/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/100921.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, September 21, 2010, Vol. 11, No. 186 Headlines A U S T R I A GLOUCESTER EUROPE: Swiss Winding Files Appeal Against Settlement F R A N C E NOVASEP HOLDING: S&P Puts 'B' Rating on CreditWatch Negative G E R M A N Y TELE COLUMBUS: Sept. 22 Hearing Set for Scheme of Arrangement G R E E C E WEATHER FINANCE: Moody's Withdraws 'C' Corporate Family Rating H U N G A R Y CIVIS HOTELS: Three Hotels Put Up for Sale; Debt Talks Ongoing * HUNGARY: Construction Sector Liquidations Up 37.9% in August I R E L A N D ALLIED IRISH: Hires UBS to Advise Share Sale Process ARNOTTS HOLDINGS: Anglo Irish Bank Declines Sale Talks AURA CDO: S&P Junks Rating on Series 17 Notes from 'B+' BANK OF SCOTLAND: Closure May Hit Short-Term Financing of SMEs CALYX GROUP: Bought Out of Receivership by Better Capital CARNEROS III: Fitch Cuts Ratings on Four Classes of Notes to 'Dsf' DUNCANNON CRE: Partial Repurchase Won't Affect Fitch's Ratings MCINERNEY HOMES: Bank of Ireland Appoints Receiver to Four Firms QUINN INSURANCE: Gets Expressions of Interest QUINN INSURANCE: Lobby Group Calls for Anglo Rescue Backing QUINN INSURANCE: Lobby Group Calls for Anglo Rescue Backing L U X E M B O U R G RMF EURO: Fitch Junks Rating on Class C Notes From 'Bsf' N E T H E R L A N D S ELM BV: S&P Withdraws 'D (sf)' Ratings on Two Credit-Linked Notes SCHOELLER ARCA: S&P Downgrades Corporate Credit Ratings to 'CCC' R O M A N I A FLANCO GROUP: Asesoft Owners Take 60% Stake; To Exit Insolvency R U S S I A CBED LLC: Fitch Affirms Long-Term Issuer Default Rating at 'B-' EVRAZ GROUP: Fitch Affirms 'B+' Long-Term Issuer Default Rating MAGNITOGORSK IRON: Fitch Changes Outlook on 'BB' IDR to Positive NOVOROSSIYSK OJSC: S&P Puts 'BB+' Rating on CreditWatch Negative SEVERSTAL OAO: Fitch Affirms 'B+' Long-Term Issuer Default Rating SVYAZINVEST OJSC: S&P Retains CreditWatch Developing on Ratings * IRKUTSK OBLAST: S&P Raises LT Issuer Credit Ratings to 'B+' * TOMSK OBLAST: S&P Raises Long-Term Issuer Credit Rating to 'B+' S E R B I A & M O N T E N E G R O * MONTENEGRO: Corporate Bankruptcies Rise to 244 in 1H2010 S P A I N CAJA GRANADA: Fitch Puts 'BB' Preferred Stock Rating on Pos. Watch SA NOSTRA: Fitch Puts 'BB' Preferred Stock Rating on Pos. Watch U K R A I N E * Fitch Assigns 'B' Ratings on Ukraine's Two Eurobonds U N I T E D K I N G D O M BRITANNIA LAND: Provisional Liquidator Appointed CHESS II: S&P Downgrades Ratings on Various Notes to 'CCC-' CONNAUGHT PLC: One Vision Housing May Rehire Around 100 Workers CONNAUGHT PLC: Collapse Hits Subcontractors JOHN GIBBINS: Faces Wind-Up Over GBP100,000 Debt KEYDATA INVESTMENT: FSA Rejected Rescue Package, Founder Claims LIVERPOOL FOOTBALL: Co-Owner to Partner With GSO in Rescue Attempt NORTHERN ROCK: Mulls Mortgage Portfolio Sale to Repay Gov't Loan PINETEUM: Second Takeover Could Mean Redundancies ROYAL BANK: Treasury Select Committee Head Backs Break-Up TITAN EUROPE: S&P Cuts Ratings on Two Classes of Notes to 'D' * UK: Draws Up Proposals for New Special Administration Regime X X X X X X X X * Large Companies with Insolvent Balance Sheet ********* ============= A U S T R I A ============= GLOUCESTER EUROPE: Swiss Winding Files Appeal Against Settlement ---------------------------------------------------------------- European Plastics News reports that Swiss Winding Invention AG filed an appeal in the Austrian courts on Sept. 15 against a settlement offer made by Gloucester Engineering Co. European Plastic News says if approved by the court, Gloucester Engineering's offer would secure the intellectual property assets of its bankrupt Austrian subsidiary, Gloucester Engineering Europe. According to European Plastic News, Swiss Winding Invention's appeal prevents that settlement from moving forward. Appeals of this type can take several months to be heard, European Plastic News notes. Swiss Winding has also expressed interest in buying the unit's intellectual property, European Plastic News discloses. On Sept. 10, 2010, the Troubled Company Reporter-Europe, citing European Plastics News, reported that Swiss Winding, which had previously offered EUR530,000 (US$673,700) for the business assets of Gloucester Engineering Europe, said it was prepared to double that figure. As reported by the Troubled Company Reporter-Europe on Sept. 8, 2010, European Plastics News said creditors of Gloucester Engineering Europe voted in the Austrian bankruptcy court on Sept. 1 to accept a settlement proposal put forward by US parent Gloucester Engineering Co that would pay out 30% of money owed to them. Gloucester Engineering Europe GmbH is the Vienna-based subsidiary of Gloucester Engineering Co. Inc., a blown and cast film machinery maker in Gloucester, Massachusetts. GEC manufactures its equipment from its headquarters in Gloucester, MA, USA and through its joint-venture company in Damman, India, Kabra Gloucester Engineering. Gloucester Engineering's Chapter 7 case -- filed on March 23, 2010 -- was converted to Chapter 11 bankruptcy protection on June 25, 2010 (Bankr. D. Mass. Case No. 10-12967). =========== F R A N C E =========== NOVASEP HOLDING: S&P Puts 'B' Rating on CreditWatch Negative ------------------------------------------------------------ Standard & Poor's Ratings Services said it placed its 'B' long- term corporate credit rating on France-based pharmaceutical services company Novasep Holding S.A.S. on CreditWatch with negative implications. S&P also placed the 'B' issue rating on Novasep's senior secured bonds on CreditWatch negative. The recovery rating on these bonds remains unchanged at '4', indicating S&P's expectation of average (30%-50%) recovery for creditors in the event of a payment default. The CreditWatch placement follows the decline in Novasep's operating performance in the first half of 2010, which was more significant than S&P had expected. Following project cancellations and delays, the company's reported EBITDA fell by about 25% year on year, leading to a significant increase in debt as of June 30, 2010. "In S&P's view, there is limited visibility regarding the timing of Novasep's ongoing contracts and its ability to recover from its operating shortfalls," said Standard & Poor's credit analyst Olaf Toelke. "S&P therefore believes that Novasep may not achieve the deleveraging that management initially expected." Novasep's adjusted net-debt-to-EBITDA ratio reached about 9x, including the pay-in-kind shareholder loan, for the 12 months to June 30, 2010. This is above a leverage of about 6x by mid-2011 that S&P considers would be consistent with the present ratings. While Novasep's Process division performed well, market conditions in the Synthesis division, its largest business segment, now appear to be less healthy than S&P originally anticipated, as demonstrated by the project cancellations in the first six months of the year. While S&P does not believe that the project cancellations signal a structural weakening of the underlying market, it nevertheless necessitates further restructuring at Novasep in the short term. S&P believes this is very likely to erode the company's generally strong cash flow generation, at least in 2010. The ratings continue to reflect S&P's view of Novasep's highly leveraged financial profile following the LBO of 2007, as well as its assessment of its "fair" business risk profile, supported by a unique product portfolio and comparatively high margins. "S&P expects to resolve the CreditWatch negative on Novasep within three months, subject to further management input regarding future financial guidance and visibility on the phasing of contracts, such as that with Stanislas and the recently won contract with Cerenis," said Mr. Toelke. ============= G E R M A N Y ============= TELE COLUMBUS: Sept. 22 Hearing Set for Scheme of Arrangement ------------------------------------------------------------- Tele Columbus GmbH will restructure EUR1 billion (US$1.2 billion) of loans in a U.K. court, Isabell Witt at Bloomberg News reports, citing three people familiar with the situation. According to Bloomberg, the people said the company, controlled by Dusseldorf, Germany-based restructuring specialist Nikolaus & Co., will attend a first court hearing on Sept. 22 to reduce its debt burden in a so-called scheme of arrangement procedure. Bloomberg says under the court plan, lenders will get an equity stake in exchange for reducing Tele Columbus's debt to EUR623 million from about EUR947 million. Bloomberg relates the people said the deal leaves Tele Columbus with EUR530 million of senior loans. A scheme of arrangement under the U.K. Companies Act allows debtors to make changes with at least 75% of voting creditors, Bloomberg discloses. The proposal to swap Tele Columbus's debt for equity outside of the courts failed to get unanimous consent, Bloomberg notes. Creditors led by York Capital Management LLC, Bank of Ireland Plc and GoldenTree Asset Management LP agreed to freeze loan payments this year, Bloomberg recounts. Tele Columbus -- http://www.telecolumbus.de/-- is a cable TV, Internet, and phone service provider. With more than 2 million subscribers, Tele Columbus is among Germany's top cable providers (behind Kabel Deutschland and Unitymedia). It offers analog and digital cable, high-speed Internet, and cable telephone service. Both Tele Columbus and PrimaCom are owned by holding company Orion Cable; Tele Columbus has a presence across northern and western Germany, while PrimaCom's customers are focused in the eastern part of the country. Orion Cable is owned by a holding company controlled by investment banking firm Nikolaus & Co. Tele Columbus was founded in 1985. =========== G R E E C E =========== WEATHER FINANCE: Moody's Withdraws 'C' Corporate Family Rating -------------------------------------------------------------- Moody's Investors Service has withdrawn the ratings of Weather Finance III as well as the senior secured bond rating at Hellas Telecommunications V and the senior unsecured bond rating at Hellas Telecommunications V. The withdrawal reflects Moody's expectation that the steps taken by Wind Hellas along with the standstill agreement reached in July 2010 with its hedging counterparties, RCF lenders and senior secured bondholders, will lead to a restructuring of its existing capital structure. The withdrawal follows the rating actions taken on July 22, 2010, when the PDR of Wind Hellas was downgraded to D from Caa3 reflecting the group's default. These ratings are withdrawn: * Corporate Family Rating of C * Probability of Default Rating of D * Rating of C on EUR1,222 million senior secured floating rate notes due 2012 at Hellas Telecommunications V * Rating of C on EUR355 m senior notes due 2013 at Hellas Telecommunications III Wind Hellas Telecommunications is the second-largest fully integrated telecoms operator in Greece, with mobile, fixed-line and internet service offerings. The company operates primarily under the "Wind", "Tellas" and "Q" brands. In the 12 months to June 2010, the company generated EUR947 million in revenues and EUR250 million in adjusted EBITDA (as reported by the company) on a consolidated basis. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY'S is not an auditor and cannot in every instance independently verify or validate information received in the rating process. ============= H U N G A R Y ============= CIVIS HOTELS: Three Hotels Put Up for Sale; Debt Talks Ongoing -------------------------------------------------------------- MTI-Econews, citing business daily Napi Gazdasag, reports that three hotels owned by Civis Hotel -- among them the Golden Bull, a landmark in the center of Debrecen -- are expected to be put on the block at the end of October or the beginning of November. In addition to the Golden Bull, Civis Hotel's other establishment in Debrecen, the Best Western, as well as the Delibab hotel in the spa town of Hajduszoboszlo are being offered for sale, MTI notes. According to MTI, liquidator Imre Buga said negotiations are ongoing on about HUF600 million of the company's HUF4.1 billion debt and liabilities related to vacation vouchers could add another HUF300 million to the total. The three hotels are all currently operating, MTI says. As reported by the Troubled Company Reporter-Europe on Sept. 17, 2010, Napi Gazdasag said Civis Hotel, which has total assets of HUF4.1 billion, posted a net loss of nearly HUF1 billion in 2009 when revenue fell to HUF889 million from HUF1 billion. Napi Gazdasag disclosed the hotelier filed for bankruptcy in November and finally went into liquidation after it failed to settle with creditors on repayment terms and was unsuccessful in seeking out an investor. Civis Hotels Zrt is a Hungarian hotel chain operator. * HUNGARY: Construction Sector Liquidations Up 37.9% in August -------------------------------------------------------------- MTI-Econews reports that data compiled by Opten shows that the number of liquidation procedures launched against Hungarian construction companies rose 37.9% to 189 in August from the same month a year earlier. ============= I R E L A N D ============= ALLIED IRISH: Hires UBS to Advise Share Sale Process ---------------------------------------------------- Joe Brennan at The Irish Examiner reports that Allied Irish Banks plc, which is seeking to raise as much as EUR3 billion in a share sale in the fourth quarter, has hired UBS to help advise on the process. The Irish Examiner stated that its sources said the bank also retained Morgan Stanley, JPMorgan Chase & and Goodbody Stockbrokers as advisers. The Irish Examiner relates