/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/240105.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Friday, January 5, 2024, Vol. 25, No. 5 Headlines N E T H E R L A N D S WINTERSHALL DEA 2: Fitch Puts 'BB+' Sub. Bonds Rating on Watch Neg. U N I T E D K I N G D O M HARBOUR ENERGY: Fitch Puts 'BB' LongTerm IDR on Watch Positive JOULES: HMRC Expected to Get Full Repayment After Asset Sale M. IGOE: Owes Over GBP3.5 Million at Time of Administration ONLY THE BRAVE: Significant Bad Debt Prompts Administration PURE COPPER: Enters Administration, Assets to Be Put Up for Sale WESTRIDGE CONSTRUCTION: Councils Rush to Replace Contractor X X X X X X X X [*] BOOK REVIEW: Taking Charge - - - - - ===================== N E T H E R L A N D S ===================== WINTERSHALL DEA 2: Fitch Puts 'BB+' Sub. Bonds Rating on Watch Neg. ------------------------------------------------------------------- Fitch Ratings has placed Wintershall Dea AG's Long-Term Issuer Default Rating (IDR) of 'BBB' and its instrument ratings on Rating Watch Negative (RWN). This follows an announcement that substantially all of Wintershall Dea's upstream assets will be purchased by Harbour Energy PLC (Harbour; BB/Rating Watch Positive), and that its senior unsecured and subordinated bonds will effectively be assumed by Harbour. Post-acquisition, Wintershall Dea's assets portfolio will be substantially reduced and will be represented by upstream assets in Russia (which have effectively been expropriated by Russia), upstream assets in the UAE (which are in the development stage), and some other assets. The RWN on the IDR reflects its expectation that its business profile will become extremely weak as a result of the sale. The RWN on the senior unsecured bonds issued by Wintershall Dea Finance B.V. and on subordinated bonds issued by Wintershall Dea Finance 2 B.V. reflects its expectation that the consolidated credit profile of Harbour will be weaker than that of Wintershall Dea's standalone profile. Its base case forecasts suggest that Harbour's credit profile would be commensurate with the 'BBB-' level following the acquisition. As the acquisition is expected to be completed in 4Q24, the resolution of the RWP may take longer than the typical six months for a Watch. The transaction is subject to Harbour shareholder approval, regulatory approvals and some other conditions. KEY RATING DRIVERS Substantially All Upstream Assets Sold: A substantial share of Wintershall Dea's assets will be sold to Harbour. Assets excluded from the transaction do not generate material cash flows and include Wintershall Dea's operations in Russia (which Wintershall Dea currently does not control), an upstream project in UAE (which is in the development stage), midstream operations and some other assets. Management announced that after the deal is finalised Wintershall Dea's headquarters will be closed. Bonds Assumed by Harbour: Wintershall Dea's outstanding senior unsecured bonds issued by Wintershall Dea Finance B.V. for EUR3 billion, and subordinated hybrid bonds issued by Wintershall Dea Finance 2 B.V. for EUR1.5 billion will be assumed by Harbour. The change-of-control clause will not be triggered for senior unsecured bonds as long as the bonds continue to be rated investment-grade. Other Debt Covered by Cash: Wintershall Dea's other debt (which at 30 June 2023 comprised its cash-pooling arrangement with related companies) in the amount of EUR722 million was covered by Wintershall Dea's cash balance (EUR2.3 billion at 30 June 2023). Harbour's Post-Transaction Profile: Fitch believes that post-transaction Wintershall Dea's senior unsecured bonds will be rated in line with Harbour's IDR, and hybrid bonds will be notched down from Harbour's post-merger rating. Its base case forecasts suggest that Harbour's credit profile would be commensurate with the 'BBB-' level following the acquisition. Post-acquisition, Harbour's combined production is expected to be around 500,000 barrels of oil equivalent per day (kboe/d), broadly in line with that of US-focused Diamondback Energy, Inc. and Norway-focused Aker BP ASA (both rated BBB/Stable). Harbour's reserve life, however, will be lower than peers'. While Harbour's EBITDA net leverage should remain fairly conservative, its debt capacity will also be affected by substantial tax payments (given Harbour's presence in Norway and the UK, where sector taxes are high). For more details on Harbour's post-acquisition profile see 'Fitch Places Harbour Energy on Rating Positive Watch on Wintershall Acquisition' published 29 December 2023. DERIVATION SUMMARY Post-transaction, Wintershall Dea's portfolio will be substantially reduced, which is reflected in the RWN on its IDR. Wintershall Dea's bonds will be transferred to Harbour, and