/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/110113.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, January 13, 2011, Vol. 12, No. 9 Headlines C R O A T I A RADIO 101: Declared Bankrupt; May Shut Down H U N G A R Y REXPLO 21: Goes Into Liquidation Amid Sales Difficulties I R E L A N D ALLIED IRISH: Latest Bailout Blamed on Market Deterioration ANGLO IRISH: PM Under Pressure to Clarify 2008 Funding Crisis * IRELAND: Urgent Restructuring of Sovereign Debt Needed I T A L Y DAHLIA TV: Mediaset Eyes Dahlia's TV Soccer Rights N E T H E R L A N D S EXIDE TECHNOLOGIES: Moody's Assigns 'B2' Rating to US$675MM Notes S P A I N * SPAIN: Banks' Higher Financing Costs to Weigh on Profitability T U R K E Y HURRIYET GAZETECILIK: Fitch Keeps Issuer Default Rating at 'B+' U N I T E D K I N G D O M CONSTAR INT'L: Returns to Ch. 11 to Implement Debt-for-Equity Swap CONSTAR INT'L: Case Summary & 30 Largest Unsecured Creditors EMI GROUP: Guy Hands Appeals Ruling in Citigroup Case Over Buyout HALLIWELLS: Ex-partners Still "at War" Over GBP3MM Rent Guarantee LEO'S: Formally Dissolved 2 Years After Going Into Administration ROK PLC: Mears Group Acquires Firm's Bristol Arm for GBP1.5-Mil. X X X X X X X X * Upcoming Meetings, Conferences and Seminars ********* ============= C R O A T I A ============= RADIO 101: Declared Bankrupt; May Shut Down ------------------------------------------- Associated Press reports that Radio 101 has been declared bankrupt and could be shut down. AP relates that the Zagreb Commercial Court has ruled that bankruptcy proceedings should begin, as the station's debt of HRK25 million (US$4.4 million), greatly exceeds its value. According to AP, a bankruptcy administrator was appointed Tuesday and the station will stay on air for a month. If no one buys it, its frequency will be given to another station, AP notes. Radio 101 is an independent radio station based in Zagreb, Croatia. ============= H U N G A R Y ============= REXPLO 21: Goes Into Liquidation Amid Sales Difficulties -------------------------------------------------------- Business daily Napi Gazdasag reported that Rexplo 21 Kft is closing down due to sales and financing difficulties, according to the Budapest Business Journal. Rexplo's liquidation was initiated by creditors and is led by consultant and liquidator company Ceres Kft. BBJ relates that the paper said Rexplo's debts are estimated to reach up to HUF300 million. In 2008, the paper added, the company had a net income above HUF165 million and also hired new staff. The increasing Chinese competition, however, has hit Rexplo hard and the company lost HUF30 million of orders by 2009, while production costs were up, BBJ adds. Based in Balatonfuzfo, Hungary, Rexplo 21 Kft is a 90-year-old gunpowder producer company. ============= I R E L A N D ============= ALLIED IRISH: Latest Bailout Blamed on Market Deterioration ----------------------------------------------------------- Arthur Beesley at The Irish Times reports that EU Competition commissioner Joaquin Almunia said increased State funding for Allied Irish Banks plc was the "only available option" after the National Asset Management Agency's discount on its loans increased and the sale of its British unit was delayed. The Irish Times relates that in a letter to Labour MEP Alan Kelly, Mr. Almunia said the serious deterioration in market perceptions of Ireland and AIB itself made it "impossible" for the bank to secure new capital on the markets. Mr. Kelly, who is standing in the Tipperary North constituency in the general election, said the Nama was to blame for the latest AIB bailout. "What amounts to a saving for the taxpayer by Nama becomes a loss to the taxpayer as the Government pumps pension funds into banks that will never return," The Irish Times quoted Mr. Kelly as saying. "The Government's failure to identify the problem early enough resulted in AIB passing the stress test, only for Nama to come along and see the mess the loan book was in." According to The Irish Times, the commissioner attributed AIB's increasing requirement for State capital to developments "unforeseen" in March last year when the bank passed Irish stress tests. As reported by the Troubled Company Reporter-Europe Dec. 29, 2010, The Financial Times said that the Irish government took a further step towards complete ownership of AIB as it won court approval on Dec. 23 to inject EUR3.7 billion (US$4.85 billion) into the bank. Finance Minister Brian Lenihan said the capital injection from the country's National Pension Reserve Fund would effectively raise the government's stake to 92.8% in AIB early next year from the 18.6% it holds after last year's investment of EUR3.5 billion, according to the FT. The FT noted that while the move had been widely expected since the broader EUR35 billion European-backed bail-out of Ireland was concluded at the end of November, it still leaves AIB needing to raise a further EUR6.1 billion to meet capital requirements imposed as a condition of the bail-out. Allied Irish Banks, p.l.c., together with its subsidiaries -- http://www.aibgroup.com/-- conducts retail and commercial banking business in Ireland. It also provides corporate lending and capital markets activities from its head office at Bankcentre and from Dublin's International Financial Services Centre. The Group also has overseas branches in the United States, Germany, France and Australia, among other locations. The business of AIB Group is conducted through four operating divisions: AIB Bank Republic of Ireland division, Capital Markets division, AIB Bank UK division, and Central & Eastern Europe division. In February 2008, the Group acquired the AmCredit mortgage business in the Baltic states of Latvia, Lithuania and Estonia. In September 2008, the Group also acquired a 49.99% shareholding in BACB. * * * As reported by the Troubled Company Reporter-Europe on Dec. 22, 2010, Standard & Poor's Ratings Services said that lowered its rating on Allied Irish Banks PLC's nondeferrable subordinated debt (lower Tier 