainment. The Company provides its customers with convenient access to media entertainment anywhere and any way they want it -- whether in- store, by-mail, through vending and kiosks or digital download. With a highly recognized brand name and a library of over 125,000 movie and game titles, Blockbuster leverages its multi-channel presence to further build upon its leadership position in the media entertainment industry and to best serve the two million daily global customers and over 50 million annual global customers. The Company may be accessed worldwide at http://www.blockbuster.com/ Adverse Going Concern Opinion Anticipated The Company expects to file its Annual Report on Form 10-K for fiscal 2009 with the Securities and Exchange Commission on or before March 19, 2010. Management anticipates the report of the Company's independent registered public accounting firm relative to the Company's 2009 consolidated financial statements will contain an explanatory paragraph indicating that substantial doubt exists with respect to the Company's ability to continue as a going concern. The Company's independent public accountants have advised management that such an opinion will be related to the risk that the Company will have a low level of liquidity, particularly as a result of decreased cash from operations. As the Company noted, it intends to explore strategic alternatives, one or more which could improve its liquidity. As reported by the Troubled Company Reporter on March 4, 2010, Moody's Investors Service downgraded Blockbuster's long term ratings, including its Probability of Default Rating and its Corporate Family Rating to Caa3 from Caa1. The outlook is negative. The speculative grade liquidity rating remains SGL-3. "The Caa3 Probability of Default Rating reflects the significant increase in the likelihood of a transaction Moody's would consider a distressed exchange and hence a default" said Maggie Taylor, Vice President and Senior Credit Officer at Moody's. "This is given Blockbuster's stated desire to pursue a transaction which would strengthen its capital structure, which when given its weak financial performance, may well result in it making an offer to exchange some of its debt at a material discount to par," Ms. Taylor added. As reported by the TCR on September 18, 2009, Standard & Poor's Ratings Services raised its corporate credit rating on Blockbuster to 'B-' from 'CCC'. The outlook is stable. BRITISH AIRWAYS: Cabin Crew Union Set Strike Dates -------------------------------------------------- Gill Plimmer and George Parker at The Financial Times report that representatives of British Airways plc's 12,000 cabin crew members announced a series of walkouts to take place later this month. According to the FT, the strikes -- for three days from March 20 and four days from March 27 -- will cause travel disruption to thousands of passengers in the run-up to Easter and hit BA's profits. The FT says at the heart of the dispute is a GBP62.5 million cost- savings program, which both sides agree is needed to repair profits at the loss-making airline, which is burning through an estimated GBP1.5 million cash a day, and struggling with competition from low-cost carriers and a prolonged slump in lucrative premium-class bookings. The FT notes while BA wants to achieve this through cutting staff numbers from 16 to 15 on long haul flights -- a program it implemented through 1,100 voluntary redundancies last November -- the Unite union wants these positions reinstated and has offered a 2.6% pay cut instead. The union -- which has also conceded that new staff can be hired on lower pay and more stringent contractual conditions -- claims management's proposals exceed the airline's annual savings target of GBP60 million, the FT recounts. Warning Roland Watson and Philip Pank at Times Online report that Lord Adonis, the Transport Secretary on Sunday warned that the future of British Airways is at risk if threatened strikes by cabin crew go ahead. The FT relates Lord Adonis appealed to union members to "put the public first and put the company first" and call off the action. According to the FT, Lord Adonis said he "absolutely deplored" the strike and that it was "totally unjustified". He called