/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/110602.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, June 2, 2011, Vol. 12, No. 108 Headlines G R E E C E DANAOS CORP: Registers Resale of 23.94MM Common Stock Shares DANAOS CORP: Issues Common Stock on Exercise of 15MM Warrants * GREECE: ECB Must Reconsider Debt Restructuring, Bofinger Says H U N G A R Y REXPLO 21: Liquidator Set to Announce Successful Bidder I R E L A N D ALLIED IRISH: To Formally Merge with EBS on July 1 ANGLO IRISH: High Court Approves Sale of Fitzpatrick's Property QUINN GROUP: Posts EUR888 Million Operating Loss in 2009 SORRENTO STRUCTURING: Owner Challenges Bankruptcy Laws SOUTH DUBLIN MOTORS: Goes Into Receivership, Ceases Trading * IRELAND: Corporate Insolvencies Down 25% to 122 in May 2011 N O R W A Y NORSKE SKOGINDUSTRIER: Moody's Affirms B2 Corporate Family Rating R U S S I A RESO GARANTIA: S&P Assigns 'BB+' Insurer Financial Strength Rating * CITY OF MINSK: S&P Places 'B' Issuer Credit Rating on Watch Neg. S P A I N CAJA MADRID: S&P Keeps 'BB-' Rating on Preferred Shares * SPAIN: PM Meets with Barclays Amid Caja Financial Woes S W E D E N UNITED COMMUNICATIONS: Posts US$394,000 First Quarter Net Loss U N I T E D K I N G D O M CASTLELANDS CONSTRUCTION: Creditors to Lose Euros in Liquidation HOLCOMBE HALL: Goes Into Administration, For Sale for GBP850,000 JEAN-CHARLES DE CASTELBAJAC: Goes Into Administration KEYDATA: FSA Blames Founder's Judicial Review for Probe Delay MESH COMPUTERS: Goes Into Administration, Ceases Trading NORTHERN ROCK: Preferred Shareholders Seek GBP322.5MM Compensation PETER WERTH: JD Sports to Acquire Firm, Pink Soda SOUTHERN CROSS: To Defer 30% of Rent Bill Amid Financial Troubles WD COOPER: Goes Into Administration, Taps Administrators WIMSLOW FINANCIAL: Goes Into Administration X X X X X X X X * Upcoming Meetings, Conferences and Seminars ********* =========== G R E E C E =========== DANAOS CORP: Registers Resale of 23.94MM Common Stock Shares ------------------------------------------------------------ Danaos Corporation filed with the U.S. Securities and Exchange Commission a Form F-3 registration statement relating to the resale of up to an aggregate of 23,945,945 shares of common stock of the Company by Danaos Investments Limited as trustee of the 883 Trust. The common stock shares were issued by the Company pursuant to a subscription agreement between the Company and the selling stockholder in a transaction exempt from the registration requirements of the Securities Act of 1933. The Company will not receive any of the proceeds from the sale of the shares by the selling stockholder, or by its respective pledgees, donees, transferees or other successors-in-interest. The Company's common stock is traded on the New York Stock Exchange under the symbol "DAC." The last reported sale price of the Company's shares on May 24, 2011, was $6.24 per share. A full-text copy of the prospectus is available for free at: http://is.gd/ZumeLL About Danaos Corporation Headquartered in Piraeus, Greece, Danaos Corporation (NYSE: DAC) -- http://danaos.com/-- is an international owner of containerships, chartering its vessels to many of the world's largest liner companies. The Company operates through a number of subsidiaries incorporated in Liberia and Cyprus. As of May 31, 2010, the Company had a fleet of 45 containerships aggregating 193,629 TEUs, making the Company among the largest containership charter owners in the world, based on total TEU capacity. As reported in the Troubled Company Reporter on June 22, 2010, PricewaterhouseCoopers S.A., in Athens, Greece, expressed substantial doubt about the Company's ability to continue as a going concern after auditing the Company's financial statements for the year ended Dec. 31, 2009. The Company noted of the Company's inability to comply with financial covenants under its current debt agreements as of Dec. 31, 2009, and its negative working capital deficit. PricewaterhouseCoopers S.A.'s report regarding the 2010 financial results did not contain a substantial doubt about the Company's ability to continue as a going concern. The Company's balance sheet at March 31, 2011, showed US$3.58 billion in total assets, US$3.11 billion in total liabilities and US$474.80 million in total stockholders' equity. DANAOS CORP: Issues Common Stock on Exercise of 15MM Warrants ------------------------------------------------------------- Danaos Corporation filed with the U.S. Securities and Exchange Commission a Form F-3 registration statement relating to the initial issuance of shares of common stock by the Company upon exercise of 15,000,000 warrants by persons other than the original holders of such warrants. It also covers the resale by such selling holders of 8,044,176 of such warrants to purchase common stock and the shares of common stock issuable to them upon exercise of those warrants. The warrants and warrant shares may be offered from time to time by the selling holders. The selling holders may sell any of these securities at various times and in various types of transactions, including sales in the open market, sales in negotiated transactions and sales by a combination of these methods. The Company will not receive any proceeds from such sales by the selling holders. The Company's common stock is traded on the New York Stock Exchange under the symbol "DAC." On May 24, 2011, the last reported sale price of the Company's common stock on the NYSE was $6.24 per share. A full-text copy of the prospectus is available for free at: http://is.gd/IiEpZO About Danaos Corporation Headquartered in Piraeus, Greece, Danaos Corporation (NYSE: DAC) -- http://danaos.com/-- is an international owner of containerships, chartering its vessels to many of the world's largest liner companies. The Company operates through a number of subsidiaries incorporated in Liberia and Cyprus. As of May 31, 2010, the Company had a fleet of 45 containerships aggregating 193,629 TEUs, making the Company among the largest containership charter owners in the world, based on total TEU capacity. As reported in the Troubled Company Reporter on June 22, 2010, PricewaterhouseCoopers S.A., in Athens, Greece, expressed substantial doubt about the Company's ability to continue as a going concern after auditing the Company's financial statements for the year ended Dec. 31, 2009. The Company noted of the Company's inability to comply with financial covenants under its current debt agreements as of Dec. 31, 2009, and its negative working capital deficit. PricewaterhouseCoopers S.A.'s report regarding the 2010 financial results did not contain a substantial doubt about the Company's ability to continue as a going concern. The Company's balance sheet at March 31, 2011, showed US$3.58 billion in total assets, US$3.11 