/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/140108.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 Wednesday, January 8, 2014, Vol. 15, No. 5 Headlines B U L G A R I A BOURGAS SHIPYARDS: Future Uncertain; May Halt Operation ROON FOOD: Owes Around BGN28 Million to Creditors D E N M A R K * DENMARK: Number of Corp. Bankruptcies Hit Record Low in 2013 F R A N C E AEG POWER SOLUTIONS: Closes Business in Lannion, France G R E E C E FREESEAS INC: To Close $8.5MM Final Tranche of $10MM Investment I R E L A N D JAZZ III CDO: S&P Raises Rating on Class E-1 Notes to 'B-' * IRELAND: Business Failures Down 19% in 2013 to 1,365 S L O V E N I A ALPINE BAU: Receiver Rejects DARS's EUR13.5-Million Claims U N I T E D K I N G D O M BARRATTS: Administrator Confirms Firm Sold CO-OPERATIVE BANK: BoE, FCA to Launch Probe Into Near-Collapse E-NET COMPUTERS: Posts GBP1-Mil. Loss; To Halt Trading Activities HEARTS OF MIDLOTHIAN: Bid to Lift Transfer Embargo Fails MCKECHNIE BRASS: In Administration, Cuts 60 Jobs SOUTHAMPTON FRUIT: Enters Administration After Asset Sale ********* =============== B U L G A R I A =============== BOURGAS SHIPYARDS: Future Uncertain; May Halt Operation ------------------------------------------------------- FOCUS News Agency, citing Banker Weekly, reports that the future of Bourgas Shipyards JSC is unclear. According to FOCUS News, Bulgarian media started talking about the company's problems in December 2013. It transpired in November that the company is on the verge of bankruptcy and would halt operation because of outstanding debts, FOCUS News discloses. First Investment Bank is one of the company's main lenders and the company has assets worth BGN15.8 million pledged as collateral in favor of the bank, FOCUS News notes. Bourgas Shipyards JSC is a Bulgarian ship builder. ROON FOOD: Owes Around BGN28 Million to Creditors ------------------------------------------------- SeeNews, citing business newspaper Capital Daily, reports that Roon Food, which was placed into insolvency, stopped paying its debts back in 2010 and owes some BGN28 million (US$19.5 million/EUR14.3 million) to creditors. Roon Food is operating under the Bravo brand name, SeeNews discloses. According to SeeNews, Capital Daily said that a private enforcement agent has requested a ban on the sale of Bravo branded products. SeeNews relates that the newspaper said the company lost rights on the brand in April 2013. Capital Daily said that the company's loss for 2011 amounted to BGN51,000, which was double the year-earlier losses, SeeNews notes. Roon Food is a Bulgarian meats producer. ============= D E N M A R K ============= * DENMARK: Number of Corp. Bankruptcies Hit Record Low in 2013 -------------------------------------------------------------- Frances Schwartzkopff at Bloomberg News reports that the Danish statistics agency said on its Web site just under 5,000 businesses declared bankruptcy in 2013, the lowest level in five years. According to Bloomberg, the agency said 4,993 businesses were declared bankrupt in 2013, 8% lower than 2012 and 23% lower than in 2010. The agency said there were 1,474 businesses declared bankrupt in 4Q compared to 1,046 a year earlier, Bloomberg notes. =========== F R A N C E =========== AEG POWER SOLUTIONS: Closes Business in Lannion, France ------------------------------------------------------- To face the challenges raised by the decrease in revenue and losses in operations, AEG Power Solutions have decided to focus their business on their core areas of competitive strength in delivering high quality power systems and solutions for infrastructure, industrial and demanding commercial applications and advanced solutions for renewable energies and next generation distributed power generation. In this process, the Group is readjusting its footprint and has decided to place in liquidation its entity in Lannion (France), which can no longer be financially supported. The AEG PS Group experienced close to 11% decrease in revenue from 2011 to 2012, and is expecting another decrease by 25% in 2013 as announced in its Q3 interim management report. The Group EBITDA was down 66% in 2012 compared with 2011 and as announced in the interim Q3 report, losses are expected for 2013. In this context, the Board of 3W Power, the holding company of AEG Power Solutions and its new Chairman, Dr. Dirk Wolfertz, have announced the appointment of Jeffrey Casper, Chief Financial Officer of the Group, as Chief Restructuring Officer, in charge of leading a recovery program for the company. To secure the business, AEG Power Solutions must adjust its structure to fit within its financial