/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/101228.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, December 28, 2010, Vol. 11, No. 255 Headlines B U L G A R I A KREMIKOVTZI AD: Third Asset Auction Scheduled for February 7 PIRAEUS BANK: Moody's Withdraws E+ Bank Financial Strength Rating D E N M A R K * DENMARK: Failed Banks Cost Financial Stability DKK10 Billion F I N L A N D UPM-KYMMENE CORP: Moody's Affirms 'Ba1' Corporate Family Rating F R A N C E FCC MINOTAURE: Fitch Affirms Rating on Class C Notes at 'BBsf' G R E E C E * Fitch Puts Ratings on Various Greek Banks on Negative Watch H U N G A R Y AEROVIVA UTAZASI: Budapest Police Investigate Bankruptcy HUNGARIAN STATE: S&P Affirms 'B+' LT Corporate Credit Rating MAV MAGYAR: Moody's Withdraws 'Ba3' Corporate Family Rating I R E L A N D PADDY BURKE: Goes Into Receivership TITAN EUROPE: S&P Cuts Ratings on Two Classes of Notes to 'D' I T A L Y BANCA UBAE: Fitch Affirms 'BB+' Long-Term Issuer Default Rating PREMAFIN HP: Creditors Agree to Reschedule EUR322.5MM Debt K A Z A K H S T A N ATF BANK: Fitch Affirms Long-Term Foreign Currency IDR KAZAGROFINANCE: Fitch Affirms 'BB' Long-Term Foreign Currency IDR N E T H E R L A N D S CASSIOPEIA QEX: S&P Keeps CreditWatch Negative on Class A Notes INNOCONCEPTS NV: Declared Bankrupt by Den Bosch Court PLAYLOGIC ENTERTAINMENT: Board Accepts Resignation of CEO R U S S I A BALTIYSKIY BANK: Moody's Withdraws 'Caa1' Long-Term Debt Rating RASPADSKAYA OAO: Fitch Affirms 'B+' LT Issuer Default Rating ROSSIYA OJSC: Fitch Affirms 'B-' Insurer Strength Rating RUSIA PETROLEUM: To Be Put for Auction at US$495MM Starting Price S L O V A K R E P U B L I C VOLKSBANK SLOVENSKO: Fitch Affirms Individual Rating at 'D' S P A I N AYT COLATERALES: S&P Assigns 'CCC (sf)' Rating on Class D Notes TDA 25: Fitch Affirms Rating on Class D Notes at 'CCsf' S W I T Z E R L A N D SWISS TIMBER: Files for Bankruptcy After Restructuring Plan Failed U K R A I N E UKRAINIAN CORPORATION: Expects to Sign Debt Deal in Jan-Feb 2011 U N I T E D K I N G D O M ALLIANZ GLOBAL: Court Grants Formal Recognition of UK Proceedings BLADE TOOLING: Tough Trading Conditions Prompt Administration CELTIC CRUSADERS: Bought Out of Administration CREST NICHOLSON: Majority of Lenders Back Debt-Swap Proposal DAVE BUSHBY: Calls in Administrator Due to Rok's Collapse ECO-BAT TECHNOLOGIES: S&P Gives Stable Outlook; Affirms B+ Rating FLYGLOBESPAN: Faces GBP4 Million Claim Over Redundancies JJB SPORTS: Plans to Raise GBP31.5 Million in Share Sale SHELLEYS IN LEWES: Put Up for Sale Following Administration * UK: Insolvencies Down 15% in November 2010, Experian Says X X X X X X X X * Large Companies with Insolvent Balance Sheets ********* =============== B U L G A R I A =============== KREMIKOVTZI AD: Third Asset Auction Scheduled for February 7 ------------------------------------------------------------ Novinite.com reports that Kremikovtzi AD's receiver has scheduled February 7 as the date for the third attempt to sell off the company's assets. Two prior auctions were held over the fall, but failed because actually no one turned out to bid for Kremikovtzi, according to Novinite.com. Unlike the first closed-bid auction, the second was with direct bidding, Novinite.com states. The starting price was BGN452,414,008, down by 20% over the initial tag at the first tender, which also failed due to lack of prospective buyers, Novinite.com discloses. According to Novinite.com, for February's bid, the initial price will drop even further (with 31% from the initial one), and will set at BGN395 million. Novinite.com says the factory's receiver Tsvetan Bankov has expressed confidence that Kremikovtzi's assets will be eventually sold and its creditors will be redeemed. According to Mr. Bankov, the rail transport network and the electricity and natural gas distribution grids on the site of the plant are its biggest asset and should draw investors once the price is lowered even further, Novinite.com notes. Novinite.com relates that Mr. Bankov attributed the failure of the November 5 auction to what he called "too high a price." The site and assets of the struggling company, built in the 1960s, were offered for sale four months after the behemoth was sent into liquidation, its businesses -- wound up and its assets -- offloaded, Novinite.com recounts. As reported by the Troubled Company Reporter-Europe on July 29, 2010, Bloomberg News, citing a report from the receiver, said the mill's assets total BGN840 million, while debt was estimated at BGN1.9 billion. Bloomberg recalled the Sofia City Court declared Kremikovtzi bankrupt May 31. The Sofia-based plant was placed in receivership in 2008 after failing to pay suppliers and investors holding BGN325 million (US$422 million) of bonds, Bloomberg disclosed. Creditors rejected a restructuring plan in October 2009, opting to be repaid under insolvency laws, Bloomberg recounted. Bloomberg noted that of the total liabilities, 42% are owed to state-run power and gas utilities, the state railways and tax authorities. About Kremikovtzi Kremikovtzi AD Sofia -- http://www.kremikovtzi.com/-- is a Bulgaria-based company principally engaged in the steel industry. Its production capacity includes a complete steel production cycle, from ore mining to finished products, such as hot rolled and cold rolled products (coils, slabs, plates, blooms and billets), different thickness wire rods and tubes. The Company's product range also includes coke and chemical products, flat products, ferro-alloys and metallurgical lime, and other products. The Company operates through a number of subsidiaries, including Ferosplaven zavod EOOD, NLA 2000 EOOD, Kremikovtzi Rudodobiv AD, Metalresource OOD and others. The Company is 71%-owned by Finmetals Holding AD. PIRAEUS BANK: Moody's Withdraws E+ Bank Financial Strength Rating ----------------------------------------------------------------- Moody's Investors Service has withdrawn the E+ standalone Bank Financial Strength Rating of Piraeus Bank Bulgaria AD and its long-term and short-term local- and foreign-currency deposit ratings of Ba3/Not-Prime. At the time of withdrawal, all these ratings had a negative outlook. Ratings Rationale Moody's has withdrawn the credit ratings for its own business reasons. Moody's previous rating action on PBB was implemented on May 3, 2010, when the BFSR was downgraded to E+ from D- and the long-term and short-term local- and foreign-currency deposit ratings were changed to Ba3/Not-Prime from Baa3/Prime-3. All ratings were assigned a negative outlook. PBB is based in Sofia (Bulgaria) and had consolidated total assets of BGN4.2 billion (EUR2.2 billion) as at the end of September 2010. ============= D E N M A R K ============= * DENMARK: Failed Banks Cost Financial Stability DKK10 Billion -------------------------------------------------------------- Gelu Sulugiuc at Bloomberg News reports that Danish banks that failed and were taken over by the Financial Stability Company had losses amounting to more than DKK10 billion (US$1.8 billion). According to Bloomberg, the Financial Stability said in a Dec. 23 e-mail that the state agency will therefore request to receive the DKK10 billion that was the initial payment Danish banks made into a guarantee fund as part of the country's first bank aid package agreed to in October 2008. ============= F I N L A N D ============= UPM-KYMMENE CORP: Moody's Affirms 'Ba1' Corporate Family Rating --------------------------------------------------------------- Moody's Investors Service affirmed the Ba1 Corporate Family Rating of UPM-Kymmene as well as the Ba1 Senior Unsecured Notes Ratings upon the announcement of the acquisition of Myllykoski Group (not rated). The rating outlook remains stable. This follows UPM's announcement that it has entered into a definitive agreement (subject to certain closing conditions) with Myllykoski Corporation and Rhein Papier GmbH for an approximate enterprise value of the businesses of EUR900 million. Rating Rationale The affirmation of the Ba1 CFR reflects the positive impact of the acquisition of Myllykoski on UPM's business profile through an increased size and market share in UPM's core publication paper business division. Moody's recognizes the strategic rationale and the potential long-term benefits of the transaction that will spur much-needed consolidation in the European publication paper market. Moody's expect UPM to take advantage from its consolidated market position and a larger asset pool by lifting synergies, economies of scale and asset efficiencies. In addition, there is the potential of positive pricing momentum from a tighter European magazine and newsprint paper market following expected capacity cuts. Furthermore, the affirmation reflects UPM's gradual performance improvements realized over the past quarters driven by improved demand for publication paper enabling UPM to implement several price increases. As a result, UPM has gained some headroom in its rating category prior to the announcement of the transaction. The expected weakening of UPM's financial profile resulting from this transaction is however consuming much of the achieved headroom in the Ba1 rating category. More specifically, Moody's note that net debt levels will increase by about EUR800 million, resulting in an increase in leverage in terms of adjusted Debt/EBITDA to about 4x on a pro forma September 2010 basis. This is stretched for the Ba1 rating category point-in-time and Moody's would assume UPM to realize further gradual performance improvements to become more solidly positioned in the current rating category in the 12-18 months following the transaction. In addition, Moody's note a certain aggressiveness in the company's financial policy as indicated by the intention to finance the purchase price largely through debt. At the same time, Moody's note that this acquisition is exposing UPM to some integration as well as implementation risks of related restructuring efforts. Rating pressure could therefore build up should the integration be more problematic or costly than currently anticipated by management or should the aggregate of potential price improvements and anticipated minimum synergies of EUR100 million per year from 2012 onwards prove not to be realizable. Leverage ratio in terms of Debt/EBITDA staying around 4 times with EBITDA-margins in the low teens and negative free cash flow generation would also induce negative pressure. Also, any material deviations from the proposed financing package could result in downgrade pressure. Positive pressure would develop with a track record of sustainable profitability with EBITDA margins in the mid to high teen percentages translating into cash flow/debt metrics (as indicated by Retained Cash Flow/Debt) of towards 20% and a further reduction in leverage with Debt/EBITDA moving towards 3 times. The announced transaction encompasses the acquisition of seven publication paper mills in Europe and the United States with a total capacity of 2.8 million tones as well as a 0.8% share in the Finnish energy company Pohjolan Voima Oy. The transaction shall be financed with long-term debt arrangements amounting to EUR800 million and through the issuance of shares with a current market value of approximately EUR60 million. Moody's notes positively that most of the financing is committed on a multi-year basis. The merger is conditional on clearance by the relevant competition authorities