/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/100409.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 Friday, April 9, 2010, Vol. 11, No. 069 Headlines F R A N C E FRANS 2003: Moody's Confirms 'Ba2' Rating on Class B Notes PLYSOROL: Union Files Insolvency Petition in Lisieux Court RENAULT SA: Enters Strategic Partnership with Nissan, Daimler RODRIGUEZ GROUP: Unit Seeks Bankruptcy Protection in U.S. G E R M A N Y CINTERION WIRELESS: Creditor and Owner Vie for Control DAIMLER AG: Renault and Nissan Deal Won't Affect Fitch's Ratings DEUTSCHE LUFTHANSA: Pilots Call Off Strike, Agree to Arbitration GENERAL MOTORS: Opel Nears Deal with Works Council on Cost Cuts HYPO REAL ESTATE: Shareholder Case to Go to Top EU Court H U N G A R Y * HUNGARY: Company Liquidations Up 3.3% in First Quarter 2010 I R E L A N D QUINN INSURANCE: Financial Regulator May Lift Trading Ban QUINN INSURANCE: Liquidation to Hit Commercial Policyholders I T A L Y SPARKLE: Telecom Italia to Set Aside EUR330 Million on Probe K A Z A K H S T A N FOOD CONTRACT: Moody's Reviews 'Ba3' Corporate Family Rating N E T H E R L A N D S ELM BV: S&P Corrects Ratings on Secured Credit-Linked Notes to 'D' * NETHERLANDS: Corporate Bankruptcies Up 5% in First Qtr. 2010 N O R W A Y PETROJACK ASA: To Get US$160-Mil. From Rig Sale, Newspaper Says R U S S I A URALCHEM OJSC: Aims to Raise US$600-Mil. in London Listing S P A I N CEMEX ESPANA: Fitch Assigns 'B+/RR3' Rating on Senior Notes U N I T E D K I N G D O M AROSA FUNDING: S&P Withdraws 'D' Rating on Series 2006-9 Notes BRITISH AIRWAYS: Talks to Avert Further Strike Actions Resume ROYAL BANK: Global Merchant Services Unit Gets Dozen-Plus Bids SANDPIPER CLOTHING: In Liquidation; Clarke Bell Appointed * UK: Business Failures Up 16% to 26,165 in 2009, BDO LLP Says X X X X X X X X * BOOK REVIEW: Rupert Murdoch: Creator of a Worldwide Empire ********* =========== F R A N C E =========== FRANS 2003: Moody's Confirms 'Ba2' Rating on Class B Notes ---------------------------------------------------------- Moody's Investors Service has lowered to Baa2 from Baa1 the rating of the Class A Enhanced Equipment Trust Notes issued by FRANs 2003 Plc; the Ba2 rating of the Class B notes of the same transaction is confirmed. This concludes the review that was initiated on 18 December 2009. The notes have a legal maturity in 2016 and a scheduled final repayment in 2013. The Class A notes are guaranteed by MBIA Insurance Corporation. The rating of the Notes is consistent with Moody's practice of rating insured securities at the higher of the guarantor's insurance financial strength rating or an underlying rating of the transaction that is public. The determination of the underlying ratings considered qualitative and quantitative factors, including structural features of the transaction. The rating action reflects both the loan-to-value ratios of the transaction, which have benefited in recent months from movement in the US$-EUR rate. It also factors in the operating performance of the Air France group, the guarantor of the notes under the transaction, as well as that of the Air France-KLM Group. In terms of operating performance, while year-to-date earnings were substantially lower than the previous year, the Air France-KLM group's third quarter operating loss (to December 2009) was at EUR245 million, fairly unchanged over the prior year. It is currently targeting to break-even at the operating level in FY2011, excluding the impact of pre-2009 hedges. The charge related to hedges amounted to EUR464 million in year-to-date, but has been diminishing and fell to EUR34 million in the last quarter. Moody's believe at this time that industry conditions, while still very weak, are likely to show a gradual, albeit protracted, recovery. As of December 31, 2009, the Air France-KLM group reported EUR4.4 billion in cash and equivalents (including short-term investments), and EUR1.2 billion of undrawn facilities. Air France is currently negotiating to extend the maturity of its facility maturing in 2012, whose continued access will be a factor in Moody's liquidity assessment. In assessing the notes issued by FRANs 2003 Plc, Moody's has taken into consideration the characteristics of the collateral pool and the structural enhancement of the transaction, as well as the credit profile of the airline. The last rating action for Frans 2003 was implemented on December 18, 2009, when the ratings of the Class A and Class B Notes were placed under review for possible downgrade. Air France-KLM is a publicly-listed entity with full ownership of Air France and KLM. It is incorporated in France and registered in Paris. PLYSOROL: Union Files Insolvency Petition in Lisieux Court ---------------------------------------------------------- EUWID Wood Products and Panels reports that Union de recouvrement des cotisations de securite sociale et d'allocations familiales Plysorol filed a petition to initiate new judicial rescue proceedings against Plysorol at a commercial court in Lisieux. According to the report, the company is said to be in arrears with social security contributions to the organization, responsible for levying social welfare deductions in France, to the tune of some EUR1.4 million even though they were deducted from employees' pay. The report recalls in initial negotiations conducted on March 26, the Lisieux commercial court therefore ordered that an investigation be conducted until April 30 whose purpose is to examine the initiation of new insolvency proceedings. RENAULT SA: Enters Strategic Partnership with Nissan, Daimler ------------------------------------------------------------- John Reed and Daniel Schafer at The Financial Times report that Renault, Nissan and Daimler on Wednesday revealed a strategic partnership that will see the three carmakers swap equity stakes and develop and build small cars, engines and vans together. According to the FT, the companies said the partnership would yield combined benefits of EUR4 billion (US$5.3 billion) over five years. The FT says under the share exchange, Daimler will take a 3.1% stakes in both Renault and Nissan, and the allied French and Japanese carmakers will share a 3.1% stake in their German partner, holding 1.55% each. The partnership will be managed by a new 12-member co-operation committee chaired by Renault and Nissan's chief executive Carlos Ghosn and Dieter Zetsche, Daimler's chief executive, and steered by executives from the three companies, the FT discloses. It will see Renault and Daimler work together on a forthcoming generation of their respective Twingo