capabilities and is forced to close its business in Lannion (France) which was structurally losing money. Lannion's management announced on Jan. 6 to the local works council its intention to file for bankruptcy protection for the entity. The group cannot support the losses of Lannion nor finance the cash flow required to run the entity which would be EUR6 million for the first half of 2014. Lannion's cumulated losses (EBITDA) over 5 years have reached EUR27 million, out of which EUR11,1 million over the last 2 years. Up to now, these losses have been fully supported by the Group. Though it is clear that AEG Power Solutions cannot finance any initiatives proposed by the bankruptcy court, the Group will consider every possibility to redeploy employees from Lannion in other entities if competencies match future needs. AEG PS will allow any intellectual property rights linked to the Lannion business to contribute to selling of assets. AEG is a brand under license of Electrolux and cannot be used further by Lannion, so the entity will be run as of today under its former denomination of Harmer & Simmons. The case will be filed on January 8 at Saint-Brieuc commercial court. About AEG Power Solutions AEG Power Solutions (AEG PS) Group is a global provider of power electronics systems and solutions for all industrial power requirements offering one of the most comprehensive product and service portfolios in the area of power conversion and power control. Two complementary operating business segments, Renewable Energy Solutions (RES) and Energy Efficiency Solutions (EES) serve customers worldwide. The RES product and service portfolio consists of systems and solutions for solar power plants, such as solar inverters, monitoring and control systems as well as power controllers for a wide range of industrial applications such as polysilicon, energy storage, sapphire and glass. The EES product and service portfolio includes high- performance uninterruptable power supplies (UPSs), industrial chargers and DC systems. Thanks to its distinctive expertise bridging both AC and DC power technologies and spanning the worlds of both conventional and renewable energy, the company creates innovative solutions for smart grids. AEG PS' global footprint includes 22 facilities and offices around the world with 1,600 employees. AEG Power Solutions Group is the sole subsidiary of the holding company 3W Power S.A. (WKN A0Q5SX / ISINLU0953526265), based in Luxembourg. The Group is headquartered in Zwanenburg in the Netherlands. The shares of 3W Power are admitted to trading on Frankfurt Stock Exchange (ticker symbol:3W9). =========== G R E E C E =========== FREESEAS INC: To Close $8.5MM Final Tranche of $10MM Investment --------------------------------------------------------------- FreeSeas Inc. will consummate the second and final tranche of the US$10 million previously announced investment by Crede CG III, Ltd., a wholly-owned subsidiary of Crede Capital Group, LLC, an existing shareholder of the Company. Mr. Ion G. Varouxakis, chairman, president and CEO of the Company commented: "We are very pleased to close this transaction which injects much needed cash into the Company. The Company shall now be in a financial position to finance the dry-dockings of its fleet enabling the return to operation of the vessels at a very opportune time, as the market recovery gathers pace. This injection shall also position the Company for the acquisition of vessels that can immediately produce income. We look into the coming year with great expectations." At the closing, the Company will sell to the Investor 85,000 shares of the Company's Series C Convertible Preferred Stock for US$8.5 million. The shares of Series C Preferred Stock to be issued will be convertible into shares of the Company's common stock at the lower of (i) US$2.00 and (ii) the closing bid price of the Company's common stock on Dec. 30, 2013, and such conversion price will be the same as the conversion price of the shares of Series B Convertible Preferred Stock previously issued to the Investor on Nov. 4, 2013. About FreeSeas Inc. Headquartered in Athens, Greece, FreeSeas Inc., formerly known as Adventure Holdings S.A., was incorporated in the Marshall Islands on April 23, 2004, for the purpose of being the ultimate holding company of ship-owning companies. The management of FreeSeas' vessels is performed by Free Bulkers S.A., a Marshall Islands company that is controlled by Ion G. Varouxakis, the Company's Chairman, President and CEO, and one of the Company's principal shareholders. The Company's fleet consists of six Handysize vessels and one Handymax