/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/100909.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, September 9, 2010, Vol. 11, No. 178 Headlines G R E E C E * GREECE: Default May Trigger Collapse of Banks, Analyst Says I R E L A N D BANK OF IRELAND: May Sell Art Collection Amid Capital Crisis EBS BUILDING: Four Bidders Mull Merger With Other Lenders LUNAR FUNDING: S&P Withdraws Rating on Series 2006-24 Notes I T A L Y FIAT SPA: Nomura Downgrades Shares to "Reduce" From "Neutral" ITALEASE SECURITISATION: Moody's Confirms Ba1 Rating on D Notes LUCCHINI SPA: Banks Junk Severstal's Proposal to Wipe Out Debts RCS MEDIA: Mulls Options for Dada Digital Music Unit RISANAMENTO SPA: Posts Net Loss of EUR64.5MM in First Half 2010 SNAI SPA: Receives Takeover Approach From Sisal P O R T U G A L POLO SECURITIES: Moody's Upgrades Ratings on Senior Secured Notes R U S S I A PROFMEDIA LTD: S&P Assigns 'B+' Long-Term Corporate Credit Rating * S&P Gives Pos. Outlook on Republic of Sakha; Keeps 'BB-' Rating S W E D E N SAAB AUTOMOBILE: Sweden Sets Sept. 20 Debt Repayment Deadline U N I T E D K I N G D O M ANCHOR FINANCIAL: Exposure to Arch Cru Fund Prompts Liquidation CARTER CLOTHING: In Administration; Lisburn Branch Likely to Close CATALYST HEALTHCARE: Moody's Upgrades Underlying Ratings to 'Ba1' CONNAUGHT PLC: Brings in Administrators After Funding Talks Fail EMI GROUP: Terra Firma & Citigroup Mediation Talks Fail KICKWORLDWIDE: Goes Into Administration SHEFFIELD WEDNESDAY: Has Deal With Bank; Averts Administration X X X X X X X X * EUROPE: Fiscal Repair Measures Will Prevent State Insolvencies * Upcoming Meetings, Conferences and Seminars ********* =========== G R E E C E =========== * GREECE: Default May Trigger Collapse of Banks, Analyst Says ------------------------------------------------------------- Richard Tomlinson and Andrew MacAskill at Bloomberg News report that Konrad Becker, a financial analyst at Merck Finck & Co. in Munich, said a default by Greece could trigger the collapse of banks with large sovereign-bond holdings. "A default by one EU country would lead to an evaporation of trust in banks," Bloomberg quoted Mr. Becker as saying. "If investors aren't willing to invest in banks anymore, then many banks will go bust in months, not years." Even after the EU and International Monetary Fund worked out the rescue plan in May, investors are still demanding a high premium for buying Greek debt, Bloomberg states. ============= I R E L A N D ============= BANK OF IRELAND: May Sell Art Collection Amid Capital Crisis ------------------------------------------------------------ Scott Reyburn at Bloomberg News reports that Bank of Ireland Plc is to start selling its art collection after Standard & Poor's estimated the government-backed recapitalizing of the banking system may cost as much as EUR50 billion (US$64 billion). According to Bloomberg, the collection, begun in the 1970s primarily to support emerging Irish artists, has about 2,000 works including local favorites such as Paul Henry, Louis le Brocquy and Robert Ballagh. It is expected to raise more than EUR4 million (US$5.1 million) in funds for charity over the next five years, Bloomberg says, citing Audrey Nolan, the bank's head of corporate social responsibility. Bloomberg relates James O'Halloran, managing director of the Dublin-based auctioneers James Adam & Sons Ltd., who last month was appointed sole adviser to the Bank of Ireland on the dispersal, said the most valuable works in the Bank of Ireland collection would currently be estimated at about EUR100,000 each. Bloomberg notes Mr. O'Halloran said as yet, no date has been fixed for the first Bank of Ireland art sale. Headquartered in Dublin, Bank of Ireland -- http://www.bankofireland.com/-- provides a range of banking and other financial services. These include checking and deposit services, overdrafts, term loans, mortgages, business and corporate lending, international asset financing, leasing, installment credit, debt factoring, foreign exchange facilities, interest and exchange rate hedging instruments, executor, trustee, life assurance and pension and investment fund management, fund administration and custodial services and financial advisory services, including mergers and acquisitions and underwriting. The Company organizes its businesses into Retail Republic of Ireland, Bank of Ireland Life, Capital Markets, UK Financial Services and Group Centre. It has operations throughout Ireland, the United Kingdom, Europe and the United States. * * * As reported by the Troubled Company Reporter-Europe on July 23, 2010, Moody's Investors Service affirmed Bank of Ireland's long- term bank deposit and senior debt ratings. These were A1 for long-term bank deposits and senior debt, A2 for dated subordinated debt, Ba3 for undated subordinated debt, B1 for cumulative tier 1 securities and Caa1 for non-cumulative tier 1 securities. Moody's said the outlook on these ratings is stable. BoI's bank financial strength rating is D, on review for possible upgrade and this was also unaffected by the rating action. EBS BUILDING: Four Bidders Mull Merger With Other Lenders --------------------------------------------------------- J.C. Flowers & Co. and three other bidders for Ireland's EBS Building Society may buy and merge several lenders to create a new competitor to the country's biggest banks, Joe Brennan at Bloomberg News reports, citing two people familiar with the situation. According to Bloomberg, the people, who declined to be identified because the accord is not complete, said J.C. Flowers., the U.S. buyout firm, Dublin-based Cardinal Asset Management, backed by U.S. private equity firm Carlyle Group, and Doughty Hanson & Co. are vying with Irish Life & Permanent Plc to take control of EBS. Each of the bidders said that they plan to merge EBS with other building societies, Bloomberg notes. EBS and the National Treasury Management Agency, which is overseeing the sale, will probably select a preferred bidder or two short-listed bidders next week, Bloomberg says, citing one of the people. Bloomberg relates one of the people said three of the bidders, including Irish Life, want a co-ownership deal with Ireland's government for EBS. The person, as cited by Bloomberg, said one of the candidates is offering to take 100 percent equity ownership of EBS, with the government holding preference shares in the building society. EBS Building Society is Ireland's largest building society. Servicing more than 400,000 members, it distributes its products through a branch and franchised agency network as well as handling direct business both over the telephone and via the Internet. EBS Building Society provides mortgage lending, savings, investments, and insurance products in Ireland. * * * As reported by the Troubled Company Reporter-Europe on June 7, 2010, Moody's Investors Service downgraded the non-cumulative Tier 1 instruments of EBS Building Society to Ca from Caa1 (issued through EBS Capital No1 S.A.), and the dated subordinated debt one notch to Baa1 from A3. These rating actions follow the issuance of a "Special Investment Share" to the Irish government that is similar in scope to a nationalization, and the forthcoming issuance of a Promissory Note to the government that will provide capital to the society. The other ratings of the society including the D BFSR, the A2 long-term bank deposit and senior debt rating and the Aa1-rated government guaranteed debt were all unaffected. LUNAR FUNDING: S&P Withdraws Rating on Series 2006-24 Notes ----------------------------------------------------------- Standard & Poor's Ratings Services withdrew its rating on Series 2006-24 credit-linked notes issued by Lunar Funding V PLC following the unwinding of the notes. The rating action on the affected transaction is: Name Rating To Rating From ---- --------- ----------- Lunar Funding V PLC Series 2006-24 N.R. D (sf) N.R. - Not rated ========= I T A L Y ========= FIAT SPA: Nomura Downgrades Shares to "Reduce" From "Neutral" ------------------------------------------------------------- Francesca Cinelli at Bloomberg News reports that Fiat SpA was downgraded to "reduce" from "neutral" at Nomura International Plc, which expects the news flow for the Italian carmaker to "remain negative over the next few months." "The current battle with unions and continued decrease in market share are likely to weigh on the share price," the brokerage said in a note on Sept. 6, according to Bloomberg. As reported by the Troubled Company Reporter-Europe on July 30, 2010, The Financial Times said that Sergio Marchionne, chief executive of Fiat, raised the stakes in his dispute with Italy's labor unions by demanding productivity guarantees before going ahead with plans to invest EUR20 billion (US$26 billion) in its home country in the next five years. "We are not making threats, but we are not prepared to put the survival of the company at risk," Mr. Marchionne said at a meeting at Fiat's headquarters, according to the FT. The FT disclosed plans to boost production at the near-idle Pomigliano D'Arco plant near Naples ran into problems last month when only 62% of workers voted in favor of tough new work conditions in a ballot. Fiat registered a new company to manage Pomigliano, raising the prospect that Mr. Marchionne was preparing to impose the working conditions on those employees agreeing to sign up, according to the FT. About Fiat SpA Headquartered in Turin, Italy, Fiat SpA (BIT:F) -- http://www.fiatgroup.com/-- is principally engaged in the design, manufacture and sale of automobiles, trucks, wheel loaders, excavators, telehandlers, tractors and combine harvesters. Through its subsidiaries, Fiat operates mainly in five business areas: Automobiles, including sectors led by Maserati SpA, Ferrari SpA and Fiat Group Automobiles SpA, which design, produce and sell cars under the Fiat, Alfa Romeo, Lancia, Fiat Professional, Abarth, Ferrari and Maserati brands; Agricultural and Construction Equipment, which is led by Case New Holland Global NV; Trucks and Commercial Vehicles, which is led by Iveco SpA; Components and Production Systems, which includes the sectors led by Magneti Marelli Holding SpA, Teksid SpA, Comau SpA and Fiat Powertrain Technologies SpA, and Other Businesses, which includes the sectors led by Fiat Services SpA, a publishing house Editrice La Stampa SpA and an advertising agency Publikompass SpA. With operations in over 190 countries, the Group has 203 plants, 118 research centers, 633 companies and more than 198,000 employees. * * * As reported by the Troubled Company Reporter-Europe on July 23, 2010, Moody's Investors Service placed Fiat S.p.A.'s corporate family rating, rating and all its instrument ratings under review for possible downgrade following the approval of its spin-off plans by the Board of Directors. On Review for Possible Downgrade: Issuer: Fiat Finance & Trade Ltd. -- Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently Ba1, NP -- Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Ba1 Issuer: Fiat Finance Canada Ltd. -- Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently Ba1 Issuer: Fiat Finance North America Inc. -- Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently Ba1, NP -- Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Ba1 Issuer: Fiat S.p.A. -- Corporate Family Rating, Placed on Review for Possible Downgrade, currently Ba1 Outlook Actions: Issuer: Fiat Finance & Trade Ltd. -- Outlook, Changed To Rating Under Review From Negative Issuer: Fiat Finance Canada Ltd. -- Outlook, Changed To Rating Under Review From Negative Issuer: Fiat Finance North America Inc. -- Outlook, Changed To Rating Under Review From Negative Issuer: Fiat S.p.A. -- Outlook, Changed To Rating Under Review From Negative ITALEASE SECURITISATION: Moody's Confirms Ba1 Rating on D Notes --------------------------------------------------------------- Moody's Investors Service has confirmed the long-term credit rating of fifteen classes of notes, issued by Italease Finance S.p.A. Series 2005-1, Italfinance Securitisation Vehicle S.r.l., Italfinance Securitisation Vehicle 2 S.r.l., Italfinance Securitisation Vehicle 2 S.r.l., and Leasimpresa Finance S.r.l. The notes of ITA7, ITA8, ITA9 and ITA10 have been placed under review for possible downgrade in September 2009 prompted by worse than expected performance combined with uncertainties surrounding the restructuring of Banca Italease's servicing units. Leasimpreasa Finance 2 was placed under review for possible downgrade in May 2010 prompted by worse than expected collateral performance. When reviewing the performance of the transactions, Moody's also considered amendments to the various structures in the ITA 8, ITA 9, ITA 10 and LF2 transactions. The rating actions in details per transactions are: Italease Finance S.p.A. Series 2005-1 (ITA 7) -- EUR447.9M A2 Certificate, Confirmed at Aaa (sf); previously on Sep 18, 2009 Aaa (sf) Placed Under Review for Possible Downgrade -- EUR45.4M B Certificate, Confirmed at Aa3 (sf); previously on Sep 18, 2009 Aa3 (sf) Placed Under Review for Possible Downgrade -- EUR18.7M C Certificate, Confirmed at A3 (sf); previously on Sep 18, 2009 A3 (sf) Placed Under Review for Possible Downgrade Italfinance Securitisation Vehicle S.r.l. (ITA8) -- EUR959M A Certificate, Confirmed at Aa1 (sf); previously on Sep 18, 2009 Aa1 (sf) Placed Under Review for Possible Downgrade -- EUR83M B Certificate, Confirmed at A3 (sf); previously on Sep 18, 2009 A3 (sf) Placed Under Review for Possible Downgrade -- EUR56M C Certificate, Confirmed at Ba3 (sf); previously on Sep 18, 2009 Ba3 (sf) Placed Under Review for Possible Downgrade -- EUR18.5M D Certificate, Confirmed at B3 (sf); previously on Sep 18, 2009 B3 (sf) Placed Under Review for Possible Downgrade Italfinance Securitisation Vehicle 2 S.r.l. (ITA 9) -- EUR1442.4M A Certificate, Confirmed at Aaa (sf); previously on Sep 18, 2009 Aaa (sf) Placed Under Review for Possible Downgrade -- EUR125M B Certificate, Confirmed at A3 (sf); previously on Sep 18, 2009 A3 (sf) Placed Under Review for Possible Downgrade -- EUR84.3M C Certificate, Confirmed at Baa3 (sf); previously on Sep 18, 2009 Baa3 (sf) Placed Under Review for Possible Downgrade -- EUR27.9M D Certificate, confirmed at Ba1 (sf); previously on Sep 18, 2009 Ba1 (sf) Placed Under Review for Possible Downgrade Italfinance Securitisation Vehicle 2 S.R.L ( ITA 10) -- EUR830.7M A Certificate, Confirmed at Aaa (sf); previously on Sep 18, 2009 Aaa (sf) Placed Under Review for Possible Downgrade Leasimpresa Finance S.r.l. (LF 2) -- EUR931.5M A Notes, Confirmed at Aaa (sf); previously on May 10, 2010 Aaa (sf) Placed Under Review for Possible Downgrade -- EUR57.2M B Notes, Confirmed at A2 (sf); previously on May 10, 2010 A2 (sf) Placed Under Review for Possible Downgrade -- EUR10.3M C Notes, Confirmed at Baa2 (sf); previously on May 10, 2010 Baa2 (sf) Placed Under Review for Possible Downgrade Ratings Rationale Moody's has been notified of an amendment of the transaction documentation of ITA8, ITA9, ITA10 and LF2, obliging the originator -- Banca Italease (for the ITA transactions) and