its other debt (represented by the cash-pooling facility) will be fully covered by cash. Fitch expects Wintershall Dea's senior unsecured bonds to be rated in line with Harbour's post-transaction IDR, which Fitch believes will commensurate with the 'BBB-' level. KEY ASSUMPTIONS - Crude oil (Brent) price: USD80/bbl in 2024, USD70/bbl in 2025, USD65/bbl in 2026 and USD60/bbl in 2027 - Natural gas (TTF) price: USD12/mcf in 2024, USD10/mcf in 2025, USD8/mcf in 2026 and USD5/mcf in 2027 - Wintershall Dea's standalone production of around 330 kboe/d in 2024 - Wintershall Dea's standalone capex of around EUR 1.2 billion in 2024 - Substantially all of Wintershall Dea's producing upstream assets sold to Harbour - Wintershall Dea's senior unsecured bonds and subordinated hybrid bonds are assumed by Harbour - Wintershall Dea's other debt is paid from its cash balance RATING SENSITIVITIES Factors That Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: - As the rating is on RWN, Fitch does not expect a positive rating action in the short term Factors That Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: - Completion of the sale LIQUIDITY AND DEBT STRUCTURE Wintershall Post-Transaction Liquidity: Wintershall Dea's cash balance at 30 June 2023 amounted to EUR2.3 billion and is outside of the transaction scope. Fitch assumes that this balance will be available to repay Wintershall Dea's cash-pooling facility with related companies, which at 30 June 2023 amounted to EUR722 million. Wintershall Dea's committed revolving credit facility in the amount of EUR900 million is undrawn. Senior Unsecured Bonds at IDR: Fitch assumes that Wintershall Dea's existing senior unsecured bonds, together with Harbour's existing senior unsecured bonds, and new bonds to be issued by Harbour following the deal completion will rank equally among themselves and will benefit from broadly the same guarantee package. Fitch hence believes that they are likely to be rated in line with Harbour's IDR. Wintershall's Hybrid Bonds Notched Down: Fitch assumes Wintershall Dea's subordinated bonds with call dates in 2026 and 2029 to be a permanent feature of Harbour's post-acquisition capital structure, as articulated by Harbour's management. The bonds will remain deeply subordinated and are likely to be notched down from Harbour's post-merger rating. Fitch also assumes that the bonds will continue to qualify for 50% equity credit, reflecting the hybrids' cumulative interest coupon, a feature that is more debt-like in nature. ESG CONSIDERATIONS The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Wintershall Dea Finance 2 B.V. Subordinated LT BB+ Rating Watch On BB+ Wintershall Dea AG LT IDR BBB Rating Watch On BBB Wintershall Dea Finance B.V. senior unsecured LT BBB Rating Watch On BBB =========================== U N I T E D K I N G D O M =========================== HARBOUR ENERGY: Fitch Puts 'BB' LongTerm IDR on Watch Positive -------------------------------------------------------------- Fitch Ratings has placed Harbour Energy PLC's (Harbour) Long-Term Issuer Default Rating (IDR) of 'BB' on Rating Watch Positive (RWP). This follows an announcement of Harbour's acquisition of substantially all of Wintershall Dea AG's upstream assets. The deal will transform Harbour's business profile by substantially increasing its scale, geographical and asset diversification. Harbour's reserve life will also improve though will remain weaker than peers'. Its base case forecasts suggest that Harbour's credit profile would be commensurate with the 'BBB-' level after completion. As the acquisition is expected to be completed in 4Q24, the resolution of the RWP may take longer than the typical six months for a Watch. The transaction is subject to Harbour shareholder and regulatory approvals, and some other conditions. KEY RATING DRIVERS Transformative Acquisition, Larger Scale: The acquisition of Wintershall Dea's assets will dramatically increase Harbour's scale and diversification. In 2024, the combined production is expected to be around 500,000 barrels of oil equivalent per day (kboe/d, around 60% of which will be natural gas), and management expects a fairly stable production profile in the next four years. Production will primarily be focused on Norway and the UK and, to a lesser extent, Argentina, Germany and Africa. The combined production would be broadly in line with that of US-focused Diamondback Energy, Inc. and Norway-focused Aker BP ASA (both rated 'BBB'/Stable). Reserve Life Weaker Than Peers': The combined entity's reserves will also increase dramatically -management estimates 2022 pro-forma 2P reserves at 1.5 billion barrels of oil equivalent (boe). However, the company's 2P reserve life of eight years (based on pro-forma 2023 production) will