AIB managing director Colm Doherty said he expects to raise as much as EUR3 billion of equity from investors and the Irish government after selling overseas assets. According to The Irish Examiner, sources said the advisers may underwrite the sale of shares to investors other than the government. The state already controls an 18.7% stake in the bank through the National Pension Reserve Fund, The Irish Examiner notes. Allied Irish Banks, p.l.c., together with its subsidiaries -- http://www.aibgroup.com/-- conducts retail and commercial banking business in Ireland. It also provides corporate lending and capital markets activities from its head office at Bankcentre and from Dublin's International Financial Services Centre. The Group also has overseas branches in the United States, Germany, France and Australia, among other locations. The business of AIB Group is conducted through four operating divisions: AIB Bank Republic of Ireland division, Capital Markets division, AIB Bank UK division, and Central & Eastern Europe division. In February 2008, the Group acquired the AmCredit mortgage business in the Baltic states of Latvia, Lithuania and Estonia. In September 2008, the Group also acquired a 49.99% shareholding in BACB. * * * As reported by the Troubled Company Reporter-Europe on July 23, 2010, Moody's Investors Service affirmed AIB's long-term bank deposit and debt ratings. These are A1 for long-term bank deposits and senior debt, A2 for dated subordinated debt, Ba3 for undated subordinated debt, B1 for cumulative tier 1 securities and Caa1 for non-cumulative tier 1 securities. Moody's said the outlook on these ratings is stable. AIB's bank financial strength rating of D, which maps to Ba2 on the long term rating scale, with a positive outlook was unaffected by the rating action. ARNOTTS HOLDINGS: Anglo Irish Bank Declines Sale Talks ------------------------------------------------------ Shane Ross at Sunday Independent reports that Anglo Irish Bank has declined to talk to possible bidders for retail store Arnotts. According to Sunday Independent, insiders at Anglo suggest that they are not yet ready to put Arnotts on the block, insisting that if they sell Arnotts it will be a "competitive process". Sunday Independent says a consortium of investors based overseas is understood to have made an approach to the deeply indebted bank in recent weeks expressing interest in buying the entire business of Arnotts. According to Sunday Independent, a source close to the consortium, said the approach has been rebuffed by top figures in the new Anglo hierarchy. Sunday Independent's sources said Anglo has received three serious calls with an interest in buying Arnotts but senior executives are pleading that they need time to stabilize the business. As reported by the Troubled Company Reporter-Europe on August 11, 2010, the European Commission approved a proposal from Anglo Irish Bank and Ulster Bank to take control jointly of Arnotts in a debt restructuring deal. The Irish Times disclosed Arnotts owes the two banks more than EUR300 million. Established in 1843, Arnotts Holdings Ltd. is the largest department store in the country, with a selling area of more than 27,000sq m. It employs some 950 people and has been an anchor for other stores on Dublin's Henry Street for over 150 years, according to The Irish Times. AURA CDO: S&P Junks Rating on Series 17 Notes from 'B+' ------------------------------------------------------- Standard & Poor's Ratings Services lowered its credit rating to 'CCC+ (sf)' from 'B+ (sf)' on Aura (Ireland) CDO PLC's ?50 million floating-rate limited-recourse secured credit-linked series 17 notes. Aura (Ireland) CDO's series 17 is a synthetic collateralized debt obligation arranged by Bank of America Merrill Lynch that closed in December 2005. The noteholders have consented to a restructuring, which consists of the following amendments: * The structure became a standard synthetic CDO referencing a portfolio of 164 corporate reference entities, whereas it was previously a CDO squared with cross-subordination referencing six custom-made CDOs of about 80 reference entities each. * The tranche now attaches at 4.55% and detaches at 5.80%. Axa Investment Managers Paris S.A. has replaced Lyxor Asset management as portfolio manager. The proceeds of the notes will remain invested in the initial underlying collateral, being ?50 million of floating-rate notes due 2015 (rated 'AA+'), issued by General Electric Capital European Funding. S&P's rating action reflects these amendments and fact that the rating on the notes is weak-linked to both Merrill Lynch & Co. and the underlying collateral, although this does not constrain the rating assigned upon restructuring. BANK OF SCOTLAND: Closure May Hit Short-Term Financing of SMEs -------------------------------------------------------------- InsolvencyJournal.ie reports that Mark Fielding, CEO of the Irish Small and Medium Enterprise association, said the closure of Bank of Scotland Ireland at the end of the year will leave many small and medium Irish businesses in a "precarious situation" in relation to short-term financing such as invoice discounting and overdraft facilities. Mr. Fielding mentioned hotels, in particular, as potentially having trouble sourcing alternate working capital, InsolvencyJournal.ie notes. According to InsolvencyJournal.ie, Mr. Fielding said that it is difficult to estimate exactly how much is going to be needed in short-term financing come the end of the year, but that ISME believes some 5,000 customers and 12,000 accounts will be affected by the closure. He said that there was a need for a "third force" in Irish banking, to lend to small and medium enterprises, and that this could be modeled on the ICC bank, InsolvencyJournal.ie relates. Bank of Scotland (Ireland) bank provides banking services like commercial loans, commercial and asset finance, and investment services. In 2006 it launched a retail banking division, Halifax, with such offerings as mortgages, personal loans, credit cards, and savings products. The bank has more than 40 locations throughout Ireland. Halifax was launched via Bank of Scotland (Ireland)'s purchase of ESB's retail outlets in 2005. In 2009 Bank of Scotland (Ireland) became part of Lloyds Banking Group, which was formed by the merger of Lloyds TSB and the bank's former parent, HBOS. * * * As reported by the Troubled Company Reporter-Europe on April 28, 2010, Moody's Investors Service confirmed the bank deposit ratings of Bank of Scotland (Ireland) at Baa1/Prime-2 and the bank financial strength rating at D- (mapping to a baseline credit assessment of Ba3). Moody's said the outlook on the BFSR and the long-term ratings is negative. Moody's said the D- BFSR reflects the weak underlying performance of the entity, which has large concentrations in commercial property in Ireland, a capital and funding position that is dependent on its parent and the challenges the bank faces to run- off of the significant exposure to the domestic commercial real estate market and to close the retail and intermediary businesses. CALYX GROUP: Bought Out of Receivership by Better Capital --------------------------------------------------------- John Collins at The Irish Times reports that Better Capital has bought Calyx Group out receivership. The Irish Times relates Tom Kavanagh, a partner in Kavanagh Fennell, acted as receiver for the Irish operations of Calyx Group, which was forced into receivership on Sept. 3 after Better Capital bought its debt from Anglo Irish Bank. The Irish Times says Calyx, a diverse group of technology companies with operations in Ireland and Britain, had been struggling with debts of more than EUR100 million. According to The Irish Times, Better Capital, run by the former boss of British buyout firm Alchemy Partners, Jon Moulton, is believed to have bought the debt for just EUR10 million. By purchasing the debt, it effectively controlled the sale process, The Irish Times notes. Better Capital has acquired the British operations of Calyx and its Irish software business, which sold finance software internationally, The Irish Times discloses. The remaining Irish services business, which has about 7,500 customers, has been acquired in a management buyout led by David Hargaden, former Calyx chief financial officer, and Declan Hughes, group general manager of Calyx Ireland, The Irish Times states. It will be rebranded as Unity Technology Solutions, The Irish Times says. The buyout is backed by private investors and leaves Unity debt-free and fully-funded for the next 18 months according to Mr. Hargaden, who will act as executive chairman, The Irish Times discloses. Mr. Hughes has been appointed chief executive, according to The Irish Times. In total about 150 jobs at Calyx have been rescued due to the buyout, The Irish Times notes. Calyx Group employs more than 500 staff based in the UK, Northern Ireland and Ireland. The business has been trading under the Calyx brand since 2002, following the management buy-out of the voice, data and training businesses of Alphyra Plc. Calyx floated on AIM in 2004, but the group was taken into private ownership again in 2007. CARNEROS III: Fitch Cuts Ratings on Four Classes of Notes to 'Dsf' ------------------------------------------------------------------ Fitch Ratings has downgraded Carneros III plc's CDO notes to 'Dsf' and withdrawn the ratings as a result of the notes' default. -- EUR91m Series A notes: downgraded to 'Dsf' from 'Csf'; rating withdrawn -- JPY300m Series A notes: downgraded to 'Dsf' from 'Csf'; rating withdrawn -- EUR5.5m Series B notes: downgraded to 'Dsf' from 'Csf'; rating withdrawn -- JPY2,100m Series C notes: downgraded to 'Dsf' from 'Csf'; rating withdrawn The downgrade follows the settlement of the CIT Group, Inc. and Ambac Assurance Corporation credit events which led to losses exceeding both the credit enhancement of the notes and tranche thickness amount. As a result, the charged assets have been liquidated and the notes have been fully written down. At closing, Carneros III, a special purpose vehicle incorporated under the laws of Ireland, entered into a credit default swap with Deutsche Bank AG (rated 'AA-' /Negative/'F1+'), under which it provides notional protection on a reference portfolio of corporate reference entities. DUNCANNON CRE: Partial Repurchase Won't Affect Fitch's Ratings -------------------------------------------------------------- Fitch Ratings says that the recently proposed partial repurchase of Duncannon CRE CDO I PLC's class A notes will not in itself impact the rating of the notes. The notes are rated: -- EUR5,000,000 class X: 'Bsf'; Outlook Negative -- EUR194,520,649 class A: 'B-sf'; Outlook Negative; Loss Severity (LS) Rating 'LS-3' -- EUR95,647,094 class RCF: 'B-sf'; Outlook Negative; 'LS-4' -- EUR40m class B: 'CCCsf' -- EUR40,520,026 class C-1: 'CCsf' -- EUR20,298,282 class C-2: 'CCsf' -- EUR20,669,163 class D-1: 'Csf' -- EUR20,708,378 class D-2: 'Csf' -- EUR20,773,867 class D-3: 'Csf' -- EUR20,170,290 class E-1: 'Csf' -- EUR21,236,945 class E-2: 'Csf' As per Condition 7 (h) of the Duncannon CRE CDO I PLC prospectus, the issuer may at any time, at the direction of the portfolio manager, purchase senior or mezzanine notes in the open market or in privately negotiated transactions, at a price not exceeding the notes' par value. Under the proposed buyback, the repurchase of EUR6m of the class A notes will be undertaken at a discounted purchase price. The repurchased notes will subsequently be cancelled, thereby marginally increasing the available credit enhancement to all rated notes. The proposed buyback follows earlier buybacks of class A notes in 2009 and 2010. The repurchase will be funded using cash available in the principal collection account. As of September 2010, approximately EUR4.5m is available in the principal collection account. Generally, proceeds in the principal collection account can be used by the portfolio manager to invest in new portfolio assets, limited by the eligibility criteria, or they may be distributed to noteholders, if no such investment opportunity exists. Due to the funding of the proposed repurchase of the class A notes, the amount of principal proceeds available for immediate distribution to the remaining noteholders will be substantially lower. At the same time, noteholders will benefit from an increase in credit enhancement due to the relative increase of assets compared with liabilities in the structure. Currently the senior, second senior and mezzanine par value tests are breaching their limits. Fitch notes that all par value ratios will improve as a result of the repurchase. Consequently, the amount of interest required to be diverted on future payment dates to the senior notes to cure the par value tests may be reduced. MCINERNEY HOMES: Bank of Ireland Appoints Receiver to Four Firms ---------------------------------------------------------------- InsolvencyJournal.ie, citing the Sunday Times, reports that Bank of Ireland has put a receiver into four companies owned by McInerney Homes. InsolvencyJournal.ie relates Bank of Ireland has appointed Kieran Wallace of KPMG to the companies, Burberry Developments, Cone Pine Properties and M50 Developments. According to InsolvencyJournal.ie, the Sunday Times said that two other banks in a syndicate owned approximately EUR113 million by McInerney, Anglo Irish and KBC, are also understood to be about to appoint receivers to McInerney-owned companies. Meanwhile, InsolvencyJournal.ie says an interim report by the examiner of several Irish companies in the McInerney Group may have enormous implications