2) securities to 'CCC' from 'B'. S&P said he 'BBB/A- 2' counterparty credit ratings on AIB remain on CreditWatch with negative implications where they were placed on Nov. 26, 2010. Issuance guaranteed by the Republic of Ireland (A/Watch Neg/A-1) is not affected by the rating action. "The downgrade reflects S&P's opinion that the likelihood of a liability management exercise by AIB in respect of its lower Tier 2 instruments has increased. If the bank announces an exchange offer, S&P would expect to characterize it as a "distressed exchange," said Standard & Poor's credit analyst Nigel Greenwood. ANGLO IRISH: PM Under Pressure to Clarify 2008 Funding Crisis ------------------------------------------------------------- John Murray Brown at The Financial Times reports that Brian Cowen, Ireland's prime minister, is under mounting pressure to clarify what he knew about the funding crisis facing Anglo Irish Bank, which led to the government's decision to offer a blanket guarantee to all six Irish lenders in September 2008. According to the FT, the Fine Gael and Labour opposition parties say there are important inconsistencies in Mr. Cowen's original statement to parliament and claims by Sean Fitzpatrick, the former Anglo Irish chairman, of previously undisclosed contacts with the prime minister in the run-up to the crisis. The FT relates in a statement issued late on Monday, Mr. Cowen confirmed that he took a phone call from Mr. Fitzpatrick in March 2008 when he was still finance minister and at a time when Anglo Irish shares were being targeted by short sellers in what local traders dubbed the "St Patrick's massacre". He also confirmed he had played golf with Mr. Fitzpatrick in July that year but insisted this was a "social outing in full public view", and he was "quite clear" no discussion about Anglo Irish Bank had taken place, the FT notes. Mr. Cowen described as "malicious" and "unfounded" the allegations that he had acted inappropriately, the FT states. Anglo Irish Bank was nationalized in January 2009, after incurring huge losses on its loan book as a result of the property crash, the FT recounts. The government is committed to winding down the bank but in the meantime has had to pump in close to EUR30 billion (US$38.8 billion) in fresh capital or close to two-thirds of the amounts provided to the Irish banks by the taxpayer in the current crisis, the FT discloses. About Anglo Irish Bank Anglo Irish Bank Corp PLC -- http://www.angloirishbank.com/-- operates in three core areas: business lending, treasury and private banking. The Bank's non-retail business is made up of more than 11,000 commercial depositors spanning commercial entities, charities, public sector bodies, pension funds, credit unions and other non-bank financial institutions. The Company's retail deposits comprise demand, notice and fixed term deposit accounts from personal savers with maturities of up to two years. Non-retail deposits are sourced from commercial entities, charities, public sector bodies, pension funds, credit unions and other non-bank financial institutions. In addition, at Sept. 30, 2008, its non-retail deposits included deposits from Irish Life Assurance plc. The Private Bank offers tailored products and solutions for high net worth clients and operates the Bank's lending business in Ireland and the United Kingdom. * * * As reported by the Troubled Company Reporter-Europe on Dec. 1, 2010, DBRS downgraded the ratings of the Euro Dated Subordinated Notes (specifically the EUR325.2 million Floating Rate Subordinated Notes due 2014, EUR500 million Callable Subordinated Floating Rate Notes due 2016 and the EUR750 million Dated Subordinated Floating Rate Notes due 2017) (collectively referred to as the 2017 Notes) issued by Anglo Irish Bank Corporation Limited (Anglo Irish or the Bank) to 'D' from 'C'. DBRS said the downgrade follows the execution of the Bank's note exchange offer. The default status for the exchanged and now-extinguished 2017 Notes reflects DBRS's view that bondholders were offered limited options, which, as discussed in DBRS's press release dated October 25, 2010, is considered a default per DBRS policy. On Oct. 29, 2010, the Troubled Company Reporter-Europe reported that Standard & Poor's Ratings Services lowered its rating on Anglo Irish Bank Corp. Ltd.'s non-deferrable dated subordinated debt (lower Tier 2) securities to 'D' from 'CCC'. The downgrade of the lower Tier 2 debt rating reflects S&P's opinion that the bank's exchange offer is a "distressed exchange" and tantamount to default in accordance with its criteria. * IRELAND: Urgent Restructuring of Sovereign Debt Needed -------------------------------------------------------- Laura Slattery at The Irish Times reports that Willem Buiter, chief economist at Citigroup, said Ireland should restructure its banks and perhaps its sovereign debt "as quickly as possible" to avoid a "crisis overhang trap." According to The Irish Times, Mr. Buiter said restructuring of both the banking sector and sovereign debt was "the likely eventual option" in a number of countries. Mr. Buiter, as cited by The Irish Times, said Ireland is likely to become the first European state to go down this route. The Irish Times relates Mr. Buiter said that he expected that, if Fine Gael and Labour were to form the next government, they would introduce an element of burden-sharing for senior unsecured creditors "quite soon after they come into office", unless persuaded otherwise by the European Central Bank, the European Commission and the International Monetary Fund. The Irish "won't wait" until there is a Europe-wide special resolution regime, which could take until 2014 to implement, The Irish Times states. "The political pressures to let the creditors of the banks and indeed the creditors of the Government share the pain that taxpayers and the beneficiaries of public spending have felt for this two years-plus now is going to be very hard to resist," The Irish Times quoted Mr. Buiter as saying. ========= I T A L Y ========= DAHLIA