/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/100325.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 25, 2010, Vol. 11, No. 059 Headlines B E L G I U M GENERAL MOTORS: Offers to Help Sell Opel's Antwerp Plant C Z E C H R E P U B L I C SETUZA: Court Launches Insolvency Proceedings F R A N C E * FRANCE: Companies Seeking Creditor Protection Rise 3% G E R M A N Y KABEL DEUTSCHLAND: S&P Raises Ratings on EUR250 Mil. Bonds to 'B+' PEINE GRUPPE: Gordon Brothers Buys Business; 90 Jobs Secured I R E L A N D ERC IRELAND: S&P Downgrades Corporate Credit Ratings to 'B-' I T A L Y FASTWEB SPA: Court to Decide on Administration on April 7 SPARKLE: Court to Decide on Administration on April 7 L A T V I A PAREX BANKA: Latvian Government Agrees to Divide Bank N E T H E R L A N D S IMPRESS HOLDINGS: S&P Downgrades Ratings on Senior Notes to 'B+' R O M A N I A REPUBLICA: Liquidator Sets Asset Auction for March 31 S P A I N AYT ANDALUCIA: Moody's Assigns 'B2' Rating on Series D Notes FTPYME SANTANDER: Moody's Cuts Rating on Series D Notes to 'Ba3' * SPAIN: No Insolvent Banks in the Country, Top Official Says U N I T E D K I N G D O M BRITISH AIRWAYS: To Run More Flights as More Crew Volunteers CRYSTAL PALACE: Sean "Diddy" Combs Mulls Takeover EMI GROUP: Universal Walks Away From Distribution Deal Talks GLOBESPAN: Creditors to Recover Only 5p for Every Pound Owed REVERB: David Rubin Partners Appointed as Liquidator WHP NEWBURY: Lack of Cash Spurs Liquidation X X X X X X X X * Insolvency Mechanism Must Be Drawn Up for Indebted Nations * Upcoming Meetings, Conferences and Seminars ********* ============= B E L G I U M ============= GENERAL MOTORS: Offers to Help Sell Opel's Antwerp Plant -------------------------------------------------------- Chris Reiter at Bloomberg News reports that General Motors Co. has offered to help find a buyer for an assembly plant in Antwerp, Belgium, until the end of September 2010. According to Bloomberg, Luc van Grinsven, an ACV union official, said in a telephone interview from Antwerp that a decision on whether to support the carmaker's plan may take a couple weeks. GM has been in consultation with unions about closing the Antwerp plant, which employs 2,600 people, since January, Bloomberg states. Bloomberg says the shutdown is a key part of the Detroit automaker's plans to trim Opel's capacity by 20% to return the unit to profit by 2012. Unions, which are being asked to grant concessions to cut personnel costs by EUR265 million (US$358 million) a year, have resisted the closure, Bloomberg notes. According to Bloomberg, Stefan Weinmann, a GM spokesman at Opel headquarters in Ruesselsheim, said Nick Reilly, the unit's chief executive officer, has offered to support the search for an investor in return for proceeding with layoffs as soon as an agreement is reached. Mr. Weinmann, as cited by Bloomberg, said if a buyer isn't found over the next six months, the factory would be closed by the end of the year. 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) =========================== C Z E C H R E P U B L I C =========================== SETUZA: Court Launches Insolvency Proceedings --------------------------------------------- CTK, citing the insolvency register, reports that the Regional Court in Usti nad Labem, northern Bohemia, on March 23 launched insolvency proceedings against chemical company Setuza at the request of Cyprus-based firm Sonchen Consulting Limited, one of the company's creditors. Citing the insolvency petition submitted by Sonchen, the report says the Cyprus-based firm bought receivables from leasing company Alincon to which Setuza owed CZK1.1 million in payment default interests and another CZK4.8 million in contractual fines. In total Setuza allegedly owes over CZK12 million to Sonchen, the report notes. Setuza failed to pay, for instance, CZK18 million to A.T. Kearney, CZK128 million to PPVRV and over CZK32 million to Wincanton Ceska republika, report states citing the insolvency petition. The report recalls the Regional Court already launched insolvency proceedings against Setuza in June last year but halted them after just two days. The report relates that in 2006, "distraint" was declared on Setuza owing to a claim by the state-owned Farming and Forestry Support and Guarantee Fund (PGRLF) of over CZK4 billion. The distraint proceedings were cancelled in the summer of 2007 after the two parties agreed on settlement to the dispute, the report relates. Based in Usti nad Labem, Czech Republic, Setuza is a producer of edible oils and fats and biofuels. =========== F R A N C E =========== * FRANCE: Companies Seeking Creditor Protection Rise 3% ------------------------------------------------------- The number of French companies that sought court protection from creditors increased by 3% in the first two months in 2010, compared to the same period a year earlier, Erik Larson writes for Bloomberg News, citing a report by French reorganization specialists Deloitte France and Altares SAS. According to Bloomberg, the report shows as of March 5, the number of companies that asked for creditor protection under either pre-insolvency or post-insolvency procedures totaled 10,400. Bloomberg says filings for safeguard, France's pre-insolvency procedure, doubled in 2009 over 2008 after provisions were added to the law encouraging companies to reorganize their debt before it became unmanageable. The bankruptcy report reveals safeguard filings rose 5% since January, Bloomberg relates. Bloomberg notes Deloitte and Altares found that companies seeking safeguard were more likely to survive with 26% of those procedures ending in liquidation compared to 77% of companies that filed after reaching insolvency. ============= G E R M A N Y ============= KABEL DEUTSCHLAND: S&P Raises Ratings on EUR250 Mil. Bonds to 'B+' ------------------------------------------------------------------ Standard & Poor's Ratings Services said that it raised its issue ratings on the EUR250 million 10.75% bonds due 2014 and US$610 million 10.625% bonds due 2014 issued by the largest cable operator in Germany, Kabel Deutschland GmbH, to 'B+' from 'B'. The recovery rating on this debt was revised to '4' from '5', indicating S&P's expectation of average (30%-50%) recovery in the event of a payment default. The upgrade reflects S&P's assumption of lower senior secured debt outstanding at the hypothetical