Leasimpresa SpA (Not Rated) (for LF2) -- to repurchase defaulted loans from the issuer or to draw the liquidity line provided by Banca Italease in a corresponding amount to fulfill the collateralisation condition. The repurchase price will be equal to Banca Italease's book value of the repurchased loans with a minimum of 75% and will be used as principal collections received by the issuer and applied according to the order of payments. Moody's has been informed by the servicer that the noteholders have approved the amendment via a resolution. ITA7 will not benefit from such amendment. As part of its analysis, Moody's took into account the current performance of the securitized leasing receivables. However, as the data do not fully capture the current recessionary environment and underlying borrowers are mainly represented by SMEs, Moody's complemented the historical data analysis with a top-down approach, as it was able to rely on detailed loan-by-loan data on the securitized portfolios. Moody's notes, that cumulative defaults are worse than initially expected at closing of the transactions or previous reviews compared to the pool factor and amortization of the portfolio. ITA 7 The amount of cumulative defaults as of the last reporting date in June stood at 5.5% of the total securitized balance, compared to expected cumulative defaults of 2.45% over the lifetime of the transaction at closing in March 2005 and thereafter increased to 3.70% in October 2008. ITA 8 The amount of cumulative defaults as of the last reporting date in June stood at 8.7% of the total securitized balance, compared to expected cumulative defaults of 2.55% over the lifetime of the transaction at closing in December 2005, and thereafter increased to 5.80% in February 2009. ITA 9 The amount of cumulative defaults as of the last reporting date in July stood at 6.2% of the total securitized balance, compared to expected cumulative defaults of 3.2% over the lifetime of the transaction at closing in March 2007. ITA 10 The amount of cumulative defaults as of the last reporting date in July stood at 7.4% of the total securitized balance, compared to expected cumulative defaults of 3.75% over the lifetime of the transaction at closing in May 2008. LF 2 The amount of cumulative defaults as of the last reporting date in June stood at 3.4% of the total securitized balance, compared to expected cumulative defaults of 2.25% over the lifetime of the transaction at closing in October 2006. Furthermore, Moody's assessed macro-economic indicators and additional information made available from the servicers, Banca Italease SpA and Leasimpresa SpA. Specifically, Moody's considered the forecasts for the main macro-economic drivers of the collateral deterioration, in particular, corporate insolvencies and GDP contraction. Corporate insolvencies rose 20% in 2008 versus 2007 and another 35-40% in 2009 compared to 2008. According to credit management solutions company Euler-Hermes, business insolvencies are expected to increase by 15% in 2010. Italian GDP contracted unexpectedly in Q4 2009, following 0.6% quarter-on-quarter growth in Q3 2009, when Italy's economy emerged from five quarters of recession. The outlook for Italy's economy growth is weak for 2010, but is forecast to accelerate in 2011, with exports remaining the key growth driver. As mentioned before, and due to the very nature of the underlying borrowers, Moody's complemented its historical data analysis with a top down approach (similar to a standard SME deal) in order to determine the expected mean default rate. Moody's first revised its assumption of the default probability (DP) of the Italian SME debtors to an equivalent rating in the single B-range for debtors operating in the building and real estate sector, and in the low Ba-range for non-real estate debtors. In addition, Moody's made DP adjustments to reflect the size of the debtors' companies, notching down its rating proxy on a portion of the debtors to reflect additional default risk associated with micro-sized SMEs and self-employed borrowers. Moody's equivalent rating for loans in arrears was also notched down. Therefore, Moody's assumed a cumulative default rate over the remaining weighted average life of the deals equivalent to a Moody's proxy rating of single B, which led to increased assumptions of the cumulative mean default rate on all five transactions. The coefficient of variation (volatility) has been updated to below 50% for all transactions to reflect the reduced uncertainty. The recovery rate for ITA8 to ITA10 and LF2 has been adjusted to 75%; an increase from the assumptions at deal inception or last review, to reflect the expected higher recoveries stemming from repurchases executed by the originators at a minimum of 75%. Moody's considered the potential effect of originator bankruptcy on the recoveries in the transaction. The rating agency expects recoveries on defaulted lease contracts following bankruptcy of the originator to be in the 10% range. The mean default assumption on current balance for ITA7 was set at 9%, which translates into 7.4% on total securitized balance. The volatility was reduced to 49% compared to 82.5% at closing in March 2005 and in October 2008. The recovery rate remained constant at 50%. However, Moody's considered the potential effect of originator bankruptcy on the recoveries in the transaction. Recoveries on defaulted lease contracts following bankruptcy of the originator are expected to be in the 10% range. The mean default assumption on current balance for ITA8 was set at 12%, which translates into 11% on total securitized balance. The volatility was reduced to 45% compared to 50% in February 2009 and 66.5% at closing in December 2005. The mean default assumption on current balance for ITA9 was set at 11.25%, which translates into 10% on total securitized balance. The volatility was reduced to 46% compared to 50% at closing in March 2007. The mean default assumption on current balance for ITA10 was set at 13%, which translates into 13% on total securitized balance. The volatility was reduced to 44% compared to 55% at closing in May 2008. The mean default assumption on current balance for LF2 was set at 9.7%, which translates into 6.25% on total securitized balance. The volatility was reduced to 48% compared to 60% at closing in October 2006. The revised DP assumptions are also in line with levels observed using a roll rate analysis based on defaulted loans. Moody's ratings address the expected loss posed to investors by the legal final maturity of the notes. In Moody's opinion, these structures allow for timely payment of interest and ultimate payment of principal with respect to the notes by the respective final legal maturity. Moody's Investors Service did not receive or take into account a third party due diligence report on the underlying assets or financial instruments related to the monitoring of this transaction in the past 6 months. Moody's performed stress tests in its modeling of each transaction taking into account a deterioration in credit quality of Banca Italease (or Leasimpresa for LF2) to Ba3. Such rating migration would have no effect on the rated notes. However, Moody's notes that the amendment of the documentation increases the linkage between Banca Italease and the rating of the notes, as the higher recovery rate is only achievable if Banca Italease is performing its obligation. Moody's Investors Service considers the quality of information available on the issuer or obligation satisfactory for the purposes of maintaining a credit