for the rights of creditors and the examinership process. InsolvencyJournal.ie relates Julie Murphy-O'Connor, a partner in the Corporate Restructuring and Insolvency Law Group at Matheson Ormsby Prentice solicitors, said the report by the examiner will be of major interest to Irish lenders and companies. As reported by the Troubled Company Reporter-Europe on Sept. 15, 2010, The Irish Times said that the High Court confirmed the appointment of an examiner to McInerney Homes and a number of related companies. The Irish Times disclosed Mr. Justice Frank Clarke ruled that examiner William O'Riordan of PricewaterhouseCoopers must address a number of issues of concern to the court by early October or the process, opposed by a syndicate of three banks. Mr. O'Riordan was confirmed as examiner to McInerney Homes Ltd, Cleaboy Business Park, Waterford, McInerney Holdings Public Limited Company, McInerney Construction Holdings Ltd., McInerney Contracting Ltd., according to The Irish Times. McInerney Homes is an Irish housebuilder. QUINN INSURANCE: Gets Expressions of Interest -------------------------------------------- Simon Carswell at The Irish Times reports that the deadline for expressions of interest in Quinn Insurance closed on Friday, Sept. 17. The Irish Times relates investment bank Macquarie, which is running the sale process, sought expressions of interest from potential buyers and proof by Friday's deadline of their ability to complete the purchase. According to The Irish Times, insurers Aviva, RSA and FBD are thought to be among the parties to have logged interest in buying the insurer, which was put into administration last March over "grave" regulatory concerns about the company's solvency. The Irish Times notes state-owned Anglo is believed to have lodged an expression of interest in taking control of the insurance company on its own, with the option of bringing in a trade partner to run the business and eventually share ownership. Anglo is seeking to guarantee repayment of as much as possible of the Quinn family's EUR2.8 billion in loans by taking control of the insurer, The Irish Times discloses. The Irish Times says Anglo held exploratory talks with Liberty Mutual about making a joint approach for the insurer to secure repayment of the loans. Anglo's attempts to take control of Quinn Insurance are likely to face significant hurdles with the Financial Regulator and the European Commission, according to The Irish Times. The sale process is still in its early stages, The Irish Times states. Quinn Insurance has more than 20% of the motor and health insurance market in Ireland. Employing almost 2,800 people in Britain and Ireland, it was founded in 1996 and entered the UK market in 2004. QUINN INSURANCE: Lobby Group Calls for Anglo Rescue Backing ----------------------------------------------------------- Geoff Percival at The Irish Examiner reports that a pro-Quinn Insurance lobby group has called on the Irish government to endorse a bailout proposal for the business, which would see Anglo Irish Bank take over the business and re-finance the debt which it is owed. The Irish Examiner relates the nationalized bank is owed around EUR2.8 billion by the Quinn family and the 'Concerned Irish Businesses' lobby group on Thursday said that the Anglo proposal -- which is due to be presented to the Quinn administrators -- is the best way to recover all outstanding debt to the Irish taxpayer and for QIL to come out of administration. Quinn Insurance has more than 20% of the motor and health insurance market in Ireland. Employing almost 2,800 people in Britain and Ireland, it was founded in 1996 and entered the UK market in 2004. QUINN INSURANCE: Lobby Group Calls for Anglo Rescue Backing ----------------------------------------------------------- Geoff Percival at The Irish Examiner reports that a pro-Quinn Insurance lobby group has called on the Irish government to endorse a bailout proposal for the business, which would see Anglo Irish Bank take over the business and re-finance the debt which it is owed. The Irish Examiner relates the nationalized bank is owed around EUR2.8 billion by the Quinn family and the 'Concerned Irish Businesses' lobby group on Thursday said that the Anglo proposal -- which is due to be presented to the Quinn administrators -- is the best way to recover all outstanding debt to the Irish taxpayer and for QIL to come out of administration. Quinn Insurance has more than 20% of the motor and health insurance market in Ireland. Employing almost 2,800 people in Britain and Ireland, it was founded in 1996 and entered the UK market in 2004. =================== L U X E M B O U R G =================== RMF EURO: Fitch Junks Rating on Class C Notes From 'Bsf' -------------------------------------------------------- Fitch Ratings has downgraded two tranches of RMF Euro CDO S.A's notes and affirmed three others. Since the last review in September 2009, there have been further defaults in the transaction. In the agency's view, the structural features of the transaction have not sufficiently mitigated the portfolio defaults. -- EUR201.6m class A (ISIN XS0156515982): downgraded to 'AAsf' from 'AAAsf'; Outlook Negative; Loss Severity (LS) Rating of 'LS-2' -- EUR31m class B-1 (ISIN XS015651911): affirmed at 'BBsf'; Outlook Negative; 'LS-3' -- EUR5m class B-2 (ISIN XS0156520719): affirmed at 'BBsf'; Outlook Negative; 'LS-3' -- EUR20.8m class C (ISIN XS0156524034): downgraded to 'CCCsf' from 'Bsf'; Outlook Negative; assigned a Recovery Rating 'RR5' -- EUR11.9m combination notes (ISIN XS0156575374): affirmed at 'Bsf'; Outlook Negative The transaction has had three further defaults since the last review, totaling 6.4% of the transaction's target par amount. The cumulative default rate is 13.6% of the target par amount. 'CCC' or lower Fitch-rated obligors have decreased to 11% of the portfolio from 13% one year ago. Class A has been paid down to 95% of its original balance but its de-leveraging has not been sufficient to mitigate portfolio deterioration and expected default levels. The agency no longer deems the credit enhancement of class A to be consistent with a 'AAAsf' rating and has downgraded class A to 'AAsf'. Fitch believes excess spread diversion to be of only limited benefit to the class A note. As an older vintage transaction that closed in 2002, the coverage tests are not as strict as more recent deals. For instance, Fitch notes that there are no haircuts for assets rated 'CCC' or below for the classes B and C over- collateralization tests, and no haircut for assets purchased below par for any OC tests. The OC trigger levels are also set below the average levels of comparable European CLOs that Fitch rates. CE levels of the class B and C notes have decreased since the last review. In Fitch's view, class B currently still has sufficient protection to support a 'BBsf' rating. However, Fitch has downgraded class C to 'CCCsf' because class C is almost under- collateralized and the agency believes it is especially vulnerable to any further defaults. Class C is currently benefiting from the structural protection of the class C redemption test where breaches of this test divert excess spread for the redemption of class C notes. Class C's current balance is 96% of its original balance. However, if further defaults occur and the class C OC test is breached, then class C will no longer benefit from early partial redemption. The ratings assigned to the combination notes address the ultimate repayment of principal. The combination notes rated balance is EUR1.5m, having been reduced by payments of interest and principal on the component class C notes, and payments on the component subordinated notes. Since closing, the subordinated notes have received payment distributions on every payment date. The agency deems the combination notes credit support to be commensurate with a 'Bsf' rating and has hence affirmed the combination notes. The performance of the tranches is highly dependent on portfolio recovery prospects. Recoveries have been volatile, with defaults at end-2008 attaining recoveries of around 30% while more recent defaults have attained recoveries of more than 60%. Although the notes remain current on interest payments and some credit protection still remains, the Outlook remains Negative across the transaction's capital structure. In Fitch's analysis, the recovery rate tiering has an additional step to that described in the agency's global corporate CDO criteria. This is to avoid double-stressing the transaction's recovery rate assumptions as the agency has already lowered the recovery rate expectations of the portfolio. First, Fitch applied the recovery rate tiering in line with the agency's criteria. Next, the relative decrease in the portfolio weighted average recovery rate since 2008, when the corporate CDO criteria was previously published, was calculated. The Portfolio Credit Model Rating Recovery Rate results for the 'AAA', 'AA' and 'A' rating stresses were then increased by this relative percentage. This results in an improvement for the senior notes breakeven default rates but no difference in terms of model implied ratings. Fitch has assigned an Issuer Report Grade of 'Three Stars' to the issuer to reflect its satisfactory investor reporting. Fitch notes that the investor reports provide consistent reporting with line-by-line priority of payments and coverage tests calculation steps. However, the reports lack other information such as combination notes rated balance, under-collateralization event of default triggers and interest rate cap information. ===================== N E T H E R L A N D S ===================== ELM BV: S&P Withdraws 'D (sf)' Ratings on Two Credit-Linked Notes ----------------------------------------------------------------- Standard & Poor's Ratings Services withdrew its rating on the Series 99 and 112 credit-linked notes issued by Elm B.V. following an unwind of the notes. The rating action on the affected transaction is: Elm B.V. Name Rating To Rating From ---- --------- ----------- Series 99 N.R. D (sf) Series 112 N.R. D (sf) SCHOELLER ARCA: S&P Downgrades Corporate Credit Ratings to 'CCC' ---------------------------------------------------------------- Standard & Poor's Ratings Services said that it had lowered all its ratings on Netherlands-based plastic packaging manufacturer Schoeller Arca Systems Holding B.V. This includes the long-term corporate credit ratings, which S&P lowered to 'CCC' from 'CCC+'. At the same time, S&P placed all ratings on the company on CreditWatch with negative implications. "The rating action primarily reflects a deterioration in SAS's cash flow generation and liquidity position, which could make it difficult for the company to meet its near-term debt repayments," said Standard & Poor's credit analyst Alexander Gusterman. It also reflects S&P's belief that headroom under existing financial covenants is likely to prove extremely tight, and that a breach in June 2011 is a material risk. The CreditWatch placement reflects S&P's uncertainties about SAS's ability to improve its liquidity situation by securing additional liquidity sources on a timely basis and improving its cash flow generation. The current weak liquidity situation follows poor operating cash flow generation during the first seven months of 2010 and delays in securing supportive factoring facilities. On July 31, 2010, SAS had ?6.7 million in available cash: its only source of liquidity. Under the company's credit facility agreements, it is permitted to hold baskets of additional debt including up to ?20 million in factoring facilities. Efforts to secure a factoring facility have, however, been delayed, leaving the company with a weak liquidity profile that weighs heavily on the ratings. SAS's weaker-than-expected operating cash flow is primarily a result of decreases in pallet sales, particularly to its main customer, iGPS (not rated), which during 2009 accounted for 46% of total sales. S&P think it is possible that these poor operating dynamics will continue during the remainder of 2010 and into 2011, limiting any improvement in cash flow generation. Given the uncertainty about SAS's operating performance and medium-term cash flow generation, there is a risk that any temporary improvement in liquidity (if a factoring facility is secured and working capital decreases), could be absorbed in working capital during in the first half of 2011. Accordingly, S&P see a risk that the company's weak liquidity profile will remain an issue in 2011. S&P aims to resolve the CreditWatch placement within the next two- three months. S&P will closely monitor SAS's efforts to secure additional liquidity facilities, as well as progress on cash flow generation. If SAS succeeds in securing a factoring facility in the near term, as well as generating positive cash flow from operations, S&P could affirm the ratings. However, if the company is unable to secure additional credit facilities S&P is likely to lower the ratings further. ============= R O M A N I A ============= FLANCO GROUP: Asesoft Owners Take 60% Stake; To Exit Insolvency --------------------------------------------------------------- Mihaela Popescu at Ziarul Financiar reports that owners of the Asesoft group, Iulian Stanciu and Sebastian Ghita, took over a 60% stake in Flanco. Ziarul Financiar relates Flanco was put up for sale by creditor banks ING, UniCredit Tiriac Bank and BRD after it went insolvent. Banks are left with 40% of the business, but also with the status of lenders of the new shareholders, Ziarul Financiar notes. Ziarul Financiar says the Asesoft owners will pay the chain's