billion in total liabilities and US$474.80 million in total stockholders' equity. * GREECE: ECB Must Reconsider Debt Restructuring, Bofinger Says --------------------------------------------------------------- Tony Czuczka and Francine Lacqua at Bloomberg News report that Peter Bofinger, a member of German Chancellor Angela Merkel's council of economic advisers, said the European Central Bank "might have to reconsider" its opposition to Greek debt restructuring. A restructuring of Greek debt carries risks "but is worth it," Mr. Bofinger said on Wednesday in an interview on Bloomberg television from Munich. Mr. Bofinger, as cited by Bloomberg, said the nature of Greece's austerity program "makes it difficult" for the International Monetary Fund to keep providing aid. However, if the IMF won't, the European Union will "no doubt" pick up the slack, Bloomberg notes. ============= H U N G A R Y ============= REXPLO 21: Liquidator Set to Announce Successful Bidder ------------------------------------------------------- MTI-Econews reports that liquidator Magdolna Vass said that three valid applications were received for the assets of Rexplo 21 Lopor Termelo es Kereskedelmi Kft in the open tender closed at the end of May. The application with the highest bid price was accepted, MTI states. According to MTI, the liquidator said the purchase price will be published and the winning applicant named after the signing of the sale and purchase agreement and the payment of the price. The company was last offered for HUF120 million, MTI notes. The liquidator earlier said that a previous tender to sell the company's assets was declared unsuccessful in April, MTI recounts. The liquidator, as cited by MTI, said creditor claims against the company amount to HUF162 million. Rexplo 21 laid off all 45 of its employees during the liquidation procedure, which began in November, MTI discloses. Rexplo 21 is an ammunition company based in Balatonfuzfo, Hungary. ============= I R E L A N D ============= ALLIED IRISH: To Formally Merge with EBS on July 1 -------------------------------------------------- Laura Noonan at Irish Independent reports that Allied Irish Banks is snapping up EBS Building Society for just EUR1. According to Irish Independent, the Department of Finance said it would "make little sense" to have a state-owned bank paying cash for a state-owned building society. Finance Minister Michael Noonan confirmed that agreement had been reached on a deal that will formally merge AIB and EBS on July 1, Irish Independent relates. EBS will become a subsidiary of AIB and will "continue to operate as a separate business . . . with its own brand", the Department of Finance, as cited by Irish Independent, said, stressing that customers' accounts in AIB and EBS would stay separate. The merger, Irish Independent says, will also see EBS demutualize and acquire its own banking license. It will take the name 'EBS Ltd', Irish Independent states. About Allied Irish Banks 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 May 20, 2011, Moody's Investors Service downgraded the dated subordinated debt of Allied Irish Banks (AIB) one further notch to C from Ca, and downgraded the undated subordinated debt and tier 1 instruments to C(hyb) from Ca(hyb). This follows the announcement of an offer from AIB to buy back its subordinated and tier 1 debt for cash at very high discounts to the par value, and the previous announcement on April 14 that the Irish High Court had made a Subordinated Liabilities Order (SLO) with regard to AIB. AIB is rated Ba2/N-P for bank deposits, Ba3/N-P for senior debt and has a D- bank financial strength rating (mapping to Ba3 on the long-term scale). The outlook on the ratings is negative. ANGLO IRISH: High Court Approves Sale of Fitzpatrick's Property --------------------------------------------------------------- The Irish Times reports that a High Court judge has approved the sale of property in Bray owned by former Anglo Irish Bank chairman Sean FitzPatrick. According to Bloomberg, a solicitor representing the court- appointed assignee who was given control over Mr. FitzPatrick's assets last year secured approval to finalize the sale of a property owned by Mr. FitzPatrick at Camaderry Road, Bray, Co Wicklow. The court heard the house was put up for auction and a reserve price set after an independent valuation was obtained, The Irish Times relates. The price achieved at the auction was not disclosed in court, but the reserve price is believed to have been about EUR300,000, The Irish Times discloses. Approval for the sale was granted by Ms. Justice Elizabeth Dunne, according to the report. In a statement of affairs previously submitted to the court as part of his bankruptcy proceedings, Mr. FitzPatrick said he received rental income from apartments at Smithfield Market, in Dublin, and Killiney Court, in Killiney, and the three-bedroom house in Bray, The Irish Times states. 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. QUINN GROUP: Posts EUR888 Million Operating Loss in 2009 -------------------------------------------------------- Simon Carswell at The Irish Times reports that Quinn Group posted an operating loss of EUR888 million for 2009, the last year by which the business was fully under Sean Quinn's control. According to The Irish Times, the group wrote down assets by about EUR274 million and absorbed a loss of EUR644 million at its Quinn Insurance subsidiary. The value of the group's properties and some of its industrial plants, including the plastics factory in Mainz, Germany, were written down substantially, The Irish Times notes. Quinn group had net liabilities of EUR192 million at the end of 2009 after taking provisions for related party loans of EUR951 million, The Irish Times discloses. Anglo seized ownership of the group appointing receiver Kieran Wallace of KPMG over the family's shares in Quinn Group (ROI), the firm at the top of the group, The Irish Times relates. The bank installed its own directors and management to lead the Quinn business, freezing Mr. Quinn out of the running of the group, The Irish Times recounts. The figures published on Friday showed the group's manufacturing turnover fell 28% in 2009, reflecting the collapse in the construction sector, The Irish Times states. Overall turnover at the group, including Quinn Insurance, fell to EUR1.6 billion in 2009 from EUR2.3 billion a year earlier when the group made a profit of EUR83 million, The Irish Times discloses. The group's overall turnover fell to EUR939 million in 2010 as only the first quarter turnover of EUR281 million at Quinn Insurance was included in the 2010 figures, The Irish Times notes. Joint administrators were appointed to the insurer group on March 31, 2010, amid the Central Bank's concerns about the