/raid1/www/Hosts/bankrupt/TCREUR_Public/120626.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, June 26, 2012, Vol. 13, No. 126
Headlines
B U L G A R I A
BTC: Sale Expected by Year-End; Restructuring Talks Likely
C Y P R U S
* CYPRUS: Formally Requests for Aid From Europe's Bailout Fund
* CYPRUS: Higher Capital Needs Prompt Fitch to Cut LT IDR to BB+
F R A N C E
DOUX SA: Wants to Avoid Breakup; Open to Refinancing
G E R M A N Y
DEUTSCHE POSTBANK: Moody's Confirms 'D+' BFSR; Outlook Stable
KABEL DEUTSCHLAND: Moody's Assigns 'B1' Rating to EUR400MM Notes
SAPPI PAPIER: Moody's Rates US$30MM Senior Secured Notes 'Ba2'
UBS DEUTSCHLAND: Moody's Upgrades BFSR From 'D+'; Outlook Stable
G R E E C E
GLITNIR BANK: Draws Up Composition Agreement
HELLAS TELECOMMUNICATIONS: US Court Recognizes English Proceeding
* GREECE: Moody's Says RMBS Performance Weakens Further in May
I R E L A N D
FLAIR INTERNATIONAL: FLBM Buys Firm's Assets; Up to 40 Jobs Saved
I T A L Y
BANCA MONTE: Board to Meet Today to Approve Capital Measures
K A Z A K H S T A N
* KAZAKHSTAN: Moody's Says Banking System Outlook Still Negative
L U X E M B O U R G
GLOBAL BLUE: Moody's Assigns 'B1' CFR; Outlook Stable
P O L A N D
BANK HANDLOWY: Moody's Affirms 'D+' BFSR; Outlook Stable
R O M A N I A
HIDROELECTRICA SA: Insolvency Threatens Privatization Program
R U S S I A
RENAISSANCE CAPITAL: Moody's Withdraws B3 Currency Issuer Ratings
S P A I N
THQ INC: Closes Spain and Italy Publishing Operations
* SPAIN: Formally Requests for Bank Bailout
S W E D E N
MOVESTIC LIVFORSAKRING: Moody's Withdraws 'Ba1' IFSR
T U R K E Y
ORDU YARDIMLASMA: Moody's Raises LT Corp. Family Ratings to Ba1
TURKCELL ILETISIM: Moody's Reviews 'Ba2' CFR/PDR for Upgrade
VESTEL ELEKTRONIK: Moody's Upgrades CFR to 'B2'; Outlook Stable
YUKSEL INSAAT: Moody's Lowers Corp. Family Rating to 'B2'
U N I T E D K I N G D O M
COMPOSITE TECH: Taps Attorneys for Cases in England, Germany
FAREPAK: Insolvency Service Withdraws Court Action Vs. Directors
RANGERS FC: Charles Green Threatens Legal Action v. Rebel Players
SAUNDERS PLUMBING: Wind-Up Meeting Set for Today
X X X X X X X X
* Spanish PM Says Euro Region Needs Joint Restructuring Fund
* Moody's Downgrades 28 European Structured Finance Transactions
* S&P's Global Corporate Default Tally Rises to 37
* Large Companies with Insolvent Balance Sheets
*********
===============
B U L G A R I A
===============
BTC: Sale Expected by Year-End; Restructuring Talks Likely
----------------------------------------------------------
Novinite reports that creditors of BTC, which operates under the
brand name Vivacom, may be expected to sell the company by the
end of the year.
According to Novinite, Capital daily said "BTC sale, the longest
awaited deal, is also just about to see a denouement."
The planned sale of BTC failed earlier this year after its
creditors rejected the offers of all three bidders, including
Turkcell, the biggest Turkish mobile-phone company, Novinite
relates.
Now the lenders are expected to hold restructuring talks, which
will aim at securing better terms and reducing the debt, which is
burdening BTC, its parent company NEF Telecom Bulgaria and the
holding company that owns NEF Telecom, Novinite says.
According to unconfirmed reports some of the subordinated non-
performing loans may be transformed into equity capital, others
restructured or even written down, Novinite notes.
Royal Bank of Scotland, Deutsche Bank, Castle Hill, the European
Investment Bank and Raiffeisen Zentralbank arranged EUR1.3
billion of loans to finance Vivacom's 2007 buyout, Novinite
recounts.
The mezzanine subordinated non-performing loans total EUR400
million, Novinite discloses. The mezzanine lenders include
French financial group AXA, Austrian investor Mezzanine
Management, US Tennenbaum Capital Partners, Darby Overseas
Investments, Deutsche Bank and Royal Bank of Scotland, Novinite
says.
The creditors hired Morgan Stanley in London last year to help
sell the company, after it breached the terms on the loan,
Novinite relates.
In April 2011, Turkcell emerged as the most likely buyer of the
Bulgarian telco, but the deal collapsed after the Turkish
operator demanded that a huge part of the price (from EUR100
million to EUR200 million) is deposited in an escrow account
until the state settles its scores with BTC previous buyers,
Novinite recounts.
The Turkish company reportedly put in a bid of over EUR870
million, Novinite notes.
According to Novinite, earlier reports said the Turkcell valued
Vivacom at about US$1.4 billion, but the Turkish company
described the potential bid amount in the media as "groundless".
Novinite notes that the insiders said BTC's creditors, who put
the company for sale, have described the other two bids -- by
Bulgaria's Corporate Commercial Bank and Icelandic businessman
Thor Bjorgolfsson -- as too low.
BTC is Bulgaria's incumbent telco.
===========
C Y P R U S
===========
* CYPRUS: Formally Requests for Aid From Europe's Bailout Fund
--------------------------------------------------------------
Alkman Granitsas at Dow Jones Newswires reports that the small
island state of Cyprus formally became the fifth country to
request aid from Europe's bailout fund Monday as it worked to
shore up a banking system hit hard by the debt crisis in
neighboring Greece.
The request, which had been expected, comes after weeks of
unsuccessful negotiations with Russia for a loan similar to a
EUR2.5 billion (US$3.14 billion) one that kept it afloat at the
end of last year, Dow Jones relates.
It also comes only hours after the much larger economy of Spain
formally confirmed a request for as much as EUR100 billion in aid
from the euro zone's temporary rescue fund -- the European
Financial Stability Facility - or its soon-to-be-operational
permanent successor, the European Stability Mechanism, Dow Jones
notes.
"The government of the Republic of Cyprus has today informed the
appropriate European authorities of its decision to submit to
euro area member states a request of financial assistance from
the EFSF/ESM," Dow Jones quotes the Cyprus government as saying.
"The purpose of the required assistance is to contain the risks
to the Cypriot economy, notably those arising from the negative
spillover effects through its financial sector, due to its large
exposure in the Greek economy."
The government was forced to seek external aid after Cyprus
Popular Bank PCL, Cyprus's second biggest bank, formally asked
the government to recapitalize it, Dow Jones discloses. The bank
was hit by a EUR3.65 billion loss stemming from Greece's recent
EUR200 billion debt restructuring, Dow Jones says. The bank has
also been facing mounting non-performing loans in Greece - as
well as in Cyprus - as the Greek economy grinds through a fifth
year of recession, Dow Jones notes.
According to Dow Jones, the government's support will mean Cyprus
faces contingent liabilities of at least EUR1.8 billion in
helping to keep the bank afloat, something that will push the
island's public finances deep into the red and cause it to miss
this year's target of a budget deficit no more than 3.4% of gross
domestic product.
* CYPRUS: Higher Capital Needs Prompt Fitch to Cut LT IDR to BB+
----------------------------------------------------------------
Fitch Ratings has downgraded the Republic of Cyprus's Long-term
foreign and local currency Issuer Default Rating (IDRs) to 'BB+'
from 'BBB-'. The Short-term IDR has also been downgraded to 'B'
from 'F3'. The Outlook on the Long-term IDRs is Negative. Fitch
has simultaneously affirmed the eurozone Country Ceiling for
Cyprus at 'AAA'.
The downgrade of Cyprus's sovereign ratings reflects a material
increase in the amount of capital Fitch assumes the Cypriot banks
will require compared to its previous estimate at the time of the
last formal review of Cyprus's sovereign ratings in January 2012.
This is principally due to Greek corporate and households
exposures of the largest three banks, Bank of Cyprus, Cyprus
Popular Bank (CPB) and Hellenic Bank and to a lesser degree the
expected deterioration in their domestic asset quality.
Banking Sector Support
In addition to the EUR1.8 billion (10% of GDP) required for
Cyprus Popular Bank ('BB+'/Rating Watch Negative), Fitch assesses
that Cypriot banks will require further substantial injections of
capital, potentially up to EUR4 billion (23% of GDP). While most
of the increase in losses is associated with Cypriot banks' Greek
exposure, the reported non-performing loan ratio for domestic
Cypriot loans has also risen notably over the past year as the
Cypriot economy has contracted and unemployment has risen. Even
assuming that Greece remains in the eurozone, Cypriot banks will
have to bear significant further loan losses as the Greek economy
continues to contract over the medium term as well as the
deterioration in domestic asset quality.
Fitch acknowledges that its estimates of the losses and capital
needs of Cypriot banks are subject to considerable uncertainty
and are conservative. Nonetheless, in Fitch's opinion, Cypriot
banks will require substantial injections of capital in order to
secure confidence in their financial viability. Fitch judges
that the scope for further capital-raising from the private
sector is limited and thus assumes that the capital will have to
be provided by the government. With the fiscal cost of bank
support potentially as high as EUR6 billion, general government
debt is likely to exceed 100% of GDP compared to the agency's
previous forecast of 88%.
Fiscal Performance And Financing
The budget has underperformed government expectations in the
first half of 2012. Though corrective measures are likely to be
introduced, the official deficit/GDP target of 3% is likely to be
missed and is forecast by Fitch to reach 3.9% of GDP.
Nonetheless, the fiscal adjustment necessary to stabilize the
government debt to GDP ratio is moderate relative to several
European peers. That said, significant fiscal reform will be
required to absorb the economic and financial costs of an aging
population and as part of a broader structural reform effort
necessary to enhance productivity and international
competitiveness,
Fitch judges the near-term liquidity risk faced by the sovereign
to be low. Bond maturities are moderate in 2012 and 2013 and
fiscal financing is secure for the remainder of 2012. In 2013
the government has EUR2.25 billion of refinancing needs,
including a EUR1.5 billion EMTN redemption in July 2013. Fitch
expects Cyprus to secure a bilateral loan, likely from the
Russian Federation ('BBB'/Stable), which will be sufficient to
cover the gross budgetary funding requirement up to end-2013.
However, the agency also expects that Cyprus will have to secure
a loan from the EFSF/ESM to fund the broader recapitalization of
the banking sector. The lack of market access to affordable term
finance underscores the constrained financing flexibility of the
sovereign to respond to adverse shocks.
The near to medium-term economic outlook for Cyprus is weak.
Fitch expects the economy to stagnate this year and next and
thereafter to recover only slowly as macroeconomic imbalances
unwind and the headwinds from the on-going eurozone and Greek
crises persist. However, as these imbalances are resolved,
Fitch's expects the underlying fundamentals of the economy to
support a resumption of economic growth over the medium-term.
Combined with still moderate effective interest cost and on the
assumption that the government reduces the budget deficit below
3% of GDP in 2013 and beyond, government debt sustainability is
within reach.
Negative Outlook
The Outlook on Cyprus remains Negative, indicating a heightened
risk of further downgrades. The Negative Outlook primarily
reflects the risks associated with a further worsening of the
eurozone crisis, notably further contagion from Greece.
In the event of a Greek exit from the eurozone, Fitch would
review Cyprus's sovereign ratings. In such a stress scenario,
Fitch's preliminary estimates are that Cypriot banks could
require significantly more capital than currently incorporated
into Cyprus's 'BB+' sovereign ratings. However, Fitch also
recognizes that there could be scope for the sovereign to limit
the liability arising from the banks in this scenario.
Nonetheless, the uncertainty surrounding the outlook for Greece
is a material negative factor in the rating and Outlook for
Cyprus.
Progress on deficit reduction, recapitalization of the banking
sector and reform to address medium-term challenges arising from
an aging population and low productivity growth would support a
stabilization of the rating. Combined with a resolution of the
eurozone crisis, Cyprus's underlying fundamentals would re-assert
themselves and support a return to investment grade status.
===========
F R A N C E
===========
DOUX SA: Wants to Avoid Breakup; Open to Refinancing
----------------------------------------------------
Reuters reports that one of Doux SA's administrators said on
Friday the company is seeking a buyer to take over the entire
business and ensure its survival.
According to Reuters, Regis Vaillot said in a statement that the
administrators wanted to avoid a breakup of the company and would
also remain open to a possible refinancing of the group, which is
80% owned by its founder, Charles Doux.
Doux on Friday dismissed a report in French daily Le Monde that
it planned to break itself up, Reuters relates.
As reported by the Troubled Company Reporter-Europe on June 4,
2012, Reuters related that Doux collapsed into administration on
June 1 after failing to reach an agreement with bankers, putting
at risk more than 3,000 jobs. The company was placed in
administration by a commercial court in Quimper, northwest
France, after saying earlier on June 1 that it had suspended
payments to creditors, Reuters disclosed. The government, which
had offered a EUR35 million cash injection for the company,
blamed Mr. Doux for ending negotiations to save the firm, but
vowed to continue working to find solutions, Reuters noted.
France-based Doux S.A. produces, sells, and exports poultry and
poultry-based processed products for retail, food service and
catering, and food processing industries.