but is expected to close in late Q2 2011. With around EUR8.7 billion of revenues in the last twelve months ending September 2010, UPM-Kymmene is one of the world's largest paper and forest products companies. UPM has leading positions in communication paper grades (newsprint, magazine, fine and specialty paper), and is also active in pulp and energy production, label materials and wood products. =========== F R A N C E =========== FCC MINOTAURE: Fitch Affirms Rating on Class C Notes at 'BBsf' -------------------------------------------------------------- Fitch Ratings has affirmed eight tranches of four French RMBS transactions originated by Electricite de France, Gaz de France and their subsidiaries. The rating actions are: Electra 1: -- Class A4 (ISIN FR0000504227): affirmed at 'AAAsf'; Outlook Stable; Loss Severity (LS) Rating of 'LS-1' Loggias 2001-1: -- Class A (ISIN FR0000488462): affirmed at 'AAAsf'; Outlook Stable; LS Rating 'LS-1' -- Class B (ISIN FR0000488470): affirmed at 'Asf'; Outlook Stable; LS Rating 'LS-5' Loggias 2003-1: -- Class A (ISIN FR0010029231): affirmed at 'AAAsf'; Outlook Stable; LS Rating 'LS-1' -- Class B (ISIN FR0010029256): affirmed at 'Asf'; Outlook Stable; LS Rating 'LS-5' FCC Minotaure Compartment 2004-1: -- Class A (ISIN FR0010302687): affirmed at 'AAAsf'; Outlook Stable; LS Rating 'LS-1' -- Class B (ISIN FR0010302794): affirmed at 'Asf'; Outlook Stable; LS Rating 'LS-4' -- Class C (ISIN FR0010302802): affirmed at 'BBsf'; Outlook Stable; LS Rating 'LS-5' The method of analysis for these four transactions differs to that of a typical RMBS transaction. The collateral pools comprise subsidized residential loans, carrying interest rates lower than the market rate, and are therefore sold at a discount to the Fonds Commun de Creances. The majority of the loans do not benefit from collateral acting as security but loan installments are deducted from the salaries of employees. Defaults can arise due to death, a temporary or permanent disability of a borrower, where the loan is cancelled, or it can arise because of a termination of contract brought about by over-indebtedness, bereavement and/or change in family status. In each transaction, cumulative defaults to date have been considerably lower than the originally assumed levels. Compared with the other three, Electra has shown higher cumulative defaults throughout its life, presently at 1.36% of its initial balance, although it does benefit from a relatively more generous discount, and therefore a higher level of excess spread. The credit enhancement levels of Loggias 2001-1 and Loggias 2003-1 have remained constant given the pro-rata amortization of the notes. The credit enhancement levels of the class A, class B and class C tranches of FCC Minotaure have increased to 7.98%, 3.15%, 2.95% from 7.06%, 2.23% and 2.04% respectively, due to the reserve fund capturing 20% of gross excess spread each payment date. =========== G R E E C E =========== * Fitch Puts Ratings on Various Greek Banks on Negative Watch ------------------------------------------------------------- Fitch Ratings has placed National Bank of Greece, Alpha Bank, EFG Eurobank Ergasias, Piraeus Bank and Agricultural Bank of Greece 'BBB-' and 'F3' Long and Short-term Issuer Default Ratings on Rating Watch Negative. This follows Greece's sovereign rating being placed on RWN ('BBB-'/ 'F3' RWN). All of the banks' Long-term IDRs are based on Fitch's assessment of the likelihood of them receiving support should this become necessary and on their Support Rating Floor. Any downgrade of the sovereign rating is likely to be mirrored by the banks' IDRs. To this end, Fitch has also placed the banks' '2' Support Rating and 'BBB-' SRF on RWN. The banks' bond issues (senior, subordinated and hybrid capital issues) and state-guaranteed notes have also been placed on RWN. The banks' Individual ratings are unaffected by this rating action. The rating actions are: National Bank of Greece S.A. -- Long-term IDR 'BBB-' placed on RWN -- Short-term IDR 'F3' placed on RWN -- Individual Rating 'D' remains unaffected -- Support Rating '2' placed on RWN -- Support Rating Floor 'BBB-' placed on RWN -- Senior notes 'BBB-' placed on RWN -- Subordinated notes 'BB+' placed on RWN -- Hybrid capital 'B+' placed on RWN -- State-guaranteed issues 'BBB-' placed on RWN Efg Eurobank Ergasias S.A. -- Long-term IDR 'BBB-' placed on RWN -- Short-term IDR 'F3' placed on RWN -- Individual Rating 'D' remains unaffected -- Support Rating '2' placed on RWN -- Support Rating Floor 'BBB-' placed on RWN -- Senior notes 'BBB-' placed on RWN -- Subordinated notes 'BB+' placed on RWN -- Hybrid capital 'B+' placed on RWN -- State-guaranteed issues 'BBB-' placed on RWN Alpha Bank S.A. -- Long-term IDR 'BBB-' placed on RWN -- Short-term IDR 'F3' placed on RWN -- Individual Rating 'D' unaffected -- Support Rating '2' placed on RWN -- Support Rating Floor 'BBB-' placed on RWN -- Senior notes 'BBB-' placed on RWN -- Subordinated notes 'BB+' placed on RWN -- Junior Subordinated 'B+' placed on RWN -- Hybrid capital 'B+' placed on RWN -- State-guaranteed issues 'BBB-' placed on RWN Piraeus Bank S.A. -- Long-term IDR 'BBB-' placed on RWN -- Short-term IDR 'F3' placed on RWN -- Individual Rating 'D' unaffected -- Support Rating '2' placed on RWN -- Support Rating Floor 'BBB-' placed on RWN -- Senior notes 'BBB-' placed on RWN -- State-guaranteed issues 'BBB-' placed on RWN Agricultural Bank of Greece -- Long-term IDR 'BBB-' placed on RWN -- Short-term IDR 'F3' placed on RWN -- Individual Rating 'D/E' maintained on RWN -- Support Rating '2' placed on RWN -- Support Rating Floor 'BBB-' placed on RWN The rating impact, if any, from the above rating actions on Greek banks' subsidiaries, securitization transactions and covered bonds will be detailed in separate comments. 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. The Support Rating Floor indicates the level below which Fitch would not expect to lower its Issuer Default Rating in the absence of any changes to the assumptions underpinning the bank's Support Rating. ============= H U N G A R Y ============= AEROVIVA UTAZASI: Budapest Police Investigate Bankruptcy -------------------------------------------------------- MTI-Econews reports that the Budapest police have started a case on suspicion of misuse of documents and other crimes related to the bankruptcy of Aeroviva Utazasi Iroda. According to MTI, the police said witnesses are being heard in the case at present. MTI relates that Aeroviva announced on Dec. 20 that it was ending its travel agent and trip organization activities. The company, as cited by MTI, said that it had done everything possible to keep operating, but could not continue because of the economic situation. QBE Insurance, which holds Aeroviva's HUF494 million bond, could not say on Wednesday whether the amount would cover claims, MTI notes. Aeroviva Utazasi Iroda is a travel agency based in Hungary. HUNGARIAN STATE: S&P Affirms 'B+' LT Corporate Credit Rating ------------------------------------------------------------ Standard & Poor's Ratings Services said that it affirmed its 'B+' long-term and 'B' short-term corporate credit rating on vertically integrated rail entity Hungarian State Railways Co. Ltd. At the same time, the ratings were removed from CreditWatch, where they were originally placed with developing implications on May 27, 2010. The ratings were subsequently withdrawn at the company's request. At the time of the withdrawal, the outlook was developing. "At the time of the withdrawal, the ratings on MAV reflected S&P's opinion that despite favorable news about MAV's receipt of a cost reimbursement from the Hungarian government, there is still a lack of visibility on the government's future strategy for MAV," said Standard & Poor's credit analyst Juliana Gallo. "What's more, the implementation of the rail network management contract between MAV and the government, as well as the likelihood of any forthcoming measures to improve the sustainability of MAV's liquidity position and capital structure, are still pending." The government recently provided MAV with a cost reimbursement of Hungarian forint 23 billion (24% more than the amount S&P had anticipated, although the reimbursement came later than S&P had predicted). The government also announced publicly that it will provide MAV with an extraordinary HUF10 billion guarantee for a debt issue, which will be used to finance the company's network infrastructure development. In S&P's opinion, these resources will provide the company with adequate liquidity until the end of 2010. Although S&P sees these announcements as positive, S&P believes that the cost reimbursement and guarantee only provide a temporary solution to MAV's refinancing needs, while a long-term solution to the company's financial stability is yet to be determined. In particular, S&P sees a need for the railway network management contract between MAV and the Hungarian government to provide an adequate multi-year compensation structure for MAV to maintain the rail network, as opposed to the company's current reliance on repeated and contingent one-off cost reimbursements. Management expects this contract to be signed by the end of 2010. If this takes longer than management expects, the company would continue to rely on short-term credit lines and additional and timely extraordinary support from the government to cover its short-term cash needs. At the time of withdrawal, the ratings on MAV reflected S&P's opinion that there's a "very high" likelihood that the Republic of Hungary (BBB-/Negative/A-3) would provide timely and sufficient extraordinary support to MAV in the event of financial distress. MAV MAGYAR: Moody's Withdraws 'Ba3' Corporate Family Rating ----------------------------------------------------------- Moody's Investors Service has withdrawn the Ba3 corporate family rating and the Ba3 Probability of Default Rating of MAV Magyar Allamvasutak Zartkoruen Mukodo, as well as its underlying baseline credit assessment of 17. Moody's notes that the company does not have any rated debt outstanding. Ratings Rationale Moody's has withdrawn the credit ratings for its own business reasons. Moody's last rating action on MAV was implemented on December 7, 2010, when Moody's downgraded MAV's CFR and PDR to Ba3 from Ba2. The outlook on these ratings was changed to negative. That rating action followed Moody's downgrade of the Republic of Hungary's local- and foreign-currency ratings to Baa3 from Baa1, on December 6, 2010. Headquartered in Budapest, Hungary, MAV is 100% government-owned and the country's vertically integrated incumbent national railway operator. In FY 2009, MAV reported revenue of HUF121.5 billion (around EUR433 million) and received HUF164 billion in reimbursements and HUF20 billion in customer subsidies from the government. ============= I R E L A N D ============= PADDY BURKE: Goes Into Receivership ----------------------------------- Gordon Deegan at The Irish Times reports that Paddy Burke Builders Ltd. has gone into receivership. The Irish Times relates that documents have been lodged with the Companies' Office confirming the appointment of a receiver for the company that was established in 1987. According to The Irish Times, the first sign that the company was in difficulty was in October when Clare County Council terminated a contract with the builder for a 22-unit housing development in Shannon due to "the failure by the contractor to comply with the terms and conditions of the contract." The Irish Times notes that local Fine Gael councilor Martin Conway on Dec. 23 blamed debts owed to Paddy Burke as the reason the company went into receivership. The last filed accounts for Paddy Burke to the end of August 2008 show that the firm had increased its turnover to EUR46 million recording pre-tax profits of EUR299,963, The Irish Times relates. The accounts show that the company had accumulated profits of EUR4.3 million with bank loans totaling EUR11.9 million at the end of August 2008, The Irish Times notes. AIB was listed as the firm's bankers, The Irish Times states. Paddy Burke Builders Ltd. is a Lisdoonvarna-based building firm. 