and Smart Fortwo models, including electric versions, according to the FT. The two companies and Nissan will also share and jointly develop diesel and petrol engines to be used in the new cars, which would be modified for a new generation of premium compact cars for Daimler's Mercedes-Benz brand, the FT says. The FT notes that before the deal, Nissan owned 15% of Renault and Renault 44.3% of Nissan. The French carmaker's share in its Japanese partner will now fall to 43.2% as Renault is giving its 3.1% of its Nissan stake to Daimler, and taking a new 2% stake in return, the FT states. About Renault SA Renault SA -- http://www.renault.com/-- is a France-based company primarily engaged in the manufacture of automobiles and related services. The Company has two main areas of business activity: the Automobile division, which handles the design, manufacture and marketing of passenger cars and commercial vehicles, under Renault, Renault Samsung Motors and Dacia brands, and the Sales Financing division, which provides financial and commercial services related to the Company's sales activities, and is comprised of RCI Banque and its subsidiaries. The Company operates worldwide via a group of subsidiaries and dependant companies, including wholly owned Renault SAS, 99.43%-owned Dacia, 44.3%-owned Nissan Motor and 20.7%-owned AB Volvo, among others. * * * Renault SA continues to carry long- and short-term corporate credit and debt ratings of 'BB/B' from Standards & Poor's Ratigns Services with stable outlook. The ratings were lowered to their current level from 'BBB-/ A-3' in June 2009. As reported by the Troubled Company Reporter-Europe on June 23, 2009, S&P said Renault's financial profile was already hit by the large increase in debt in 2008, and credit measures were weak compared with what S&P generally considered to be commensurate with a 'BBB-' rating. S&P said that the company's financial metrics were likely to deteriorate further and would probably not return in the medium term to levels S&P considered consistent with the previous rating. "Our downgrade of Renault reflects our view that auto demand is likely to remain very low in Europe in 2010, due to the weak economic environment and the payback effect of the incentive schemes that several European countries have adopted to date in 2009," said Standard & Poor's credit analyst Barbara Castellano. "We believe these factors will continue to penalize Renault's profitability." Renault continues to carry a Ba1 long-term corporate family rating and senior unsecured debt rating from Moody's Investors Services with stable outlook. The company's subordinated debt carries a Ba2 rating from Moody's. RODRIGUEZ GROUP: Unit Seeks Bankruptcy Protection in U.S. --------------------------------------------------------- Michael Bathon at Bloomberg News reports that SNP Boat Services SA filed for Chapter 15 bankruptcy protection (Bankr. S.D. Fla. Case No. 10-18891) from its U.S. creditors to aid its restructuring abroad. SNP Boat is a unit of the Rodriguez Group SA which makes luxury yachts. The Rodriguez Group owns 99.7% of SNP Boat. SNP Boat, based in Cannes, France, listed as much as $500 million in both assets and debt in documents filed in bankruptcy court in Fort Lauderdale, Florida. Chapter 15 is the section of the bankruptcy code designed to block U.S. lawsuits against a foreign company with assets in the U.S. as it restructures in its home country. According to Bloomberg, a commercial court has approved the Rodriguez Group's recovery plan, bringing an end to one year of protection from creditors. Rodriguez shares will resume trading in Paris on April 8. ============= G E R M A N Y ============= CINTERION WIRELESS: Creditor and Owner Vie for Control ------------------------------------------------------ Karin Matussek at Bloomberg News, citing Financial Times Deutschland, reports that two funds are competing for control of Cinterion Wireless Modules GmbH, a former unit of Siemens AG that filed for insolvency. According to Bloomberg, FTD, citing an unidentified EQT spokesman, said the Swedish fund, Cinterion's biggest creditor, made a bid. Bloomberg notes FTD, citing Granville Baird GmbH managing director Wolfgang Alvano, reported that the Hamburg-based private equity firm, Criterion's owner, is ready to invest a "significant amount". DAIMLER AG: Renault and Nissan Deal Won't Affect Fitch's Ratings ---------------------------------------------------------------- Fitch Ratings says that the recent announcement that Daimler AG, Renault SA and Nissan Motor Co, Ltd, will take minority equity stakes in each other and cooperate on cars and powertrains has no immediate rating implication because there is neither significant cash outflow nor immediate material benefit for the three companies. Daimler is rated Long-term Issuer Default 'BBB+' and Short-term IDR 'F2'; Nissan at Long-term IDR 'BBB-' and Short-term IDR 'F3'; and Renault at Long-term IDR 'BB'. The Outlooks for Daimler and Renault are Negative, while the Outlook for Nissan is Stable. "While the immediate financial impact on the three groups is minimal, the expected increased cooperation between Daimler, Renault and Nissan should be positive for their business profiles and provide opportunities for material cost savings and improved capacity utilization," said Emmanuel Bulle, Senior Director in Fitch's EMEA Industrials team. "However, cost savings should be limited in the short term and may only start materializing in the next two to three years." Cooperation between manufacturers, in the form of specific agreements or partnerships, is common in the auto industry, to develop vehicles or engines, and does not necessarily entail an equity tie-up. However, cross-shareholding could pave the way for long-term collaborations and a signal that cooperation between the partners is strategic. The announcement is the latest of a series of alliances and partnerships, aimed at saving significant development costs, to comply notably with increasingly stringent environmental regulations. Fitch considers the announced cooperation between the three groups positively, as this should provide further economies of scale to the partners and enable them to share development costs and engines. The three groups should benefit from each other's strengths, particularly as direct competition between Daimler and Renault/Nissan is limited. In particular, Daimler should benefit from Renault's expertise in small cars platforms and powertrains, notably for the development of its "smart" vehicles, and for fuel efficiency. Renault and