/raid1/www/Hosts/bankrupt/TCREUR_Public/190109.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 9, 2019, Vol. 20, No. 006


                            Headlines


G E R M A N Y

HSH NORDBANK: Bond Investors Sue Over Lowered Book Value


I R E L A N D

* IRELAND: Construction Sector Insolvencies Up Almost 50% in 2018


I T A L Y

ASTALDI SPA: Moody's Lowers CFR to Ca, Outlook Negative
BANCA CARIGE: Draws Up Turnaround Plan to Secure Future
BANCA CARIGE: Italy Approves State Guarantees for Bond Issues


N E T H E R L A N D S

CIMPRESS NV: S&P Lowers Senior Secured Debt Rating to 'BB+


U N I T E D   K I N G D O M

BELLZONE MINING: February 15 Claims Filing Deadline Set
ECONOMY ENERGY: Ceases Trading, Ofgem to Appoint New Supplier
MOTHERCARE PLC: Clacton Store Set to Close by End of January
NEW LOOK: To Close Donegall Place Store, Around 70 Jobs at Risk


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G E R M A N Y
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HSH NORDBANK: Bond Investors Sue Over Lowered Book Value
--------------------------------------------------------
Olaf Storbeck at The Financial Times reports that a group of 18
bond investors is suing private equity-owned German lender HSH
Nordbank for EUR1.4 billion in damages, accusing the recently
privatized bank of "improperly" lowering the book value of
capital issued more than a decade ago.

According to the FT, at issue are securities with a nominal value
of close to EUR2 billion dating from between 2002 and 2005, a
time when HSH was the world's biggest shipping lender.

HSH later became one of the biggest victims of the financial
crisis in Germany and had to be rescued with a EUR13 billion
government bailout, the FT notes.

When HSH started to struggle with big losses in 2009, it stopped
paying interest on the hybrid securities and started writing down
their value, the FT recounts.

Last year, it became the first of Germany's Landesbanks -- the
network of regional, wholesale banks -- to be privatized, when a
consortium led by US private equity groups Cerberus and JC
Flowers bought it for EUR1 billion in cash, the FT relates.

In November 2018, HSH announced they would cancel the hybrid
capital instruments by 2020, the FT discloses.

The claimants filed the lawsuit on Dec. 28 at the Kiel district
court, the FT states.

A person familiar with the lawsuit told the FT that the 18
investors represent about half the affected bondholders.



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I R E L A N D
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* IRELAND: Construction Sector Insolvencies Up Almost 50% in 2018
-----------------------------------------------------------------
Gavin McLoughlin at Independent.ie reports that the number of
builders going insolvent increased by almost 50% last year, in
the midst of a housing crisis where building services are sorely
needed.

New figures compiled by Deloitte show 158 construction firms went
into insolvency last year, compared to 108 in 2017,
Independent.ie discloses.

According to Independent.ie, builders taking on contracts with
fixed prices are being hit by rising costs of labor and
materials.

In addition, a number of firms may have been affected by the
collapse of UK builder Carillion, Independent.ie states.

"The increase in construction-related insolvencies reflects that
there are still legacy issues at play in the sector," Deloitte
partner David van Dessel, as cited by Independent.ie, said,
adding that cost inflation was having an impact on profitability.

He also said slowing growth in house prices is having an impact,
Independent.ie notes.

The figures will inevitably raise fears that the housing crisis
will take longer to be solved, Independent.ie relays.

The Deloitte figures show construction is lagging the rest of the
economy, with insolvencies down 12% overall, Independent.ie says.

The figures show, however, that only a handful of firms are
availing of the examinership process -- which offers insolvent
firms a chance to be rescued, according to Independent.ie.



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I T A L Y
=========


ASTALDI SPA: Moody's Lowers CFR to Ca, Outlook Negative
-------------------------------------------------------
Moody's Investors Service has downgraded to Ca-PD/LD from Caa2-PD
the probability of default rating of Italian construction company
Astaldi S.p.A. after the group has missed to pay the interest on
its EUR750 million senior unsecured notes. Concurrently, Moody's
downgraded to Ca from Caa2 the group's corporate family rating,
assuming a 35%-65% recovery rate, and to Ca from Caa2 the
instrument rating on the EUR750 million senior unsecured notes
due 2020.

The limited default "LD" designation attached to Astaldi's PDR
reflects that the missed interest payment constitutes a default
under Moody's definition. The LD designation will remain until
the group resolves the missed payment. The outlook on all ratings
remains negative.

RATINGS RATIONALE

The downgrade reflects Astaldi's failure to make the interest
payment on its 7.125% EUR750 million senior unsecured notes after
the end of the 30 days grace period that has started on December
1, 2018. This is a direct consequence of Astaldi entering into a
procedure of arrangement with creditors, with reserve according
to art. 161, subsection 6, of R.D. 267/1942, under Italian
Insolvency Law.

