/raid1/www/Hosts/bankrupt/TCREUR_Public/110324.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
E U R O P E
Thursday, March 24, 2011, Vol. 12, No. 59
Headlines
B E L G I U M
ONTEX IV: Moody's Assigns 'B1' Corporate Family Rating
ONTEX IV: S&P Assigns 'B+' Long-Term Corporate Credit Rating
C Z E C H R E P U B L I C
SAZKA AS: Board Wants Chairman to File Insolvency Petition
F R A N C E
BELVEDERE SA: Court Approves Seizure of Assets by Hedge Funds
G E R M A N Y
MAX TWO: S&P Reinstates Long-Term Rating on EUR100-Mil. Notes
I R E L A N D
TBS INT'L: PwC Raises Going Concern Doubt, Sees Default
I T A L Y
ARES FINANCE: Fitch Cuts Ratings on Two Classes of Notes to C
WIND TELECOMUNICAZIONI: Moody's Gives Stable Outlook on Ba3 Rating
R U S S I A
INT'L INDUSTRIAL: Moody's Withdraws 'E' Bank Strength Rating
NOTA BANK: Moody's Assigns 'B3' Rating to Senior Unsecured Debt
VIMPELCOM OJSC: Moody's Cuts Corporate Family Rating to 'Ba3'
* S&P Affirms 'BB' Issuer Credit Rating on Russian City of Surgut
U N I T E D K I N G D O M
AUTOQUAKE: In Administration; MCR Seeks Potential Buyers
HENLEY'S RETAIL: Put Into Administration by Parent; 18 Stores Shut
JJB SPORTS: Majority of Landlords, Investors Back CVA Deal
KCA DEUTAG: Has Debt Restructuring Deal with Lenders
PHONES4U FINANCE: Moody's Assigns 'B2' Corporate Family Rating
PHONES4U FINANCE: S&P Assigns 'B+' Corporate Credit Rating
PORT CREDIT: S&P Withdraws 'D' Rating on Series 2006-1 Notes
WHITTLE MOVERS: Put Up for Sale Following Administration
X X X X X X X X
* Upcoming Meetings, Conferences and Seminars
*********
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B E L G I U M
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ONTEX IV: Moody's Assigns 'B1' Corporate Family Rating
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Moody's Investors Service has assigned a B1 corporate family
rating and a B1 probability of default rating to Ontex IV S.A.,
the holding company of Ontex Group. Concurrently, Moody's has
assigned these ratings to notes to be issued by Ontex IV S.A: a
provisional (P)Ba3 rating to the EUR570 million worth of proposed
senior secured notes maturing in 2018; and a (P)B3 rating to the
EUR235 million worth of senior unsecured notes maturing in 2019.
The outlook on the ratings is stable. This is the first time that
Moody's has rated Ontex.
Moody's issues provisional ratings in advance of the final sale of
securities and these ratings reflect the rating agency's
preliminary credit opinion regarding the transaction only. Upon a
conclusive review of the final documentation, Moody's will
endeavor to assign a definitive rating to the debt instruments. A
definitive rating may differ from a provisional rating.
Ratings Rationale
"The assignment of the B1 CFR reflects: (i) Ontex's strong market
position in the production of private-label hygienic disposables;
(ii) its solid relationships with major European retailers and
only moderate customer concentration; (iii) stable market
fundamentals in the low-cyclical discretionary personal care
industry; and (iv) an improved cost base on the back of successful
restructuring and efficiency enhancement initiatives over recent
years," said Anke Rindermann, Moody's lead analyst for Ontex.
"Despite challenging market conditions, tight cost management
enabled Ontex to mitigate negative effects from volume and margin
pressure due to a high level of branded product promotional
activity and inflating input costs recently. Moody's assumes
that, going forward, achieved improvements in operating
profitability can largely be sustained on the back of higher
volumes and improved internal efficiencies," added
Mrs. Rindermann. Moreover, the rating reflects the rating
agency's assumption of a solid liquidity cushion going forward,
including continued positive free cash flow generation.
On a more negative note, the B1 CFR reflects Ontex's highly
leveraged capital structure following the secondary buyout in
June 2010 with initial leverage pro forma the recapitalization in
excess of 5.5x Debt/EBITDA (as adjusted by Moody's), which Moody's
assume will improve over 2011 only gradually. More fundamentally,
the CFR also considers (i) Ontex's limited size relative to its
rated peers and its narrow product focus; (ii) the price-
competitive nature of the industry, with retailers enjoying strong
bargaining power. In addition, input price management is a major
challenge as only a minor proportion of Ontex's contracts contain
automatic pass-through mechanisms, leaving the company exposed to
individual negotiations with its customers. Moreover, the
company's strategy to expand into higher-growth emerging markets
through both organic growth and potential opportunistic
acquisitions could delay further improvements in its credit
metrics.
The stable outlook incorporates Moody's expectation that Ontex
will continue to implement margin-enhancing initiatives and will
conduct a prudent investment policy to generate further growth.
In the rating agency's view, this should result in gradually
improving credit metrics as indicated by leverage moving to around
5.5x debt/EBITDA per year end 2011 and towards 5 times over 2012.
In addition, Moody's assume that, if the bonds are issued, Ontex
will have an adequate liquidity profile, including moderate
breakeven free cash flow generation and preserves flexibility
under its financial covenant. The stable outlook also reflects
Moody's expectation that Ontex will restrict its efforts to grow
to capex spending of around 2-3% of sales and potential bolt-on
acquisitions.
The rating would likely encounter upward pressure if the company
were to manage to improve and sustain leverage, in terms of
debt/EBITDA, below 4.5x on the back of (i) further profitability
improvements, such as EBITA margins approaching the mid-double
digits on a sustainable basis; and (ii) continued positive free
cash flow generation, to be applied to the reduction of net debt.