group's solvency, The Irish Times recounts. Losses at the insurer will lead to a call of EUR600 million on the State's Insurance Compensation Fund to be recouped by a levy on all non-life insurance policies, The Irish Times says. According to The Irish Times, the filing of the group's 2009 results was delayed for more than a year due to the delay in the sign-off of Quinn Insurance's 2009 financial statements by auditors PricewaterhouseCoopers as a result of the administration. The 2010 financial statements are expected to be finalized within the next three to four months, The Irish Times states. Quinn Group ROI Ltd. controls its cement, building materials, glass and other manufacturing businesses in Ireland and Britain through its ownership of Quinn Group, an operating entity registered in Northern Ireland. SORRENTO STRUCTURING: Owner Challenges Bankruptcy Laws ------------------------------------------------------ Mary Carolan and Fiona Gartland of The Irish Times report that the High Court has heard that a challenge to the constitutionality of Ireland's bankruptcy laws is being brought by a woman who is being pursued for a debt of more than EUR1 million. According to The Irish Times, the intention to bring the challenge was disclosed on Monday in bankruptcy proceedings brought against Darina Heavey. Ms. Heavey, a former senior investment manager with Anglo Irish Bank, had guaranteed a debt for her company, Sorrento Structuring Ltd., along with three other directors, The Irish Times discloses. The debt had not been paid and Irish Edible Oils Ltd., to whom it was owed, petitioned to have Ms. Heavey declared bankrupt after obtaining a judgment against her and her three colleagues for EUR1 million in March 2010, The Irish Times relates. Irish Edible Oils said that with interest, the sum owed was about EUR1.185 million, The Irish Times notes. On Monday, former attorney general John Rogers SC, representing Ms. Heavey, said his client intended to bring a challenge to the constitutionality of sections of the bankruptcy laws, The Irish Times discloses. The Irish Times notes that the counsel said it would be argued that restrictions placed on those declared bankrupt were disproportionate. He added that the constitutional challenge by Ms. Heavey, a single mother of two, was separate from the proceedings before the court, The Irish Times relates. Different legal teams had been engaged and Mr. Rogers was appearing before the court as a matter of courtesy, The Irish Times discloses. Counsel for Ms. Heavey requested that the bankruptcy case be adjourned until the constitutional challenge was settled, The Irish Times states. According to The Irish Times, Ms. Justice Elizabeth Dunne said she had to proceed on the basis that the legislation was constitutional until proven otherwise. She did agree, however, to adjourn the case until mid-July for a settlement offer to be further considered by the creditor, The Irish Times notes. The court had been told the elderly parents of one of the other directors, Ken Healy, had agreed to pay EUR150,000 towards their son's share of the debt, The Irish Times recounts. Sorrento Structuring Ltd. is a Dublin-based privately held investment group. SOUTH DUBLIN MOTORS: Goes Into Receivership, Ceases Trading ----------------------------------------------------------- RTE News reports that South Dublin Motors has gone into receivership and will now cease trading. Receiver Kieran Wallace of KPMG has been appointed to the company. The Company's 41 employees were told of the decision, according to RTE News. RET News notes that Armada Fleet Services, a company related to South Dublin Motors, continues to trade as normal and is not affected by the announcement. RTE News adds that the most recent audited accounts for 2008 saw that South Dublin Motors reported losses of over EUR1 million. South Dublin Motors was one of the largest Ford dealerships in Ireland with two showrooms in Tallaght and Rathfarnham. In addition to selling and servicing cars, the Company had a large car and van rental division. * IRELAND: Corporate Insolvencies Down 25% to 122 in May 2011 ------------------------------------------------------------- BreakingNews.ie, citing new figures released by insolvencyjournal.ie on Monday, reports that the number of Irish corporate insolvencies fell in May compared to the previous month. Latest information from insolvencyjournal.ie show 122 appointments recorded for May, a decrease of 25% on April's figure of 162, BreakingNews.ie discloses. According to BreakingNews.ie, the total number of Irish corporate insolvencies for the first five months of 2011 was 680, an increase on the same period last year of 3%. Creditor's voluntary liquidations saw a 32% decrease from 136 in April to 92 in May, BreakingNews.ie relates. Receivership appointments in May continued to remain high with 23 appointments compared to 24 in April; however, there were just two appointments of a Statutory Receiver in May compared with five during April, BreakingNews.ie notes. Meanwhile, eight examinerships in Ireland have been recorded so far this year, the same amount for the first five months of 2010 but a decrease of 27% on the same period in 2009, BreakingNews.ie states. =========== N O R W A Y =========== NORSKE SKOGINDUSTRIER: Moody's Affirms B2 Corporate Family Rating ----------------------------------------------------------------- Moody's Investors Service affirmed the B2 Corporate Family Rating of Norske Skogindustrier ASA and assigned a provisional (P)B2 rating to the proposed EUR300 million senior unsecured notes issuance, with expected maturity in 2016. The Probability of Default Rating remains unchanged at B3 and the outlook on the ratings remains negative. The expected net proceeds from the proposed bond issuance of approximately NOK2.3 billion together with existing cash balances will be used to repay existing indebtedness, in particular drawings under the EUR400 million revolving credit facility (translating into approximately NOK 3.2 billion) as well as bond maturities amounting to NOK1.6 billion. Moody's issues provisional ratings in advance of the final sale of securities and these reflect the rating agency's credit opinion regarding the transaction only. Upon a conclusive review of the final documentation, Moody's will endeavor to assign definitive ratings to the instruments mentioned above. A definitive rating may differ from a provisional rating. Ratings Rationale The affirmation of the B2 CFR is based on the assumption of a successful bond issuance and reflects Moody's view that the proposed transaction is in line with the agency's expectations for the current rating category of a timely refinancing of upcoming debt maturities and maintenance of sufficient headroom under financial covenants. Moody's