on both sides to return to the negotiating table before the first planned walkout next weekend, the FT states. "The stakes are incredibly high. The impact will not only be deeply damaging on passengers, it will threaten the very existence of British Airways," the FT quoted Lord Adonis as saying. Unite says it will not strike during the first two weeks of April, but further dates will be set on April 14, the FT notes. About British Airways Headquartered in Harmondsworth, England, British Airways Plc, along with its subsidiaries, (LON:BAY) -- http://www.ba.com/-- is engaged in the operation of international and domestic scheduled air services for the carriage of passengers, freight and mail and the provision of ancillary services. The Company's principal place of business is Heathrow. It also operates a worldwide air cargo business, in conjunction with its scheduled passenger services. The Company operates international scheduled airline route networks together with its codeshare and franchise partners, and flies to more than 300 destinations worldwide. During the fiscal year ended March 31, 2009 (fiscal 2009), the Company carried more than 33 million passengers. It carried 777,000 tons of cargo to destinations in Europe, the Americas and throughout the world. In July 2008, the Company's subsidiary, BA European Limited (trading as OpenSkies), acquired the French airline, L'Avion. * * * As reported in the Troubled Company Reporter-Europe on Nov. 12, 2009, Moody's Investors Service placed the Ba3 Corporate Family and Probability of Default Ratings of British Airways plc and the senior unsecured and subordinate ratings of B1 and B2 under review for possible downgrade. Moody's said the rating action reflects the continued weakening in profitability in the first half of FY2010 (to September 2009), with an operating loss of GBP111 million reported versus a profit of GBP140 million a year earlier (post restructuring charges), and Moody's view that losses in FY2010 will likely be higher than in FY2009. This comes in spite of lower operating costs, notably for fuel, as demand in the industry remains very depressed, while the company has successfully reduced its employee and selling costs. Reported net debt remained constant during the period, partly benefiting from a positive exchange rate impact, although Moody's debt metrics also incorporate the full value of the convertible notes issued in August 2009. EMAP INT'L: GMG Faces Up to GBP150 Mil. Impairment on Investment ---------------------------------------------------------------- John O'Doherty and Andrew Edgecliffe-Johnson at The Financial Times report that Guardian Media Group is examining an impairment of as much as GBP150 million on its investment in Emap. According to the FT, GMG is undergoing an impairment review on all the group's assets, and said it was likely that there would be an impairment on Emap, in which it holds a 29.5% stake. The FT says no figure has yet been reached by auditors but the impairment could be as much as GBP150 million, knocking 50% off the value of GMG's original investment. An impairment of this size would push GMG into a loss for the second year in a row, when it reports annual results in July or August, the FT states. The FT relates both Apax and GMG are in the process of buying back some of Emap's GBP700 million debt pile to ease building pressure on Emap's banking covenants. The buy-back of about GBP100 million is expected to be completed within the next few weeks, the FT says. Apax is expected to make the lion's share of these purchases, with GMG spending only a "minimal amount" -- perhaps as little as 10% -- the FT discloses. The buy-back will free up a GBP100 million facility originally earmarked for Emap to make acquisitions, the FT notes. Emap International Ltd. -- http://www.emap.com/-- is a business- to-business (B2B) publisher. It is a producer of trade magazines (Broadcast, Construction News, Retail Week) through its Emap Inform unit. It provides business intelligence, analysis, and forecasting tools through its Emap Data and Insight unit. In addition, Emap organizes conferences such as the World Retail Congress through Emap Network, and exhibitions such as the Cannes Lions International Advertising