TV: Mediaset Eyes Dahlia's TV Soccer Rights -------------------------------------------------- Reuters reports that Italian broadcaster Mediaset said it would consider buying TV soccer rights from Dahlia TV should the opportunity arise in the liquidation of its smaller pay-TV rival. Reuters relates that loss-making Dahlia's shareholders on Monday mandated a receiver to prepare a liquidation plan shortly. "I don't know. We'll think about it," Reuters quoted Mediaset Chairman Fedele Confalonieri as saying. According to Reuters, Mediaset, controlled by Prime Minister Silvio Berlusconi, is competing aggressively with market leader Sky Italia, a unit of Rupert Murdoch's News Corp, for pay-TV audiences in Italy, a market worth more than EUR4 billion. Based in Italy, Dahlia TV is a pay-TV operator with sports and adult content programs. Dahlia is 78.2% controlled by Airplus TV, whose investors include Sweden's Investor AB. Telecom Italia Media has 10.1% in Dahlia. ===================== N E T H E R L A N D S ===================== EXIDE TECHNOLOGIES: Moody's Assigns 'B2' Rating to US$675MM Notes ----------------------------------------------------------------- Moody's Investors Service assigned a B2 rating to Exide Technologies' proposed US$675 million of senior secured notes and affirmed the B3 Corporate Family and Probability of Default Ratings of Exide. In a related action, the ratings on the company's existing debt were affirmed and will be withdrawn upon repayment from the net proceeds of the new senior secured note. The rating outlook is positive. The US$675 million of new senior secured notes will mature in 2018. The net proceeds from the proposed notes will be used to repay Exide's existing senior secured term loans, redeem the outstanding 10.5% senior secured junior-lien notes, and for general corporate purposes. The consummation of the notes offering is expected to be conditioned upon the company concurrently entering into a new US$200 million senior secured asset-based revolving credit facility, as well as other customary conditions. Ratings assigned: Exide Technologies * B2 (LGD3 33%) to the new US$675 million of senior secured notes due 2018; Ratings affirmed: Exide Technologies * B3, Corporate Family Rating; * B3, Probability of Default Rating; Positive Rating Outlook * Ba2, to the existing US$200 million asset based revolving credit facility, this rating will be withdrawn upon replacement; * B3 (LGD3, 45%), to the US$290 million of senior secured junior- lien notes due March 2013, this rating will be withdrawn upon repayment; Exide Technologies and its foreign subsidiary Exide Global Holdings Netherlands CV: * Ba3 (LGD2, 17%), to the US$130 million senior secured term loan at Exide Technologies, this rating will be withdrawn upon repayment; * Ba3 (LGD2, 17%), to the US$165 million senior secured term loan at Exide Global Holdings Netherlands CV, this rating will be withdrawn upon repayment. Exide's B3 Corporate Family Rating continues to incorporate the company's leveraged profile, cyclical industry characteristics, and raw material pricing pressure. Upon completion of the discussed refinancing, Debt/EBITDA will increase slightly to about 5.0x from about 4.6x, pro forma for the LTM period ending September 30, 2010. Approximately 65% of Exide's revenues are derived in the transportation segment with about 85% of this business related to the more stable replacement aftermarket. However, the remainder of Exide revenues are affected by the cyclical industrial industries in Europe and ROW and North America. The ratings benefit from most of Exide's North American lead requirements being supplied by owned lead recycling plants. However, the company's European operations are largely supplied through third parties, exposing the company to increasing lead prices. The rating also incorporates the challenges the company faces to replace lost business to competitors with profitable relationships with new customers. The positive rating outlook reflects Moody's expectation of generally improving global economic conditions, particularly in the U.S., combined with Exide's improved cost structure following prior year restructuring actions, and the company's ability to mitigate raw material cost through price escalating arrangements with its OEM customers and other pricing action. These factors along with additional business should generate improving credit metrics over the intermediate-term. Exide's liquidity as of September 30, 2010 consisted of cash of approximately US$77.4 million and US$126.6 million of availability under the existing US$200 million asset based revolving credit facility maturing May 2012. Upon completion of the proposed note offering Exide's cash balances are expected to increase by about US$73 million. Moody's anticipates that Exide will generate breakeven to modestly positive free cash flow over the next twelve months as global economies recover. Exide's existing credit agreement does not contain any financial maintenance covenants, although a springing fixed charge covenant of 1.0x becomes effective if availability under the asset based revolving credit facility falls below US$40 million. Moody's does not anticipate availability falling below this level over the next twelve-month period. The new senior secured notes are not expected to have financial maintenance covenants and the new asset based revolving credit facility is expected to have financial covenants similar to the existing facility. The proposed senior secured notes and asset based revolving credit facility are expected to have similar conditions. The last rating action was on August 13, 2010, when the B3 Corporate Family rating was affirmed. Exide Technologies' existing US$60 million floating rate convertible subordinated note due September 2013 is not rated by Moody's. Future favorable rating events include further operational improvements resulting in higher margins and cash flow, and the achievement of debt reduction. Consideration for upward rating migration would arise if any