point of default in 2014. This follows KDG's recent partial extension of the maturity profile of its senior secured debt instruments to 2014 from 2012-2013. However, S&P assumes that the EUR325 million revolving credit facility, due in 2012, will be renewed and fully drawn at the hypothetical point of default. Recovery Analysis S&P values the company on a going-concern basis. Given KDG's relatively resilient and profitable utility-like cable TV operations, S&P believes that a default would most likely result from excessive leverage and an inability to refinance outstanding debt at maturity in 2014. At the hypothetical point of default, S&P value the company at about EUR2.4 billion. In S&P's hypothetical path to default, S&P assumes that KDG will use about EUR240 million of cash flow to redeem maturing debt in 2012-2013, thereby reducing the projected outstanding senior debt at default. Lower priority liabilities enhance the recovery prospects for subordinated debt instruments, which are particularly sensitive to valuation assumptions and priority debt ranking ahead. The recovery ratings on the notes are based on the current capital structure. Any change in KDG's financial policy and capital structure -- such as additional debt raised with parity or priority to the subordinated debt instruments -- could significantly affect S&P's hypothetical default scenario and waterfall analysis, and thereby impair the recovery prospects for the bonds. Ratings List Upgraded Kabel Deutschland GmbH To From -- ---- EUR250 mil. 10.75% bnds due 07/01/2014 B+ B Recovery Rating 4 5 US$610 mil. 10.625% nts due 07/01/2014 B+ B Recovery Rating 4 5 PEINE GRUPPE: Gordon Brothers Buys Business; 90 Jobs Secured ------------------------------------------------------------ Erik Larson at Bloomberg News reports that Gordon Brothers Group LLC has acquired insolvent German clothier Peine Gruppe for an undisclosed sum, saving 90 jobs. According to Bloomberg, Alexander Styles, a spokesman for Gordon Brothers in Germany, said Peine had sales of about EUR25 million (US$34 million) last year. Based in Wilhelmshaven, Germany, Peine Gruppe is a maker of business suits and bridal wear. ============= I R E L A N D ============= ERC IRELAND: S&P Downgrades Corporate Credit Ratings to 'B-' ------------------------------------------------------------ Standard & Poor's Ratings Services said that it lowered to 'B-' from 'B' its long-term corporate credit ratings on ERC Ireland Preferred Equity Ltd., ERC Ireland Finance Ltd., and ERC Ireland Holdings Ltd., the parent companies of leading Ireland-based telecommunications provider eircom Group Ltd. (not rated). At the same time, the ratings were removed from CreditWatch where they had been placed with negative implications on Jan. 19, 2010. The outlook is stable. In line with the lowering of the corporate credit rating, the issue ratings were also lowered by one notch. The recovery ratings on the outstanding issues remain unchanged. "The rating action primarily reflects S&P's opinion that the group's revenues and EBITDA are more likely to continue to erode than rebound in the next few years, which S&P think could make the current debt level unsustainable and therefore possibly require some kind of debt restructuring or, later on, hinder the refinancing of outstanding debt," said Standard & Poor's credit analyst Xavier Buffon. The action also factors in S&P's view that the group will have to take measures to prevent the breach of a leverage-based financial covenant in ERCIF's senior secured facilities, which S&P believes could occur within 18 months. While S&P does not see an immediate risk to liquidity, and believe at this stage that measures to alleviate covenant risks are likely to be undertaken in the short term, S&P nevertheless think that removing covenant pressure could generate additional costs and thereby further undermine the sustainability of leverage in the future. S&P believes that eircom is likely to successfully remove covenant pressure through adequate and timely measures, and should continue to enjoy a comfortable liquidity cushion in the near term. However, a number of elements could bring about renewed rating pressure, such as weaker performances than S&P anticipates, weakening liquidity or the absence of timely measures to address the covenant issue, or the possibility of a credit dilutive debt restructuring. S&P will closely monitor any announcement on strategic orientations from the new owner (Singapore Technologies Telemedia Pte. Ltd.; not rated) in the coming months. Conversely, S&P would consider taking a positive rating action in the future if the group were to reverse recent trends and grow its absolute EBITDA in a sustained manner, although S&P deems this scenario to be remote. ========= I T A L Y ========= FASTWEB SPA: Court to Decide on Administration on April 7 --------------------------------------------------------- Reuters, citing judicial sources, reports that a court hearing on whether to place Fastweb SpA under administration will take place on April 7. According to Reuters, judicial sources said on Tuesday that Fastweb lawyers have proposed providing a financial guarantee to avoid administration. Reuters relates the sources said the sum would cover alleged illicit profits made by Fastweb. Investors have been waiting for a decision on Fastweb and Sparkle, a unit of Telecom Italia SpA, since last month, when prosecutors accused company executives of knowing about a laundering scheme worth more than EUR2 billion (US$2.7 billion), Reuters notes. Reuters says Telecom Italia has proposed that an independent administrator be put in charge of its wholesale unit to avoid a court appointed commissioner, who would take charge of all of Fastweb. As reported by the Troubled Company Reporter-Europe on March 4, 2010, The Financial Times said the alleged fraud involved services provided by Sparkle and Fastweb to offshore companies for which invoices were issued allegedly to launder money and evade tax. The FT disclosed prosecutors requested that the two companies be placed under court administration. According to the FT, lawyers for the companies suggested to reporters that only some sections of them might be put under administration. Fastweb, which is 82%- owned by Swisscom AG, had revenues last year of EUR1.8 billion and net debt of EUR1.4 billion, the FT said. Fastweb SpA -- http://company.fastweb.it/-- is an Italy-based company engaged in the broadband telecommunications industry. The Company's core activity is focused on the provision of telecommunication networks and services in the main metropolitan areas of Italy and in several smaller cities. Its activates are divided into four business areas: Consumer, intended to retail residential and micro business; Small Medium Enterprise (SME) for small and mid-size companies; Executive, intended to large companies, the public administration and wholesale activities designed for other telecommunications operators, and Network and Systems. Fastweb SpA provides a range of services, including telephony, broadband Internet connectivity, advanced video- communication, virtual private networks, audio and video streaming, digital and interactive television and telesurveillance, among others. In addition, the Company provides mobile telephony services. The Company's subsidiaries include QXN Scpa and e.BisMedia SpA. SPARKLE: Court to Decide on Administration on April 7 ----------------------------------------------------- Reuters reports that Telecom Italia SpA could delay approving its annual results for a second time pending a judge's decision on whether to put its Sparkle unit into administration as part of a money-laundering investigation. Reuters relates Telecom Italia said on Tuesday it proposed to its board moving the deadline for approving its 2009 results to April 12 -- the last legal date before it files the accounts for its AGM. Approval had earlier been delayed to March 25, Reuters notes. According to Reuters, judicial sources said a court hearing on whether to place Fastweb under administration will take place on April 7. Reuters notes an analyst said Telecom Italia could make a provision of EUR300 million in connection with the case to cover possible fines and liabilities. Investors have been waiting for a decision on Fastweb, which is controlled by Swisscom AG, and Sparkle since last month, when prosecutors accused company executives of knowing about a laundering scheme worth more than EuR2 billion (US$2.7 billion), Reuters recounts. Reuters says Telecom Italia has proposed that an independent administrator be put in charge of its wholesale unit to avoid a court appointed commissioner, who would take charge of all of Fastweb. As reported by the Troubled Company Reporter-Europe on March 4, 2010, The Financial Times said the alleged fraud involved services provided by Sparkle and Fastweb to offshore companies for which invoices were issued allegedly to launder money and evade tax. The FT disclosed Italian prosecutors requested that the two companies be placed under court administration. According to the FT, lawyers for the companies suggested to reporters that only some sections of them might be put under administration. The FT recalled Italian police seized EUR300 million of cash and other assets of Sparkle on Feb. 24, a sum equivalent to what they say the alleged tax evasion amounts to. Sparkle is a unit of Telecom Italia SpA -- http://new.telecomitalia.it/tiportal/en.html-- an Italy-based company that operates in the telecommunications sector and provides its fixed and mobile telephony, Internet, media and news services through fixed and mobile telephones, personal computer, and television terminals. It provides: fixed and mobile telecommunication services and Internet services with the brands Telecom Italia, TIM, Alice, and Virgilio; multimedia, television and news services with the brands La7, MTV Italia, APCOM, and Yalp!; information technology products and solutions with the brand Olivetti. The Company operates Abroad with the brands TIM Brasil, in Brazil, HanseNet, in Germany, and BBNed in the Netherlands. It divides its activities in six business units: Domestic, Brazil, European BroadBand, Media, Olivetti, and Other Operations. The Company operates through its subsidiaries mainly in Europe, the Mediterranean Basin and in South America. On December 1, 2008, Telecom Italia Media S.p.A. sold the Pay-per- View business segment. =========== L A T V I A =========== PAREX BANKA: Latvian Government Agrees to Divide Bank ----------------------------------------------------- Aaron Eglitis at Bloomberg News reports that the Latvian government agreed to divide Parex Banka AS. The plan, which the government unanimously approved, must still receive approval from the European Commission, Bloomberg notes. According to Bloomberg, Juris Jakobsons, of Latvia's state asset sales department, said about two-thirds, or about LVL1.5 billion (US$2.9 billion), of the bank's assets will be placed in the new company, including about half the lender's loan portfolio, with the non-core business left in the old bank. The government must turn in a plan for Parex to the European Commission by the end of this month, Bloomberg says, citing a March 23 report by Diena newspaper. Bloomberg relates Diena said Nordea AB, DnB Nord Banka, PKO Bank Polski SA, Alfa Bank, Raiffeisen Bank were among banks mentioned as possible buyers of the new Parex. About Parex banka Founded in 1992, Parex banka -- http://www.parexgroup.com/-- currently employs some 1,900 people at branches all over Latvia and offers universal banking services throughout the Baltic region, the CIS and other European nations such as Germany, Switzerland and Sweden. Parex Group companies operate across the banking, finance, leasing, asset management and life insurance sectors. Currently, the Latvian Privatisation Agency is the majority shareholder of Parex banka, holding 73.4% of the Bank's shares, but 22.4% are controlled by the European Bank for Reconstruction and Development. Parex banka has signed up to the European Code of Conduct on housing loans. * * * As reported by the Troubled Company Reporter-Europe on Dec. 23, 2009, Fitch Ratings affirmed Parex Banka's Long- and Short-term Issuer Default Ratings at 'RD'. The affirmation of Parex's IDRs at 'RD' reflects the extension of deposit restrictions imposed on the bank by the Latvian banking regulator till June 30, 2010. ===================== N E T H E R L A N D S ===================== IMPRESS HOLDINGS: S&P Downgrades Ratings on Senior Notes to 'B+' ---------------------------------------------------------------- Standard & Poor's Ratings Services said that it lowered its issue ratings on the EUR615 million and US$175 million senior secured notes due 