The rating could come under negative pressure if: (i) Ontex's
leverage, in terms of debt/EBITDA, were to remain materially above
5.5x; (ii) its free cash flow were to enter negative territory; or
(iii) the company's profitability were to decline, reflected by
EBITA margins falling into single digits.
The proposed notes issuance is intended to refinance bank loans
and a vendor payment-in-kind (PIK) note, which were put in place
in June 2010 following the secondary buyout by funds controlled by
Goldman Sachs and TPG.
Moody's has assigned a (P)Ba3 (loss-given default (LGD) 3, 38%)
instrument rating to Ontex's EUR570 million worth of proposed
senior secured notes. The issuer, Ontex IV S.A., is a holding
company under Luxembourg law and the ultimate holding company of
the restricted group. The instrument rating is one notch above
the B1 CFR, reflecting Moody's expectation of a relatively higher
recovery rate in a distress scenario, given that the instrument is
secured by a pledge on the majority of the company's tangible
assets. In addition, the senior secured notes will benefit from
upstream guarantees of operating subsidiaries that account for at
least 85% of the company's consolidated sales, EBITDA and gross
assets, which ensures proximity to operating cash flows. Moody's
has assigned a (P)B3 (LGD 5, 89%) rating the EUR235 million worth
of senior unsecured notes to be issued by Ontex IV S.A., given
that these notes do not benefit from any tangible collateral and
that guarantees by the majority of operating subsidiaries will be
granted only on a subordinated basis.
Ontex's bank debt relating to a EUR50 million super priority
revolving credit facility will rank ahead of the company's senior
secured notes in an enforcement scenario. In addition, Ontex's
capital structure includes a smaller amount of lease claims and
claims related to pension obligations, which rank pari passu with
the proposed senior unsecured notes in the company's debt
structure.
Assignments:
Issuer: Ontex IV S.A.
-- Probability of Default Rating, Assigned B1
-- Corporate Family Rating, Assigned B1
-- Senior Secured Regular Bond/Debenture, Assigned a range of 38
- LGD3 to (P)Ba3
-- Senior Unsecured Regular Bond/Debenture, Assigned a range of
89 - LGD5 to (P)B3
Ontex, based in Zele, Belgium, is the market-leading manufacturer
of private-label hygienic disposables in Europe, with products
including baby diapers, adult incontinence products and femcare.
With 12 production facilities in seven countries, the company
generated revenues of approximately EUR1.2 billion in 2010.
Following the secondary buyout from Candover, Ontex's majority
shareholders are a consortium of funds controlled by Goldman Sachs
and TPG.
ONTEX IV: S&P Assigns 'B+' Long-Term Corporate Credit Rating
------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'B+'
long-term corporate credit rating to Belgium-based supplier of
hygienic disposable products Ontex IV S.A. The outlook is stable.
At the same time, S&P assigned its 'B+' long-term issue rating to
Ontex's proposed EUR570 million senior secured bond maturing in
2018. S&P assigned a recovery rating of '4' to this bond,
indicating its expectation of average (30%-50%) recovery prospects
in the event of a payment default.
In addition, S&P assigned its 'B-' long-term issue rating to
Ontex's proposed EUR235 million senior unsecured bond maturing in
2019. S&P assigned a recovery rating of '6' to this bond,
indicating S&P's expectation of negligible (0%-10%) recovery
prospects in the event of payment default.
The issue and recovery ratings on the proposed bonds are based on
preliminary information and are subject to the successful issuance
of these instruments and S&P's satisfactory review of the final
documentation. In the event of any changes to the amount, terms,
or conditions of the bonds, the issue and recovery ratings might
be subject to further review.
"The rating on Ontex reflects S&P's view of its highly leveraged
financial risk profile following its initial leveraged buyout and
subsequent refinancings in 2007 and 2010," said Standard & Poor's
credit analyst Hina Shoeb.
"The rating also reflects S&P's view of Ontex's satisfactory
business risk profile, which is supported by the group's leading
position in the niche private-label market for hygienic disposable
products in Europe, and its good cash-generation capacity," added
Ms Shoeb. ONV TOPCO N.V., which is the parent company of the
Ontex group, had EUR22 million in cash as of Dec. 31, 2010.
These supports are mitigated by the fact that Ontex's turnaround n
profitability has been relatively recent, and that Ontex remains
heavily exposed to commodity costs. Additionally, Ontex has
relatively high leverage, with Standard & Poor's-adjusted total
debt to EBITDA of 4.7x on Dec. 31, 2010.
In S&P's view, Ontex's ability to generate healthy FOCF should
provide the group with sufficient financial flexibility to
maintain its debt protection metrics at levels S&P considers
commensurate with the 'B+' rating. S&P define these metrics as an
adjusted ratio of debt to EBITDA of less than 5x and adjusted
interest coverage of more than 2x.
S&P estimates adjusted debt to EBITDA (as per its criteria, fully
adjusted for pension and operating leases) of about 5x in 2010,
which is commensurate with the current rating. A potential
upgrade would likely be consistent with adjusted debt to EBITDA of
less than 4x. S&P could consider taking a negative rating action
if Ontex were to increase its leverage materially, which could
come from an increase in dividends to shareholders or from
acquisitions.
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C Z E C H R E P U B L I C
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SAZKA AS: Board Wants Chairman to File Insolvency Petition
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CTK, citing server iHNed.cz, reports that the board of Sazka AS
said the company is in insolvency and asked its chairman Ales
Husak to file an insolvency petition on the firm or join the
previous one filed by deputy chairman Roman Jecminek.
According to CTK, Tomas Kral, a representative of the company's
majority shareholder Czech Sports Association (CSTV), told the
server "Sazka's situation has worsened so much over the past two
weeks that the board of directors stated the firm is in insolvency
after being submitted information about its economic performance."
CTK relates that iHNed.cz said Mr. Husak has sent a letter to
employees in which he says he expects a decision about Sazka's
insolvency will be made soon. Mr. Husak said in the letter that
Sazka will also try to renew lottery activity, including the
payout of prize money, and cooperation with mobile operators, CTK
notes.
