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/raid1/www/Hosts/bankrupt/TCREUR_Public/100202.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 Tuesday, February 2, 2010, Vol. 11, No. 022 Headlines D E N M A R K BARK GROUP: Files Amendment No. 1 to Q3 2009 Report F R A N C E PEUGEOT CITROEN: Recalls More Than 90,000 Cars Over Gas-Pedal Flaw VIVENDI SA: Misled Investors 57 Times in New York Suit, Jury Rules G E R M A N Y GENERAL MOTORS: Extends Tengzhong's Deadline to Close Hummer Sale G R E E C E ARIES MARITIME: Changes Name to Newlead; Has US$111.3MM Q3 Loss H U N G A R Y OTP BANK: Moody's Cuts Upper Tier 2 Sub. Bond Issue to 'Ba1' I R E L A N D COGNOTEC LTD: Has Accumulated Losses of US$50 Million MCGRORY CONTRACTORS: Files Petition to Appoint Examiner PRIME SHOP: Creditors Meeting Set for February 9 RACEFIELD CATERING: Creditors Meeting Set for February 9 VIRGIN ISLAND: Creditors Meeting Set for February 12 I T A L Y ALITALIA SPA: Workers to Strike on Friday Over Wage Agreements FIAT SPA: Italy Evaluates Proposals for Termini Imerese Plant K A Z A K H S T A N ATF BANK: Moody's Cuts Junior Subordinated Debt Rating to 'B1' BANK CENTERCREDIT: Moody's Corrects Press Release on Jr. Sub. Debt KAZKOMMERTSBANK: Moody's Cuts Jr. Subordinated Debt Rating to 'B1' L U X E M B O U R G CIRSA FUNDING: S&P Withdraws 'B+' Rating on EUR600 Mil. Bonds N E T H E R L A N D S ENDEMOL BV: Lenders Want to Halt Further Debt Buy-Backs STAHL HOLDINGS: Carlyle Draws Up Debt Restructuring Proposal R O M A N I A ROMANIAN DISTRIBUTION: Enters Insolvency Proceedings; Owes EUR6MM R U S S I A UC RUSAL: May Start Trading Shares in Russia Within a Year S L O V E N I A PROBANKA DD: Fitch Affirms Individual Rating at 'D' S P A I N DOGI INT'L: Expects to Conclude Insolvency Proceedings by March IM GRUPO: Fitch May Cut Ratings on Class B & C Notes to Low-B IM PASTOR 3: Moody's Junks Rating on Class D Notes From 'B3' IM PASTOR 4: Moody's Downgrades Rating on Class D Notes to 'Ca' S W I T Z E R L A N D OERLIKON CORP: Vekselberg Fine May Strain Swiss-Russian Relations U N I T E D K I N G D O M BENFIELD CONSTRUCTION: Appoints Mazars as Liquidator BORDERS UK: Unsecured Creditors to Receive 1.5p in the Pound COCKBURNS OF LEITH: In Administration; Ernst & Young on Board FLIGHTTECH DISTRIBUTION: Assets and Goodwill Sold; 5 Jobs Saved MANCHESTER UNITED: "Wealthy" Supporters Mull Takeover Bid MIDAS PRESS: Bought by Former Management; 85 Jobs Safeguarded MIDWAY COLOUR: Bought by Trowbridge in Pre-Pack Deal SAGE PRINT: Administrator Seeks to Sell Assets as Going Concern THPA FINANCE: Fitch Publishes Performance Report on Notes UK COAL: Expects Losses to Widen by GBP100 Mln in 2009 WEST ONE: Sold Out of Administration; 63 Jobs Secured WHITEINCH ASBESTOS: In Liquidation; 20 Jobs Affected * UK: PwC Urges Pension Trustee Prudence Despite Insolvency Drop X X X X X X X X * Large Companies with Insolvent Balance Sheet ********* ============= D E N M A R K ============= BARK GROUP: Files Amendment No. 1 to Q3 2009 Report --------------------------------------------------- As reported in the Troubled Company Reporter on December 15, 2009, Bark Group Inc. and subsidiaries reported a net loss of US$699,000 for the three months ended September 30, 2009, compared with a net loss of US$532,000 for the same period of 2008. For the nine months ended September 30, 2009, the Company reported a net loss of US$2,073,000, compared with a net loss of US$2,340,000 for the same period last year. On January 29, 2010, the Company filed Amendment No. 1 to its quarterly report for the period ended September 30, 2009, in order to provide clarification regarding statements that the Company has made regarding growth in the Company's customer base experienced by the Company in the first nine months of 2009 and anticipated to be experienced in future years. The disclosure also includes risk factors associated with the experienced and prospective growth in the Company's customer base. Revenues declined to US$2,841,000 during the nine months ended September 30, 2009, as compared to US$7,150,000 during the nine months ended September 30, 2008, representing a decrease of US$4,309,000 or 60%. This decrease was caused by the loss of the Company's biggest customer S. Trading (Totempo) in the fourth quarter of 2008 and the general decline in business activities due to the global economic downturn. S. Trading represented 37% of the Company's revenues in the nine months ended September 30, 2008. The Company is continuously working with the objectives of expanding its business with existing customers and securing new customers. For the nine months ended September 30, 2009, the Company gained five additional new customers. The Company gained a further two customers in the fourth quarter of 2009. These additional customers represent an increase in the number of the Company's customers from the beginning of fiscal 2009 and accordingly represent growth in the Company's business from the beginning of fiscal 2009. The new customers had resulted in revenues of approximately US$670,000 during the nine months ended September 30, 2009. Additional revenue is anticipated from these customers based on marketing budgets discussed with these clients, which revenues will be realized in future fiscal periods, including during the fourth quarter of 2009 and in fiscal 2010. The revenues from these new customers for the nine months ended September 30, 2009, were not sufficient to offset the loss of revenues for the nine months ended September 30, 2008, from the Company's former largest customer S. Trading (Totempo) in the fourth quarter of 2008. The Company anticipates further revenues from these new customers from recurring projects based on discussions with these new clients and proposed marketing budgets, however the Company does not have long term contracts with these new customers and there is no assurance that client indications of future projects will materialize into revenues. Accordingly, there is no assurance that this growth in the Company's customer base will continue or, if it continues, that it will offset the loss of revenues attributable to the loss of S. Trading (Totempo) in the fourth quarter of 2008. The Company also anticipates that this growth in its client base will continue in the next few years based on the increase in its client base since January 1, 2009. A full-text copy of Amendment No. 1 to the September 30, 2009 quarterly report on Form 10-Q/A is available at no charge at: http://researcharchives.com/t/s?4f30 Balance Sheet At September 30, 2009, the Company's consolidated balance sheets showed US$9,741,000 in total assets, US$11,671,000 in total liabilities, and US$1,505,000 in non-controlling interests, resulting in a US$3,435,000 shareholders' deficit. The Company's consolidated balance sheets at September 30, 2009, also showed strained liquidity with US$1,187,000 in total current assets available to pay US$7,259,000 in total current liabilities. Liquidity/Going Concern As of September 30, 2009, the Company had cash of US$11,000, a decrease of US$75,000 from cash of US$86,000 as of December 31, 2008. The Company's working capital deficit increased from US$4,135,000 at December 31, 2008, to US$6,072,000 at September 30, 2009, an increase of US$1,937,000. The increase in working capital deficit is mainly due to loss in the nine months ended September 30, 2009, and delayed payments to suppliers. The Company currently has limited financial resources available to pay ongoing financial obligations as they became due. Further, at September 30, 2009, the Company had a shareholder's deficit of US$3,435,000 which resulted primarily from operating losses incurred in 2007, 2008 and 2009. These conditions raise substantial doubt about the Company's ability to continue as a going concern. The Company expects to use cash of approximately US$319,000 per quarter in operations and accordingly, the Company estimates that it will use approximately US$7,347,000 over the next twelve months in order to sustain its current obligations and to continue to pay outstanding obligations as they become due. This amount does not include any funds necessary for the Company to expand its business or to pay costs that have been incurred in relation to the listing of its common shares in the United States. The Company will require further additional financing in order to pursue the expansion of its business, either through growth or acquisitions. The Company's current source of funding, in addition to cash from operations and its operating line of credits, is the loan commitment of DKK4,000,000 (US$786,798) from Bark Holding, a related party. About Bark Group Based in Copenhagen K, Denmark, Bark Group Inc. (OTC BB: BKPG) -- http://bark-group.com/-- formerly Exwal Inc. is a commercial communication services Company that provides integrated traditional and new media advertising and marketing consulting services to its clients. Clients are comprised primarily of European businesses that range in size from small local businesses to larger trans-national and multi-national corporations. These clients include a range of businesses including financial institutions and banks, consumer products companies and luxury goods companies. =========== F R A N C E =========== PEUGEOT CITROEN: Recalls More Than 90,000 Cars Over Gas-Pedal Flaw ------------------------------------------------------------------ Rudy Ruitenberg and Cornelius Rahn at Bloomberg News report that PSA Peugeot Citroen will recall more than 90,000 cars because they may share a gas-pedal flaw that prompted Toyota Motor Corp. to recall millions of vehicles. According to Bloomberg, Jean-Marc Sarret, a spokesman for the Paris-based carmaker, said in a telephone interview the action affects about 10% of Peugeot 107 and Citroen C1 models sold throughout Europe, or fewer than 100,000 vehicles. The accelerator-pedal defect may cause crashes, Bloomberg says. According to Bloomberg, the vehicles were made at a plant in the Czech Republic where Toyota and Peugeot Citroen jointly manufacture small cars. The factory is managed by Toyota and produces about 330,000 cars a year, split between the 107, C1 and Toyota Aygo models, Bloomberg says citing the venture's Web site. "We'll have the same recall campaign as Toyota for the affected cars," Bloomberg quoted Mr. Sarret as saying Saturday. "The faulty component isn't used in all the vehicles. It represents about 10 percent of C1s and 107s in circulation." As reported by the Troubled Company Reporter-Europe on Jan. 19, 2010, Bloomberg News said Peugeot and Mitsubishi Motors Corp.'s managers met in Tokyo to negotiate a deal that may give the French carmaker a controlling stake in the Japanese company. According to Bloomberg, two people familiar with the matter said a transaction would involve a share swap. Bloomberg said acquiring a Mitsubishi stake may stretch finances at Peugeot, which had EUR2 billion (US$2.9 billion) in net industrial debt as of June 30 and bonds rated below investment grade by Standard & Poor's. PSA Peugeot is rated BB+ by Standard & Poor's. PSA Peugeot Citroen S.A. -- http://www.psa-peugeot-citroen.com/ -- is a France-based manufacturer of passenger cars and light commercial vehicles. It produces vehicles under the Peugeot and Citroen brands. In addition to its automobile division, the Company includes Banque PSA Finance, which supports the sale of Peugeot and Citroen vehicles by financing new vehicle and replacement parts inventory for dealers and offering financing and related services to car buyers; Faurecia, an automotive equipment manufacturer focused on four component families: seats, vehicle interior, front end and exhaust systems; Gefco, which offers logistics services covering the entire supply chain, including overland, sea and air transport, industrial logistics, container management, vehicle preparation and distribution, and customs and value added tax (VAT) representation, and Peugeot Motocycles, which manufactures scooters and motorcycles. In 2008, PSA Peugeot Citroen S.A. sold over 3.2 million vehicles in 150 countries worldwide. VIVENDI SA: Misled Investors 57 Times in New York Suit, Jury Rules ------------------------------------------------------------------ David Glovin and Don Jeffrey at Bloomberg News report that the Manhattan federal court jury ruled that Vivendi SA misled investors 57 times from 2000 to 2002. According to Bloomberg, the jury fund that the company misled investors with upbeat statements that hid a liquidity crisis. Bloomberg relates after the verdict in the class-action suit in New York, the winning law firm Abbey Spanier Rodd & Abrams LLP said investors may recover US$9.3 billion. "This is the largest securities class action going to verdict ever," Bloomberg quoted Arthur Abbey, an investors' lawyer, as saying Friday in an interview. "We had 57 statements that we claimed were false, and