2013, issued by Impress Holdings B.V., by one notch to 'B+' from 'BB-'. The issue ratings are in line with the corporate credit rating on Impress. The recovery ratings on the notes were revised to '3' from '2', reflecting S&P's expectation of meaningful (50%-70%) recovery in the event of a payment default. The issue rating on the EUR250 million senior subordinated notes due 2014 remains unchanged at 'B-'. The recovery rating on these notes also remains unchanged, at '6', indicating S&P's expectation of negligible (0%-10%) recovery in the event of a payment default. The downgrade of the senior secured debt reflects an increase in the overall level of debt outstanding at the time of S&P's hypothetical default in 2012. Impress has recently entered into a limited recourse receivable financing facility of EUR100 million, which is initially due in 2012, but which can be extended by a maximum of three years. For the purposes of S&P's recovery analysis, S&P assume that all committed available facilities will be fully drawn at the time of its hypothetical default, which translates into an increase in additional indebtedness at this point. Impress has also announced plans to list on the London Stock Exchange in 2010. If the group did list on the LSE and used the proceeds to partially repay some of its senior debt, thereby reducing the level of debt at the point of S&P's hypothetical default, S&P would expect the recovery prospects for the senior secured notes to improve. Recovery Analysis The issue and recovery ratings on Impress' secured and unsecured notes reflect the group's relatively complex capital structure; the prior-ranking status of the revolving credit facility and the limited recourse receivable financing facility of EUR100 million; the structurally senior financing of Impress Australia and Impress New Zealand; and the potential for cross-jurisdictional insolvency issues. Under S&P's simulated scenario, a default is unlikely to occur before 2012. In S&P's hypothetical default scenario, S&P value Impress on a going-concern basis, taking into account its leading European market positions in aluminum- and steel-based packaging for food products and in decorative and protective finishes; its steady revenue streams from relatively recession-resistant markets; and its longstanding relationships with key customers. S&P's estimate of the stressed enterprise value in the default scenario is about EUR860 million. Ratings List Downgraded Impress Holdings B.V. To From -- ---- EUR615 mil. callable bnds due 09/15/2013 B+ BB- Recovery Rating 3 2 US$175 mil. callable bnds due 09/15/2013 B+ BB- Recovery Rating 3 2 Ratings Affirmed To From -- ---- EUR250 mil. 9.5% callable sub bnds due 09/15/2014 B- B- Recovery Rating 6 6 ============= R O M A N I A ============= REPUBLICA: Liquidator Sets Asset Auction for March 31 ----------------------------------------------------- ISI - Emerging Markets reports that RVA Insolvency Specialists, the liquidator of Republic, will auction the real estate assets of the company's Bucharest factory on March 31. According to the report, the assets are being sold for EUR48.5 million. ========= S P A I N ========= AYT ANDALUCIA: Moody's Assigns 'B2' Rating on Series D Notes ------------------------------------------------------------ Moody's Investors Service has assigned definitive ratings to these notes: Issuer: AyT ANDALUCIA FTEMPRESA CAJAMAR, FTA -- Aaa to the EUR45,000,000 Series A notes. -- Aaa to the EUR179,000,000 Series A(G) notes. -- Aa1 to the EUR27,500,000 Series B notes. -- Baa1 to the EUR27,500,000 Series C notes. -- B2 to the EUR21,000,000 Series D notes. The AyT ANDALUCIA FTEMPRESA CAJAMAR, FTA transaction is a cash securitisation of loan contracts granted and serviced by Cajamar Caja Rural, Sociedad Cooperativa de Credito (A3/P-2). The transaction comes after the concession by the regional government of Andalusia (Junta de Andalucia) of a guarantee for Series A(G). The provisional pool of underlying assets was, as of February 2010, composed of a portfolio of 5,141 contracts granted to obligors located in Spain. The loans and credits were originated between 1998 and 2009, with a weighted average seasoning of 1.6 years and a weighted average remaining life of 9.5. Around 60% of the outstanding of the portfolio is secured by first-lien mortgage guarantees over different types of properties. Geographically, the pool is mostly concentrated in Andalusia (60%). At closing, there will be a maximum of 5% of the pool in arrears up to 30 days. Definitive pool info is not currently available. According to Moody's, this transaction benefits from several credit strengths, such as a strong swap agreement provided by CECA (Aa3/P-1) guaranteeing an excess spread of 0.47% and a relatively limited exposure to real estate as only 14% of the portfolio is in the building and real estate sector (according to Moody's industry classification) with no loans granted to real estate developers. However, Moody's notes that the transaction features a number of credit weaknesses, including a relatively high Regional concentration as 60% of the portfolio is concentrated in the Andalusia region (with 45% only in the province of Almeria) and grace period options on 10% of the loans in the portfolio. These characteristics, amongst others, were reflected in Moody's analysis and definitive ratings, where several simulations tested the available credit enhancement and 10% reserve fund to cover potential shortfalls in interest or principal envisioned in the transaction structure. As part of Moody's quantitative assessment, a mean default rate of 14% with a coefficient of variation of 50% and a stochastic mean recovery rate of 50% were the main input parameters for Moody's cash-flow model ABSROM. Moody's initially analyzed and will monitor this transaction using the rating methodology for EMEA SME ABS transactions as described in the Rating Methodology reports "Refining the ABS SME Approach: Moody's Probability of Default assumptions in the rating analysis of granular Small and Mid-sized Enterprise portfolios in EMEA", March 2009 and "Moody's Approach to Rating Granular SME Transactions in Europe, Middle East and Africa", June 2007. Moody's analysis focused primarily on (i) an evaluation of the underlying portfolio of loans; (ii) historical performance information and other statistical information; (iii) the credit