notes that a successful issuance of the new instrument does improve the company's debt maturity profile with no major maturities before 2014. In addition, Moody's noted the negotiation of a new EUR140 million revolving credit facility maturing in 2014, providing additional comfort. Moody's expects that the refinanced facility will contain a revised set of financial covenants which will provide a higher headroom. Moody's recognizes however that the operating environment in the global paper and forest products industry remains challenging. High price rises for newsprint products should enable Norske Skog to post clearly improved results for 2011 compared to the prior year as indicated by net debt/EBITDA improving to around 5x from 8.6x in the LTM period ending in March 2011 and positive free cash flow generation. Moody's cautions however that continued pressure on newsprint volumes from gradual digital substitution as well as high input prices for key input factors such as recovered paper, chemicals and transportation remain high and could result in margin pressure. The negative outlook assigned to the ratings therefore indicates the risk of downwards pressure building on the rating should Norske Skog not be able to improve credit metrics also beyond 2011, driven by continued solid pricing power to recoup high input costs and to become more solidly positioned in the B2 rating category. More fundamentally, Norske Skog's B2 corporate family rating reflects (i) the company's strong market position as one of the leading newsprint producers in the world, (ii) its good segmental and geographic diversification, and (iii) the company's track record of generating positive free cash flows throughout the recent downturn and despite significant restructuring measures aimed at improving its cost position. The rating remains constrained by (i) the company's exposure to the cyclical publication paper industry, which in addition continues to be challenged by structural overcapacities and inflating input costs, and (ii) weak credit metrics following the recent cyclical demand contraction and resulting pricing pressure, which increased leverage to about 12x per March 2011 (8.6 times on a net debt basis). The rating could come under further pressure if Norske Skog's: (i) FCF were to turn materially negative; (ii) RCF/debt ratio were to fall towards 3.5%; (iii) net debt/EBITDA was not to improve to below 5.0x. Conversely, Moody's would consider changing the rating outlook back to stable the company continues to turn around its profitability as indicated by an EBITDA margin of above 7%, which should also allow the group to sustain its RCF/debt ratio clearly above 5.0% and to generate positive FCF with further improvements in credit metrics to be realized beyond 2011. The provisional (P)B2 rating assigned to the proposed bond issuance is in line with the corporate family rating, mirroring the limited portion of priority debt sitting ahead of the senior unsecured bond. Key instrument of the priority debt, besides small amounts of local borrowings, is the new EUR140 million revolving credit facility which benefits from upstream guarantees of all major operating companies, which brings this instrument closer towards the cash generating assets in case of default. Assignments: Issuer: Norske Skogindustrier ASA -- Senior Unsecured Regular Bond/Debenture, Assigned a range of 39% -- LGD3 to (P)B2 Adjustments: Issuer: Norske Skogindustrier ASA -- Senior Unsecured Regular Bond/Debenture, Downgraded to LGD3, 39% from LGD3, 36% The principal methodology used in rating Norske Skogindustrier ASA was the Global Paper and Forest Products Industry Methodology, published September 2009. Other methodologies used include Loss Given Default for Speculative Grade Issuers in the US, Canada, and EMEA, published June 2009. Norske Skogindustrier ASA, with headquarters in Lysaker, Norway, is among the world's leading newsprint producers with production in Europe, Australasia, South America and Asia. The company also produces magazine paper in Europe. In the last twelve months ending March 2011, Norske Skog recorded sales of around NOK19 billion (approximately EUR2.4 billion). =========== R U S S I A =========== RESO GARANTIA: S&P Assigns 'BB+' Insurer Financial Strength Rating ------------------------------------------------------------------ Standard & Poor's Ratings Services assigned its 'BB+' long-term counterparty credit and insurer financial strength ratings and 'ruAA+' Russia national scale rating to Russia-based non-life insurer OSAO RESO Garantia. The outlook is stable. "The ratings reflect our view of RESO Garantia's marginal capitalization and investments and the high industry risks it faces in the insurance market in the Russian Federation (Russia; foreign currency BBB/Stable/A-3; local currency BBB+/Stable/A-2; Russia national scale 'ruAAA')," S&P related. The company's good competitive position, its good operating performance, and adequate financial flexibility somewhat offset these weaknesses. "Our overall view of RESO Garantia's capitalization is constrained by what we regard as marginal capital adequacy, but supported by adequate reserving and reinsurance protection. Capital adequacy is somewhat pressured by existing leverage, whereby 27% of the investment portfolio is funded by repo facilities provided by international banks, leading to higher capital charges from an increased amount of assets," S&P continued The quality of RESO Garantia's investment portfolio is marginal. The company invests in instruments with fixed returns. The overall weighted-average quality of instruments is in the 'BB' category. Credit risk is relatively high due to significant counterparty concentrations. The largest single-name concentration comprised 46% of total adjusted capital as of Dec. 31, 2010. "We believe that RESO Garantia's competitive position is good. With established positions in motor risks, the company enjoys good brand recognition, expertise, and a good distribution network. Nevertheless, as RESO Garantia's business is concentrated in Russia, the company is vulnerable to Russian industry and country risk. Moreover, the portfolio is relatively concentrated by business line, with more than 64% of GPW consisting of motor risks (obligatory motor third-party liability and motor hull). RESO Garantia therefore shows potential vulnerability to risks specific to the motor insurance segment," S&P noted. According to S&P, "We regard RESO Garantia's operating performance for 2010 as good. The company managed to withstand the softening cycle of 2009 and 2010, achieving positive technical results supported by good investment returns." "We view the company's financial flexibility as adequate. This view balances RESO Garantia's aggressive dividend policy