The City Court in Prague is to decide about Sazka's insolvency on
April 21, CTK discloses. But the court's spokeswoman Martina
Lhotakova said the decision could be made earlier if Mr. Husak
filed an insolvency petition or joined the petition filed by
Mr. Jecminek, according to CTK.
The court has also summoned Messrs. Husak and Jecminek for
examination on March 25 and asked them to supply documents about
Sazka's economic situation, CTK states.
As reported by the Troubled Company Reporter-Europe, CTK said
Sazka face two insolvency petitions at present. One of them filed
by KKCG, the other by entrepreneur Radovan Vitek, who claims to be
Sazka's biggest creditor, CTK noted.
Sazka AS is a provider of lotteries and sport betting games in the
Czech Republic.
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F R A N C E
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BELVEDERE SA: Court Approves Seizure of Assets by Hedge Funds
-------------------------------------------------------------
Heather Smith at Bloomberg News reports that Belvedere SA Chief
Executive Officer Jacques Rouvroy and his deputy Christophe
Trylinski lost an appeals court bid to recover shares in the
company seized by hedge funds in June.
Hedge fund firms Maple Leaf Capital LLP and Astin Capital
Management Ltd. may get as much as EUR15 million (US$21.3 million)
from the men under Tuesday's ruling by an appeals court in Dijon,
France, Bloomberg says, citing a lawyer for the funds.
"It is a question of weeks until they are out of Belvedere's
capital structure," Bloomberg quotes Fabrice Marchisio, a lawyer
for the funds. The shares have been frozen pending the appeals
court decision, Bloomberg notes.
The Maple Leaf funds seized the shares, which directly and
indirectly account for about 15.5% of Belvedere's share capital,
Bloomberg relates. They were executing a 2009 ruling by the High
Court in London ordering the men to compensate the funds for
losses incurred on stock options they had subscribed to in
exchange for financing the executives' efforts to regain control
of the beverage company in 2007, Bloomberg discloses.
As reported by the Troubled Company Reporter-Europe on Dec. 15,
2010, Bloomberg News said Belvedere made a preliminary payment to
bondholders of EUR23 million (US$30.8 million) and postponed its
sale of units including Marie Brizard and Polish distributors,
which had been part of its court-approved bankruptcy recovery
plan. Belvedere's recovery plan was approved in November 2009,
detailing steps including asset sales, Bloomberg disclosed. The
company bought Marie Brizard, whose brands include Old Lady's Gin
and Tullamore Dew Whiskey, in 2005, in part by issuing Floating
Rate Notes, according to Bloomberg. Bloomberg said that Belvedere
violated terms of the notes, which led it to file for court
protection from creditors.
Belvedere SA -- http://www.belvedere.fr/-- is a France-based
company engaged in the production and distribution of beverages.
The Company's range of products includes vodka and spirits, wines,
and other beverages, under such brands as Sobieski, William Peel,
Marie Brizard, Danzka and others. Belvedere SA operates through
its subsidiaries, including Belvedere Czeska, Belvedere
Scandinavia, Belvedere Baltic, Belvedere Capital Management,
Sobieski SARL and Sobieski USA, among others. It is present in a
number of countries, such as Poland, Lithuania, Bulgaria, Denmark,
France, Spain, Russia, Ukraine, the United States and others. In
addition, the Company holds a minority stake in Abbaye de
Talloires, involved in the hotel and wellness center.
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G E R M A N Y
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MAX TWO: S&P Reinstates Long-Term Rating on EUR100-Mil. Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it reinstated its
long-term foreign currency issue rating on the EUR100 million
senior secured notes due 2024 issued by the wind power project
vehicle Max Two Ltd. Following the reinstatement, S&P lowered the
issue rating on the notes to 'B-' from 'BB-' and placed it on
CreditWatch with negative implications.
"The rating reinstatement follows S&P's receipt of sufficient
operating information on the project," said Standard & Poor's
credit analyst Grace Drinker. "The subsequent downgrade reflects
S&P's view that MTL's financial performance remains weak because
of significantly lower-than-projected revenues in 2009 and 2010."
Based on information provided by the wind park's operator,
EnergieKontor, S&P understands that revenues suffered because of a
weak wind resource, over which the project has no control, at the
portfolio's German wind parks. The consequent revenue volatility
from the wind farms caused MTL's cash flows to be materially lower
than projected in 2009-2010.
The CreditWatch placement reflects S&P's view regarding the lack
of a current auditor's opinion on the project's financial
situation. S&P anticipate the receipt of sufficient financial
information in due course.
MTL is a special-purpose vehicle that issued the notes to finance
the Breeze One wind power project. MTL used a portion of the
issuance proceeds to provide senior loans to five wind farms in
Germany and three in Portugal. MTL also provided subordinated
loans to one of the Portuguese wind farms and to the Tandem 1 and
Tandem 2 wind farms in Germany. The notes are serviced by loan
payments from the individual wind farms. The wind farm loans are
not cross-collateralized and therefore the lowest of the ratings
on the wind farm loans determines the rating on the notes. The
senior loans to the wind farms are supported by six-month debt-
service reserve accounts, with some held at MTL and some held at
the respective wind farms. The subordinated loans are supported
by an 18-month DSRA held at MTL.
S&P has not yet received audited financial statements for 2009 and
2010 confirming the project's status as a going concern, although
S&P understands that this is the case. Therefore, among other
things, the balance of equity in the project is currently unknown.
S&P aims to review the CreditWatch placement on the receipt of
both the audited financial statements and the independent
auditor's opinion, which S&P expects to receive in due course. If
the auditor's opinion raises concerns about the going-concern
status of the project, then this may lead to us lower the issue
rating on the project. If, however, positive or neutral opinions
are received, then S&P is likely to revise the outlook to stable.