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 2006-1 PLC's class E and F notes to 'D (sf)' from 'CCC (sf)'. At the same time, S&P placed its ratings on the class C and D notes on CreditWatch negative. In March 2010, S&P lowered its ratings on the class E and F notes to 'CCC (sf)' from 'B+ (sf)' to reflect its view of the increased risk of principal losses associated with two of the five loans in the pool, the Mangusta and the KQ Warehouse loans, both of which are in special servicing. The class E and F notes had interest shortfalls (the class F notes received no interest) on the October 2010 interest payment date resulting from increased special servicing fees and the inability to draw on liquidity to cover these costs. S&P's ratings address timely payment of interest as well as payment of principal by legal final maturity and consequently S&P has lowered the ratings on the class E and F notes to 'D (sf)'. In addition, S&P has placed its ratings on the class C and D notes on CreditWatch negative as a result of recent indications that ultimate recoveries on the Mangusta loan are likely to fall below its previous estimate. S&P expects to resolve the CreditWatch placements following further investigation and analysis of loan recoveries. Ratings List Titan Europe 2006-1 PLC EUR723.303 Million Commercial Mortgage-Backed Floating-Rate Notes Ratings Lowered Rating ------ Class To From ----- -- ---- E D (sf) CCC (sf) F D (sf) CCC (sf) Ratings Placed On CreditWatch Negative Rating ------ Class To From ----- -- ---- C A- (sf)/Watch Neg A- (sf) D BB- (sf)/Watch Neg BB- (sf) ========= I T A L Y ========= BANCA UBAE: Fitch Affirms 'BB+' Long-Term Issuer Default Rating --------------------------------------------------------------- Fitch Ratings has affirmed Italy-based Banca UBAE's Long-term Issuer Default Rating at 'BB+', Short-term IDR at 'B', Individual Rating at 'C/D' and Support Rating at '3'. Banca UBAE's IDRs and Individual ratings reflect its core activities in the niche market of specialized short-term trade finance to Mediterranean Arab markets, with a leading market share in payment services related to oil trading between Libya and Italy. The ratings also reflect credit exposure to more volatile countries, and capitalization that needs strengthening if the bank wants to pursue further growth. They also take into account UBAE's relatively volatile profitability in the past two years, low market risk and some volatility in the deposits it attracts from bank counterparties. Banca UBAE's Support rating reflects Fitch's view of potential support that Banca UBAE could receive from Libya (rated 'BBB+'/Stable) through its main shareholder, the Libyan Foreign Bank, which is in turn a wholly-owned subsidiary of the Libyan central bank. The Libyan Foreign Bank recently increased its shareholding in Banca UBAE to 67.55% from the previous 49.93% and has been a shareholder of Banca UBAE since its creation. The Libyan Foreign Bank has participations in a number of banks in Europe, North Africa and the Middle East. PREMAFIN HP: Creditors Agree to Reschedule EUR322.5MM Debt ---------------------------------------------------------- Premafin HP SpA said creditors agreed to reschedule EUR322.5 million of debt, Marco Bertacche and Elisa Martinuzzi at Bloomberg News report, citing a statement sent through the Italian exchange on Dec. 22. According to Bloomberg, the company also said that Keefe, Bruyette & Woods, Royal Bank of Scotland, Banca Akros SpA, Banca Popolare di Milano and Equita SIM SpA joined Credit Suisse Group as managers of a planned share sale. Premafin HP SpA is The Ligresti family holding company, which controls insurer Fondiaria-SAI. =================== K A Z A K H S T A N =================== ATF BANK: Fitch Affirms Long-Term Foreign Currency IDR ------------------------------------------------------ Fitch Ratings has revised ATF Bank's Outlook to Positive from Stable and affirmed its ratings. The agency has also affirmed the ratings of two other Kazakh banks, Development Bank of Kazakhstan and KazAgroFinance. The rating actions follow Fitch's recent revision of the Outlooks on Kazakhstan's ratings to Positive from Stable. A summary of rating actions is presented at the end of this commentary. ATF Bank's IDRs and Support Rating are driven by potential support from its parent UniCredito Italiano (rated 'A'/Negative/'F1'). Given UCI's ability and propensity to provide support, Fitch believes there is a high probability that support would be forthcoming, if required. However, the Country Ceiling of Kazakhstan, which reflects transfer and convertibility risks, constrains the bank's Long-term foreign currency IDR as it limits the extent to which support from the foreign shareholder can be factored into the ratings. ATF Bank's 'BBB' Long-term local currency IDRs also take into account Kazakhstan's country risks. Hence, an upgrade of the sovereign IDR and, consequently the Country Ceiling, could result in ATF Bank's IDRs being upgraded. ATF Bank was the fifth-largest bank in Kazakhstan as at end-Q310. It is primarily a corporate bank but has developed a reasonable network and retail deposits franchise. The ratings of DBK were affirmed at their current level, reflecting Fitch's expectation that the bank's ratings will likely not change if Kazakhstan's Long-term IDRs are upgraded to 'BBB'. This in turn mirrors the agency's usual practice of notching the ratings of state-owned banks down from their respective sovereigns, particularly at the higher rating levels. DBK's ratings continue to be underpinned by Fitch's view on the probability that it will be supported by the state due its exceptional mandate as a development institution, still relatively moderate size and 100% state control via the Sovereign Wealth Fund Samruk-Kazyna. KAF's ratings consider its less prominent policy role and lesser importance for the country's economy relative to DBK. They also take into account the legacy of defaults of other Kazakh financial companies during 2009. At the same time, the company's ratings continue to factor in a moderate probability of government support in light of state ownership of KAF, the company's small size (and hence cost of support) and the government financial assistance which has been made available to date. DBK was founded to foster the growth of non-extracting industries in Kazakhstan. Its owner, Sovereign Wealth Fund Samruk-Kazyna, is wholly owned by the state. KAF is a non-banking financial institution providing predominantly finance leases to domestic agricultural industry. KAF is a subsidiary company of the state- owned JSC National Holding Kazagro. The rating actions are: Development Bank of Kazakhstan -- Long-term foreign currency IDR affirmed at 'BBB-', Outlook Stable -- Short-term foreign currency IDR affirmed at 'F3' -- Long-term local currency IDR affirmed at 'BBB', Outlook Stable -- Short-term local currency IDR affirmed at 'F3' -- Support Rating affirmed at '2' -- Support Rating Floor affirmed at 'BBB-' -- Senior unsecured debt rating affirmed at 'BBB-' KazAgroFinance -- Long-term foreign currency IDR affirmed at 'BB', Outlook Stable -- Short-term foreign currency IDR affirmed at 'B' -- Long-term local currency IDR affirmed at 'BB', Outlook Stable -- National Long-term rating affirmed at 'A(kaz)' -- Support Rating affirmed at '3' -- Support Rating Floor affirmed at 'BB' -- Senior unsecured debt rating affirmed at 'BB' ATF Bank -- Long-term foreign currency IDR affirmed at 'BBB'; Outlook revised to Positive from Stable -- Short-term foreign currency IDR affirmed at 'F3' -- Long-term local currency IDR affirmed at 'BBB'; Outlook revised to Positive from Stable -- Senior unsecured debt affirmed at 'BBB' -- Subordinated debt affirmed at 'BBB-' -- Support Rating affirmed at '2' -- Individual Rating 'D/E' unaffected by the current review -- National Long-term rating affirmed at 'AAA(kaz)'; Outlook Stable -- National senior unsecured debt rating affirmed at 'AAA(kaz)' -- National subordinated debt affirmed at 'AA+(kaz)' KAZAGROFINANCE: Fitch Affirms 'BB' Long-Term Foreign Currency IDR ----------------------------------------------------------------- Fitch Ratings has revised ATF Bank's Outlook to Positive from Stable and affirmed its ratings. The agency has also affirmed the ratings of two other Kazakh banks, Development Bank of Kazakhstan and KazAgroFinance. The rating actions follow Fitch's recent revision of the Outlooks on Kazakhstan's ratings to Positive from Stable. A summary of rating actions is presented at the end of this commentary. ATF Bank's IDRs and Support Rating are driven by potential support from its parent UniCredito Italiano (rated 'A'/Negative/'F1'). Given UCI's ability and propensity to provide support, Fitch believes there is a high probability that support would be forthcoming, if required. However, the Country Ceiling of Kazakhstan, which reflects transfer and convertibility risks, constrains the bank's Long-term foreign currency IDR as it limits the extent to which support from the foreign shareholder can be factored into the ratings. ATF Bank's 'BBB' Long-term local currency IDRs also take into account Kazakhstan's country risks. Hence, an upgrade of the sovereign IDR and, consequently the Country Ceiling, could result in ATF Bank's IDRs being upgraded. ATF Bank was the fifth-largest bank in Kazakhstan as at end-Q310. It is primarily a corporate bank but has developed a reasonable network and retail deposits franchise. The ratings of DBK were affirmed at their current level, reflecting Fitch's expectation that the bank's ratings will likely not change if Kazakhstan's Long-term IDRs are upgraded to 'BBB'. This in turn mirrors the agency's usual practice of notching the ratings of state-owned banks down from their respective sovereigns, particularly at the higher rating levels. DBK's ratings continue to be underpinned by Fitch's view on the probability that it will be supported by the state due its exceptional mandate as a development institution, still relatively moderate size and 100% state control via the Sovereign Wealth Fund Samruk-Kazyna. KAF's ratings consider its less prominent policy role and lesser importance for the country's economy relative to DBK. They also take into account the legacy of defaults of other Kazakh financial companies during 2009. At the same time, the company's ratings continue to factor in a moderate probability of government support in light of state ownership of KAF, the company's small size (and hence cost of support) and the government financial assistance which has been made available to date. DBK was founded to foster the growth of non-extracting industries in Kazakhstan. Its owner, Sovereign