Festival, through Emap Connect. Subsidiary Worth Global Style Network covers the fashion industry. Emap targets the retail, media, finance, fashion, health, education, government, and automotive sectors. EMI GROUP: Loses Pink Floyd Case Over Online Royalties ------------------------------------------------------ Jane Croft at The Financial Times reports that Pink Floyd has won a court claim against EMI that prevents the record company from selling single downloads of the band's concept albums on the Internet. The FT recalls the band had gone to the High Court in London to seek clarification of its contract with EMI, which was last negotiated in 1998-99, before the massive expansion of music online. According to the FT, the band had sought that EMI should not be allowed to unbundle songs from its albums and sell them online individually, but that albums should be sold as a whole with the tracks in a predetermined order. The FT relates Sir Andrew Morritt, chancellor of the High Court, gave an oral judgment on Thursday, holding that EMI was bound by a contract preventing it from selling its records other than as complete albums without written consent. The Pink Floyd case was heard in the High Court last week but went into private session part way through the hearing after EMI made an application citing commercial confidentiality, the FT recounts. Mr. Morritt gave part of his oral judgment in private -- excluding the public and media -- relating to a challenge over the level of royalties paid by the record company, the FT notes. He later ordered that EMI pay Pink Floyd's legal costs and refused to give the record company leave to appeal, the FT discloses. Going Concern Doubt As reported by the Troubled Company Reporter-Europe on Feb. 8, 2010, The Financial Times said KPMG, EMI Group's accountants, raised "significant doubt" about the company's ability to continue as a going concern. The FT disclosed Guy Hands, Terra Firma's founder and chairman, has written to investors in two of its private equity funds asking them to inject another GBP120 million, subject to EMI Music producing a new strategic plan. He must come up with the money by June 14 or risk losing the company to Citigroup, his bankers, the FT said. According to the FT, accounts for the year to March 2009, released on February 9, however, make clear that even if Terra Firma secures this equity, it will face another "significant shortfall" against a test on covenants in its loans by March 2011. Unless it can persuade Citi to restructure its GBP3.2 billion in loans by then, investors face further cash calls, the FT stated. The FT disclosed EMI's pre-tax losses for the year to March 2009 widened to GBP1.7 billion, against a GBP414 million loss for the previous period, which covered the first eight months and 21 days of Terra Firma's ownership. EMI -- http://www.emigroup.com/-- is the fourth largest record company in terms of market share (behind Universal Music Group, Sony Music Entertainment, and Warner Music Group). It houses recorded music segment EMI Music and EMI Music Publishing. EMI Music distributes CDs, videos, and other formats primarily through imprints and divisions such as Capitol Records and Virgin, and sports a roster of artists such as The Beastie Boys, Norah Jones, and Lenny Kravitz. EMI Music Publishing, the world's largest music publisher, handles the rights to more than a million songs. EMI Music operates through regional divisions (EMI Music North America, International, and UK & Ireland). Private equity firm Terra Firma owns EMI. GALA CORAL: Nears GBP2.6-Billion Debt Restructuring Deal -------------------------------------------------------- Anousha Sakoui at The Financial Times reports that committees representing Gala Coral's senior and mezzanine lenders have agreed to the terms of a GBP2.6 billion restructuring that would cut the group's debts by a quarter. According to the FT, a group of five lenders holding 20% of the senior debt, which includes Alcentra, Lloyds Banking Group and Royal Bank of Scotland, have agreed to the plan, but 66.6% of these creditors need to approve it. Citing a person close to Gala, the FT says a further 20 senior lenders are understood to be supportive of the plan. The plan is