rating. All leasing ABS products mentioned in this document are structured finance products. Therefore please consider all actual ratings of tranches mentioned in this document as bearing an (sf) indicator LUCCHINI SPA: Banks Junk Severstal's Proposal to Wipe Out Debts --------------------------------------------------------------- Sonia Sirletti at Bloomberg News, citing daily Il Messaggero, reports that banks including Monte dei Paschi di Siena SpA and UniCredit SpA rejected a proposal by Severstal OAO Chief Executive Officer Alexei Mordashov to wipe out some of Italian unit Lucchini SpA's debt. According to Bloomberg, Messaggero said Lucchini owes creditors EUR770 million (US$986 million). Bloomberg says Mr. Mordashov plans to inject EUR50 million into the unit through a capital increase. Headquartered in Brescia, Italy, Lucchini S.p.A, through its subsidiaries, -- http://www.lucchini.it/-- manufactures and sells steel long products in Europe. RCS MEDIA: Mulls Options for Dada Digital Music Unit ---------------------------------------------------- Danilo Masoni at Reuters reports that RCS MediaGroup is studying options for its digital music unit Dada as part of a broader move to streamline operations. Reuters relates debt-laden RCS, which owns 50.7% of Dada, said on Tuesday it had hired a financial institution to help it identify non-strategic assets and explore options to boost their value. According to Reuters, RCS said options could involve Dada though no decision or proposal, including on a delisting, had yet been defined. In a July 28 report, Dow Jones Newswires, citing Il Corriere della Sera, disclosed the Milan-based group said it posted a first-half net loss of EUR9.8 million from a net loss of EUR65.1 million a year earlier, while revenue was similar to last year at EUR1.1 billion. RCS MediaGroup SpA -- http://www.rcsmediagroup.it/-- is an Italy- based multimedia company that operates in daily newspapers, magazines and books, radio broadcasting, new media and digital and satellite TV. It is also engaged in the advertisement sales and distribution markets. The Company's newspapers titles include Corriere della Sera and La Gazzetta dello Sport in Italy and El Mundo, Marca and Expansion in Spain. Among the magazines published by the Company, there are such titles as Oggi, Novella 2000, Amica, Io Donna, Yo Dona, Telva, Max, Style Magazine, Style Piccoli, Style Golf, Brava Casa, Casamica, Abitare, Dove, Golf Digest, Marca Motor, La aventura de la historia, Descubrir el arte and Beaux-Art Magazine. The Company is present in France, Portugal, Spain, the United Kingdom, the United States, Mexico, Brazil, Argentina, India, China amongst other countries. Its direct subsidiaries include RCS Quotidiani, RCS Periodici, RCS Libri, RCS Pubblicita, RCS International Magazines Bv and Digicast SpA. RISANAMENTO SPA: Posts Net Loss of EUR64.5MM in First Half 2010 --------------------------------------------------------------- Francesca Cinelli at Bloomberg News reports that Risanamento SpA posted a first-half net loss of EUR64.5 million, compared with a net loss of EUR171 million in the year-ago period. In an Aug. 29 report, Bloomberg, citing Il Sole/24 Ore, disclosed the company may be forced to delay a planned capital increase. As reported by the Troubled Company Reporter-Europe on Nov. 12, 2009, Bloomberg News said a Milan court approved a restructuring plan for Risanamento, refusing a prosecutors' request to declare the company bankrupt. Bloomberg disclosed the company reached an agreement with creditors on a reorganization plan in September after reporting net debt of EUR2.9 billion (US$4.3 billion) for the first half. On Sept. 10, 2009, the Troubled Company Reporter-Europe reported that Bloomberg News, citing daily Il Sole 24 Ore, said Risanamento's restructuring plan, backed by 60% of the real estate company's creditors, included a EUR150-million (US$218 million) capital increase, the conversion of EUR350 million of debt and the sale of assets, excluding property in New York and Paris. About Risanamento SpA Headquartered in Milan, Italy, Risanamento SpA -- http://www.risanamentospa.it/-- is a company engaged in the real estate sector. It is part of the Zunino Group. Its main activities are real estate investments, real estate promotion and development. The Company provides its services through numerous subsidiaries and associated companies, such as Milano Santa Giulia SpA, Etoile ST. Florentin Sarl, Risanamento Europe Sarl and RI Investimenti Srl. Risanamento operates in the real estate promotion and development, and real estate investments sectors. The Company's main projects are the creation of the new Milano Santa Giulia district, and the redevelopment of the former Falck area in Sesto San Giovanni. SNAI SPA: Receives Takeover Approach From Sisal ----------------------------------------------- Martin Arnold at The Financial Times reports that Snai received a takeover approach from its rival Sisal, which is owned by UK private equity groups Permira and Apax Partners. The FT relates Snai, which has struggled with EUR250 million of net debt, confirmed it had received several expressions of interest on Friday, Sept. 3. According to the FT, Clessidra and Investindustrial, the Italian private equity houses, are also bidding with a plan to merge Snai with Cogetech, the lottery machine and betting shop operator owned by the latter. "Due diligence is still ongoing and no fixed deadline has been set for completion of talks," SNAI said, according to Reuters' Erica Billingham. SNAI SpA -- http://www.snai.it/-- is an Italy-based holding company, providing gaming and betting services. The Company provides: gambling machines, lottery services, horse and sport betting services, and bingo halls and gaming venues equipment and services. Betting services are offered in betting points and via Internet. SNAI Group also provides the management of San Siro and Montecatini hippodrome and editorial services. The Company's subsidiaries and consolidated companies include Immobiliare Valcarenga Srl unipersonale, Festa Srl Unipersonale, Mac Horse Srl Unipersonale, Punto Snai Srl Unipersonale, Agenzia Ippica Momteverde Srl Unipersonale and Societa Trenno Srl Unipersonale, Autostarter Srl Unipersonale and SNAI OlŠ SA Unipersonale. * * * As reported by the Troubled Company Reporter-Europe on July 13, 2010, Standard & Poor's Ratings Services said that it affirmed its 'CCC+' long-term corporate credit rating, on Italian gaming operator SNAI SpA. S&P then withdrew the rating at the company's request. At the time of the withdrawal, the outlook was negative. The company has no rated outstanding debt. As reported by the Troubled Company Reporter-Europe on June 24, 2010, S&P lowered its long-term corporate credit rating on Italy-based gaming group SNAI SpA to 'CCC+' from 'B-', reflecting the lack of reported progress in the refinancing the bank loans of SNAI Servizi S.r.l., the parent company of SNAI." Standard & Poor's credit analyst Diego Festa said "In S&P's view, the slow progress signals uncertainties in respect of SNAI's liquidity position, which S&P considers as weak. This risk is exacerbated by SNAI's operating performance over the first quarter of financial 2010, which was weaker than S&P anticipated." S&P said SNAI's disappointing operating performance was the result of a significant increase of the payout rate on fixed-odds betting. According to S&P, SNAI and SNAI Servizi are continuing to review a more permanent approach to their debt funding with Unicredit Corporate Banking S.p.A., SNAI's