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I R E L A N D
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TBS INT'L: PwC Raises Going Concern Doubt, Sees Default
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TBS International PLC filed with the U.S. Securities and Exchange
Commission its annual report on Form 10-K reporting a net loss of
US$247.76 million on US$411.83 million of total revenue for the
year ended Dec. 31, 2010, compared with a net loss of US$67.04
million on US$302.51 million of total revenue during the prior
year.
The Company's balance sheet at Dec. 31, 2010, showed US$686.32
million in total assets, US$389.45 million in total liabilities
and US$296.87 million in total stockholders' equity.
PricewaterhouseCoopers LLP expressed substantial doubt about the
Company's ability to continue as a going concern. PwC believes
that the Company will not be in compliance with the financial
covenants under its credit facilities during 2011, which under the
agreements would make the debt callable. According to PwC, this
has created uncertainty regarding the Company's ability to fulfill
its financial commitments as they become due.
A full-text copy of the Annual Report is available for free at:
http://is.gd/SBWvzZ
About TBS International plc
Dublin, Ireland-based TBS International plc (NASDAQ: TBSI)
-- http://www.tbsship.com/-- provides worldwide shipping
solutions to a diverse client base of industrial shippers through
its Five Star Service: ocean transportation, projects, operations,
port services and strategic planning. The TBS shipping network
operates liner, parcel and dry bulk services, supported by a fleet
of multipurpose tweendeckers and handysize/handymax bulk carriers,
including specialized heavy-lift vessels and newbuild tonnage.
TBS has developed its franchise around key trade routes between
Latin America and China, Japan and South Korea, as well as select
ports in North America, Africa, the Caribbean and the Middle East.
As reported in the TCR on Feb. 8, 2011, TBS International said it
had entered into amendments to its credit facilities with all of
its lenders, including AIG Commercial Equipment, Commerzbank AG,
Berenberg Bank and Credit Suisse and syndicates led by Bank of
America, N.A., The Royal Bank of Scotland plc and DVB Group
Merchant Bank. The amendments restructure the Company's debt
obligations by revising the principal repayment schedules under
the Credit Facilities, waiving any existing defaults, revising the
financial covenants, including covenants related to the Company's
consolidated leverage ratio, consolidated interest coverage ratio
and minimum cash balance, and modifying other terms of the Credit
Facilities.
The Company said it expects to be in compliance with all financial
covenants and other terms of the amended Credit Facilities through
maturity.
As a condition to the restructuring of the Company's credit
facilities, three significant shareholders who also are key
members of TBS' management agreed on Jan. 25, 2011, to provide up
to US$10 million of new equity in the form of Series B Preference
Shares and deposited funds in an escrow account to facilitate
satisfaction of this obligation. In partial satisfaction of this
obligation, on Jan. 28, 2011, these significant shareholders
purchased an aggregate of 30,000 of the Company's Series B
Preference Shares at US$100 per share directly from TBS in a
private placement.
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I T A L Y
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ARES FINANCE: Fitch Cuts Ratings on Two Classes of Notes to C
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Fitch Ratings has downgraded Ares Finance 2 S.a.'s class D and E
floating-rate notes, due July 2011, and assigned Recovery Ratings:
-- EUR25.0 million class D (XS0134905206): downgraded to 'C'
from 'B'; 'RR5' assigned
-- EUR65.0 million class E (XS0134905545): downgraded to 'C'
from 'CC'; 'RR6' assigned
The downgrade reflects the further weakening in collections
performance, as of January 2011, which is expected to result in a
failure to repay the outstanding notes by the legal final maturity
in July 2011. During H210, gross recoveries were EUR6.5 million,
the lowest level since transaction closing in December 2001.
Total cumulative gross collections as of December 2010 were
EUR680.8 million.
Although Fitch believes that the portfolio will continue to
generate some recoveries after July 2011, the agency considers
legal bond maturity in its rating analysis. Moreover, it is
unclear whether noteholders will have any further claims against
the collateral after this date. Fitch recognizes that note
maturity extension is currently being explored by the trustee.
Delays between the final resolution of claims in the distribution
phase and the actual receipt of collections by the servicer
compound the risk of default for the remaining investors.
Approximately EUR11 million from positions with full court
resolution are currently either deposited in tribunal accounts or
pending payment of the auction price. Fitch notes that the
distribution process has been remarkably inefficient throughout
the life of the transaction, which has slowed down the repayment
of the notes, while increasing work-out expenses, including
servicer, legal and asset manager fees. In the last collection
period, net recoveries available for distribution after senior
fees (EUR2.5 million) were EUR4.0 million.
Although the bulk of the outstanding portfolio by gross book value
is in the distribution phase, 51% by GBV consists of claims on
bankrupt borrowers, for which the recovery process is generally
even more protracted. Moreover, the delayed resolution of many
claims at an advanced legal stage reflects the generally slower
processing time for tribunals in central and southern Italy.
Ares Finance 2 S.a. is a securitization of a portfolio of Italian
nonperforming loans serviced and managed by Societa Gestione
Crediti S.r.l./Archon Group Italia S.r.l. ('RSS2+'/'CSS2+'). As
of January 2011, the outstanding portfolio consisted of 2,186
unresolved claims with a total GBV of EUR606.9 million. At
closing, the GBV of the pool was EUR1,287.8 million. The pool is
mainly located in central and southern Italy (44% and 33% by GBV,
respectively) and primarily consists of residential claims (49% by
GBV).
WIND TELECOMUNICAZIONI: Moody's Gives Stable Outlook on Ba3 Rating
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Moody's Investors Service has changed the outlook on the ratings
of Wind Telecomunicazioni S.p.A. (Ba3 corporate family rating) to
stable from developing.
This follows the announcement by VimpelCom Ltd that (i) its
shareholders had approved the acquisition of Wind Telecom S.p.A
(formerly "Weather Investments"), the 100% owner of Wind; together
with the share issuance and capital increase needed to complete
the acquisition; and (ii) all regulatory approvals had been
received.