=============
G E R M A N Y
=============
DEUTSCHE POSTBANK: Moody's Confirms 'D+' BFSR; Outlook Stable
-------------------------------------------------------------
Moody's Investors Service has downgraded by one notch the long-
term senior debt and deposit ratings of Deutsche Postbank AG to
A2 from A1, prompted by the lowering of Postbank's standalone
credit assessment to ba1 from baa3, within the D+ standalone bank
financial strength rating (BFSR) category. The D+ BFSR and the
Prime-1 short-term debt and deposit ratings were confirmed and
the outlook on all of Postbank's ratings is stable.
Moody's says that the lowering of Postbank's standalone credit
assessment reflects (i) the rating agency's view that there are
tail risks associated with the bank's still-large non-core asset
exposures; and (ii) Postbank's limited capital-generation
capacity and moderate capitalization.
Moody's notes several mitigating factors that have limited the
extent of the downgrades. These include (i) Postbank's recurring
and relatively stable core earnings capacity; (ii) the bank's
robust liquidity and funding structure; as well as (iii) Moody's
assessment of a very high probability of parental support from
Deutsche Bank following the recent domination agreement.
The downgrade of the long-term ratings reflect the lowering of
the bank's standalone credit assessment and the weakening credit
profile of Postbank's parent, Deutsche Bank, which was downgraded
to A2 deposits, stable; BFSR C-/ BCA baa2, stable from Aa3
deposits; BFSR C+/ BCA a2 on 21 June 2012.
In addition to the above rating actions, Postbank's subordinated
debt ratings were downgraded to Baa3 from Baa2, following the
lowering of its standalone credit strength. Moody's has also
upgraded several junior subordinated debt and hybrid securities,
reflecting Moody's revised parental support assumptions. The
instruments are now notched off Postbank's baa2 adjusted
standalone strength assessment in line with Moody's notching
approach for hybrid debt securities.
The actions on Postbank's BFSR and long-term ratings conclude the
review initiated on February 15, 2012.
RATINGS RATIONALE --- STANDALONE CREDIT ASSESSMENT
STANDALONE FINANCIAL STRENGTH RATING MARGINALLY WEAKER AT Ba1
Moody's confirmed Postbank's D+ BFSR and lowered the mapping of
the standalone credit assessment of ba1 from baa3 previously.
This reflects Postbank's increased risk to asset quality
deterioration in the current environment due to (i) the bank's
large investment securities portfolio, including comparatively
large exposures to European peripheral sovereign debt, which
equates to most of the bank's Tier 1 capital base; (ii) the
bank's still sizeable non-core asset exposures from structured
credits; and (iii) continued asset quality deterioration from its
internationally diversified commercial real-estate exposures.
When combined with Postbank's still weak overall capital-
generation capacity and moderate capitalization (which stood at a
Tier 1 capital ratio of 10.8% at year-end 2011), and a relatively
high leverage ratio of 34 times (measured as total assets divided
by total shareholders' equity), Moody's believes that all of
these factors render the bank vulnerable to tail risks and
unexpected losses in a stressed economic environment.
MITIGATING FACTORS
Moody's notes several mitigating factors that have limited the
extent of the downgrade. Postbank has a strong consumer banking
franchise in Germany that continues to prove resilient, thereby
providing a certain degree of earnings stability. Moody's
anticipates that Postbank's earnings capacity from these core
activities could help to absorb potential losses that might arise
from its non-core asset exposures.
Postbank's liquidity and funding position has remained robust
throughout the euro area crisis and reflects the bank's sizeable
and granular deposit base. As a typical retail bank, Postbank's
main funding source is retail deposits and -- to a lesser extent
-- corporate deposits, which together account for most of its
total liabilities. In addition, Moody's says that the bank's
large liquidity portfolio -- mainly invested in ECB-eligible
securities -- has the potential to mitigate risks emanating from
the current, challenging funding environment.
RATINGS RATIONALE --- DEBT & DEPOSIT RATINGS
The downgrade of Postbank's long-term debt and deposit ratings to
A2 from A1 reflects its lower standalone credit strength of ba1
and the weakening credit profile of its parent, following the
two-notch downgrade of Deutsche Bank's long-term ratings to A2
from Aa3.
Following the recent conclusion of a domination and profit & loss
transfer agreement between Postbank and its parent Deutsche Bank,
Moody's assumes a very high probability of parental support for
Postbank, which results in five notches of rating uplift. The
assumption of a very high probability of parental support is
underpinned by several aspects, including (i) Postbank's
strategic role in the group with its well entrenched domestic
consumer banking franchise which should provide for a longer-term
sustainable earnings contribution; as well as (ii) a domination
and profit & loss transfer agreement, (between Postbank and DB
Finanz-Holding GmbH), which obliges Deutsche Bank to absorb any
of Postbank's losses, based on local GAAP accounting, at least
over the next five years.
RATINGS RATIONALE --- SUBORDINATED DEBT AND HYBRID RATINGS
The downgrade of Postbank's subordinated debt to Baa3 from Baa2
reflects the bank's lower standalone credit strength of ba1 and
is one notch below Postbank's adjusted standalone credit
assessment (baa2), thereby reflecting its parent's unsupported
credit strength of baa2.
Moody's has upgraded the ratings of the bank's junior
subordinated debt and several hybrid securities, reflecting
Moody's revised parental support assumptions. These instruments
are now notched off Postbank's baa2 adjusted standalone strength
rating in line with Moody's notching approach for hybrid debt
securities.
As a result, Postbank's junior subordinated debt ("Genussschein")
was upgraded to Ba2(hyb) from B1(hyb) and is now positioned three
notches below the bank's adjusted standalone credit strength,
reflecting its junior subordinated claim in liquidation and
cumulative deferral features tied to the breach of a net loss
trigger (local GAAP basis, "HGB"). Moody's considers these
instruments to be fully performing, after the full write-back of
principal and payment of coupons omitted for the fiscal years
2008 and 2009. Hence, Moody's has applied its notching approach
to these instruments' ratings.
The junior subordinated debt issued by ProSecure Funding Limited
Partnership was upgraded to Ba1(hyb) from Ba2(hyb) and is now
positioned two notches below the bank's adjusted standalone
credit strength, reflecting its junior subordinated claim in
liquidation and cumulative coupon skip mechanism tied to the
breach of a balance sheet loss trigger (local GAAP basis, "HGB").
Moody's has also attached a hybrid (hyb) indicator to this debt
in accordance with Moody's Rating Symbols and Definitions
published in June 2012. In addition, Moody's has relabelled this
security as "junior subordinated"; it was initially mislabelled
as "subordinated" due to an internal administrative error.
The hybrid securities issued by Deutsche Postbank Funding Trust
I, II, III, and IV were upgraded to Ba2(hyb) from Ba3(hyb) and
are now rated three notches below the bank's adjusted standalone
credit strength, reflecting their deeply subordinated claim in
liquidation and non-cumulative coupon skip mechanism tied to the
breach of a balance-sheet loss trigger (local GAAP basis, "HGB").
RATIONALE FOR STABLE OUTLOOK
The stable outlooks on all the ratings captures Moody's view that
the currently foreseen risks to creditors are now reflected in
these ratings. Nevertheless, negative rating momentum could
develop if conditions deteriorate beyond the rating agency's
current expectations.
WHAT COULD MOVE THE RATINGS DOWN/UP
Downwards rating pressure on Postbank's BFSR may be exerted from
depressed earnings and capital-generation capacity, as a result
of (i) asset-quality deterioration of its structured credit and
CRE exposures; (ii) unexpected structural weakness in residential
mortgage loans; and (iii) further unexpected losses from its
investment portfolio. Also, if Postbank's near-term performance
challenged the adherence to its stated financial goal of a 9.5%
Tier 1 ratio (including market risk), this would equally increase
downwards rating pressure.
Postbank's long-term ratings would be downgraded as a result of
(i) a downgrade of its own D+ BFSR; (ii) in the event of a
downgrade of Deutsche Bank's A2 long-term ratings; or (iii) due
to a re-assessment of Moody's parental support assumptions.
With its well-entrenched retail franchise, Postbank is
principally well-positioned to regain a standalone rating in the
lower investment grade range. However, this would be subject to
sufficient evidence that the bank's de-leveraging and de-risking
strategy leads to a better-balanced asset profile with sustained
improvement in its overall risk-adjusted profitability and
further improved capitalization, including an improvement in its
quality of capital.
Any mild upward pressure on the D+/ba1 standalone credit strength
is unlikely to lead to an upgrade of the long-term ratings given
the very high uplift factored into these ratings.
LIST OF AFFECTED RATINGS
The following ratings of Postbank were downgraded:
- Senior debt and deposits ratings to A2 from A1;
- Senior unsecured MTN rating to (P)A2 from (P)A1;
- Subordinated debt ratings to Baa3 from Baa2;
- Subordinated MTN rating to (P)Baa3 from (P)Baa2;
The following ratings of Postbank were confirmed:
- D+ BFSR, now mapping to a standalone credit assessment of ba1
from baa3;
- Prime-1 short-term debt and deposit ratings;
The following ratings of Postbank or related entities were
upgraded:
- Junior subordinated debt to Ba2(hyb) from B1(hyb);
- Junior subordinated debt issued by ProSecure Funding Limited
Partnership to Ba1(hyb) from Ba2(hyb);
- Hybrid securities issued by Deutsche Postbank Funding Trust I,
II, III, and IV to Ba2(hyb) from Ba3(hyb).
The methodologies used in this rating were Bank Financial
Strength Ratings: Global Methodology published in February 2007,
and Incorporation of Joint-Default Analysis into Moody's Bank
Ratings: A Refined Methodology published in March 2012.
KABEL DEUTSCHLAND: Moody's Assigns 'B1' Rating to EUR400MM Notes
----------------------------------------------------------------
Moody's Investors Service assigned a definitive B1 rating to the
EUR400 million notes due 2017 issued by Kabel Deutschland Holding
AG. The rating outlook is stable.
Ratings Rationale
The final terms of the Notes are essentially in line with those
reviewed when assigning the provisional ratings. The increase in
Notes issued to EUR400 million from EUR300 million does not have
any ratings impact. Following the issuance of the Notes, KDH's
unsecured bank bridge facility -- put in place to finance the
acquisition of Tele Columbus -- has reduced to EUR200 million
outstanding.
The principal methodology used in rating Kabel Deutschland
Holding A.G. was the Global Cable Television Industry Methodology
published in July 2009. Other methodologies used include Loss
Given Default for Speculative-Grade Non-Financial Companies in
the U.S., Canada and EMEA published in June 2009.
KDH is the largest Level 3 cable TV operator in Germany. For FY
March 31, 2012, KDH reported revenues of EUR1.7 billion and
adjusted EBITDA (as calculated by KDH) of EUR795 million.
SAPPI PAPIER: Moody's Rates US$30MM Senior Secured Notes 'Ba2'
--------------------------------------------------------------
Moody's Investors Service assigned a Ba2 rating to the USD300
million senior secured notes maturing in 2019 issued by Sappi
Papier Holding GmbH, the holding company for Sappi Limited's
(Sappi) international operations outside of South Africa. In
addition, Moody's changed to definitive from provisional its Ba2
rating on the US$400 million senior secured notes due 2017, which
have been upsized from US$300 million. Proceeds from the two
bonds will be used to refinance the partial repayment of the
group's senior secured notes maturing in 2014, for which Sappi
has launched a tender offer.
Ratings Rationale
The Ba2 (LGD 3, 36%) rating assigned to the senior secured notes
is one notch above the company's Ba3 Corporate Family Rating
(CFR) and reflects the relative seniority and security package of
the new instruments in Sappi's capital structure. The proposed
notes benefit from the same guarantee and security package as
Sappi's existing senior secured debt, including the US$300
million and EUR350 million notes due 2014 issued by finance
vehicle PE Paper Escrow, which will be largely repaid, the US$350
million notes maturing in 2021, the EUR250 million notes maturing
in 2018, the EUR350 million revolving credit facility maturing in
2016 as well as certain other indebtedness.
These aforementioned instruments benefit from upstream guarantees
on a senior basis of essentially all material operating
subsidiaries of Sappi's international business, excluding South
African operations. In addition, these instruments are partially
secured as they benefit from a first-lien security interest in
certain of Sappi's subsidiaries' property, plant and equipment,
real estate and inventories, as well as share pledges on the
stock of certain of Sappi's operating subsidiaries. Furthermore,
the notes will benefit from a senior downstream guarantee
provided by the ultimate holding company Sappi Ltd.
The affirmation of the group's Ba3 CFR with a positive outlook
reflects Sappi's improving trend of operating profitability
margins in the fiscal year 2012 (ending September) so far,
despite the weak macroeconomic environment. While paper volumes
will in Moody's view continue to decline over the coming months,
improvement of the cost competitiveness in particular of the
group's European operations, announced price increases as well as
continued strong contribution from its chemical cellulose
activities should support a continued recovery in EBITDA margins.
Moody's also notes positively that following the refinancing,
lower financing charges will contribute positively to cash flow
generation and should enable Sappi to achieve interest coverage
metrics more appropriate for a rating in the Ba category.
Key risk factor at this point in time is the low visibility with
regards to the development of paper demand. In particular in
Europe, negative effects from the sovereign crisis spilling over
into the real economy could result in severe volume pressure in
excess of Moody's current expectation and could result in
increasing pressure on Sappi's profitability. This could make it
challenging for the group to improve and sustain credit metrics
required for a higher rating.
The positive outlook mirrors Sappi's solid positioning in the
current rating category and Moody's expectation that the rating
could be upgraded over the next few quarters should Sappi be able
to sustain recent improvements in operating profitability despite
weak industry fundamentals.
Upward rating pressure could emerge if Sappi is able to sustain
recent improvements in credit metrics over the coming quarters as
reflected in RCF / debt above 15% (17.1% per LTM 03/2012) and
EBITDA margins above 12% (11% per LTM 03/2012) as well as
continued though modest positive free cash flow generation. The
announced refinancing of the 2014 bonds should improve Sappi's
EBIT/Interest coverage towards 2x, which would also put positive
pressure on the rating.