EUR10 million-debt to the three shareholder banks and will bring EUR4 million into the company to boost its working capital. The transaction is set to pull Flanco out of insolvency in a few months' or even a few weeks' time, Ziarul Financiar states. Flanco Group is a Romanian retail store chain selling consumer electronics with over 100 stores in Romania. It is owned by Romanian company Flamingo International SA. =========== R U S S I A =========== CBED LLC: Fitch Affirms Long-Term Issuer Default Rating at 'B-' --------------------------------------------------------------- Fitch Ratings has affirmed the ratings of Russia-based LLC CBED Bank of Kazan, including its Long-term foreign currency Issuer Default Rating at 'B-', Short-term foreign-currency IDR at 'B' and National Long-term Rating at BB(rus). Fitch has simultaneously removed all three ratings from Rating Watch Negative and assigned Stable Outlooks to the Long-term ratings. BoK's Individual rating is affirmed at 'E'. A full rating breakdown is provided at the end of this announcement. The rating actions resolve the rating watches that Fitch placed on the bank's ratings on 4 December 2009. The previously expected dilution of the City of Kazan's ('B+'/Negative) stake in the bank to a minority participation from the current 81.2% has not yet materialized, and the bank continues to benefit from its close relationships with the City. BoK's IDRs and National rating reflect Fitch's opinion that the City's administration will seek to provide assistance to the bank in case of need, taking into account the City's majority stake in the bank and BoK's substantial involvement in servicing of municipally-controlled companies. While Fitch understands that the City's ability to provide direct support is limited by its stand-alone credit profile (reflected in its Long-term rating of 'B+') and the fact that the City is not allowed to deposit its cash reserves in bank accounts, the agency believes that some assistance may be granted indirectly through entities controlled by the City. The City may also benefit from its status as the administrative centre of the Republic of Tatarstan (RT, Long-term rating 'BBB-'/Stable), and there is potential for BoK to receive some support from entities controlled by RT; in addition, the RT authorities' generally quite supportive stance toward the region's banks is a positive factor. At the same time, Fitch notes that the close links between the City and the bank may be weakened in the future, for example as a result of eventual dilution of the City's stake in the bank to below a majority stake, although Fitch understands that this is not expected to occur in the near term. Relations between the City and the bank may also change after the mayoral elections in November 2010 if the current mayor is replaced. If such developments lead to a marked change in the relationship between the City and the bank, Fitch could take negative rating action, although the generally supportive stance of the RT authorities toward the local banking sector would likely remain a supporting rating factor for BoK. BoK's Individual rating reflects its narrow franchise, concentrated balance sheet and low level of loss absorption capacity. However, the bank's liquidity position seems manageable, as customer funding has been rather stable to date and largely relates to corporate entities connected to the City or the RT authorities. The top 20 borrowers made up about 47% of total loans or 2.5x equity at end-H110, with the largest sector exposures to municipal entities (23% of the loan book) and construction/real estate industry (20%). The latter may represent potentially higher risk given the weak operating environment, particularly where real estate projects were not connected to budgetary spending. While the reported level of non-performing loans at end-H110 was a relatively low 3.7% of the total portfolio, a significant part of the loans (14%) was rolled over and a large portion of loans remained unseasoned. At the same time, Fitch estimated that BoK's maximum loan loss absorption capacity (the maximum reserves/loans ratio before the regulatory capital ratio would fall to the regulatory minimum) was only 10.3% of the loan portfolio. The liquidity position was reasonable at end-H110 (with the liquidity cushion covering customer accounts by more than 30%), although this position may be compromised by significant depositor concentrations (the top 20 customers made up 40% of BoK's non-equity funding). BoK is a small bank (ranked 333rd by assets in Russia and 10th in RT at end-H110), which was established in 1990 in Kazan. Since 2002, the City has held a majority stake in BoK (81.2% at end- H110), and the bank has been mainly focused on servicing municipally-owned companies and local businesses. BoK's minority shareholders are planning to provide RUB150m of subordinated debt in the short term with a view to converting it into Tier 1 capital, ultimately diluting the City's share to around 52%. The rating actions are: Bank of Kazan: -- Long-term foreign currency IDR: affirmed at 'B-'; removed from Rating Watch Negative; assigned Stable Outlook -- Short-term foreign currency IDR: affirmed at 'B'; removed from Rating Watch Negative -- Individual rating: affirmed at 'E' -- Support rating: affirmed at '5' -- National Long-term rating: 'BB(rus)'; removed from Rating Watch Negative; assigned Stable Outlook EVRAZ GROUP: Fitch Affirms 'B+' Long-Term Issuer Default Rating --------------------------------------------------------------- Fitch Ratings has changed the rating outlooks on three Russian steel companies following an expected improvement in their operational and financial profiles over the next two to three years. Their ratings are: OJSC Magnitogorsk Iron and Steel Works: -- Long-term (LT) Issuer Default Rating affirmed at 'BB'; Outlook revised to Positive from Stable -- Short-term (ST) IDR of 'B' (new rating) -- Local Currency LT IDR of 'BB' (new rating); Positive Outlook -- National LT Rating of 'AA- (rus)' (new rating); Positive Outlook Evraz Group SA: -- LT IDR affirmed at 'B+'; removed from Rating Watch Negative; Positive Outlook assigned -- ST IDR affirmed at 'B' -- Senior Unsecured rating affirmed at 'B+ (RR4)'; removed from Rating Watch Negative OAO Severstal: -- LT IDR affirmed at 'B+'; Outlook revised to Stable from Negative -- ST IDR affirmed at 'B' -- Senior Unsecured (SU) rating affirmed at 'B+' (RR4) -- Local Currency LT IDR affirmed at 'B+'; Outlook revised to Stable from Negative -- Local Currency SU rating affirmed at 'B+ (RR4)' -- National LT Rating affirmed at 'A(rus)'; Outlook revised to Stable from Negative. "The rating actions reflect a stronger than previously expected recovery in the financial profiles of the major Russian steel companies", said Eldar Aghayev, London-based Associate Director in Fitch's Industrials Team. While global capacity utilization rates have generally reached 75-80%, most Russian steel plants are currently operating close to maximum capacity. This reflects both a gradual improvement in the macroeconomic environment as well as the more specific benefit of the weakening of the Russian rouble. Recent interim results have typically shown a strong turnaround compared to the same period in 2009 assisted by restructuring, cost savings and cash conservation measures. The revision of MMK's Outlook to Positive from Stable in part reflects both past-and expected improvements in its raw material self-sufficiency levels. MMK's current self-sufficiency levels in iron ore, coal and scrap are approximately 30%, 50% and 100%, respectively. In 2009, MMK increased its interest in Belon Coal Company, a Russian coking coal producer, to 82.6%. The Outlook change also reflects Fitch's favorable view of MMK's business strategy of gradual organic growth and a focus on higher value- added product segments; examples include the development of a new plate mill to supply the oil and gas industry, and a new Turkish steel mill joint venture. Together, these measures will improve the company's geographic and product diversification. The removal of Evraz's ratings from RWN and the assignment of a Positive Outlook primarily reflect the action taken by the company's management to improve its liquidity position and debt maturity profile. Fitch also considers that the operational profile of its international operations (mainly exposed to infrastructure, construction and pipeline manufacturing) should enable it to show a comparatively faster recovery than its CIS peers. On a consolidated basis, Fitch expects Evraz to record an EBITDAR margin of around 20-21% in 2010, rising to 26-27% in 2011- 12. The change of Severstal's Outlook to Stable reflects signs of a turnaround in the performance at its international operations. However, Fitch remains cautious regarding the pace of recovery in North American steel demand and does not expect Severstal's North American operations to be a significant contributor to group profitability over the next 12-24 months. In assessing the potential for further positive rating action, Fitch will focus upon management plans to restructure and/or reduce costs in its North American operations. Fitch expects Severstal to record an EBITDAR margin of around 13% in 2010, rising to 20-21% in 2011-12. Fitch expects to publish a special report outlining some key financial and operational outcomes from the sector review over the next two months. MAGNITOGORSK IRON: Fitch Changes Outlook on 'BB' IDR to Positive ---------------------------------------------------------------- Fitch Ratings has changed the rating outlooks on three Russian steel companies following an expected improvement in their operational and financial profiles over the next two to three years. Their ratings are: OJSC Magnitogorsk Iron and Steel Works: -- Long-term (LT) Issuer Default Rating affirmed at 'BB'; Outlook revised to Positive from Stable -- Short-term (ST) IDR of 'B' (new rating) -- Local Currency LT IDR of 'BB' (new rating); Positive Outlook -- National LT Rating of 'AA- (rus)' (new rating); Positive Outlook Evraz Group SA: -- LT IDR affirmed at 'B+'; removed from Rating Watch Negative; Positive Outlook assigned -- ST IDR affirmed at 'B' -- Senior Unsecured rating affirmed at 'B+ (RR4)'; removed from Rating Watch Negative OAO Severstal: -- LT IDR affirmed at 'B+'; Outlook revised to Stable from Negative -- ST IDR affirmed at 'B' -- Senior Unsecured (SU) rating affirmed at 'B+' (RR4) -- Local Currency LT IDR affirmed at 'B+'; Outlook revised to Stable from Negative -- Local Currency SU rating affirmed at 'B+ (RR4)' -- National LT Rating affirmed at 'A(rus)'; Outlook revised to Stable from Negative. "The rating actions reflect a stronger than previously expected recovery in the financial profiles of the major Russian steel companies", said Eldar Aghayev, London-based Associate Director in Fitch's Industrials Team. While global capacity utilization rates have generally reached 75-80%, most Russian steel plants are currently operating close to maximum capacity. This reflects both a gradual improvement in the macroeconomic environment as well as the more specific benefit of the weakening of the Russian rouble. Recent interim results have typically shown a strong turnaround compared to the same period in 2009 assisted by restructuring, cost savings and cash conservation measures. The revision of MMK's Outlook to Positive from Stable in part reflects both past-and expected improvements in its raw material self-sufficiency levels. MMK's current self-sufficiency levels in iron ore, coal and scrap are approximately 30%, 50% and 100%, respectively. In 2009, MMK increased its interest in Belon Coal Company, a Russian coking coal producer, to 82.6%. The Outlook change also reflects Fitch's favorable view of MMK's business strategy of gradual organic growth and a focus on higher value- added product segments; examples include the development of a new plate mill to supply the oil and gas industry, and a new Turkish steel mill joint venture. Together, these measures will improve the company's geographic and product diversification. The removal of Evraz's ratings from RWN and the assignment of a Positive Outlook primarily reflect the action taken by the company's management to improve its liquidity position and debt maturity profile. Fitch also considers that the operational profile of its international operations (mainly exposed to infrastructure, construction and pipeline manufacturing) should enable it to show a comparatively faster recovery than its CIS peers. On a consolidated basis, Fitch expects Evraz to record an EBITDAR margin of around 20-21% in 2010, rising to 26-27% in 2011- 12. The change of Severstal's Outlook to Stable reflects signs of a turnaround in the performance at its international operations. However, Fitch remains cautious regarding the pace of recovery in North American steel demand and does not expect Severstal's North American operations to be a significant contributor to group profitability over the next 12-24 months. In assessing the potential for further positive rating action, Fitch will focus upon management plans to restructure and/or reduce costs in its North American operations. Fitch expects Severstal to record an EBITDAR margin of around 13% in 2010, rising to 20-21% in 2011-12. Fitch expects to publish a special report outlining some key financial and operational outcomes from the sector review over the next two months. NOVOROSSIYSK OJSC: S&P Puts 'BB+' Rating on CreditWatch Negative ---------------------------------------------------------------- Standard & Poor's Ratings Services said that it placed