combination of these factors were to increase EBIT/interest coverage consistently over 1.7x and result in leverage approaching 4.0x. Future events that have the potential to lower Exide's outlook or ratings include lower global demand in the company's end markets, an inability to manage commodity cost fluctuations, lower operating performance due to the inability to offset lower demand with restructuring savings, market share losses, or a more competitive pricing environment. Consideration for a lower outlook or rating also could result from a deteriorating liquidity profile, or EBIT/interest coverage consistently below 1.0x. The principal methodologies used in this rating were Global Automotive Supplier Industry published in January 2009, and Loss Given Default for Speculative-Grade Non-Financial Companies in the U.S., Canada and EMEA published in June 2009. Exide, headquartered in Milton, GA, is one of the largest global manufacturers of lead acid batteries. The company manufactures and supplies lead acid batteries for transportation and industrial applications worldwide. Revenues for the fiscal year ending March 31, 2010, were US$2.7 billion. ========= S P A I N ========= * SPAIN: Banks' Higher Financing Costs to Weigh on Profitability ---------------------------------------------------------------- Charles Penty at Bloomberg News reports that Spanish banks have more than EUR30 billion (US$39 billion) in debt coming due in the next four months. Bloomberg says that's spurring investor doubt on the bank's future profitability as higher financing costs eat into margins. According to Bloomberg, concern that Spain won't be able to reduce the euro region's third-highest budget deficit and avoid a European Union bailout has driven up financing expenses for banks. "I'm not expecting financing conditions will ease for Spanish banks any time soon and that will just mean more pressure on revenue and margins," Bloomberg quoted Peter Braendle, who helps manage about US$62 billion, including shares of Banesto's parent Banco Santander SA, at Swisscanto Asset Management in Zurich, as saying. "It looks like an already tough environment will just get tougher." Spanish lenders have boosted deposit-taking from customers and reined in lending in a bid to blunt their need for wholesale financing, Bloomberg relates. This year the country's banks have a total of about EUR85 billion of debt that's coming due for refinancing, data compiled by Bloomberg show, Bloomberg notes. Spanish lenders are already contending with losses on loans to property developers and real-estate assets taken on their books during the property crash, Bloomberg discloses. Moody's estimated on Dec. 13 that banks had recognized only half of the estimated EUR176 billion of losses they will have to absorb on their loans. Rising speculation that Portugal may need a bailout from the EU is also on weighing on financing costs for Spanish banks, Bloomberg notes. Lenders in Spain had US$78 billion in foreign claims relating to the neighboring country in June last year, Bloomberg says, citing the Bank for International Settlements. According to Bloomberg, Zoso Davies, a credit strategist at Barclays Capital in London, said a prolonged period of high funding costs will fuel concern that profit growth will slow as lenders trim lending and some banks may risk going bankrupt. "If funding costs stay at current levels for a long period, solvency is really the underlying issue," Bloomberg quoted Mr. Davis as saying. =========== T U R K E Y =========== HURRIYET GAZETECILIK: Fitch Keeps Issuer Default Rating at 'B+' --------------------------------------------------------------- Fitch Ratings is maintaining Hurriyet Gazetecilik ve Matbaacilik A.S.'s, a newspaper subsidiary of Dogan Yayin Holding AS (DYH, 'B'/RWN), Long-term foreign and local currency Issuer Default Ratings of 'B+' on Rating Watch Negative. Hurriyet's National Long-term rating of 'A(tur)' also remains on RWN. The maintained RWNs are related to Hurriyet's exposure to DYH group-wide risks that is a credit constraint on its ratings given the rating linkage between the company and DYH. However, Fitch sees Hurriyet as a stronger entity than DYH on a stand-alone basis given its strong market position as Turkey's leading national newspaper and robust cash flow generation. This is despite the structural decline of the newspaper industry which is expected to have an adverse effect on Hurriyet's revenues over the next five to 10 years. Hurriyet's Long-term IDRs are rated one-notch above the IDRs of its parent company, Dogan Yayin Holding AS. On a stand-alone basis, Hurriyet's ratings would be higher but they are constrained by the linkage with DYH. These linkages include Hurriyet being DYH's main operating subsidiary and the key driver of DYH's creditworthiness, and management overlap. This is despite weak links between DYH and Hurriyet due to inherent dividend restrictions. Although DYH's guarantee over Hurriyet's debt only relates to the acquisition of TME, Hurriyet does not provide any cross-guarantees for other DYH group companies. This approach is consistent with Fitch's Parent and Subsidiary Rating Linkage criteria, and results in the one notch differential between Hurriyet's and DYH ratings. A downgrade or upgrade of DYH's rating would have direct implications for Hurriyet's ratings. A reduction of consolidated net debt/EBITDA to less than 2x as a result of stronger free cash flow (FCF) generation and higher EBITDA margins -- would also be positive for the ratings. The ratings also reflect Hurriyet's proven strong FCF generation capability, improved EBITDA margins at 9M10 in line with the pick- up in the ad market and its leading newspaper market position. The company has a 12.5% share of daily newspaper sales in Turkey and 37% of domestic newspaper advertising revenue. Hurriyet's FCF generation has remained strong despite historically low EBITDA margins. The company is not expected to pay any dividends before 2012, as it concentrates on generating FCF and