the jury found that 57 statements were false." Bloomberg discloses lawyers for investors said more than 1 million shareholders are covered by the case, which went to trial in October. About two-thirds of the investors in the New York case are in France, Bloomberg says citing Vivendi. Mr. Abbey, as cited by Bloomberg, said immediately after the verdict that the liability might reach US$4 billion if every shareholder submitted a valid claim. Vivendi says it is impossible to determine at this point how many shareholders are covered, Bloomberg notes. "We are gratified that the damage amount will be about half the damage amount originally claimed by the plaintiffs," Bloomberg quoted Paul Saunders, a lawyer for Vivendi, as saying in an interview. "This is a partial victory for us. We're just really beginning to fight." Appeal Vivendi said it disagrees with the decision returned on January 29, 2010 by a jury in the U.S. securities class action trial before the U.S. District Court for the Southern District of New York. The jury found that several public statements made by Vivendi between October 30, 2000 and August 14, 2002 violated the U.S. securities laws. Vivendi said it strongly disagrees with the findings against the company, which the company believes are contrary to the facts and the law, in particular with respect to an alleged hidden liquidity risk. According to Vivendi, the amount of damages that Vivendi may be required to pay as a result of this verdict remains uncertain and will be known at a later and as yet undetermined stage. The verdict calculates the damages on a per-share and per-day basis and it is impossible to know at this time the total number of shares traded by class members, the dates of the relevant sales and the number of class members who will submit a valid claim after receiving notice of the decision, Vivendi said. Vivendi said the company intends to pursue all available paths of action to overturn the verdict. Vivendi said it believes that there are many grounds for appeal, including, but not limited to the Court's decision to include French shareholders in the class, its rulings on jurisdiction and the plaintiffs' erroneous method of proving and calculating damages, as well as the numerous incorrect rulings made during the course of the trial. Furthermore, the company believed, and continues to believe strongly, that it did nothing wrong and that this case raises significant legal issues for foreign corporations doing business in the United States that need to be definitively resolved. Vivendi said it remains confident concerning the ultimate confirmation of the legal integrity of its actions and its public statements. About Vivendi Vivendi SA -- http://www.vivendi.com/-- is a France-based company principally engaged in telecommunications services and media entertainment. The Company operates five core subsidiaries: Activision Blizzard, a 54% subsidiary, is a worldwide pure-play online and console game publisher; Universal Music Group, a 100% subsidiary, is a recorded music company; SFR, a telecommunications operator in France is a 56% subsidiary of Vivendi (the new SFR, created via a merger with Neuf Cegetel, is a mobile and fixed-line operator in Europe); Maroc Telecom, a 53% subsidiary, is a mobile and fixed-line and internet access operator in Morocco; Groupe Canal+, a 100% subsidiary, offers premium and theme channel distribution and programming in France. Vivendi holds 20% of NBC Universal. Vivendi Mobile Entertainment was founded as a 100% subsidiary of Vivendi in 2007, its innovative subscription service, branded zaOza, was launched in France in 2008. ============= G E R M A N Y ============= GENERAL MOTORS: Extends Tengzhong's Deadline to Close Hummer Sale ----------------------------------------------------------------- According to Dow Jones Newswires' Patricia Jiayi Ho, a spokeswoman for machinery manufacturer Sichuan Tengzhong Heavy Industrial Machinery Co., said Monday the deadline for the Chinese company to buy General Motors Co.'s truck brand Hummer has been pushed back from the end of January to the end of February. According to Dow Jones, Zhao Tong, a spokeswoman for a public relations firm hired by Tengzhong, GM and Tengzhong agreed to extend the deadline. Dow Jones recalls GM completed an agreement in October to sell Hummer to Tengzhong. As reported by the Troubled Company Reporter on October 13, 2009, GM and Sichuan Tengzhong entered into a definitive agreement that will allow Tengzhong to acquire GM's premium all-terrain HUMMER brand. Under the terms of the definitive agreement, the buyer will acquire the ownership of the HUMMER brand, trademark and tradenames, as well as specific IP license rights necessary for the manufacture of HUMMER vehicles. The buyer will also assume the existing dealer agreements relating to HUMMER's dealership network. Tengzhong will purchase HUMMER through an investment entity, in which it will hold an 80 percent stake. Mr. Suolang Duoji, a private entrepreneur with holdings that include the Hong Kong- listed thenardite producer Lumena, will hold the remaining 20% stake. Financial terms of the agreement were not disclosed. The deal is awaiting approval from the Chinese government, Ms. Zhao said, according to Dow Jones. She declined to elaborate, the report adds. About Sichuan Tengzhong The investment entity buying Hummer will be jointly owned by Tengzhong and private entrepreneur Suolang Duoji. Tengzhong will hold 80 percent of the entity and Mr. Suolang 20 percent. Sichuan Tengzhong Heavy Industrial Machinery Co., Ltd. is one of China's major privately owned engineering companies. Tengzhong is a manufacturer of heavy machinery equipment with a presence in special-use vehicles, road and bridge construction equipment and construction and energy industry equipment. Since its establishment, Tengzhong has quickly become a major manufacturer of machinery and construction components through a series of successful acquisitions. Tengzhong prides itself on its automated manufacturing equipment, its processing systems, significant research and development initiatives and commitment to innovation. Mr. Suolang Duoji, a private entrepreneur from Sichuan Province has holdings that include thenardite producer Lumena which was recently listed on the Hong Kong Stock Exchange. About General Motors General Motors Company -- http://www.gm.com/-- is one of the world's largest automakers, tracing its roots back to 1908. With its global headquarters in Detroit, GM employs 209,000 people in every major region of the world and does business in some 140 countries. GM and its strategic partners produce cars and trucks in 34 countries, and sell and service these vehicles through these brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, Opel, Vauxhall and Wuling. GM's largest national market is the United States, followed by China, Brazil, the United Kingdom, Canada, Russia and Germany. GM's OnStar subsidiary is the industry leader in vehicle safety, security and information services. GM acquired its operations from General Motors Company, n/k/a Motors Liquidation Company, on July 10, 2009, pursuant to a sale under Section 363 of the Bankruptcy Code. Motors Liquidation or Old GM is the subject of a pending Chapter 11 reorganization case before the U.S. Bankruptcy Court for the Southern District of New York. At September 30, 2009, GM had USUS$107.45 billion in total assets against USUS$135.60 billion in total liabilities. About Motors Liquidation General Motors Corporation and three of its affiliates filed for Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case No. 09-50026). General Motors changed its name to Motors Liquidation Co. following the sale of its key assets to a company 60.8% owned by the U.S. Government. The Honorable Robert E. Gerber presides over the Chapter 11 cases. Harvey R. Miller, Esq., Stephen Karotkin, Esq., and Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges LLP, assist the Debtors in their restructuring efforts. Al Koch at AP Services, LLC, an affiliate of AlixPartners, LLP, serves as the Chief Executive Officer for Motors Liquidation Company. GM is also represented by Jenner & Block LLP and Honigman Miller Schwartz and Cohn LLP as counsel. Cravath, Swaine, & Moore LLP is providing legal advice to the GM Board of Directors. GM's financial advisors are Morgan Stanley, Evercore Partners and the Blackstone Group LLP. Bankruptcy Creditors' Service, Inc., publishes General Motors Bankruptcy News. The newsletter tracks the Chapter 11 proceeding undertaken by General Motors Corp. and its various affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) =========== G R E E C E =========== ARIES MARITIME: Changes Name to Newlead; Has US$111.3MM Q3 Loss --------------------------------------------------------------- Aries Maritime Transport Limited, now known as Newlead Holdings Ltd., reported a net loss of US$111,300,000 for the three months ended September 30, 2009, from a net loss of US$4,275,000 for the same period in 2008. The Company posted a net loss of US$123,762,000 for the nine months ended September 30, 2009, from net income of US$2,014,000 for the same period in 2008. Effective December 21, 2009, the Company changed its name from "Aries Maritime Transport Limited" to "NewLead Holdings Ltd." Operating revenues were US$12,167,000 for the three months ended September 30, 2009, from US$21,509,000 for the same period in 2008. Operating revenues were US$42,898,000 for the nine months ended September 30, 2009, from US$58,085,000 for the same period in 2008. As of September 30, 2009, the Company had US$197,992,000 in total assets against US$255,867,000 in total liabilities, all current, resulting in US$57,875,000 in stockholders' deficit. In January 2010, the Company sold the MSC Seine and the Saronikos Bridge for an aggregate purchase price resulting in gross proceeds to the Company of US$13.0 million, payable in cash. The Saronikos Bridge was delivered to her new owners on January 7, 2010 and the MSC Seine was delivered on January 20, 2010. Each of the MSC Seine and the Saronikos Bridge is a 2,917 TEU container vessel built in 1990. As a result of the sale and delivery of these vessels, the Company has exited the container market. As of September 30, 2009, the Company had a working capital deficit of US$244.4 million, which include its total outstanding borrowing of US$221.4 million. In connection with the Company's recapitalization, it was provided a waiver of all financial covenants (excluding working capital and minimum liquidity covenants) for a period ranging from 30 to 36 months to allow a sufficient period of time for new management to implement its business strategy. During the nine months ended September 30, 2009, the Company was in breach of certain financial covenants of its credit facility. As part of the waiver received with a Fifth Supplemental Agreement, the Company was required, among other covenants, to reduce the outstanding borrowings under the original facility agreement from US$223.7 million to US$200.0 million. In June 2009, the Company sold one vessel, the Ocean Hope, for net proceeds of US$2.3 million and reduced outstanding borrowings to US$221.4 million. From the months following the sale of the Ocean Hope until the recapitalization, the Company was in negotiations with its lenders to enter into a new US$221.4 million facility agreement to refinance the Company's existing revolving credit facility. The execution of this agreement also coincided with the Company's assumption of a US$37.4 million credit facility in relation to the three vessels transferred to the Company as part of the US$400.0 million recapitalization. On October 13, 2009, these actions occurred in connection with the US$400.0 million recapitalization: -- The Company's existing syndicate of lenders entered into a new US$221.4 million Facility Agreement to refinance the Company's existing revolving credit facility. Upon its refinancing, the financial covenants in the Facility Agreement were waived (excluding working capital and minimum liquidity covenants) for a period ranging from 30 to 36 months. The amount outstanding under the Facility Agreement is currently US$191.4 million. -- The issuance of US$145.0 million of the 7% Notes, that are convertible into common shares at a conversion price of US$0.75 per common share. There are currently US$125.0 million of 7% Notes outstanding. -- The Company assumed a US$37.4 million credit facility in relation to the three vessels transferred to the Company as part of the recapitalization. Pursuant to a Share Purchase Agreement entered into on September 16, 2009, Grandunion, a company controlled by Michail S. Zolotas and Nicholas G. Fistes, acquired 18,977,778 newly issued common shares of the Company in exchange for three drybulk carriers. Of such shares, 2,666,667 were transferred to Rocket Marine, a company controlled