and the shareholders' capability to provide capital in case of need. RESO Garantia is ultimately controlled by brothers Sergey and Nikolay Sarkisov. The prominent Russian businessmen jointly control 54.11% of RESO Garantia through holding companies. Minority stakes are held by AXA (36.68%; A/Stable/A-1), a leading global financial services provider, and by the European Bank for Reconstruction and Development (6.316%; AAA/Stable/A-1+)," S&P said. The stable outlook incorporates our view that RESO Garantia will continue to benefit from its good competitive position, while achieving good operating results and keeping at least marginal capital adequacy in accordance with Standard & Poor's capital model and 1.5x the regulatory minimum. "We would consider lowering the ratings if capitalization declines below our expectations, either following higher-than-expected growth of the insurance portfolio or significantly increased debt leverage," stated S&P. "We would consider raising the ratings if RESO achieves at least 'good' risk-based capital adequacy and improves the quality and reduces concentrations in its investment portfolio, while at the same time decreasing relative leverage," S&P added. * CITY OF MINSK: S&P Places 'B' Issuer Credit Rating on Watch Neg. ------------------------------------------------------------------ Standard & Poor's Ratings Services placed its 'B' long-term issuer credit rating on the Belarusian capital, the City of Minsk, on CreditWatch with negative implications. "The CreditWatch placement follows a similar rating action on the Republic of Belarus (B/Watch Neg/B; see 'Belarus Ratings Placed On CreditWatch Negative On Financing Uncertainty; Long-Term Local Currency Rating Lowered To 'B',' published May 27, 2011). We view the institutional framework for Belarusian local and regional governments as centralized and unpredictable, granting little flexibility to local authorities. Minsk, therefore, does not meet the conditions to be rated above the sovereign and we cap its long-term rating at the level of the long-term sovereign credit rating on Belarus (see 'Methodology: Rating A Regional Or Local Government Higher Than Its Sovereign,' published on Sept. 9, 2009)," S&P explained. "Under our methodology we assess the indicative credit profile for Minsk as 'b+' (see 'Methodology For Rating International Local And Regional Governments,' published on Sept. 20, 2010)," S&P noted. S&P continued, "The rating on the City of Minsk continues to reflect our view of the city's very limited budget predictability and flexibility, large infrastructure needs, and high contingent liabilities. Factors supporting the rating are the city's status as the country's largest administrative, financial, and commercial center; its consistently very strong operating surplus; moderate debt burden; and good liquidity." "We believe that the institutional framework under which Belarusian regional governments operate is very centralized and evolving, which limits the predictability and flexibility of Minsk's financial policy. The central government defines the types, rates, and bases of most taxes, sets norms of regional spending through established social standards, limits regions' budget deficits, and authorizes all borrowings," S&P further said. Moreover, the central government alters the share of taxes allocated to regional budgets annually and unilaterally raises salaries in the public sector, social benefits, and utility charges. This therefore exerts spending pressure on Minsk's budget. Furthermore, the central government prescribes annual limits for deficits of regional governments and authorizes their borrowings. As the largest administrative, financial, and commercial center of the Republic of Belarus, Minsk is economically wealthy and diversified in a national comparison and S&P expects this to continue to support its budgetary performance. "We plan to resolve the CreditWatch listing on the City of Minsk once that on the sovereign has been resolved," S&P said. "As the rating on Minsk is capped by that on the sovereign and we intend to resolve the CreditWatch listing within the next three months, the trajectory of the rating on the city will likely follow that on the sovereign. Our view is based on the city maintaining a high level of cash on its accounts, which we consider is unlikely to change over the CreditWatch time horizon," S&P related. ========= S P A I N ========= CAJA MADRID: S&P Keeps 'BB-' Rating on Preferred Shares ------------------------------------------------------- Standard & Poor's Ratings Services took these rating actions: * "We assigned 'A-/A-2' long- and short-term counterparty credit ratings to Bankia S.A.U. (Bankia), the new main operating entity resulting from the consolidation of seven Spanish savings banks (Caja Madrid, Bancaja, Caja de Avila, Caja Segovia, Insular de Canarias, Caixa Laietana, and Caja Rioja)," S&P said. * "We have withdrawn our counterparty credit ratings on Caja de Ahorros y Monte de Piedad de Madrid (Caja Madrid). Prior to the withdrawal and the full effect of the asset transfer from Banco Financiero y de Ahorros S.A. (BFA) to Bankia, we affirmed the 'A-/A-2' ratings on Caja Madrid," S&P stated. * "We affirmed at 'A-/A-2' our ratings on all senior debt issues that have been transferred from Caja Madrid to BFA, and, in a second step, from BFA to Bankia. We removed these ratings from CreditWatch negative where they were placed on April 7, 2011," according to S&P. * "We lowered our long-term counterparty credit ratings on BFA by three notches to 'BBB-' from 'A-' and the short-term rating by one notch to 'A-3' from 'A-2'. The ratings were removed from CreditWatch negative," stated S&P. * "We lowered by three notches to 'BB+' from 'BBB+' our ratings on the dated subordinated debt originally issued by Caja Madrid and then transferred to BFA. The ratings were removed from CreditWatch negative," S&P noted. * "We have maintained on CreditWatch negative our 'BB-' ratings on the preference shares originally guaranteed by Caja Madrid and currently guaranteed by BFA," added S&P. The rating actions follow the legal completion of the BFA group's reorganization, which has led to the transfer of the group's banking assets and liabilities from the seven savings banks involved in the integration project to BFA and immediately thereafter the transfer of most of them from BFA to Bankia. From now on, according to the bank, Bankia will be the main operating entity of this newly formed banking group, while its single shareholder, BFA, is to operate as a quasi-holding company. The seven savings banks, in turn, will own 100% of BFA. "According to our criteria, we analyze the group on a consolidated basis (at the BFA level). We consider that Bankia has a core status within the group as