Nissan will increase their capacity utilization by providing engines to Daimler and will benefit from the supply of 6-cylinder engines from Daimler. The three groups will also share powertrains and collaborate on light commercial vehicles and pursue other opportunities on future projects such as electric vehicles. In parallel, the three companies detailed a cross-shareholding structure, in which Daimler will have 3.1% in Renault, 3.1% in Nissan, while Nissan and Renault will each have 1.55% in Daimler. The bulk of the respective stocks to be acquired will be treasury shares and will not involve material cash inflows and outflows nor affect their respective credit metrics. The cross-shareholding will not fundamentally change the respective groups' shareholding structures. The French state will remain Renault's main shareholder with 15.01%, while Nissan will have 15% of Renault. Renault will have a 43.4% stake in Nissan. While Daimler and Renault have gained some flexibility in their current ratings, the Outlooks are still Negative. In particular, the Negative Outlook reflects uncertainties about new car and truck sales development in 2010, in particular in their core European markets. Nissan's Outlook was revised to Stable from Negative in January 2010 in the wake of early improvement of the US market and an improved financial profile. DEUTSCHE LUFTHANSA: Pilots Call Off Strike, Agree to Arbitration ---------------------------------------------------------------- Ralph Atkins at The Financial Times reports that Lufthansa pilots have called off strike action planned for next week after agreeing to an arbitration process with the German airline. The FT relates the announcement late on Wednesday averted, at least temporarily, a four-day stoppage that could have cost Lufthansa tens of millions of euros. Lufthansa says strike action costs it at least EUR25 million a day, the FT notes. According to the FT, Vereinigung Cockpit, the trade union, says pay and conditions are being undermined by Lufthansa's increasing reliance on foreign subsidiaries, including recently bought Austrian Airlines and British Midland. Lufthansa welcomed the union's decision to call off the strike, which had been due to start on Tuesday, April 13, and the agreement to call in an arbitrator, the FT discloses. Both sides said agreement on an arbitrator in the current dispute would be reached in the next few days, according to the FT. Deutsche Lufthansa AG -- http://www.lufthansa.com/-- is an aviation company with operations worldwide. It operates in five business segments: Passenger Transportation, Logistics, Maintenance, Repair and Overhaul (MRO), Information Technology (IT) services and Catering. On January 22, 2008, it acquired 19% of the shares in JetBlue Airways. In October 2008, Lufthansa established an Italian company called Lufthansa Italia as it mulls to make Milan based Malpensa airport its third hub after Frankfurt and Munich. In September 2009, Austrian Airlines AG was taken over by Deutsche Lufthansa AG. Austrian Airlines will therefore become part of the Lufthansa Group as of September 2009. * * * Deutsche Lufthansa AG continues to carry a Ba1 Corporate Family Rating and Probability of Default Rating from Moody's Investors Service with stable outlook. The ratings were assigned by Moody's in September 2009. GENERAL MOTORS: Opel Nears Deal with Works Council on Cost Cuts --------------------------------------------------------------- Daniel Schafer, Gerrit Wiesmann and John Reed at The Financial Times report that Opel, General Motors' European arm, said on Wednesday that it was close to an agreement with its works council on cost reductions, a crucial part of its restructuring plan. According to the FT, Nick Reilly, Opel's chief executive, is poised to resume the protracted negotiations with trade unions over EUR265 million (US$354 million) in yearly wage concessions and other cost cuts next week, following a short Easter break. The FT says an agreement would remove the last roadblock in GM's quest to restructure ailing Opel with the help of state money. GM is seeking EUR2 billion in state aid from five European governments to turn round Opel and Vauxhall, its British brand, 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) HYPO REAL ESTATE: Shareholder Case to Go to Top EU Court -------------------------------------------------------- Oliver Suess and Karin Matussek at Bloomberg News report that a Hypo Real Estate Holding AG shareholder case over the German bank- rescue fund's decision to force out minority investors will be sent to the European Union's top court. According to Bloomberg, Presiding Judge Helmut Krenek on Thursday said the Munich Regional Court will ask the EU's Court of Justice to review whether a German rule to expedite bank rescues complies with EU laws. Bloomberg says the plaintiffs seek to invalidate a decision at Hypo Real Estate's June 2, 2009, shareholders meeting that allowed the government's bank-rescue fund, known as Soffin, to subsequently attain full ownership of the lender. Bloomberg notes Judge Krenek said the capital increase approved at Hypo Real Estate's shareholders meeting will remain valid, even if the European court decides rules were violated. Bloomberg recalls a capital increase of 3 billion euros (US$4 billion) was approved at the extraordinary shareholders meeting in June last year, excluding subscription rights for shareholders other than Soffin. That pushed Soffin's stake in Munich-based Hypo Real Estate to the 90% threshold needed to force remaining investors to sell their stock, known as a squeeze-out, Bloomberg recounts. The case is LG Muenchen, 5HK O 12377/09. About Hypo Real Estate Germany-based Hypo Real Estate Holding AG (FRA:HRXG) -- http://www.hyporealestate.com/-- is a German holding company for the Hypo Real Estate Group. It is an international real estate financing company, combining commercial real estate financing products with investment banking. The Company divides its operations into three business units: Commercial Real Estate, which provides real estate financing on the international and German market; Public Sector & Infrastructure Finance, and Capital Markets & Asset Management. Hypo Real Estate Group operates through a number of subsidiaries, including, among others, Hypo Real Estate Bank International AG that focuses on Pfandbrief-based commercial real estate financing in all international markets, and offers large-volume investment banking and structured finance transactions; Hypo Real Estate Bank AG that focuses on the commercial real estate