by two former directors and principal shareholders in the Company, in exchange for Rocket Marine and its affiliates entering into a voting agreement with Grandunion. Subsequent to its assumption, this facility has been, and continues to be, periodically paid down and drawn upon to minimize the Company's cost of capital. As of January 26, 2010, there was no outstanding balance under this facility. A full-text copy of the Company's financial report is available at no charge at http://ResearchArchives.com/t/s?4f27 Based in Athens, Greece, NewLead Holdings Ltd. (NASDAQ: NEWL) is an international shipping company that owns and operates product tanker and dry bulk vessels. The Company's products tanker fleet consists of five MR tankers and four Panamax tankers, all of which are double-hulled. The Company also owns three dry bulk vessels secured on period charters. ============= H U N G A R Y ============= OTP BANK: Moody's Cuts Upper Tier 2 Sub. Bond Issue to 'Ba1' ------------------------------------------------------------ Moody's Investors Service downgraded its rating on OTP Bank's hybrid securities, in line with its revised Guidelines for Rating Bank Hybrids and Subordinated Debt published in November 2009. OTP Bank's Upper Tier 2 perpetual subordinated bond issue was thus downgraded to Ba1 with negative outlook from Baa2. This concludes the review for possible downgrade initiated on November 18, 2009. All other ratings of OTP Bank remain unchanged, together with their negative outlook, in place since 2009. Prior to the global financial crisis, Moody's had incorporated into its ratings an assumption that support provided by national governments and central banks to shore up a troubled bank would, to some extent, benefit the subordinated debt holders as well as the senior creditors. The systemic support for these instruments has not been forthcoming in many cases. The revised methodology largely removes previous assumptions of systemic support, resulting in the rating action. In addition, the revised methodology generally widens the notching on a hybrid's rating that is based on the instrument's features. Rating Action in Detail The starting point in Moody's revised approach to rating hybrid securities is the Adjusted Baseline Credit Assessment (Adjusted BCA). The Adjusted BCA reflects the bank's standalone credit strength, including parental and/or cooperative support, if applicable. The Adjusted BCA excludes systemic support. The Adjusted BCA for OTP Bank is Baa3 and is the same as the bank's BCA as neither parental nor cooperative support apply. The Upper Tier 2 perpetual subordinated debt of OTP Bank (ISIN: XS0274147296) was downgraded to Ba1, which is one notch below the bank's Adjusted BCA reflecting its subordinated claim in liquidation and cumulative coupon deferral features. Moody's last rating action on OTP Bank was on November 18, 2009 when the bank's Baa2 (negative outlook) Upper Tier 2 perpetual subordinated debt rating was placed on review for a possible downgrade. Headquartered in Budapest, Hungary, OTP Bank reported consolidated IFRS net income of HUF130 billion (EUR481 million) after the first nine months of 2009 and total assets of HUF9.7 trillion (EUR35.9 billion) as of 30 September 2009. ============= I R E L A N D ============= COGNOTEC LTD: Has Accumulated Losses of US$50 Million ----------------------------------------------------- IrishDev.com, citing the Independent Newspaper, reports that Cognotec has accumulated losses of almost US$50 million, even though it has slashed its annual losses from US$7 million in 2007 to US$1.25 million in 2008. As reported by the Troubled Company Reporter-Europe on Jan. 29, 2010, Kieran Wallace of KPMG was appointed receiver and manager of Cognotec Limited, Cognotec Ireland Limited and Cognotec Holdings Limited by Barclays Banks Ireland PLC on Jan. 22. The company, IrishDev.com says, has been trying to restructure its debt and finances over several months, however Barclays has now appointed KPMG to try and sell the business as a going concern. The IrishDev.com relates the company's order book dried up as the global banking crisis bit during 2008 and 2009. The appointment of a receiver is bound to threaten the value of the company and the viability as the remaining 40 Dublin personnel, IrishDev.com notes. Cognotec is a Dublin-based software company. It produces financial automated FX trading solutions. MCGRORY CONTRACTORS: Files Petition to Appoint Examiner ------------------------------------------------------- McGrory Contractors Limited has filed a petition to appoint an examiner. The company's solicitor is Houlihan O'Donnell Flaherty. The petition will be heard on February 2, 2010. The registered address of the company is at: 25 River Valley Callaghs Ballyconnel Co. Cavan Ireland PRIME SHOP: Creditors Meeting Set for February 9 ------------------------------------------------ A meeting of creditors of Prime Shop Interiors Limited will take place at 8:00 a.m. on February 9, 2010, at: Harcourt Hotel 60 Harcourt Street Dublin 2 Ireland The registered address of the company is at: Enterprise Centre Melitta Road Kildare Co. Kildare Ireland RACEFIELD CATERING: Creditors Meeting Set for February 9 -------------------------------------------------------- A meeting of creditors of Racefield Catering Limited will take place at 10:00 a.m. on February 9, 2010, at: Conference Centre Pearse Road Raheen Industrial Estate Limerick Ireland The registered address of the company is at: Hi-Way Bar & Restaurant Dooradoyle Limerick Ireland VIRGIN ISLAND: Creditors Meeting Set for February 12 ---------------------------------------------------- A meeting of creditors of Virgin Island Limited will take place at 4:00 p.m. on February 12, 2010, at: Johnstown House Hotel Enfield Co Meath Ireland The registered address of the company is at: Main Street Tullamore Co Offaly Ireland ========= I T A L Y ========= ALITALIA SPA: Workers to Strike on Friday Over Wage Agreements -------------------------------------------------------------- Giulia Segreti and Guy Dinmore at The Financial Times report that Alitalia faces disruption by striking workers this week for the first time since it emerged from bankruptcy just over a year ago. According to the FT, transport union FiltCgil is calling a four-hour strike on Friday, declaring that the state of industrial relations at the company is "insufficient" and that employment and wage agreements have not been respected. Unions say they had tried to call strikes earlier, but the transport ministry was able to use its authority to defer them, the FT notes. "Alitalia is following a road of unilateral relations, with decisions and rules decided in splendid isolation," the FT quoted Mauro Rossi, secretary-general of Filt, as saying. Recovery The FT relates in the third quarter of 2009, Alitalia posted a trading profit of EUR15 million (US$20.8 million), its first in almost four years. It says it expects to have closed the year with a loss of about EUR300 million, the FT relates. Debt at the end of the third quarter was EUR831 million, the FT discloses. Unions and analysts suspect that in the absence of published final-year results the losses were higher than forecast, the FT states. The company says it is on track with its "phoenix" recovery plan to break even by the end of 2011, the FT notes. Based in Rome, Alitalia S.p.A. -- http://www.alitalia.it/-- provides air travel services for passengers and air transport of cargo on national, international and inter-continental routes, including United States, Canada, Japan and Argentina. The Italian government owns 49.9% of Alitalia. As reported in the Troubled Company Reporter-Europe on November 7, 2008, Alitalia S.p.A. filed for Chapter 15 protection with the U.S. Bankruptcy Court in the Southern District of New York. Italy's national airline experienced financial difficulties for a number of years caused, in large measure, by a combination of competition from low-cost air carriers, poor management and onerous union obligations, according to papers filed with the court. Despite a EUR1.4 billion state-backed restructuring in 1997, Alitalia posted net losses of EUR256 million and EUR907 million in 2000 and 2001 respectively. Alitalia posted EUR93 million in net profits in 2002 after a EUR1.4 billion capital injection. The carrier booked annual net losses of EUR520 million in 2003, EUR813 million in 2004, EUR168 million in 2005, EUR625.6 million in 2006, and EUR494.64 million in 2007. In the petition filed October 29, 2008, Prof. Augusto Fantozzi, the appointed administrator, said the airline's financial difficulties have been and exacerbated by spiraling fuel prices. On August 29, 2008, Alitalia declared insolvency and filed for commencement of extraordinary administration procedure at the Tribunal of Rome. Italian Prime Minister Silvio Berlusconi appointed Mr. Fantozzi as extraordinary commissioner. Under the Bankruptcy Bill, the Administrator has supplanted the directors and other management of Alitalia. FIAT SPA: Italy Evaluates Proposals for Termini Imerese Plant ------------------------------------------------------------- Steve Scherer at Bloomberg News reports that Italy's Industry Minister Claudio Scajola said the government is studying as many as seven proposals to convert Fiat SpA's Termini Imerese plant for other uses after the company suspends car production at the site in Sicily. "There are six or seven proposals that will have to be evaluated with great care," Bloomberg quoted Mr. Scajola as saying after meeting Fiat executives and unions in Rome. Bloomberg relates Fiat has said that it plans to suspend production at Termini Imerese at the end of next year because costs are too high at the Sicilian site. Mr. Scajola, as cited by Bloomberg, said the next meeting on the future of Termini would be held Feb. 5. According to Bloomberg, Raffaelle Lombardo, head of the regional government in Siciliy who attended the talks, said some of the proposals to convert the plant involve maintaining car production there. Offers As reported by the Troubled Company Reporter-Europe on Jan. 29, 2010, MF-Dow Jones and Dow Jones Newswires said the government has received another four offers to acquire the plant. Dow Jones disclosed people with knowledge of the situation, said Thursday among the possible interested companies is the German car maker Audi AG. The sources told Dow Jones an adviser could be appointed in the future to evaluate all the potential offers. Two-Week Shutdown Citing the Financial Times, the Troubled Company Reporter-Europe reported on Jan. 28, 2010, that Fiat is to close all its production facilities in Italy for two weeks from next month because of poor sales figures in January. The FT disclosed the company will close its six production facilities for the last week of February and the first week of March, a move that will affect some 30,000 workers. The FT said Fiat posted a net loss of EUR848 million and a trading profit of EUR1.1 billion in 2009 and said 2010 would be "a year of transition and stabilization". About Fiat SpA Headquartered in Turin, Italy, Fiat SpA (BIT:F) -- http://www.fiatgroup.com/-- is principally engaged in the design, manufacture and sale of automobiles, trucks, wheel loaders, excavators, telehandlers, tractors and combine harvesters. Through its subsidiaries, Fiat operates mainly in five business areas: Automobiles, including sectors led by Maserati SpA, Ferrari SpA and Fiat Group Automobiles SpA, which design, produce and sell cars under the Fiat, Alfa Romeo, Lancia, Fiat Professional, Abarth, Ferrari and Maserati brands; Agricultural and Construction Equipment, which is led by Case New Holland Global NV; Trucks and Commercial Vehicles, which is led by Iveco SpA; Components and Production Systems, which includes the sectors led by Magneti Marelli Holding SpA, Teksid SpA, Comau SpA and Fiat Powertrain Technologies SpA, and Other Businesses, which includes the sectors led by Fiat Services SpA, a publishing house Editrice La Stampa SpA and an advertising agency Publikompass SpA. With operations in over 190 countries, the Group has 203 plants, 118 research centers, 633 companies and more than 198,000 employees. * * * Fiat S.p.A. continues to carry a Ba1 long-term rating from Moody's Investors Service with negative outlook. =================== K A Z A K H S T A N =================== ATF BANK: Moody's Cuts Junior Subordinated Debt Rating to 'B1' -------------------------------------------------------------- Moody's Investors Service has downgraded the ratings on certain hybrid securities of three Kazakh banks, namely Kazkommertsbank, ATF Bank and Bank CenterCredit. This rating action is in line with the rating agency's revised Guidelines for Rating Bank Hybrids and Subordinated Debt, published in November 2009. This concludes Moody's review for possible downgrade that began on November 18, 2009, which