vessel that carry a variety of drybulk commodities, including iron ore, grain and coal, which are referred to as "major bulks," as well as bauxite, phosphate, fertilizers, steel products, cement, sugar and rice, or "minor bulks." As of Oct. 12, 2012, the aggregate dwt of the Company's operational fleet is approximately 197,200 dwt and the average age of its fleet is 15 years. Freeseas disclosed a net loss of US$30.88 million in 2012, a net loss of US$88.19 million in 2011, and a net loss of US$21.82 million in 2010. As of Sept. 30, 2013, the Company had US$107.35 million in total assets, US$106.63 million in total liabilities, all current, and US$711,000 in total shareholders' equity. RBSM LLP, in New York, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2012. The independent auditors noted that the Company has incurred recurring operating losses and has a working capital deficiency. In addition, the Company has failed to meet scheduled payment obligations under its loan facilities and has not complied with certain covenants included in its loan agreements. It has also failed to make required payments to Deutsche Bank Nederland as agreed to in its Sept. 7, 2012, amended and restated facility agreement and received notices of default from First Business Bank. Furthermore, the vast majority of the Company's assets are considered to be highly illiquid and if the Company were forced to liquidate, the amount realized by the Company could be substantially lower that the carrying value of these assets. These conditions, among others, raise substantial doubt about the Company's ability to continue as a going concern. ============= I R E L A N D ============= JAZZ III CDO: S&P Raises Rating on Class E-1 Notes to 'B-' ---------------------------------------------------------- Standard & Poor's Ratings Services raised its credit ratings on all classes of notes in Jazz III CDO (Ireland) PLC's U.S. dollar- denominated issue. The rating actions follow S&P's assessment of the rated notes' increased overcollateralization, the transaction's reduced time to maturity, and S&P's review of the October 2013 trustee reports. S&P last reviewed this transaction on April 24, 2012. CAPITAL STRUCTURE Notional Current as of OC as of notional Apr 2012 Current Apr 2012 Class (mil. EUR) (mil. EUR) Interest OC (%) (%) Unfunded 1371.1 1371.1 N/A N/A N/A S 122.50 122.50 6mLIBOR+0.30% 10.3 8.5 A-1 78.75 78.75 6mLIBOR+0.45% 5.9 4.4 B-1 10.70 10.70 6mLIBOR+0.90% 5.3 3.5 B-2 6.80 6.80 6.38% 5.3 3.5 C-1 17.50 17.50 6mLIBOR+1.40% 4.9 2.5 D-1 21.00 21.00 6mLIBOR+3.00% 3.9 1.4 E-1 21.00 21.00 6mLIBOR+5.25% 2.8 0.3 Sub 100.63 100.63 N/A 0.0 0.0 N/A-Not applicable. OC- Overcollateralization = (total funded collateral - tranche balance [including tranche balance of all senior tranches])/ total exposure. Sub-Subordinated. 6m-Six-month. COMBINATION NOTES Rated Current balance rated as of balance April 2012 Class (mil. EUR) (mil. EUR) Interest Components (mil. EUR) Q 3.7 6.19 N/A 6.80 class B-2 note principal 3.2 class E-1 note principal N/A--Not applicable. Since S&P's April 2012 review, the transaction's performance has benefited from the following factors: -- Scenario default rates at each rating level have fallen sharply as the transaction is nearing its legal final maturity. This is mainly due to more than EUR1.64 billion of credit default swaps maturing by March 2014, which account for more than 90% of the portfolio. -- The portfolio's credit quality is the same (the weighted- average rating of the portfolio continues to be 'BBB-'). -- The available credit enhancement is higher. -- There are EUR151.90 million cash proceeds available in this transaction. -- The issuer would use this amount to redeem the notes (in order of priority) on the two remaining payment dates. The available credit enhancement is higher. -- The rated balance of the class combination notes has further decreased. S&P performed a credit and cash flow analysis of the transaction and applied its corporate collateralized debt obligations (CDOs) criteria. Natixis S.A. (A/Negative/A-1) provides currency hedges on the funded collateral. S&P has applied its current counterparty criteria and, in its view, its long-term rating on Natixis, and its replacement covenants, are appropriate to support liabilities rated 'A+' and below. Therefore, for any ratings above 'A+', S&P conducted its analysis assuming nonperformance of the currency hedging counterparty. Taking the above factors into account, S&P considers that the available credit enhancement for all classes of notes is commensurate with higher ratings than S&P previously assigned. S&P has therefore raised