The ratings could experience downward pressure over the coming
quarters in the event of: (i) a weakening liquidity profile
driven by negative free cash flows, or a tightening financial
covenant headroom, or evidence of a failure to renegotiate debt
maturities on a timely basis, or (ii) inability to sustain
current credit metrics, reflected in EBITDA margins dropping to
the single digit percentages, RCF/Debt falling towards the single
digits, or EBITDA-Capex to interest expense below 1.0x, or (iii)
sizable debt funded acquisitions or significantly increased
dividend payouts.
Assignments:
Issuer: Sappi Papier Holding GmbH
Senior Secured Regular Bond/Debenture, Assigned a range of 36
- LGD3 to Ba2
Adjustments:
Issuer: PE Paper Escrow GmbH
Senior Secured Regular Bond/Debenture, Upgraded to LGD3, 36%
from LGD3, 37%
Issuer: Sappi Papier Holding GmbH
Senior Secured Bank Credit Facility, Upgraded to LGD3, 36%
from LGD3, 38%
Senior Secured Regular Bond/Debenture, Upgraded to 36 - LGD3,
from 37 - LGD3
Senior Unsecured Regular Bond/Debenture, Upgraded to LGD6,
93% from LGD6, 94%
The methodologies used in these ratings were Global Paper and
Forest Products Industry published in September 2009, and Loss
Given Default for Speculative-Grade Non-Financial Companies in
the U.S., Canada and EMEA published in June 2009.
Domiciled in Johannesburg, South Africa, and with group sales of
US$6.8 billion in the last twelve months ending March 2012, Sappi
Ltd., rated Ba3 with a positive outlook, is among the leading
global producers of coated fine paper and chemical cellulose. The
company operates through two divisions: Fine Paper and Sappi
Southern Africa.
UBS DEUTSCHLAND: Moody's Upgrades BFSR From 'D+'; Outlook Stable
----------------------------------------------------------------
Moody's Investors Service has downgraded the long and short-term
deposit ratings of UBS Deutschland (UBSD) to Baa2/Prime-2 from
A2/Prime-1 and upgraded the bank financial strength rating (BFSR)
to C-/baa2 from D+/baa3. The outlook on all ratings is stable.
The rating action concludes the review of UBSD's BFSR, which was
initiated on February 15, 2012 and the review on the bank's long-
term and short-term ratings initiated on September 15, 2011.
RATINGS RATIONALE -- Standalone Rating
The upgrade of the standalone credit assessment to C-/baa2 from
D+/baa3 reflects Moody's view of UBSD as a highly integrated
subsidiary of UBS AG and that its financial profile and
profitability are strongly influenced by its focused business
model and limited strategic and financial autonomy. For these
reasons, an analysis of UBSD as a standalone franchise is no
longer considered appropriate, and thus Moody's bank financial
strength scorecard is no longer applied to this entity. Instead,
UBSD's BFSR is placed at the same level as that of UBS AG.
As a wholly owned subsidiary of UBS AG, UBSD is the main booking
entity for euro-denominated refinancing and domestic German
issuances for the UBS group. Furthermore, the bank provides the
group with access to ECB funding facilities and placement
opportunities. UBSD therefore plays a central role in UBS Group's
global funding strategy, and is also highly integrated within and
dependent on UBS group's liquidity management.
RATINGS RATIONALE -- Deposit Ratings
The downgrade of UBSD's deposit ratings to Baa2 follows the
alignment of its standalone credit assessment with that of parent
bank, UBS AG which was downgraded to A2 deposits, BFSR C-/BCA
baa2 from Aa3 deposits, BFSR C/BCA a3 on June 21, 2012. Moody's
continues to consider the likelihood of parental support in the
event of need as high, given UBSD's integration with the parent
and the existing profit-and-loss transfer agreement with UBS
Beteiligungs-GmbH & Co. KG -- a holding company ultimately owned
by UBS AG.
However, USBD's Baa2 long-term ratings do not incorporate any
uplift from systemic support, as Moody's does not expect the bank
to receive systemic support in Germany, in case of financial
distress.
Stable Outlook
The outlook on UBSD's ratings is stable reflecting the stable
outlook of UBS Group.
What Could Change The Rating - Up / Down
UBSD's BFSR and its senior debt and deposit ratings would be
upgraded or downgraded as a result of rating actions for UBS AG,
given their alignment with the standalone rating of its parent.
The methodologies used in this rating were Bank Financial
Strength Ratings: Global Methodology published in February 2007,
and Incorporation of Joint-Default Analysis into Moody's Bank
Ratings: A Refined Methodology published in March 2012.
===========
G R E E C E
===========
GLITNIR BANK: Draws Up Composition Agreement
--------------------------------------------
Omar R. Valdimarsson at Bloomberg News reports that creditors in
the banks that brought down Iceland's economy in 2008 may receive
tradable securities later this year.
According to Bloomberg, Steinunn Gudbjartsdottir, who heads
Glitnir Bank hf's winding-up committee said that Glitnir, which
needs to repay as much as EUR17.7 billion (US$22.5 billion) of
claims that have either been accepted or are being considered,
will present creditors with a so-called composition agreement by
the end of 2012 that gives them a stake in the future value of
the bank's assets.
Kaupthing Bank hf's committee said that the bank, which has
accepted EUR17 billion of claims, will do the same by the third
quarter, Bloomberg relates.
"At the moment, we're introducing the proposed term sheet of the
composition agreement to the bank's creditors," Bloomberg quotes
Ms. Gudbjartsdottir as saying in an interview. "Once an
agreement on the proposed term sheet has been reached with the
creditors' board, we'll introduce it to the rest of the bank's
creditors. We're now reaching the final stages."
Ms. Gudbjartsdottir, as cited by Bloomberg, said that the board
represents about 70% of creditor claims.
About Glitnir Banki
Headquartered in Reykjavik, Iceland, Glitnir banki hf --
http://www.glitnir.is/-- offers an array of financial services
to corporation, financial institutions, investors and
individuals.
Judge Stuart Bernstein of the U.S. Bankruptcy Court for
the Southern District Court of New York granted Glitnir
permission to enter into a proceeding under Chapter 15 of the
U.S. bankruptcy code on January 6, 2008.
HELLAS TELECOMMUNICATIONS: US Court Recognizes English Proceeding
-----------------------------------------------------------------
The Hon. Martin Glenn of the U.S. Bankruptcy Court for the
Southern District of New York recognized Hellas
Telecommunications (Luxembourg) II SCA's compulsory liquidation
supervised by the High Court of Justice of England and Wales as
foreign main proceeding pursuant to Section 1517(a) of the
Bankruptcy Code.
The Court also ordered that all relief afforded to a foreign main
proceeding is granted to the English Proceeding, the Company and
the Petitioners respectively, including, without limitation, the
protections afforded by Section 362 of the Bankruptcy Code.
Andrew Lawrence Hosking and Carl Jackson, serves as Joint
Compulsory Liquidators of the Debtor and as duly authorized
foreign representatives as defined by section 101(24) of title 11
of the United States Code.
"Chapter 15 recognition of the English proceeding would stay the
pending litigation (as against the company) and prevent the
petitioners from needlessly expending time and money defending
actions in which they may be the proper plaintiffs," Andrew
Lawrence Hosking and Carl Jackson, the joint liquidators said in
court filings.
Cortlandt Street Recovery Corp. and Wilmington Trust, as holders
of pay-in-kind notes and SUB notes, have filed suits against the
Company, TPG and Apax in the state of New York to allege that
distributions to TPG and Apax in 2006 deepened the Company's
insolvency.
About Hellas Telecommunications
In February 2007, Hellas Telecommunications was purchased from
TPG Capital LP and Apax Partners by the Italian
telecommunications giant Weather Group. The Company later
suffered liquidity problems and commenced administration
proceedings in the U.K. in November 2009. The administrators
sold 100% of the shares of Wind Hellas to the existing owners,
the Weather Group. An order placing the Company into liquidation
was entered on Dec. 1, 2011.
Andrew Lawrence Hosking and Carl Jackson, as Joint Liquidators
petitioned for the Chapter 15 protection for the Company (Bankr.
S.D. N.Y. Case No. 12-10631) on Feb. 16, 2012. Bankruptcy Judge
Martin Glenn presides over the case.
The Debtor estimated assets and debts of more than
US$100,000,000. The Debtor did not file a list of creditors
together with its petition.
The petitioners are represented by Howard Seife, Esq., at
Chadbourne & Parke LLP .
* GREECE: Moody's Says RMBS Performance Weakens Further in May
--------------------------------------------------------------
The performance of the Greek residential mortgage-backed
securities (RMBS) market continued to weaken during the quarter
up to May 2012, according to the latest indices published by
Moody's Investors Service.
In May 2012, Esta II remained the worst performer. Its 90+ day
delinquencies levels, which are the highest in the market, rose
to 6.36% in May 2012, from 4.40% in May 2011. In terms of
cumulative defaults, the transaction's default level increased to
3.25% in May 2012, from 2.12% a year ago, a new overall market
high. In most other Greek RMBS deals, 90+ day delinquencies and
cumulative defaults levels remained commensurate with the market
average in the 12-month period leading up to May 2012.
In total, 11 RMBS transactions launched and rated by Moody's
since 2004 have been included in the index. On 25 April 2012,
Moody's withdrew the rating of the KION Mortgage Finance No. 2
Plc, leaving only seven Greek RMBS transactions rated by Moody's.
In May 2012, the current outstanding pool balance of Greek RMBS
transactions was EUR3,003 million, compared with EUR3,743 million
in May 2011, a 20% year-over-year decrease.
On 6 June 2012, Moody's downgraded to Caa2(sf) the ratings of the
most senior securities in nine Greek structured finance
transactions and to Caa3(sf) the ratings of subordinated
securities in six transactions. Moody's also placed all the
Caa2(sf) and Caa3(sf) ratings of Greek structured finance
securities under review for further downgrade. The rating action
followed Moody's lowering of its Greek country ceiling to Caa2 to
reflect the heightened risk of a euro area exit.
Moody's outlook for Greek RMBS collateral remains negative.
Moody's expects that the Greek economy will remain in recession
in 2012, with GDP contracting by a further 5.6% in 2012, which
will be the country's fifth consecutive year of economic
recession. Moody's expects that wages will fall further and
unemployment will rise to 22.2% in 2012 from 17.7% in 2011 as
previously detailed in "Moody's Statistical Handbook - Country
Credit", May 2012. Falling wages and rising unemployment will
deteriorate household finances and increase delinquencies
further.
=============
I R E L A N D
=============
FLAIR INTERNATIONAL: FLBM Buys Firm's Assets; Up to 40 Jobs Saved
-----------------------------------------------------------------
The Business Daily Post reports that up to 40 jobs have been
saved in the Cavan shower company Flair International Ltd.
Irish investment group FLBM has bought the company, which went
into provisional liquidation on June 6, 2012.
FLBM emerged as the frontrunner from eight interested parties to
purchase the business and assets of Flair International, which
has been in business for more than 40 years.
Simon Coyle of Mazars was appointed as its provisional liquidator
earlier this month with a view to selling the business as a going
concern.
FLBM said it was restructuring the business to operate on an
ongoing basis with immediate effect and was confident it would
grow the business in the medium to long-term.
Brian Murphy of FLBM said the company planned to make an
immediate investment in upgrading manufacturing processes and in
new product development.
Ireland-based Flair International Ltd --
http://www.flairshowers.com/-- manufactures glass shower
enclosure and bath screen.
=========
I T A L Y
=========
BANCA MONTE: Board to Meet Today to Approve Capital Measures
------------------------------------------------------------
Banca Monte dei Paschi di Siena SpA was expected to get approval
yesterday from the country's central bank to sell at least
EUR1 billion (US$1.3 billion) of bonds to the government as part
of its plan to boost capital.
Monte Paschi's board is set to meet today to approve a plan that
includes capital measures to comply with European Banking
Authority targets, Bloomberg discloses.
According to Bloomberg, a person with knowledge of the matter
said that the exact amount of the bond sale hasn't been
determined.
The EBA said that Monte Paschi, which is among Italian lenders
that must raise capital as part of Europe's plan to end the
sovereign debt crisis, has a capital shortfall of EUR3.3 billion,
Bloomberg relates. The bank must also repay EUR1.9 billion of
state aid provided in 2009, Bloomberg says.
Il Sole 24 Ore newspaper reported June 19 that the bank was
considering a request for new state aid, so-called Tremonti
bonds, through the sale of debt to the Italian Treasury,
Bloomberg relates.
Banca Monte dei Paschi di Siena SpA -- http://www.mps.it/-- is
an Italy-based company engaged in the banking sector. It
provides traditional banking services, asset management and
private banking, including life insurance, pension funds and
investment trusts. In addition, it offers investment banking,
including project finance, merchant banking and financial
advisory services. The Company comprises more than 3,000
branches, and a structure of channels of distribution. Banca
Monte dei Paschi di Siena Group has subsidiaries located
throughout Italy, Europe, America, Asia and North Africa. It has
numerous subsidiaries, including Mps Sim SpA, MPS Capital
Services Banca per le Imprese SpA, MPS Banca Personale SpA, Banca
Toscana SpA, Monte Paschi Ireland Ltd. and Banca MP Belgio SpA.
* * *
As reported by the Troubled Company Reporter-Europe on Feb, 7,
2012, Moody's Investors Service placed on review for downgrade
the Baa1/Prime-2 senior debt and deposit ratings as well as the
D+ standalone bank financial strength rating (BFSR, mapping to
Baa3 on the long-term rating scale) of Banca Monte dei Paschi di
Siena (MPS).