Wealth Fund Samruk-Kazyna, is wholly owned by the state. KAF is a non-banking financial institution providing predominantly finance leases to domestic agricultural industry. KAF is a subsidiary company of the state- owned JSC National Holding Kazagro. The rating actions are: Development Bank of Kazakhstan -- Long-term foreign currency IDR affirmed at 'BBB-', Outlook Stable -- Short-term foreign currency IDR affirmed at 'F3' -- Long-term local currency IDR affirmed at 'BBB', Outlook Stable -- Short-term local currency IDR affirmed at 'F3' -- Support Rating affirmed at '2' -- Support Rating Floor affirmed at 'BBB-' -- Senior unsecured debt rating affirmed at 'BBB-' KazAgroFinance -- Long-term foreign currency IDR affirmed at 'BB', Outlook Stable -- Short-term foreign currency IDR affirmed at 'B' -- Long-term local currency IDR affirmed at 'BB', Outlook Stable -- National Long-term rating affirmed at 'A(kaz)' -- Support Rating affirmed at '3' -- Support Rating Floor affirmed at 'BB' -- Senior unsecured debt rating affirmed at 'BB' ATF Bank -- Long-term foreign currency IDR affirmed at 'BBB'; Outlook revised to Positive from Stable -- Short-term foreign currency IDR affirmed at 'F3' -- Long-term local currency IDR affirmed at 'BBB'; Outlook revised to Positive from Stable -- Senior unsecured debt affirmed at 'BBB' -- Subordinated debt affirmed at 'BBB-' -- Support Rating affirmed at '2' -- Individual Rating 'D/E' unaffected by the current review -- National Long-term rating affirmed at 'AAA(kaz)'; Outlook Stable -- National senior unsecured debt rating affirmed at 'AAA(kaz)' -- National subordinated debt affirmed at 'AA+(kaz)' ===================== N E T H E R L A N D S ===================== CASSIOPEIA QEX: S&P Keeps CreditWatch Negative on Class A Notes --------------------------------------------------------------- Standard & Poor's Ratings Services kept on CreditWatch negative its credit rating on Cassiopeia QEX B.V.'s class A notes. The ratings on classes B and C are unaffected. The residential mortgage pool underlying this transaction has been experiencing high delinquency levels since closing, in S&P's view. According to the cash manager's report regarding the October 2010 payment date, severe delinquencies--defined as arrears greater than 90 days--were EUR184.01 million. This is equal to 44.15% (including outstanding defaulted loans) of the current collateral balance as of the end of September 2010, compared with 43.88% at the end of June 2010. At the end of September 2010, the outstanding balance of defaults -- loans in arrears for more than 510 days -- and loans in foreclosure was EUR149.62 million. This represented 35.90% of the current collateral balance, compared with 33.74% at the end of June 2010 and 21.81% at the end of December 2009. These amounts are the result of the rollover of delinquencies that have not been recovered at earlier stages. S&P has kept the class A notes on CreditWatch negative pending analysis of the next investor report, which is due in January 2010. In S&P's view, an ongoing lack of recoveries may negatively affect the ratings on these notes. Since closing in July 2008, Banesto--the originator and servicer-- has foreclosed 826 properties but received recoveries for only 26 properties. The credit risk manager--Finsolutia--is responsible for supervising and monitoring the performance of the servicer under the servicing agreement, which includes the sale of properties at auction in the foreclosure process. Cassiopeia QEX issued the notes in July 2008. The underlying portfolios include residential mortgage loans secured over properties in Spain. Banesto originated and services the mortgage loans, and Finsolutia is the credit risk manager that oversees the servicing. Citicorp Trustee Corp. Ltd. is the fund's security and the note trustee. Ratings List Cassiopeia QEX B.V. EUR448.6 Million Mortgage-Backed Floating-Rate Notes Rating Kept on CreditWatch Negative Class Rating ----- ------ A BBB- (sf)/Watch Neg Ratings Unaffected Class Rating ----- ------ B def B- (sf) C def B- (sf) INNOCONCEPTS NV: Declared Bankrupt by Den Bosch Court ----------------------------------------------------- InnoConcepts NV has been declared bankrupt by the local District Court in Den Bosch on Dec. 23, Fred Pals at Bloomberg News reports, citing a statement of the company's trustee Louis Deterink. InnoConcepts NV is a Netherlands-based company primarily engaged in the exploitation of its Injection Moulding technology. As of December 31, 2009, the Company had 12 subsidiaries in the Netherlands, Czech Republic, the United States of America and the People's Republic of China. PLAYLOGIC ENTERTAINMENT: Board Accepts Resignation of CEO --------------------------------------------------------- On December 17, 2010, Playlogic Entertainment Inc. said that its board of directors has accepted the resignation of W.M. Smit as president, chief executive officer and acting chief financial officer, as per December 17, 2010. The board of directors is currently searching for a replacement. Due to this resignation, W.M. Smit has also resigned as executive member of the Company's Board of Directors with immediate effect. About Playlogic Entertainment Playlogic Entertainment, Inc. (Nasdaq OTC: PLGC.OB) -- http://www.playlogicgames.com/-- is an independent worldwide publisher of digital entertainment software for consoles, PCs, handhelds, mobile devices, and other digital media platforms. Playlogic publishes and distributes products throughout all available channels, both online and offline. Playlogic is headquartered in New York City and in Amsterdam, the Netherlands. The Company's balance sheet at March 31, 2010, showed US$14.1 million in assets and US$16.5 million of liabilities, for a stockholders' deficit of US$2.4 million. As of March 31, 2010, the Company has an accumulated deficit of approximately US$82.8 million. In July 2010 Playlogic Entertainment voluntary requested a delay of payments, 'surseance van betaling', the Dutch equivalent of Chapter 11, for its subsidiary Playlogic International N.V and wholly owned subsidiary Playlogic Game Factory B.V. Tough market conditions, late payments by large customers and the delays in projects have forced the company to seek protection under the Dutch bankruptcy laws. =========== R U S S I A =========== BALTIYSKIY BANK: Moody's Withdraws 'Caa1' Long-Term Debt Rating --------------------------------------------------------------- Moody's Investors Service and Moody's Interfax Rating Agency announced that they have withdrawn all ratings of Baltiyskiy Bank for business reasons. At the time of withdrawal, Baltiyskiy Bank's ratings were: long-term local and foreign currency debt and deposit ratings of Caa1 with negative outlook, short-term local and foreign currency ratings of Not Prime, Bank Financial Strength Rating of E with stable outlook, and a Ba3.ru National Scale Rating with no specific outlook. Moscow-based Moody's Interfax Rating Agency is majority-owned by Moody's, a leading global rating agency. Ratings Rationale Moody's Investors Service has withdrawn the credit rating for its own business reasons. Moody's most recent rating action on Baltiyskiy Bank was taken on December 6, 2010, when the rating agency downgraded the bank's BFSR from E+ to E, bank's deposit rating to Caa1 from B3 and the NSR from Baa3.ru to Ba3.ru. Based in Moscow, Russia, Baltiyskiy Bank reported IFRS total assets of US$2.04 billion at December 31, 2009, and net loss of US$12.87 million for 2009. RASPADSKAYA OAO: Fitch Affirms 'B+' LT Issuer Default Rating ------------------------------------------------------------ Fitch Ratings has affirmed Russia-based coal producer OAO Raspadskaya's Long-term foreign currency Issuer Default Rating and senior unsecured rating at 'B+', and its National Long-term rating at 'A(rus)'. Fitch has simultaneously removed these ratings from Rating Watch Negative where they were placed on 12 May 2010 and assigned Stable Outlooks to the Long-term IDR and National Long- term rating. The Short-term IDR is affirmed at 'B'. The Recovery Rating on the senior unsecured notes is 'RR4'. The rating action reflects Fitch's expectations that the company's Raspadskaya mine, which was shut down as a result of an explosion on May 9, 2010, will be fully operational by end-Q112 and that average coking coal concentrate prices during 2011 will remain at the level of Q410. In its forecasts, Fitch has assumed that the company's other mines will also continue to ramp up during 2011 with total output increasing 20%-25% by 2013 compared with 2009, and that no dividend payments will be made before H212. With coal sales prices almost doubling in H210 year-on-year, Raspadskaya's financial position and liquidity are strong with a cash balance of US$90 million at end-Q210. Fitch estimates Raspadskaya's 2010 revenue at US$680 million-US$730 million, with an EBITDAR margin of 40%-45%. According to the agency's estimates, Raspadskaya should be able to fund the reconstruction activities at its Raspadskaya mine (estimated at US$280 million) from internally generated cash flows and be in a strong position to either refinance or repay the US$300 million eurobond due on May 22, 2012. Raspadskaya's ratings continue to reflect its competitive cost position (US$22/ton of concentrate in 2009), robust average mine lives at existing operations of over 70 years, and its conservative financial policy. Fitch favorably views the company's efforts to reduce its high dependency on the Raspadskaya mine, with its share in total output gradually declining from 65% in 2009. Constraints on the company's ratings continue to be its smaller scale relative to peers, lack of commodity diversification, the execution risks inherent in the mine's reconstruction and expansion plans, and its large Russian operational base which exposes it to higher-than average political, business and regulatory risks. Negative rating pressure could arise from a slower-than-expected ramp-up of production at Raspadskaya, Razrez Raspadsky and Raspadskaya-Koksovaya mines, as well as drop in 2011 sales prices of more than 10% year-on-year. ROSSIYA OJSC: Fitch Affirms 'B-' Insurer Strength Rating -------------------------------------------------------- Fitch Ratings has affirmed OJSC Rossiya Insurance Company's Insurer Financial Strength rating at 'B-' and National IFS ratings at 'BB-(rus)' and removed the ratings from Rating Watch Negative. The Outlook for both ratings is Negative. The removal from RWN reflects partial repayment of the financial debt (debt was equal to RUB1.3 billion at end-H110, RUB0.6 billion were paid in Q310, and RUB0.7 billion of debt remained at end- Q310). The remaining part of the financial debt is expected to be repaid with support from the shareholder and at YE10 the debt should reduce to RUB0.3 billion. Fitch would consider weakening of support from the shareholder and the absence of improvements in underwriting performance as key triggers for a downgrade. Alternatively, sustainable improvement in underwriting performance would be considered by the agency as the key trigger for the revision of the Outlook to Stable. The Negative Outlook reflects continued deterioration in Rossiya's underwriting performance. The issuer's combined ratio increased to 183% in 9M10 from 106% in FY09, primarily through the incurred loss ratio component. This was driven by inadequate pricing and reserving in 2009, and contraction in gross