largest creditor. In S&P's view, there are ongoing risks and uncertainties connected with SNAI's funding structure. =============== P O R T U G A L =============== POLO SECURITIES: Moody's Upgrades Ratings on Senior Secured Notes ----------------------------------------------------------------- Moody's Investors Service has upgraded to A3 from Baa1 the senior secured ratings on: (i) EUR375 million worth of senior secured notes due in June 2014 issued by Polo Securities II Ltd. (Polo II); and (ii) EUR100 million worth of senior secured notes due in June 2013 and EUR300 million worth of senior secured notes due in 2015 issued by Polo III -- CP Finance Ltd. All the notes are insured by the US monoline insurer MBIA Assurance S.A. (B3 financial strength rating). The outlook on the ratings is stable. The rating action concludes the review that was initiated on February 19, 2009, when Moody's downgraded the rating of MBIA Assurance S.A. below investment grade. Ratings Rationale "The rating assigned to the notes issued by Polo II and Polo III is the same as the A3 issuer rating currently assigned to CP and is based upon the credit profile of CP;" said Marco Vetulli, a Moody's Vice President-Senior Credit Officer and lead analyst for Polo II and Polo III. This is because the proceeds of the notes were on-lent by the issuers to Comboios de Portugal E.P.E., pursuant to three different loan agreements. The obligations of Polo II and Polo III are secured by an assignment of rights under those loan agreements to the trustee, which represents the interests of all the stakeholders of the transactions (such as note holders, coupon holders and the financial guarantor). "Should Moody's upgrade the insurer's financial strength rating to a level higher than the A3 from the current B3, the rating agency would also reinstate the issuer's insured ratings;" added Mr. Vetulli. For wrapped ratings, Moody's current practice is to assign the higher of (i) the guarantor's financial strength rating or (ii) any published underlying rating. When Moody's downgrades a financial guarantor below investment grade, the rating agency generally withdraws the wrapped rating that does not have a published underlying rating. However, if Moody's is processing a request for an underlying rating on an instrument at the time the guarantor rating fell below investment grade, as in this case, the rating agency places the rating on review pending the publication of the underlying rating. On September 6, 2010, Moody's published the underlying rating of CP, and therefore the review has been concluded. The last rating action on Polo II and Polo III was implemented on 19 February 2009, when Moody's placed the Baa1 rating of the issuers on review with direction uncertain. Polo III CP Finance Limited and Polo Securities II Limited, incorporated in Jersey, are two finance conduits that raise finance and on-lend the proceeds to CP, pursuant to loan agreements. Headquartered in Lisbon, Portugal, CP is 100% owned by the Portuguese government through the Ministry of Finance and is the national railway incumbent in Portugal. In fiscal year 2009, CP reported revenues of EUR312 million. Regulatory Disclosures Information sources used to prepare the credit rating are these: parties involved in the ratings, public information, confidential and proprietary Moody's Investors Service's information. Moody's Investors Service considers the quality of information available on the issuer or obligation satisfactory for the purposes of maintaining a credit rating. The rating has been disclosed to the rated entity or its designated agents and issued with no amendment resulting from that disclosure. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY'S is not an auditor and cannot in every instance independently verify or validate information received in the rating process. =========== R U S S I A =========== PROFMEDIA LTD: S&P Assigns 'B+' Long-Term Corporate Credit Rating ----------------------------------------------------------------- Standard & Poor's Ratings Services said that it had assigned its final 'B+' long-term corporate credit rating to Russian diversified media holding ProfMedia Ltd. The outlook is stable. At the same time, S&P assigned its final 'B+' rating to the Russian ruble (RUB) 3 billion bonds (about US$97 million) issued by ProfMedia-Finance LLC and fully guaranteed by ProfMedia Ltd. In addition, S&P assigned the issue a recovery rating of '4', indicating its expectation of average (30%-50%) recovery in the event of a payment default. "The corporate credit rating on ProfMedia reflects its high financial leverage, volatile cash flow generation, high appetite for growth, and projected negative free cash flow in the near term," said Standard & Poor's credit analyst Alexander Griaznov. "Exposure to the cyclical media industry in Russia and Russia's complex regulatory environment also constrain the rating." These risks are moderated by the company's diversification in terms of revenues and EBITDA, the strong market position of its core content business, and relatively low exposure to the cyclical advertising markets. ProfMedia is a diversified media holding, which runs several media businesses in Russia, including content production and distribution, TV and radio broadcasting, film exhibition, publishing, and new media businesses. The stable outlook reflects S&P's expectation that ProfMedia will continue its resilient performance, in line with the growth of Russia's advertising market. It also reflects S&P's opinion that ProfMedia's liquidity will remain adequate despite significant negative free cash flow generation in 2010. At this rating level S&P expects the average debt to EBITDA for the three consecutive years to be about 3.0x, although S&P understand that in 2010 the debt metrics could be weaker than the indicated level. The rating also assumes that liquidity will remain adequate at all times. "S&P might lower the rating in case of significant underperformance, caused by deterioration of the local advertising market or the company's weakened market position, or if leverage exceeded the indicated expectations due to financial policy decisions or mergers and acquisitions," said Mr. Griaznov. "In addition, a major cash burn, caused by an overly aggressive investment appetite or excess use of short-term funding for acquisitions, could potentially jeopardize the liquidity position and might result in a negative rating action." There is little upside potential for the rating in the next 12 months, as the company is carrying out a sizable debt-financed investment program, which will weaken credit metrics. In the longer term, ratings upside could result if the company deleveraged to less than 3x on a sustainable basis and improved prospects for free cash flow generation. * S&P Gives Pos. Outlook on Republic of Sakha; Keeps 'BB-' Rating ----------------------------------------------------------------- Standard & Poor's Ratings Services said it had revised its outlook on the Russian Republic of Sakha to positive from stable and affirmed the 'BB-' long-term issuer credit and 'ruAA-' Russian national scale ratings. The recovery rating on the republic's unsecured debt remains unchanged at '3'. "The outlook revision reflects Sakha's sound financial performance, based on the substantial, although potentially decreasing, support from the federal government, and the republic's prudent financial policy," said Standard & Poor's credit analyst Alexandra Balod. Massive and continued inflows of private and public investments are expected to