Moody's said that the key drivers for the BFSR review are:
i) the uncertainty in the bank's plan to meet its regulatory
capital shortfall calculated by the European Banking
Authority (EBA). Moody's notes that the bank's plan to raise
the EUR3.3 billion mandated by EBA to reach the 9% Core Tier
1 capital ratio includes joint ventures and disposals, which
may be challenging to implement in the current environment
and which carry some execution risk;
ii) MPS' weak internal capital generation capacity, which would
allow it to meet such increased capital requirements or to
absorb external shocks from its own earnings. This weak
organic capital generation capacity is becoming more
prevalent as Moody's expects pressure on asset quality and
earnings to increase for MPS as a result of the overall
challenging macroeconomic outlook in Italy, thus increasing
the possibility that MPS may require capital support from
third parties.
===================
K A Z A K H S T A N
===================
* KAZAKHSTAN: Moody's Says Banking System Outlook Still Negative
----------------------------------------------------------------
The outlook on Kazakhstan's banking system remains negative, says
Moody's Investors Service in a new Banking System Outlook
published on June 22. The key drivers of the outlook are (i)
limited, system-wide credit growth; (ii) a large overhang of
problem loans requiring higher loan-loss reserves; (iii) weak
profitability; and (iv) low capitalization.
The new report is entitled "Banking System Outlook: Kazakhstan".
Moody's says that the macroeconomic conditions in Kazakhstan have
stabilized since the rating agency published its previous Banking
System Outlook (June 28, 2011) and the banks have improved their
funding and liquidity positions. However, these credit-positive
developments are not sufficient to counterbalance the negative
drivers that will weigh on credit conditions over the next 12-18
months.
Over the outlook period, high oil prices will continue to support
real GDP growth. However, Moody's anticipates that credit growth
will be modest, below 4% in real terms in 2012, despite the pace
of economic expansion, low interest rates, and government
programs to subsidize interest rates for borrowers. Moody's says
that this reflects (i) a lack of credit demand from the few cash-
rich, mostly state-owned energy and mining companies, which drive
national economic output, but obtain their financing in the
international markets; and (ii) the slow recovery in consumption
and investments outside the commodities sector.
Asset quality and capitalization will remain weak over the
outlook period, with problem loans representing around 40% of
gross loans (the same level as in December 2011). Moody's says
that most problem loans are unlikely to recover and will have to
be written off. Kazakh banks' total loan-loss reserves stood at
32% of gross loans at year-end 2011, according to their
regulatory reports, and these reserves are insufficient to cover
all expected losses.
In terms of capitalization, Moody's says that many banks'
capitalization levels are overstated because of the under-
provisioning of problem loans. Over the outlook period, reserves
are unlikely to grow sufficiently to cover all expected losses
since that would considerably deplete banks' capital. Moody's
does not expect capitalization to materially improve during the
outlook period because modest loan growth is likely to offset the
effects of modest net income generation.
Moody's expects Kazakh banks' profitability to remain depressed
over the next 12-18 months, after four years of deterioration.
Pre-provision income will likely rise slightly, driven by modest
lending growth and relatively stable operating costs, whilst a
deceleration in loan-loss charges (as banks continue to under-
provision) will likely stop the decline of net income. The
system-wide return-on-average assets will remain weak in the
0.5%-1% range for 2012.
===================
L U X E M B O U R G
===================
GLOBAL BLUE: Moody's Assigns 'B1' CFR; Outlook Stable
-----------------------------------------------------
Moody's Investors Service has assigned a B1 corporate family
rating (CFR) and a B2 probability of default rating (PDR) to
Global Blue Finance S.ar.l., which is the indirect holding
company of Global Blue Luxembourg Holdings S.ar.l.
Concurrently, Moody's has assigned a provisional (P)B1 rating
with a loss given default assessment of LGD3 to all of Global
Blue's proposed new debt instruments, consisting of (i) a
revolving credit facility (RCF) of EUR65 million due 2018; (ii)
Term loan A of EUR120 million due 2018; and (iii) Term loan B of
EUR277.5 million due 2019. The capital structure will also
contain a subordinated, long-dated shareholder loan of
approximately EUR600 million, which Moody's has deemed to be 100%
equity-like in its metrics calculations. The outlook on the
ratings is stable. This is the first time that Moody's has
assigned ratings to Global Blue.
Moody's issues provisional ratings in advance of the final sale
of debt instruments and these ratings reflect the rating agency's
preliminary credit opinion regarding the transaction only. Upon a
conclusive review of the final documentation, Moody's will
endeavour to assign a definitive rating to the debt. A definitive
rating may differ from a provisional rating.
Proceeds from the transaction, together with a shareholder loan
from the equity sponsor Silver Lake Technology Management LLC,
will be used to refinance existing debt at Global Blue.
Ratings Rationale
The assigned B1 Corporate Family Rating primarily reflects Global
Blue's relatively small scale, its fairly limited history of
maintaining earnings at recent levels, and its exposure to the
international travel sector, although Moody's recognizes the
company's strong growth in recent years and its free cash flow
generation.
The ratings for Global Blue also reflect its leading global
position in VAT refund processing for international shoppers
('Tax Free Shopping', or 'TFS'), as well as its other smaller
businesses. This includes the Currency Choice business ('CC'),
which enables travellers to make purchases while abroad in their
domestic currency. Moody's notes the company's very diverse
client base, with contracts covering approximately 253,000
merchant locations in the TFS segment. However, Moody's notes
that since contracts tend to be centralized with a retailer's
head office, the concentration of retail chains is higher, with
the top 10 international merchants accounting for around 16% of
net commissions in FY2011. Similarly, in the CC business, there
are approximately 17,000 merchant relationships with the top five
acquiring banks managing 58% of the company's gross commissions.
Moody's nevertheless notes the company's high retention rate
among its key clients.
While Global Blue derives its revenue from travellers from a
fairly broad range of countries, the company is highly reliant on
the European Union countries as destination markets for its
travellers. As such, events in EU countries, or currency
movements that adversely affect travel destinations, could
potentially have a notable impact on the company's earnings.
Nevertheless, in the past two fiscal years ended March 31, 2012,
the company reported very solid double-digit earnings growth,
with EBITDA at EUR36.3 million in FY2010 and EUR94.2 million in
FY2012. This growth was on the back of increased numbers of
transactions and travellers from emerging markets, particularly
from China and Russia. These two countries are the largest source
of Global Blue's revenues, and generate the highest number of
transactions in a number of the company's core destination
countries.
On a pro forma basis for this transaction and fiscal year-end 31
March 2012 (FY2012) earnings, Moody's estimates that Global
Blue's gross adjusted leverage will be around 4.4x, which the
rating agency regards as adequate for the rating category, albeit
leaving limited headroom to accommodate a deterioration. While
the leverage metric incorporates the company's strong earnings
growth in the past two years, Moody's does not expect this growth
rate to persist, but at the same time would not expect a reversal
in the earnings trend.
Under the terms of the loan and intercreditor agreements, the RCF
and term loans rank pari passu with each other. The facilities
are to benefit from a guarantee over assets representing at least
85% of group EBITDA; as well as being secured over all material
assets and shares owned by the obligor.
Moody's considers Global Blue's liquidity to be satisfactory, but
subject to sizeable seasonal swings reflecting holiday patterns.
At closing of the transaction, the rating agency expects the
company's liquidity to consist of a cash balance of approximately
EUR30 million, as well as the EUR65 million RCF, of which EUR25
million will be drawn for working capital purposes at the outset.
In addition, Moody's notes that the company tends to generate
free cash flows, reflecting its limited capital spending, while
at the same time the proposed term loans will be subject to a
cash sweep on excess cash flows as of September 2013.
Given the company's reliance on the travel industry, its working
capital needs can vary significantly during the year. Moody's
understands that the total TFS process can take around 35 days on
average between when Global Blue pays out its VAT/GST refund and
when it is reimbursed from the merchant. The length of the TFS
process leads to significant working capital swings during the
year. During high growth periods (notably the summer months), it
can lead to a large working capital outflow; while the inverse is
true during periods of slower activity. The assigned rating
assumes that even during periods of working capital outflows,
Global Blue retains strong headroom under financial covenants, as
well as adequate back-up sources of liquidity to cover working
capital and other financial requirements. The term loans and RCF
will contain four financial covenants, for leverage, interest
coverage, cash flow coverage and capital expenditure (capex).
Outlook
Moody's considers that the rating is adequately positioned based
on pro forma metrics. The stable rating outlook reflects Moody's
expectation that earnings will continue to grow, although the
rating agency does not factor in a similar growth trend as seen
in the last two years. Thus, for Global Blue to maintain its
current rating, Moody's would expect some degree of deleveraging,
while recognizing that seasonality can result in somewhat higher
leverage during periods of peak demand. Moody's ratings assume
continued access to the RCF, and strong headroom under applicable
covenants.
What Could Change The Rating Up/Down
If gross leverage, measured by debt/EBITDA, were to remain close
to 4.5x, this would likely lead to negative pressure on the
rating or outlook, thus implying that there is limited headroom
for any deterioration in earnings. Conversely, if the company
were to deleverage to below 3.5x while maintaining a solid
liquidity profile, this could be positive for the rating or
outlook.
Principal Methodology
The principal methodology used in rating Global Blue was the
Global Business & Consumer Service Industry Rating Methodology
published in October 2010. Other methodologies used include Loss
Given Default for Speculative-Grade Non-Financial Companies in
the U.S., Canada and EMEA published in June 2009.
===========
P O L A N D
===========
BANK HANDLOWY: Moody's Affirms 'D+' BFSR; Outlook Stable
--------------------------------------------------------
Moody's Investors Service has downgraded by two notches the long-
term deposit ratings of Bank Handlowy w Warszawie (BHW), a Polish
subsidiary of Citibank, to Baa3 from Baa1. Concurrently, Moody's
has downgraded the short-term rating to Prime-3, from Prime-2,
and affirmed the D+ standalone bank financial strength rating
(BFSR), mapping to baa3 standalone credit assessment. All of
BHW's ratings now carry a stable outlook.
The rating actions on BHW was prompted by Moody's downgrade on 21
June 2012 of Citibank N.A.'s standalone BFSR to D+/ baa3, from C-
/baa1, which indicates a reduced capacity of the parent bank to
provide timely capital and funding support to its subsidiary.
The rating action concludes the review for downgrade of BHW's
ratings, initiated on 21 February 2012, following a similar
rating action on Citibank N.A.
Ratings Rationale
The downgrade of BHW's long-term rating was prompted by Moody's
downgrade of Citibank N.A.'s standalone ratings to D+/baa3, from
which Moody's imputes rating uplifts for the Polish subsidiary.
Prior to the rating action on Citibank, BHW's long-term rating
benefited from notching uplift due to Moody's assumptions on
parental support. The two-notch downgrade of the parent's
standalone credit assessment to baa3 -- to a level in line with
BHW's standalone assessment -- resulted in the removal of uplift
from parental support and a corresponding two-notch downgrade for
BHW's supported long-term rating to Baa3, with a stable outlook.
As Poland's eighth-largest bank in terms of total assets, with a
predominantly corporate profile and relatively underdeveloped
retail deposit franchise, BHW's Baa3 long-term ratings do not
benefit from a notching uplift due to systemic support
assumptions.
Rationale For The Stable Outlook
In addition, Moody's affirmed BHW's standalone BFSR of D+/baa3
and revised the outlook to stable. All of BHW's ratings now carry
a stable outlook.
The stable outlooks reflect the bank's track-record of robust
profitability over the past three years, its strong and growing
capital base and low loan-to-deposit ratio. Moody's notes that
bank's reliance on short-term customer deposits is mitigated by
above-average liquidity holdings. In addition, BHW's high, albeit
improving, ratio of non-performing loans is partially offset by
relatively high provisioning level, thus reducing pressure on
capital.
What Could Move The Ratings Up/Down
The stable outlook on the bank's rating captures Moody's view
that further downwards pressure is unlikely in the short-term.
However, an erosion of the bank's corporate deposit franchise and
increasing reliance on short-term funding sources could trigger
downwards pressure on BHW's ratings. A significant deterioration
in post-provision profitability and depletion of its capital base
-- due to losses or dividend payments -- would also trigger
downwards rating pressure.
In the medium-term, any upwards pressure would depend on BHW's
ability to increase market shares relative to its peers,
particularly the established market leaders with more universal
profiles. However, Moody's notes that such strategic
repositioning and the development of a retail franchise
comparable to second-tier banks in Poland is unlikely to be
achieved in the short-term.
LIST OF AFFECTED RATINGS
BHW
- Long-term local and foreign-currency deposit ratings
downgraded to Baa3 from Baa1, stable outlook
- Short-term local and foreign-currency rating downgrade to
Prime-3 from Prime-2
- BFSR affirmed at D+/baa3 with stable outlook
The methodologies used in this rating were Bank Financial
Strength Ratings: Global Methodology published in February 2007,
and Incorporation of Joint-Default Analysis into Moody's Bank
Ratings: Global Methodology, published in March 2012.
=============
R O M A N I A
=============
HIDROELECTRICA SA: Insolvency Threatens Privatization Program
-------------------------------------------------------------
Abhinav Ramnarayan at International Financing Review reports that
Hidroelectrica SA's insolvency puts the rest of the Romanian
government's privatization program into doubt.
According to IFR, company had been scheduled to list in Bucharest
later this year to raise up to EUR450 million, but the company
applied for insolvency last Tuesday in what people involved
described as a bid to tear up existing contracts and restructure
its tariff regime.
The strategy, IFR says, is a risky bid to change a tariff regime
that effectively used the state-owned power firm to provide
subsidies to major companies, including aluminium producer Alro
and ArcelorMittal's local unit.
"It's a very drastic nuclear option, and our shareholders are not
happy with it," IFR quotes Greg Konieczny, who manages the
restitution fund Fondul Proprietatea, which owns 20% of
Hidroelectrica, as saying. "The government has to be careful not
to go the Hungarian way and scare everyone out of the country."