set to be presented to the rest of the mezzanine creditors this week, the FT states. The deadline for votes is April 1, the FT discloses. If met, the restructuring could be completed by the end of May, the FT says. The proposal will also require the approval of Gala's three shareholders, whose equity stakes will be all but wiped out, the FT states. Citing people close to the situation, the FT notes if they do not agree terms under which shareholders would support the plan, the restructuring could still be implemented via a pre- packaged administration. The FT says under the plan, mezzanine creditors will provide GBP200 million in new funds in exchange for 70% of the company and write off all their existing GBP550 million debt claims in exchange for the remaining 30%. This cuts the company's net debt by GBP750 million from GBP2.6 billion to GBP1.85 billion, the FT discloses. Gala would also have a new set of financial covenants that will give it added flexibility, the FT notes. Gala Coral Group Ltd. -- http://www.galacoral.co.uk/-- is a gaming company in the UK, with operations encompassing bingo, casinos, and sports betting. It runs more than 150 bingo halls throughout the country, as well as some 30 casinos. The company is also a bookmarker with nearly 1,600 betting shops and online betting sites. Gala Coral Group was formed in 2005 when Gala Group acquired Coral Eurobet. The company is jointly owned by private equity firms Cinven Group, Candover Investments, and Permira. GENERAL MOTORS: UK to Provide Loan Guarantee for Vauxhall Plants ---------------------------------------------------------------- Daniel Schafer, Andrew Bounds and Gerrit Wiesmann at The Financial Times report that the British government on Friday said it will provide General Motors Co. with a GBP270 million (US$410 million) loan guarantee for its two Vauxhall plants. According to the FT, Lord Mandelson, UK business secretary, said the deal meant the plants in Ellesmere Port and Luton and their 4,700 jobs were safe. "I said we would support the company and we have," Lord Mandelson told the FT on a visit to Manchester. "They are first-rate plants with a first-rate workforce." GM wants to restructure its European operations under a EUR3.7 billion (US$5 billion) plan, for which it is seeking around EUR1.8 billion in loans and guarantees from five European countries where it has plants -- the UK, Germany, Spain, Poland and Austria -- the FT notes. About General Motors General Motors Company -- http://www.gm.com/-- is one of the world's largest automakers, tracing its roots back to 1908. With its global headquarters in Detroit, GM employs 209,000 people in every major region of the world and does business in some 140 countries. GM and its strategic partners produce cars and trucks in 34 countries, and sell and service these vehicles through these brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, Opel, Vauxhall and Wuling. GM's largest national market is the United States, followed by China, Brazil, the United Kingdom, Canada, Russia and Germany. GM's OnStar subsidiary is the industry leader in vehicle safety, security and information services. GM acquired its operations from General Motors Company, n/k/a Motors Liquidation Company, on July 10, 2009, pursuant to a sale under Section 363 of the Bankruptcy Code. Motors Liquidation or Old GM is the subject of a pending Chapter 11 reorganization case before the U.S. Bankruptcy Court for the Southern District of New York. At September 30, 2009, GM had US$107.45 billion in total assets against US$135.60 billion in total liabilities. About Motors Liquidation General Motors Corporation and three of its affiliates filed for Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case No. 09-50026). General Motors changed its name to Motors Liquidation Co. following the sale of its key assets to a company 60.8% owned by the U.S. Government. The Honorable Robert E. Gerber presides over the Chapter 11 cases. Harvey R. Miller, Esq., Stephen Karotkin, Esq., and Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges LLP, assist the Debtors in their restructuring efforts. Al Koch at AP Services, LLC, an affiliate of AlixPartners, LLP, serves as the Chief Executive Officer for Motors