translate into higher tax revenues in the short term and potentially greater economic diversification in the long term. Moreover, the republic demonstrates prudent debt management. The ratings on Sakha reflect its status as a vast, isolated region, with an economy highly concentrated on extraction of natural resources and exposed to the volatility of commodity markets, exacerbated by exposure to a single taxpayer. The severe subarctic climate, a remote location, and the need for further development of transport infrastructure require high operating and capital spending, which is difficult to reduce. The republic's creditworthiness is also constrained by its low revenue-raising capacity and dependence on federal decisions on intergovernmental relations and tax regimes. On the positive side, Sakha benefits from its wealthy economy, as well as massive investments in local infrastructure. Additional transfers from the federal government support the republic's consistently sound budgetary performance, and management's cautious debt policy results in a low debt burden, which also supports the ratings. The positive outlook reflects S&P's view that Sakha may achieve persistently sound budgetary performance due to higher tax revenues, backed up by significant investments in infrastructure and the development of natural resource deposits. It also takes into account S&P's expectation that the republic should continue to benefit from federal support, which should alleviate expenditure pressures and keep the republic's debt burden moderate. "Enhancement to the liquidity policy, with the view to shielding the republic's financials from the volatility of the world commodity markets, combined with structurally sound budgetary performance, could lead to a positive rating action," said Ms. Balod. S&P could revise the outlook to stable if the expected major investment projects are not implemented; which would result in budgetary performance deteriorating below the base-case forecast, higher borrowing, or a weaker-than-forecast cash position. =========== S W E D E N =========== SAAB AUTOMOBILE: Sweden Sets Sept. 20 Debt Repayment Deadline ------------------------------------------------------------- Victoria Klesty and Ben Berkowitz at Reuters report that Sweden's Vastra Gotaland region said Saab, owned by Dutch group Spyker, must pay its US$15 million bill from the government by Sept. 20 or it will ask the public debt collector to enforce payment. Reuters says the bill is from a period when Saab Automobile was under administration and the government of Vastra Gotaland in western Sweden, home to Saab's main production plant, stepped in to cover wages. Reuters relates Vastra Gotaland Governor Lars Backstrom said on Monday that Saab owed it SEK110.7 million (US$15.3 million). "If the payment is not made, the case will be handed in to the Swedish Enforcement Authority for debt collection," Reuters quoted Mr. Backstrom as saying. According to Reuters, Saab and parent Spyker have said the company should only be required to pay part of the amount demanded, claiming the debt to the government should be treated the same as all of its other debts, which were written down as part of the administration process. As reported by the Troubled Company Reporter-Europe, Spyker Cars N.V. confirmed on February 23, 2010, that it finalized the deal with General Motors Company to purchase Saab Automobile. With an annual production of up to 126,000 cars, Saab's current models include the 9-3 (available as a convertible or sport sedan), the luxury 9-5 sedan (also available in a sport wagon), and the seven-passenger 9-7X SUV. As it prepared to separate from General Motors, Saab filed for bankruptcy protection in February 2009. A year later, in February 2010, GM sold Saab to Dutch sports car maker Spyker Cars for about US$400 million in cash and stock. =========================== U N I T E D K I N G D O M =========================== ANCHOR FINANCIAL: Exposure to Arch Cru Fund Prompts Liquidation --------------------------------------------------------------- Nicholas Paler at Citywire reports that Anchor Financial Advisers has gone into liquidation. The report relates Anchor Financial Advisers (Sussex) was voluntarily wound up in March and Rod Butcher, founding partner of Butcher Woods Corporate Recovery, has been appointed liquidator of the business. According to the report, Mr. Butcher said the firm had a number of complaints outstanding against it, including one relating to the Arch Cru funds. The firm's client book has been sold to one of its former advisers Robert Gregory, who set up his own company, Moneywise Financial (Brighton), in January, the report discloses. Anchor Financial Advisers is a Brighton-based independent financial adviser. CARTER CLOTHING: In Administration; Lisburn Branch Likely to Close ------------------------------------------------------------------ BBC News reports that Carter Clothing has been placed into administration. BBC relates Liz McKeown and Co, an insolvency practitioner, was appointed as administrator on Sept. 2. According to BBC, a notice in the Lisburn Road branch at the weekend indicated it was likely to close, although trading is continuing at the city center branch. Carter Clothing is a Belfast-based clothing retailer. It sells designer labels such as Armani and Hugo Boss. CATALYST HEALTHCARE: Moody's Upgrades Underlying Ratings to 'Ba1' ----------------------------------------------------------------- Moody's Investors Service has upgraded to Ba1 from Ba2 the underlying ratings of the GBP218.05 million of index-linked guaranteed secured bonds due 2040 issued by Catalyst Healthcare (Manchester) Financing plc and the GBP175 million guaranteed secured loan provided by the European Investment Bank. The outlook on the underlying ratings remains positive. Ratings Rationale The upgrade of the underlying ratings reflects good construction progress and the improvements achieved in service delivery. Construction works are substantially complete - the outstanding works relate to the demolition of certain buildings. The final completion date is scheduled to occur on 29 October 2010. The improvements achieved in the delivery of hard facilities management (FM) services and in the relationship with the Trust are evidenced by the withdrawal of the two Warning Notices issued by the Trust in 2008 and also agreeing on the monthly hard FM service performance deductions since December 2009. The agreement on hard FM deductions reflects a more cooperative approach by the Trust, Catalyst and the service provider (Sodexo). These positive developments contributed to the lifting of the distribution lock- up by the controlling creditors. The positive outlook reflects Moody's expectation that over time Catalyst will be able to stabilize the relationship with the Trust and ensure service delivery is in line with the contract. The Issuer is a financing conduit established in 2004 to on-lend the proceeds of the Bonds and the EIB Debt to Catalyst Healthcare (Manchester) Limited. Catalyst was formed to take over and upgrade an existing hospital estate in the centre of Manchester, England, which now forms a 1,470-bed hospital. The project is being procured and paid for by the Central Manchester University Hospitals NHS Foundation Trust (the Trust, formerly known as Central Manchester and Manchester Children's University Hospitals NHS Trust). The Bonds and the EIB Debt benefit from an unconditional and irrevocable guarantee of scheduled principal and interest by Ambac Assurance UK Limited. However, since Ambac's