its 'BB+' long-term corporate credit rating on OJSC Novorossiysk Commercial Sea Port on CreditWatch with negative implications. The 'ruAA+' Russia national scale rating on NCSP was also placed on CreditWatch negative. At the same time, the 'BB+' senior unsecured debt rating on the US$300 million loan participation notes due 2012, issued by Novorossiysk Port Capital S.A., was placed on CreditWatch with negative implications. The recovery rating of '3' on this debt is unchanged, indicating S&P's expectation of meaningful (50%-70%) recovery for creditors in the event of a payment default. "The CreditWatch placement follows the announcement by NCSP on Sept. 15, 2010, that it is preparing the transaction to acquire 100% ownership of Primorsk commercial Port LLC," said Standard & Poor's credit analyst Nicolas Baudouin. "S&P does not yet know the amount of the transaction, nor how it will be financed; however, S&P believes the acquisition could have a very substantial impact on NCSP's financial profile if it is debt- financed." The transaction is still subject to the approval of the Federal Antimonopoly Service of Russia and the Government Commission for Control of Foreign Investments in the Russian Federation, chaired by the Prime Minister of the Russian Federation. The ratings on OJSC Novorossiysk Commercial Sea Port continue to reflect S&P's view of the group's satisfactory business risk profile as the largest Russian port on the Black Sea, its strong competitive position, and solid track record of profitability and volume growth thanks to the moderate volatility of seaborne commodities traffic through the economic cycle and the continued growth of Russian external seaborne trade. These strengths are moderated by the volatility of the volumes some of the non-oil related products generate, particularly containers in 2009, and iron ore and grain in 2010. The acquisition of Primorsk would strengthen the group's business risk profile as it would provide an interesting diversification on the Baltic Sea while reinforcing its already robust position in oil-related products. S&P's ratings on NCSP are constrained by its significant financial risk profile. NCSP currently has low debt, but its aggressive financial policy could result in debt to EBITDA of 3.0x. S&P believes the acquisition of Primorsk could cause NCSP's leverage to come close to its maximum guideline, and substantially weaken its financial measures. S&P aims to resolve the CreditWatch placement in the coming weeks after reviewing the details of the transaction, notably the amounts involved, financing, quality of the assets acquired, how they fit with those of NCSP, and the integration risks inherent to a large acquisition. If leverage rises considerably as a result of the transaction, the pace of the debt paydown would also become a very important rating factor. If S&P assess that NCSP's financial risk profile is moving from significant to aggressive, S&P could lower its ratings by more than one notch. SEVERSTAL OAO: Fitch Affirms 'B+' Long-Term Issuer Default Rating ----------------------------------------------------------------- Fitch Ratings has changed the rating outlooks on three Russian steel companies following an expected improvement in their operational and financial profiles over the next two to three years. Their ratings are: OJSC Magnitogorsk Iron and Steel Works: -- Long-term (LT) Issuer Default Rating affirmed at 'BB'; Outlook revised to Positive from Stable -- Short-term (ST) IDR of 'B' (new rating) -- Local Currency LT IDR of 'BB' (new rating); Positive Outlook -- National LT Rating of 'AA- (rus)' (new rating); Positive Outlook Evraz Group SA: -- LT IDR affirmed at 'B+'; removed from Rating Watch Negative; Positive Outlook assigned -- ST IDR affirmed at 'B' -- Senior Unsecured rating affirmed at 'B+ (RR4)'; removed from Rating Watch Negative OAO Severstal: -- LT IDR affirmed at 'B+'; Outlook revised to Stable from Negative -- ST IDR affirmed at 'B' -- Senior Unsecured (SU) rating affirmed at 'B+' (RR4) -- Local Currency LT IDR affirmed at 'B+'; Outlook revised to Stable from Negative -- Local Currency SU rating affirmed at 'B+ (RR4)' -- National LT Rating affirmed at 'A(rus)'; Outlook revised to Stable from Negative. "The rating actions reflect a stronger than previously expected recovery in the financial profiles of the major Russian steel companies", said Eldar Aghayev, London-based Associate Director in Fitch's Industrials Team. While global capacity utilization rates have generally reached 75-80%, most Russian steel plants are currently operating close to maximum capacity. This reflects both a gradual improvement in the macroeconomic environment as well as the more specific benefit of the weakening of the Russian rouble. Recent interim results have typically shown a strong turnaround compared to the same period in 2009 assisted by restructuring, cost savings and cash conservation measures. The revision of MMK's Outlook to Positive from Stable in part reflects both past-and expected improvements in its raw material self-sufficiency levels. MMK's current self-sufficiency levels in iron ore, coal and scrap are approximately 30%, 50% and 100%, respectively. In 2009, MMK increased its interest in Belon Coal Company, a Russian coking coal producer, to 82.6%. The Outlook change also reflects Fitch's favorable view of MMK's business strategy of gradual organic growth and a focus on higher value- added product segments; examples include the development of a new plate mill to supply the oil and gas industry, and a new Turkish steel mill joint venture. Together, these measures will improve the company's geographic and product diversification. The removal of Evraz's ratings from RWN and the assignment of a Positive Outlook primarily reflect the action taken by the company's management to improve its liquidity position and debt maturity profile. Fitch also considers that the operational profile of its international operations (mainly exposed to infrastructure, construction and pipeline manufacturing) should enable it to show a comparatively faster recovery than its CIS peers. On a consolidated basis, Fitch expects Evraz to record an EBITDAR margin of around 20-21% in 2010, rising to 26-27% in 2011- 12. The change of Severstal's Outlook to Stable reflects signs of a turnaround in the performance at its international operations. However, Fitch remains cautious regarding the pace of recovery in North American steel demand and does not expect Severstal's North American operations to be a significant contributor to group profitability over the next 12-24 months. In assessing the potential for further positive rating action, Fitch will focus upon management plans to restructure and/or reduce costs in its North American operations. Fitch expects Severstal to record an EBITDAR margin of around 13% in 2010, rising to 20-21% in 2011-12. Fitch expects to publish a special report outlining some key financial and operational outcomes from the sector review over the next two months. SVYAZINVEST OJSC: S&P Retains CreditWatch Developing on Ratings --------------------------------------------------------------- Standard & Poor's Ratings Services said that its ratings on five regional subsidiaries of Russian telecommunications holding Svyazinvest remain on CreditWatch, where they were placed with developing implications in June 2010. The CreditWatch refers to the 'BB-' long-term corporate credit ratings on North-West Telecom (JSC), VolgaTelecom (OJSC), and Central Telecommunications Co. (OJSC); the 'B+' long-term corporate credit rating on Uralsvyazinform (OJSC); and the 'B' long-term corporate credit rating on Southern Telecommunications Co. (OJSC), as well as the national scale and debt ratings on all five companies. The extension of the CreditWatch status follows the change of the timeframe for receipt of early repayment claims from the creditors of the companies, which arose as a result of their reorganization and merger into OJSC Rostelecom (BB/Stable/--). S&P originally expected the claim period to expire in September, but it has been extended to November 2010 because of technical and legal constraints. "S&P believes that sizable claims from creditors, if they materialize, could significantly weaken the companies' liquidity position and require them to rapidly access the capital markets," said Standard & Poor's credit analyst Alexander Griaznov. "S&P view this as a key near-term risk for the credit profile of all five companies." S&P still believe, however, that not many debtholders will use this option because Rostelecom will take over responsibility for the debt, and S&P considers Rostelecom a stronger entity from a credit standpoint. Nevertheless, the amount of any such claims is still uncertain and remains dependent on capital market conditions in Russia, which are still volatile. At the same time, the developing implications of the CreditWatch indicate the possibility of an upgrade, owing to the integration of the companies into a single state-owned nationwide telecom holding. S&P may also raise or affirm the ratings if S&P sees that the companies' stand-alone financial profiles are strengthening as a result of ongoing reduction of leverage in line with the reorganization. "S&P expects to resolve the CreditWatch within the next three months, after analyzing the impact of the reorganization on the liquidity position of each company," said Mr. Griaznov. "S&P will compare the total amount of financial claims from debtholders with the available liquidity resources. Based on this information, S&P could affirm, lower, or raise the ratings on the five subsidiaries." * IRKUTSK OBLAST: S&P Raises LT Issuer Credit Ratings to 'B+' ------------------------------------------------------------- Standard & Poor's Ratings Services said that it had raised its long-term issuer credit ratings on Irkutsk Oblast to 'B+' from 'B'. The outlook is positive. The recovery rating on the oblast's unsecured debt remains unchanged at '3'. "The rating action reflects S&P's view that the oblast's commitment to cost-containment measures in combination with rising corporate profit tax has led to a consistently strong budgetary performance," said Standard & Poor's credit analyst Felix Ejgel. Moreover, improving self-funding capacity accompanied by accumulation of cash reserves and gradual debt amortization is reducing the oblast's refinancing risk. The ratings on the oblast are based on S&P's view that its debt profile is still relatively short-term, though improving, as well as the oblast's limited financial flexibility and predictability and moderately high contingent liabilities. However, the oblast has demonstrated a commitment to cost- containment measures over the past 24 months, it maintains a moderate debt level, and benefits from the diversity of its economy with long-term economic growth potential. Irkutsk Oblast benefits from its strategic location between Western Siberia and the Far East. In the longer run, an abundance of natural resources and planned state investments in new economic sectors could accelerate currently sluggish economic growth. The positive outlook reflects S&P's view that improving access to the capital markets and support from the federal government in the form of budget loans and transfers may help the oblast to reduce its contingent liabilities and increase necessary investments in infrastructure without excessively burdening its budget. * TOMSK OBLAST: S&P Raises Long-Term Issuer Credit Rating to 'B+' ----------------------------------------------------------------- Standard & Poor's Ratings Services said that it raised its long- term issuer credit rating on Tomsk Oblast to 'B+' from 'B'. At the same time S&P raised the Russia national scale ratings on the oblast to 'ruA' from 'ruA-'. "The rating action reflects S&P's view that Tomsk Oblast has significantly improved its liquidity position," said Standard & Poor's credit analyst Felix Ejgel. "This is a result of committed bank facilities and budget loans from the federal government, as well as higher-than-expected revenues and adherence to cost- containment measures." The ratings incorporate S&P's view of the oblast's fairly short- term debt profile, with large payments due in 2011-2012, its limited financial flexibility and predictability, and the dependence of its revenues on volatile commodity markets--the oil and gas sectors represent at least 25% of its gross regional product. Offsetting these factors, however, are the oblast's demonstrated commitment to timely debt repayment, its moderate debt level, and significant support from the federal government in the form of budget loans. "The outlook is positive because it reflects S&P's expectations that the oblast could extend its debt maturity profile and further improve its liquidity position to offset increasing debt service in 2011-2012," said Mr. Ejgel. "In addition, higher revenues and still modest expenditure growth may result in a sustainable improvement of the oblast's operating balance." ===================================== S E R B I A & M O N T E N E G R O ===================================== * MONTENEGRO: Corporate Bankruptcies Rise to 244 in 1H2010 ---------------------------------------------------------- Radio Free Europe reports that the number of bankruptcies in Montenegro has risen by half in 2010 compared to the year before. According to RFE, records from the Podgorica Commercial Court showed that in the first nine months of this year, 244 companies filed for bankruptcy, up from 166 in the same period last year. RFE relates analysts said some bigger companies are also among those which