Liquidation Company. GM is also represented by Jenner & Block LLP and Honigman Miller Schwartz and Cohn LLP as counsel. Cravath, Swaine, & Moore LLP is providing legal advice to the GM Board of Directors. GM's financial advisors are Morgan Stanley, Evercore Partners and the Blackstone Group LLP. Bankruptcy Creditors' Service, Inc., publishes General Motors Bankruptcy News. The newsletter tracks the Chapter 11 proceeding undertaken by General Motors Corp. and its various affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) GS MEZZANINE: Fitch Changes Outlooks on Two Loans to Negative ------------------------------------------------------------- Fitch Ratings has revised the Outlooks on GS Mezzanine Partners III's US$130.3 million and EUR431.9 million multi-currency revolving loan agreements to Negative from Stable whilst affirming the loans' respective ratings at 'BBB-'. A Loss Severity Rating of 'LS-3' was assigned to both loans. The revision of the Outlooks to Negative reflects the fact that the portfolio credit quality has deteriorated since the last review in December 2008. The portfolio has experienced two additional defaults representing 19.2% of the portfolio balance as of December 2008. In addition, 21% of the portfolio balance as of December 2008 has been rated 'CCC+' or below, indicating that the portfolio may suffer from further defaults. The manager has indicated that around US$100 million of cash received from the portfolio will be reserved to support existing portfolio companies. This will most likely consist of equity investments. While this support could mitigate future portfolio deterioration, the Outlooks on both loans have been revised to Negative from Stable due to the substantial risk of additional defaults for the concentrated portfolio. However, the notes have been affirmed as the current levels of credit enhancement and excess spread of the loans are deemed consistent with the current ratings. Since the last review, the loans have been repaid by US$202 million from interest and principal proceeds received from the portfolio. The credit enhancement level of the loans now stands at 46.9%. The transaction also benefits from the generous amount of excess spread currently representing up to 5% of the current portfolio size per year that is used to redeem the loans. In Fitch's view, the loans could sustain six obligor defaults from the current portfolio of nine obligors. Looking forward, Fitch expects the fund to continue to delever as interest and principal proceeds are received. The agency believes that excess spread that continues to be captured will mitigate limited portfolio deterioration. JARVIS HOTELS: In Talks with Banks to Refinance GBP122 Mil. Debt ---------------------------------------------------------------- Dominic Walsh and Helen Power at The Times report that Jarvis Hotels is in advanced talks with Grant Thornton, acting on behalf of the company's bank lenders, over a refinancing of its GBP122 million debt facility. The company is in breach of its financial covenants. The company has yet to lodge its accounts for the year to March 2009, which Companies House records show are six weeks overdue, the report notes. The report recalls in its previous accounts, filed in July 2009, auditors from KPMG indicated "a material uncertainty which may cast doubt on the group's ability to continue as a going concern". The accounts show that Jarvis was forced to seek waivers over covenant breaches as the downturn in trading that started in the second half of 2008 caused a cashflow crisis, the report discloses. Citing the accounts, the report says discussions are over a new debt facility, to run until 2012 with revised covenants. To date no such agreement has been announced. The report notes insiders close to the process said Sunday night that a resolution was in sight. Jarvis Hotels -- http://www.jarvis.co.uk/-- operates more than 40 mid-market hotels under the Ramada banner throughout England, Wales, and Scotland. About half of its properties are located near airports, while five are located in the London area. The company is led by John Jarvis, who founded Jarvis Hotels in 1990, when he purchased about 40 properties from Allied-Lyons (which later became Allied