insurance financial strength rating is now positioned at Caa2 with uncertain outlook, the rating on the Bonds and EIB Debt is currently determined by the underlying rating. The Ba1 rating reflects the unusual degree of outstanding uncertainties. Key outstanding legacy issues include: the non- agreed performance deductions dating back prior to 2009, agreement on the operational cost impact of the previously implemented variations, resolution of soft FM performance deductions through implementing the required variations in relation to the telecommunication service, rectification of construction snagging items, and agreement on the required cost adjustment regarding the staff transferred from the Trust to Project Co under the TUPE scheme. The underlying rating could be upgraded and return to investment grade if there is clear continuing evidence of contractual performance at required levels, and there is further significant progress towards the successful resolution of the outstanding legacy issues. The underlying rating could be lowered if the project suffered a material cost overrun, revenue shortfall or performance failure that could not easily be accommodated within the available contractual protections. Regulatory Disclosures Information sources used to prepare the credit rating are these: parties involved in the ratings, parties not involved in the ratings. Moody's Investors Service considers the quality of information available on the issuer or obligation satisfactory for the purposes of assigning/maintaining a credit rating. The rating has been disclosed to the rated entity or its designated agents and issued with no amendment resulting from that disclosure. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY'S is not an auditor and cannot in every instance independently verify or validate information received in the rating process. CONNAUGHT PLC: Brings in Administrators After Funding Talks Fail ---------------------------------------------------------------- Ben Martin at Bloomberg News reports that Connaught Plc is appointing partners from KPMG as administrators after the business as a whole failed to secure "sufficient support" to trade as a going concern. According to Bloomberg, the company said in a statement on Tuesday that administrators are being appointed to Connaught Plc and Connaught Partnerships Ltd. Connaught Compliance Ltd., National Britannia Holdings Ltd., Fountains Ltd. and Connaught Environmental Ltd. and their subsidiaries have not been put into administration, Bloomberg notes. Bloomberg relates Connaught was suspended from London trading on Tuesday after saying an "adequate solution" to its funding problems was "increasingly uncertain." "Following extensive discussions with the group's secured lenders, it is now clear that sufficient support would not be extended to the group as a whole to enable it to continue trading as a going concern," Connaught said in the statement, according to Bloomberg. The company, as cited by Bloomberg, said initiatives to reach a "satisfactory conclusion" on additional funding and restructuring of its financing failed. Ed Hammond, Anousha Sakoui and Alistair Gray at The Financial Times report Connaught's move towards administration came after a meeting with its lenders -- a consortium led by Royal Bank of Scotland -- on Monday night. The FT relates company, chaired by Sir Roy Gardner, had prepared a fresh business plan in an attempt to win over its lenders, which had already provided a short-term GBP15 million cash injection. According to the FT, one person close to the talks said the bankers had been concerned about the company's ability to deliver on the plans. The FT notes the administrators are likely to make redundancies at the company, which employs about 10,000 staff, although people close to the situation said they were hopeful job losses would be minimized as contracts were transferred to alternative suppliers. As reported by the Troubled Company Reporter-Europe on Aug. 2, 2010, The FT said Connaught warned that it was in urgent need of additional funds, in part because suppliers and subcontractors -- which include Travis Perkins and BSS, the builders' merchants -- had exerted "additional pressure" on the group since it issued a profit warning last month. Connaught plc -- http://www.connaught.plc.uk/-- is a United Kingdom-based company engaged in the provision of integrated asset services to the public and private sectors. The Company operates in two business segments: social housing and compliance. Social Housing segment provide social housing landlords throughout the United Kingdom with a range of planned and response maintenance services, as well as compliance and estate management. The Compliance segment provides safety, health and risk management solutions. It has information, advisory, training and servicing capabilities to provide integrated compliance solution throughout the United Kingdom. On July 22, 2009, the Company completed the acquisition of UK Fire (International) Limited and Igrox Limited. On September 15, 2008, the Company completed the acquisition of Lowe Group Holdings Ltd. On November 26, 2008, the Company completed the acquisition of certain assets of Predator Pest Control Plc. EMI GROUP: Terra Firma & Citigroup Mediation Talks Fail ------------------------------------------------------- Martin Arnold, Anousha Sakoui and Andrew Edgecliffe-Johnson at The Financial Times report that private equity group Terra Firma has traded verbal blows with US lender Citigroup after mediation talks collapsed, setting the stage for an acrimonious battle over who is to blame for the GBP4 billion (US$6.1 billion) takeover of music group EMI. According to the FT, in a preview of arguments expected to be aired in a New York courtroom in October, Citi on Tuesday filed a motion for the case to be dismissed and Terra Firma responded with more detailed accusations. The FT relates the filings came as Roger Faxon, EMI's chief executive, unveiled another restructuring, in which three executives will leave as he dismantles its unpopular "matrix" of global business units and cuts costs. Nick Gatfield, EMI Music's north American head; Ronn Werre, chief operating officer; and Billy Mann, president of new music, are leaving weeks after the departure of Ernesto Schmitt, who led 2009's release of re- mastered Beatles albums, the FT discloses. Guy Hands, Terra Firma's founder, sued Citi last year, alleging that David Wormsley, a top Citi dealmaker, tricked him into buying EMI by falsely claiming a rival bidder -- Cerberus -- was still in the running, the FT recounts. EMI Group Ltd. -- 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. KICKWORLDWIDE: Goes Into Administration --------------------------------------- How-Do reports that Kickworldwide has gone into administration. According to the report, Mark Goldstein Associates has been appointed as administrator. Kickworldwide is the Cheshire-based company behind reality TV format, Soccer Prince. SHEFFIELD WEDNESDAY: Has Deal With Bank; Averts Administration -------------------------------------------------------------- BBC Radio Sheffield reports that Sheffield Wednesday have been saved from administration after reaching an agreement with their bank over unpaid tax. BBC Radio Sheffield relates Owls were due at the High Court on Wednesday over a GBP1.1 million unpaid bill to HM Revenue & Customs. But the League One club brokered a deal with the Co- operative Bank to secure its immediate future, BBC Radio Sheffield notes. BBC Radio Sheffield says the agreement with