The Bucharest court that declared the company insolvent last
Wednesday said that Hidroelectrica must still honor all
contracts, unless it can show that contracts were not signed in
conditions of legality, efficiency and transparency, IFR relates.
The insolvency also means that key shareholder Fondul
Proprietatea had to write down the entire value of its stake in
Hidroelectrica -- a fifth of its previous net asset value -- and
will struggle to go ahead with a planned EUR1 billion follow-on
deal in Warsaw, IFR notes.
According to IFR, one CEE-focused ECM banker said that apart from
this, the move calls into question the Romanian state's
managerial capacity and will make it very difficult for other
privatization targets to attract international investment.
Hidroelectrica is a Romanian state-owned hydropower producer.
===========
R U S S I A
===========
RENAISSANCE CAPITAL: Moody's Withdraws B3 Currency Issuer Ratings
-----------------------------------------------------------------
Moody's Investors Service has withdrawn the following ratings of
Renaissance Capital Holdings Limited: B3 long-term local and
foreign currency issuer ratings, and Not-Prime short-term local
and foreign currency issuer ratings.
Prior to the ratings withdrawal, Renaissance Capital Holdings
Limited's issuer ratings carried a negative outlook.
Ratings Rationale
Moody's has withdrawn the ratings for its own business reasons.
The rating withdrawal does not reflect a change in the company's
creditworthiness.
Renaissance Capital Holdings Limited reported total consolidated
assets of approximately US$6.4 billion and total equity of
approximately US$848 million under unaudited IFRS at end-Q3 2011.
=========
S P A I N
=========
THQ INC: Closes Spain and Italy Publishing Operations
-----------------------------------------------------
ComputerAndVideoGames.com reports that THQ Inc. has closed down
its publishing operations in Spain and Italy, sources close to
the matter said.
CVG notes that the company's publishing group in Italy went into
liquidation last year following the poor sales of uDraw, and its
Spain office has now also closed as part of a wider restructuring
operation.
Koch Media has been selected as the publisher's new distribution
partner, and will ship games to retailers across Spain and Italy,
the report relates.
"Following a strategic review of our operations in Spain and
Italy, we were looking for a distribution partner who has the
most effective networks locally to market THQ's products," CVG
quotes Annie Sullivan, THQ's managing director of European market
development, as saying. "I'm excited for the opportunities that
THQ's partnership with Koch Media represents and am looking
forward to working together on successful launches of our
forthcoming products."
THQ has refocused its business on the traditional core market,
moving away from the kids games market completely, the report
adds.
Agoura Hills, California-based THQ Inc. --
http://www.thq.com/territory.php-- develops, publishes, and
distributes interactive entertainment software worldwide for a
variety of platforms including PC CD-ROM.
* SPAIN: Formally Requests for Bank Bailout
-------------------------------------------
BBC News reports that Spain has formally requested a bailout loan
for its banking sector from its eurozone partners.
Eurozone countries have agreed to lend up to EUR100 billion
(US$125 billion; GBP80 billion), BBC relates.
No specific figures were given for the emergency loans, although
independent audits last week said that the banks would need up to
EUR62 billion to stabilize themselves, BBC notes.
But Spain's economy ministry said that the audits, and a report
from the International Monetary Fund, should be a starting point,
according to BBC.
The request was made in a letter from Spain's economy minister
Luis De Guindos to Eurogroup chairman Jean-Claude Juncker, BBC
discloses.
The letter said that Spain planned to sign a memorandum of
understanding for the package by July 9, which would include
details such as exactly how much would be borrowed, BBC relates.
According to BBC, the letter said the amount would be enough to
cover all the needs of its banks and an additional security
buffer.
===========
S W E D E N
===========
MOVESTIC LIVFORSAKRING: Moody's Withdraws 'Ba1' IFSR
----------------------------------------------------
Moody's Investors Service withdrew the Ba1 insurance financial
strength rating of Movestic Livfoersakring AB for business
reasons.
Ratings Rationale
Moody's has withdrawn the rating for its own business reasons.
Movestic Livforsakring AB is a Swedish life insurer primarily
focused on writing unit linked life insurance business.
===========
T U R K E Y
===========
ORDU YARDIMLASMA: Moody's Raises LT Corp. Family Ratings to Ba1
---------------------------------------------------------------
Moody's Investors Service has upgraded to Ba1 from Ba2 the long-
term corporate family ratings (CFR; domestic and foreign
currency) and probability of default rating (PDR) of Ordu
Yardimlasma Kurumu, the private top-up pension fund of the
Turkish military. The outlook on the ratings is stable.
Ratings Rationale
"Our upgrade of OYAK's rating to Ba1 was triggered by the upgrade
of the sovereign rating of the Government of Turkey to Ba1 and
OYAK's strong fundamental credit profile," says Martin Kohlhase,
a Moody's Vice President -- Senior Analyst and lead analyst for
OYAK. Moody's has implicitly capped OYAK's rating at the same
level as that of the rating of the Government of Turkey.
Moody's notes that OYAK has strong links with the Turkish economy
as its assets are almost exclusively based in Turkey. Moreover,
those companies in which OYAK has invested also have significant
exposure to the domestic economy. The pension fund's investments
should therefore benefit from the increased resilience of the
country's public finances. OYAK's high regional asset
concentration is partially offset by the fund's wide industry
diversification.
Core to OYAK's creditworthiness is its strong financial profile:
the pension fund does not have on-balance-sheet debt and has
access to substantial cash (TL5.8 billion, or approximately US$3
billion, as of fiscal year-end 2011 (FYE 2011), a result of which
is very strong liquidity (adjusted liquidity ratio at 59.2x as of
FYE 2011) and cash coverage ratios (40x). Given that OYAK had a
market-value leverage (MVL) in the mid-20s in percentage terms as
of FYE 2011, Moody's considers that the value of the portfolio
could withstand a moderate degree of volatility within an MVL
band of 25%-30% without this weakening the Ba1 rating.
The Ba1 rating assumes that (i) OYAK will maintain its current
financial profile; and (ii) management will continue to prudently
invest members' funds and provide them with a minimum technical
return of 5% per annum -- a benchmark that the fund has met for
at least the past 10 years.
The stable outlook reflects that, even in the event of a further
upgrade of the sovereign rating of Turkey -- which carries a
positive outlook -- Moody's would not necessarily further upgrade
OYAK's rating in line with this.
What Could Change The Rating Up/Down
For Moody's to consider upgrading OYAK's ratings to the
investment-grade category, the pension fund's MVL would have to
remain below 25% on a sustainable basis, its cash coverage above
3.0x and its technical return to members at a minimum of 5%. An
upgrade would likely be limited by the level of Turkey's own
rating. Moody's notes that large-scale investments could limit
future upgrade potential, depending on the funding structure as
well as expected returns. However, if OYAK were to undertake an
investment that would use a large portion of its cash balance,
Moody's would expect the pension fund to have adequate back-stop
facilities in place to ensure a continued strong liquidity
profile.
Conversely, Moody's could downgrade OYAK's rating to Ba2 if the
pension fund's MVL increased above 30%.
The principal methodology used in rating OYAK was the Global
Investment Holding Companies Industry Methodology published in
October 2007.
Ordu Yardimlasma Kurumu, based in Ankara, Turkey, is the private
top-up pension fund of the Turkish Military personnel, governed
by its own law and run by professionals. As a mutual assistance
organization, its purpose is to provide permanent members with
retirement, death, disability and pension benefits, and to make
personal loans; and to provide temporary members with death and
disability benefits. OYAK functions as an additional pillar to
the pension provided by the state and its pension payments are
not intended to substitute the basic state pension provision.
TURKCELL ILETISIM: Moody's Reviews 'Ba2' CFR/PDR for Upgrade
------------------------------------------------------------
Moody's Investors Service has placed on review for upgrade the
Ba2 corporate family ratings (CFR; domestic and foreign currency)
and probability of default rating (PDR) of Turkcell Iletisim
Hizmetleri A.S.
Ratings Rationale
"The review for upgrade of Turkcell's ratings reflects, firstly,
our guidance that an upgrade would be linked to an upgrade of
Turkey's sovereign rating, which is now Ba1, and, secondly, the
company's maintenance of a strong fundamental credit profile,"
says Martin Kohlhase, a Moody's Vice President -- Senior Analyst
and lead analyst for Turkcell. "We have decided to review the
ratings for upgrade rather than positioning them in the Ba1
category immediately because, firstly, this will allow us to
assess how Turkcell's financial profile develops with regard to a
number of potential cash calls that the company could face in the
next year," explains Mr. Kohlhase. "Secondly, the review for
upgrade will allow us to gauge how well Turkcell's current and
evolving financial profile will be able to absorb the anticipated
deterioration in the company's key credit metrics, given its
slightly increased leverage and the competition in the Turkish
market."
Amongst Turkcell's potential cash calls are (i) dividend payouts
for financial years 2010 and 2011, which have not yet been
declared and paid, but could result in a combined outflow of
approximately US$1.063 billion; (ii) potential recapitalizations
of any of the company's international subsidiaries in the wake of
deteriorating local currencies, financial covenant breaches or
weakening operating performances; and (iii) small to medium-sized
acquisitions or greenfield investments of up to US$500 million.
What Could Change The Rating Up/Down
Ratings could also be upgraded if the current strong financial
profile is maintained with Debt to EBITDA below 1.5 times,
interest cover (FFO and EBITDA-Capex) of at least 7 times and
positive free cash flow on a sustainable basis. Should Turkcell
spend the bulk of its cash, ratings could reach a higher debt
level, provided that the company at the same time establishes
sufficiently strong back-stop liquidity, e.g., in the form of a
multi-year revolving credit facility.
Were Turkcell to step up its investment and acquisition plans -
e.g. new licenses, privatization bids -- or increase shareholder
returns with a subsequent weakening of RCF to debt below 35%,
debt to EBITDA above 2 times and (EBITDA - Capex) to interest
expense of less than 5 times this could exert pressure on both
the rating and outlook. Concurrently, Turkcell's rating outlook
could be moved back to stable in the event that the Turkish
sovereign rating outlook were to be changed to stable.
The principal methodology used in rating Turkcell was the Global
Telecommunications Industry Methodology published in December
2010.
Turkcell Iletisim Hizmetleri A.S., headquartered in Istanbul,
Turkey, and established in 1993, started operations as a mobile
telephony service provider in Turkey in 1994 and acquired a 25-
year GSM licence in 1998. Turkcell shares its domestic market
with two other players and captures more than half of the
country's mobile subscriber base. Over the years, Turkcell has
expanded into Eastern Europe and Central Asia, where it is active
in eight countries, as well as northern Cyprus. Its mobile
virtual network operator (MVNO) business in Germany started in
the first quarter of 2011. Turkcell also has a growing business
in adjacent telephony services such as broadband in Turkey.
VESTEL ELEKTRONIK: Moody's Upgrades CFR to 'B2'; Outlook Stable
---------------------------------------------------------------
Moody's Investors Service has upgraded to B2 from B3 the
corporate family and probability of default ratings of Vestel
Elektronik Sanayi ve Ticaret A.S. The outlook on the ratings is
stable.
Ratings Rationale
"The upgrade of Vestel's ratings to B2 follows its continued
positive operating and financial performance since repayment of
its US$225 million of notes at maturity in May 2012 at which time
we had changed the outlook to positive," says Martin Kohlhase, a
Moody's Vice President -- Senior Analyst and lead analyst Vestel.
"This positive performance is evidenced by the fact that, despite
negative consumer confidence, Vestel has increased its share of
the EU market for LCD TVs -- which account for approximately half
of its revenues -- reflecting that the company's products are
competitively positioned as consumers have traded down to Vestel
goods," explains Mr. Kohlhase. "The upgrade also reflects the
expected improvement in Vestel's leverage and EBITDA interest
coverage metrics following the company's repayment of the
remaining US$86.4 million of its US$225 million bond in May 2012,
using cash on hand."
Despite increasing revenues in 2011 (to TL7.0 billion (US$4.2
billion) from TL5.3 billion (US$3.5 billion) in 2010), Vestel's
adjusted EBITDA decreased to TL245 million (US$130 million) from
TL314 million (US$202 million) in 2010. This was a result of
Vestel's net foreign exchange (FX) loss of approximately TL299
million over the course of 2011 following the depreciation of the
Turkish lira against the US dollar (around 23%) and the euro
(19%), the company's main trading currencies. Vestel's
significant FX loss -- despite the company's active hedging since
2009 -- is a result of the increase in the company's inventories.
Vestel does not hedge inventories (as the major portion is
foreign currency denominated) and the increase is due to two
major sports events in 2012 (i.e., the European Football
Championship and the Olympics), as consumers tend to purchase new
TVs shortly before such events.
Vestel's B2 rating also reflects (i) the company's short-term
debt maturity profile and its dependence on rolling over these
facilities, albeit with relationship banks; (ii) its lack of a
long-term committed back-up facility, albeit this is rare in the
Turkish market; (iii) potential further deterioration in the
European economies (accounting for 65% of Vestel's revenues in
2011).
The stable outlook balances the challenges of managing its
liquidity -- the conversion of growing inventories into cash in
conjunction with a short-term debt maturity profile -- and the
track record that Vestel has established in managing
technological change and having pre-funded growth-related
capacity that would not require any step-up in capex for the
coming two to three years.
What Could Change The Rating Up/Down
For Moody's to consider upgrading Vestel's ratings to B1, the
company would need to achieve adjusted debt/EBITDA (including
letters of credit) that trends towards 4.0x and EBITDA interest
coverage above 3.0x. Moody's could downgrade Vestel if the
operating performance were to deteriorate, with adjusted
debt/EBITDA above 6.0x and EBITDA interest coverage below 2.5x.
The principal methodology used in these ratings was Global
Manufacturing Industry published in December 2010.