premiums written by 41% in 2009 compared with 2008 and further by 48% in 9M2010 compared with 9M09 results. The agency continues to believe that Rossiya's new management team is trying to improve underwriting and reserving discipline, although the effects of these efforts may not materialize immediately. Other factors influencing the company's performance are the persisting challenges in the operating environment in the Russian insurance sector. The ratings continue to be supported by the capital injections provided by the shareholder, which the company remains significantly dependant on. The agency notes the favourable track record of support from the current shareholder since the change in ownership in October 2009. However, risks related to the future ability and commitment of the shareholder to support Rossiya still remain, in Fitch's view. Among these risks are the lack of transparency of the structure of the other assets operating for the benefit of Rossiya's beneficiary shareholder and uncertainty about the ability of those assets to generate capital which could then be transferred to Rossiya. RUSIA PETROLEUM: To Be Put for Auction at US$495MM Starting Price ----------------------------------------------------------------- Stephen Bierman at Bloomberg News reports that TNK-BP's OAO Rusia Petroleum unit will be put up for auction at a starting price of RUR15.1 billion (US$495 million). Bloomberg relates that Rusia Petroleum said the assets, including the rights and equipment to develop Kovykta, will be sold on Feb. 15. As reported by the Troubled Company Reporter-Europe on Oct. 21, 2010, Reuters said a Russian regional court declared Rusia Petroleum insolvent and opened bankruptcy proceedings. The court said in an announcement posted on the Irkutsk Arbitrage Court Web site that the bankruptcy proceedings will go on for six months, until April 19, 2011, according to Reuters. Reuters disclosed TNK-BP, half owned by British major BP Plc and a quartet of Russia-connected billionaires, filed a petition to initiate bankruptcy proceedings for Rusia Petroleum in June and said that it was determined to recover its investment in the gas project. Rusia Petroleum is a wholly-owned unit of TNK-BP that holds the license to develop the huge Kovykta gas condensate field in Eastern Siberia. ============================= S L O V A K R E P U B L I C ============================= VOLKSBANK SLOVENSKO: Fitch Affirms Individual Rating at 'D' ----------------------------------------------------------- Fitch Ratings has affirmed Vienna-based Volksbanken Verbund's Long-term Issuer Default Rating at 'A' with Stable Outlook. At the same time, the agency has removed VB-Verbund's Individual Rating from Rating Watch Negative and affirmed it at 'C/D'. VB- Verbund's remaining ratings have been affirmed at Short-term IDR 'F1', Support Rating '1' and Support Rating Floor 'A'. The ratings of VB-Verbund's central institution, Oesterreichische Volksbanken-Aktiengesellschaft, a member of the support mechanisms, have also been affirmed at Long-term IDR 'A' with a Stable Outlook, Short-term IDR 'F1', Support '1' and SRF 'A'. The ratings of the other VB-Verbund member banks have been affirmed at Long-term IDR 'A' with Stable Outlook and Short-term IDR 'F1'. A full set of ratings for both VB-Verbund and VBAG as well as a list of VB-Verbund member banks is included at the end of this comment. Separately, Fitch has placed Slovakia-based Volksbank Slovensko a.s.'s Long-term IDR of 'BBB+', Short-term IDR of 'F2' and Support Rating of '2' on Rating Watch Evolving. VS's Individual Rating was affirmed at 'D'. This rating action is triggered by VBAG's recent announcement that it is considering selling its 51%-owned subsidiary Volksbank International. All of VB-Verbund's and VBAG's ratings (except VB-Verbund's Individual Rating) are based on Fitch's view that support, in case of need, for VB-Verbund from the Republic of Austria (rated 'AAA'/Stable) is extremely likely. With deposit and lending market shares of around 7% respectively at end-2009, VB-Verbund is Austria's fourth-largest banking group and as such considered of domestic systemic importance by Fitch. VBAG's Support Rating and SRF are based on Fitch's assumption that, as the central institution of the VB-Verbund, VBAG would be the entity through which sovereign support -- if ever needed -- would be channelled to smaller member banks within the sector. The removal of the RWN on VB-Verbund's Individual Rating reflects Fitch's opinion that various measures taken by VB-Verbund and VBAG to stabilize the financial and risk profile of VBAG have been sufficient to support a 'C/D' Individual Rating for VB-Verbund (Fitch has not assigned an Individual Rating to VBAG). VBAG suffered severe net losses in 2008 and 2009 largely as a result of the deconsolidation of its former subsidiary, significant valuation losses on financial participations and real estate investments and sharply increasing loan impairment charges, predominately on its corporate, real estate and central and eastern European retail exposures. To strengthen its weakened capitalization, VBAG applied for EUR1bn in participation capital from the Austrian state, obtained in Q209. Disposals of VBAG's Austrian retail banks and of its real estate investment company, Europolis, in 2010 have further supported capitalization. Moreover, VBAG announced in December 2010 that it is considering selling further assets, including its 51% stake in VBI, its management holding company of its business in CEE. These measures, apart from improving VBAG's capitalization (tier 1 ratio of 8.85% at end-Q310), will lead to a significantly smaller entity which will make it considerably easier for VB-Verbund's primary banks, VBAG's majority owners, to support VBAG if needed. VB-Verbund's Individual Rating also reflects Fitch's assessment of the acceptable performance of VB-Verbund's primary banks. This is balanced by Fitch's view that the staggered repayment of the EUR1bn participation capital obtained from the Austrian state will be a strain on VB-Verbund. VBAG will be obliged to repay EUR300m participation capital in 2011 to avoid triggering a conversion option by the Austrian government. Under the current business plan, VB-Verbund will provide EUR300m to VBAG to ensure repayment while asset disposals in 2011 or 2012 should help meet the remaining repayments (until 2018). Should VBAG's planned deleveraging be insufficient to materially improve capitalization, then this would put pressure on VB-Verbund's Individual Rating. VB-Verbund, which is not a legal entity itself but a cooperative grouping of member banks, is Austria's fourth-largest banking group, offering a wide range of banking services. VBAG is responsible for managing the sector's liquidity requirements, but also a bank in its own right. VBAG itself offers capital market services while retail lending activities in CEE are grouped in VBI. It also provides corporate and real estate financing, both in CEE and Austria, through its fully-owned subsidiary, Investkredit AG. VBAG has announced that it will merge with Investkredit in H111. VS's IDRs and Support rating are based on a high probability of support, in case of need, from its ultimate majority shareholder, VBAG, and its strong integration into VBI. Following VBAG's announcement of plans to divest VBI, there's a strong likelihood that the future shareholder structure of VS will change, hence affecting the probability of support from the new parent. The RWE will be resolved once VBAG completes the sale of its stake in VBI. VS's Individual Rating is not affected by this announcement, as its operations are largely independent from the parent. VS is almost entirely funded by customer deposits and parent-related funding is negligible (only 0.03% of total funding at end-H110). Loan/deposit ratio is around 100% and it has not required any liquidity/capital support from the parent during the economic crisis. VS's systems and departments are capable of functioning independently. The rating actions are: Volksbanken Verbund -- Long-term IDR: affirmed at 'A'; Outlook Stable -- Short-term IDR: affirmed at 'F1' -- Individual Rating: affirmed at 'C/D'; removed from RWN -- Support Rating: affirmed at '1' -- Support Rating Floor: affirmed at 'A' Oesterreichische Volksbanken Aktiengesellschaft -- Long-term IDR: affirmed at 'A'; Outlook Stable -- Short-term IDR: affirmed at 'F1' -- Support Rating: affirmed at '1' -- Support Rating Floor: affirmed at 'A' -- Senior unsecured notes: affirmed at 'A' -- Government-guaranteed notes: affirmed at 'AAA' Volksbank Slovensko a.s. -- Long-term IDR of 'BBB+' placed on Rating Watch Evolving (RWE) -- Short-term IDR of 'F2' placed on RWE -- Support Rating of '2' placed on RWE -- Individual Rating: affirmed at 'D' The full list of VB-Verbund member banks (in addition to VBAG) is: -- Bank fuer Aerzte und freie Berufe AG -- Volksbank Weinviertel e.Gen. -- VOLKSBANK OBERES WALDVIERTEL rGmbH -- Gaertnerbank rGmbH -- Volksbank Tullnerfeld eG -- Volksbank Bad Goisern eingetragene Genossenschaft -- Volksbank Osttirol rGmbH -- Volksbank Oetscherland eG -- Volksbank Fels am Wagram e.Gen. -- Volksbank Krems-Zwettl AG -- Volksbank Laa eGen -- Volksbank Marchfeld e.Gen. -- Volksbank, Gewerbe- und Handelsbank Kaernten AG -- VOLKSBANK fuer den Bezirk Weiz rGmbH -- Volksbank Tirol Innsbruck-Schwaz AG -- Volksbank Altheim-Braunau rGmbH -- Volksbank Feldkirchen rGmbH -- Volksbank Schaerding eG -- Volksbank Steirisches Salzkammergut rGmbH -- VOLKSBANK BADEN e.Gen. -- VOLKSBANK OBERKAERNTEN rGmbH -- VOLKSBANK VOECKLABRUCK-GMUNDEN e.Gen. -- Volksbank Wien AG -- Volksbank Enns- und Paltental rGmbH -- Volksbank Bad Hall e.Gen. -- Volksbank Linz-Wels-Muehlviertel AG -- Volksbank Gmuend eing.GmbH -- Allgemeine Bausparkasse rGmbH -- Volksbank Alpenvorland e.Gen. -- Waldviertler Volksbank Horn rGmbH -- Volksbank Ost rGmbH -- Volksbank Kufstein eG -- Volksbank Ried im Innkreis eG -- Volksbank Enns-St. Valentin eG -- Volksbank Friedburg rGmbH -- Oesterreichische Apothekerbank eG -- Volksbank Voecklamarkt-Mondsee rGmbH -- Volksbank Gailtal eG -- Volksbank Niederoesterreich Sued rGmbH -- Volksbank Oberndorf rGmbH -- Volksbank Obersdorf-Wolkdersdorf-Deutsch-Wagram e.Gen. -- VOLKSBANK GRAZ-BRUCK e.Gen. -- Volksbank Muerztal-Leoben e.Gen -- Volksbank Eferding-Grieskirchen rGmbH -- Volksbank fuer die Sued- und Weststeiermark rGmbH -- Volksbank Donau-Weinland rGmbH -- Wiener Spar- und Kreditinstitut rGmbH -- Volksbank Salzburg eG -- Volksbank Almtal e.Gen. -- VOLKSBANK VORARLBERG e.Gen. -- VOLKSBANK LANDECK eG -- Volksbank Aichfeld-Murboden rGmbH -- SPARDA-BANK VILLACH/INNSBRUCK rGmbH -- Volksbank Kaernten Sued e.Gen. -- IMMO-BANK AG -- Volksbank Niederoesterreich-Mitte e.G. -- Volksbank Sued-Oststeiermark e.Gen. -- Volksbank Suedburgenland rGmbH -- SPARDA-BANK LINZ rGmbH -- VB Factoring Bank AG -- Volksbank-Quadrat Bank AG ========= S P A I N ========= AYT COLATERALES: S&P Assigns 'CCC (sf)' Rating on Class D Notes --------------------------------------------------------------- Standard & Poor's Ratings Services assigned its credit ratings to AyT Colaterales Global Hipotecario FTA Caja Circulo I's mortgage- backed floating-rate notes issued in March 2008. The class A notes have amortized since issuance to EUR110.15 million as of Nov. 26 2010 from an initial amount of EUR135.00 million. None of the other classes have amortized. The originator of the loans