are having difficulties repaying loans, which could trigger a domino effect and undermine the economy. "This is the result of the very easy conditions under which the loans were approved for businesses," said Bozo Mihailovic, an economics professor at Podgorica University, according to RFE. RFE notes Mr. Mihailovic said the state needed to amend the legislation regulating bankruptcy, which sometimes take years to complete. "We've had a very complicated law on bankruptcies and no company finished the process within an acceptable timeframe. For some, it took five years," RFE quoted Mr. Mihailovic as saying. ========= S P A I N ========= CAJA GRANADA: Fitch Puts 'BB' Preferred Stock Rating on Pos. Watch ------------------------------------------------------------------ Fitch Ratings has placed Caja de Ahorros de Murcia's Long- and Short-term Issuer Default Ratings and Individual Rating on Rating Watch Negative. At the same time, Fitch has placed on Rating Watch Positive Caja General de Ahorros de Granada's and Caja de Ahorros y Monte de Piedad de Baleares' Long-term IDRs and Individual Ratings. The Rating Watches on Caixa d'Estalvis del Penedes' Long-term IDR and Individual Rating have been changed to Positive from Negative. A full rating breakdown is detailed at the end of this commentary. The Watches are based on the approval of an integration contract by the General Assemblies of the four cajas to form a banking group with cross-guarantee mechanisms through an Institutional Protection Scheme. The rating actions do not impact Cajamurcia's, Caixa Penedes', Caja Granada's and Sa Nostra's 'AA+'-rated government-guaranteed debt. The SIP contract is expected to include a legally-binding cross- guarantee mechanism encompassing solvency and liquidity. Fitch will resolve the Watches once the SIP is set up and further information on the SIP contract and integration details become available, which are anticipated by end-2010. The agency expects to align the IDRs and Individual Ratings of Cajamurcia, Caixa Penedes, Caja Granada and Sa Nostra upon completion of the process. Should the integration not go ahead, the agency will review each caja as a separate legal entity. The RWN on Cajamurcia's IDRs, unguaranteed debt and Individual rating reflect the challenges arising from the integration process, including integration risks, difficult economic prospects for the Spanish economy and that the caja will be integrating with weaker savings banks. The RWP on Caixa Penedes', Caja Granada's and Sa Nostra's Long- term IDRs, unguaranteed debt and Individual ratings and on Sa Nostra's 'F3' Short-term IDR reflect their integration with a higher-rated entity. The Short-term IDRs of Caixa Penedes and Caja Granada have been affirmed at 'F2', as Fitch currently believes they are less likely to be upgraded. The SIP will seek EUR915.5m temporary financial assistance from Spain's Fund for Orderly Bank Restructuring, which qualify as regulatory tier 1 capital. In addition, revaluation reserves on investments and fixed assets will also feed into the merged entity's core capital. Although there will be revenue pressure from low interest rates and subdued business volumes, cost synergies will be achieved through headquarter and branch rationalization plans as well as through early staff retirements, which should help the institution return FROB funds within a five-year timeframe. While restructuring costs will be gradually absorbed through the profit and loss statement, FROB funds will enable the new entity to anticipate potential impairments on loans and foreclosed assets and support capital. The new entity will thus operate from a more favorable competitive position. The new banking group will continue to have risk concentration to the Spanish property sector (28% of total loans, on an aggregate basis), which could lead to further asset quality issues. Risk diversification will be achieved by 49% of aggregate loans being to individuals and low borrower concentration given limited risk overlap among the member cajas. The new entity will remain somewhat reliant on capital market funding, which could remain difficult for Spanish banks and, consequently, impact the group's funding and liquidity. Positively, the group has large liquid assets and good diversification in debt maturities. Tier 1 capital ratio is estimated to be around 10% once the SIP is in place. The group will create Spain's sixth-largest banking group within the cajas' sector, with total assets of EUR73bn. The group will focus on retail banking in the Spanish Mediterranean area, where it has a strong presence due to the member cajas' widespread branch network. Caixa Penedes, Cajamurcia, Sa Nostra and Caja Granada are Spain's 14th, 15th, 21st and 23rd-largest cajas by end-2009 total assets, respectively. The rating actions on the group and individual entities are: Cajamurcia: -- Long-term IDR: 'A+'; placed on RWN -- Short-term IDR: 'F1'; placed on RWN -- Individual Rating: 'B'; placed on RWN -- Support Rating: affirmed at '3' -- Support Rating Floor: affirmed at 'BB+' -- Senior unsecured debt: 'A+'; placed on RWN -- Subordinated debt: 'A'; placed on RWN -- Preferred stock: 'BBB+'; placed on RWN -- State-guaranteed debt: affirmed at 'AA+' Caixa Penedes: -- Long-term IDR: 'BBB+'; Rating Watch changed to Positive from Negative -- Short-term IDR: affirmed at 'F2'; removed from RWN -- Individual Rating: 'C'; Rating Watch changed to Positive from Negative -- Support Rating: affirmed at '3' -- Support Rating Floor: affirmed at 'BB+' -- Preferred Stock: 'BB', Rating Watch changed to Positive from Negative -- State-guaranteed notes: affirmed at 'AA+' Caja Granada: -- Long-term IDR: 'BBB+'; placed on RWP -- Short-term IDR: affirmed at 'F2' -- Individual Rating: 'C'; placed on RWP -- Support Rating: affirmed at '3' -- Support Rating Floor: affirmed at 'BB+' -- Preferred Stock: 'BB', placed on RWP -- State-guaranteed notes: affirmed at 'AA+' Sa Nostra: -- Long-term IDR: 'BBB'; placed on RWP -- Short-term IDR: 'F3'; placed on RWP -- Individual Rating: 'C/D'; placed on RWP -- Support Rating: affirmed at '3' -- Support Rating Floor: affirmed at 'BB+' -- Subordinated debt: 'BBB-'; placed on RWP -- Preferred stock: 'BB-'; placed on RWP -- State-guaranteed notes: affirmed at 'AA+' The impact, if any, from the rating action, on Cajamurcia's covered bonds will be detailed in a separate comment. In Fitch's rating criteria, a bank's standalone risk is reflected in Fitch's Individual ratings and the prospect of external support is reflected in Fitch's Support ratings. Collectively these ratings drive Fitch's Long- and Short-term IDRs. SA NOSTRA: Fitch Puts 'BB' Preferred Stock Rating on Pos. Watch --------------------------------------------------------------- Fitch Ratings has placed Caja de Ahorros de Murcia's Long- and Short-term Issuer Default Ratings and Individual Rating on Rating Watch Negative. At the same time, Fitch has placed on Rating Watch Positive Caja General de Ahorros de Granada's and Caja de Ahorros y Monte de Piedad de Baleares' Long-term IDRs and Individual Ratings. The Rating Watches on Caixa d'Estalvis del Penedes' Long-term IDR and Individual Rating have been changed to Positive from Negative. A full rating breakdown is detailed at the end of this commentary. The Watches are based on the approval of an integration contract by the General Assemblies of the four cajas to form a banking group with cross-guarantee mechanisms through an Institutional Protection Scheme. The rating actions do not impact Cajamurcia's, Caixa Penedes', Caja Granada's and Sa Nostra's 'AA+'-rated government-guaranteed debt. The SIP contract is expected to include a legally-binding cross- guarantee mechanism encompassing solvency and liquidity. Fitch will resolve the Watches once the SIP is set up and further information on the SIP contract and integration details become available, which are anticipated by end-2010. The agency expects to align the IDRs and Individual Ratings of Cajamurcia, Caixa Penedes, Caja Granada and Sa Nostra upon completion of the process. Should the integration not go ahead, the agency will review each caja as a separate legal entity. The RWN on Cajamurcia's IDRs, unguaranteed debt and Individual rating reflect the challenges arising from the integration process, including integration risks, difficult economic prospects for the Spanish economy and that the caja will be integrating with weaker savings banks. The RWP on Caixa Penedes', Caja Granada's and Sa Nostra's Long- term IDRs, unguaranteed debt and Individual ratings and on Sa Nostra's 'F3' Short-term IDR reflect their integration with a higher-rated entity. The Short-term IDRs of Caixa Penedes and Caja Granada have been affirmed at 'F2', as Fitch currently believes they are less likely to be upgraded. The SIP will seek EUR915.5m temporary financial assistance from Spain's Fund for Orderly Bank Restructuring, which qualify as regulatory tier 1 capital. In addition, revaluation reserves on investments and fixed assets will also feed into the merged entity's core capital. Although there will be revenue pressure from low interest rates and subdued business volumes, cost synergies will be achieved through headquarter and branch rationalization plans as well as through early staff retirements, which should help the institution return FROB funds within a five-year timeframe. While restructuring costs will be gradually absorbed through the profit and loss statement, FROB funds will enable the new entity to anticipate potential impairments on loans and foreclosed assets and support capital. The new entity will thus operate from a more favorable competitive position. The new banking group will continue to have risk concentration to the Spanish property sector (28% of total loans, on an aggregate basis), which could lead to further asset quality issues. Risk diversification will be achieved by 49% of aggregate loans being to individuals and low borrower concentration given limited risk overlap among the member cajas. The new entity will remain somewhat reliant on capital market funding, which could remain difficult for Spanish banks and, consequently, impact the group's funding and liquidity. Positively, the group has large liquid assets and good diversification in debt maturities. Tier 1 capital ratio is estimated to be around 10% once the SIP is in place. The group will create Spain's sixth-largest banking group within the cajas' sector, with total assets of EUR73bn. The group will focus on retail banking in the Spanish Mediterranean area, where it has a strong presence due to the member cajas' widespread branch network. Caixa Penedes, Cajamurcia, Sa Nostra and Caja Granada are Spain's 14th, 15th, 21st and 23rd-largest cajas by end-2009 total assets, respectively. The rating actions on the group and individual entities are: Cajamurcia: -- Long-term IDR: 'A+'; placed on RWN -- Short-term IDR: 'F1'; placed on RWN -- Individual Rating: 'B'; placed on RWN -- Support Rating: affirmed at '3' -- Support Rating Floor: affirmed at 'BB+' -- Senior unsecured debt: 'A+'; placed on RWN -- Subordinated debt: 'A'; placed on RWN -- Preferred stock: 'BBB+'; placed on RWN -- State-guaranteed debt: affirmed at 'AA+' Caixa Penedes: -- Long-term IDR: 'BBB+'; Rating Watch changed to Positive from Negative -- Short-term IDR: affirmed at 'F2'; removed from RWN -- Individual Rating: 'C'; Rating Watch changed to Positive from Negative -- Support Rating: affirmed at '3' -- Support Rating Floor: affirmed at 'BB+' -- Preferred Stock: 'BB', Rating Watch changed to Positive from Negative -- State-guaranteed notes: affirmed at 'AA+' Caja Granada: -- Long-term IDR: 'BBB+'; placed on RWP -- Short-term IDR: affirmed at 'F2' -- Individual Rating: 'C'; placed on RWP -- Support Rating: affirmed at '3' -- Support Rating Floor: affirmed at 'BB+' -- Preferred Stock: 'BB', placed on RWP -- State-guaranteed notes: affirmed at 'AA+' Sa Nostra: -- Long-term IDR: 'BBB'; placed on RWP -- Short-term IDR: 'F3'; placed on RWP -- Individual Rating: 'C/D'; placed on RWP -- Support Rating: affirmed at '3' -- Support Rating Floor: affirmed at 'BB+' -- Subordinated debt: 'BBB-'; placed on RWP -- Preferred stock: 'BB-'; placed on RWP -- State-guaranteed notes: affirmed at 'AA+' The impact, if any, from the rating action, on Cajamurcia's covered bonds will be detailed in a separate comment. In Fitch's rating criteria, a bank's standalone risk is reflected in Fitch's Individual ratings and the prospect of external support is reflected in Fitch's Support ratings. Collectively these ratings drive Fitch's Long- and Short-term IDRs. ============= U K R A I N E ============= * Fitch Assigns 'B' Ratings on Ukraine's Two Eurobonds ------------------------------------------------------ Fitch Ratings has assigned Ukraine's US$500m five-year eurobond and US$1.5bn 10-year eurobond ratings of 'B'. The ratings are in line with Ukraine's Long-term foreign currency Issuer Default Rating of 'B', which has a Stable Outlook The two eurobond issues represent Ukraine's first return to international capital markets since 2007 and signals ongoing stabilization of the economic and financial environment and an improvement of sovereign financing flexibility after a severe and prolonged period of stress. However, Fitch judges that significant risks remain over the short term associated with the still stressed banking system, high gross external debt stock and debt rollover requirements, and large budget deficit and government financing needs. A longer track record of consistent policy implementation under Ukraine's IMF program would provide greater confidence in the country's