still be weaker than peers' 11 years (Aker BP and Neptune Energy Group Midco Limited, (BB+/RWP)). This is partially mitigated by Harbour's substantial pro-forma 2C resource base (1.6 billion boe) and a number of near-term potential development projects. High Tax Reduces Debt Capacity: While Harbour's EBITDA net leverage should remain fairly conservative with Fitch-projected EBITDA net leverage remaining below 1.0x in 2024-2026, its debt capacity will also be affected by substantial tax payments (given Harbour's presence in Norway and the UK, where sector taxes are high). Fitch assumes Harbour should be able to maintain funds from operation (FFO) net leverage at around or below 2x through the cycle, though temporary deviations are possible, such as during periods of lower oil and natural gas prices and will require corrective actions (eg. dividend and/or capex cuts). Fitch forecasts Harbour's post-acquisition FFO net leverage rising to 2.2x in 2026 from around 1.5x in 2024-2025. Fitch assumes no material hedging arrangements beyond 2025, and Harbour's leverage profile could additionally benefit from its commitment to continue hedging on a three-year rolling basis. Average Production Costs, Decommissioning Obligations: The acquisition will help Harbour reduce average production costs, given Wintershall Dea's focus on natural gas. The combined entity's operating costs should be around USD11/boe, which Fitch views as average (e.g. UK-focused Ithaca Energy plc's (B/Stable) production costs are around USD20/boe, while Aker BP's are around USD7/boe). Harbour's decommissioning provisions relative to 2P reserves should also fall to around USD4/boe, versus its standalone USD10/boe, Ithaca's USD7.5/boe and Aker BP's USD2/boe. However, the projected decommissioning pre-tax expense of around USD300 million a year will continue to affect cash flows. Positive M&A Record: Harbour has demonstrated a record of acquiring assets and successfully integrating them, most recently through its reverse merger with Premier Oil, which increased its production by around 50% and made Harbour a listed company. Following acquisitions, Harbour focus has been on debt reduction, and pre-transaction net financial debt is minimal. Fitch expects Harbour's financial policy to remain prudent. Energy Transition Underway: Harbour's target is to become carbon-neutral on the Scope 1 & 2 basis by 2035 through minimising emissions and investments in carbon offsets. The acquisition of Wintershall Dea's assets is helpful in this regard due to the latter's focus on natural gas. Fitch assumes that at least in the next three to five years the impact of energy transition on oil and gas companies will be limited. However, over the long term, industry participants, and in particular pure upstream producers, may be subject to more vigorous regulations, and their margins could be affected by carbon taxes and other regulatory measures. DERIVATION SUMMARY Post-acquisition, Harbour's scale will be comparable to that of other investment-grade independent exploration and production peers, including Aker BP and Diamondback Energy, Inc. (BBB/Stable). Harbour's production (2024 consolidated production, including acquired Wintershall Dea's assets: around 500 kboe/d) will compare well with Aker BP's guided 2023 production of around 460 kboe/d and Diamondback's of 447 kboe/d. Harbour's post-acquisition business profile will be more geographically diversified than that of Aker BP (focused on Norway) and Diamondback (focused on Permian basin in the US). However, Harbour's pro-forma reserve life will be weaker than peers' (2P reserve life of eight years, compared with Aker BP's 2P reserve life of 11 years and Diamondback's 1P reserve life of 12.5 years), predominantly in view of Harbour's depleted reserves in the United Kingdom Continental Shelf (UKCS). Also, while Harbour's EBITDA net leverage should remain fairly conservative, its debt capacity will also be affected by substantial tax payments. In 2026, Fitch projects Harbour's post-acquisition FFO net leverage at 2.2x, higher than that of Aker BP and Diamondback. Harbour's pre-acquisition level of production (1H23: 196kboe/d) is slightly higher than that of Neptune (140kboe/d) and Energean plc (BB-/Stable, 145kboe/d). Its 2P reserve life of six years is low relative to Neptune's 11 years, but is counterbalanced by substantial 2C resources and low leverage, allowing for acquisitions. KEY ASSUMPTIONS - Crude oil (Brent) price: USD80/bbl in 2024, USD70/bbl in 2025, USD65/bbl in 2026 and USD60/bbl in 2027 - Natural gas (TTF) price: USD12/mcf in 2024, USD10/mcf in 2025, USD8/mcf in 2026 and USD5/mcf in 2027 - Consolidated production averaging around 480kboe/d in 2024-2027 - Acquisition cash consideration of USD2.15 billion