financing and refinancing business in Germany, and DEPFA Bank plc in Dublin, Ireland, which is a provider of public finance. ============= H U N G A R Y ============= * HUNGARY: Company Liquidations Up 3.3% in First Quarter 2010 ------------------------------------------------------------- MTI-Econews, citing data published by Opten, reports that the number of Hungarian companies that went under liquidation in the first quarter of 2009 grew 3.3% to 3,947 from the same period a year earlier. According to the report, the number of companies wound up by its owners rose 6.7% yr/yr to 3,473 in the first quarter, a slight increase compared to the 24.2% jump a year before. Creditors initiated liquidation procedures for 1,356 businesses in March, compared to 1,342 a year before, the report discloses. ============= I R E L A N D ============= QUINN INSURANCE: Financial Regulator May Lift Trading Ban --------------------------------------------------------- Colm Heatley at Bloomberg News, citing the Irish News, reports that Ireland's financial regulator is considering a plan to allow Quinn Insurance to resume trading in the U.K. According to Bloomberg, the newspaper said the plan -- put forward by Quinn Insurance -- would mean the ban on trading in the U.K. imposed by the regulator on March 30 would be revoked. Jennifer Hill at The Scotsman reports that workers at Quinn Group on Wednesday said that they were confident the multinational's U.K. insurance unit would reopen for business. According to The Scotsman, employees said they had been assured the closure order was being reviewed and were hopeful the UK arm would reopen today, April 9, following talks between the Irish financial regulator and a cross-border, cross-party group of concerned politicians. "As a direct result of our work, the administrator is currently reassessing the NI/UK business plan which contains supporting information for the lifting of the NI/UK ban," The Scotsman quoted employees as saying in a statement. As reported by the Troubled Company Reporter-Europe on April 1, 2010, The Times said Irelands' Financial Regulator on March 30 put Quinn Insurance into provisional administration. The Times disclosed joint administrators were appointed to Quinn Insurance by the High Court in Dublin after the regulator expressed concerns about the company's finances and how it was being run. The Times related the regulator said the business would remain open for business and would continue to be run as a going concern under different management. The Times noted the regulator did not disclose the matters being investigated but its counsel told the court that, in recent months, the company had "significantly breached" its solvency ratios. According to The Times, the counsel said the company had gone from a position of having assets over liabilities of some EUR200 million to now having an excess of liabilities of more than EUR200 million. Quinn Insurance is owned by Sean Quinn, Ireland's richest man, and his family. The company has just more than 20% of the motor and health insurance market in Ireland. It has more than one million customers in the country. Employing almost 2,800 people in Britain and Ireland, it was founded in 1996 and entered the UK market in 2004, according to The Times. QUINN INSURANCE: Liquidation to Hit Commercial Policyholders ------------------------------------------------------------ Laura Noonan at Irish Independent reports that insurance brokers have warned the hundreds of companies insured with Quinn that they stand to get nothing if the insurer goes bust. According to the report, the situation is set out in a memo sent by the Insurance Brokers Association -- to its 700 members in recent days and comes a week after Quinn Insurance was put into administration. The report says the memo explains that if Quinn Insurance collapses, an insurance compensation fund will honor 65% of any claims made by individuals -- but won't honor any claims made by the companies that hold Quinn policies. The IBA document explains that companies are only exposed if Quinn collapses and goes into liquidation, and not if Quinn remains under the administration process and continues to trade as a going concern, the report notes. The report relates the situation arises because the 1989 Insurance Act says compensation can only be paid to "natural persons" holding policies in the event of an insurance company liquidation. As reported by the Troubled Company Reporter-Europe on April 1, 2010, The Times said Irelands' Financial Regulator on March 30 put Quinn Insurance into provisional administration. The Times disclosed joint administrators were appointed to Quinn Insurance by the High Court in Dublin after the regulator expressed concerns about the company's finances and how it was being run. The Times related the regulator said the business would remain open for business and would continue to be run as a going concern under different management. The Times noted the regulator did not disclose the matters being investigated but its counsel told the court that, in recent months, the company had "significantly breached" its solvency ratios. According to The Times, the counsel said the company had gone from a position of having assets over liabilities of some EUR200 million to now having an excess of liabilities of more than EUR200 million. Quinn Insurance is owned by Sean Quinn, Ireland's richest man, and his family. The company has just more than 20% of the motor and health insurance market in Ireland. It has more than one million customers in the country. Employing almost 2,800 people in Britain and Ireland, it was founded in 1996 and entered the UK market in 2004, according to The Times. ========= I T A L Y ========= SPARKLE: Telecom Italia to Set Aside EUR330 Million on Probe ------------------------------------------------------------ Tommaso Ebhardt at Bloomberg News, citing Italian daily Il Messaggero, reports that Telecom Italia SpA will set aside more than EUR330 million (US$440 million) in 2009 accounts because of its Sparkle unit probe. As reported by the Troubled Company Reporter-Europe on April 6, 2010, The Financial Times said that Sparkle, a unit of Telecom Italia, would not be placed under administration. The FT disclosed prosecutors had asked the court handling the case to place Fastweb, which is 82%-owned by Swisscom, and Sparkle under special administration while investigations continued into their alleged role in a scam involving fictitious services and paper companies set up to defraud the government of value added tax. According