medium-term outlook. =========================== U N I T E D K I N G D O M =========================== BRITANNIA LAND: Provisional Liquidator Appointed ------------------------------------------------ The Secretary of State for Business, Innovation & Skills has presented a petition in the High Court to wind up Britannia Land Management Ltd in the public interest. The company was managed from Spain but also used addresses in London and Manchester when selling plots of land to people who were contacted by the company via a telesales force. The petition to wind up the company was presented following an investigation carried out by Companies Investigations of the Insolvency Service under section 447 of the Companies Act 1985 (as amended). The Official Receiver has been appointed provisional liquidator of Britannia Land Management Ltd. The role of the provisional liquidator is to protect assets in the possession or under the control of the company pending the determination of the petition. The provisional liquidator also has the power to investigate the affairs of the company insofar as it is necessary to protect the assets including any third party or trust monies or assets in the possession of or under the control of the company. The case is now subject to High Court action and no further information will be made available until the petition is heard in the High Court on October 18, 2010. All public enquiries concerning the affairs of the company should be made to: The Official Receiver Public Interest Unit 2nd Floor, 3 Piccadilly Place London Road, Manchester M1 3BN Britannia Land Management Ltd was incorporated on October 26, 2009. CHESS II: S&P Downgrades Ratings on Various Notes to 'CCC-' ----------------------------------------------------------- Standard & Poor's Ratings Services lowered to 'CCC- (sf)' from 'CCC (sf)' and removed from CreditWatch negative its credit ratings on Chess II Ltd.'s series 35 and series 36 notes. Both are European loss-trigger leveraged super senior collateralized debt obligations. At the same time, S&P withdrew the ratings on the notes. The downgrades follow S&P's review of all loss-trigger LSS transactions using its updated methodology and assumption. They also reflect any rating migration of the obligors in the underlying reference portfolio. The withdrawal of the ratings follows the early termination of the notes. S&P's ratings on loss-based transactions factor in the credit risk associated with the reference portfolio. Losses on the underlying reference portfolio may lead to a breach of the loss trigger, which may cause the transaction to unwind. When assigning a rating to a loss-based transaction, S&P assess the likelihood of the transaction breaching the attachment point, as well as the probability of breaching a loss trigger. Both transactions closed in March 2007 and reference primarily corporate obligors. Ratings List Ratings Lowered, Removed From CreditWatch Negative, And Withdrawn Chess II Ltd. ?10 Million Secured Leveraged Super Senior Credit-Linked Notes Series 35 Rating ------ To From -- ---- CCC- (sf) CCC (sf)/Watch Neg NR CCC- (sf) Chess II Ltd. ?15 Million Secured Leveraged Super Senior Credit-Linked Notes Series 36 Rating ------ To From -- ---- CCC- (sf) CCC (sf)/Watch Neg NR CCC- (sf) NR -- Not rated. CONNAUGHT PLC: One Vision Housing May Rehire Around 100 Workers --------------------------------------------------------------- Liverpool Echo reports that around 100 workers formerly employed by Connaught could be re-hired after the contract was taken over. Liverpool Echo relates social housing provider One Vision Housing has now taken over the contract from Connaught, which went into administration earlier this month. As reported by the Troubled Company Reporter-Europe on Sept. 9, 2010, Bloomberg News said Connaught appointed partners from KPMG as administrators after the business as a whole failed to secure "sufficient support" to trade as a going concern. Bloomberg disclosed the company said in a statement on Sept. 8 that KPMG's Richard Heis, Richard Hill and Richard Fleming were appointed administrators to Exeter, England-based Connaught Plc, and Heis, Mark Firmin, Brian Green and David Costley-Wood are appointed joint administrators to Connaught Partnerships Ltd. Connaught Environmental Ltd. and their subsidiaries were not put into administration, Bloomberg noted. Connaught plc -- http://www.connaught.plc.uk/-- is a United Kingdom-based company engaged in the provision of integrated asset services to the public and private sectors. The Company operates in two business segments: social housing and compliance. Social Housing segment provide social housing landlords throughout the United Kingdom with a range of planned and response maintenance services, as well as compliance and estate management. The Compliance segment provides safety, health and risk management solutions. It has information, advisory, training and servicing capabilities to provide integrated compliance solution throughout the United Kingdom. On July 22, 2009, the Company completed the acquisition of UK Fire (International) Limited and Igrox Limited. On September 15, 2008, the Company completed the acquisition of Lowe Group Holdings Ltd. On November 26, 2008, the Company completed the acquisition of certain assets of Predator Pest Control Plc. CONNAUGHT PLC: Collapse Hits Subcontractors ------------------------------------------- Greg Pitcher at H&V News reports subcontractors have been left with GBP40 million in unpaid invoices followed by Connaught plc collapse -- and fear they are unlikely to see more than 1% of it. The company went into administration on September 14, 2010, after failing to secure additional funds from lenders. According to H&V News, administrator KPMG said it was too early to say by how much the subcontractors, many of which will be from the HVAC sector, would be reimbursed. The report relates that an unnamed spokeswoman said more details would emerge when KPMG publishes its creditors' report in the next six to eight weeks. "We are extremely concerned by the likely knock-on effect of the company's demise," Mr. Pitcher quoted HVCA Deputy Chief Executive Roderick Pettigrew as saying. "Many HVCA members and other specialist sub-contractors were involved in the local authority contracts managed by Connaught. We are advising them how to go about recovering any money owed to them. However, there is a potential positive in all of this because much of Connaught's work was service and maintenance of essential public sector buildings and this work will simply have to continue. HVCA members are ideally placed and possess the technical background to fill the gap," he added. Mr. Pettigrew, the report relates, said that it would be hard to assess the scale of the losses until the administrators made that information available. The report says that another unnamed source warned: "Connaught owes GBP40 million. Subcontractors might get a tiny amount, [perhaps] a penny in a pound. The ramifications will be felt throughout the industry." As reported in the Troubled Company Reporter-Europe on September 15, 2010, BBC News said that administrators KPMG announced 700 redundancies, as well as further contract sales, at Connaught's insolvent social housing unit. It brings the total number of job losses to 1,400, BBC related. KPMG added 300 to the 400 redundancies after urgent talks with Norwich City Council failed to save the posts, BBC disclosed. All 300 people will lose their jobs with immediate effect, BBC stated. BBC added another 200 Connaught employees working in Norwich have been told their jobs are safe. H&V News notes that Morgan Sindall's affordable housing division Lovell bought about 80% of Connaught PLC's social housing maintenance contracts for GBP28m in cash, helping to save about 2,800 jobs. The report relates that Mears followed suit, picking up a further eight contracts for a nominal sum. The report says that the remaining five contracts -- with Norwich City Council, Arun District Council, Raglan Housing Association, Southern Housing, and Town and Country Housing -- are unlikely to be sold. Brian Green, a restructuring partner at KPMG and joint administrator of Connaught Partnerships, said he hoped workers made redundant might find jobs elsewhere, the report adds. About Connaught plc Connaught plc -- http://www.connaught.plc.uk/-- is a United Kingdom-based company engaged in the provision of integrated asset services to the public and private sectors. The Company operates in two business segments: social housing and compliance. Social Housing segment provide social housing landlords throughout the United Kingdom with a range of planned and response maintenance services, as well as compliance and estate management. The Compliance segment provides safety, health and risk management solutions. It has information, advisory, training and servicing capabilities to provide integrated compliance solution throughout the United Kingdom. On July 22, 2009, the Company completed the acquisition of UK Fire (International) Limited and Igrox Limited. On September 15, 2008, the Company completed the acquisition of Lowe Group Holdings Ltd. On November 26, 2008, the Company completed the acquisition of certain assets of Predator Pest Control Plc. JOHN GIBBINS: Faces Wind-Up Over GBP100,000 Debt ------------------------------------------------ Jamie Buchan at The Press and Journal reports that John Gibbins Contractors is facing liquidation over GBP100,000 debt to an oil company. The report relates that Shell took legal action against the firm, which is run by a former councilor John Gibbins, ordering it to pay debts of just over GBP111,036. Mr. Gibbins was elected an independent councilor for Aberdeenshire Council's former Lonmay and St. Fergus ward in 2002. At the end of May, the report says, the firm was served with a demand through Peterhead Sheriff Court, giving the company 14 days to pay the money. The court has called for the business to be wound up after failing to meet the deadline. Donald McKinnon, an insolvency partner with Glasgow firm Wylie and Bisset, is due to be appointed as interim liquidator. Based in Crimond, John Gibbins Contractors is plant-hire firm. KEYDATA INVESTMENT: FSA Rejected Rescue Package, Founder Claims --------------------------------------------------------------- BBC News reports that Stewart Ford, founder of Keydata investment firm has accused the Financial Services Authority of blocking a GBP30 million rescue package. According to BBC, Mr. Ford says he offered to inject new assets into Keydata to rescue some of the 5,500 investors to whom it had sold bonds from a Luxembourg firm, SLS. After Keydata went bust in June 2009, it emerged that the GBP103 million of SLS funds had been stolen by that firm's owner, BBC discloses. BBC notes the FSA said Mr. Ford's offer had not appeared to be in investors' interests. BBC relates Mr. Ford said that in fact, the FSA and Keydata administrators PwC had not put his firm's clients first. "To this day, the FSA and PwC have not offered any explanation as to why they rejected the SLS capital rescue proposal; however, their reasons are clear enough to me -- it simply didn't fit their respective agendas," BBC quoted Mr. Ford as saying. "From the FSA's perspective, it is critical to vilify me to justify the ill- considered and extreme action they took in placing Keydata into administration over an alleged ISA regulation compliance problem, which we maintain could easily have been resolved with HMRC were it not for the interference of the FSA." BBC says Mr. Ford, whose stewardship of Keydata is still being scrutinized by the Serious Fraud Office and the FSA, is widely regarded by the stricken investors as the villain of the piece, especially since it emerged that he had taken GBP39 million in up- front commission for selling the bonds in the first place. He has vigorously denied any wrongdoing and has repeatedly accused the FSA of acting too hastily in closing down Keydata, which he says was unnecessary, BBC discloses. As reported by the Troubled Company Reporter-Europe, Dan Schwarzmann and Mark Batten of PricewaterhouseCoopers LLP were appointed joint administrators of Keydata on June 8, 2009. The appointment was made based on an application to court by the FSA on insolvency grounds. Keydata Investment Services Ltd. designs, distributes and administers structured investment products. Keydata operates from three locations, being London, Glasgow and Reading and administers its own products as well as portfolios for third parties. LIVERPOOL FOOTBALL: Co-Owner to Partner With GSO in Rescue Attempt ------------------------------------------------------------------ Roger Blitz and Anousha Sakoui at The Financial Times report that GSO Capital Partners, the credit arm of US private equity company Blackstone, is being lined up by Liverpool FC co-owner Tom Hicks as a key partner in his attempt to hold on to the Premier League club. According to the FT, people close to the situation said GSO is among a number of parties approached by intermediaries to form a consortium that would support a refinancing deal being put together by Mr. Hicks. The FT notes two people said GSO is mooted as the lead capital provider in a proposed consortium, although no agreement has been reached. The FT relates Mr. Hicks was in London last week and outlined his second refinancing proposal to the board for the company's GBP280 million of debt. The FT says it is believed that any proposal that allows the Mr. Hicks and co-owner George Gillett to retain all or part of their Liverpool stakes would not be acceptable to