reducing consolidated leverage following an increase in leverage metrics to well above historical levels in 2008-2009. Fitch expects the company to report consolidated net debt of less than 2.2x at end- 2010. Hurriyet faces limited competition due to the oligopolistic nature of the local market, but Fitch notes the underlying trend of falling circulation and the declining share of newspapers in total ad market spending relative to TVs and internet since 2008. Fitch expects this trend to continue in the medium-term as internet increases its share in ad spending to double digits from the current 5%. Fitch also notes that Hurriyet's international subsidiary TME faces pricing pressure and serious competition over the long term from internet, mainly from Russia. Therefore, a further decline in TME's revenues and possibly margins is in prospect. =========================== U N I T E D K I N G D O M =========================== CONSTAR INT'L: Returns to Ch. 11 to Implement Debt-for-Equity Swap ------------------------------------------------------------------ Constar International Inc. and its affiliates filed for Chapter 11 protection on January 11, 2011 (Bankr. D. Del. Case No. 11-10109), with a Chapter 11 plan negotiated with 75% of noteholders. Constar reached an agreement with the holders of more than 75% of its Senior Secured Floating Rate Noteholders regarding the terms of a consensual restructuring transaction that will significantly deleverage its balance sheet. A subgroup of the Noteholders have also committed to provide US$55 million of debtor-in-possession financing to permit the Company to continue to operate in the ordinary course of business during the pendancy of its restructuring, which will take place through implementation of a pre-arranged chapter 11 case. In addition, Constar has obtained a commitment from Wells Fargo Capital Finance, LLC, for a working capital facility that will come into existence upon Constar's emergence from chapter 11, anticipated to be early in the second quarter of 2011. The restructuring plan calls for, among other things, a reduction of the Company's current debt level of US$220 million by roughly US$135 million to US$150 million, with a significant corresponding reduction in cash interest. All of Constar's global operations -- including all of manufacturing and distribution facilities in the U.S. -- are open and operating on normal schedules, and the Company expects to continue to fulfill all customer orders as provide uninterrupted customer service. Grant Beard, President and CEO of Constar, said in a January 11 press release, "Today we have announced a significant step forward for Constar. Having received the support from the holders of approximately 75% of our Noteholders for a pre-arranged and consensual restructuring, we will significantly improve our balance sheet. Upon emergence from reorganization, we will carry new term debt of not more than US$85 million and commensurately reduce annual cash interest obligations. This is noteworthy in that it frees up cash to reinvest in our business to support future growth. We intend to continue to operate as usual during the restructuring process with minimal disruption to the business." 2nd Stint in Chapter 11 Constar International is seeking Chapter 11 reorganization for the second time in about two years. J. Mark Borseth, chief financial officer for Constar, recounts in a court filing that in the fall of 2008, Constar determined that it had more leverage than its then-current operations could support. Accordingly, it negotiated pre-arranged Chapter 11 plan, which among other things, (a) provided for the conversion of the Senior Subordinated Notes into all of the equity of the reorganized entities, excluding those shares reserved for Constar's management, while (b) leaving the Debtors' trade vendors and the holders of the Senior Secured FRNs unimpaired. The Debtors launched the approval process for the Plan by filing for Chapter 11 in Delaware on December 30, 2008. The Plan was confirmed on May 14, 2009, and became effective on May 29, 2009. Mr. Borseth relates that over the past 18 months, demand for Constar's conventional PET products has decreased significantly due to a shift to self-manufacturing by Pepsi-Cola Advertising and Marketing, Inc., which has notified Constar of its intention to increase its self-manufacturing of conventional containers and, consequently, to reduce its requirements for bottles under its supply agreement with Constar. The Company expects the trend of self-manufacturing of containers for carbonated soft drinks to continue, and that, over time, a transition to more and more self- manufacturing of plastic bottles at locations with high transportation costs, large volume and space to install blow- molding equipment will occur. In addition, sales volumes have continued to decline generally and Constar has not been able to offset decreases to conventional PET business by increasing its custom business. As a result of these and other factors, Constar's liquidity has been constrained, which has caused certain vendors to require that Constar pay for purchases in advance, upon delivery, or on shortened credit terms, or to require letters of credit, further constraining liquidity. These liquidity constraints have created customer concern about the Company's long term viability, which has made it difficult to renew contracts or obtain new business. In July 2010, the Debtors retained Greenhill & Co., LLC as its financial advisor to assist in exploring strategic alternatives and entered into discussions with certain holders of the Senior Secured FRNs. On January 7, 2011, the Debtors and the Consenting Noteholders reached an agreement in principle on the terms of a restructuring whereby Constar and certain of its subsidiaries would file prearranged chapter 11 bankruptcy cases (a) designed to convert most of the Senior Secured FRN indebtedness into equity -- leaving those holders with only a relatively modest amount of new debt -- and (b) providing for the