Vestel Elektronik Sanayi Ve Ticaret A.S. is a publicly listed
Turkish manufacturing company. Vestel is one of the leading
original design manufacturer (ODM)/original equipment
manufacturer (OEM) of TVs, white goods and digital products both
in Turkey and in Europe. Vestel has production facilities in
Izmir, Turkey, and Vladimir, Russia. The company's revenues are
mainly driven by its exports (77% of revenues in 2011) to Europe,
the Commonwealth of Independent States (CIS), the Middle East and
Africa.
YUKSEL INSAAT: Moody's Lowers Corp. Family Rating to 'B2'
---------------------------------------------------------
Moody's Investors Service has downgraded to B2 from B1 the
corporate family rating (CFR) and probability of default rating
(PDR) of Yuksel Insaat S.A. Concurrently, Moody's has also
downgraded to B2 from B1 the debt instrument rating on the US$200
million of notes due 2015 issued by Yuksel. The outlook on the
ratings remains negative.
Ratings Rationale
"We have downgraded the ratings for Yuksel to B2 after Yuksel
exceeded a debt incurrence covenant, set at 4.0x debt/EBITDA
against a reported metric of 4.9x, which has resulted in the
company now having limited operating and financial flexibility,"
says Martin Kohlhase, a Moody's Vice President -- Senior Analyst
and lead analyst for Yuksel. In addition, Yuksel's fiscal year-
end 2011 metrics leave it weakly positioned in its rating
category: at 0.9x, the company's EBITA did not cover its interest
expenses and its funds from operations (FFO) turned negative
following foreign exchange movements.
Yuksel's management and shareholders have been pursuing a number
of options to improve metrics and increase its flexibility, such
as the already executed sale of office flats in Istanbul and an
equity injection totaling TL50 million (US$27 million). However,
Moody's cautions that future proceeds may be insufficient to
cover the company's equity contribution of the costs of
constructing the Gebze-Izmir Motorway and the Izmit Bay Bridge.
An inability to raise sufficient equity or exiting the project
without finding replacement partners for committed projects would
limit the company's operating and funding options and could exert
further negative pressure on the rating.
The negative outlook reflects Moody's expectation that
improvements in Yuksel's metrics -- if any -- may take time to
manifest. In the rating agency's view, Yuksel will probably not
see any material improvements over the remainder of 2012 or
before Turkish authorities release the building permit for the
company's residential project Cubuklu, in Istanbul, which is
unlikely to happen this year.
What Could Change The Rating Up/Down
Given the negative outlook on the ratings, Moody's does not
currently expect upward rating pressure. For Moody's to stabilise
the outlook on the ratings, Yuksel's credit metrics would have to
be commensurate with the rating agency's expectations for the B2
category, i.e., an EBITA/interest ratio that is well above 1.0x
and an FFO/debt ratio of at least 10%. Yuksel's metrics could
improve over time if the company were to make progress with its
residential project Cubuklu, increase its collection of
receivables from operations in Libya and receive further capital
injections from shareholders.
Conversely, Moody's could downgrade the ratings if Yuksel's
metrics were to deteriorate further, such that debt/EBITDA were
to move above 5.5x. Moreover, a rating downgrade could result if
Yuksel's already weak metrics failed to improve significantly,
with EBITA/interest remaining below 1.0x and FFO/debt below 10%.
The principal methodology used in rating Yuksel Insaat A.S. was
the Global Construction Industry Methodology published in
November 2010. Other methodologies used include Loss Given
Default for Speculative-Grade Non-Financial Companies in the
U.S., Canada and EMEA published in June 2009.
Yuksel Insaat A.S. (Yuksel), which has corporate headquarters in
Ankara, Turkey, is among the 10 largest construction companies in
the country. The company was established in 1963 by the Sazak and
Sert families and maintains a visible footprint in Turkey, where
more than half of its revenues are generated, but has expanded
into the Middle East and North Africa (MENA) region as well as
Central Asia over recent years to diversify its revenue streams.
The company generated revenues of TL1.3 billion (around US$697
million) in its financial year 2011.
===========================
U N I T E D K I N G D O M
===========================
COMPOSITE TECH: Taps Attorneys for Cases in England, Germany
------------------------------------------------------------
Composite Technology Corporation and its affiliated debtors ask
the U.S. Bankruptcy Court for the Central District of California
for permission to employ Olswang, LLP, and Luther
Rechtsanwaltsgesellschaft MBH, as special counsel in England and
Germany, respectively.
Olswang will, among other things:
-- advise the Debtors as to the English Law aspects of the
pending proceedings in England and Germany;
-- advise the Debtor as to the possible restructuring,
liquidation or ultimate dissolution of certain of the
Debtor's subsidiaries including Stribog, Ltd., Stribog
Holdings Ltd. and Stribog Turbines Ltd., and
-- perform other legal services as the Debtor may require of
the firm in connection with the Chapter 11 case.
Luther will, among other things:
-- prosecute the action filed by Stribog, Ltd., against FKI
Engineering Limited or FKI Limited to determine the rights,
if any, held by FKI relative to the Debtors' affiliates;
and
-- perform other litigation services as the Debtor may require
of the firm in connection with the case.
Dr. Florian Schultz, a partner at Luther, tells the Court that
Luther seeks payment of EUR25,000 postpetition retainer and
EUR9,689 for services rendered to Stribog, Ltd. for the period
June 1, 2012, to Oct. 31, 2012. The hourly rates of the firm's
personnel are:
Mr. Schulz EUR440
Guido Wenzel EUR330
Fabienne Scharfe EUR330
Dr. Benjamin Hub EUR330
Bernhard Warti EUR220
Olswang seeks of a $5,000 retainer. The hourly rates of the
firm's personnel are:
Seamas Gray EUR495
Emma Bardetti EUR380
Ned Beale EUR395
Kate Naylor EUR290
Mark Singer EUR250
To the best of the Debtors' knowledge, the firms do not have an
interest adverse to the Debtor or its estate in any matters which
the firms may handle.
About Composite Technology
Headquartered in Irvine, California, Composite Technology
Corporation (CTC) -- http://www.compositetechcorp.com/-- is a
publicly traded company that owns all of the common stock of CTC
Cable Corporation and Stribog, Inc. CTC Cable manufactured and
marketed innovative energy efficient renewable energy products
for the electrical utility industry. Stribog operated a wind
turbine products business that was sold to Daewoo Shipbuilding
and Marine Engineering on Sept. 4, 2009, for US$32.2 million in
cash. CTC Renewables is a dormant company.
Composite Technology filed for Chapter 11 bankruptcy (Bankr. C.D.
Calif. Case No. 11-15058) on April 10, 2011, with Judge Mark S.
Wallace presiding over the case. The Debtor's bankruptcy case
was reassigned to Judge Scott C. Clarkson on April 13, 2011. BCC
Advisory Services LLC, BCC Ho1dco LLC's FINRA registered
Broker/Dealer, serves as investment banker to provide exclusive
equity financing services and debt financing services. Composite
Technology disclosed US$5,855,670 in assets and US$12,395,916 in
liabilities as of the Chapter 11 filing.
CTC Cable Corporation also filed for Chapter 11 (Bankr. C.D.
Calif. Case No. 11-15059) on April 10, 2011. Stribog, Inc.
(Bankr. C.D. Calif. Case No. 11-15065) filed for Chapter 11
protection on April 11, 2011. CTC Renewables Corp., a dormant
company (Bankr. C.D. Calif. Case No. 11-15130) filed for Chapter
11 protection on April 12, 2011.
The cases are jointly administered, with Composite Technology as
the lead case. Garrick A. Hollander, Esq., Paul J. Couchot,
Esq., and Richard H. Golubow, Esq., at Winthrop Couchot PC, in
Newport Beach, Calif.; and Sean A. Okeefe, at Okeefe & Associates
Law Corporation, in Newport Beach, Calif., serve as the Debtors'
bankruptcy counsel.
Peter C. Anderson, the U.S. Trustee for Region 16, appointed five
members to the official committee of unsecured creditors in the
Debtor's cases. Katherine C. Piper, Esq., at Steptoe & Johnson
LLP, in Los Angeles, Calif., represents the Committee.
FAREPAK: Insolvency Service Withdraws Court Action Vs. Directors
----------------------------------------------------------------
Scott McPherson at This Is Wiltshire reports that the High Court
case against the directors of the collapsed Christmas catalogue
company Farepak has been scrapped.
According to the report, Business Secretary Vince Cable has said
he was "deeply disappointed" after the Government companies
watchdog abandoned a bid to penalize directors of the Swindon-
based company which collapsed six years ago leaving tens of
thousands of savers out of pocket.
This Is Wiltshire relates that the Insolvency Service said it was
discontinuing High Court action against former bosses at Farepak
and its parent firm.
Mr. Cable said he felt "huge" sympathy for "those who lost out"
and would reflect on the decision by the Insolvency Service,
which is part of his department, according to the report.
A High Court judge began hearing evidence in May following the
start of a trial in London, the report notes.
This Is Wiltshire says lawyers representing the Insolvency
Service had asked Mr. Justice Peter Smith to disqualify former
bosses at Farepak and its parent firm from being company
directors. Former bosses contested the disqualification
applications.
Former bosses were named on court papers as Stevan Fowler, Neil
Gillis, Nicholas Gilodi-Johnson, Stephen Hicks, Michael Johns,
Paul Munn, Joanne Ponting, William Rollason, and Sir Clive
Thompson, a former president of the Confederation of British
Industry and ex-chief executive of Rentokil, the report
discloses.
Farepak Food & Gifts Ltd. (fka Floatraise Ltd., Kleeneze U.K.
Ltd. and Kleeneze Investments Ltd.) and Farepak Mail Order Ltd.
(fka Farepak Hampers Ltd., Farepak Ltd. and Farepak Hampers
Ltd.) called in Martha H. Thompson and Dermot Power of BDO Stoy
Hayward as joint liquidators on Oct. 4, 2007, for the creditor's
voluntary winding-up proceeding.
Farepak moved from administration to creditors' voluntary
liquidation following the joint administrators' proposals, a
course of action approved by 97% of the company's creditors.
Farepak Food & Gifts Ltd., Farepak Hampers Ltd., Farepak
Holdings Ltd., and Farepak Mail Order Ltd. appointed BDO Stoy
Hayward LLP as joint administrators on Oct. 13, 2006.
RANGERS FC: Charles Green Threatens Legal Action v. Rebel Players
-----------------------------------------------------------------
The UK Press Association reports that Rangers chief executive
Charles Green has threatened legal action against any players who
refuse to transfer their contracts to his new company and any
clubs who attempt to sign those players.
On Sunday, Steven Naismith and Steven Whittaker both announced
their objections to transferring their contracts to newco Rangers
and confirmed they will not report back to Murray Park for
training this week and consider themselves free to find new
clubs, UKPA relates.
Mr. Green responded by reiterating previous warnings that he will
challenge any attempts by players to walk away from his club for
nothing, UKPA notes.
Mr. Green's Sevco consortium completed the purchase of the
business and assets of Rangers for GBP5.5 million after failure
to secure a Company Voluntary Arrangement (CVA) to exit
administration consigned the club to liquidation, UKPA discloses.
According to UKPA, his new company now faces a battle to play in
the Scottish Premier League next season, with all 12 clubs set to
vote on the issue on July 4, with Hearts and Dundee United having
already indicated they will reject Rangers' bid.
Both Messrs. Naismith and Whittaker cited concerns over their
careers if forced to drop down the divisions as a contributing
factor when making the decision to object to transferring their
contracts to the newco, UKPA notes.
However, Mr. Green confirmed Rangers have informed the Scottish
Football Association on Monday of their intention to challenge
those actions, UKPA relates.
About Rangers Football Club
Rangers Football Club PLC -- http://www.rangers.premiumtv.co.uk/
-- is a United Kingdom-based company engaged in the operation of
a professional football club. The Company has launched its own
Internet television station, RANGERSTV.tv. The station combines
the use of Internet television programming alongside traditional
Web-based services. Services offered include the streaming of
home matches and on-demand streaming of domestic and European
games, which include dedicated pre-match, half-time and post-
match commentary. The Company will produce dedicated news
magazine and feature programs, while the fans can also access a
library of classic European, Old Firm and Scottish Premier League
(SPL) action. Its own dedicated television studio at Ibrox
provides onsite production, editing and encoding facilities to
produce content for distribution on all media platforms.
SAUNDERS PLUMBING: Wind-Up Meeting Set for Today
------------------------------------------------
EADT24 reports that winding-up meeting between shareholders and
creditors of Saunders Plumbing and Heating Ltd is set to take
place this week.
EADT24 relates that business advisors said that until then, the
company based at Bentwaters Park, Rendlesham, will continue to
trade on a limited basis, "seeing out contracts where possible".
According to the report, managers are currently in discussion
with prospective purchasers for the company, which until earlier
last month traded under the GAH group of companies.
Up to 15 jobs could be lost if a resolution for the winding up of
the company is passed today, June 26, at a meeting convened by
insolvency firm Baker Tilly in Bury St Edmunds -- the outcome of
which may include liquidating the company's assets.
"The management are in discussion with a potential purchaser and
hopefully there will be good news by the end of this week," the
report quotes Steven Law, restructuring and recovery partner at
Baker Tilly, as saying. "Regrettably, the workforce has been
made redundant but it is hoped at least some employment can be
recovered if a purchaser is found."
Saunders Plumbing and Heating was founded in 1962, carrying out
domestic and contract boiler servicing and maintenance in
Suffolk, North Essex and the Norfolk border.
===============
X X X X X X X X
===============
* Spanish PM Says Euro Region Needs Joint Restructuring Fund
------------------------------------------------------------
Emma Ross-Thomas at Bloomberg News reports that Spanish Prime
Minister Mariano Rajoy said the euro region needs a joint fund
for restructuring and liquidating banks as part of a so-called
banking union.