The change in outlook to stable reflects the benefits to Wind of
being part of a more stable, diversified and financially sound
telecoms group. It also incorporates Moody's expectation that
Wind will retain its current capital structure, with its
associated ring-fencing mechanisms. Moody's notes that as part of
the consideration related to the planned spin-off of Wind's
assets, VimpelCom will compensate Wind Italy with US$300 million
in cash; and Moody's understands that such proceeds will be
retained within the restricted Wind group.
Moody's also expects that Wind's management will continue to
pursue its current business strategy within the Italian telecom
market. The rating agency notes that Wind performed well in 2010,
with slight gains in mobile and broadband subscriber shares and an
overall positive -- albeit low -- growth in revenue and EBITDA.
At the same time, Moody's believes that Wind's financial leverage
remains relatively high within the Ba3 rating category -- around
4.8x adjusted debt/EBITDA -- with limited free cash flow
generation and de-leveraging prospects over the medium term.
Moody's last rating action on Wind was implemented on 7 January
2011, when the rating agency assigned a definitive Ba2 rating to
the company's EUR3.9 billion worth of senior secured credit
facilities, including an undrawn EUR400 million revolving credit
facility. Concurrently, Moody's assigned a Ba2 rating to the
EUR2.7 billion (issued in euros and US$) worth of senior secured
notes due in 2018, issued by Wind Acquisition Finance S.A.
Based in Italy, Wind Telecomunicazioni S.p.A is the country's
leading integrated telecoms operator, active in the wireless
market, the fixed-line voice, broadband and data services markets
and the internet services market, including narrowband and portal
services. The company's mobile business is the third-largest in
Italy based on the number of subscribers. Wind is Italy's second-
largest fixed-line operator in terms of revenue, and the country's
second-largest broadband provider, ranking behind Telecom Italia.
In the nine months to September 2010, Wind reported revenues of
EUR4.4 billion (up 3% y-o-y) and EBITDA of EUR1.6 billion (up 2%
y-o-y).
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R U S S I A
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INT'L INDUSTRIAL: Moody's Withdraws 'E' Bank Strength Rating
------------------------------------------------------------
Moody's Investors Service has withdrawn these ratings of
International Industrial Bank as the bank is in liquidation mode:
-- Bank financial strength rating of E
-- The long-term and short-term foreign and local currency
deposit ratings of C/Not Prime
-- The long-term foreign currency debt rating of C assigned to
the EUR400 million Loan Participation Notes issued on
a limited-recourse basis by IIB Luxembourg S.A.
Moody's withdrawal of IIB's BFSR, deposit and debt ratings follows
the withdrawal of IIB's banking license by the Central Bank of
Russia on Oct. 5, 2010, and the current liquidation process of the
bank.
Moody's rated IIB's EUR400 million LPNs and, as of the date of
this Press Release, IIB remains in default on these obligations.
Moody's notes that it will no longer maintain a rating coverage or
publish research on these LPNs.
Moody's most recent rating action on IIB was on Oct. 8, 2010, when
the rating agency downgraded the bank's long-term local and
foreign currency debt and deposit ratings to C from Caa2. At that
time, the bank's E BFSR and Not Prime short-term local and foreign
currency deposit ratings were affirmed.
Domiciled in Moscow, Russia, International Industrial Bank
reported total unaudited unconsolidated assets of RUB120 billion,
according to local accounting standards, as at September 2010.
NOTA BANK: Moody's Assigns 'B3' Rating to Senior Unsecured Debt
---------------------------------------------------------------
Moody's Investors Service has assigned B3 long-term global local
currency debt rating to Nota Bank's senior unsecured debt. The
rating carries a stable outlook. Any subsequent senior debt
issuance by Nota Bank will be rated at the same rating level
subject to there being no material change in the bank's overall
credit rating.
Nota-bank's senior unsecured local currency debt rating of B3 was
assigned to these debt instruments:
-- RUB1 billion Senior Unsecured Regular Bonds with maturity of
728 days
Rating Rationale
The assigned rating is in line with Nota Bank's global local
currency deposit rating, which is, in turn, based on the bank's E+
BFSR (mapping to a baseline credit assessment of B3). Moody's
explains that the rating does not incorporate any expectation of
systemic or shareholder support for Nota Bank in case of need.
According to Moody's, Nota Bank's ratings are constrained by the
bank's narrow market franchise, material single-name concentration
in the bank's loan portfolio and concerns about the quality of the
bank's rapidly augmented loan book. At the same time, the rating
agency notes Nota Bank's good recurring profitability supported by
healthy net interest margin, solid liquidity cushion and adequate
capitalization.
Headquartered in Moscow, Russia, Nota Bank reported total assets
of RUB31 billion and net income of RUB600 million according to
Russian Accounting Standards (unaudited) at year-end 2010.
VIMPELCOM OJSC: Moody's Cuts Corporate Family Rating to 'Ba3'
-------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating, probability of default rating and senior unsecured rating
of OJSC VimpelCom to Ba3 from Ba2 following the announcement by
VimpelCom Ltd that (i) its shareholders had approved the
acquisition of Wind Telecom S.p.A (formerly "Weather
Investments"), the majority owner of Orascom Telecom; together
with the share issuance and capital increase needed to complete
the acquisition; and (ii) that regulatory approvals had been
received. The completion of the transaction remains subject to
certain conditions precedent, such as arrangement of funding for
the transaction, and is expected to occur in the first half of
2011.
The outlook on the ratings is stable.
Ratings Rationale
The action completes a review for downgrade undertaken by Moody's
following the announcement of the contemplated transaction in
October 2010. The downgrade was triggered by the weakening in
Vimpelcom's financial risk profile resulting from the increase in
leverage above the benchmark originally established for
Vimpelcom's Ba2 rating category at 2.0x measured as Debt/Ebitda on
an adjusted basis. The action also reflects Moody's concerns
regarding the integration and execution risk given the potential
complexity of a business combination of such magnitude.