Company's quick emergence from chapter 11 on this further deleveraged basis. Restructuring Support Agreement The Debtors and the holders of at least two thirds of the principal amount of the Senior Secured FRNs subsequently entered into a restructuring support and lock-up agreement. The Restructuring Support Agreement attaches and incorporates the Debtors' proposed Plan, which incorporates the restructuring contemplated by the Debtors' initial agreement with the Consenting Noteholders. The RSA provides that as long as the agreement is in effect, the holders of the Senior Secured FRNs that are parties to the RSA will support the proposed Plan, including by timely executing and delivering ballots accepting the Plan. The RSA further provides that the agreement may be terminated upon material breach of the agreement or the Debtors' failure to: -- file a Chapter 11 petition by January 14, 2011; -- obtain approval of the DIP financing within 35 calendar days after the Petition Date; -- obtain approval of the Disclosure Statement within 45 calendar days from the Petition Date; -- obtain approval to set a bar date for proofs of claim within 65 calendar days after the Petition Date; -- begin soliciting votes in connection with the Plan no later than 65 calendar days after the Petition date; -- obtain order confirming the Plan no later than 130 days after the Petition Date; and -- consummate the Plan no later than 145 calendar days after the Petition Date. A copy of the Plan Support Agreement is available for free at: http://bankrupt.com/misc/Constar_Plan_Agreement.pdf Pre-Arranged Chapter 11 Plan As of the Petition Date, the Debtors had outstanding debt in the aggregate principal amount of roughly US$251 million, consisting primarily of roughly (a) US$29.4 million under their senior secured credit facility, including accrued and unpaid interest, and (b) US$221.4 million in secured floating rate notes due 2012 (including accrued interest). Additionally, Debtors had certain amounts outstanding to Debtors' trade creditors, including vendors, service providers and contract counterparties, as of the Petition Date. The Debtors estimate that, after entry of approval of all first day motions and critical vendor requests, less than US$18 million in unpaid, unsecured debt will remain for treatment under the Plan. Pursuant to the proposed Plan of Reorganization, Noteholders will convert 100% of the face amount of the current notes into new term debt in the face amount of US$70 million and convertible preferred stock of US$30 million, and will become the majority owners of the new common stock. Under the proposed plan, the Company's general unsecured claims will be converted to equity, and the current equity will be cancelled. The Company anticipates that the restructuring will be completed by late spring of 2011, subject to court approval. The Reorganized Debtors will emerge with roughly 60% less funded debt, after giving effect to the restructuring transactions contemplated by the Plan, which include the following: * US$15 million of indebtedness under the Debtors' DIP Facility may be rolled over (at the DIP Facility Providers' election) into the financing available to the Debtors post-emergence; * US$100 million of secured indebtedness under the Floating Rate Notes and Floating Rate Note Indenture will be converted into (i) US$70 million in Shareholder Notes, and (ii) 100% of the New Overage Securities; * The remaining US$121.4 million of indebtedness under the Floating Rate Notes and Floating Rate Note Indenture and all other General Unsecured Claims will be converted into 100% of the New Common Stock (subject to dilution by the Management Incentive Plan), which New Common Stock will be distributed to the Holders of such Claims Pro Rata; and * Existing Equity Interests in Constar will be extinguished. The consummation of the financial restructurings contemplated by the Plan will significantly de-lever the Debtors' capital structure, leaving the Reorganized Debtors with roughly US$90 million in funded debt. As a result of the restructuring transactions contemplated by the Plan, the Holders of Debtors' Floating Rate Notes will own all of the New Overage Securities and substantially all the New Common Stock in Reorganized Constar, subject to dilution by shares of the New Common Stock issued in connection with the Management Incentive Plan. A copy of the Pre-Arranged Plan is available for free at: http://bankrupt.com/misc/Constar_Disc_Statement_2011.pdf A copy of the disclosure statement explaining the Plan is available for free at: http://bankrupt.com/misc/Constar_Prearranged_Plan_2011.pdf About Constar Int'l Philadelphia, Pennsylvania-based Constar International Inc. (NasdaqCM: CNST) -- http://www.constar.net/-- is a global producer of polyethylene terephthalate plastic containers, with more than 850 employees and operations in the United States and Europe. Constar produces PET plastic containers for conventional PET applications, such as for soft drinks and water, and custom PET containers designed for food, juices, teas and sport drinks. Constar is the parent of four wholly owned subsidiaries: BFF Inc., a Delaware corporation, DT, Inc., a Delaware corporation, Constar, Inc., a Pennsylvania corporation, and Constar Foreign Holdings, Inc., a Delaware corporation. Constar Foreign Holdings, in turn, is the parent of three wholly owned foreign subsidiaries: Constar International Holland (Plastics) B.V., a Dutch besloten vennootschap, Constar Plastics of Italy S.r.l., an Italian societa responsabilita limitata, and Constar International U.K. Limited, a United Kingdom limited company. Constar, together with its affiliates, first filed a pre-arranged chapter 11 bankruptcy (Bankr. D. Del. Lead Case No. 08-13432) on December 30, 2008. The pre-negotiated plan was designed to reduce Constar's debt load by roughly US$175 million and reduce its annual interest obligations by nearly US$20 million. Attorneys at Bayard, P.A., acted as the Debtors' counsel in the Chapter 11 cases, and