was the last rating action date for each issuer. The rating outlook for Kazkommertsbank, ATF Bank and Bank CenterCredit remains negative, and all other ratings on these banks remain unchanged. Prior to the global financial crisis, Moody's had incorporated into its ratings an assumption that support provided by national governments and central banks to support a troubled bank would, to some extent, benefit the subordinated debt holders as well as the senior creditors. The systemic support for these instruments has not been forthcoming in many cases. Moody's revised methodology largely removes previous assumptions of systemic support, resulting in the rating action. In addition, the revised methodology generally widens the notching on a hybrid's rating that is based on the instrument's features. Rating Action in Detail The starting point in Moody's revised approach to rating hybrid securities is the Adjusted Baseline Credit Assessment (Adjusted BCA). The Adjusted BCA reflects the bank's stand-alone credit strength, including parental and/or cooperative support, if applicable. The Adjusted BCA excludes systemic support. The Adjusted BCA is B2 for Kazkommertsbank and is the same as the BCA given that parental and/or cooperative support does not apply. The Adjusted BCA is Ba2 for ATF Bank and includes 3-notches of uplift from its BCA of B2 for parental support from UniCredit SpA. The Adjusted BCA is B1 for Bank CenterCredit and is the same as the BCA given that parental and/or cooperative support does not apply. The hybrid instruments issued by the above mentioned Kazakh banks are perpetual and rank deeply subordinated in liquidation. Coupon payments must be suspended upon breach of minimum capital adequacy ratios or liquidity ratios, or if such payments would result in a breach of those ratios. Any unpaid coupons are non-cumulative. Moody's generally rates such instruments two notches below an issuer's Adjusted BCA. The affected securities of the banks are: * Kazkommertsbank's junior subordinated debt (ISIN US486668AA44) rating was downgraded from B3 to Caa1, which is two notches below the bank's Adjusted BCA of B2. * ATF Bank's junior subordinated debt (ISIN XS0274618247) rating was downgraded from Ba3 to B1, which is two notches below the Adjusted BCA of Ba2. * Bank CenterCredit's junior subordinated debt (ISIN XS0245586903) rating was downgraded from B2 to B3, which is two notches below the Adjusted BCA of B1. BANK CENTERCREDIT: Moody's Corrects Press Release on Jr. Sub. Debt ------------------------------------------------------------------ Moody's Investors Service has corrected the ISIN number of Bank CenterCredit's junior subordinated debt. Moody's downgraded the ratings on certain hybrid securities of three Kazakh banks, namely Kazkommertsbank, ATF Bank and Bank CenterCredit. This rating action is in line with the rating agency's revised Guidelines for Rating Bank Hybrids and Subordinated Debt, published in November 2009. This concludes Moody's review for possible downgrade that began on November 18, 2009, which was the last rating action date for each issuer. The rating outlook for Kazkommertsbank, ATF Bank and Bank CenterCredit remains negative, and all other ratings on these banks remain unchanged. Prior to the global financial crisis, Moody's had incorporated into its ratings an assumption that support provided by national governments and central banks to support a troubled bank would, to some extent, benefit the subordinated debt holders as well as the senior creditors. The systemic support for these instruments has not been forthcoming in many cases. Moody's revised methodology largely removes previous assumptions of systemic support, resulting in the rating action. In addition, the revised methodology generally widens the notching on a hybrid's rating that is based on the instrument's features. Rating Action in Detail The starting point in Moody's revised approach to rating hybrid securities is the Adjusted Baseline Credit Assessment (Adjusted BCA). The Adjusted BCA reflects the bank's stand-alone credit strength, including parental and/or cooperative support, if applicable. The Adjusted BCA excludes systemic support. The Adjusted BCA is B2 for Kazkommertsbank and is the same as the BCA given that parental and/or cooperative support does not apply. The Adjusted BCA is Ba2 for ATF Bank and includes 3-notches of uplift from its BCA of B2 for parental support from UniCredit SpA. The Adjusted BCA is B1 for Bank CenterCredit and is the same as the BCA given that parental and/or cooperative support does not apply. The hybrid instruments issued by the above mentioned Kazakh banks are perpetual and rank deeply subordinated in liquidation. Coupon payments must be suspended upon breach of minimum capital adequacy ratios or liquidity ratios, or if such payments would result in a breach of those ratios. Any unpaid coupons are non-cumulative. Moody's generally rates such instruments two notches below an issuer's Adjusted BCA. The affected securities of the banks are: * Kazkommertsbank's junior subordinated debt (ISIN US486668AA44) rating was downgraded from B3 to Caa1, which is two notches below the bank's Adjusted BCA of B2. * ATF Bank's junior subordinated debt (ISIN XS0274618247) rating was downgraded from Ba3 to B1, which is two notches below the Adjusted BCA of Ba2. * Bank CenterCredit's junior subordinated debt (ISIN XS0245586903) rating was downgraded from B2 to B3, which is two notches below the Adjusted BCA of B1. KAZKOMMERTSBANK: Moody's Cuts Jr. Subordinated Debt Rating to 'B1' ------------------------------------------------------------------ Moody's Investors Service has downgraded the ratings on certain hybrid securities of three Kazakh banks, namely Kazkommertsbank, ATF Bank and Bank CenterCredit. This rating action is in line with the rating agency's revised Guidelines for Rating Bank Hybrids and Subordinated Debt, published in November 2009. This concludes Moody's review for possible downgrade that began on November 18, 2009, which was the last rating action date for each issuer. The rating outlook for Kazkommertsbank, ATF Bank and Bank CenterCredit remains negative, and all other ratings on these banks remain unchanged. Prior to the global financial crisis, Moody's had incorporated into its ratings an assumption that support provided by national governments and central banks to support a troubled bank would, to some extent, benefit the subordinated debt holders as well as the senior creditors. The systemic support for these instruments has not been forthcoming in many cases. Moody's revised methodology largely removes previous assumptions of systemic support, resulting in the rating action. In addition, the revised methodology generally widens the notching on a hybrid's rating that is based on the instrument's features. Rating Action in Detail The starting point in Moody's revised approach to rating hybrid securities is the Adjusted Baseline Credit Assessment (Adjusted BCA). The Adjusted BCA reflects the bank's stand-alone credit strength, including parental and/or cooperative support, if applicable. The Adjusted BCA excludes systemic support. The Adjusted BCA is B2 for Kazkommertsbank and is the same as the BCA given that parental and/or cooperative support does not apply. The Adjusted BCA is Ba2 for ATF Bank and includes 3-notches of uplift from its BCA of B2 for parental support from UniCredit SpA. The Adjusted BCA is B1 for Bank CenterCredit and is the same as the BCA given that parental and/or cooperative support does not apply. The hybrid instruments issued by the above mentioned Kazakh banks are perpetual and rank deeply subordinated in liquidation. Coupon payments must be suspended upon breach of minimum capital adequacy ratios or liquidity ratios, or if such payments would result in a breach of those ratios. Any unpaid coupons are non-cumulative. Moody's generally rates such instruments two notches below an issuer's Adjusted BCA. The affected securities of the banks are: * Kazkommertsbank's junior subordinated debt (ISIN US486668AA44) rating was downgraded from B3 to Caa1, which is two notches below the bank's Adjusted BCA of B2. * ATF Bank's junior subordinated debt (ISIN XS0274618247) rating was downgraded from Ba3 to B1, which is two notches below the Adjusted BCA of Ba2. * Bank CenterCredit's junior subordinated debt (ISIN XS0245586903) rating was downgraded from B2 to B3, which is two notches below the Adjusted BCA of B1. =================== L U X E M B O U R G =================== CIRSA FUNDING: S&P Withdraws 'B+' Rating on EUR600 Mil. Bonds ------------------------------------------------------------- Standard & Poor's Ratings Services said that it has withdrawn its 'B+' issue rating and '4' recovery rating on the proposed EUR600 million senior secured bond issue of Cirsa Funding Luxembourg S.A., a fully owned finance subsidiary of Spain-based Cirsa Gaming Corp. S.A. (B+/Stable/--). The rating withdrawal follows Cirsa's announcement on Jan. 28, 2010, that it has decided to withdraw and terminate its offer proposing to exchange EUR600 million of bonds maturing in 2020 issued by Cirsa Funding Luxembourg S.A. for the existing 2012- maturity bonds issued by Cirsa Capital Luxembourg S.A. and the existing 2014-maturity bonds issued by Cirsa Finance Luxembourg S.A. All other group entity ratings, including the corporate credit rating on Cirsa (B+/Stable/--), remain unchanged. ===================== N E T H E R L A N D S ===================== ENDEMOL BV: Lenders Want to Halt Further Debt Buy-Backs ------------------------------------------------------- Anousha Sakoui and Ben Fenton at The Financial Times report that three hedge funds are pushing for Endemol to agree to halt any further debt buy-backs, which could help it avoid breaching its debt covenants. The funds, Centerbridge, GoldenTree and Sankaty Advisers, hold about 20% of the company's senior debt, the FT discloses. According to the FT, if its debt covenants are breached, the company could be forced into restructuring talks with its creditors. Some lenders have objected to the use of buy-backs because they consider the resulting gains do not meet the definition of key terms in the covenants, the FT notes. Citing two people familiar with the situation, the FT says Endemol is understood to have made about EUR80 million (US$110.9 million) in gains from debt buy-backs. The FT relates Endemol lenders have asked Barclays, the agent bank, to gauge support from other debtholders to formally request the company to commit to no further buy-backs. If the company does not agree to do so within five days of such a request, the lenders plan to seek a so-called declaratory judgment from the English courts to obtain a judge's verdict on whether the company should be allowed to use the gains in this way, the FT states. Citing debt information provider CapitalStructure, the FT says as of September 30, Endemol's net debt was EUR2.22 billion. Endemol B.V. -- http://www.endemol.com/-- is one of the world's leading producers of TV programs best known for its output of hit reality-based programming and game shows such as Deal or No Deal, Big Brother, and Extreme Makeover: Home Edition. The production company also creates scripted dramas and soap operas, and develops digital content for online distribution. It has more than 2,000 programming formats in its library and exports shows to more than 25 countries around the world. Formed in 1994, Endemol is owned by a consortium led by private equity firm Goldman Sachs and Italian television company Mediaset. STAHL HOLDINGS: Carlyle Draws Up Debt Restructuring Proposal ------------------------------------------------------------ David Whitehouse at Bloomberg News, citing French daily La Tribune, reports that Carlyle Group LP last week made a proposal to holders of Stahl Holdings BV debt. According to Bloomberg, La Tribune said the offer includes the injection of EUR20 million of senior debt. Bloomberg notes the French daily said the move is unlikely to succeed as banks find it less favorable than the offer already made by Wendel. As reported by the Troubled Company Reporter-Europe on Oct. 7, 2009, the Financial Times said the proposal from Wendel involves a EUR60 million equity injection by the French group to pay down debt at Stahl. The FT said the equity injected by Wendel will be used to buy back senior debt. Stahl's EUR70 million of mezzanine loans and EUR45 million of second lien loans would be swapped for small equity stake, the FT stated. Stahl's debt would fall from about EUR375 million to EUR190 million, the FT noted. According to the FT, if successful, the offer would end up with Wendel holding a 90% stake in Stahl, which has been hit hard by falling demand for its products used in the auto, furniture, flooring and shoe industries. The FT recalled Wendel and Carlyle jointly acquired Stahl EUR520 million (US$762 