Domecq). PEARL GROUP: Close to Resolving Dispute with Junior Bondholders --------------------------------------------------------------- Paul J. Davies at The Financial Times reports that Pearl Group is close to a settlement with holders of GBP500 million worth of junior bonds. According to the FT, the deal being discussed has the unanimous support of a committee of bondholders who have been leading negotiations with the company and addresses most of the concerns bondholders had with the previous settlement offer. The FT relates Pearl said Friday it was "in substantive and positive discussions" with the bondholder committee, which controls about 60% of the notes. It "hopes to be able to make a full announcement shortly". The FT says a deal would ease Pearl's plans to move to a full FTSE 100 listing later this year, following its financial restructuring. The FT recalls that in January, investors including Abaci, Axa, F&C, Fidelity, MSD Capital, Oceanwood Capital and Rathbones Investment Management rejected a proposed settlement from Pearl that the company said was its best offer. The FT recounts that in the January proposal, Pearl offered to swap GBP100 million of the bonds for cash at 45p in the pound and to improve investor protection on the remaining bonds, in exchange for a cut in their value to 75p in the pound. Pearl would not pay the missed coupon, the FT discloses. According to the FT, the bondholders said they wanted greater protection against future company reorganizations or changes of control. They also wanted their missed coupon made good, the FT states. The FT notes one person said Friday that the main points the bondholders had been seeking had been addressed. The company, as cited by the FT, said any agreement would be subject to approval by regulators and its lending banks. Pearl Group Limited -- http://www.pearlgrouplimited.co.uk/-- operates through two primary operating companies: Pearl Assurance and Phoenix Life Limited. It also operates London Life, NPI Ltd, and Scottish Mutual. However, its companies don't sell new policies but instead maintain blocks of life insurance policies and pension products bought from other insurers (called closed life funds). It has more than 7 million such policies in force. Its asset and risk management business operates as Ignis Asset Management. Pearl Group intends to list on the London Stock Exchange. REC PLANTATION: Fitch Gives Stable Outlook; Affirms All Ratings --------------------------------------------------------------- Fitch Ratings has revised the Outlook of REC Plantation Place Limited's senior floating-rate notes to Stable from Negative and affirmed all ratings: -- GBP287.7 million Class A (XS0262650889) affirmed at 'AAA'; Outlook revised to Stable from Negative -- GBP39.6 million Class B (XS0262650962) affirmed at 'AA-'; Outlook revised to Stable from Negative -- GBP44.5 million Class C (XS0262651002) affirmed at 'BBB-'; Outlook revised to Stable from Negative -- GBP39.6 million Class D (XS0262651184) affirmed at 'B-'; Outlook Negative -- GBP14.8 million Class E (XS0262651341) affirmed at 'CCC'; Recovery Rating 'RR4' Following two years of value depreciation, the reported value for the underlying property (Plantation Place, a Grade A office building in the City of London) rose during the last two quarters. It stood at GBP400 million in January 2010, compared to peak and trough values of GBP620 million (in July 2007) and GBP356 million (in July 2009), respectively. The Outlook revisions and affirmation reflect the reduced leverage of the notes and the stability of the income profile. The loan remains in primary servicing despite the ongoing loan-to- value ratio (LTV) covenant breach. Although the LTV improved to 102.5% from 110.9% in October 2009 on the securitized A-note and to 108.7% from 117.5% on the whole loan, both ratios are still well in excess of the covenant ratios of 77.7% and 82.1%, respectively. Income has remained stable between closing in August 2006 and September 2009, when a six-month rent-free period was granted to one of the main tenants, Royal & Sun Alliance (rated 'BBB+'/Outlook Positive), in exchange for the removal of certain break options on some of the tenant's leases. Despite the temporary income