to the FT, police seized EUR300 million of cash and other assets of Sparkle when the investigation was made public in February. =================== K A Z A K H S T A N =================== FOOD CONTRACT: Moody's Reviews 'Ba3' Corporate Family Rating ------------------------------------------------------------ Moody's Investors Service has placed the Ba3 corporate family rating, the Ba3 probability of default rating and the bond rating (P) Ba3 of JSC National Company Food Contract Corporation under review for possible downgrade. This decision was prompted by the fact so far the Kazakh government did not come through with an expected increase of FCC's capital by US$122 million (around KZT18 billion) which would have been necessary to stem the near term risk of a possible breach of covenants. Moody's now expects that a revised increase of FCC's capital by US$72 million would take place in the next 2-3 months according to budget plan provided by the company. Though the agency recognizes that public funding has been channeled to FCC in amounts similar to the anticipated capital increase recently, the nature of this support has not addressed the issue of capital structure that the company was facing now. Consequently Moody's is concerned that an event of default under certain loan facilities could potentially be triggered if no agreement is reached with certain bank lenders in the coming weeks. Previously, all foreign lending banks granted a waiver to FCC's financial covenants until February 2010 to prevent a breach of its covenants in 2009, but Moody's understands that a portion of the bank facilities have not been repaid or refinanced. The review will mainly be focused on: -- The progress with obtaining any required waiver to financial covenants; -- The ability of the company in regaining sufficient headroom under covenants or set-up alternative financing arrangements -- Evidence of physical disbursements of funds to finance capital increase which is expected to begin in May 2010 The last rating action was implemented on December 22, 2009, when Moody's assigned (P)Ba3 to FCC's proposed KZT15 billion unsecured bonds Headquartered in Astana, Kazakhstan, JSC National Company Food Contract Corporation is fully owned by the Kazakh Republic through the National Holding KazAgro. FCC's principal mandate is to maintain state grain reserves at the levels required to supply Kazakhstan and to ensure timely grain replenishment. At the end of December 2008, FCC employed 1,718 people and reported revenues at KZT35 billion, up from KZT24 billion the previous year. ===================== N E T H E R L A N D S ===================== ELM BV: S&P Corrects Ratings on Secured Credit-Linked Notes to 'D' ------------------------------------------------------------------ Standard & Poor's Ratings Services corrected its ratings on the secured credit linked notes issued under ELM B.V.'s series 95 and 97 transactions by lowering its ratings on the notes to 'D' from 'CCC-', following the receipt of cash settlement notices. On April 2, 2010, the calculation agent notified Standard & Poor's that the losses from credit events in the transactions' underlying portfolios had exceeded the available credit enhancement on Aug. 13, 2009, with respect to the series 95 transaction, and on March 9, 2010, with respect to the series 97 transaction. S&P lowered the ratings on the notes to 'D' based on the fact that noteholders of series 95 and 97 have suffered principal losses. The rating actions did not occur contemporaneously with the loss realization because the cash settlement notices were not delivered to us until April 2010. Ratings Lowered ELM B.V. Elysium class B secured credit linked notes series 95 To From Issue Amount -- ---- ------------ D CCC- US$40.0 mil. Elysium class B secured credit linked notes series 97 To From Issue Amount -- ---- ------------ D CCC- US$20.0 mil. * NETHERLANDS: Corporate Bankruptcies Up 5% in First Qtr. 2010 -------------------------------------------------------------- DutchNews.nl, citing the Volkskrant, reports that the number of companies that went bankrupt in the Netherlands in the first three months of this year is up 5% from the same period last year despite signs of economic recovery. According to the report, figures from advisory firm Dunn & Bradstreet show 1,769 firms went bust early this year, compared with 1,689 in the same period in 2009. The report says transport and building firms were hardest hit, accounting for 112 bankruptcies, almost double the 2009 Q1 total. Construction company bankruptcy rose 30%, the report states. Most bankruptcies were reported in Zeeland (32%) and Zuid-Holland (22%), the report notes. =========== N O R W A Y =========== PETROJACK ASA: To Get US$160-Mil. From Rig Sale, Newspaper Says --------------------------------------------------------------- Vibeke Laroi at Bloomberg News, citing Dagens Naeringsliv, reports that Petrojack ASA may earn a net US$160 million from selling a rig. According to Bloomberg, the Oslo-based newspaper said major "established" rig companies are interested in the unit. Bloomberg notes the newspaper said bondholders will approve the transaction at a meeting later this month. As reported by the Troubled Company Reporter-Europe, by the decision of Oslo Bankruptcy Court on March 8, 2010, bankruptcy proceedings were opened against PetroJack. Tom Hugo Ottesen with Kvale Advokatfirma DA was appointed by the court as Bankruptcy Trustee. Petrojack ASA -- http://www.petrojack.no/-- is a Norway-based company active within the offshore drilling business. The Company is engaged in the development, rental and project management of offshore oilrigs. It specializes in the construction and operation of jack-up rigs, which are comprised of self-contained combination drilling rigs and floating barges, fitted with long support legs that can be raised or lowered independently of each other. The Company operates through three wholly owned subsidiaries of which Petrojack II Pte Ltd and Petrojack IV Pte Ltd are domiciled in Singapore, and Petrojack Ltd. registered in Cyprus. =========== R U S S I A =========== URALCHEM OJSC: Aims to Raise US$600-Mil. in London Listing ---------------------------------------------------------- Courtney Weaver at The Financial Times reports that Uralchem, the indebted Russian fertilizer producer, hopes to raise up to US$600 million (GBP393 million) in a London listing by the end of the month. "Conditions are as good as they need to be to get a good number of chunky issues out of the way," the FT quoted one person involved in the