Moody's advises that the increase in leverage above 3.0x measured
as Debt/Ebitda on an adjusted basis would exert further downward
pressure on the ratings; whereas deleveraging to below 2.0x
alongside positive developments in the business profile would, on
the other hand, support upgrade considerations.
Moody's will monitor VimpelCom's progress on the transaction with
a focus to assessing the changes to the business profile and
capital composition of the company post-combination and to
determining the appropriate structural positioning of the
corporate family rating within the emerging group following
completion.
Moody's previous rating action on VimpelCom was implemented on
Feb. 17, 2011, when the rating agency assigned a definitive Ba2
rating to VIP Finance Ireland Limited's new notes.
Headquartered in Moscow, Russia, VimpelCom OJSC is a leading
Russian telecommunications operator, providing voice and data
services through a range of wireless, fixed and broadband
technologies. VimpelCom is the third-largest mobile operator in
Russia, one of the leading operators in Kazakhstan and has a
presence in Ukraine, Uzbekistan, Tajikistan, Armenia, Kyrgyzstan
and Georgia. In 2009, the company launched operations in Vietnam
and Cambodia. Following the acquisition of the leading Russian
altnet, Golden Telecom, in early 2008, VimpelCom became one of
Russia's largest integrated nationwide telecommunications
providers. In 2009, VimpelCom OJSC generated approximately US$8.7
billion in revenues and US$4.3 billion in reported EBITDA.
* S&P Affirms 'BB' Issuer Credit Rating on Russian City of Surgut
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised its
outlook on the Russian City of Surgut to positive from stable and
affirmed the 'BB' long-term issuer credit and 'ruAA' Russia
national scale ratings.
"The outlook revision follows Surgut's demonstrated continuity of
prudent budgetary and debt policies, as well as the improved
clarity of financial relations with Khanty-Mansiysk Autonomous
Okrug under the okrug's new leadership," said Standard & Poor's
credit analyst Karen Vartapetov.
The ratings on Surgut are constrained by the city's stagnating
economy, low fiscal flexibility and predictability, heavy
dependence on transfers from Khanty-Mansiysk Autonomous Okrug
(BBB-/Positive/--; Russia national scale 'ruAAA'), and by KMAO's
and its regional economies' high concentrations on the oil
industry, which is dominated by OJCS Surgutneftegas (not rated).
Surgut's low debt burden, high wealth levels, better
infrastructure quality than the Russian average, and its competent
and prudent management help mitigate the rating constraints.
The positive outlook reflects S&P's expectation that despite
modest revenue growth, Surgut management's efforts to control
expenditure dynamics will likely result in better-than-currently-
budgeted financial performance in 2011-2012. It also incorporates
the assumption that the city will maintain a low debt burden and
that its liquidity position will not deteriorate significantly.
"S&P's scenario for ratings upside assumes Surgut's liquidity
position improves in 2011 in the context of comfortable budgetary
performance or management's implementation of policies to mitigate
budget volatility caused by high economic concentrations," said
Mr. Vartapetov.
Ratings downside could result if the operating balance dipped into
the red in 2011 or if debt service increased by more than S&P
expect, putting additional pressure on Surgut's liquidity
position.
===========================
U N I T E D K I N G D O M
===========================
AUTOQUAKE: In Administration; MCR Seeks Potential Buyers
--------------------------------------------------------
According to Business Sale Report's Catherine Deshayes, Autoquake
filed for administration on March 17.
Business Sale Report relates that the company has appointed
Matthew Bond and Jason Godefroy of MCR to take care of the
administration process. The administrators are said to be looking
for a buyer with significant experience in motor trading, Business
Sale Report notes.
Autoquake is an online used car retailer.
HENLEY'S RETAIL: Put Into Administration by Parent; 18 Stores Shut
------------------------------------------------------------------
Kat Baker at PropertyWeek reports that Henleys on Tuesday shut its
18 stores citing poor trading and difficult leases, and put its
retail subsidiary Henley's Retail into administration.
PropertyWeek relates that Tom Jack and Simon Allport of Ernst &
Young have been appointed joint administrators of Henley's Retail.
Henleys had 15 standalone and three outlets operating under the
Henley's Retail company, PropertyWeek discloses.
According to PropertyWeek administrator Tom Jack, said, "Henleys
Retail Ltd has been suffering from poor trading conditions due to
fragile consumer confidence, coupled with high lease contracts
which were agreed at the height of the property market."
Henley's Retail is a fashion retailer.
JJB SPORTS: Majority of Landlords, Investors Back CVA Deal
----------------------------------------------------------
Peter Woodifield at Bloomberg News reports that JJB Sports Plc
said most of its landlords and investors voted in favor of a plan
to revise lease terms to prevent the company from failing.
According to Bloomberg, JJB said in separate statements on Tuesday
that more than 96% of JJB's unsecured creditors voted in favor of
the so-called company voluntary arrangements.
Bloomberg relates that investors approved with 99% support a
switch in the company's listing to London's Alternative Investment
Market next month.
The approval of the landlords, the company's main creditors, means
JJB will avoid going into administration, which would have meant
property companies such as British Land Co. and Hammerson Plc
(HMSO) recovering only 1.1% of their debts, Bloomberg says, citing
KPMG consulting company, JJB's adviser.
JJB said on March 3 that the agreements include lower rents and
longer payment periods, Bloomberg recounts. Bloomberg says
according to KPMG estimates, the terms may enable the company to
close 89 stores by April 2013. Bloomberg notes landlords may only
get 25% of what they are owed, according to KPMG estimates.
According to Bloomberg, the British Property Federation said in an
e-mailed statement on Tuesday the landlords' support will save
more than 6,100 jobs at JJB.
JJB Sports plc (JJB Sports) is a sports retailer supplying branded
sports and leisure clothing, footwear and accessories. JJB Sports
is a high street sports retailer, with 250 stores in the United
Kingdom and Eire. It provides a range of products covering United
Kingdom sports. The Company stocks all its sports brands,
supported by its own-brand and exclusive ranges. The Company's
segment includes the Company's retail operations, including any
retail stores, which are attached to fitness clubs. The Company
operates in two geographic segments: the United Kingdom and Eire.