million) three years ago. Stahl is 48%-owned by Wendel SA -- http://www.wendelgroup.com/-- a France-based investment company. It primarily invests in the industrial and service sector, in France and abroad. As of December 31, 2008, Wendel held 100% stakes in Oranje-Nassau, a Dutch group focused on energy production as well as on private equity. Oranje-Nassau's energy sector is active in the exploration, development and production of oil and gas, with the main regions of interest in Europe, Africa and the Middle East, while the private equity sector primarily invests in internationally oriented companies. Wendel also held stakes in Bureau Veritas (52%), Materis (76%), Stallergenes (47%), Deutsch (89%), Saint-Gobain (18%) and Legrand (31%), as well as various non-strategic listed holdings. ============= R O M A N I A ============= ROMANIAN DISTRIBUTION: Enters Insolvency Proceedings; Owes EUR6MM ----------------------------------------------------------------- Cristina Stoian at Ziarul Financiar reports that Romanian Distribution Group entered insolvency proceedings late last year after being saddled with debt. ZF says the company, which has a turnover worth around EUR8.5 million and 20 stores under Cavaliere men's apparel brand, owes approximately EUR6 million. The report relates Mihaela Murariu, manager associate with Elva Cont SPRL, the legal administrator in charge with the internal reorganization of Cavaliere network, told ZF "For the time being, the preliminary list of debts has been presented and the final list of creditors will be finalized in March. There are debts of around RON25 million (EUR6 million), to banks (50% of the total) and to suppliers." Murariu, as cited by ZF, said, "The crisis fallout pushed sales down by around 50%, while contractual obligations from rents, denominated in euros, rose as a result of the RON depreciation." The company is controlled by Monica and Nicolae Toader Caluda (with a 65% stake) and Italian Deli Priscoli Pirolamo (35%), the report discloses. The report recalls the shareholder tried to restructure the business as early as mid-2009, cutting the number of employees by 25% and closing six stores in cities such as Galati, Ploiesti or Brasov. However, as cost cuts had no major impact, the shareholder decided to being on internal reorganization, the report recounts. Insolvency allows the company to sell the stocks it has left without having to pay maturing debt, ZF notes. =========== R U S S I A =========== UC RUSAL: May Start Trading Shares in Russia Within a Year ---------------------------------------------------------- Maria Kolesnikova at Bloomberg News reports that United Co. Rusal Chief Executive Officer Oleg Deripaska said the company's shares may start trading in Russia within 12 months. "We think that within 12 months Russian investors who bought Rusal shares will secure us a Russian depositary program," Bloomberg quoted Mr. Deripaska as saying in an interview with Rossiya 24 state television that was broadcast late Friday. According to Bloomberg, Mr. Deripaska said Rusal has no immediate acquisition plans and expects to resume investment in technical upgrades in the next two years. Bloomberg recalls Rusal shares began trading in Hong Kong and Paris last week after the company raised HK$16.7 billion (US$2.2 billion) in an initial public offering this month to help to pay down US$14.9 billion of debt. RUSAL -- http://www.rusal.com/-- is among the world's top aluminum producers, along with Rio Tinto Alcan and Alcoa. Formed in 2000 from various parts of the old Soviet state apparatus, RUSAL produces about 4 million tons of aluminum, 11 million tons of alumina, and 6 million tons of bauxite. Its aluminum business include packaging and foil operations in addition to a network of smelters. Those Soviet spare parts were significantly augmented in 2007 when the company merged with fellow Russian aluminum producer Sual and Glencore's alumina unit. RUSAL is majority owned by Board member Oleg Deripaska, who had owned the company completely prior to the merger. =============== S L O V E N I A =============== PROBANKA DD: Fitch Affirms Individual Rating at 'D' --------------------------------------------------- Fitch Ratings has affirmed Probanka d.d.'s Long-term Issuer Default Rating at 'BB' with a Stable Outlook. Fitch has simultaneously upgraded the Slovenia-based bank's Support Rating to '4' from '5' and revised the Support Rating Floor to 'B+' from 'No Floor'. The agency has affirmed Probanka's Short-term IDR at 'B' and its Individual Rating at 'D.' Probanka's ratings reflect its regional corporate franchise in its home town of Maribor, one of Slovenia's wealthier regions, where about 40% of its customers are based. The upgrade of the Support Rating and the revision of the Support Rating Floor reflect Fitch's view that because Probanka is of regional importance, there is a limited probability of support from the public authorities in case of need. However, the ratings also consider Probanka's deteriorating asset quality, which has put pressure on profitability, as well as the bank's equity size. Nevertheless, the Stable Outlook on the Long- term IDR reflects, among other factors, Fitch's view that the capital base still provides a comfortable buffer to absorb a moderate increase in NPLs. Operating ROAA and operating ROAE were a weak 0.51% and 6.08%, respectively, in 9M09, albeit higher than in FY08. Non-performing loans (defined as loan categories 'D' and 'E' and those in category 'C' past due by 90 days) rose to 7.1% of gross loans at end-Q309 from 4.9% at end-2008, resulting in a loan impairment charges to pre-impairment operating profit ratio of a high 60% in 9M09. This increase in NPLs was largely driven by a single exposure to an insolvent financial holding, albeit with good quality collateral, Fitch understands. The agency believes that Probanka's NPLs could rise further, particularly given ongoing difficulties in the operating environment. Slovenia's GDP contracted by almost 8% in 2009 due to a sharp domestic economic slowdown, and particularly due to the slowdown in the Germany economy to which Slovenia has close trading links. Fitch expects only a gradual renewal of growth in Slovenia in 2010. Loan impairment charges are likely to remain a key performance driver, particularly given the level of concentration in Probanka's loan book. Fitch notes that a sharp deterioration in asset quality, resulting in pressure on capitalization, could result in a downgrade of the bank's ratings. The bank plans to raise new equity (EUR5 million) and subordinated debt (EUR5 million) in 2010. Probanka's Tier 1 capital ratio remained broadly flat at end-Q309 at 7.53%. However, capitalization should also be considered in light of the bank's weakened profitability and heightened credit risk in the current operating environment, rising NPLs, related- party lending (which was equal to 38% of equity), as well as the risks associated with its equities' holdings and concentration risks. Market risk remains significant, despite having fallen, with the bank's equities exposure (net of forward contracts with customers) equal to 49.5% of its end-Q309 capital. Probanka is a medium-sized regional universal bank. It is part of a financial group, including a real estate company, a fund manager, and two leasing companies (one of which is in Croatia). At end-Q309, Probanka had a 2.5% share of banking sector assets, ranking it 12th in Slovenia. Probanka's largest shareholder with a 19.9% stake is Medaljon d.d., an investment company owned by Probanka's management board and 12 members of the bank's senior management. Medaljon is among Probanka's largest borrowers. ========= S P A I N ========= DOGI INT'L: Expects to Conclude Insolvency Proceedings by March --------------------------------------------------------------- Intelex reports that Dogi International Fabric expects to conclude by March 2010 the insolvency proceedings it has been negotiating since last June. "The company is currently reaching an agreement with the majority of its creditors," the report quoted Dogi's marketing director Sergi Domenech as saying at the French-based fabrics show Interfiliere. "Despite far slower demand, the Spanish unit of Dogi Internationale reported a positive period during the last quarter of 2009." As reported by the Troubled Company Reporter-Europe, just-style said bankrupt Spanish stretch fibers firm Dogi International Fabric posted a EUR25.6 million (US$37.7 million) loss in the first half of 2009, up from EUR6.6 million in the same 2008 period. According to just-style, the company's first-half results were hurt by restructuring costs and plunging sales. IM GRUPO: Fitch May Cut Ratings on Class B & C Notes to Low-B -------------------------------------------------------------- Fitch Ratings is maintaining IM Grupo Banco Popular EMPRESAS 2's Class A, B and C notes on Rating Watch Negative, as Banco Popular Espanol ('AA-'/Outlook Negative/'F1+') has notified the agency of its intention to restructure the transaction. The RWN was originally assigned in August 2009 pending full analysis after the implementation of Fitch revised SME CDO rating criteria for European granular corporate balance-sheet securitizations. Therefore, the current ratings of the Class A, B and C notes remain: * EUR2,225,000,000 class A notes (ISIN ES0349047003): 'AAA' on RWN * EUR100,000,000 class B notes (ISIN ES0349047011): 'A' on RWN * EUR175,000,000 class C notes (ISIN ES0349047029): 'BBB-' on RWN Fitch expects to receive shortly the full restructuring proposal from Banco Popular Espanol, after which the agency will undertake a full analysis of the proposal and resolve the RWN. However, if a restructuring is not completed within the next 90 days, the agency will thereafter take rating action based on the existing structure and the latest available information. This provides category level guidance as to the likely ratings if the restructuring is not implemented by Banco Popular Espanol: * EUR2,225,000,000 class A notes (ISIN ES0349047003): 'BBB' category * EUR100,000,000 class B notes (ISIN ES0349047011): 'BB' category * EUR175,000,000 class C notes (ISIN ES0349047029): 'B' category This rating action above is principally linked to the application of the new SME CDO criteria published on July 23, 2009. However, the transaction has not benefited from any de-leveraging, the assets are all unsecured, the portfolio has high obligor concentration and the largest obligor was recently delinquent. More specifically, as the transaction is still within its replenishment phase, the notes have not benefited from any principal amortization and therefore remain at their original subordination levels. The portfolio also suffers from high obligor concentration with the top five obligors representing 7.9% of the portfolio. Also, according to the most recent portfolio information, the top obligor representing 3.9% of the portfolio was delinquent, but according to Banco Popular Espanol this obligor is now current on its payments. Finally, all of the assets in the portfolio are unsecured, which significantly lowers potential for recoveries in the event of a default. On the positive side, the transaction has experienced relatively good performance when compared to its peers, with 90+ day delinquency rate of 2.0% versus an average of 2.9% for the Fitch- rated Spanish SME universe. IM Grupo Banco Popular EMPRESAS 2 is a cash flow securitization of a EUR2.5 billion revolving pool of traditional corporate and SME loans granted by six entities of Grupo Banco Popular -- Banco Popular Espanol SA, Banco de Andalucia, Banco de Castilla, Banco de Credito Balear, Banco de Galicia and Banco de Vasconia. IM PASTOR 3: Moody's Junks Rating on Class D Notes From 'B3' ------------------------------------------------------------ Moody's Investors Service has downgraded the ratings of: -- the senior and junior notes issued by IM Pastor 3 ( IM 3) -- all the notes issued by IM Pastor 4 ( IM 4) Last rating action date for IM 3 and IM 4 was June 29, 2009. All the notes were placed on review for possible downgrade as a consequence of the downgrade to A3/P-2 of the long-term and short- term rating of Banco Pastor. The action concludes the review and it is mainly due to the deterioration of the collateral performance. The downgrades also reflect Moody's negative sector outlook for Spanish RMBS and the weakening of the macro-economic environment in Spain, including the expected increase in unemployment rates projected for 2010. Portfolio Performance IM 3 and IM 4 closed in June 2005 and June 2006 respectively. Both transactions are backed by a portfolio of first-ranking mortgage loans secured on residential properties located in Spain, for an overall balance at closing of EUR 1 billion (IM 3) and EUR 920 million (IM 4). The securitized mortgage portfolios benefit from a relatively low weighted average LTV (currently 56% and 57% respectively), with no loan exceeding 80% LTV at closing. The two pools are fairly exposed to the Mediterranean coast. A significant portion of the pools has been originated via brokers or other external channels, representing 39% (IM 3) and 32% (IM 4) of current pool balance at the end of December 2009. The collateral performance in IM 3 and IM 4 has deteriorated further since the last rating review in May 2009, when Moody's took action on the subordinated notes in IM 3 and the mezzanine and subordinated notes in IM 4. Credit trends in IM 3 and IM 4 continue to under-perform arrears and defaults experienced by similarly seasoned low LTV Spanish RMBS and both transactions are performing worse than anticipated as of the last rating review. Moody's notes that the share of loans being written-offs has nearly doubled since the last rating review. Cumulative write- offs rose to 2.8% and 3.2% of original pool balance in IM 3 and IM 4 respectively at the end of December 2009, compared to approximately 1.5% of original balance at the end of March 2009. Moody's observes that the balance of loans more than 90 days in arrears has recently improved and it is currently equal to 3.1% and 2.0% of current pool balance in IM 3 and IM 4 -- compared to respectively 3.9% and 3.2% of current pool balance as at the last rating review. Moody's believe that the stabilization in arrears may be attributed to the low interest rate environment. Despite the seemingly improving arrears trends in the deals recently, Moody's remain concerned about the prolonged weakening in macro- economic conditions in Spain. The weak performance of IM 3 and IM 4 has been mainly driven by the exposure to loans originated via external channels, particularly in the region of Valencia and Catalonia. Additionally, non-Spanish borrowers (representing about 12% and 8% of current pool balance respectively) have been affected by difficult economic conditions such as increasing unemployment and declining house prices. Loans to non-Spanish nationals are experiencing significantly higher defaults than loans granted to Spanish borrowers. Reserve Funds / PDLs /Amortization The rapidly increasing levels of defaulted loans ultimately resulted in draws to the reserve funds in both transactions and build-up in unpaid principal deficiencies ledgers in IM 3 (EUR3.9 million) and IM 4 (EUR 6.75 million) as at the last payment date. The unpaid PDLs currently represent 0.9% and 1.3% of current pool balance of IM 3 and IM 4 respectively. Available funds in both transactions will ultimately increase as recoveries from written-off loans are collected and properties being acquired are sold. However, Moody's remain concerned about the uncertainties relating to the timing and the amount of recoveries. So far, recoveries only amount to 15% and 10% of cumulative defaults in IM 3 and IM 4 respectively. The slow pace of the recoveries suggests that the unpaid PDL may not be cured rapidly. The amortization of the mezzanine and junior notes is likely to remain sequential as a consequence of the breach of pro-rata amortization triggers. Remedial Actions Taken Following Banco Pastor Downgrade to A3/P2 Banco Pastor acts as swap counterparty in both transactions. In IM 4, Banco Pastor's payment obligations under the swap are guaranteed by Banco Popular (Aa3/P1) since February 2009. Following its downgrade to A3/P2 in June 2009, Banco Pastor has been replaced as swap counterparty by CECA (Aa3/P-1) in IM 3, which is in line with the requirements described in Moody's report titled "the Framework for De-linking Hedge Counterparty Risks from Global Structured Finance Cashflow Transactions." The treasury account that was held at Banco Pastor was transferred to Banco Sabadell (A2/P-1) after the loss of P-1 as required by the transaction documents. Banco Sabadell also replaces Banco Pastor as Paying Agent following the downgrade of Banco Pastor. In the review Moody's has also assessed the commingling risk exposure taking into account the daily (IM 4) and weekly (IM 3) sweeps from the collection account to the reinvestment account in the name of the Fondo. Moody's notes that the frequency of collection sweeps have increased from monthly to daily (IM 4) / weekly (IM3) following the loss of P-1 rating of Banco Pastor. Insufficient Liquidity in the Deals As described in the press release of 29 of June, the main exposure to Banco Pastor in IM 3 and IM 4 is linked to the servicing role that Banco Pastor plays in the transactions. Moody's notes that the reserve fund of both transactions is fully depleted and that no other sources of liquidity are available in the two transactions. Moody's believes that the absence of liquidity in the transactions could impair the ability of the Issuer to make timely payment of interest on the Notes, particularly in case of a servicing transfer. Moody's considers that the risk of a missed payment of interest on the Class A of IM 3 is not commensurate with a Aaa-rating and therefore has downgraded the rating for this class of notes. Revised Lifetime Loss and Milan Aaa CE Moody's has reassessed its lifetime loss expectation for IM 3 and IM 4 to account for the collateral performance to date as well as Moody's expectations for these transactions in the context of a current macroeconomic environment in Spain. On the basis of the rapid increase in defaulted loans and the low recovery rate to date in IM 3 and IM 4, Moody's have updated the portfolio expected loss assumption from 1.4% to 1.8% of original balance in IM 3 and from 1.6% to 2.4% of original balance in IM 4. As part of its analysis, Moody's has also assessed loan-by-loan information for the outstanding portfolios to determine the credit support consistent with target rating levels and the volatility of the distribution of future losses. As a result, Moody's has revised its MILAN Aaa credit enhancement (MILAN Aaa CE) assumptions to 7.5% for both IM 3 and IM4, up from respectively 5.8% and 5.2% as at the last rating review. The loss expectation and the Milan Aaa CE are the two key parameters used by Moody's to calibrate its loss distribution curve, which is one of the core inputs in the cash-flow model it uses to rate RMBS transactions. Current credit enhancement under the Class A notes (including subordination and reserve fund and taking into consideration the amount of unpaid PDLs) is 7.9% and 4.9% for IM 3 and IM 4 respectively as at the last payment date in December. Moody's ratings address the expected loss posed to investors by the legal final maturity of the notes. Moody's ratings address only the credit risks associated with the transaction. Other risks have not been addressed, but may have a significant effect on yield to investors. List of Detailed Rating Actions Issuer: IM PASTOR 3 Fondo de Titulizacion Hipotecaria -- Class A, Downgraded to Aa1; previously on June 29, 2009 Aaa Placed Under Review for Possible Downgrade -- Class B, Confirmed Aa3; previously on June 29, 2009 Aa3 Placed Under Review for Possible Downgrade -- Class C, Downgraded to Ba1; previously on June 29, 2009 Baa2 Placed Under Review for Possible Downgrade -- Class D, Downgraded to Caa2; previously on June 29, 2009 B3 Placed Under Review for Possible Downgrade Issuer: IM PASTOR 4 Fondo de Titulizacion de Activos -- Class A, Downgraded to Aa2; previously on June 29, 2009 Aaa Placed Under Review for Possible Downgrade -- Class B, Downgraded to Ba1; previously on June 29, 2009 A1 Placed Under Review for Possible Downgrade -- Class C, Downgraded to Caa2; previously on June 29, 2009 Ba2 Placed Under Review for Possible Downgrade -- Class D, Downgraded to Ca; previously on June 29, 2009 Caa2 Placed Under Review for Possible Downgrade IM PASTOR 4: Moody's Downgrades Rating on Class D Notes to 'Ca' --------------------------------------------------------------- Moody's Investors Service has downgraded the ratings of: -- the senior and junior notes issued by IM Pastor 3 ( IM 3) -- all the notes issued by IM Pastor 4 ( IM 4) Last rating action date for IM 3 and IM 4 was June 29, 2009. All the notes were placed on review for possible downgrade as a consequence of the downgrade to A3/P-2 of the long-term and short- term rating of Banco Pastor. The action concludes the review and it is mainly due to the deterioration of the collateral performance. The downgrades also reflect Moody's negative sector outlook for Spanish RMBS and the weakening of the macro-economic environment in Spain, including the expected increase in unemployment rates projected for 2010. Portfolio Performance IM 3 and IM 4 closed in June 2005 and June 2006 respectively. Both transactions are backed by a portfolio of first-ranking mortgage loans secured on residential properties located in Spain, for an overall balance at closing of EUR 1 billion (IM 3) and EUR 920 million (IM 4). The securitized mortgage portfolios benefit from a relatively low weighted average LTV (currently 56% and 57% respectively), with no loan exceeding 80% LTV at closing. The two pools are fairly exposed to the Mediterranean coast. A significant portion of the pools has been originated via brokers or other external channels, representing 39% (IM 3) and 32% (IM 4) of current pool balance at the end of December 2009. The collateral performance in IM 3 and IM 4 has deteriorated further since the last rating review in May 2009, when Moody's took action on the subordinated notes in IM 3 and the mezzanine and subordinated notes in IM 4. Credit trends in IM 3 and IM 4 continue to under-perform arrears and defaults experienced by similarly seasoned low LTV Spanish RMBS and both transactions are performing worse than anticipated as of the last rating review. Moody's notes that the share of loans being written-offs has nearly doubled since the last rating review. Cumulative write- offs rose to 2.8% and 3.2% of original pool balance in IM 3 and IM 4 respectively at the end of December 2009, compared to approximately 1.5% of original balance at the end of March 2009. Moody's observes that the balance of loans more than 90 days in arrears has recently improved and it is currently equal to 3.1% and 2.0% of current pool balance in IM 3 and IM 4 -- compared to respectively 3.9% and 3.2% of current pool balance as at the last rating review. Moody's believe that the stabilization in arrears may be attributed to the low interest rate environment. Despite the seemingly improving arrears trends in the deals recently, Moody's remain concerned about the prolonged weakening in macro- economic conditions in Spain. The weak performance of IM 3 and IM 4 has been mainly driven by the exposure to loans originated via external channels, particularly in the region of Valencia and Catalonia. Additionally, non-Spanish borrowers (representing about 12% and 8% of current pool balance respectively) have been affected by difficult economic conditions such as increasing unemployment and declining house prices. Loans to non-Spanish nationals are experiencing significantly higher defaults than loans granted to Spanish borrowers. Reserve Funds / PDLs /Amortization The rapidly increasing levels of defaulted loans ultimately resulted in draws to the reserve funds in both transactions and build-up in unpaid principal deficiencies ledgers in IM 3 (EUR3.9 million) and IM 4 (EUR 6.75 million) as at the last payment date. The unpaid PDLs currently represent 0.9% and 1.3% of current pool balance of IM 3 and IM 4 respectively. Available funds in both transactions will ultimately increase as recoveries from written-off loans are collected and properties being acquired are sold. However, Moody's remain concerned about the uncertainties relating to the timing and the amount of recoveries. So far, recoveries only amount to 15% and 10% of cumulative defaults in IM 3 and IM 4 respectively. The slow pace of the recoveries suggests that the unpaid PDL may not be cured rapidly. The amortization of the mezzanine and junior notes is likely to remain sequential as a consequence of the breach of pro-rata amortization triggers. Remedial Actions Taken Following Banco Pastor Downgrade to A3/P2 Banco Pastor acts as swap counterparty in both transactions. In IM 4, Banco Pastor's payment obligations under the swap are guaranteed by Banco Popular (Aa3/P1) since February 2009. Following its downgrade to A3/P2 in June 2009, Banco Pastor has been replaced as swap counterparty by CECA (Aa3/P-1) in IM 3, which is in line with the requirements described in Moody's report titled "the Framework for De-linking Hedge Counterparty Risks from Global Structured Finance Cashflow Transactions." The treasury account that was held at Banco Pastor was transferred to Banco Sabadell (A2/P-1) after the loss of P-1 as required by the transaction documents. Banco Sabadell also replaces Banco Pastor as Paying Agent following the downgrade of Banco Pastor. In the review Moody's has also assessed the commingling