According to Bloomberg, Mr. Rajoy said that Europe needs a
"banking union that allows us to break the link between banks and
the sovereign, which has been very damaging in the current
crisis."
"We can achieve this with common tools: a regulator, a deposit-
guarantee fund, a fund to restructure and liquidate banks, and
common rules of action," Bloomberg quotes Mr. Rajoy as saying in
Madrid.
* Moody's Downgrades 28 European Structured Finance Transactions
----------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of
structured finance securities directly exposed to the declining
credit quality of certain US and European firms with global
capital market operations which Moody's downgraded on June 21,
2012. The rating actions affect 28 tranches, including 3
residential mortgage-backed securities "(RMBS"), and 25
repackaged securities in Europe.
A List of the Affected Credit Ratings, which identifies each
affected issuer, is available at:
http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF289774
Ratings Rationale
The reason for Moody's actions is the linkage between the ratings
of the structured finance securities and those of the banks. This
linkage is due to the direct exposure of the structured finance
securities to the declining credit quality of certain European
and US banks each of which acts as either the guarantor of the
securities, the issuer of collateral securities, or is the
reference credit in the transaction. Because of the linkage, each
rating is essentially a pass-through of the rating of the bank.
Each related underlying security, guarantor or reference entity
is detailed in the link at the beginning of this announcement.
Moody's notes that these transactions are subject to a high level
of macroeconomic uncertainty, which could negatively impact the
ratings of the notes, as evidenced by 1) uncertainties of credit
conditions in the general economy and 2) the acute sovereign and
banking crisis in the euro area, which is weakening the credit
profiles of banks exposed to the currency union. This crisis
accentuates challenges facing banks globally.
The principal methodology used in these ratings was "Moody's
Approach to Rating Repackaged Securities" published in April
2010.
Moody's conducted no additional cash flow analysis or stress
scenarios because the ratings are a pass-through of the rating of
the underlying entity.
* S&P's Global Corporate Default Tally Rises to 37
--------------------------------------------------
The 2012 global corporate default tally increased to 37 last week
after U.S.-based for-profit postsecondary education company ATI
Acquisition Co. defaulted, said an article published Thursday by
Standard & Poor's Global Fixed Income Research, titled "The 2012
Global Corporate Default Tally Climbs To 37 Following U.S.
Education Company ATI's Default." Standard & Poor's Ratings
Services lowered its rating on ATI to 'D', reflecting
confidential information that ATI made available to Standard &
Poor's regarding its debt obligations.
S&P added two other issuers to the default total since its last
report -- Brazil-based utility company Centrais Eletricas
Matogrossenses and a confidential U.S.-based issuer that
defaulted after Standard & Poor's withdrew its rating on the
company.
By region, 22 of the 37 defaulters in 2012 were based in the
U.S., nine were in the emerging markets, four in Europe, and two
in the other developed region (Australia, Canada, Japan, and New
Zealand). This compares with 2011 totals (through June 20) of 10
defaulters in the U.S., two in the emerging markets, one in
Europe, and four in the other developed region.
So far this year, missed payments accounted for 13 defaults,
bankruptcy filings accounted for six, distressed exchanges
accounted for six, and another eight defaulters were
confidential. The remaining four entities defaulted for various
other reasons.
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Shareholders Total
Equity Assets
Company Ticker (US$) (US$)
------- ------ ------ ------
AUSTRIA
-------
CHRIST WATER TEC CWT EO -5754285.05 165995618.1
CHRIST WATER TEC CWT EU -5754285.05 165995618.1
CHRIST WATER TEC CWTE IX -5754285.05 165995618.1
CHRIST WATER TEC CRSWF US -5754285.05 165995618.1
CHRIST WATER TEC CWT PZ -5754285.05 165995618.1
CHRIST WATER TEC CWT AV -5754285.05 165995618.1
CHRIST WATER TEC 8131204Q GR -5754285.05 165995618.1
CHRIST WATER-ADR CRSWY US -5754285.05 165995618.1
KA FINANZ AG 3730Z AV -9072224.93 22043329918
LIBRO AG LIBR AV -110486314 174004185
LIBRO AG LIB AV -110486314 174004185
LIBRO AG LBROF US -110486314 174004185
LIBRO AG LB6 GR -110486314 174004185
S&T SYSTEM I-ADR STSQY US -38841439.5 182832494.8
S&T SYSTEM INTEG STSQF US -38841439.5 182832494.8
S&T SYSTEM INTEG SLSYF US -38841439.5 182832494.8
S&T SYSTEM INTEG SNT EO -38841439.5 182832494.8
S&T SYSTEM INTEG SYA EX -38841439.5 182832494.8
S&T SYSTEM INTEG SNTS IX -38841439.5 182832494.8
S&T SYSTEM INTEG SNT AV -38841439.5 182832494.8
S&T SYSTEM INTEG SYA GR -38841439.5 182832494.8
S&T SYSTEM INTEG SNTS ES -38841439.5 182832494.8
S&T SYSTEM INTEG SNTA PZ -38841439.5 182832494.8
S&T SYSTEM INTEG SNT EU -38841439.5 182832494.8
S&T SYSTEM INTEG SYAG IX -38841439.5 182832494.8
SKYEUROPE SKYP PW -89480492.6 159076577.5
SKYEUROPE SKY PW -89480492.6 159076577.5
SKYEUROPE HLDG SKYPLN EO -89480492.6 159076577.5
SKYEUROPE HLDG SKY EO -89480492.6 159076577.5
SKYEUROPE HLDG SKURF US -89480492.6 159076577.5
SKYEUROPE HLDG SKY EU -89480492.6 159076577.5
SKYEUROPE HLDG SKY AV -89480492.6 159076577.5
SKYEUROPE HLDG SKYPLN EU -89480492.6 159076577.5
SKYEUROPE HLDG SKYA PZ -89480492.6 159076577.5
SKYEUROPE HLDG SKY LI -89480492.6 159076577.5
SKYEUROPE HLDG SKYV IX -89480492.6 159076577.5
SKYEUROPE HLDG S8E GR -89480492.6 159076577.5
SKYEUROPE HOL-RT SK1 AV -89480492.6 159076577.5
BELGIUM
-------
AMERIKAANSE STOC 4163533Z BB -1513887.96 225769572.9
ANTWERP GATEWAY 496769Z BB -51947070.5 266390692.5
BIO ANALYTICAL R 3723198Z BB -41974594.7 193574592.4
CHIQUITA FRESH B 3727690Z BB -13035568.1 126531721.7
COMPAGIMMOBDU BR 3727538Z BB -3827271.16 143566526.3
DOOSAN BENELUX S 3724234Z BB -81416359 231093378.4
EXPLORER NV 4289181Z BB -17703159.5 266681154.3
FINANCIETOREN NV 3729210Z BB -42317802.7 777656536.7
IRUS ZWEIBRUCKEN 3738979Z BB -12563627.2 113270540
JULIE LH BVBA 3739923Z BB -32842124.6 159062205.9
KBC LEASE BELGIU 3723398Z BB -23567202.8 2856170076
KIA MOTORS BELGI 3729658Z BB -40305545.6 136441397.8
LAND VAN HOP NV 3727898Z BB -141334.296 138885001.8
SABENA SA SABA BB -85494497.7 2215341060
SAPPI EUROPE SA 3732894Z BB -119299290 158958659.1
SOCIETE NATIONAL 3726762Z BB -39045394.2 506987115.6
TELENET GRP HLDG T4I GR -346984203 4652950529
TELENET GRP HLDG TNET NQ -346984203 4652950529
TELENET GRP HLDG TNET BQ -346984203 4652950529
TELENET GRP HLDG TLGHF US -346984203 4652950529
TELENET GRP HLDG TNETGBP EO -346984203 4652950529
TELENET GRP HLDG TNETGBX EU -346984203 4652950529
TELENET GRP HLDG TNET S1 -346984203 4652950529
TELENET GRP HLDG TNET MT -346984203 4652950529
TELENET GRP HLDG TNET EO -346984203 4652950529
TELENET GRP HLDG TNETUSD EO -346984203 4652950529
TELENET GRP HLDG TNET IX -346984203 4652950529
TELENET GRP HLDG TNET TQ -346984203 4652950529
TELENET GRP HLDG TNETGBX EO -346984203 4652950529
TELENET GRP HLDG TNET GK -346984203 4652950529
TELENET GRP HLDG TNET PZ -346984203 4652950529
TELENET GRP HLDG TNET EU -346984203 4652950529
TELENET GRP HLDG TNETUSD EU -346984203 4652950529
TELENET GRP HLDG TNET EB -346984203 4652950529
TELENET GRP HLDG TNET LI -346984203 4652950529
TELENET GRP HLDG 3218105Q IX -346984203 4652950529
TELENET GRP HLDG TNET BB -346984203 4652950529
TELENET GRP HLDG TNET QM -346984203 4652950529
TELENET-STRP TNETS BB -346984203 4652950529
TELENET-UNS ADR TLGHY US -346984203 4652950529
CROATIA
-------
BADEL 1862 DD BD62RA CZ -18974967.3 134189914.2
BRODOGRADE INDUS 3MAJRA CZ -5021629.8 841433084.3
MAGMA DD MGMARA CZ -14866765.1 104029164.6
OT OPTIMA TELEKO 2299892Z CZ -83651540.4 109270884.7
OT-OPTIMA TELEKO OPTERA CZ -83651540.4 109270884.7
CYPRUS
------
LIBRA HOLIDA-RTS LBR CY -39648682.4 209021322.6
LIBRA HOLIDA-RTS LGWR CY -39648682.4 209021322.6
LIBRA HOLIDAY-RT 3167808Z CY -39648682.4 209021322.6
LIBRA HOLIDAYS LHGR CY -39648682.4 209021322.6
LIBRA HOLIDAYS G LHG PZ -39648682.4 209021322.6
LIBRA HOLIDAYS G LHGCYP EO -39648682.4 209021322.6
LIBRA HOLIDAYS G LHG EU -39648682.4 209021322.6
LIBRA HOLIDAYS G LHG CY -39648682.4 209021322.6
LIBRA HOLIDAYS G LHG EO -39648682.4 209021322.6
LIBRA HOLIDAYS G LHGCYP EU -39648682.4 209021322.6
LIBRA HOLIDAYS-P LBHG CY -39648682.4 209021322.6
LIBRA HOLIDAYS-P LBHG PZ -39648682.4 209021322.6
CZECH REPUBLIC
--------------
CKD PRAHA HLDG CKDH US -89435858.2 192305153
CKD PRAHA HLDG 297687Q GR -89435858.2 192305153
CKD PRAHA HLDG CKDPF US -89435858.2 192305153
CKD PRAHA HLDG CDP EX -89435858.2 192305153
CKD PRAHA HLDG CKDH CP -89435858.2 192305153
SETUZA AS 2994767Q EO -61453764.2 138582273.6
SETUZA AS SZA GR -61453764.2 138582273.6
SETUZA AS SETU IX -61453764.2 138582273.6
SETUZA AS SETUZA PZ -61453764.2 138582273.6
SETUZA AS 2994755Q EU -61453764.2 138582273.6
SETUZA AS 2994759Q EO -61453764.2 138582273.6
SETUZA AS SETUZA CP -61453764.2 138582273.6
SETUZA AS 2994763Q EU -61453764.2 138582273.6
SETUZA AS SZA EX -61453764.2 138582273.6
DENMARK
-------
AB-B NEW ABBN DC -101428499 298588010.2
AKADEMISK BOLDK ABB DC -101428499 298588010.2
CARLSBERG IT A/S 4503891Z DC -47938170.6 178077456.9
CIMBER STERLING CIMBE EU -5227729.37 192575897.9
CIMBER STERLING CIMBER BY -5227729.37 192575897.9
CIMBER STERLING CIMBER DC -5227729.37 192575897.9
CIMBER STERLING CIMBE EO -5227729.37 192575897.9
ELITE SHIPPING ELSP DC -27715991.7 100892900.3
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GREEN WIND ENERG GW PZ -11320362.7 176234029.6
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ISS GLOBAL A/S 241863Z DC -9544026.55 7765217403
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OBTEC OBT DC -14819232 148553764.3
OBTEC-NEW SHARES OBTECN DC -14819232 148553764.3
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ROSKILDE BANK ROSK DC -532868841 7876687324
ROSKILDE BANK-RT 916603Q DC -532868841 7876687324
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SCANDINAVIAN BRA SBSD PZ -14819232 148553764.3
SCANDINAVIAN BRA SBS DC -14819232 148553764.3
SCANDINAVIAN BRA SBS1EUR EO -14819232 148553764.3
SCANDINAVIAN BRA SBS1 BY -14819232 148553764.3
SCANDINAVIAN BRA SBS1 EU -14819232 148553764.3
SCANDINAVIAN BRA SBS1 EO -14819232 148553764.3
SCANDINAVIAN BRA SBS1EUR EU -14819232 148553764.3
SCANDINAVIAN BRA SBSC IX -14819232 148553764.3
SCHAUMANN PROP SCHAUP PZ -101428499 298588010.2
SCHAUMANN PROP SCHAUP EU -101428499 298588010.2
SCHAUMANN PROP SCHAU BY -101428499 298588010.2
SCHAUMANN PROP SCHAUEUR EO -101428499 298588010.2
SCHAUMANN PROP SCHAU EO -101428499 298588010.2
SCHAUMANN PROP SCHAUP DC -101428499 298588010.2
SCHAUMANN PROP SCHAU EU -101428499 298588010.2
SCHAUMANN PROP SCHAUEUR EU -101428499 298588010.2
SUZLON WIND ENER 3985532Z DC -50030922.8 151671948.3
FRANCE
------
3 SUISSES FRANCE 4724713Z FP -77651653.3 330011633.6
AIR COMMAND SYST 4470055Z FP -24012413.9 236706831.5
AKERYS SERVICES 4685937Z FP -8561729.53 141611798.1
ALCATEL-LUCENT E 3642975Z FP -33252970.3 441703998.1
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AL-KHATTIYA LEAS 4783713Z FP -13423803.2 109623566.3
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BELVEDERE SA BVD FP -254721371 1019397736
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BELVEDERE SA BEVD IX -254721371 1019397736
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BELVEDERE SA BVD EU -254721371 1019397736
BELVEDERE SA BVD EO -254721371 1019397736
BELVEDERE SA-NEW 8198283Q FP -254721371 1019397736
BELVEDERE SA-NEW 946529Q FP -254721371 1019397736