for Wintershall Dea assets - Dividends of USD455 million in 2025, but cut by 50% in 2026-2027 based on Fitch's lower assumed oil and natural gas prices - Capex of around USD1.55 billion a year (excluding exploration expenses and decommissioning charges) - Decommissioning charges of around USD300 million a year - Cash tax of around USD2.5 billion a year (or around 50% of pre-tax operating cash flows) - Equity credit of 50% for Wintershall Dea's hybrid bonds - Legacy senior unsecured bonds issued by Harbour and Wintershall Dea and new bonds to be issued by Harbour, to benefit from a similar guarantee package RATING SENSITIVITIES Factors That Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: - Successful completion of the Wintershall Dea acquisition Factors That Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: - As the rating is on RWP, Fitch does not expect negative rating action in the short term. LIQUIDITY AND DEBT STRUCTURE Adequate Liquidity: Harbour expects that the cash consideration of USD2.15 billion will be funded through cash flows generated by the target portfolio between 30 June 2023 and completion, and an underwritten USD1.5 billion bridge facility. Based on its forecasts, the combined post-acquisition cash balance of Harbour, after drawing down of the bridge facility and payment of the cash consideration, should be in excess of USD1 billion. Also, Harbour has replaced its reserve-based loan (limit USD1.3 billion) with a five-year unsecured revolving credit facility (limit of USD3 billion, including the letter of credit portion of USD1.75 billion). In 2025, Harbour's post-acquisition maturities will include the USD1.5 billion bridge facility and a EUR1 billion bond ported from Wintershall Dea. Fitch believes that Harbour has adequate time to address the upcoming maturities in 2025 and beyond. Senior Unsecured Bonds In Line With IDR: Fitch assumes that Harbour's senior unsecured bonds (including Harbour's existing senior unsecured bonds, Wintershall Dea's existing senior unsecured bonds and new bonds to be issued by Harbour following the deal completion) will rank equally among themselves and will benefit from broadly the same guarantee package. Fitch hence believes that they are likely to be rated in line with Harbour's IDR. Wintershall's Hybrid Bonds Notched Down: Fitch assumes Wintershall Dea's subordinated bonds with call dates in 2026 and 2029 to be a permanent feature of Harbour's post-acquisition capital structure, as articulated by Harbour's management. The bonds will remain deeply subordinated and are likely to be notched down from Harbour's post-merger rating. Fitch also assumes that the bonds will continue to qualify for a 50% equity credit, reflecting the hybrids' cumulative interest coupon, a feature that is more debt-like in nature. ESG CONSIDERATIONS Harbour has an ESG Relevance Score of '4' for Waste & Hazardous Materials Management; Ecological Impacts due to significant decommissioning obligations, which has a negative impact on the credit profile, and is relevant to the rating in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Harbour Energy PLC LT IDR BB Rating Watch On BB senior unsecured LT BB Rating Watch On RR4 BB JOULES: HMRC Expected to Get Full Repayment After Asset Sale ------------------------------------------------------------ Helen Cahill at The Times reports that the taxman is expected to be repaid GBP5.9 million in overdue VAT after the collapse of Joules. According to The Times, the fashion and lifestyle brand is seeking to repay its creditors and the sale of its assets is said to be on course to deliver a full repayment of tax due to HM Revenue & Customs. Joules called in administrators when it failed to secure a refinancing in November 2022, putting about 1,600 jobs at risk, The Times relates. The company had hoped to raise equity and to cut its rental bill using a company voluntary arrangement before appointing Interpath to find a buyer for the business, The Times notes. Next agreed to buy about 100 of the fashion retailer's shops for GBP34 million in a move that safeguarded more than 1,400 jobs, The Times discloses. M. IGOE: Owes Over GBP3.5 Million at Time of Administration ----------------------------------------------------------- Jodie Bradley at Development Finance reports that building and civil engineering contractor M. Igoe Limited went into administration after appointing administrators on November 7, 2023, owing over GBP3.5 million to its supply chain and creditors. M. Igoe had been in business since 1985 specialising in civils work for major house builders across the Northwest. The firm had 32 employees and used more than 90 subcontractors working on 11 live contracts when it went under, Development Finance discloses. According to