enhancement provided by the pool spread, the cash reserve and the subordination of the notes; and (iv) the legal and structural integrity of the transaction. The ratings address the expected loss posed to investors by the legal final maturity of the notes (December 2051). In Moody's opinion, the structure allows for timely payment of interest and ultimate payment of principal on Series A, A(G), B, C and D at par on or before the rated final legal 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 yield to investors. Investors should note that the Series A(G) also benefits from the guarantee of Junta de Andalucia (Aa2) for interest and principal payments. Nevertheless, the expected loss associated with Series A(G) notes is consistent with a Aaa rating at issuance regardless of the guarantee. The V Score for this transaction is Medium/High same as the Medium/High score assigned for the Spanish ABS sector. The breakdown for this transaction indicates a better score in "Issuer/Sponsor/Originator's Historical Performance Variability" as Cajamar's previous SME transactions shows a lower default rate than the Spanish market average and, even during the current economic crises, performance volatility has also been lower market average; however the score on "Back-up Servicer Arrangement" is weaker than average, as no appointment of back up servicer has been set up at loss of Baa3. The previous rating action relates to the assignment of the provisional rating on March 17, 2010. FTPYME SANTANDER: Moody's Cuts Rating on Series D Notes to 'Ba3' ---------------------------------------------------------------- Moody's Investors Service has downgraded to Ba3 from Baa2 the rating of the outstanding Series D notes issued by FTPYME Santander 1, FTA. At the same time, Moody's has upgraded the rating of the Class B2 notes to Aa1 from Aa2 and the rating of the Class C notes to Aa3 from A2. The Aaa ratings of the Class B1(G) notes, which benefit from the guarantee of the Aaa-rated government of Spain, are unchanged. The rating actions conclude Moody's rating review of the Class D notes, which was initiated on March 23, 2009. The rating upgrades resulted from the significant build-up of credit enhancement under the Class B2 and Class C notes due to the amortization of the very seasoned portfolio. This additional credit enhancement, combined with some of Moody's revised rating assumptions (as described in detail below), outweighed the effect of Moody's increased default probability expectation. 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 ("EMEA ABS & RMBS: 2009 Review and 2010 Outlook", published in January 2010). 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 with some of the other Santander SME ABS transactions reviews. Therefore, in some instances, Moody's made assumptions relying on aggregate information or stressed its expected assumptions, as detailed below. Collateral Performance Outstanding 90+ delinquencies (i.e. the balance of loans with arrears for more than 90 days) had reached 0.48% of the portfolio current balance, as of the February 2010 investor report. While this is down from the peak of 0.65% reported in May 2009, the outstanding balance of defaulted loans as a percentage of the portfolio current balance has increased continuously to over 0.41% from 0.25% in the same period. Moody's also notes that the cumulative balance of defaulted loans is not reported for this transaction, which is unusual. The transaction has been amortizing since the end of the revolving period in November 2005 and the most senior, Class A notes were fully redeemed at the end of 2008. In February 2010, the pool factor was 30%. Default Probability Adjustments Moody's first revised its assumption for the default probability (DP) 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. Nearly 20% of the outstanding pool balance related to borrowers in the "building and real estate sector" according to Moody's industry classification, based on March 2010 loan-level data. However, Moody's was unable to verify the sector of activity for roughly 3% of the outstanding pool balance and assumed that a proportion of these loans related to activities in the building and real estate sector. In addition, Moody's made DP adjustments to reflect the size of the debtors' companies. In the absence of any data on the underlying obligors' business size, Moody's assumed that approximately 40% of the loans were to micro-size SMEs and therefore notched down its rating proxy to reflect additional default risk associated with these debtors. 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 and originated prior to 2006. As the portfolio revolving period ended in November 2005, all the loans in the pool were originated prior to 2006. Revised WAL and DP Assumptions Moody's separately revised its weighted-average remaining life assumption for the pool of loans to 3.5 years. With a 3.5-year average life, the low-Ba overall DP equivalent rating resulting from the above DP adjustments translates into an increased cumulative mean default assumption of 7.3% 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. In its review, Moody's also considered the sensitivity of ratings to a DP in the 7%-8% range. Expressed as a percentage of the original portfolio balance, Moody's revised cumulative mean default rate would be 2.4%, if using twice the current balance of loans with outstanding defaults based on the transaction write-off definition ( 0.25% of the original portfolio balance) as a proxy for the unreported cumulative balance of 90 day past-due loans. This compares to Moody's initial mean cumulative DP assumption at closing of 1% for the initial pool and 3.5% for each subsequent replenishment. Moody's closing assumption would translate in a cumulative mean default rate of 2.3% of the transaction's original balance plus replenishments (taking into account cumulative replenishments of 60% of the transaction original balance between 2003 and 2005). Recovery and Prepayment Assumptions Moody's increased its initial mean recovery expectation to 45% from 35% to reflect the increased proportion of properties backed by mortgage guarantees (approximately 98% of the outstanding balance against 84% at closing) and the decrease in loan-to-value (LTV) ratios reported for these guarantees. However, Moody's mean recovery rate expectation also reflects the lack of any