the main operating entity and hence have assigned 'A-/A-2' ratings to this entity, in line with our March 2011 review of the merger agreement among the seven savings banks. Our long-term ratings on Bankia include a two-notch uplift over our 'bbb' stand-alone credit assessment (SACP) on the bank. This two-notch uplift reflects our view of Bankia's high systemic importance within the Spanish financial sector, and, consequently, the possibility of it receiving extraordinary government support if needed," S&P elaborated. "In line with our criteria, we arrived at the ratings on BFA by notching down from Bankia's ratings. We generally rate entities operating as holding companies lower than their operating subsidiaries because of the de facto structural subordination of holding companies' creditors," S&P said. "We have withdrawn the ratings on Caja Madrid at the bank's request, following the transfer in full of its assets and liabilities (including all debt issues) to BFA and Bankia. Prior to the full effect of the asset and liability segregation, we affirmed our 'A-/A-2' ratings on Caja Madrid," S&P related. "The stable outlook on Bankia's counterparty credit rating reflects our view that, over the next two years, our assessment of the bank's SACP has the potential to converge with the bank's counterparty credit rating. We believe that, over the medium term and as the integration progresses, if the new group demonstrates its ability to implement its restructuring plan successfully our SACP assessment will likely improve," S&P continued. The stable outlook on BFA mirrors that on the group's core operating entity, Bankia. Any change in Bankia's outlook or rating would likely trigger a similar action on BFA. * SPAIN: PM Meets with Barclays Amid Caja Financial Woes -------------------------------------------------------- Josephine Moulds at The Telegraph reports that Bob Diamond, Barclays chief executive, met with Spanish Prime Minister Jose Luis Rodriguez Zapatero at a time when the regional banks -- known as cajas -- are desperately seeking investors. According to The Telegraph, Mr. Zapatero told Mr. Diamond that the Spanish government would reform the legal framework for the cajas, in order to help the economic recovery. The Spanish official said the government was committed to strengthening the Spanish financial system with the creation of a banking bail-out fund, The Telegraph relates. It is thought that Mr. Diamond may also have asked for government guarantees, likely to be related to funding, if Barclays would take over one of the struggling lenders, The Telegraph notes. Barclays has 590 branches in Spain and almost 1 million clients, The Telegraph discloses. =========== S W E D E N =========== UNITED COMMUNICATIONS: Posts US$394,000 First Quarter Net Loss -------------------------------------------------------------- United Communications Partners Inc. (formerly known as Bark Group Inc.) filed its quarterly report on Form 10-Q, reporting a net loss of US$394,000 on US$3.8 million of revenues for the three months ended March 31, 2011, compared with a net loss of US$302,000 on no revenue for the same period last year. The Company's balance sheet at March 31, 2011, showed US$12.9 million in total assets, US$10.7 million in total liabilities, and stockholders' equity of US$2.2 million. Marcum LLP, in New York, expressed substantial doubt about United Communications Partners' ability to continue as a going concern, following the Company's 2010 results. The independent auditors noted that at Dec. 31, 2010, the Company has not achieved a sufficient level of revenues to support its business and has suffered recurring losses from operations. A complete text of the Form 10-Q is available for free at: http://is.gd/3clycF Based in Stockholm, Sweden, United Communications Partners Inc. (OTC QB: UCPA) -- http://www.ucpworld.com/-- is a pioneering U.S. communications company aiming to create a network of multiplatform media and advertising houses by acquiring profitable and innovative media and advertising companies in order to rapidly expand its presence in the U.S. and Europe. The holding company currently conducts its operations through its wholly owned subsidiary Tre Kronor Media AB, which was acquired on May 4, 2010, and Abrego Spain SL, which was established in November 2010. Up until Sept. 8, 2010, UCP owned Bark Corporation A/S. Bark Corporation was a Danish holding company that conducted its operations through its wholly owned subsidiaries Bark Advertising A/S, and Bark Property ApS. On Aug. 31, 2010, the Danish companies were not in possession of sufficient cash to continue its operations. Thus, the Company's management decided to cease its Danish operations. On Sept. 8, 2010, management in the Danish companies filed for closing of all operations in Denmark, with the Danish court in Copenhagen. As a consequence of filing of bankruptcy and control of the Danish subsidiaries being accepted by the court effective Sept. 8, 2010, the Company has deconsolidated the Danish subsidiaries. The operations of the Company's Danish subsidiaries have been reclassified as discontinued operations in the Company's condensed consolidated financial statements since Sept 8, 2010. =========================== U N I T E D K I N G D O M =========================== CASTLELANDS CONSTRUCTION: Creditors to Lose Euros in Liquidation ---------------------------------------------------------------- Sbpost.ie reports that unsecured creditors of Castlelands Construction are expected to lose millions of euro after a liquidator was appointed to the firm. According to the report, Castlelands is being wound up after a creditors' meeting heard that it was insolvent. Sbpost.ie relates that the Revenue moved to wind up the firm earlier this month over unpaid taxes. The liquidator, Conor Pyne of accountancy firm O'Connor Pyne, will sell any assets and use the proceeds to repay creditors, the report notes. While secured creditors are expected to recoup their money, unsecured creditors are expected to lose out. They are understood to include dozens of sub-contracting firms and service providers. Castlelands has significant borrowings with AIB, Anglo Irish Bank and Bank of Ireland, which have been transferred to the National Asset Management Agency. It is understood the majority of the bank debts will be repaid. Founded in 1988, Castlelands Construction was once one of the biggest building firms in Munster. It was founded by John Barry. At its peak, the company had around 500 staff working on projects in Ireland and Britain. HOLCOMBE HALL: Goes Into Administration, For Sale for GBP850,000 ---------------------------------------------------------------- Herald Express reports that Holcombe Hall Nursing Home Ltd has been put on the market for GBP850,000 