Development Finance, the company's overall deficiency/surplus as regards members is nearly GBP7.1 million. ONLY THE BRAVE: Significant Bad Debt Prompts Administration ----------------------------------------------------------- Stephen Chapman at Prolific North reports that Only The Brave has confirmed that it has gone into administration, because of a "significant bad debt." According to Prolific North, Nick Aldrich, the owner and Managing Director of the Sheffield-based strategic brand and content agency told Prolific North: "We founded the Allotment Agency, now Only The Brave, back in 2009 on the back of the food and beverage industry. "Unfortunately that same industry has been responsible for putting us into administration due to a significant bad debt and the increasing difficulty of getting paid in this industry for work done and delivered. "After 35 years I have decided enough is enough and have decided to retire from the industry. "Giles and myself wish to thank our talented and devoted team for many years of fun and laughter together and wish everyone the best of luck for the future." The agency called in the administrators earlier on Jan. 4. Meaning the end of 14 years of "successful and profitable trading." Mr. Aldrich said that the decision came despite a healthy looking 2024 order book, Prolific North relates. PURE COPPER: Enters Administration, Assets to Be Put Up for Sale ---------------------------------------------------------------- Business Sale reports that a Leicestershire-based company that processed unused and discarded copper materials for resale has collapsed into administration. Inquesta Corporate Recovery & Insolvency director Steven Wiseglass has been appointed as the administrator of Pure Copper Recycling Ltd and a sale process is set to be undertaken for the company's assets, Business Sale relates. Pure Copper Recycling, which was based in Gaddesby, was founded in 2018 and was a granulation specialist. According to Business Sale, despite generating sales of GBP10.4 million in the period from December 1, 2022 to September 28 2023, the company had reportedly run into a number of issues. Trading had previously been stopped while the company sought new premises, but it has now ceased trading upon entering administration with all employees made redundant, Business Sale discloses. "We are now working with advisers to assess the value of the company's assets and will then undertake a sale process with a view to securing a return for creditors," Business Sale quotes administrator Steven Wiseglass as saying. Pure Copper Recycling's most recent accounts at Companies House cover the year ending November 30, 2022. At that time, the company's fixed assets were valued at GBP1.3 million and current assets at slightly under GBP600,000, Business Sale states. However, the company owed significant sums to creditors at the time, with GBP1.2 million due within one year and just under GBP958,000 falling due after one year, leaving it with net liabilities of GBP240,052, Business Sale notes. WESTRIDGE CONSTRUCTION: Councils Rush to Replace Contractor ----------------------------------------------------------- Will Ing at Construction News reports that a London borough is racing to replace recently collapsed Westridge Construction on the redevelopment of a travellers' site, while a West Sussex council has picked a substitute builder to finish a housing development. Westridge Construction entered administration in September owing 872 trade creditors a total of GBP11.3 million, Construction News relays, citing a statement of affairs document. The contractor, which was based in East Sussex, turned over GBP69 million in the year to February 2023 and worked on projects worth up to GBP15 million. The builder worked in a range of sectors across the South East of England -- with live projects at its time of collapse including a 49-home development in Southwick, Shoreham and the redevelopment of a community hall and pitches for travellers in Mitcham, south London. Now the local authorities behind the latter projects have mobilised to replace Westridge Construction on their projects, Construction News discloses. Sutton Council has published a tender document for the demolition of 15 pitches and a community hall and the construction of 23 new pitches -- including 23 amenity blocks -- and a replacement community hall at The Pastures site on Carshalton Road, Construction News states. Sutton said the "unforeseeability of the original contractor going into administration has led to urgency around re-procuring the contract" as the project is required to start onsite by April 2024 to obtain Greater London Authority funding, Construction News notes. According to Construction News, the London borough said it "wishes