The Company's subsidiaries include Blane Leisure Limited, Sports
Division (Eireann) Limited, Golf TV Limited, TV Sports Shop
Limited, Original Shoe Company Limited and Qubefootwear Limited.
The Company sold its fitness club operations on March 25, 2009.
KCA DEUTAG: Has Debt Restructuring Deal with Lenders
----------------------------------------------------
Patricia Kuo at Bloomberg News reports that Pamplona Capital
Management LLP reached an agreement with lenders of its Scottish
oil-service drilling firm KCA Deutag Drilling Group Ltd. to
restructure more than US$2 billion of loans.
Bloomberg relates that three people familiar with the situation
said that KCA's junior lenders including BlackRock Inc., the
world's largest asset-management firm, will write off US$500
million of debt, representing all their holdings, in exchange for
more than 50% of the company's shares. According to Bloomberg,
the people said KCA will prepay US$300 million of its loans and
shareholders will inject US$250 million of equity as working
capital.
Bloomberg notes that the people said KCA will increase the
interest margins on about US$1.6 billion of senior loans by 75
basis points and pay a 100 basis-point fee for lenders to loosen
the debt covenants.
As reported by the Troubled Company Reporter-Europe, the FT said,
burdened with more than US$2 billion (GBP1.25 billion) debt, the
company has struggled to respect its loan covenants, especially
since the BP oil spill in the Gulf of Mexico caused delays to new
oil rigs and hit earnings.
KCA DEUTAG Drilling Limited is a major land driller with more than
60 land rigs operating worldwide and is the largest offshore
drilling contractor in the UK sector of the North Sea. KCA DEUTAG
has more than 30 offshore platforms and 10 mobile offshore
drilling rigs (including jackups) in the North Sea, the Caspian
Sea, Angola and Sakhalin. It is also active in the Middle East,
Africa and Asia. Not just a contractor, it also designs,
engineers, and constructs platform rigs. KCA DEUTAG delivers rigs
primarily to large international operators in the oil and gas
industry. The company is a subsidiary of Abbot Group, a major UK-
based oil field services concern. It is based in Aberdeen,
Scotland.
PHONES4U FINANCE: Moody's Assigns 'B2' Corporate Family Rating
--------------------------------------------------------------
Moody's Investors Service has assigned a corporate family rating
and Probability of Default Rating of B2 to Phones4u Finance plc.
Moody's has also assigned a (P)Ba2 to the senior secured GBP125
million revolving credit facility maturing in 2017as well as a
(P)B3 to the proposed 7-year GBP430 million senior secured notes.
The outlook on the ratings is stable.
Ratings Rationale
This is the first time that Moody's has assigned ratings to
Phones4u. The ratings reflect Phones4u's leading position in the
UK market for mobile phones and related financial services, in
particular for products aimed at the youth market. The company
operates 510 stores in the UK, and distributes mobile phone
connections and handsets on behalf of the major original
electronic manufacturers as well as network operators. Phones4u
also retains a strong position in the UK for mobile phone
insurance and related bundled products, with the service having
begun in 2000 initially under its own name. The ratings are
constrained by the company's relatively small scale, with 2010
revenues of GBP912 million, and Moody's view that the company
remains exposed to discretionary spending in a difficult trading
environment, as well as the relative concentration of mobile
network service providers whose products Phones4u markets.
The company's liquidity post refinancing is expected to remain
strong, based on the expected availability at the close of the
transaction of GBP75 million under its GBP125 million committed
revolving credit facility, and GBP3 million in cash. The
company's liquidity is supported by its positive free cash flow
generation in recent years, although with significant swings. The
RCF contains two financial covenants for leverage and interest
cover, which Moody's believes provide headroom for a significant
weakening in earnings.
The company's debt capital structure consists principally of the
senior secured RCF, and the proposed secured notes. The notes are
issued at Phones4u Finance plc, the parent holding company for
MobileServ Limited, which is the owner of the operating
subsidiaries and also a borrower of the revolving credit facility.
Under the terms of an Intercreditor agreement, the RCF and the
proposed secured notes retain the same security interest over 85%
of assets and EBITDA of the group, although in a recovery
scenario, the security will be applied to first to satisfy fully
the claims of the RCF lenders, followed by those of the senior
secured note-holders. On the basis of this structural
subordination, the RCF is rated (P)Ba2 (LGD1), three notches above
the CFR, while the notes are rated (P)B3 (LGD4).
On a pro forma basis for the transaction, and based on underlying
EBITDA reported in 2010, Moody's estimates gross adjusted leverage
to be c.4.8x. The stable outlook factors in the rating agency's
expectation that this metric will remain below 5x over the medium
term. The ratings also factor in sustained positive free cash
flow generation and a strong liquidity profile. In this regard,
the rating and outlook would require the positive trend in 2010 to
be sustained. Upward pressure on the rating or outlook could
occur if the leverage metric were to trend below 4x. Conversely,
downward pressure on the rating or outlook could occur if leverage
were to be sustained above 5x, or if concerns were to develop
about liquidity.
Moody's issues provisional ratings in advance of the final sale of
securities and these ratings reflect Moody's preliminary credit
opinion regarding the transaction only. Upon a conclusive review
of the final documentation, Moody's will endeavor to assign a
definitive rating to the notes. A definitive rating may differ
from a provisional rating.
Phones4u is a leading UK supplier of mobile phones and broadband
services, as well as mobile phone insurance and other niche
insurance products and services. In 2010 the company generated
GBP912 million in revenues and reported GBP130 million in
underlying EBITDA.
PHONES4U FINANCE: S&P Assigns 'B+' Corporate Credit Rating
----------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its
preliminary 'B+' long-term corporate credit rating to U.K.-based
mobile phone retailer Phones4u Finance PLC. The outlook is
stable.