risk exposure taking into account the daily (IM 4) and weekly (IM 3) sweeps from the collection account to the reinvestment account in the name of the Fondo. Moody's notes that the frequency of collection sweeps have increased from monthly to daily (IM 4) / weekly (IM3) following the loss of P-1 rating of Banco Pastor. Insufficient Liquidity in the Deals As described in the press release of 29 of June, the main exposure to Banco Pastor in IM 3 and IM 4 is linked to the servicing role that Banco Pastor plays in the transactions. Moody's notes that the reserve fund of both transactions is fully depleted and that no other sources of liquidity are available in the two transactions. Moody's believes that the absence of liquidity in the transactions could impair the ability of the Issuer to make timely payment of interest on the Notes, particularly in case of a servicing transfer. Moody's considers that the risk of a missed payment of interest on the Class A of IM 3 is not commensurate with a Aaa-rating and therefore has downgraded the rating for this class of notes. Revised Lifetime Loss and Milan Aaa CE Moody's has reassessed its lifetime loss expectation for IM 3 and IM 4 to account for the collateral performance to date as well as Moody's expectations for these transactions in the context of a current macroeconomic environment in Spain. On the basis of the rapid increase in defaulted loans and the low recovery rate to date in IM 3 and IM 4, Moody's have updated the portfolio expected loss assumption from 1.4% to 1.8% of original balance in IM 3 and from 1.6% to 2.4% of original balance in IM 4. As part of its analysis, Moody's has also assessed loan-by-loan information for the outstanding portfolios to determine the credit support consistent with target rating levels and the volatility of the distribution of future losses. As a result, Moody's has revised its MILAN Aaa credit enhancement (MILAN Aaa CE) assumptions to 7.5% for both IM 3 and IM4, up from respectively 5.8% and 5.2% as at the last rating review. The loss expectation and the Milan Aaa CE are the two key parameters used by Moody's to calibrate its loss distribution curve, which is one of the core inputs in the cash-flow model it uses to rate RMBS transactions. Current credit enhancement under the Class A notes (including subordination and reserve fund and taking into consideration the amount of unpaid PDLs) is 7.9% and 4.9% for IM 3 and IM 4 respectively as at the last payment date in December. Moody's ratings address the expected loss posed to investors by the legal final maturity of the notes. Moody's ratings address only the credit risks associated with the transaction. Other risks have not been addressed, but may have a significant effect on yield to investors. List of Detailed Rating Actions Issuer: IM PASTOR 3 Fondo de Titulizacion Hipotecaria -- Class A, Downgraded to Aa1; previously on June 29, 2009 Aaa Placed Under Review for Possible Downgrade -- Class B, Confirmed Aa3; previously on June 29, 2009 Aa3 Placed Under Review for Possible Downgrade -- Class C, Downgraded to Ba1; previously on June 29, 2009 Baa2 Placed Under Review for Possible Downgrade -- Class D, Downgraded to Caa2; previously on June 29, 2009 B3 Placed Under Review for Possible Downgrade Issuer: IM PASTOR 4 Fondo de Titulizacion de Activos -- Class A, Downgraded to Aa2; previously on June 29, 2009 Aaa Placed Under Review for Possible Downgrade -- Class B, Downgraded to Ba1; previously on June 29, 2009 A1 Placed Under Review for Possible Downgrade -- Class C, Downgraded to Caa2; previously on June 29, 2009 Ba2 Placed Under Review for Possible Downgrade -- Class D, Downgraded to Ca; previously on June 29, 2009 Caa2 Placed Under Review for Possible Downgrade ===================== S W I T Z E R L A N D ===================== OERLIKON CORP: Vekselberg Fine May Strain Swiss-Russian Relations ----------------------------------------------------------------- Haig Simonian at The Financial Times reports that Moscow on Friday warned the Swiss government that a proposed CHF40 million (US$37.7 million) fine on Russian tycoon Viktor Vekselberg could strain bilateral relations between the two countries. The FT relates Alexei Kudrin, Russia's finance minister, told Hans-Rudolf Merz, his Swiss opposite number, that Moscow was "concerned" about the regulatory penalty. Mr. Kudrin told Mr. Merz at the World Economic Forum in Davos, "I do not believe this will improve Swiss-Russian relationships." Mr. Kudrin, as cited by the FT, said Russia had no plans to retaliate, but hoped the Swiss government would reconsider the fine which was imposed for alleged breaches of market disclosure rules. Mr. Vekselberg, the FT discloses, warned that the penalty could affect foreign investment in Switzerland. As reported by yesterday by the Troubled Company Reporter-Europe, the FT said the Swiss authorities are seeking to impose a record CHF120 million (US$114 million) fine on Mr. Vekselberg and two Austrian investors for allegedly breaching reporting rules in building stakes in the troubled Oerlikon industrial group. The FT disclosed Renova, Mr. Vekselberg's holding company, denied it had broken any rules in buying two stakes in Oerlikon in 2006, and said it would challenge the decision in court. The FT said the fine represents about 20% of the value of Renova's full stake in Oerlikon, whose shares have plunged in recent months on falling orders, stretched finances and restructuring needs. According to the FT, Oerlikon is locked in restructuring talks with its banks, with an initial CHF600 million debt repayment due before the end of the first quarter. The FT relates some Swiss commentators have warned that the fine could affect Renova's willingness to take part in a restructuring in which it would play a big part. Mr. Vekselberg declined to comment on refinancing talks between Oerlikon and its creditor banks, the FT notes. Oerlikon, the FT says, has suffered heavy losses and requires recapitalization. OC Oerlikon Corporation AG Pfaeffikon -- http://www.oerlikon.com/ -- is a Swiss company engaged in the industrial sector. The Company divides its activities into six segments: Oerlikon Textile, providing equipment for the textile production; Oerlikon Coating, offering protective coatings for precision tools and components; Oerlikon Solar, which provides solutions for the manufacturing of thin film silicon solar modules; Oerlikon Vacuum, providing systems for producing vacuums and conveying process gases; Oerlikon Drive Systems, which offers propulsion technology, and Oerlikon Advanced Technologies, providing aerospace and production systems for nanotechnology applications. The Company's solutions are used in a range of industries, including the solar energy, clean technologies, automotive, information technology (IT), textile, machinery and tool manufacturing industry, as well as in the process, space and advanced nanotechnology applications. The Company operates worldwide through 180 sites in 37 countries. =========================== U N I T E D K I N G D O M =========================== BENFIELD CONSTRUCTION: Appoints Mazars as Liquidator ---------------------------------------------------- Coventry Telegraph.net reports that Mazars has been appointed as liquidator to wind up Benfield Construction, a unit of Benfield Group. The report relates the company went bust on Jan. 25 with the loss of more than 20 jobs, including two executive directors. According to the report, Birmingham-based Mazars have instructed Naismiths LLP to take an immediate look at the company's order books and assets. The report notes Benfied Group chairman Clive Benfield said the company had no choice but to fold with the construction industry so badly hit by the recession. Benfield Construction is based in Coventry. BORDERS UK: Unsecured Creditors to Receive 1.5p in the Pound ------------------------------------------------------------ Catherine Neilan at The Bookseller reports that Borders UK's unsecured creditors could receive as little as 1.5p in the GBP1, with just GBP600,000 ring-fenced to pay what is estimated to be in excess of GBP40 million-worth of debt. According to the Bookseller, publishers, who were confident of having their GBP10.8 million debts largely repaid in full last year, have so far received GBP2.2 million due to successful retention of title (ROT) claims. Bookseller relates Borders' administrator MCR said "a commercial settlement" had been reached with most suppliers, though the situation with Hachette UK, which took the administrator to court last year in order to have its ROT enforced, was ongoing. Among those with the biggest exposure were HarperCollins (GBP1.1 million), Macmillan Distribution (GBP885,000) and Gardners (GBP885,000 across all divisions), the Bookseller says. The debt figure contained in the creditor's report for the business does not take into account any reduction should new tenants take up surrendered leaseholds, or ROT claims, the Bookseller notes. MCR, the Bookseller discloses, realized a surplus of GBP1.3 million from GBP12.2 million of sales during Borders' administration period. A further GBP14 million income is expected to come through, but it is not known how much will be left after further outgoings, which could include more ROT payments, Bookseller says. The Bookseller relates Geoffrey Bouchier, joint administrator, said it was unlikely the final surplus would reach the GBP14.5 million owed to Valco, which takes priority in being repaid as the ranking secured creditor. A second secured creditor, Bookshop Acquisitions Ltd., owed GBP12.4 million, is unlikely to receive anything, the Bookseller states. Mr. Bouchier, as cited by the Bookseller, said the report also makes plain that Borders' stock control systems were inadequate to deal with ROT claims. The Bookseller recounts the report revealed that Borders UK went into administration following a winding-up petition served on the business by 2 Entertain Video in November. In the period from February to November 26, the retailer made a loss of GBP32 million on sales of GBP115 million and a loss of close to GBP5 million on sales of GBP190 million in the year to end-January 2009, though this performance was actually an improvement on its previous three years trading, the Bookseller recalls. COCKBURNS OF LEITH: In Administration; Ernst & Young on Board ------------------------------------------------------------- Hamish Rutherford at Scotland On Sunday reports that Cockburns of Leith has gone into administration after more than 200 years of trading. The report relates the company called in administrators Ernst & Young on Friday after its directors concluded that the business "could no longer continue to trade". According to the report, the company, which was founded in 1796, has fallen victim to effects of the global economic downturn and increased competition from the supermarkets. FLIGHTTECH DISTRIBUTION: Assets and Goodwill Sold; 5 Jobs Saved --------------------------------------------------------------- FlightTech Distribution Limited, a supplier of batteries and model accessories for the Radio Controlled (RC) hobby industry, entered into liquidation on December 11, 2009. Jeremy French and Glyn Mummery, Client Partners at Vantis Business Recovery Services, a division of Vantis, the UK accounting, tax and business advisory group, were appointed Joint Liquidators. They have subsequently sold FlightTech's assets and goodwill to some of the company's former directors, saving 5 jobs and the future of the business. FlightTech's product range will continue to be marketed under the FlightTech brand by the company's new owners and their business, Energon Solutions Ltd. Commenting on the case, Jeremy French said: "FlightTech Distribution Ltd had a successful product range, with recognized brands. Even though it is sad that, in this case, liquidation was the only solution to an escalated shareholder conflict, we are glad that we could find a place for the business and release it from a situation of uncertainty." Speaking on the buy out of FlightTech, Andrew Kirby, Director of Energon Solutions Ltd., said: "FlightTech products are ubiquitous in the hobby sector and we are delighted to have them in our portfolio of leading brands. Together with the passionate FlightTech talent that has now joined us, we are looking forward to providing an even broader range of new and innovative products to the hobby world." MANCHESTER UNITED: "Wealthy" Supporters Mull Takeover Bid --------------------------------------------------------- Bob Bensch at Bloomberg News reports that several "wealthy" Manchester United supporters are considering a takeover bid for the team. "We've been approached by several different groups of wealthy Manchester United supporters," Bloomberg quoted Duncan Drasdo of the Manchester United Supporters Trust, which has campaigned against the club's ownership by the U.S.