to invite interested MMC contractors to tender for a design and build contract for the site", adding that the winning bidder would be expected to undertake detailed design work starting from RIBA Stage 3. Interested contractors have until Jan. 17 to submit tenders, with the contract expected to last for 16 months, Construction News states. Sutton Council told Construction News it expects the contract to be worth around GBP6 million. Meanwhile, Adur Council has signed a deal with Sussex-based Cheesmur to finish the residential scheme on Albion Street in Southwick, Construction News relays. Cheesmur took control of the site just before Christmas and is expected to complete the new homes "by summer 2024", according to the council, Construction News recounts. =============== X X X X X X X X =============== [*] BOOK REVIEW: Taking Charge ------------------------------ Taking Charge: Management Guide to Troubled Companies and Turnarounds Author: John O. Whitney Publisher: Beard Books Softcover: 283 Pages List Price: $34.95 Order a copy today at: http://beardbooks.com/beardbooks/taking_charge.html Review by Susan Pannell Remember when Lee Iacocca was practically a national hero? He won celebrity status by taking charge at a company so universally known as troubled that humor columnists joked their kids grew up thinking the corporate name was "Ayling Chrysler." Whatever else Iacocca may have been, he was a leader, and leadership is crucial to a successful turnaround, maintains the author. Mediagenic names merit only passing references in Whitney's book, however. The author's own considerable experience as a turnaround pro has given him more than sufficient perspective and acumen to guide managers through successful turnarounds without resorting to name-dropping. While Whitney states that he "share[s] no personal war stories" in this book, it was, nonetheless, written from inside the "shoes, skin, and skull of a turnaround leader." That sense of immediacy, of urgency and intensity, makes Taking Charge compelling reading even for the executive who feels he or she has already mastered the literature of turnarounds. Whitney divides the work into two parts. Part I is succinctly entitled "Survival," and sets out the rules for taking charge within the crucial first 120 days. "The leader rarely succeeds who is not clearly in charge by the end of his fourth month," Whitney notes. Cash budgeting, the mainstay of a successful turnaround, is given attention in almost every chapter. Woe to the inexperienced manager who views accounts receivable management as "an arcane activity 'handled over in accounting.'" Whitney sets out 50 questions concerning AR that the leader must deal with -- not academic exercises, but requirements for survival. Other internal sources for cash, including judiciously managed accounts payable and inventory, asset restructuring, and expense cuts, are discussed. External sources of cash, among them banks, asset lenders, and venture capital funds; factoring receivables; and the use of trust receipts and field warehousing, are handled in detail. Although cash, cash, and more cash is the drumbeat of Part I, Whitney does not slight other subjects requiring attention. Two chapters, for example, help the turnaround manager assess how the company got into the mess in the first place, and develop strategies for getting out of it. The critical subject of cash continues to resonate throughout Part II, "Profit and Growth," although here the turnaround leader consolidates his gains and looks ahead as the turnaround matures. New financial, new organizational, and new marketing arrangements are laid out in detail. Whitney also provides a checklist for the leader to use in brainstorming strategic options for the future. Whitney's underlying theme -- that a successful business requires personal leadership as well as bricks and mortar, money and machinery -- is summed up in a concluding chapter that analyzes the qualities that make a leader. His advice is as relevant in this 1999 reprint edition as it was in 1987 when first published. John O. Whitney had a long and distinguished career in academia and industry. He served as the Lead Director of Church and Dwight Co., Inc. and on the Advisory Board of Newsbank Corp. He was Professor of Management and Executive Director of the Deming Center for Quality Management at Columbia Business School, which he joined in 1986. He died in 2013. ********* 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., Washington, D.C., USA. Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman, Editors. Copyright 2024. 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$775 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 Peter Chapman at 215-945-7000. * * * End of Transmission * * *