backing the residential mortgage- backed securities is Caja Circulo. S&P understands that this is the first RMBS transaction Caja Circulo has originated. Caja Circulo is acting as servicer while Confederacion Espanola de Cajas de Ahorro (AA-/Negative/A-1+) is acting as treasury account provider and swap counterparty. As in other Spanish transactions, interest and principal are combined into a single priority of payments, with a deferral-of-interest trigger and pro rata amortization rules. The securitized portfolio comprises secured loans to individuals resident in Spain, with an average original loan-to-value ratio of 89.22%. About 3.51% of the loans in the pool were granted to non- Spanish individuals, 53.51% of the loans were classified as "second home" loans, and 9.01% of the outstanding loans were granted to self-employed individuals. To fund the purchase of the loans, AyT Colaterales Global Hipotecario FTA issued four classes of floating-rate notes. The issuer was established as an open fund and can issue segregated series of bonds. Each series has its own bank account, swap contract, priority of payments, and reserve fund. S&P based its ratings on an analysis of the specific characteristics of the mortgage loans, in terms of both credit and cash flow. The ratings reflect the subordination of the classes (for the class A, B, and C notes only), the reserve fund, the comfort provided by an interest rate swap contract, and the downgrade language in some of the supporting party roles. S&P will publish a full new issue report on this transaction in due course. Potential Effects of Proposed Counterparty Criteria Changes S&P has assigned the ratings on AyT Colaterales Global Hipotecario FTA Caja Circulo I's rated notes in relation to counterparty risks based on S&P's current criteria. On Dec. 2, 2010, S&P announced that S&P is revising its methodology and assumptions for assessing counterparty and supporting obligations (collectively counterparty risk) for structured transactions. The updated criteria become effective on January 17, 2011, for all new and outstanding securities that have counterparty obligations, including AyT Colaterales Global Hipotecario FTA Caja Circulo I's rated notes. On the effective date, S&P intend to review this transaction. For those securities where the current counterparty ratings do not meet its revised criteria for the minimum counterparty rating, S&P expects to place the securities on CreditWatch negative on the effective date; S&P would then expect to resolve the CreditWatch placement within six months. It is possible that the ratings on AyT Colaterales Global Hipotecario FTA Caja Circulo I's rated notes may be affected as a result of this review. Ratings List AyT Colaterales Global Hipotecario FTA Caja Circulo I, EUR150 Million Mortgage-Backed Floating-Rate Notes Outstanding[1] Amount at amount closing Class Rating (mil. EUR) (mil. EUR) ----- ------ -------------- ------------ A AA (sf) 110.15 135.00 B BB (sf) 6.30 6.30 C CCC+ (sf) 5.10 5.10 D CCC (sf) 3.60 3.60 [1] As of Nov. 26, 2010. TDA 25: Fitch Affirms Rating on Class D Notes at 'CCsf' ------------------------------------------------------- Fitch Ratings has downgraded 11 and affirmed six tranches of three TDA transactions, a series of Spanish RMBS deals comprising loans originated by various originators. The rating actions reflect Fitch's concern over the performance of the underlying loans and are listed at the end of this comment. At transaction close TDA 25, 27 and 28 contained significant portions of loans originated by Unino de Credito Financiero Mobiliario e Inmobiliario, a specialist lender who conducts its business mainly via real estate agents. In Fitch's view, the Credifimo loans are the main driver of the poor performance of the underlying collateral in these three transactions. As of October 2010, cumulative gross defaults in these deals ranged from 4.7% (TDA 27) to 14% (TDA 28) of the initial pools. High levels of defaults have led to the breach in interest deferral mechanisms in all three deals. Interest on all the mezzanine and junior tranches of TDA 25 and 28 is being deferred, while TDA 27 has interest deferred on classes E and F. Given the current level of defaults, in Fitch's view the interest deferral trigger on the class D notes of TDA 27 is likely to be breached in the next 12 months. The transaction structures include provisioning mechanisms, whereby loans in arrears by more than 12 months are provisioned 100%. As gross excess spread levels in the three transactions remain tight, the issuers have fully utilized their reserve funds to provision for some of the defaults incurred to date. As of the last payment date, the reserve funds in all three deals remain depleted, while the volume of un-provisioned loans, as estimated by Fitch, now range between 3.8% (TDA 27) and 16.9% (TDA 25) of the current outstanding notes. In the case of TDA 25 and TDA 28, the class A notes are now highly dependent on recoveries from defaulted loans. To date, Fitch has not received any information on the current status of the defaulted loans, and was therefore not able to give credit to those loans that might have reverted to performing. For this reason, the agency has downgraded the senior notes of the two transactions to 'BBB' levels. At transaction close, the reserve funds of TDA 25 and 27 were sized to account for the commingling risk, as the underlying originators were not rated by Fitch. Since the reserve funds in these deals are no longer in place, and no other form of commingling mitigants have been put in place, the issuers are reliant on the existing liquidity facilities. In its analysis, Fitch found that the available funds, currently held with Banco Santander ('AA'/Stable/'F1+'), are sufficient to cover between one (TDA 25) and three (TDA 27 and 28) payment dates worth of senior fees and interest payments due on the class A notes. Since the loans in the pools reverted to lower interest rates, the performance of loans in arrears by more than three months has stabilized, indicating that borrower affordability has improved. Consequently, the level of period defaults has also declined compared to the levels seen in 2009, but still remains well above the excess spread levels generated by the deals. The ability of the issuer to clear the outstanding balance of un-provisioned loans remains highly dependent on recoveries. TDA 25, Fondo de Titulizacion de Activos: -- Class A (ISIN ES0377929007) downgraded to 'BBBsf' from 'AAsf'; off RWN; assigned Stable Outlook and Loss Severity Rating 'LS-1' -- Class B (ISIN ES0377929015) affirmed at 'BBsf'; off RWN; assigned Negative Outlook and Loss Severity Rating 'LS-3' -- Class C (ISIN ES0377929023) affirmed at 'CCCsf'; Recovery Rating 'RR5' -- Class D (ISIN ES0377929031) affirmed at 'CCsf'; Recovery Rating 'RR6' TDA 27, Fondo de Titulizacion de Activos : -- Class A2 (ISIN ES0377954013) downgraded to 'AAsf' from 'AAAsf'; off RWN, assigned Stable Outlook and Loss Severity Rating 'LS-1' -- Class A3 (ISIN ES0377954021) downgraded to 'AAsf' from 'AAAsf'; off RWN; assigned Stable Outlook and Loss Severity Rating 'LS-1' -- Class B (ISIN ES0377954039) downgraded to 'BBBsf' from 'AA- sf'; off RWN; assigned Stable Outlook and Loss Severity Rating 'LS-3' -- Class C (ISIN ES0377954047) downgraded to 'BBsf' from 'BBBsf'; off RWN; assigned Negative Outlook and Loss Severity Rating 'LS-4' -- Class D (ISIN ES0377954054) downgraded to 'Bsf' from 'BBsf'; off RWN; assigned Negative Outlook and Loss Severity Rating 'LS-3' -- Class E (ISIN ES0377954062) affirmed at 'CCCsf'; Recovery Rating 'RR4' -- Class F (ISIN S0377954070) affirmed at 'CCsf'; Recovery Rating 'RR6' TDA 28, Fondo de Titulizacion de Activos: -- Class A (ISIN ES0377930005) downgraded to 'BBBsf' from 'AA+sf'; off RWN; assigned Stable Outlook and Loss Severity Rating 'LS-1' -- Class B (ISIN ES0377930013) downgraded to 'BBsf' from 'AA- sf'; off RWN; assigned Negative Outlook and Los Severity Rating 'LS-4' -- Class C (ISIN ES0377930021) downgraded to 'Bsf' from 'BBBsf'; off RWN; assigned Negative Outlook and Loss Severity Rating 'LS-5' -- Class D (ISIN ES0377930039) downgraded to 'CCCsf' from 'BBsf'; off RWN; assigned Recovery Rating 'RR4' -- Class E (ISIN ES0377930047) downgraded to 'CCsf' from 'CCCsf'; Recovery Rating 'RR5' -- Class F (ISIN ES0377930054) affirmed at 'CCsf'; Recovery Rating revised to 'RR6' from 'RR4' ===================== S W I T Z E R L A N D ===================== SWISS TIMBER: Files for Bankruptcy After Restructuring Plan Failed ------------------------------------------------------------------ Timber Trades Journal reports that Swiss Timber has filed for bankruptcy after failing to secure local government agreement for part of its restructuring plan. TTJ relates that the company was only taken over by Mayr-Melnhof last year from Stallinger, but a combination of a lack of timber supply, an 18% exchange rate loss (Swiss franc/euro) and the economic crisis led to "great almost unsurmountable challenges." According to TTJ, Mayr-Melnhof said it was ultimately the negative decision of the Grisons parliament about making a CHF6.75 million investment in a pellet plant, part of Swiss Timber's restructuring, that led to the bankruptcy. "With this decision, the restructuring agreement subsequently failed," TTJ quoted Mayr- Melnhof Holding CEO Josef Dringel as saying. ============= U K R A I N E ============= UKRAINIAN CORPORATION: Expects to Sign Debt Deal in Jan-Feb 2011 ---------------------------------------------------------------- Interfax-Ukraine reports that the Ukrainian Corporation Industrial Union of Donbass Vice President Oleksandr Pylypenko on Dec. 23 said the company has reached the final stage of negotiations with international creditors on the restructuring of its debt. According to Interfax-Ukraine, the company hopes to sign the agreement in January-February 2011. Pylypenko did not disclose the conditions and the size of the debt, adding that the debt now is less than US$3 billion, while information from media reports that the debt was US$3 billion is untrue, Interfax-Ukraine notes. Ukrainian Corporation Industrial Union of Donbass is a steel company based in Donetsk, Ukraine. =========================== U N I T E D K I N G D O M =========================== ALLIANZ GLOBAL: Court Grants Formal Recognition of UK Proceedings ----------------------------------------------------------------- The United States Bankruptcy Court for the Southern District of New York has granted the petition of David McGuigan, in his capacity as the duly appointed foreign representative of Allianz Global Corporate & Specialty (France), Allianz IARD, Delvag Luftfahrtversicherungs-AG and Nueberger Allgemeine Versicherungs- AG (collectively, the "Scheme Companies"), for recognition under Chapter 15 of the Scheme Companies' jointly administered adjustment of debt proceedings (the "English Proceedings") in the High Court of Justice of England and Wales, as "foreign nonmain proceedings" pursuant to 11 U.S.C. Section 1502. The Court further ordered that relief equivalent to that afforded to a debtor in a foreign main proceeding pursuant to 11 U.S.C. Section 1520 is granted as additional relief pursuant to 11 U.S.C. Sections 1521(a) and (b) and is effective as to the Scheme Companies. Under Section 1521 of the Bankruptcy Code, a court is granted discretion to grant other appropriate relief at the request of the foreign