Uralchem offering, as saying. According to the FT, other people close to the deal said London remained the choice listing destination for companies of Uralchem's size and that a majority of the four to five Russian listings expected by the end of June would all take place in the City. The FT relates Uralchem said in a trading announcement on Wednesday that the company planned to sell up to 40% of its stock in an offering managed by Morgan Stanley, Renaissance Capital and UBS. The FT notes analysts remained skeptical that the company would be able to achieve its US$500 million-US$600 million target. The company is racing to pay back US$1.4 billion in debt, US$178 million of which is due before the end of the year, the FT says. "Theoretically Uralchem could have waited [to do the IPO] in the autumn or next spring, but the debt burden was probably pushing them to do it earlier," Yelena Sakhnova, a senior analyst at VTB Capital, the Russian investment bank, said, according to FT. URALCHEM OJSC -- http://uralchem.com/-- is one of the largest producers of mineral fertilizers in the Russian Federation, the CIS and the Eastern Europe. ========= S P A I N ========= CEMEX ESPANA: Fitch Assigns 'B+/RR3' Rating on Senior Notes ----------------------------------------------------------- Fitch Ratings has assigned ratings of 'B+/RR3' to the proposed senior secured notes to be issued by CEMEX Espana. These notes consist of a Euro-denominated note that matures in 2017 and is callable after four years, and a U.S. dollar-denominated note maturing in 2020, which is callable after five years. These notes will have the same security package as the bank debt subject to the Financing Agreement as well as other capital markets debt. The notes are unconditionally guaranteed by CEMEX, S.A.B. de C.V. and its subsidiaries CEMEX Mexico, S.A. de C.V. and New Sunward Holding B.V. and are being offered to holders of Cemex's C-5, C-8, C-10 and C-10 Euro perpetual bonds at exchange rates of between 68.75% and 72.38% of the face value of the perpetual notes. The issuance of the proposed 2017 and 2020 senior notes is contingent upon the acceptance of the voluntary exchange offering by more than 50% of the holders of a given series of the perpetual bonds. It is expected that a material amount of the US$3.045 billion of perpetual bonds will not be tendered and will continue to be serviced in accordance with the original terms and conditions. Any non-tendered callable perpetual notes will continue to be rated 'B+/RR3', as this exchange offering does not meet Fitch's criteria for a distressed debt exchange for these two reasons. First, to be considered a distressed debt exchange by Fitch, the tender must be sufficiently broad or relevant with a goal of staving off bankruptcy or a liquidity crunch by reducing interest and debt service to the point where the company's cash flow can service debt. This exchange offering only relates to 16% of CEMEX's financial debt and failure to complete would not lead to a payment default. Second, a distressed debt exchange also needs to be coercive or de facto necessary even if technically voluntary. In Fitch's judgment, this exchange does not meet the coercive threshold, as the company has the willingness and ability to continue to service any non-tendered perpetual notes consistent with the original terms. Investors who exchange perpetual notes for the 2017 or 2020 notes will likely do so to obtain a fixed maturity date and higher trading liquidity. The 'B' IDR ratings of CEMEX and its subsidiary CEMEX Espana take into consideration CEMEX's strong global business position as an integrated cement player and its ability to continue to generate free cash flow during the sharp contraction in its key markets. The company's credit ratings continue to reflect the support the company receives from its key banks. Balanced against these credit strengths are the high level of leverage at CEMEX and the below-average free cash flow prospects for three of its key markets in the near term. CEMEX generated US$2.9 billion of EBITDAR during 2009, a decline from US$4.6 billion of EBITDAR during 2008. As of Dec. 31, 2009, the company had US$21.1 billion of total lease adjusted debt and US$1.1 billion of cash and marketable securities, resulting in a net debt/EBITDAR ratio of 6.9 times (x). The company's lease adjusted net debt declined by approximately US$2.1 billion during 2009 due to a US$1.8 billion equity issuance during September and the sale of the company's Australian assets for US$1.7 billion during October. During 2010, CEMEX's debt amortization schedule is manageable with US$594 million of total debt maturities. In these years, the company's debt service grows, as it will face debt amortizations of US$1.378 billion (2011), US$1.456 billion (2012), US$2.456 billion (2013) and US$8.316 billion (2014). CEMEX raised US$500 million during January 2010 through the reopening of its notes due in 2016 and plans to repay US$411 million of the 2012 bank debt with proceeds from this issuance. According to the Financing Agreement signed with creditors during August 2009, CEMEX has to meet a consolidated finance leverage ratio of 7.75x as of June 30, 2010, declining semi-annually until reaching 3.5x for the period ended Dec. 31, 2013. The recent issuance of US$715 million of optionally convertible debentures, which are excluded from the leverage calculation ratio, should help the company remain below this ratio during 2010, as would a reduction of principal associated with this exchange offering. The outlook for growth of CEMEX's operating cash flow during 2010 remains below average, as it depends primarily upon a rebound in demand in three of the company's key markets - the United States, Spain and the U.K. Continued weakness in these markets or a sudden downturn in the company's performance in Mexico would pressure the company's leverage covenant during the second half of 2010 and throughout 2011. Given the company's successful negotiations of debt agreements with its banks during 2009 and 2010, Fitch would expect CEMEX to renegotiate the financial covenants of this agreement should the company's EBITDAR decline from current levels. Fitch currently rates CEMEX and its subsidiaries: CEMEX -- Foreign currency Issuer Default Rating 'B'; -- Local currency IDR 'B'; -- Senior debt obligations 'B+/RR3'; -- Long-term national scale rating 'BB-(mex)'; -- Certificados Bursatiles program 'BB-(mex)'; -- Programa Dual Revolvente de Certificados Bursatiles program 'BB-(mex)'; -- Debt issued through the Certificados Bursatiles program 