its ratings on all classes of notes. Jazz III CDO (Ireland) is a hybrid cash/synthetic arbitrage CDO of corporate entities and sovereigns, managed by AXA Investment Managers Paris S.A. The asset structure combines elements of cash CDOs (i.e., purchasing bonds and loans with the proceeds of the note issuance) and synthetic CDOs (i.e., selling protection through a portfolio of credit-default swaps and total-return swaps). The liability structure combines both a funded and an unfunded element. The transaction closed in August 2006. RATINGS LIST Class Rating Rating To From Jazz III CDO (Ireland) PLC US$388.875 Million Fixed- And Floating-Rate Notes Ratings Raised A-1 AA+ (sf) BBB- (sf) B-1 AA- (sf) BB (sf) B-2 AA- (sf) BB (sf) C-1 A (sf) B (sf) D-1 BBB- (sf) CCC- (sf) E-1 B- (sf) CCC-(sf) Q Combo BBB (sf) BB+ (sf) S AAA (sf) A+ (sf) * IRELAND: Business Failures Down 19% in 2013 to 1,365 ------------------------------------------------------ The latest insolvency statistics published by www.insolvencyjournal.ie, show business failures for 2013 have totaled 1,365. This is a 19% reduction on totals of 1,684 for 2012 and a 17% decrease on the 1,638 total for 2011, InsolvencyJournal.ie notes. Geographically Leinster accounted for 64% of all insolvencies, with Munster accounting for 23%, Connaught 9% and Ulster just 4%, InsolvencyJournal.ie discloses. Looking at the industry breakdown, construction was yet again the hardest hit sector, accounting for 25% of total insolvencies, InsolvencyJournal.ie notes. There was, however, a year on year decrease of 16% with 347 construction insolvencies in 2013 compared to 415 for 2012, InsolvencyJournal.ie states. The retail sector accounted for 14% of all insolvencies for 2013 totaling 190, showing a decrease of 14% compared to 2012, InsolvencyJournal.i discloses. Insolvencies in the hospitality industry also decreased from 171 in 2012 to 163 in 2013, a 5% drop, InsolvencyJournal.ie says. There has been a decrease in insolvencies across all industries during 2013 apart from the motor sector who have recorded a 43% increase from 30 in 2012 to 43 in 2013, InsolvencyJournal.ie relays. Receivership totals for 2013 reached 363 a 9% drop on totals for 2012 (399), according to InsolvencyJournal.ie. These receivership totals do not include personal asset receiverships, InsolvencyJournal.ie notes. Examinerships for 2013 are at 21, which is a 22% drop on totals for 2012 (27), InsolvencyJournal.ie relates. Liquidations, including both Court Liquidations and Creditor Voluntary Liquidations totaled 981 for 2013, a 22% decline on 2012 totals of 1,258, InsolvencyJournal.ie discloses. According to InsolvencyJournal.ie, David Van Dessel commenting on the outlook for 2014 said: "Although I anticipate the incidence of corporate insolvency will continue to fall, I do not anticipate the drop will be significant in 2014, as I am of the view that the pillar banks, who are probably the main bankers to our SME sector, have been forbearing of struggling companies during the recession and to date have been reluctant to appoint receivers. This position is not tenable in the long term and I anticipate that we are approaching a point in time when banks will have to take action against companies that are in significant long term arrears. This is likely to lead to an increase in corporate receivership activity in 2014, as well as an increase in examinership applications particularly under the new examinership legislation which is specifically tailored to our SME sector. I would also anticipate a drop in liquidation activity, brought about by a move by Directors of SME companies to avail of the new examinership legislation in an attempt to avoid liquidation". =============== S L O V E N I A =============== ALPINE BAU: Receiver Rejects DARS's EUR13.5-Million Claims ---------------------------------------------------------- STA reports that the receiver of the Slovenian subsidiary of Alpine Bau has admitted EUR2.2 million in claims and rejected EUR28 million, including EUR13.5 million worth of claims by Slovenian motorway company DARS stemming from the yet unfinished construction of a tunnel between the coastal towns of Koper and Izola. Alpine Bau GmbH is Austria's second biggest construction group. Alpine Bau, owned by Spain's Fomento de Construcciones y Contratas SA, filed for insolvency on June 19, 2013, with liabilities of EUR2.56 billion (US$3.4 billion). =========================== U N I T E D K I N G D O M =========================== BARRATTS: Administrator Confirms Firm Sold ------------------------------------------ Michelle Russell at just-style.com reports that Duff & Phelps, the administrator for troubled UK footwear chain Barratts, has confirmed the company's brand and its e-commerce business have been acquired. In a creditor report released by the firm's administrators, a company named W Barratt & Co, connected via common directors and management, offered GBP360,000 (US$591,435) for the company, according to just-style.com. The report relates that it is understood the company was set up by footwear entrepreneur Harvey Jacobson and former Barratts buying and merchandising director Simon Robson. The initial sales consideration of GBP300,000 was paid in full on completion, with the balance payable within six months, just- style.com notes. Administrators Duff & Phelps said that of the offers it had received for Barratts, this one represented "the best return to creditors," the report discloses. The company operated from 75 stores and 23 concessions, employing around 1,035 people across the UK and Ireland. However, last month, it closed around a quarter of its stores after collapsing into administration for the third time in November, the report relays. All remaining Barratts stores have now ceased to trade. Rival shoe retailer Pavers, however, made a rescue offer for parts of the chain last month, scooping up 14 stores in a deal worth GBP247,773, the report notes. As part of this latest sale agreement, W Barratt & Co has granted Pavers a license to trade the stores under the Barratts trading name for a period of six months, the report discloses. Reports surfaced in early October that the Bradford-based firm was in trouble and was seeking a GBP3 million (US$4.8 million) loan to help pay for stock in the lead-up to the Christmas shopping period, the report relays. When it slipped into administration last month, Duff & Phelps said "difficult trading conditions" in the sector led the directors to "explore potential refinancing options and additional equity for the business," the report says. The report recalls that in December 2011, the Barratts Priceless Group -- owner of the Barratts and Priceless Shoes footwear Shops -- collapsed into administration after a downturn in trading. Prior to this, previous owner Stylo called in administrators in January 2009, with Ziff rescuing 160 stores as well as 165 concession outlets, the report adds. CO-OPERATIVE BANK: BoE, FCA to Launch Probe Into Near-Collapse -------------------------------------------------------------- Harry Wilson at The Telegraph reports that The Bank of England and the Financial Conduct Authority have confirmed they will launch investigations into the near collapse of the Co-op Bank. Former senior managers of the Co-op Bank are to be investigated by Britain's two financial regulators over their role in the near failure of the troubled lender that last year discovered a GBP1.5 billion capital shortfall, The Telegraph discloses. According to The Telegraph, the Prudential Regulation Authority, the Bank of England-run bank supervisor, and the Financial Conduct Authority have confirmed they have begun an "enforcement investigation" into the Co-op Bank that will look at the actions of the lender's "former senior managers". The launch of the investigation follows a two-month-long joint inquiry by the PRA and the FCA into the circumstances that led to the Co-op Bank's troubles that will see the lender's parent, the Co-op Group, give up control of the business to its bondholders, The Telegraph relays. The investigation could lead to former manager being fined, suspended and possibly banned from working in the financial services industry, The Telegraph says. The investigation could also lead to criminal action should the officials find any evidence of wrongdoing by individuals, though this would require a separate police investigation, The Telegraph notes. No timetable has been set for the work, but one source with knowledge of the process said it would likely take "several months", The Telegraph states. About Co-operative Bank Co-op Bank -- part of the mutually owned food-to-funerals conglomerate Co-operative Group -- traces its history back to 1872. The bank gained prominence for specializing in ethical investment. It refuses to lend to companies that test their products on animals, and its headquarters in Manchester is powered by rapeseed oil grown on Co-operative Group farms. Founded in 1863, the Co-op Group has more than six million members, employs more than 100,000 people, and has turnover of more than GBP13 billion. * * * The Troubled Company Reporter-Europe on Nov. 14 and 18, 2013 has reported that Moody's Investors Service has affirmed The Co-operative Bank's Caa1 senior unsecured debt