four weeks after it went into administration. Holcombe Hall Nursing Home said it was closing a week ago after attempts to place it under new management failed to materialize, according to Herald Express. Affected families now have until June 20 to find alternative accommodation for their relatives residing in the Holcombe Home, the report notes. Herald Express notes that Colliers International Healthcare has been instructed by the joint administrators to sell the Holcombe Home on the basis of vacant possession. The move could result in the loss of up to 20 jobs. Holcombe Hall Nursing Home Ltd is a high dependency Dawlish care home. JEAN-CHARLES DE CASTELBAJAC: Goes Into Administration ----------------------------------------------------- CatWalk Queen reports that Jean-Charles de Castelbajac has gone into administration. The company entered receivership after its owner, The Sixth Swedish National Pension Fund, decided to no longer invest in the fashion house, according to CatWalk Queen. In early May, Mr. de Castelbajac revealed he was planning to buy a minority stake in the business, allowing him to return to ownership of the label he founded in 1979, the report notes. "Court protection will allow me to regain ownership of the company and the brand in partnership with potential new investor partners with whom negotiations are currently taking place," Mr. Castelbajac told Just-Style.com, the report notes. "I have a strong belief in the future of the brand and in the 'affordable luxury' niche market we are focusing on. We hope to submit takeover proposals to the commercial court by end-June/July," he added. KEYDATA: FSA Blames Founder's Judicial Review for Probe Delay ------------------------------------------------------------- Reuters reports that the Financial Services Authority last Thursday blamed a judicial review by Stewart Ford, Keydata's multi-millionaire founder, for the delay in concluding disciplinary probes into both Keydata Investment Services and Mr. Ford that were launched in 2007 and 2008 respectively. Reuters says Mr. Ford, who denies wrongdoing and blames the FSA's actions for losses suffered by thousands of British pensioners when Keydata failed in 2009, was given court permission to pursue the review two weeks ago. The FSA fast-tracked Keydata into administration two years ago, alleging the company was insolvent after around 30,000 mainly elderly investors had invested more than GBP450 million in the business, Reuters recalls. According to Reuters, pensioners saw income payments on nest eggs halt as administrators scrambled to fund the costs of underlying assets -- a portfolio of second-hand U.S. life insurance policies, or so-called death bonds -- and accountants PricewaterhouseCoopers called in fraud officers. But the Serious Fraud Office (SFO) dropped its investigation in early May, having failed to unearth enough evidence to prosecute, Reuters notes. The Insolvency Service, a government agency that investigates insolvent firms, has also decided against pursuing Mr. Ford or other Keydata directors. The FSA, according to Reuters, reiterated on Thursday that its investigation into both Keydata and Mr. Ford were at an "advanced stage," but noted they could not be concluded until after the judicial review hearing on July 21 and 22. "This serious and complex investigation remains a priority for us . . . We remain committed to pursuing this case," the FSA said, according to Reuters. Mr. Ford, who now lives in the Swiss city of Geneva, has said he decided to legally challenge the FSA because it had acted in "flagrant and deliberate breach of certain fundamental legal rights" of those under investigation, Reuters adds. As reported by the Troubled Company Reporter-Europe, Dan Schwarzmann and Mark Batten of PricewaterhouseCoopers LLP were appointed joint administrators of Keydata on June 8, 2009. The appointment was made based on an application to court by the FSA on insolvency grounds. Keydata Investment Services Ltd. designs, distributes and administers structured investment products. Keydata operates from three locations, being London, Glasgow and Reading and administers its own products as well as portfolios for third parties. MESH COMPUTERS: Goes Into Administration, Ceases Trading -------------------------------------------------------- Stewart Mitchell at PC Pro reports that administrator MacIntyre Hudson said Mesh Computers has gone into administration and ceased trading. Although the Mesh Web site remains up and running, MacIntyre Hudson issued a statement saying "following a thorough review of the financial position of Mesh Computers, the decision was made by the Board of Directors to place the company into administration," according to PC Pro. PC Pro notes that following a thorough review of the financial position of Mesh Computers, the decision was made by the Board of Directors to place the company into administration. PC Pro discloses that MacIntyre Hudson said the company was put into administration and sold to PC Peripherals, leaving customers with outstanding orders to approach their card companies for a refund. The report relates that PC Peripherals bought the Mesh brand and other assets, and has also agreed to provide hardware support to existing customers who are within the original warranty period. The administrator said the closure was forced by the changing shape of the market, PC Pro adds. Mesh Computers is an independent computer manufacturer. NORTHERN ROCK: Preferred Shareholders Seek GBP322.5MM Compensation ------------------------------------------------------------------ Lindsay Fortado at Bloomberg News reports that Harbinger Capital Partners, the hedge fund run by billionaire Philip Falcone, said holders of Northern Rock Asset Management Plc's preferred shares should be paid GBP322.5 million (US$530 million). The Fund owns a "substantial" amount of the shares and asked a London court on Tuesday to reject the determination from a valuation expert appointed by the British government, which now owns the bank, that the shares are worthless, Bloomberg relates. According to Bloomberg, Mark Phillips, a lawyer for the New York- based Fund, said a "fire sale" of the bank's assets after the U.K. nationalized the lender depleted its value by GBP4 billion. Northern Rock shares peaked at 1,251 pence in early 2007, before falling to 90 pence on Feb. 15, 2008, when they were suspended, Bloomberg relates. The bank was then nationalized, becoming the first U.K. casualty of the credit crunch. Northern Rock nearly collapsed in 2007 after seeking emergency funding from the Bank of England and suffering a run on its deposits, Bloomberg discloses. Andrew Caldwell of BDO International was appointed in September 2008 to value Northern Rock and determine how much shareholders should