recovery data or any data on the type of properties serving as collateral for these mortgage securities. In addition, Moody's has considered the sensitivity of ratings 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 expectation for the remainder of the transaction. Default Distribution Volatility Given the remaining granularity of the outstanding portfolio -- with more than 11,000 loans still outstanding in February 2010 -- Moody's used a normal inverse distribution to derive the probabilities of its default scenarios in its cash flow model, ABSROM. In light of the increase in its cumulative mean default assumption, Moody's has reduced its original coefficient of variation (COV or standard deviation over mean DP) assumption to 48% from 70%, maintaining the implied asset correlation assumed for the initial portfolio at closing. However, Moody's has also considered the sensitivity of ratings to COV assumptions in the 50%-55% range. The Transaction Santander 1 is a securitization fund which purchased a pool of loans granted by Banco Santander, S.A., to Spanish SMEs. At closing, in September 2003, the portfolio consisted of over 20,000 loans. The loans were originated between 1990 and 2003, with a weighted-average seasoning of 3 years and a weighted-average remaining term of 10.5 years. Geographically, the pool was well diversified with the highest concentrations in Madrid (22%), Andalucia (14%) and Catalonia (13%) at closing. The pool had a revolving period of two years after closing. Criteria for loans added during the revolving period limited the build-up of regional and borrower concentrations. No loan with deferred payment of interest or principal was eligible for inclusion in the pool. 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 -- Class B2: upgraded to Aa1 from Aa2; previously on September 29, 2003, assigned definitive ratings of Aa2 -- Class C: upgraded to Aa3 from A2; previously on September 29, 2003, assigned definitive ratings of A2 -- Class D: downgraded to Ba3 from Baa1; previously on March 23, 2009, placed under review for possible downgrade * SPAIN: No Insolvent Banks in the Country, Top Official Says ------------------------------------------------------------- Jonathan House at Dow Jones Newswires reports that Jose Manuel Campa, deputy finance minister for the government of Socialist Prime Minister Jose Luis Rodriguez Zapatero, told the parliament Tuesday there are currently no insolvent institutions in Spain, and that the government cannot force solvent ones to restructure. "This is fundamentally a voluntary process," Dow Jones quoted Mr. Campa as saying. Dow Jones relates after the collapse of a decade-long housing boom, Spanish banks are grappling with fast rising levels of unemployment and bad debt, forcing them to rein in credit to the economy. Unlisted savings banks, with strong ties to local governments and communities, are the hardest hit, Dow Jones notes. Alvaro Nadal, economics spokesman for the Popular Party, as cited by Dow Jones, said that Spain, which is lagging the recovery of the wider euro-zone economy, faces a prolonged period of stagnation without energetic action to reduce the budget deficit and restructure the banking sector. According to Dow Jones, Mr. Campa reiterated the government's position that it wants to change savings bank regulation after restructuring the sector, arguing that regulatory uncertainty now would make the process of consolidating the sector even more difficult. =========================== U N I T E D K I N G D O M =========================== BRITISH AIRWAYS: To Run More Flights as More Crew Volunteers ------------------------------------------------------------ Gill Plimmer and Pilita Clark at The Financial Times report that British Airways says it will run more flights during the second wave of strike action, due to start on Saturday, March 27, because more cabin crew members were volunteering for work. According to the FT, the airline said the number of cabin crew reporting for duty rose from 57% to 62% between Saturday and Monday, when the first of two scheduled strikes ended. The union disputed the claim, the FT notes. The FT recalls the airline scrapped about 20% of the schedule on Tuesday and warned passengers that flights throughout the week were "subject to disruption". As reported by the Troubled Company Reporter-Europe on March 22, 2010, Bloomberg said talks with Unite union General Secretary Tony Woodley broke down on Friday, March 19, when BA Chief Executive Officer Willie Walsh tabled a proposal he acknowledged was less attractive than previous offers, saying it had been modified to take account of expenses from keeping planes flying during the strike. Bloomberg disclosed relations with Unite worsened in November, when Mr. Walsh used voluntary departures to cut crew levels without consulting the union. He's also seeking to reduce pay for new recruits to help lower costs following a global slump in demand for travel, Bloomberg noted. 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. CRYSTAL PALACE: Sean "Diddy" Combs Mulls Takeover ------------------------------------------------- Melanie Cohen at Associated Press, citing BBC News, reports that a spokesman for Sean "Diddy" Combs in the U.K. confirmed that he is thinking of purchasing Crystal Palace Football Club, also called the Eagles, out of bankruptcy. According to AP, Brendan Guilfoyle, one of Crystal Palace's bankruptcy administrators, said he was a big fan of hip-hop and would be "delighted if [Diddy] wanted to buy Crystal Palace." The report notes Mr. Guilfoyle even said he'd be willing fly to New York to rap out negotiations with Mr. Combs. AP recalls Crystal Palace entered administration in late January with debts of about GBP20 million British (US$30 million) to reorganize and to find a buyer. AP recounts at the time of the bankruptcy filing, Mr. Guilfoyle told the Financial Times that the club "has been in the spotlight for some months with creditors pressing for payments and players anxious about their wages." Crystal Palace had twice failed to pay players on time since the start of the soccer season, AP recounts. London-based Crystal Palace Football Club -- http://www.cpfc.premiumtv.co.uk/-- plays in the English League. The team, also known as the "Eagles" represents a borough of London called Croydon. It was founded in 1905 by workers at the Crystal Palace, a