attorneys at Wilmer Cutler Pickering Hale and Dorr LLP served as co-counsel. Goodwin Procter LLP, and Young Conaway Stargatt & Taylor LLP acted as the Official Committee of Unsecured Creditors' bankruptcy counsel. In the second chapter 11 case, the Company's financial advisor is Greenhill & Co. and its legal advisor is Wilmer Cutler Pickering Hale and Dorr LLP. The Ad Hoc Group of Noteholders is represented by Kirkland & Ellis LLP. Wells Fargo Capital Finance, LLC is represented by Otterbourg, Steindler, Houston & Rosen, P.C. Kurtzman Carson Consultants is the claims and notice agent. The Company listed US$418 million in assets and US$414 million in debt as of Sept. 30, 2010. CONSTAR INT'L: Case Summary & 30 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: Constar International Inc. One Crown Way Philadelphia, PA 19154 Bankruptcy Case No.: 11-10109 Debtor-affiliates filing separate Chapter 11 petitions: Entity Case No. ------ -------- BFF, Inc. 11-10104 Constar Foreign Holdings, Inc. 11-10105 Constar, Inc. 11-10106 Constar International U.K. Limited 11-10107 DT, Inc. 11-10108 Type of Business: Constar International Inc. is a producer and supplier of polyethylene terephthalate plastic containers for food and beverages. Web site: http://www.constar.net/ Chapter 11 Petition Date: January 11, 2011 Bankruptcy Court: U.S. Bankruptcy Court District of Delaware (Delaware) Bankruptcy Judge: Christopher S. Sontchi Debtors' Counsel: Jamie Lynne Edmonson, Esq. Neil B. Glassman, Esq. BAYARD, P.A. 222 Delaware Avenue Wilmington, DE 19801 Tel.: 302-429-4234 Fax : 302-658-6395 E-mail: jedmonson@bayardlaw.com bankserve@bayardlaw.com Debtors' General Bankruptcy Counsel: WILMER CUTLER PICKERING HALE AND DORR LLP Debtors' Independent Auditors and Accountants: PRICEWATERHOUSE COOPERS Debtors' Financial Advisor: GREENHILL & CO. LLC Debtors' Claims Agent: KURTZMAN CARSON CONSULTANTS LLC Total Assets: US$418,000,000 as of Sept. 30, 2010 Total Debts: US$414,000,000 as of Sept. 30, 2010 The petition was signed by Grant H. Beard, president and chief executive officer. Debtor's List of 30 Largest Unsecured Creditors: Entity/Person Nature of Claim Claim Amount ------------- --------------- ------------ DAK Americas LLC Trade Vendor US$9,087,743 5925 Carnegie Blvd Ste 500 Charlotte, NC 28209 M&G Polymer USA LLC Trade Vendor US$4,218,780 Bank of America Rece Lockbox 402479 College Park, GA 30349 UAB Indorama Poly Trade Vendor US$1,833,809 Klaipeda Free Economic Zone Metalo G.16 Klaipeda, LT-94102 Lithuania Starpet Inc Trade Vendor US$1,291,676 PO Box 32101 Charlotte, NC 28232-2101 Eddie Stobart Ltd Trade Vendor US$423,236 Solway Business Centre Kingstown Carlisle, Cumbria CA6 4BY UK Obrist Closures Trade Vendor US$413,427 Romerstrasse 83 Reinach, CH-4153 Switzerland Independence Administrator Trade Vendor US$407,623 720 Blair Mill Road Horsham, PA 19044 Progress Energy Trade Vendor US$296,647 PO Box 2041 Raleigh, NC 27602 Prologis Trade Vendor US$236,842 Georgia Power Company Trade Vendor US$207,071 Constar International Trade Vendor US$202,143 Mitsubishi Gas Chemical C Trade Vendor US$198,544 Colormatrix Corporation Trade Vendor US$175,155 Hurricane Associates LLS Trade Vendor US$158,624 American Express Company Trade Vendor US$150,637 Custom Polymers Pet, LLC Trade Vendor US$124,502 Smurfit Kappa (Ex) Trade Vendor US$109,015 Fostag Formenbau Trade Vendor US$98,079 Lanxess Corporation Trade Vendor US$90,747 Samuel Strapping Systems Trade Vendor US$83,300 International Paper Trade Vendor US$80,300 Kathy Sheeler-County Trea Trade Vendor US$80,250 Ameren Energy Marketing Trade Vendor US$75,068 Corporation Allied Staffing LLC Trade Vendor US$68,990 Prime Investments Inc Trade Vendor US$65,064 Husky IMS Trade Vendor US$60,919 Patriot Alsip-Tech Center Trade Vendor US$55,936 Lotte Chemical Trade Vendor US$51,668 Sidel Incorporated Trade Vendor US$50,110 GE Capital Trade Vendor US$46,033 EMI GROUP: Guy Hands Appeals Ruling in Citigroup Case Over Buyout ----------------------------------------------------------------- Martin Arnold at The Financial Times reports that Terra Firma boss Guy Hands has launched an appeal against a US court ruling that acquitted Citigroup of all charges over his ill-fated takeover of EMI Group. According to the FT, Mr. Hands' appeal, which is expected to focus on the technical aspects of the case, is likely further to damage relations between Terra Firma and Citigroup just a few months before they tussle for control of EMI. Mr. Hands is appealing on all four original counts against Citigroup -- tortious interference with prospective economic advantage, fraudulent concealment, negligent misrepresentation and fraudulent misrepresentation -- even though three were thrown out before the trial ended, leaving the jury to deliberate only on the final one, the FT discloses. The appeal process, expected to take about 18 months, is unlikely to be as high-profile as the original trial because the principal witnesses -- including Mr. Hands and David Wormsley, his former Citigroup adviser -- will not be called to testify, the FT says. EMI is in danger of breaching the terms of its GBP3 billion (US$4.7 billion) of loans from Citigroup unless Terra Firma injects at least GBP100 million of fresh equity after a covenant test in April, the FT states. But investors in Terra Firma say they are unlikely to provide more money, meaning that EMI could default on its debt, the FT notes. This would allow Citigroup to take control of EMI through a debt-for-equity swap and sell it to a rival, such as Warner Music, or BMG Music Publishing, a joint venture between Bertelsmann and Kohlberg Kravis Roberts, according to the FT. As reported by the Troubled Company Reporter-Europe on Nov. 8, 2010, The Financial Times said Citigroup won its courtroom battle with Mr. Hands over the GBP4.2-billion buy-out of EMI in 2007. The FT disclosed a New York jury found unanimously for the bank at the end of a three-week trial that had seen the British private equity investor trade allegations with Mr. Wormsley. On Oct. 21, 2010, the Troubled Company Reporter-Europe, citing the FT, reported that Mr. Hands told a New York court on Oct. 19 that it would not have bid for EMI Group in a 2007 auction had it not been for the alleged advice of a Citigroup banker. The FT disclosed Mr. Hands alleged that Mr. Wormsley encouraged Terra Firma to enter the race for the music company even though the private equity group preferred to avoid auctions. 