-based Glazer family, as saying in a telephone interview Saturday. "We're clearly interested in seeing if there is an opportunity to change the ownership at Manchester United because we feel the current owners are very damaging for the club and for the supporters." According to Bloomberg, Mr. Drasdo and the potential bidders, whom he declined to identify, have spoken with Keith Harris, the chairman of the London-based investment bank Seymour Pierce, about a takeover of the club. Bloomberg relates Mr. Harris said Saturday in an interview with the British Broadcasting Corp. that he had been approached about a potential takeover by fans who have become disgruntled with the debt the club has incurred under Malcolm Glazer and his family. Manchester United, which was bought by the Glazers in 2005 in a leveraged buyout, has debt of GBP716.6 million (US$1.15 billion), Bloomberg discloses. Bloomberg recalls the club issued more than GBP500 million of seven- year bonds in pounds and dollars this month to refinance a similar amount of bank borrowing. Manchester United Limited -- http://www.manutd.com/-- operates Manchester United Football Club, one of the most popular and successful soccer teams in the world. Man U is currently the top soccer team the UK's Premier League, boasting 18 championships and 11 FA Cup titles. Manchester United generates revenue primarily through ticket sales at venerable Old Trafford stadium, as well as through broadcasting rights and sales of Red Devils merchandise. Man U was founded as Newton Heath in 1878 before changing its name in 1902. It is owned by American tycoon Malcolm Glazer, whose holdings include the Tampa Bay Buccaneers NFL team and a majority stake in Zapata. MIDAS PRESS: Bought by Former Management; 85 Jobs Safeguarded ------------------------------------------------------------- Helen Morris at Print Week reports that the Midas Press has been bought by it former management, securing 85 jobs. Print Week recalls the company on Jan. 29 appointed Peter Yeldon of Middleton Partners as administrator. "The existing management team has successfully secured the on-going business of the Midas Press PLC with an agreed MBO," the report quoted Clive Merritt, commercial director at the company, as saying. "This will enable the continuation of a 40-year tradition with the Midas brand offering top-level high quality printing backed by a wealth of experience." Midas Press was established more than 40 years ago and produces business stationery, point of sale items, annual reports and long- run catalogues. MIDWAY COLOUR: Bought by Trowbridge in Pre-Pack Deal ---------------------------------------------------- Tim Sheahan at Print Week reports Brian Stanfield, from the Reading office of administrator Harrisons, confirmed that Midway Colour Print has been sold to Trowbridge in a pre-pack deal a day after the company went into administration. Print Week recalls Midway Colour Print went into administration on January 28. Citing the administrator's report, Print Week discloses the 40-staff business had a peak turnover of GBP3.3 million, with a gross profit of GBP1.1 million. Based in Holt, near the town of Trowbridge, Midway Colour Print operated an all-Heidelberg pressroom, with two five-color B1 presses, along with a two-color B1 and finishing kit. The company listed clients including Future Magazines Group and The Independent newspaper. SAGE PRINT: Administrator Seeks to Sell Assets as Going Concern --------------------------------------------------------------- Adam Hooker at Print Week reports that Sage Print, which trades as CTD Printers, has gone into administration, with a buyer being sought for the business as a going concern. The report relates Andrew Andronikou and Peter Kubik, of insolvency firm UHY Hacker Young, had been appointed as administrators for the company on January 25. At this stage, it is unclear whether the company has already been sold or if there are any interested parties, the report notes. Based in Sunbury-on-Thames, Middlesex, Sage Print is owned by former Wace director Mike Sage, who bought the assets of CTD Printers out of administration in November 2005. The company employs around 50 staff. THPA FINANCE: Fitch Publishes Performance Report on Notes --------------------------------------------------------- Fitch Ratings has published a performance report on THPA Finance Limited's notes. Fitch downgraded THPA's class A2 notes to 'A-' from 'A', removed the notes from Rating Watch Negative and assigned a Stable Outlook on 17 December, 2009. The class B notes were downgraded to 'BB+' from 'BBB', removed from RWN and assigned a Stable Outlook. The class C notes were downgraded to 'BB-' from 'BB', removed from RWN and assigned a Stable Outlook. The report published provides further details on Fitch's credit analysis, which underpins its rating actions. Fitch used its UK whole business securitization criteria to review the transaction structure, and the drivers and risks affecting its operational and financial performance. THPA is a securitization of the assets held, and earnings generated, by the PD Ports group which owns the port of Tees & Hartlepool on the northeast coast of England. UK COAL: Expects Losses to Widen by GBP100 Mln in 2009 ------------------------------------------------------ William MacNamara at The Financial Times reports that UK Coal on Friday warned that its losses would widen by GBP100 million in 2009. The FT relates ahead of preliminary results to be released in April, UK Coal, the country's largest coalminer, said it expects to report an annual pre-tax loss of GBP115 million, compared with a 2008 pre-tax loss of GBP15.7 million. The FT says the troubled mining and property company continues to be squeezed on several fronts even after completing a GBP100 million rights issue last year. It invested heavily in its plan of opening new coal faces using new technology, but production gains from this plan will not come through until February or March, the FT notes. Analysts expect the company to remain loss-making in 2010, then record a 2011 profit -- a figure that roughly doubles in 2012 as new production comes through and more favorable contracts are potentially settled with coal-burning power providers, the FT discloses. UK Coal plc -- http://www.ukcoal.com/-- is a United Kingdom-based company engaged in surface and underground coal mining, property regeneration and management, and power generation. The Company operates four deep mines, located in Central and Northern England. Its deep mines business consists of Daw Mill (Warwickshire), Kellingley (Yorkshire) and Thoresby and Welbeck (Nottinghamshire). The Company had five active surface mines. Total surface mining reserves and resources are estimated at approximately 55 million tons. The Company owns approximately 45,000 acres (18,200 hectares) of predominantly agricultural land. During the year ended December 31, 2008, it acquired 50% of UK Strategic Partnership Limited as a joint venture company with Strategic Sites Limited for the development of certain investment properties. In January 2009, it sold 50% share in Coal4Energy Limited to Hargreaves Services PLC. WEST ONE: Sold Out of Administration; 63 Jobs Secured ----------------------------------------------------- All 63 jobs at West One Express have been saved after the Cardiff distribution company was sold out of administration. West One Express, based in Rumney, went into administration earlier this month. The business and its assets have been acquired by West One Overnight. The deal was arranged by administrators David Hill and Peter Dewey from the Cardiff office of business recovery specialists Begbies Traynor. David Hill said, "West One Express was trading profitably until March last year, when it began to accumulate losses. Thankfully, we were able to secure a swift sale, with all employees transferring across to the new business." West One Express, established in 1997, mainly served the automotive sector, specializing in haulage and warehousing, overnight pallets and same-day delivery. WHITEINCH ASBESTOS: In Liquidation; 20 Jobs Affected ---------------------------------------------------- BBC News reports that Whiteinch Asbestos Ltd. has gone into liquidation, resulting in the loss of 20 jobs. According to the report, the company ceased trading on January 11. The report relates liquidators PKF said the company had seen a dramatic fall in turnover in the last few years due to the recession. It said the firm had also been the victim of considerable undercutting at the tender stage by rival businesses keen to capture the few contracts, the report notes. "The directors felt that they could not compete with contractors who, they believe, are operating at a loss simply to gain work so they decided to close the business," the report quoted PKF corporate recovery partner Bryan Jackson as saying. Bishopbriggs-based Whiteinch Asbestos Ltd. specialized in asbestos removal. The company was founded in 1989. * UK: PwC Urges Pension Trustee Prudence Despite Insolvency Drop --------------------------------------------------------------- While PricewaterhouseCoopers LLP figures show that the number of corporate insolvencies continued to tail off in the final quarter of last year, pension scheme trustees must remain prudent as there is often a spike in the number of firms failing during economic upturns. Jonathon Land, partner and pension credit advisory leader, PricewaterhouseCoopers LLP, explained: "The number of companies going insolvent dropped off in the second half of last year but evidence suggests that, as companies confidence returns and they start to grow, working capital can absorb cash and this combined with a reduced focus on expenditure leads to insolvencies. Trustees have a responsibility to ensure they continue to monitor their sponsors strength and are open to different ways to optimize their schemes positions." As organizations begin to increase their capital expenditure, trustees should ensure they challenge their scheme sponsors discretionary spend when forecasting future pension scheme funding payments. In particular, trustees that agreed to lower or no increase to contributions while cash was scarce need to ensure they challenge this if the employers position changes." PwCs analysis found there were 19,431 corporate insolvencies in 2009. The quarterly breakdown is as follows: Q4 09 - 4,380 Q3 09 - 4,672 Q2 09 - 4,931 Q1 09 - 5,448 =============== X X X X X X X X =============== * Large Companies with Insolvent Balance Sheet ---------------------------------------------- Total Shareholders Total Equity Assets Company Ticker (US$) (US$) ------- ------ ------ ------ AUSTRIA ------- LIBRO AG LBROF US -109013328 171684389.1 LIBRO AG LIB AV -109013328 171684389.1 LIBRO AG LIBR AV -109013328 171684389.1 LIBRO AG LB6 GR -109013328 171684389.1 SKYEUROPE SKYP PW -89480486.93 159076577.5 SKYEUROPE SKY PW -89480486.93 159076577.5 SKYEUROPE HLDG SKYV IX -89480486.93 159076577.5 SKYEUROPE HLDG S8E GR -89480486.93 159076577.5 SKYEUROPE HLDG SKY AV -89480486.93 159076577.5 SKYEUROPE HLDG SKY LI -89480486.93 159076577.5 SKYEUROPE HLDG SKYA PZ -89480486.93 159076577.5 SKYEUROPE HLDG SKYPLN EO -89480486.93 159076577.5 SKYEUROPE HLDG SKURF US -89480486.93 159076577.5 SKYEUROPE HLDG SKY EU -89480486.93 159076577.5 SKYEUROPE HLDG SKYPLN EU -89480486.93 159076577.5 SKYEUROPE HLDG SKY EO -89480486.93 159076577.5 SKYEUROPE HOL-RT SK1 AV -89480486.93 159076577.5 BELGIUM ------- SABENA SA SABA BB -84766501.61 2196477161 CROATIA ------- OT OPTIMA TELEKO 2299892Z CZ -48565065 119632635.5 OT-OPTIMA TELEKO OPTERA CZ -48565065 119632635.5 CYPRUS ------ LIBRA HOLIDA-RTS LGWR CY -27821889.5 240947718 LIBRA HOLIDA-RTS LBR CY -27821889.5 240947718 LIBRA HOLIDAY-RT 3167808Z CY -27821889.5 240947718 LIBRA HOLIDAYS LHGR CY -27821889.5 240947718 LIBRA HOLIDAYS LHGCYP EO -27821889.5 240947718 LIBRA HOLIDAYS LHGCYP EU -27821889.5 240947718 LIBRA HOLIDAYS G LHG CY -27821889.5 240947718 LIBRA HOLIDAYS G LHG EU -27821889.5 240947718 LIBRA HOLIDAYS G LHG PZ -27821889.5 240947718 LIBRA HOLIDAYS G LHG EO -27821889.5 240947718 LIBRA HOLIDAYS-P LBHG CY -27821889.5 240947718 LIBRA HOLIDAYS-P LBHG PZ -27821889.5 240947718 CZECH REPUBLIC -------------- CKD PRAHA HLDG 297687Q GR -89435858.16 192305153 CKD PRAHA HLDG CKDPF US -89435858.16 192305153 CKD 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WHY IX -27530263.14 313453511 WYG PLC WYG LN -27530263.14 313453511 WYG PLC WYGGBP EO -27530263.14 313453511 XXPERT RENTAL XPRT CN -123563000 104843000 ********* 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 C. Udtuhan, Marites O. Claro, Rousel Elaine C. Tumanda, Joy A. Agravante and Peter A. Chapman, Editors. Copyright 2010. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$625 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Christopher Beard at 240/629-3300. * * * End of Transmission * * *