'BB- (mex)'; -- Short-term national scale rating 'B(mex)'; -- Debt issued through the Programa Dual Revolvente de Certificados Bursatiles program 'B(mex)'. CEMEX Espana S.A. (CEMEX Espana) -- IDR 'B'; -- Senior debt obligations 'B+/RR3'. Rinker Materials Corporation -- US$150 million senior unsecured notes due 2025 'B+/RR3'. The Rating Outlook is Stable. =========================== U N I T E D K I N G D O M =========================== AROSA FUNDING: S&P Withdraws 'D' Rating on Series 2006-9 Notes -------------------------------------------------------------- Standard & Poor's Ratings Services withdrew its rating on Series 2006-9 notes issued by Arosa Funding Ltd., following the redemption of all the notes. The rating action on the affected transaction is: Rating lowered: Name Rating To Rating From ---- --------- ----------- Arosa Funding Ltd. N.R. D Series 2006-9 N.R. - Not rated BRITISH AIRWAYS: Talks to Avert Further Strike Actions Resume ------------------------------------------------------------- Pilita Clark at The Financial Times reports that the Unite union representing most of British Airways plc's 13,400 flight attendants revealed talks to avert further industrial action had resumed over the Easter weekend and "some serious progress" had been made. According to the FT, Tony Woodley, Unite's joint general secretary, said negotiations would keep going over the next few days and no further strike dates would be set while productive talks continued. The FT says fresh discussions in the long-running dispute over cabin crew pay and staffing levels will be encouraging for those concerned about further industrial action at BA, which saw its shares slide 2% to 238.20p on Wednesday, April 7. The FT relates throughout the disruption, BA fought a sharp verbal war with Unite over the real effect of the two walk-outs staged for three days after March 20 and four days after March 27, insisting its use of hired aircraft and flight crew had helped keep a substantial proportion of its passengers flying. BA confirmed that the total cost of the March strike action could be between GBP40 million and GBP45 million, with half of the capacity reduction due to strikes and half by planned winter capacity cuts, the FT states. Traffic Figures Steve Rothwell at Bloomberg News reports that BA said passenger traffic tumbled last month because of seven days of strikes by flight attendants and after the airline trimmed capacity. According to Bloomberg, traffic fell 11 percent in March from a year earlier, the London-based carrier said Wednesday in a statement. First-and business-class travel dropped 7.2%, while economy traffic declined 12%, Bloomberg discloses. The airline's capacity, a measure of seats available that takes flight distance into account, fell almost 14% in March, Bloomberg states. Bloomberg notes British Airways Treasurer George Stinnes said the cancellation of flights during the strike reduced available seats, and half of the decline for the month was caused by planned reductions in winter services. 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. ROYAL BANK: Global Merchant Services Unit Gets Dozen-Plus Bids -------------------------------------------------------------- Royal Bank of Scotland had received more than a dozen bids for its Global Merchant Services card payments unit by Wednesday night's deadline, valuing the business at as much as GBP2.5 billion, Patrick Jenkins and Martin Arnold at The Financial Times report, citing people involved in the sale process. The FT notes the operation, centered on the WorldPay payments business and incorporating the Streamline cards operation that dominates the UK market, is one of the assets that RBS must sell under the terms of a European Commission state aid ruling from last December. According to the FT, there are three categories of bidder -- rival financial services companies; technology companies; and private equity. The FT relates people close to the deal said RBS, which is 70%- owned by the British government, has agreed to provide vendor financing on the deal alongside Goldman Sachs. RBS may keep a stake of up to 20% of Global Merchant Services if that fits with the plans of the successful bidder, the FT states. The Royal Bank of Scotland Group plc (NYSE:RBS) -- http://www.rbs.com/-- is a holding company of The Royal Bank of Scotland plc (Royal Bank) and National Westminster Bank Plc (NatWest), which are United Kingdom-based clearing banks. The company's activities are organized in six business divisions: Corporate Markets (comprising Global Banking and Markets and United Kingdom Corporate Banking), Retail Markets (comprising Retail and Wealth Management), Ulster Bank, Citizens, RBS Insurance and Manufacturing. On October 17, 2007, RFS Holdings B.V. (RFS Holdings), a company jointly owned by RBS, Fortis N.V., Fortis SA/NV and Banco Santander S.A. (the Consortium Banks) and controlled by RBS, completed the acquisition of ABN AMRO Holding N.V. (ABN AMRO). In July 2008, the company disposed its entire interest in Global Voice Group Ltd. * * * As reported by the Troubled Company Reporter-Europe on March 29, 2010, Standard & Poor's Ratings Services said that it lowered its ratings on "may pay" Tier 1 securities issued or guaranteed by The Royal Bank of Scotland Group PLC (A/Stable/A-1) to 'C' from 'CC'. At the same time, the rating on the RBSG-related security issued by Argon Capital PLC was similarly lowered to 'C' from 'CC'. The counterparty credit ratings and stand-alone credit profiles of RBSG and subsidiaries, and the ratings on other debt securities issued by these entities, are unaffected. SANDPIPER CLOTHING: In Liquidation; Clarke Bell Appointed --------------------------------------------------------- Crain's Manchester Business reports that Sandpiper Clothing has gone into liquidation. The report relates accountancy firm Clarke Bell has been appointed to oversee the liquidation. Citing a statement of affairs filed at Companies House, the report says the firm owed a total of GBP461,000, including a secured debt of GBP271,000 to the Royal Bank of Scotland, and GBP128,000 to trade creditors, According to the report, Clarke Bell said creditors should expect an overall deficiency of GBP190,000. Manchester-based Sandpiper Clothing sold surplus fleeces, coats and other knitwear from chain stores such as Marks & Spencer, Debenhams and British Home Stores, according to Crain's Manchester Business. * UK: Business Failures Up 16% to 26,165 in 2009, BDO LLP Says -------------------------------------------------------------- The total number of