and deposit ratings, and changed the outlook on the rating to negative from developing, and Fitch Ratings has downgraded the company's Issuer Default Rating to 'B' from 'BB-' and placed it on Rating Watch Negative. E-NET COMPUTERS: Posts GBP1-Mil. Loss; To Halt Trading Activities ----------------------------------------------------------------- Scott Reid at The Scotsman reports that E-Net Computers, the Edinburgh company owned by entrepreneur and online Dragons' Den star Shaf Rasul, has racked up another GBP1 million loss as it undertakes a major restructuring that will see it cease to have any trading activities. Newly-filed accounts reveal that the firm made a loss before tax of just under GBP990,000 in the year to March 31, compared with a deficit of GBP960,000 a year earlier, The Scotsman relates. Turnover fell to just GBP5.1 million from almost GBP13 million in 2011/12, The Scotsman discloses. Mr. Rasul has always been clear that E-Net, which grew spectacularly after it was established in 1999, would decline as the price of its core product, blank CDs and DVDs, fell in the UK and Europe, The Scotsman relays. At its peak in 2004-5, sales reached GBP67.2 million while Mr. Rasul's wealth was estimated to be in the region of GBP82 million, The Scotsman notes. According to The Scotsman, writing in the accounts, the directors note that in order to "address the current economic climate the group has undertaken significant restructuring and resizing of its operations". The directors note: "In addition, the company intends to transfer its investment property to a related party and work is currently in progress to facilitate this. As a result . . . the company will cease to have any trading activities. "It will, however, continue to retain full interest in its related party property portfolios." The latest Companies House documents also show E-Net Computers' headcount falling from 81 to 27, The Scotsman relays. HEARTS OF MIDLOTHIAN: Bid to Lift Transfer Embargo Fails -------------------------------------------------------- Stuart Bathgate and Darren Johnston at The Scotsman report that the Hearts of Midlothian Football Club's administrators on Monday revealed they have failed in a bid to have the club's transfer embargo lifted. The struggling Tynecastle club were hit with an automatic 15- point penalty and a player registration ban when they suffered an insolvency event in June last year, and 21 games into the Premiership season still sit on minus two points anchored in bottom spot as they battle to cope with an already threadbare squad, The Scotsman relates. A Company Voluntary Arrangement has been accepted but the club's exit from administration cannot be completed until the Foundation of Hearts, the prospective owners, secures a deal with the people in charge of Lithuanian majority shareholder UBIG, The Scotsman notes. Despite that, 24 hours after the Jan. 2 derby defeat to Hibernian at Easter Road, Hearts assistant manager Billy Brown called for the sanctions to be lifted as he warned manager Gary Locke might have to field schoolboys in the first team, The Scotsman relays. But joint-administrator Bryan Jackson was given little encouragement from the Scottish Professional Football League when he made inquiries as to whether any relaxation of the sanctions was possible, The Scotsman states. According to The Scotsman, Mr. Jackson told BBC Scotland "We've put all the arguments forward and, not surprisingly, they've all been rejected. "Nothing is going to change with regard to the sanctions and I feel really sorry for Gary in that we can't do anything to help him. "Those restrictions are there, we've tried and there's nothing we can do about it." Unrest has grown among a section of the club's support, with an increasing number advocating that Locke be removed, The Scotsman relates. But Mr. Jackson, whose firm BDO took over as administrators last June, insisted that the manager was the right man to head the club during one of the most difficult periods in its history, The Scotsman discloses. According to The Scotsman, the Foundation of Hearts, preferred bidders for the club, are still waiting to learn when a Lithuanian court will deliver a judgment on the 50% shareholding in Hearts owned by former parent company Ubig. Until Ubig are allowed to sell their shares to the Foundation, the Company Voluntary Arrangement made at the end of November cannot be finalized, The Scotsman states. Only when the CVA is finalized can the club come out of administration, The Scotsman notes. That process is unlikely to be completed before March, meaning the club cannot bring in any new players, The