wrought iron and glass building originally erected in the Hyde Park area of London to house the Great Exhibition of 1851 (the first in a series of World's Fair exhibitions). The Crystal Palace Football Club moved to its current stadium Selhurt Park in 1924. Chairman Simon Jordan took over the club in 2000, ending Crystal Palace's stint with bankruptcy. EMI GROUP: Universal Walks Away From Distribution Deal Talks ------------------------------------------------------------ Universal Music Group walked away from talks to license the North American catalog of music label EMI Group Ltd., Kristen Schweizer at Bloomberg News reports, citing a person familiar with the matter. According to Bloomberg, the person said Universal Music had held discussions with Guy Hands's Terra Firma Capital Partners Ltd., which owns EMI, on the assets. A Universal Music spokesman said the company isn't in talks with Terra Firma, Bloomberg notes. Bloomberg relates a second person familiar with the matter said Terra Firma was approached by two other companies following Universal Music's initial interest. As reported by the Troubled Company Reporter-Europe on March 23, 2010, The Financial Times said EMI Music is trying to mortgage its North American distribution business to avoid breaching banking covenants. The FT disclosed EMI is offering rival labels a distribution contract on its catalogue, which includes hits by The Beatles, for a five-year period. Terra Firma is asking for about GBP400 million for the distribution rights, the FT said. The company has until June to inject an extra GBP120 million into the company and prevent a breach of covenants that could see Citigroup seize EMI, according to the FT. The FT noted a person close to Citigroup said the GBP3.2 billion of its loans to the group were secured in part on the US assets and as such the bank would have to approve any proposed distribution deal. Joint Bid Separately, Bloomberg reports KKR & Co. and Warner Music Group Corp. have discussed making a joint bid to buy EMI, though talks are at an early stage and may not lead to an offer. According to Bloomberg, a person familiar with the matter said this month Warner has also met with other financial groups on structuring an offer should London-based EMI become available. BMG Rights Management GmbH, the music-rights venture owned by Bertelsmann AG and KKR, said it is "interested" in parts or all of EMI's music-publishing business, if the company is for sale, Bloomberg discloses. Going Concern Doubt As reported by the Troubled Company Reporter-Europe on Feb. 8, 2010, The FT said KPMG, EMI Group's accountants, raised "significant doubt" about the company's ability to continue as a going concern. According to the FT, accounts for the year to March 2009, released on Feb. 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. The FT said unless it can persuade Citigroup to restructure its GBP3.2 billion in loans by then, investors face further cash calls. About EMI 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. GLOBESPAN: Creditors to Recover Only 5p for Every Pound Owed ------------------------------------------------------------ Peter Jones at Times Online reports that would-be holidaymakers caught up in the collapse of Globespan are unlikely to see much more than 5 pence for every pound that they are owed. According to the report, the 50,000 creditors of Globespan, which collapsed last December with the loss of 600 jobs, are owed GBP40 million. Nearly all are holidaymakers who paid, on average, between GBP350 and GBP400 for flights with FlyGlobespan or package holidays with the Globespan group, the report notes. The report says those who paid by credit card have so far claimed back GBP12 million from card companies, but others owed an estimated GBP20 million are dependent on what can be salvaged from the business. The report relates Bruce Cartwright, an accountant with PricewaterhouseCoopers and who is winding up the business, said that any hopes of boosting the payout depends on whether any money can be recovered from E-Clear, the credit card processing firm which caused Globespan's failure. The report recalls E-Clear delayed transferring the payments to Globespan until the travel firm ran out of money to pay bills and was put into administration. According to the report, Mr. Cartwright said that Globespan assets still to be sold included a hotel in Majorca, offices in Edinburgh and Glasgow, and one aircraft. Former employees owed salaries were being recompensed through a government scheme and because of the complexity of processing 50,000 claims, he expected it would be up to two years before there was a final settlement, the report states. About Globespan Group plc/Globespan Airways Limited Established in 1970, the company provided flight only and package holidays to a number of destinations across Europe as well as Orlando in America from airports in Aberdeen, Edinburgh and Glasgow. Globespan Group plc also operates flights between the U.K. and the Falkland Islands under a MOD contract. The company's subsidiary Alba Ground Holdings Ltd is also contracted to manage the baggage check-in for Flybe at Glasgow and Edinburgh airports. REVERB: David Rubin Partners Appointed as Liquidator ---------------------------------------------------- Gary Cooper at MI Pro reports that the Reverb retail chain has officially gone into liquidation. The report relates Paul Appleton, managing partner at insolvency specialist David Rubin and Partners, was officially appointed liquidator of the retailer on March 23. "Reverb Retail's three stores in Birmingham, Bristol and Glasgow have closed and the company's internet operation has been suspended," the insolvency specialist said in a statement, according to the report. "David Rubin & Partners is working on the sale of remaining assets in order to maximize the return for the company's creditors." WHP NEWBURY: Lack of Cash Spurs Liquidation ------------------------------------------- Helen Morris at PrintWeek reports that WHP Newbury is to be liquidated with all 58 staff members made redundant after the company was left with "insufficient cash with which to operate". According to the report, John Endersby, of Elwell, Watchorn & Saxton, has been appointed as insolvency practitioner to help the directors handle the company affairs towards liquidation. The report relates WHP Newbury's closure comes