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BENP LILLEBONNE 4507291Z FP -14494480.2 341710346.6
CARCOOP FRANCE 4690569Z FP -531951.734 185621693.8
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CARRERE GROUP CAR FP -9829531.94 279906700
CARRERE GROUP XRR GR -9829531.94 279906700
CARRERE GROUP CAR2 EO -9829531.94 279906700
CARRERE GROUP CAR2 EU -9829531.94 279906700
CARRERE GROUP CARG FP -9829531.94 279906700
CARRERE GROUP CRRHF US -9829531.94 279906700
CARRERE GROUP CRGP IX -9829531.94 279906700
CDISCOUNT 4690913Z FP -92485.8114 331210839.3
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CSF 3635887Z FP -60315179.7 3042333890
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EDENRED EDEN TQ -1395452285 5596512266
EDENRED EDEN S1 -1395452285 5596512266
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EDENRED EDEN QM -1395452285 5596512266
EDENRED EDEN FP -1395452285 5596512266
EDENRED EDEN EU -1395452285 5596512266
EDENRED EDEN EO -1395452285 5596512266
EDENRED EDEN EB -1395452285 5596512266
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EDENRED EDENUSD EU -1395452285 5596512266
EDENRED EDEN BQ -1395452285 5596512266
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ETAM PRET A PORT 4682193Z FP -18364165.4 175501799.4
FACONNABLE SA 226782Z FP -19616231 136513429.3
FRANFINANCE LOCA 4689993Z FP -69780982.1 1638852912
GEC 4 SAS 4518255Z FP -91410337 541462091
GPN SA 4509659Z FP -35080424.7 568887551
GRANDE PAROISSE GDPXF US -927267927 629287290
GRANDE PAROISSE GDPA FP -927267927 629287290
GRANDE PAROISSE GAPA FP -927267927 629287290
GROUPE MONITEUR 317840Z FP -116707395 610106709.3
GROUPE PROGRES S 4734137Z FP -106637566 154665494
HITACHI EUROPE S 4681417Z FP -9927515.77 110534051.7
HP ENTREPRISE SE 4698081Z FP -97546439.4 116383810.4
I BASE 757542Z FP -6019481.25 433636337.7
ING LEASE FRANCE 4699881Z FP -51268061.5 363058830.9
ISOCHEM SA 3540732Z FP -9029087.45 100025367.9
ITM REGION PARIS 4681817Z FP -49662079.8 124321085.9
JTEKT AUTOMOTIVE 4504595Z FP -17492036.6 163375360
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JUNGHEINRICH FIN 4635025Z FP -14429677.1 223424949.4
LAB DOLISOS LADL FP -27752176.2 110485462.4
LAB DOLISOS DOLI FP -27752176.2 110485462.4
LENOVO FRANCE SA 4710049Z FP -1944677.44 137134536.2
MATUSSIERE & FOR MTUSF US -77896689.1 293868350.8
MATUSSIERE & FOR 1007765Q FP -77896689.1 293868350.8
M-REAL ALIZAY SA 4670721Z FP -19839749.3 142972373.7
MVCI HOLIDAYS FR 4524959Z FP -106863950 221936730.6
NESTLE WATERS SU 3634887Z FP -100198554 212766860.3
NESTLE WATERS SU 3634879Z FP -183402273 254740466.9
NEXANS COPPER FR 4744809Z FP -22662074.8 308626962.2
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NORDEX FRANCE SA 4521679Z FP -1596231.67 139011887.7
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NRJ 12 4681713Z FP -41481124.2 112522117.5
OROSDI OROS FP -51389802.7 181267113.2
OROSDI OROS EO -51389802.7 181267113.2
OROSDI OROS S1 -51389802.7 181267113.2
OROSDI OROS EU -51389802.7 181267113.2
OROSDI OROS PZ -51389802.7 181267113.2
OROSDI-BACK ORBA FP -51389802.7 181267113.2
OROSDI-BACK BACK IX -51389802.7 181267113.2
OROSDI-RTS ORODS FP -51389802.7 181267113.2
PAGESJAUNES GRP PAJ NQ -3184867284 1167307980
PAGESJAUNES GRP PAJGBX EO -3184867284 1167307980
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PAGESJAUNES GRP QS3 TH -3184867284 1167307980
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PAGESJAUNES GRP PGJUF US -3184867284 1167307980
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PAGESJAUNES GRP PAJ PZ -3184867284 1167307980
PEUGEOT CITROEN 3637183Z FP -292685178 366568398.7
PITNEY BOWES 4634633Z FP -11785422.8 184422748.8
REGIE PUBLICITAI 4691033Z FP -5262294.53 112402724.7
REGIONAL COMPAGN 3635823Z FP -37389129.6 595811276.3
RESEAU FERRE FRA 224063Z FP -1594878991 71610625888
RHODIA SA RHD GR -72552001.5 7951699362
RHODIA SA RHAGBP EO -72552001.5 7951699362
RHODIA SA RHA IX -72552001.5 7951699362
RHODIA SA RHDI TH -72552001.5 7951699362
RHODIA SA RHA GK -72552001.5 7951699362
RHODIA SA RHA EB -72552001.5 7951699362
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RHODIA SA RHA TQ -72552001.5 7951699362
RHODIA SA 2324011Q EU -72552001.5 7951699362
RHODIA SA RHANR PZ -72552001.5 7951699362
RHODIA SA RHADF US -72552001.5 7951699362
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RHODIA SA 3218857Q IX -72552001.5 7951699362
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RHODIA SA RHDI GR -72552001.5 7951699362
RHODIA SA RHA PZ -72552001.5 7951699362
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RODRIGUEZ GROUP RDGP IX -38195223.8 238732565
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RODRIGUEZ GROUP RRGZF US -38195223.8 238732565
SANDOZ SAS 3635111Z FP -18996502.1 160259044.1
SDR CENTREST 117241Q FP -132420130 252176017.2
SEAFRANCE 1707464Z FP -1015379.95 247033398.8
SHEET ANCHOR FRA 4745417Z FP -14101146.9 168600747.8
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SOC NICOISE REAL 4749097Z FP -15642386.6 101088937.4
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GREECE
------
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SATO OFFICE AND SATOK EO -1304553.01 103403982.3
SATO OFFICE AND SATOK PZ -1304553.01 103403982.3
SATO OFFICE AND SATOK EU -1304553.01 103403982.3
SATO SA - RIGHTS SATOKD GA -1304553.01 103403982.3
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T BANK ASPT PZ -46224213.4 3486115450
T BANK ASPT EO -46224213.4 3486115450
T BANK TBANK EU -46224213.4 3486115450
T BANK TBANK GA -46224213.4 3486115450
T BANK TBANK EO -46224213.4 3486115450
T BANK ASPT GA -46224213.4 3486115450
T BANK ASPT EU -46224213.4 3486115450
THEMELIODOMI THEME GA -55751173.8 232036822.6
THEMELIODOMI-AUC THEMEE GA -55751173.8 232036822.6
THEMELIODOMI-RTS THEMER GA -55751173.8 232036822.6
THEMELIODOMI-RTS THEMED GA -55751173.8 232036822.6
UNITED TEXTILES UTEX GA -163114842 286539436.9
UNITED TEXTILES NAOSF US -163114842 286539436.9
UNITED TEXTILES UTEX PZ -163114842 286539436.9
UNITED TEXTILES NML1 GR -163114842 286539436.9
UNITED TEXTILES UTEX EO -163114842 286539436.9
UNITED TEXTILES UTEX EU -163114842 286539436.9
UNITED TEXTILES NAOYK GA -163114842 286539436.9
HUNGARY
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HUNGARIAN TELEPH HUC EX -73723992 827192000
HUNGARIAN TELEPH HUGC IX -73723992 827192000
INVITEL HOLD-ADR IHO US -73723992 827192000
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INVITEL HOLD-ADR INVHY US -73723992 827192000
INVITEL HOLDINGS 3212873Z HB -73723992 827192000
ICELAND
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AVION GROUP B1Q GR -223780368 2277882368
EIMSKIPAFELAG HF AVION IR -223780368 2277882368
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EIMSKIPAFELAG HF HFEIMEUR EU -223780368 2277882368
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EIMSKIPAFELAG HF HFEIM IR -223780368 2277882368
EIMSKIPAFELAG HF HFEIM PZ -223780368 2277882368
IRELAND
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MCINERNEY HLDGS MK9 GR -137972149 304108432.2
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MCINERNEY HLDGS MCIGBP EO -137972149 304108432.2
MCINERNEY HLDGS MCI VX -137972149 304108432.2
MCINERNEY HLDGS MNEYF US -137972149 304108432.2
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MCINERNEY -RT FP MCIF LN -137972149 304108432.2
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START FUNDING NO 3816392Z ID -8410425.95 624257073.1
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WATERFORD-ADR UT WFWA GR -505729895 820803256
WATERFORD-SUB 3001875Z ID -505729895 820803256
ITALY
-----
AS ROMA SPA ASR IM -63822544.7 148818665.4
AS ROMA SPA ASR EB -63822544.7 148818665.4
AS ROMA SPA ASRO IX -63822544.7 148818665.4
AS ROMA SPA ASR BQ -63822544.7 148818665.4
AS ROMA SPA RO9 GR -63822544.7 148818665.4
AS ROMA SPA ASR TQ -63822544.7 148818665.4
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AS ROMA SPA ASR PZ -63822544.7 148818665.4
AS ROMA SPA ASR EO -63822544.7 148818665.4
AS ROMA SPA ASRAF US -63822544.7 148818665.4
AS ROMA SPA ASR EU -63822544.7 148818665.4
AS ROMA SPA-RTS ASRAA IM -63822544.7 148818665.4
AUTOMOTIVE LIGHT 3895734Z IM -8797909.78 165588007.5
CANTIERI DI PISA 4313125Z IM -2611908.15 105466953.7
CIRIO FINANZIARI CRO IM -422095937 1583083044
CIRIO FINANZIARI FIY GR -422095937 1583083044
COGEME AXA COGAXA IM -33723621.3 159115245.5
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COIN SPA 965089Q GR -154057599 800526929.5
COIN SPA GUCIF US -154057599 800526929.5
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INDUSTRIE FINCUO 4270053Z IM -15676157.1 111118283.9
KERSELF KERS IX -42106279.6 830980118.2
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KERSELF SPA KRS EO -42106279.6 830980118.2
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MERIDIANA FLY EEZ EO -30409445.9 416708236.2
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MONTE MARE GRADO 4359985Z IM -535776.032 100534744.7
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TECNODIFF ITALIA TDI IM -89894162.8 152045757.5
TECNODIFF ITALIA TDIFF US -89894162.8 152045757.5
TECNODIFF ITALIA TDI NM -89894162.8 152045757.5
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TISCALI SPA- RTS 3391621Q GR -157400373 432673140.9
VIA CAVOUR SRL 3997892Z IM -2002622.44 173628397.1
JERSEY
------
REAL ESTATE OP-O REOGBP EO -1109604236 1668437669
REAL ESTATE OP-O REO ID -1109604236 1668437669
REAL ESTATE OP-O REO PZ -1109604236 1668437669
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REAL ESTATE OP-O REO LN -1109604236 1668437669
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REAL ESTATE OP-O REO VX -1109604236 1668437669
REAL ESTATE OP-O REO IX -1109604236 1668437669
REAL ESTATE OP-O REO EO -1109604236 1668437669
LUXEMBOURG
----------
CARRIER1 INT-AD+ CONE ES -94729000 472360992
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CARRIER1 INT-ADR CONE US -94729000 472360992
CARRIER1 INT-ADR CONEQ US -94729000 472360992
CARRIER1 INTL 8133893Q GR -94729000 472360992
CARRIER1 INTL CJNA GR -94729000 472360992
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INTELSAT ILMA GR -697038976 17592367104
INTELSAT SA 2237Z US -697038976 17592367104
OXEA SARL 3682535Z GR -78371220.1 1013737294
OXEA SARL 3682535Z LX -78371220.1 1013737294
NETHERLANDS
-----------
ADAMAR AMSTERDAM 4049157Z NA -5255668.95 108793149.3
ALFRED C TOEPFER 4062117Z NA -1843317.44 1689194175
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NORWAY
------
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POLAND
------
ANIMEX SA ANX PW -556805.858 108090511.9
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PORTUGAL
--------
ALBERTO MARTINS 4488947Z PL -25419983.4 123491252.1
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TAP SGPS TAP PL -353957017 2789331398
TRANSGAS SA 3794668Z PL -2181404.7 158648841.9
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ROMANIA
-------
ARCELORMITTAL PTRO RO -61080024.9 178667412.9
OLTCHIM RM VALCE OLTCF US -89344240.8 511515508.8
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OLTCHIM SA RM VA OLT RO -89344240.8 511515508.8
RAFO SA RAF RO -457922311 356796459.3
RUSSIA
------
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SERBIA
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DUVANSKA DIVR SG -46938765.4 107525048.4
SLOVENIA
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SPAIN
-----
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TURKEY
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UKRAINE
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*********
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, Ivy B. Magdadaro, Frauline S.
Abangan and Peter A. Chapman, Editors.
Copyright 2012. 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 Peter Chapman at 240/629-3300.
* * * End of Transmission * * *