the independent members of the board. According to the FT, one person said the outcome of the proposed refinancing deal would be to clear the GBP180 million of debt owed to the Royal Bank of Scotland. The GBP100 million of debt would remain, the FT notes. The FT says RBS faces the undesirable position of taking control of the club if it calls in its loan to the Americans. The FT notes one person said GSO and the other parties had done some level of due diligence but that the size of the refinancing deal was steep and that any new lenders may be looking for a stake in the club to make returns viable. As reported by the Troubled Company Reporter-Europe on Sept. 13, 2010, SportBusiness said that RBS, Liverpool's main creditor, signaled it would not extend its GBP237 million loan to the English Premier League club after the Oct. 6 expiry date. Citing UK newspaper The Guardian, SportBusiness disclosed the bank placed the club's loans into its toxic assets division. Under the terms of American owners' latest refinancing agreement with RBS, the bank could force the insolvency of Liverpool in the event of default, putting the club in administration, according to SportBusiness. Liverpool Football Club and Athletic Grounds owns and operates one of the more popular and most successful franchises in the UK Premier League. Known as The Reds, Liverpool has won 18 first division titles and seven FA Cups since it was founded by John Houlding in 1892. In addition to the football club, the company owns and operates Anfield Stadium, Liverpool's home ground. The company generates revenue primarily through sponsorships, broadcasting fees, and ticket sales. The company was acquired by US businessmen George Gillett and Tom Hicks in 2007. NORTHERN ROCK: Mulls Mortgage Portfolio Sale to Repay Gov't Loan ---------------------------------------------------------------- Sharlene Goff at The Financial Times reports that Northern Rock, the nationalized bank, is hoping to repay about two-thirds of its GBP22.5 billion government loan within the next five or six years as it looks to sell portfolios of mortgages rather than simply rely on borrowers repaying their debt. The FT notes the bank had previously indicated that the loan it received as part of its government rescue package in 2008 would gradually reduce over time, driven mainly by mortgage book redemptions. The FT says Northern Rock plans to accelerate this process by selling off tranches of loans to investors such as private equity groups and funds that have been set up to target distressed assets in the wake of the financial crisis. According to the FT, a number of potential investors have already expressed an interest in buying loans held by Northern Rock Asset Management, the old mortgage book that has been hived off from the core bank. Northern Rock has been exploring other ways to speed up the repayment, such as buying back existing debt from investors, the FT states. About Northern Rock Headquartered in Newcastle upon Tyne, England, Northern Rock plc -- http://www.northernrock.co.uk/-- deals with mortgages, savings accounts, loans and insurance. The company also promotes secured loans to its existing mortgage customers. The company had more than US$200 billion in assets at the end of June 2007. * * * Northern Rock's dated subordinated lower Tier 2 debt continues to carry a 'BB' rating from Standard & Poor's Ratings Services with a stable outlook. The rating was raised to its current level from 'CCC' in December 2009. PINETEUM: Second Takeover Could Mean Redundancies ------------------------------------------------- James Williams at Wiltshire Times reports that the second takeover in a year at Pineteum could mean redundancies. However, the report relates, the staff are also hoping it will mean their missing wages and pension contributions will now be paid. The report relates that Pineteum went into administration last October and was bought out by brothers Dean and Richard Robbins. According to the report, the company looked to be entering administration again this month, but Portsmouth firm Hamptons Furniture Plc was due to complete a takeover deal on September 19, 2010. The report relates Shaun Bright, a spokesman for Hamptons Furniture, said if the deal goes ahead some of Pinetum's 92 employees will lose their jobs. The report notes that an unnamed employee revealed that wages haven't been paid recently and that staff have also discovered their pension contributions haven't been made since last October. In response, Mr. Bright said employees will be paid in full for any unpaid wages but confirmed that unpaid pension contributions are being investigated by administrators Tenon Recovery, the report says. Pineteum is family-run furniture business firm in Crusader Park, Warminster, England. ROYAL BANK: Treasury Select Committee Head Backs Break-Up --------------------------------------------------------- Teresa Hunter at Scotland On Sunday reports that Andrew Tyrie, chairman of the Treasury Select Committee, has called for the break-up of the Royal Bank of Scotland when the government sells the taxpayers' holding. In an exclusive interview with Scotland on Sunday he said: "We need to divest ourselves of the banks in public ownership in a way that benefits the consumer in the long term, not just the Exchequer in the short term." Scotland on Sunday notes Mr. Tyrie signaled his support for a split by saying: "Government should think very carefully about selling off the banks in a way that allows them to maintain the potential for oligarchical profits. We on the committee are not alone in this concern. The Office of Fair Trading is also worried about the increased concentration of the banks." The Treasury Committee, which has risen to a pre-eminent position when it comes to keeping Government and the financial industries in check, is currently conducting two inquiries, Scotland on Sunday discloses. The first, into retail banking, will focus on the competition issue while the second, into financial regulation, will concentrate on preventing future banking crises, Scotland on Sunday states. About RBS The Royal Bank of Scotland Group plc (NYSE:RBS) -- http://www.rbs.com/-- is a holding company of The Royal Bank of Scotland plc (Royal Bank) and National Westminster Bank Plc (NatWest), which are United Kingdom-based clearing banks. The company's activities are organized in six business divisions: Corporate Markets (comprising Global Banking and Markets and United Kingdom Corporate Banking), Retail Markets (comprising Retail and Wealth Management), Ulster Bank, Citizens, RBS Insurance and Manufacturing. On October 17, 2007, RFS Holdings B.V. (RFS Holdings), a company jointly owned by RBS, Fortis N.V., Fortis SA/NV and Banco Santander S.A. (the Consortium Banks) and controlled by RBS, completed the acquisition of ABN AMRO Holding N.V. (ABN AMRO). In July 2008, the company disposed of its entire interest in Global Voice Group Ltd. * * * As reported by the Troubled Company Reporter-Europe on March 29, 2010, Standard & Poor's Ratings Services said that it lowered its ratings on "may pay" Tier 1 securities issued or guaranteed by The Royal Bank of Scotland Group PLC (A/Stable/A-1) to 'C' from 'CC'. At the same time, the rating on the RBSG-related security issued by Argon Capital PLC was similarly lowered to 'C' from 'CC'. The counterparty credit ratings and stand-alone credit profiles of RBSG and subsidiaries, and the ratings on other debt securities issued by these entities, were unaffected. TITAN EUROPE: S&P Cuts Ratings on Two Classes of Notes to 'D' ------------------------------------------------------------- Standard & Poor's Ratings Services lowered its credit ratings on Titan Europe 2006-4 FS PLC's class A1 and A2 notes to 'D (sf)' given that the issuer will not meet the rated obligations under their original terms. S&P then raised the rating on the class A1 notes to 'A- (sf)' and on the class A2 notes to 'B- (sf)' to reflect S&P's opinion of the issuer's ability to meet its principal and interest obligations under the revised terms. In S&P's credit analysis of this transaction S&P assessed the assets' ability to generate income to meet timely payment of interest over the life of the rated notes. The ratings also consider the value of the assets and the recovery that can be expected through a refinance at debt maturity or through enforcement in an assumed default scenario. The key changes effected under the restructuring include: * The extension of the loan maturity from September 2010 to September 2012; * The extension of the notes' legal maturity date to 2014 from 2013; * The reduction of the notes' "tail" (the period between scheduled and legal maturity) to two from three years; * A material increase in the margin on the notes; * A further step up in the margin in January 2012 if the borrower doesn't meet the amortization target of ?100 million; and * A reduction in the liquidity available (from 9.85% of outstanding note balance to 7.85% of the class A1 note balance), with the result that liquidity will no longer be available to the class A2 notes. This restructuring has occurred against a backdrop of continued contraction in credit in the U.K. property market and a time when S&P's expectation is that growth in the near term in the health care property sector is likely to be limited. Additionally, the borrower failed to refinance on two previous occasions (at the loan's original maturity date in September 2008 and recently on Sept. 3, 2010). These factors lead us to expect that the borrower may struggle to meet the amortization target and, accordingly, S&P assume that the margin on the loan, and in turn on the notes, will increase in January 2012. S&P also assume the loan will struggle to refinance when the loan matures in September 2012. In a default scenario the loan would enter special servicing when the special servicer would likely commence a forced sale of the properties or the business. At that point the servicer would have only two years to sell the properties or the business prior to the notes' maturity. S&P has based its rating decisions on the reduced tail period, the potential reduction in recovery proceeds under its stressed scenarios, and the lack of liquidity for the class A2 class, which increases the risk of shortfalls in interest payments due on that class, particularly following a step-up in interest in 2012 if the targeted amortization is not met. S&P's ratings on this transaction address timely payment of interest under the notes (including after the margin steps up) and ultimate payment of principal no later than the notes' legal final maturity. Ratings List Titan Europe 2006-4 FS PLC ?600 Million Commercial Mortgage-Backed Floating-Rate Notes Ratings Lowered Rating ------ Class To From ----- -- ---- A1 D (sf) A (sf) A2 D (sf) BB (sf) Ratings Raised Rating ------ Class To From ----- -- ---- A1 A- (sf) D (sf) A2 B- (sf) D (sf) * UK: Draws Up Proposals for New Special Administration Regime -------------------------------------------------------------- Global Insolvency, citing Dow Jones Daily Bankruptcy Review, reports that the U.K. government set out proposals Thursday for a new special administration regime to more effectively handle investment bank insolvencies to minimize the impact on financial stability. According to Global Insolvency, the scheme is designed to handle the insolvency of failing banks that aren't put into the U.K.'s existing special resolution regime, developed to ensure a systemically-important bank is rescued or sold off very quickly to avoid financial contagion. The proposed system, which isn't expected to impose additional regulatory costs on firms, would try to ensure customers get their cash as soon as possible, creditors get the best return possible and that there's coordination between regulators and infrastructure bodies, such as clearinghouses, Global Insolvency says. Global Insolvency notes the government said the new administration regime will be used only for U.K.-incorporated and regulated companies that manage client money and will be triggered when a court appoints an administrator. The scheme will be backed by new insolvency rules spelling out the procedure for courts applying to use it, how administrators release client assets, the process for creditors and clients, and how the costs involved are borne, Global Insolvency states. The government wants responses to questions posed in its proposal document by Nov. 16, Global Insolvency discloses. =============== X X X X X X X X =============== * Large Companies with Insolvent Balance Sheet ---------------------------------------------- Total Shareholders Total Equity Assets Company Ticker (US$) (US$) ------- ------ ------ ------ AUSTRIA ------- CHRIST WATER TEC CWT AV -5754287.761 165995618.1 CHRIST WATER TEC C7W GR -5754287.761 165995618.1 CHRIST WATER TEC CWT PZ -5754287.761 165995618.1 CHRIST WATER TEC CWT EU -5754287.761 165995618.1 CHRIST WATER TEC CRSWF US -5754287.761 165995618.1 CHRIST WATER TEC CWT EO -5754287.761 165995618.1 CHRIST WATER TEC CWTE IX -5754287.761 165995618.1 CHRIST WATER-ADR CRSWY US -5754287.761 165995618.1 KA FINANZ AG 3730Z AV -359597327 30679270533 LIBRO AG LBROF US -109013328 171684389.1 LIBRO AG LB6 GR -109013328 171684389.1 LIBRO AG LIB AV -109013328 171684389.1 LIBRO AG LIBR AV -109013328 171684389.1 SKYEUROPE SKYP PW -89480486.93 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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. Joy A. Agravante, Valerie U. Pascual, Marites O. Claro, Rousel Elaine T. Fernandez, Frauline S. Abangan 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 * * *