representative, including in foreign nonmain proceedings which, unlike foreign main proceedings, do not invoke Section 1520's automatic stay. A complete text of the Court's order granting formal recognition of David McGuigan as a "foreign representative" of the Scheme Companies and the English proceedings as "foreign nonmain proceedings" is available at no charge at: http://bankrupt.com/misc/Allianz_formalrecognitionorder.pdf As reported in the Troubled Company Reporter on October 4, 2010, the aim of the schemes of arrangement between the Scheme Companies is to finalize the run-off of the Scheme Companies' involvement in the business underwritten for them by Camomile Underwriting Agencies Limited. The Scheme does not include any non-CUAL business nor, for the avoidance of doubt, any business underwritten for Sovereign Marine & General Insurance Company Limited whether for the business they underwrote through CUAL or otherwise. The Scheme Manager can be contacted at: David McGuigan CUAL Scheme Manager PO Box 683, Redhill, RH1 9BY United Kingdom Fax: +44 (0)207 626 7937 E-mail: dmcguigan@limbo.eu The Chapter 15 petitioner's counsel can be contacted at: Lee S. Attanasio, Esq. Alex R. Rovira, Esq. Debra W. Minoff, Esq. SIDLEY AUSTIN LLP 787 Seventh Avenue New York, NY 10019 Tel: (212) 839-5300 David McGuigan, the foreign representative for Allianz Global Corporate & Specialty (France), Allianz IARD, Delvag Luftfahrversicherungs-AG and Nurnberger Allgemeine Versicherungs- AG, filed Chapter 15 petitions (Bankr. S.D.N.Y. Case Nos. 10-14990 through 10-14993) on Sept. 22, 2010. BLADE TOOLING: Tough Trading Conditions Prompt Administration ------------------------------------------------------------- BBC News reports that Blade Tooling Company Limited and Blade Technology have gone into administration. BBC relates that Will Wright and Mark Orton of KPMG were appointed joint administrators on Dec. 23. According to BBC, administrators KPMG said no redundancies have yet been made at the companies. BBC notes that KPMG said the businesses, which employ 57 and eight people respectively, were continuing to trade while a buyer was sought. It added the firms have suffered as a result of "tough" trading conditions, BBC discloses. Worcestershire-based Blade Tooling Company Limited and Blade Technology are aerospace industry suppliers. CELTIC CRUSADERS: Bought Out of Administration ---------------------------------------------- BBC News reports that Celtic Crusaders has been taken over by a new company after it went into administration last month. According to BBC, W Crusaders Limited has bought the Wrexham-based club's assets, and transferred players onto its payroll in a deal for an undisclosed sum. The company is backed by Wrexham Village, the owners of the town's Racecourse Ground which the club shares with Wrexham FC, BBC discloses. The team will be known as Crusaders RL from next season, BBC notes. There are no planned changes to the playing squad or management team, BBC says, citing a statement. A winding-up petition against the club was dismissed at London's High Court on November 17, BBC relates. The club, BBC recounts, went into administration on November 12, claiming inherited debt had "made the business untenable". Crusaders Rugby League is a Welsh professional rugby league club based in Wrexham, North Wales. The club was founded in 2005, and has since played in all three divisions of the professional rugby league structure of Britain. CREST NICHOLSON: Majority of Lenders Back Debt-Swap Proposal ------------------------------------------------------------ Ed Hammond and Anousha Sakoui at The Financial Times report that the majority of lenders to Crest Nicholson have voiced support for a proposal by US fund Varde, its largest shareholder, which would see the company push through its second debt-for-equity swap in three years. The FT relates that at a lender meeting on Dec. 20, Varde, which holds about 35% of Crest's GBP500 million loans, revealed that it had support from more than half of the company's lenders, including itself, to carry out a restructuring radically to reduce the company's debts. The FT notes that while Varde needs backing from 75% of Crest's 20-strong lender syndicate to implement the restructuring it first proposed last month, people close to the talks said momentum in the process was building. Funds including New Amsterdam Capital and Castle Hill are understood to be among those lenders supportive of Varde's approach, the FT says, citing people with knowledge of the situation. According to the FT, Varde's proposed plan would bring Crest's debt to net asset ratio -- the company has about GBP300 million worth of land and work in progress -- in line with its listed peer group. It would free up the company's management to buy land and pay for sites it has under option, the FT notes. The company has been trading well, but the talks come as it faces a refinancing of all its debts in 2012, the FT notes. Crest Nicholson -- http://www.crestnicholson.com/-- is a residential development company with property interests primarily in central and southern England. The firm focuses on developing sustainable master-planned communities and mixed-use developments, along with urban regeneration and commercial property developments. DAVE BUSHBY: Calls in Administrator Due to Rok's Collapse --------------------------------------------------------- InsiderMedia reports that Dave Bushby Plant Hire has been placed in administration after being hit by the failure of Exeter's Rok. David Kirk, of Kirk Hills Insolvency in Barnstaple, has been appointed as the company's administrator, InsiderMedia says. InsiderMedia relates that Mr. Kirk said despite the directors' best efforts and due to the amount of money owed by Rok, the company had no other option but to seek insolvency advice. Since mid-November, when Mr. Kirk got involved, the company has continued to trade so that as many contracts as possible are completed for the benefit of creditors, customers and staff, according to InsiderMedia. "Whilst this is not a happy ending at this time of the year, the route of administration is a better outcome than liquidation and does give time for a rescue solution to be sought," InsiderMedia quoted Mr. Kirk as saying. Based in North Devon, Dave Bushby Plant Hire operates a fleet of diggers and also runs a commercial vehicle repairer. The 22-year-old company employs 18 staff. ECO-BAT TECHNOLOGIES: S&P Gives Stable Outlook; Affirms B+ Rating ----------------------------------------------------------------- Standard & Poor's Ratings Services said that it has revised its outlook on U.K.-based lead producer Eco-Bat Technologies Ltd. to stable from negative. At the same time, Standard & Poor's affirmed its 'B+' long-term corporate credit rating on the company and its 'B+' issue rating on Eco-Bat's EUR176 million senior unsecured bond due 2013. The recovery rating on the bond is unchanged at '3', indicating S&P's expectation of meaningful (50%- 70%) recovery for senior noteholders in the event of payment default. "The outlook revision reflects S&P's opinion that, with large cash surpluses in hand and a limited investment plan, Eco-Bat is seeking ways to reduce its expensive debt burden," said Standard & Poor's credit analyst Elad Jelasko. "Eco-Bat's liquidity position and its redemption in April 2010 of 25% of its outstanding debt support S&P's opinion." However, Eco-Bat's repayment risk could increase by 2013 if it adopts an aggressive approach to reducing the EUR600 million payment-in-kind loan due 2017 issued by immediate parent EB Holdings. S&P recognize that the unsecured PIK debt is structurally and contractually subordinated to all of Eco-Bat's debt, and that it does not involve any guarantee or direct payment obligation on the company. However, EB Holdings has no cash flow of its own, and S&P has no visibility on the ultimate parent's strategy and capabilities with respect to injecting cash into EB Holdings. S&P therefore assume that Eco-Bat will adopt a dividend policy that keeps the outstanding (estimated) EUR782 million PIK debt below EUR1 billion. S&P view Eco-Bat's redemption of 25% of its 2013 notes as a positive signal, reducing the company's expensive debt. S&P believes that the company will likely redeem more debt using its EUR155 million cash in hand, and pursue a modest dividend policy that leaves sufficient resources to repay the remaining notes in 2013, without the need to refinance. In the 12 months ended Sept. 30, 2010, Eco-Bat's adjusted debt to EBITDA was 4.2x and FFO to debt was 21%. S&P believes these ratios will weaken slightly in 2011--debt to EBIDTA to 4.7x and FFO to debt to 15%--but remain commensurate with the current rating. "The stable outlook reflects S&P's opinion that Eco-Bat will be able to preserve its niche market position while benefiting from modest growth, enabling it to generate margins and cash flow in line with historical levels," said Mr. Jelasko. Moreover, the outlook reflects S&P's assumption that the company will adopt an approach that balances its liquidity needs with those of its parent company, EB Holdings." S&P could consider a negative rating action if Eco-Bat's free operating cash flow were to turn negative on a sustained basis, or on evidence of an aggressive financial policy, either in the form of significant dividend payouts or a refinancing of existing bonds with new bonds that have looser restrictions. Over the longer term, if the company fails to address the repayment of the PIK loan, as reflected by adjusted FFO to debt of below 10%, the rating could also come under pressure. S&P's limited visibility on the ultimate shareholder's view regarding the PIK loan is a key constraint on the rating, limiting upside potential in the medium term, even under the scenario where Eco-Bat has positive net debt. FLYGLOBESPAN: Faces GBP4 Million Claim Over Redundancies -------------------------------------------------------- Martin Williams and John Bynorth at Herald Scotland report that Flyglobespan is facing a claim of almost GBP4 million as 500 former staff take employment tribunal action over a failure to consult on redundancies. Herald Scotland relates that the firm and its parent crashed into administration late last year, leaving thousands of passengers stranded abroad and many more with worthless bookings. About 650 people lost their jobs, Herald Scotland recounts. According to Herald Scotland, 500 of those, all cabin crew, are each claiming 90 days' pay, saying they were not given statutory redundancy notice periods at the time of the collapse. It is claimed staff were axed the week before Christmas without any pay or notice, Herald Scotland states. Most of them have enlisted legal help through the Unite union and a hearing is planned for February in Edinburgh, Herald Scotland notes. According to Herald Scotland, administrator PricewaterhouseCoopers (PwC) said in its latest progress report that the protective award claims against the company and its subsidiaries resulted from it "failing to consult prior to announcing redundancies" on December 17, 2009. "If successful, it will result in an unsecured claim of GBP3.9 million against the estates. The company and its subsidiaries are of the opinion that there is a valid defense to these claims; as a result its legal agent has been instructed to lodge defense with the employment tribunal," Herald Scotland quoted PwC as saying. About