Scotsman says. About Hearts of Midlothian Hearts of Midlothian Football Club, more commonly known as Hearts, is a Scottish professional football club based in Gorgie, in the west of Edinburgh. Hearts went into administration after the Scottish FA opened disciplinary proceedings against the club. BDO was appointed administrators on June 19. MCKECHNIE BRASS: In Administration, Cuts 60 Jobs ------------------------------------------------ Birmingham Mail reports that dozens of workers lost their jobs after one of the country's oldest brass mills, Aldridge-based McKechnie Brass, collapsed. All but 15 workers at McKechnie Brass - believed to be the UK's sole remaining brass bar producer - were made redundant after administrators were called in on December 30, according to Birmingham Mai. The report relates that the company, which has a history that stretches than 140 years, said the collapse followed a period of heavy financial losses as the fluctuating prices of scrap brass put margins under pressure. Administrators made 60 of the 75-strong workforce redundant, and are in talks with several parties about selling the business, the report notes. McKechnie Brass, bought out of administration with the backing of West Midlands-based industrial conglomerate Grove Industries in September 2011, has a history stretching back to 1871, when it was founded by Duncan McKechnie in St Helens, the report says. It moved to Birmingham in 1894, but has struggled in recent years, including suffering a production breakdown in November, the report says. The report notes that a McKechnie Brass spokesman said directors had tried to keep the firm afloat but market conditions made it impossible in the end. "The appointment of administrators follows a sustained period of heavy financial losses, which resulted from a serious deterioration in trading conditions throughout the last year, particularly relating to the price of scrap brass material. . . . While the appointment of an administrator at McKechnie Brass is a matter of great regret, every effort was made to seek to support and develop this business, despite exceptionally difficult trading conditions," the report quoted the spokesman as saying. SOUTHAMPTON FRUIT: Enters Administration After Asset Sale --------------------------------------------------------- Insider Media Limited reports that Southampton Fruit Handling (SFH), a business which pledged to create 60 jobs in Southampton after signing a deal to import up to 500,000 tons of fruit and vegetables from southern Spain each year, has gone into administration. But the assets of Southampton Fruit have been sold to a rival operator, safeguarding a further 60 potential job losses, according to Insider Media Limited. The report notes that Peter Hall from insolvency firm Peter Hall was appointed administrator of the Port of Southampton business in December 2013. The report relates that prior to his appointment; the assets were sold to Solent Stevedores for an undisclosed sum. The report relates that in a statement to Insider, Hall said: "The company had to cease trading. Prior to the appointment of myself, the business and assets were sold to another operator by the company's management . . . . The employees were transferred to the purchaser and therefore the hardship for employees was minimized." The report notes that Solent Stevedores Chairman Stuart Cullen said the deal to buy SFH's assets was "great news" for the Port of Southampton. "This expansion of our operations at the port will enable us to continue SFH's good work, build on and exploit the full potential of fresh produce shipping from the Canaries and southern Spain and to further cement our excellent relationship with Associated British Ports," the report quoted Mr. Cullen as saying. Mr. Cullen added: "As our business has grown, we have said we will look for low-risk, high-value opportunities to expand in which we can use our decades of experience to improve margins and drive efficiencies. Acquiring SFH's assets is a perfect example of this strategy," the report relays. SFH operated in the port for the past 19 years. Its major customer was The Federation of Tomato Growers and Exporters of Las Palmas, which exports fruit from the Canary Islands. ********* 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., Washington, D.C., USA. Valerie U. Pascual, Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante, Ivy B. Magdadaro, and Peter A. Chapman, Editors. Copyright 2014. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$775 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000 or Nina Novak at 202-241-8200. * * * End of Transmission * * *