reduction, the interest coverage ratio (ICR) covenant has not been breached on either the A-note or whole loan. Following the removal of the break options, the weighted average unexpired lease term was 15.9 years at the January 2010 interest payment date. The weighted average tenant rating is 'A'. Although the loan has not been accelerated as a result of the LTV covenant breaches, excess rental income is being trapped within the rental income account, after senior expenses and interest/principal payments on the A-note and B-note have been made. Fitch understands that the surplus has been fully drawn to cover legal and other professional expenses related to the loan default. Fitch employed its criteria for European CMBS surveillance to analyze the quality of the underlying commercial loan. VEDANTA RESOURCES: To Spin Off Aluminum Project in India -------------------------------------------------------- The Economic Times reports that Vedanta Resources plc is likely to demerge a large aluminium project in Orissa, India, into a separate entity to help the conglomerate get a better valuation for the aluminium business. According to the report, London- listed Vedanta has hired Morgan Stanley, Credit Suisse and JP Morgan Cazenove to put together a plan that would result -- if approved by shareholders and creditors -- in Vedanta Aluminium, the subsidiary which has operations in Orissa, being listed on NSE and BSE. The report, citing people familiar with the development, says Bharat Aluminium, or Balco, another aluminium company in the Vedanta fold, is not part of this plan, since the government owns 49% of it. ET's source said Vedanta wanted to make its Indian business -- which are currently consolidated under Sterlite Industries which directly makes copper and holds stakes in companies smelting aluminium and zinc -- easier for investors to understand. If the plan is approved by shareholders and regulators, Sterlite will end up as primarily a maker of copper, zinc and lead while the bulk of the aluminium business will be with the new listed company, Vedanta Aluminium. Both entities, Sterlite and Vedanta Aluminium, will be majority owned by the London-based parent, Vedanta Resources, the report notes. Vedanta Aluminium is 70% owned by Vedanta Resources and the rest is with Sterlite Industries. Vedanta Resources plc (LON:VED) is United Kingdom-based company. The Company is the parent company of a diversified metals and mining companies. The Company is organized in five segments: aluminium, copper, zinc, iron ore and others. Aluminum includes bauxite mining, alumina refining and aluminum smelting operations in India. Copper include smelting and refining operations in India, copper ore mining in Australia and an integrated copper production operation in Zambia. Zinc includes zinc-lead mining and smelting operations in India. Iron ore include iron ore mine in India. The Company acquired Zambia Copper Investment Limited's 28.4% stake in Konkola Copper Mines PLC in April 2008. * * * As reported in the Troubled Company Reporter-Europe on March 5, 2010, Moody's Investors Service said Vedanta Resources plc's announcement that it has raised US$805 million through a convertible bond offering due 2017 has no impact on the company's ratings or outlook. Vedanta has a Ba1 corporate family rating and Ba2 senior unsecured rating, both with stable outlook. =============== X X X X X X X X =============== * Large Companies with Insolvent Balance Sheet ---------------------------------------------- Total Shareholders Total Equity Assets Company Ticker (US$) (US$) ------- ------ ------ ------ AUSTRIA ------- LIBRO AG LIBR AV -109013328 171684389.1 LIBRO AG LB6 GR -109013328 171684389.1 LIBRO AG LBROF US -109013328 171684389.1 LIBRO AG LIB AV -109013328 171684389.1 SKYEUROPE SKY PW -89480486.93 159076577.5 SKYEUROPE SKYP PW -89480486.93 159076577.5 SKYEUROPE HLDG SKY LI -89480486.93 159076577.5 SKYEUROPE HLDG SKY AV -89480486.93 159076577.5 SKYEUROPE HLDG SKYPLN EU -89480486.93 159076577.5 SKYEUROPE HLDG SKURF US -89480486.93 159076577.5 SKYEUROPE HLDG SKY EO -89480486.93 159076577.5 SKYEUROPE HLDG SKY EU -89480486.93 159076577.5 SKYEUROPE HLDG SKYA PZ -89480486.93 159076577.5 SKYEUROPE HLDG SKYV IX -89480486.93 