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. HALLIWELLS: Ex-partners Still "at War" Over GBP3MM Rent Guarantee ----------------------------------------------------------------- Ben Schofield at Liverpool Daily Post reports that former Halliwells partners remain locked in a legal dispute more than six months after the firm plunged into administration. The report relates that the former partners are arguing over who should pick up the cost of a GBP3 million rent guarantee signed by four of the firm's partners for one of its former Manchester offices. An LDP Legal source close to the arbitration revealed around a dozen partners has agreed to settle, but up to 17 remain entrenched, according to Liverpool Daily Post. The report relates the source said that those who have agreed to settle formerly worked at the firm's Spinningfields office, in Manchester. Liverpool Daily Post notes that when news of the dispute first came to light in September last year, a "war" between the partners was predicted, although hopes of an "old English compromise" lingered. The guarantee was signed when the firm vacated its St James Court offices on Manchester's Brown Street in 2005, the report recounts. Two years later, Liverpool Daily Post relates, it moved into Spinningfields. A deal with the property's landlord saw the firm's Manchester-based equity partners pick up a share of a multi-million pound cash windfall, the report says. Liverpool Daily Post discloses that the source told LDP Legal: "Some people have settled, not out of merit but the practicality that they want to get on with their lives. The Spinningfields partners -- the ones that took the massive premium -- they are the ones who have settled. It's the non-Spinningfields who have not settled. Part of it is that if you move out of one premise to another and you take GBP28.4 million, you don't leave a personal liability on your old lease. It's a bit harsh for someone who's not the beneficiary of a transaction to be left with all the detriment." The source said it is yet to be agreed that all the partners are liable for the guarantee, Liverpool Daily Post adds. Halliwells is a law firm based in Manchester. LEO'S: Formally Dissolved 2 Years After Going Into Administration ----------------------------------------------------------------- Lancashire Telegraph reports that Leo's has been formally dissolved, two years after it was placed into administration. The company collapsed in October 2008 and more than 40 people were made redundant, according to Lancashire Telegraph. The report notes that a new firm, Holt's of Cherry Tree, now operates from the premises, while the company founder's sons have opened Carpets and Flooring by Leo in Whalley New Road, Roe Lee. Loe's is a historic Blackburn carpet firm. It was founded by businessman Leo Flood and was based in Preston Old Road, Cherry Tree, for almost 40 years. ROK PLC: Mears Group Acquires Firm's Bristol Arm for GBP1.5-Mil. ---------------------------------------------------------------- Evening Post reports that building firm Mears picked up the Bristol arm of ROK Plc for just GBP1.5 million. The report relates that following ROK Plc went into administration, a big question was left over its contracts with Bristol City Council. The firm was halfway through a GBP37 million deal with the council to refurbish flats in north Bristol and work came to a complete halt on the scheme until Mears stepped in, according to Evening Post. The report relates that it also emerged Mears will take over the contract for maintenance of council flats in Tower Hamlets from Bristol firm Mitie, which previously held the contract across the east London borough. The initial contract covering 21,000 properties is worth GBP60 million over five years, with the option of a further five-year extension, the report notes. Evening Post says that as part of the deal with Bristol City Council, Mears agreed to safeguard the jobs of 100 staff who worked in Bristol. ROK, which had offices in St. Werburgh's and Pill, was halfway through major contracts with Bristol City Council and Merlin Housing Society in South Gloucestershire, Evening Post discloses. Details of the rescue package emerged after Mears made an announcement to the London Stock Exchange, Evening Post cites. ROK Plc -- http://www.rokgroup.com/-- is a holding company of a group of companies providing response maintenance, planned repairs and refurbishment and new build services in the United Kingdom. The Company operates in three segments: response maintenance; planned repairs and refurbishment, and new build. Rok Plc provides a range of plumbing, heating and electrical (PHE) services. The Company's wholly owned subsidiaries include Rok Building Limited, Rok Development Limited, Richardson Projects Limited, LAS Plant Limited, Rok Civil Engineering Limited and Tulloch Transport Limited. * * * As reported by the Troubled Company Reporter-Europe on Nov. 10, 2010, Wiltshire Times said Rok Plc and Rok Building Limited went into administration and Robert Hunt, Michael Jarvis, and Robert Lewis and Jeremy Webb, all of PricewaterhouseCoopers, were appointed as joint administrators. =============== X X X X X X X X =============== * Upcoming Meetings, Conferences and Seminars --------------------------------------------- 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. Valerie U. Pascual, Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante, Ivy B. Magdadaro, Frauline S. Abangan and Peter A. Chapman, Editors. Copyright 2011. All rights reserved. ISSN 1529-2754. 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