Globespan Established in 1970, Globespan Group plc provided flight only and package holidays to a number of destinations across Europe as well as Orlando in America from airports in Aberdeen, Edinburgh and Glasgow. Globespan Group plc also operates flights between the U.K. and the Falkland Islands under a MOD contract. The company's subsidiary Alba Ground Holdings Ltd is also contracted to manage the baggage check-in for Flybe at Glasgow and Edinburgh airports. JJB SPORTS: Plans to Raise GBP31.5 Million in Share Sale -------------------------------------------------------- David Altaner at Bloomberg News reports that JJB Sports Plc plans to raise at least GBP31.5 million (US$48.7 million) in a share sale to help it survive after a sales recovery was halted by Britain's snowy weather. According to Bloomberg, the plan has the support of JJB's main shareholders, while the company's lender, Bank of Scotland, has agreed to waive a January test of banking covenants. Bloomberg says JJB is seeking emergency funding after snow kept shoppers at home and a shortage of inventory at some stores caused sales to miss company forecasts. The money won't meet "medium- and longer-term working capital requirements," which the board will address after it finishes business plans, the company said, according to Bloomberg. Chairman John Clare will step down and be replaced Mike McTighe, a former head of global operations at Cable & Wireless Plc, Bloomberg discloses. Mr. Clare, a former head of U.K. consumer- electronics retailer Dixons Retail Plc, will leave immediately, Bloomberg notes. The company, as cited by Bloomberg, also said Finance Director Lawrence Coppock will be replaced on Jan. 17 by Dave Williams, who is joining from discount stores operator TJ Hughes Ltd. According to Bloomberg, Harris Associates LP, JJB's biggest shareholder with 19%, will invest GBP11.9 million in the fund raising. The retailer also expects investments of GBP4.5 million from Crystal Amber Fund Ltd., GBP11.6 million from Invesco Perpetual, GBP1.5 million from the Bill & Melinda Gates Foundation Trust and GBP2 million from GoldenPeaks Capital. The combined shareholdings of the five investors could rise to 71.7% from 44.3% after the placing, Bloomberg says, citing to Katharine Wynne and David Jeary, analysts at Investec Securities. As reported by the Troubled Company Reporter-Europe on Dec. 13, 2010, The Financial Time said JJB Sports' largest shareholder is "ready, willing and able" to provide the company with additional equity as the company faces the prospect of breaking its banking covenants early next year. David Herro, chief investment officer, with the US fund Harris Associates, said it was willing to provide the funds JJB Sports needed to avoid problems with its lenders and overhaul its stores, according to the FT. The support of the group's biggest shareholder is a fillip for JJB, which earlier said that it was considering its options for restructuring or alternative sources of financing as it was likely to breach its banking covenants at the end of January, the FT noted. Poor sales in the second half of November pushed JJB to warn on Dec. 2 that it would violate the terms of a GBP25 million revolving facility it holds with the Bank of Scotland, the FT said. JJB Sports plc (JJB Sports) is a sports retailer supplying branded sports and leisure clothing, footwear and accessories. JJB Sports is a high street sports retailer, with 250 stores in the United Kingdom and Eire. It provides a range of products covering United Kingdom sports. The Company stocks all its sports brands, supported by its own-brand and exclusive ranges. The Company's segment includes the Company's retail operations, including any retail stores, which are attached to fitness clubs. The Company operates in two geographic segments: the United Kingdom and Eire. The Company's subsidiaries include Blane Leisure Limited, Sports Division (Eireann) Limited, Golf TV Limited, TV Sports Shop Limited, Original Shoe Company Limited and Qubefootwear Limited. The Company sold its fitness club operations on March 25, 2009. SHELLEYS IN LEWES: Put Up for Sale Following Administration ----------------------------------------------------------- Chris St. Cartmail at Business Sale Report reports that The Shelleys in Lewes is on the market following its administration. According to Business Sale Report, the country house hotel, which was once owned by the family of poet Percy Bysshe Shelley, was placed into administration due to a downturn in trade. It is currently still trading despite its administration, Business Sale Report notes. Business Sale Report relates that Jason Baker and Chris Stevens of FRP Advisory, partners at insolvency specialists FRP Advisory, have been appointed as joint administrators of The Shelleys and are currently carrying out "extensive marketing" in a bid to find a buyer for the property. The Shelleys is based in East Sussex. It is currently owned by Carlo Fernando and John Rudich Fernando. * UK: Insolvencies Down 15% in November 2010, Experian Says ----------------------------------------------------------- Scott Hamilton at Bloomberg News reports that Experian Plc said the number of U.K. business insolvencies fell 15% in November from a year earlier as companies' financial positions improved. Bloomberg relates that Experian said in a report released by e-mail on Dec. 23 in Nottingham, England, insolvencies declined to 1,388 from 1,634 in the same month a year ago. =============== X X X X X X X X =============== * Large Companies with Insolvent Balance Sheets ----------------------------------------------- Total Shareholders Total Equity Assets Company Ticker (US$) (US$) ------- ------ ------ ------ AUSTRIA ------- CHRIST WATER TEC CWT AV -5754287.761 165995618.1 CHRIST WATER TEC CWT EO -5754287.761 165995618.1 CHRIST WATER TEC CWT PZ -5754287.761 165995618.1 CHRIST WATER TEC CWTE IX -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 C7W GR -5754287.761 165995618.1 CHRIST WATER-ADR CRSWY US -5754287.761 165995618.1 KA FINANZ AG 3730Z AV -359597327 30679270533 LIBRO AG LBROF US -110486313.8 174004185 LIBRO AG LIB AV -110486313.8 174004185 LIBRO AG LB6 GR -110486313.8 174004185 LIBRO AG 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123595205.6 PROSTRAKAN GROUP PSKEUR EU -12569003.96 123595205.6 REAL ESTATE OP-O REO ID -145048365.8 2933767507 REAL ESTATE OP-O REO EU -145048365.8 2933767507 REAL ESTATE OP-O REO PZ -145048365.8 2933767507 REAL ESTATE OP-O REO LN -145048365.8 2933767507 REAL ESTATE OP-O REO IX -145048365.8 2933767507 REAL ESTATE OP-O REO EO -145048365.8 2933767507 REAL ESTATE OP-O REO VX -145048365.8 2933767507 REAL ESTATE OP-O REOGBP EO -145048365.8 2933767507 REAL ESTATE OP-O REA GR -145048365.8 2933767507 REGUS LTD 273187Q LN -46111835.37 367181111 REGUS PLC REGSF US -46111835.37 367181111 REGUS PLC 2296Z LN -46111835.37 367181111 REGUS PLC RGU GR -46111835.37 367181111 REGUS PLC 273195Q VX -46111835.37 367181111 REGUS PLC-ADS REGSY US -46111835.37 367181111 REGUS PLC-ADS REGSV US -46111835.37 367181111 REGUS PLC-ADS REGS US -46111835.37 367181111 REGUS PLC-ADS RGUA GR -46111835.37 367181111 RENTOKIL INITIAL RTO PZ -93968267.73 2931869901 RENTOKIL INITIAL RTOEUR EU -93968267.73 2931869901 RENTOKIL 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SMITHS NEWS PLC NWS2EUR EO -95712237.17 277933611.8 STV GROUP PLC SMG PZ -61797602.82 173123066.5 STV GROUP PLC SMG VX -61797602.82 173123066.5 STV GROUP PLC STVGEUR EU -61797602.82 173123066.5 STV GROUP PLC STVG LN -61797602.82 173123066.5 STV GROUP PLC STVGEUR EO -61797602.82 173123066.5 STV GROUP PLC STVG EU -61797602.82 173123066.5 STV GROUP PLC SMG IX -61797602.82 173123066.5 STV GROUP PLC SMGPF US -61797602.82 173123066.5 STV GROUP PLC STVGGBP EO -61797602.82 173123066.5 STV GROUP PLC STVG VX -61797602.82 173123066.5 STV GROUP PLC STVG EO -61797602.82 173123066.5 TELEWEST COM-ADR TWSTD US -3702234581 7581020925 TELEWEST COM-ADR TWSTY US -3702234581 7581020925 TELEWEST COM-ADR TWT$ LN -3702234581 7581020925 TELEWEST COM-ADR 940767Q GR -3702234581 7581020925 TELEWEST COMM TWT VX -3702234581 7581020925 TELEWEST COMM 715382Q LN -3702234581 7581020925 TELEWEST COMM 604296Q GR -3702234581 7581020925 TELEWEST COMM TWSTF US -3702234581 7581020925 THORN EMI PLC THNE FP -2265916257 2950021937 THORN EMI-ADR THN$ LN -2265916257 2950021937 THORN EMI-ADR TORNY US -2265916257 2950021937 THORN EMI-CDR THN NA -2265916257 2950021937 THORN EMI-REGD 1772Q GR -2265916257 2950021937 TI AUTOMOTIVE-A 6525Z LN -298787496.1 1730489867 TOPPS TILES PLC TPT PO -49423537.13 155303750.4 TOPPS TILES PLC TPT VX -49423537.13 155303750.4 TOPPS TILES PLC TPTJY US -49423537.13 155303750.4 TOPPS TILES PLC TPT EU -49423537.13 155303750.4 TOPPS TILES PLC TPT BQ -49423537.13 155303750.4 TOPPS TILES PLC TPT LN -49423537.13 155303750.4 TOPPS TILES PLC TPT IX -49423537.13 155303750.4 TOPPS TILES PLC TPT EO -49423537.13 155303750.4 TOPPS TILES PLC TPT PZ -49423537.13 155303750.4 TOPPS TILES PLC TPT TQ -49423537.13 155303750.4 TOPPS TILES PLC TPTGBP EO -49423537.13 155303750.4 TOPPS TILES PLC TPTEUR EU -49423537.13 155303750.4 TOPPS TILES PLC TPTJF US -49423537.13 155303750.4 TOPPS TILES PLC TPTEUR EO -49423537.13 155303750.4 TOPPS TILES-NEW TPTN LN -49423537.13 155303750.4 UNIGATE PLC UNGPF US 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VIRGIN MOBILE VMOB LN -392165437.6 166070003.7 VIRGIN MOBILE VGMHF US -392165437.6 166070003.7 VIRGIN MOBILE VMOB PO -392165437.6 166070003.7 WARNER ESTATE WNER PO -6076459.885 426871306.9 WARNER ESTATE WNER LN -6076459.885 426871306.9 WARNER ESTATE WNERGBP EO -6076459.885 426871306.9 WARNER ESTATE WNER EU -6076459.885 426871306.9 WARNER ESTATE WNER EO -6076459.885 426871306.9 WARNER ESTATE WNER IX -6076459.885 426871306.9 WARNER ESTATE WNER VX -6076459.885 426871306.9 WARNER ESTATE WNEHF US -6076459.885 426871306.9 WARNER ESTATE WNER PZ -6076459.885 426871306.9 WARNER ESTATE WRL GR -6076459.885 426871306.9 WATSON & PHILIP WTSN LN -120493900 252232072.9 WINCANTON PL-ADR WNCNY US -151911497.1 1420828184 WINCANTON PLC WIN PZ -151911497.1 1420828184 WINCANTON PLC WIN1 TQ -151911497.1 1420828184 WINCANTON PLC WIN VX -151911497.1 1420828184 WINCANTON PLC WIN1 BQ -151911497.1 1420828184 WINCANTON PLC WIN IX -151911497.1 1420828184 WINCANTON PLC WIN1 EU -151911497.1 1420828184 WINCANTON PLC WIN PO -151911497.1 1420828184 WINCANTON PLC WIN1 NQ -151911497.1 1420828184 WINCANTON PLC WIN1EUR EO -151911497.1 1420828184 WINCANTON PLC WIN1USD EU -151911497.1 1420828184 WINCANTON PLC WNCNF US -151911497.1 1420828184 WINCANTON PLC WIN1USD EO -151911497.1 1420828184 WINCANTON PLC WIN1EUR EU -151911497.1 1420828184 WINCANTON PLC WIN1 QM -151911497.1 1420828184 WINCANTON PLC WIN1 EO -151911497.1 1420828184 WINCANTON PLC WIN1 EB -151911497.1 1420828184 WINCANTON PLC WIN1GBP EO -151911497.1 1420828184 WINCANTON PLC WIN LN -151911497.1 1420828184 ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers' public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than US$3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. A list of Meetings, Conferences and Seminars appears in each Thursday's edition of the TCR. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/booksto order any title today. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Valerie U. Pascual, Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante, Psyche A. Castillon, 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 * * *