just four weeks after the company was sold by its former managing director Peter Arnel in an MBO deal. "Following the conclusion of an external audit, it became clear the new MBO team and its backers could not depend upon the company ledgers," the report quoted Don Woodward, a partner at management advisory group Precision One, which arranged the MBO, as saying. "Funding offers were immediately frozen, which left the business with insufficient cash with which to operate." The company ceased operating on March 18, the report recounts. WHP Newbury is a printing firm with a turnover of GBP5.5 million. =============== X X X X X X X X =============== * Insolvency Mechanism Must Be Drawn Up for Indebted Nations ------------------------------------------------------------ Erik Kirschbaum at Reuters reports that Horst Koehler, Germany's president and a former head of the International Monetary Fund, said in an interview on March 20 that an insolvency mechanism should be set up for nations that are unable to manage their debts. Reuters relates told Focus magazine there was now a need to develop procedures for overly indebted nations similar to those already in place for companies. "It's possible that there are nations that won't be able to deal with their debt," Reuters quoted Mr. Koehler as saying. "We need an orderly insolvency process not only for companies but also for nations." According to Reuters, Mr. Koehler said there was a risk of chaos if a nation were to become insolvent. Mr. Koehler, as cited by Reuters, said "That's why we needed an orderly process -- so that everyone knows what the rules are." * Upcoming Meetings, Conferences and Seminars --------------------------------------------- Apr. 20-22, 2010 TURNAROUND MANAGEMENT ASSOCIATION Sheraton New York Hotel and Towers, New York City Contact: http://www.turnaround.org/ Apr. 29, 2010 AMERICAN BANKRUPTCY INSTITUTE Nuts and Bolts - East Gaylord National Resort & Convention Center, National Harbor, Md. Contact: 1-703-739-0800; http://www.abiworld.org/ Apr. 29-May 2, 2010 AMERICAN BANKRUPTCY INSTITUTE Annual Spring Meeting Gaylord National Resort & Convention Center, National Harbor, Md. Contact: 1-703-739-0800; http://www.abiworld.org/ Apr. 29-May 2, 2010 THE COMMERICAL LAW LEAGUE OF AMERICA Midwestern Meeting & National Convention Westin Michigan Avenue, Chicago, Ill. Contact: 1-312-781-2000 or http://www.clla.org/ May 21, 2010 AMERICAN BANKRUPTCY INSTITUTE Nuts and Bolts - NYC Alexander Hamilton Custom House, SDNY, New York, N.Y. Contact: 1-703-739-0800; http://www.abiworld.org/ May 24, 2010 AMERICAN BANKRUPTCY INSTITUTE New York City Bankruptcy Conference New York Marriott Marquis, New York, NY Contact: 1-703-739-0800; http://www.abiworld.org/ May 11-14, 2010 AMERICAN BANKRUPTCY INSTITUTE Litigation Skills Symposium Tulane University, New Orleans, La. Contact: 1-703-739-0800; http://www.abiworld.org/ June 17-20, 2010 AMERICAN BANKRUPTCY INSTITUTE Central States Bankruptcy Workshop Grand Traverse Resort and Spa, Traverse City, Mich. Contact: 1-703-739-0800; http://www.abiworld.org/ July 7-10, 2010 AMERICAN BANKRUPTCY INSTITUTE Northeast Bankruptcy Conference Ocean Edge Resort, Brewster, Massachusetts Contact: 1-703-739-0800; http://www.abiworld.org/ July 14-17, 2010 AMERICAN BANKRUPTCY INSTITUTE Southeast Bankruptcy Conference The Ritz-Carlton Amelia Island, Amelia, Fla. Contact: http://www.abiworld.org/ Aug. 3, 2010 AMERICAN BANKRUPTCY INSTITUTE Atlanta Consumer Bankruptcy Skills Training Georgia State Bar Building, Atlanta, Ga. Contact: 1-703-739-0800; http://www.abiworld.org/ Aug. 5-7, 2010 AMERICAN BANKRUPTCY INSTITUTE Mid-Atlantic Bankruptcy Workshop Hyatt Regency Chesapeake Bay, Cambridge, Md. Contact: 1-703-739-0800; http://www.abiworld.org/ Aug. 11-14, 2010 AMERICAN BANKRUPTCY INSTITUTE Hawai.i Bankruptcy Workshop The Fairmont Orchid, Big Island, Hawaii Contact: 1-703-739-0800; http://www.abiworld.org/ Sept. 14, 2010 AMERICAN BANKRUPTCY INSTITUTE ABI/NYIC Golf and Tennis Fundraiser Maplewood Golf Club, Maplewood, N.J. Contact: 1-703-739-0800; http://www.abiworld.org/ Sept. 20, 2010 (tentative) AMERICAN BANKRUPTCY INSTITUTE Complex Financial Restructuring Program Fordham Law School, New York, N.Y. Contact: 1-703-739-0800; http://www.abiworld.org/ Sept. 23-25, 2010 AMERICAN BANKRUPTCY INSTITUTE Southwest Bankruptcy Conference Four Seasons Las Vegas, Las Vegas, Nev. Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 1, 2010 (tentative) AMERICAN BANKRUPTCY INSTITUTE ABI/UMKC Midwestern Bankruptcy Institute Kansas City Marriott Downtown, Kansas City, Kan. Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 6-8, 2010 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention JW Marriott Grande Lakes, Orlando, Florida Contact: http://www.turnaround.org/ Oct. 11, 2010 AMERICAN BANKRUPTCY INSTITUTE Chicago Consumer Bankruptcy Conference Standard Club, Chicago, Ill. Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 15, 2010 AMERICAN BANKRUPTCY INSTITUTE NCBJ/ABI Educational Program Hilton New Orleans Riverside, New Orleans, La. Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 29, 2010 (tentative) AMERICAN BANKRUPTCY INSTITUTE International Insolvency Symposium The Savoy, London, England Contact: 1-703-739-0800; http://www.abiworld.org/ Nov. __, 2010 AMERICAN BANKRUPTCY INSTITUTE Delaware Views from the Bench and Bankruptcy Bar Hotel du Pont, Wilmington, Del. Contact: 1-703-739-0800; http://www.abiworld.org/ Nov. 11, 2010 AMERICAN BANKRUPTCY INSTITUTE Detroit Consumer Bankruptcy Conference Hyatt Regency Dearborn, Dearborn, Mich. Contact: 1-703-739-0800; http://www.abiworld.org/ Dec. 9-11, 2010 AMERICAN BANKRUPTCY INSTITUTE Winter Leadership Conference Camelback Inn, a JW Marriott Resort & Spa, Scottsdale, Ariz. Contact: 1-703-739-0800; http://www.abiworld.org/ Dec. 2-4, 2010 AMERICAN BANKRUPTCY INSTITUTE 22nd Annual Winter Leadership Conference Camelback Inn, Scottsdale, Arizona Contact: 1-703-739-0800; http://www.abiworld.org/ Jan. 20-21, 2011 AMERICAN BANKRUPTCY INSTITUTE Rocky Mountain Bankruptcy Conference Westin Tabor Center, Denver, Colo. 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/ 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/ Aug. 4-6, 2011 (tentative) 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. 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 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 * * *