business failures reached 26,165 in 2009 an increase of 16% compared to the previous year and up by 59% compared to pre-recession levels in 2007. Surprisingly, business failures declined since peaking in the first quarter of 2009 well before economic output stabilized, according to the latest Industry Watch report by accountants and business advisors, BDO LLP. Shay Bannon, Head of Business Restructuring at BDO LLP commented: "The rise in insolvencies is certainly considerable and equates to 1 in 74 businesses failing in 2009. However, business failures reached their peak in Q1 2009 and since then we've seen a downward trend. Historically business failures are lagging indicators and continue rising well after the economy has turned. So we were surprised to see that business failures rose far less than expectations through this recession and indeed less sharply than during previous recessions. "Usually there is a strong correlation between economic output and business failures but during the 08/09 recession that relationship seems to have been weakened. Surprisingly, businesses have held up better than the economic decline would have suggested." According to BDO's latest Industry Watch report a number of factors have worked in tandem to mitigate the worst impact on business during this downturn: -- 1,600 to 2,000 corporate business failures were avoided thanks to the time to pay scheme that offers struggling businesses the chance to defer tax payments and was refined in the March Budget. -- Between 3,600 and 4,900 business failures were prevented due to falling mortgage and interest costs which boosted disposable income and corporate profitability. -- Between 800 and 1,050 business failures were avoided due to the impact that the reduction in VAT had on consumer spending Mr. Bannon went on to explain: "Other factors that have helped businesses weather this downturn have been that Banks have been more flexible when it comes to late payments; we've seen more elasticity in the labor market; and, I think on the whole, businesses have learned from the hard lessons of previous downturns." "However, this is not the time to become complacent. With the economic recovery sluggish at the best, and the uncertainty the Election will certainly create, there is the need for continued support in order to avoid a second wave of business failures. A Government of any color must recognize that enterprise is the UK's engine room and so any increases in VAT or tax reforms that hinder UK plc's competitive global standing could seriously upset the apple cart." =============== X X X X X X X X =============== * BOOK REVIEW: Rupert Murdoch: Creator of a Worldwide Empire ------------------------------------------------------------ Author: Jerome Tuccille Publisher: Beard Books Softcover: 304 pages List Price: US$34.95 With his recent purchase of the Dow Jones Company, parent company of the Wall Street Journal, Rupert Murdoch added another piece to his global communications empire and again showed why he is the preeminent media mogul in the world. While many books have been written about Murdoch, Rupert Murdoch: Creator of a Worldwide Empire, is among the most enlightening because it was written in 1989 and chronicles Murdoch's activities during the 1980s, a critical period of time when he built his empire in the United States. It was a time when Murdoch "bought and sold properties with dizzying speed," notes the author. Two of the most notable acquisitions were his purchase of Twentieth Century Fox from Marvin Davis and the purchase of Triangle Publications from Walter Annenberg, but many other acquisitions are recounted in this fascinating book. It was also a time when Murdoch fiercely battled regulators, legislators, labor unions, competitors, and even public opinion. These battles are recounted also. In writing Rupert Murdoch: Creator of a Worldwide Empire, the author had access to a multitude of sources inside and outside the Murdoch organization, including Murdoch himself. Tucille demonstrates Murdoch's mastery at taking advantage of tax and financing techniques to borrow more than his rivals without diluting the value of his holdings. Murdoch's business acumen allowed him to continually outbid and outmaneuver the competition to compile a media conglomerate that, in the United States, includes The Boston Herald and The New York Post newspapers; New York, TV Guide, and Seventeen magazines; the HarperCollins publishing house, 20th Century Fox Film Corporation; the Fox television network, and numerous Fox television stations around the country. Murdoch's international assets include the Times of London newspaper and dozens of newspapers and magazines in his native Australia. Murdoch has often been compared to William Randolph Hearst, but Tucille counters that Murdoch is his own man and, in point of fact, has achieved a larger measure of success. At the time of this book's writing, Murdoch controlled a media empire of US$12 billion. Hearst's holdings, adjusted to 1989 dollars, would be approximately US$700 million. With the acquisition of The Wall Street Journal, Murdoch's combined news, entertainment and Internet enterprises (he also recently added the MySpace web site to his holdings) are now valued at US$68 billion. Tucille dispels many of the myths about the man. The author finds Murdoch to be in the mold of the old publishing barons, who are motivated to construct an empire through savvy acquisitions and then by building readership and viewership. Murdoch does not acquire assets with the intent of breaking them down, disposing of them, and quickly turning a profit. He is a "builder" entrepreneur who makes his assets stronger and more valuable. Murdoch is also a risk-taker or, as some have characterized him, as a gambler extraordinaire who, through a combination of luck and good timing, has been able to build an empire although seemingly overpaying for assets. The author notes, however, that ". . . no one's luck lasts that long.Murdoch -- like most successful people -- makes his own luck through hard work and effort, by hiring the right people to do the job and replacing them quickly when they fail." Jerome Tuccille has written more than 20 books, including a biography of Alan Greenspan. ********* 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, Christopher G. Patalinghug, Frauline S. Abangan and Peter A. Chapman, Editors. Copyright 2010. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$625 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Christopher Beard at 240/629-3300. * * * End of Transmission * * *