the Co-operative Bank means the league leaders will avoid being deducted 10 points by the Football League for entering administration. As reported by the Troubled Company Reporter-Europe on July 26, 2010, The Financial Times said Sheffield Wednesday had total debts of about GBP26 million. The FT disclosed the club owes GBP21.5 million to the Co-Op Bank, which also voiced its disappointment at the HMRC's decision. The club has for some time been seeking buyers, at an asking price in the region of GBP10 million, according to the FT. Sheffield Wednesday Football Club is a football club based in Sheffield, South Yorkshire, England, who will compete in the Football League One in the 2010/11 season, in England. Sheffield Wednesday is one of the oldest professional clubs in the world and the third oldest in the English league. =============== X X X X X X X X =============== * EUROPE: Fiscal Repair Measures Will Prevent State Insolvencies ---------------------------------------------------------------- Sakari Suoninen at Reuters reports that European Central Bank Governing Council member and Bundesbank head, Axel Weber, said on Wednesday that fiscal repair measures being implemented by heavily indebted euro zone countries are enough to prevent state insolvencies. "The sum of measures initiated by governments, in cooperation with the IMF, should be enough to end discussions of a potential state insolvency in the markets," Mr. Weber said at the first day of the annual Banks in Transition conference that will attract top executives from the financial world, according to Reuters. Reuters says debt fears continue to blight heavily indebted euro zone perimeter countries. * Upcoming Meetings, Conferences and Seminars --------------------------------------------- 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. 22-23, 2010 (tentative) AMERICAN BANKRUPTCY INSTITUTE ABI/NYU Bankruptcy and Business Reorganization Workshop New York University School of Law, 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 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. 1, 2010 AMERICAN BANKRUPTCY INSTITUTE ABI/GULC "Views from the Bench" Georgetown University Law Center, Washington, D.C. 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. 28, 2010 AMERICAN BANKRUPTCY INSTITUTE Mid-Level Professional Development Program Weil, Gotshal & Manges LLP, New York, N.Y. 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/ Nov. 29, 2010 RENAISSANCE AMERICAN MANAGEMENT, INC. & BEARD GROUP, INC. 17th Annual Distressed Investing Conference The Helmsley Park Lane Hotel, New York City Contact: 1-903-595-3800; http://www.renaissanceamerican.com/ 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/ January 26-28, 2011 TURNAROUND MANAGEMENT ASSOCIATION TMA Distressed Investing Conference Aria Las Vegas Contact: http://www.turnaround.org/ Jan. 27-28, 2011 AMERICAN BANKRUPTCY INSTITUTE Rocky Mountain Bankruptcy Conference Westin Tabor Center, Denver, Colo. Contact: 1-703-739-0800; http://www.abiworld.org/ Feb. 3-5, 2011 AMERICAN BANKRUPTCY INSTITUTE Caribbean Insolvency Symposium Westin Casuarina Resort & Spa, Grand Cayman Island Contact: 1-703-739-0800; http://www.abiworld.org/ Feb. 24-25, 2011 AMERICAN BANKRUPTCY INSTITUTE Valcon Four Seasons Las Vegas, Las Vegas, Nev. Contact: 1-703-739-0800; http://www.abiworld.org/ Mar. 4, 2011 AMERICAN BANKRUPTCY INSTITUTE Bankruptcy Battleground West Hyatt Regency Century Plaza, Los Angeles, Calif. Contact: 1-703-739-0800; http://www.abiworld.org/ Mar. 7-9, 2011 AMERICAN BANKRUPTCY INSTITUTE Conrad Duberstein Moot Court Competition Duberstein U.S. Courthouse, New York, N.Y. Contact: 1-703-739-0800; http://www.abiworld.org/ Mar. 10, 2011 AMERICAN BANKRUPTCY INSTITUTE Nuts and Bolts - Florida Tampa, Fla. Contact: 1-703-739-0800; http://www.abiworld.org/ Mar. 10-12, 2011 AMERICAN BANKRUPTCY INSTITUTE SUCL/ Alexander L. Paskay Seminar on Bankruptcy Law and Practice Marriott Tampa Waterside, Tampa, Fla. Contact: 1-703-739-0800; http://www.abiworld.org/ Mar. 17-19, 2011 AMERICAN BANKRUPTCY INSTITUTE Byrne Judicial Clerkship Institute Pepperdine University School of Law, Malibu, Calif. Contact: 1-703-739-0800; http://www.abiworld.org/ Mar. 31-Apr. 3, 2011 AMERICAN BANKRUPTCY INSTITUTE Annual Spring Meeting Gaylord National Resort & Convention Center, National Harbor, Md. Contact: 1-703-739-0800; http://www.abiworld.org/ April 27-29, 2011 TURNAROUND MANAGEMENT ASSOCIATION TMA Spring Conference JW Marriott, Chicago, IL Contact: http://www.turnaround.org/ May 5, 2011 AMERICAN BANKRUPTCY INSTITUTE Nuts and Bolts - New York City Association of the Bar of the City of New York, New York, N.Y. Contact: 1-703-739-0800; http://www.abiworld.org/ May 6, 2011 AMERICAN BANKRUPTCY INSTITUTE New York City Bankruptcy Conference Hilton New York, New York, N.Y. Contact: 1-703-739-0800; http://www.abiworld.org/ June 6, 2011 AMERICAN BANKRUPTCY INSTITUTE Canadian-American Cross-Border Insolvency Symposium Fairmont Royal York, Toronto, Ont. Contact: 1-703-739-0800; http://www.abiworld.org/ June 9-12, 2011 AMERICAN BANKRUPTCY INSTITUTE Central States Bankruptcy Workshop Grand Traverse Resort and Spa, Traverse City, Mich. Contact: http://www.abiworld.org/ July 21-24, 2011 AMERICAN BANKRUPTCY INSTITUTE Northeast Bankruptcy Conference Hyatt Regency Newport, Newport, R.I. Contact: 1-703-739-0800; http://www.abiworld.org/ July 27-30, 2011 AMERICAN BANKRUPTCY INSTITUTE Southeast Bankruptcy Workshop The Sanctuary at Kiawah Island, Kiawah Island, S.C. Contact: 1-703-739-0800; http://www.abiworld.org/ Aug. 4-6, 2011 AMERICAN BANKRUPTCY INSTITUTE Mid-Atlantic Bankruptcy Workshop Hotel Hershey, Hershey, Pa. Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 14, 2011 AMERICAN BANKRUPTCY INSTITUTE NCBJ/ABI Educational Program Tampa Convention Center, Tampa, Fla. Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. __, 2011 AMERICAN BANKRUPTCY INSTITUTE International Insolvency Symposium Dublin, Ireland Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 25-27, 2011 TURNAROUND MANAGEMENT ASSOCIATION Hilton San Diego Bayfront, San Diego, CA Contact: http://www.turnaround.org/ Dec. 1-3, 2011 AMERICAN BANKRUPTCY INSTITUTE 23rd Annual Winter Leadership Conference La Quinta Resort & Spa, La Quinta, Calif. Contact: 1-703-739-0800; http://www.abiworld.org/ Apr. 19-22, 2012 AMERICAN BANKRUPTCY INSTITUTE Annual Spring Meeting Gaylord National Resort & Convention Center, National Harbor, Md. Contact: 1-703-739-0800; http://www.abiworld.org/ July 14-17, 2012 AMERICAN BANKRUPTCY INSTITUTE Southeast Bankruptcy Workshop The Ritz-Carlton Amelia Island, Amelia Island, Fla. Contact: 1-703-739-0800; http://www.abiworld.org/ Aug. 2-4, 2012 AMERICAN BANKRUPTCY INSTITUTE Mid-Atlantic Bankruptcy Workshop Hyatt Regency Chesapeake Bay, Cambridge, Md. Contact: 1-703-739-0800; http://www.abiworld.org/ Nov. 29 - Dec. 2, 2012 AMERICAN BANKRUPTCY INSTITUTE Winter Leadership Conference JW Marriott Starr Pass Resort & Spa, Tucson, Ariz. Contact: 1-703-739-0800; http://www.abiworld.org/ ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers' public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than US$3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. A list of Meetings, Conferences and Seminars appears in each Thursday's edition of the TCR. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/booksto order any title today. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Joy A. Agravante, Valerie U. Pascual, Marites O. Claro, Rousel Elaine T. Fernandez, 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 * * *