At the same time, S&P assigned a preliminary issue rating of 'BB'
and a preliminary recovery rating of '1' to Phones4u's GBP125
million super senior revolving credit facility. In addition, S&P
assigned a preliminary issue rating of 'B+' and a preliminary
recovery rating of '3' to the company's œ430 million senior
secured notes.
"The ratings on Phones4u reflect S&P's assessment of the company's
financial risk profile as aggressive following its proposed
acquisition by BC Partners," said Standard & Poor's credit analyst
Chris Meyer. "After the successful closing of the proposed
acquisition, S&P anticipate that Phones4u will have consolidated
gross financial debt of about GBP480 million."
S&P sees Phones4u's financial structure as aggressive in the
context of the company's business risk profile, which S&P
considers to be weak. This reflects S&P's view of the company's
position as one of the two largest independent retailers in the
mature, but highly competitive, U.K. mobile phone market. The
market is characterized, in S&P's opinion, by volatile demand due
to its dependency on discretionary consumer spending. This risk
is further aggravated by the inherent revenue volatility from
ongoing innovation in mobile devices; retailers' ability to access
the latest devices; and Phones4u's dependency on maintaining
strong relationships with mobile telecommunications companies.
Mitigating Phones4u's weak business risk profile and relatively
high leverage are, in S&P's view, the company's low capital-
intensive business model and capacity to generate free cash flow.
In S&P's view, over the coming year, Phones4u's cash generation
capacity will enable it to sustain a Standard & Poor's-adjusted
debt-to-EBITDA ratio of at least 4.0x-4.5x by the end of 2011.
All else being equal, S&P thinks that a 100 basis-point decline in
the company's EBITDA margin would increase adjusted debt to EBITDA
by about 0.3x.
The ratings exclude the potential for post-transaction
releveraging, for example, through the take-out of common equity
through debt-equivalent instruments in the proposed capital
structure. In particular, S&P could lower the ratings if
additional debt or adverse operating developments were to affect
cash flow generation and cause the company's adjusted debt to
EBITDA to exceed 5.0x.
S&P could raise the ratings if, based on significantly better-
than-anticipated operating conditions, adjusted debt to EBITDA
were to decline to less than 3.5x on a sustainable basis.
However, S&P considers the potential for such a positive rating
movement to be unlikely over the next 12 months.
PORT CREDIT: S&P Withdraws 'D' Rating on Series 2006-1 Notes
------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'D (sf)' credit
rating on Port Credit Harbour No.1 Ltd.'s series 2006-1 notes.
The transaction was originally known as Barbican No. 1 Ltd. series
2006-1.
The rating action follows developments affecting the assets that
collateralize the series 2006-1 notes. The underlying assets are
a combination of class B and subordinated notes issued by EUROMAX
IV MBS Ltd., a cash flow collateralized debt obligation backed by
European mezzanine asset-backed securities.
The receivers recently confirmed that no further payments would be
made on EUROMAX IV MBS's class B and subordinated notes. S&P
therefore now consider it appropriate to withdraw its credit
rating on Port Credit Harbour No.1's series 2006-1 notes.
The trustees of EUROMAX IV MBS appointed receivers in September
2010 following an event of default under the conditions of its
notes, which occurred in February 2010. The receivers liquidated
EUROMAX IV MBS's portfolio in December 2010, and indicated that
the proceeds were sufficient to make payments only to EUROMAX IV
MBS's class A1 noteholders and prior ranking creditors. As the
securities that collateralize Port Credit Harbour No.1 series
2006-1 rank below EUROMAX IV MBS's class A1 notes, S&P lowered its
credit rating on the series 2006-1 notes to 'D (sf)' at that time.
WHITTLE MOVERS: Put Up for Sale Following Administration
--------------------------------------------------------
According to Business Sale Report's Caroline Clayfield, Whittle
Movers Limited is up for sale after being placed into
administration.
As a result of the administration, Whittle Movers has ceased to
trade and 27 of its 33 staff have lost their jobs, Business Sale
Report relates.
"The company had recently experienced a significant reduction in
orders from a key contract, which exacerbated difficulties it had
been facing with its cash flow," Business Sale Report quotes joint
administrator Paul Flint as saying. "We are now actively seeking
buyers for the business and its assets . . . and would encourage
any interested parties to contact us as soon as possible."
The assets included in the sale are a fleet of bespoke removals
trailers and wagons, and Whittle Movers' property in Bamber
Bridge, Lancashire, Business Sale Report discloses.
Accounts for the year to Jan. 31, 2010 reveal a turnover figure of
GBP8.27 million, down from GBP8.63 million on the previous year,
Business Sale Report notes.
Lancashire-based Whittle Movers Limited is a removal and storage
specialist. The company offers its services to office and
commercial businesses.
===============
X X X X X X X X
===============
* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
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/
April 3-5, 2012
TURNAROUND MANAGEMENT ASSOCIATION
TMA Spring Conference
Grand Hyatt Atlanta, Atlanta, Ga.
Contact: http://www.turnaround.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/
November 1-3, 2012
TURNAROUND MANAGEMENT ASSOCIATION
TMA Annual Convention
Westin Copley Place, Boston, Mass.
Contact: http://www.turnaround.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/
April 10-12, 2013
TURNAROUND MANAGEMENT ASSOCIATION
TMA Spring Conference
JW Marriott Chicago, Chicago, Ill.
Contact: http://www.turnaround.org/
October 3-5, 2013
TURNAROUND MANAGEMENT ASSOCIATION
TMA Annual Convention
Marriott Wardman Park, Washington, D.C.
Contact: http://www.turnaround.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
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related conferences are encouraged. Send announcements to
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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-
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Valerie U. Pascual, Marites O. Claro, Rousel Elaine T. Fernandez,
Joy A. Agravante, Psyche A. Castillon, Julie Anne G. Lopez,
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Copyright 2011. All rights reserved. ISSN 1529-2754.
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