get back. Mr. Caldwell, as cited by Bloomberg, said in court filings posted on his Web site that he determined the amount payable "is nil." Bloomberg notes that Harbinger said in court papers that the Northern Rock preferred shares were once worth GBP400 million and, based on expert reports, a reasonable amount of compensation is GBP322.5 million. "Nil is utterly unreasonable," Bloomberg quotes Mr. Phillips as saying. The hearing is scheduled to last five days, Bloomberg states. The case is Harbinger Capital and Northern Rock Applicants v. Andrew Caldwell and Her Majesty's Treasury, case no. 10/01, In the Upper Tribunal (Tax and Chancery Chamber) Financial Services (London). About Northern Rock Headquartered in Newcastle upon Tyne, England, Northern Rock plc -- http://www.northernrock.co.uk/-- deals with mortgages, savings accounts, loans and insurance. The company also promotes secured loans to its existing mortgage customers. The company had more than US$200 billion in assets at the end of June 2007. PETER WERTH: JD Sports to Acquire Firm, Pink Soda ------------------------------------------------- just-style.com reports that retailer JD Sports seeks to acquire the major assets of collapsed business Brand Acquisitions, including men's wear label Peter Werth and women's wear brand Pink Soda for an undisclosed sum. As reported in the Troubled Company Reporter-Europe on May 18, 2011, Sky News HD said that advisory specialists FRP, led by Jason Baker and Geoff Rowley, have been appointed administrators to the Peter Werth business. FRP has made an undisclosed number of redundancies at the firm's head office, according to Sky News HD. There are 70 of the staff remaining across both firms, according to Sky News HD. The report related that the company is continuing to trade while a buyer is sought. Sky News HD further revealed that the company's sister firm, womenswear retailer Pink Soda, has also been put into administration. Peter Werth is an Upmarket menswear brand sold through 34 House of Fraser concessions, 1,440 wholesale UK accounts and one standalone store in Liverpool. SOUTHERN CROSS: To Defer 30% of Rent Bill Amid Financial Troubles ----------------------------------------------------------------- BBC News reports that Southern Cross Healthcare said it would reduce its rent bill amid financial troubles. BBC relates that Southern Cross on Tuesday said that it would defer 30% of its rent to landlords over the next four months while it tried to resolve its financial difficulties. The rent deferral would run from June 1 to September 30. Southern Cross said it would issue an update in July, according to the report. The firm, as cited by BBC, said it was confident "a critical mass of landlords" would support the move. However, there has been no official agreement, according to BBC. In a separate report, communitycare.co.uk notes that Southern Cross issued an ultimatum to its landlords to accept the four- month 30% cut in rental payments. communitycare.co.uk relates that the firm said its rent bills are unsustainable given falls in revenue from councils, prompting fears that it will go into administration, putting the future care of its 31,000 residents at risk. Paul Saper, director of health care analysts LCS International Consulting, said the rental deferral amounted to a "declaration of war" upon landlords, communitycare.co.uk relates. Some landlords would choose to take back their homes and run them themselves rather than accept the rental reduction, he added. BBC states that the firm has reiterated its belief that a longer- term solution to its troubles would be "forthcoming." Concern has mounted over the firm's situation among the elderly residents and their caretakers and relatives, BBC states. There have been concerns that if the rental deferral does not work, Southern Cross's 31,000 residents could be left "high and dry," BBC points out. BBC relates that Health Select Committee chair Stephen Dorrell MP said the government needed to make sure there was no interruption in care for Southern Cross residents, but said it should not consider a bail-out of the company. "It doesn't seem to me that it's the taxpayers' job to fund the losses that have been suffered by the people who have invested in Southern Cross; that was their risk and it's their loss," Mr. Dorrell told the BBC. Southern Cross recently reported half-year losses of GBP311 million, BBC discloses. The company warned then that it was in "critical financial condition," BBC notes. Southern Cross Healthcare is a care home operator. It provides residential and nursing care to more than 31,000 residents cared for by 45,000 staff in 750 locations. Its also operates homes that specialize in treating people with dementia, mental health problems and learning disabilities. WD COOPER: Goes Into Administration, Taps Administrators -------------------------------------------------------- Roger Brown at ROADTRANSPORT.COM reports that WD Cooper Transport has gone into administration. ROADTRANSPORT.COM, citing documents lodged at Companies House, relates that Jason Groocock from Leicester insolvency practice G2 Insolvency was appointed administrator for the Staffordshire haulier. Cannock, Staffs-based WD Cooper Transport is a paper waste and heavy haulage specialist. The 40-year old transport company, based in Progress Drive, Bridgtown, had an O-licence for 14 vehicles and 25 trailers. It traditionally worked in the baled waste paper and recycling sector, delivering used paper and cardboard to recycling centres, to be reprocessed into usable paper products such as cartons. WIMSLOW FINANCIAL: Goes Into Administration ------------------------------------------- MortgageStrategy reports that Wimslow Financial Services has gone into administration. The Wimslow Financial said it is investigating how it can help customers who have lost money through dealing with them, according to MortgageStrategy. Philip Duffy and Sarah Bell, partners at restructuring firm MCR, were appointed joint administrators on May 17. MortgageStrategy notes that MCR is expected to make a statement in relation to the number of claims it expects regarding the mis- selling of PPI. Wimslow Financial Services is a payment protection insurance broker. =============== X X X X X X X X =============== * Upcoming Meetings, Conferences and Seminars --------------------------------------------- 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 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, Psyche A. Castillon, Julie Anne G. Lopez, Ivy B. Magdadaro, Frauline S. Abangan and Peter A. Chapman, Editors. Copyright 2011. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$625 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Christopher Beard at 240/629-3300. * * * End of Transmission * * *