159076577.5 SKYEUROPE HLDG 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134255668.5 YORKVILLE BHN BY TQ -178432.4639 134255668.5 YORKVILLE BHN BY IM -178432.4639 134255668.5 LUXEMBOURG ---------- CARRIER1 INT-AD+ CONE ES -94729000 472360992 CARRIER1 INT-ADR CONEQ US -94729000 472360992 CARRIER1 INT-ADR CONEE US -94729000 472360992 CARRIER1 INT-ADR CONE US -94729000 472360992 CARRIER1 INTL CJN NM -94729000 472360992 CARRIER1 INTL CJNA GR -94729000 472360992 CARRIER1 INTL CJN GR -94729000 472360992 CARRIER1 INTL SA CONEF US -94729000 472360992 CARRIER1 INTL SA 1253Z SW -94729000 472360992 NETHERLANDS ----------- BAAN CO NV-ASSEN BAANA NA -7854741.409 609871188.9 BAAN COMPANY NV BAAN EU -7854741.409 609871188.9 BAAN COMPANY NV BAAVF US -7854741.409 609871188.9 BAAN COMPANY NV BAAN GR -7854741.409 609871188.9 BAAN COMPANY NV BAAN NA -7854741.409 609871188.9 BAAN COMPANY NV BAAN EO -7854741.409 609871188.9 BAAN COMPANY NV BAAN PZ -7854741.409 609871188.9 BAAN COMPANY NV BAAN IX -7854741.409 609871188.9 BAAN COMPANY NV BNCG IX -7854741.409 609871188.9 BAAN COMPANY-NY BAANF US -7854741.409 609871188.9 JAMES HARDIE IND HAH AU -131100008 2130899840 JAMES HARDIE IND HAH NZ -131100008 2130899840 JAMES HARDIE IND 600241Q GR -131100008 2130899840 JAMES HARDIE IND 726824Z NA -131100008 2130899840 JAMES HARDIE NV JHXCC AU -131100008 2130899840 JAMES HARDIE-ADR JHINY US -131100008 2130899840 JAMES HARDIE-ADR JHX US -131100008 2130899840 JAMES HARDIE-CDI JHIUF US -131100008 2130899840 JAMES HARDIE-CDI JHA GR -131100008 2130899840 JAMES HARDIE-CDI JHX AU -131100008 2130899840 LIBERTY GL EU-A UPC NA -5505478850 5112616630 UNITED PAN -ADR UPEA GR -5505478850 5112616630 UNITED PAN-A ADR UPCOY US -5505478850 5112616630 UNITED PAN-EUR-A UPC LN -5505478850 5112616630 UNITED PAN-EUR-A UPC LI -5505478850 5112616630 UNITED PAN-EUROP UPE GR -5505478850 5112616630 UNITED PAN-EUROP UPE1 GR -5505478850 5112616630 UNITED PAN-EUROP UPCEF US -5505478850 5112616630 UNITED PAN-EUROP UPC VX -5505478850 5112616630 UNITED PAN-EUROP UPCOF US -5505478850 5112616630 NEXUS 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147004954.2 PORTUGAL -------- BENFICA SLBENX PX -16614056.44 234366255.6 BENFICA SLBE IX -16614056.44 234366255.6 BENFICA SLBEN EU -16614056.44 234366255.6 BENFICA SLBEN PL -16614056.44 234366255.6 BENFICA SLBEN PZ -16614056.44 234366255.6 BENFICA SLBEN EO -16614056.44 234366255.6 LISGRAFICA IMPRE LIAG EO -11584933.86 107940470.6 LISGRAFICA IMPRE LIG PZ -11584933.86 107940470.6 LISGRAFICA IMPRE LIG EO -11584933.86 107940470.6 LISGRAFICA IMPRE LIG PL -11584933.86 107940470.6 LISGRAFICA IMPRE LIAG PL -11584933.86 107940470.6 LISGRAFICA IMPRE LIG EU -11584933.86 107940470.6 LISGRAFICA IMPRE LIAG EU -11584933.86 107940470.6 LISGRAFICA-RTS LIGDS PL -11584933.86 107940470.6 PORCELANA VISTA PVAL PL -75871846.95 148731546.6 SPORT LISBOA E B 1249Z PL -16614056.44 234366255.6 SPORTING-SOC DES SCPL IX -4083492.14 225687305.9 SPORTING-SOC DES SCG GR -4083492.14 225687305.9 SPORTING-SOC DES SCDF PL -4083492.14 225687305.9 SPORTING-SOC DES SCP1 PZ -4083492.14 225687305.9 SPORTING-SOC DES SCDF EU 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1416979806 WYG PLC WYGGBP EO -27530263.14 313453511 WYG PLC WYG LN -27530263.14 313453511 WYG PLC WYG PZ -27530263.14 313453511 WYG PLC WHY IX -27530263.14 313453511 WYG PLC WYGEUR EO -27530263.14 313453511 WYG PLC WYGEUR EU -27530263.14 313453511 WYG PLC WYG EO -27530263.14 313453511 WYG PLC WYG EU -27530263.14 313453511 XXPERT RENTAL XPRT CN -123563000 104843000 ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers' public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than US$3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. A list of Meetings, Conferences and Seminars appears in each Thursday's edition of the TCR. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/booksto order any title today. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Valerie C. Udtuhan, Marites O. Claro, Rousel Elaine C. Tumanda-Fernandez, Joy A. Agravante and Peter A. Chapman, Editors. Copyright 2010. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$625 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Christopher Beard at 240/629-3300. * * * End of Transmission * * *