At this stage, Astaldi remains focused on conducting its business
activities on a going concern basis, which are under supervision
by the Court of Rome. The group is further preparing for the
filing of a composition with creditors, a business continuity
plan and related documentation as required by law, which has
recently been extended by February 14, 2019.

The downgrade of the CFR and the instrument rating on the senior
unsecured notes to Ca also takes into account a 35%-65% recovery
assumption as well as uncertainty around whether Astaldi will be
able to restructure its debt and to implement a more sustainable
capital structure within the next 12 months.

WHAT COULD CHANGE THE RATING DOWN / UP

The ratings could be further downgraded should the group default
on other elements of its capital structure or pursue a formal
reorganization of its debt, or if Moody's were to revisit its
recovery expectations on Astaldi's debt instruments to lower than
currently estimated.

An upgrade of Astaldi's ratings appears unlikely before its
indebtedness is reduced to more sustainable levels.

OUTLOOK

The negative outlook reflects Moody's view that Astaldi may have
difficulty refinancing its debt without restructuring or
impairment to creditors.


BANCA CARIGE: Draws Up Turnaround Plan to Secure Future
-------------------------------------------------------
Sonia Sirletti at Bloomberg News reports that Banca Carige SpA's
special administrators laid out a turnaround plan including the
sale of state-backed bonds and soured debt to secure the bank's
future and avoid a precautionary recapitalization.

Carige said in a statement on Jan. 8 the Genoa-based bank is
"about to activate" a state guarantee on bond issues to boost its
mid-term funding, Bloomberg relates.

According to Bloomberg, the lender will also start working to cut
its non-performing loans to 5% to 10% of total lending and is
renegotiating the terms of a EUR320 million (US$366 million) bond
sold to Italy's deposit guarantee fund at the end of November.

"The business plan that will be presented by the end of February
2019 will foresee a credible path not only from the point of view
of operational sustainability but also in terms of attractiveness
for an aggregation," Bloomberg quotes Carige as saying in the
statement.


BANCA CARIGE: Italy Approves State Guarantees for Bond Issues
-------------------------------------------------------------
John Follain, Sonia Sirletti and Lorenzo Totaro at Bloomberg News
report that faced with a potential bank failure that could hit
thousands of depositors in Deputy Premier Matteo Salvini's
northern base, the cabinet approved state guarantees for any
future bond issued by cash-strapped Banca Carige SpA and signaled
its support for a possible recapitalization.

Prime Minister Giuseppe Conte said in a text message that at an
urgent, night-time cabinet meeting on Jan. 7, ministers backed a
decree law which "offers the broadest guarantees to safeguard the
rights and interests of savers" in Carige, Bloomberg relates.

The prime minister, as cited by Bloomberg, said the measures,
which have immediate effect, allow the bank's special
administrators to pursue efforts to consolidate assets and
relaunch the bank's activities.

The European Central Bank took the unprecedented step of placing
Carige in temporary administration after the bank's main investor
blocked a vital capital increase in late December, leaving the
lender without one of the two pillars of a turnaround plan
approved by the ECB, Bloomberg recounts.  Special administrators
were given a three-month mandate to reduce balance sheet risks
and find a possible partner for the bank, Bloomberg notes.

According to Bloomberg, the Rome government may consider a
request for a precautionary recapitalization to restore the
lender's capital ratio, it said in a statement after the cabinet
meeting.

The government decree makes it possible for Carige to benefit
from measures to boost liquidity, including a state guarantee on
bonds to be issued in the future, or on financing given by the
Bank of Italy, Bloomberg states.

The administrators in charge of Carige are seeking to review a
December agreement that saw Italy's deposit guarantee fund buy
EUR320 million of bonds from the troubled lender to meet ECB
requirements, Bloomberg discloses.

On Jan. 7, the administrators in charge had met with Treasury
officials to discuss the possible sale of part of the lender's
soured debt to state-owned SGA SpA, Bloomberg recounts.

Carige said in a statement on Jan. 8 the bank's administrators
have started due diligence on a plan to further reduce non-
performing loans, Bloomberg relays.

The statement said the administrators are set to activate the
state guarantees on bond issues, Bloomberg notes.  The idea of a
precautionary recapitalization for the bank remains as only a
"residual option", according to Bloomberg.



=====================
N E T H E R L A N D S
=====================


CIMPRESS NV: S&P Lowers Senior Secured Debt Rating to 'BB+
----------------------------------------------------------
S&P Global Ratings lowered its issue-level rating on Cimpress
N.V.'s senior secured credit facility to 'BB+' from 'BBB-'. The
recovery rating is revised to '2' from '1', indicating its
expectation of substantial recovery (70%-90%; rounded estimate:
80%) of principal in a payment default.

The downgrade reflects the company's recently announced expansion
of its senior secured credit facility, which increases the funded
term loan amount to $526 million and expands its revolving credit
facility capacity to $1.087 billion. The approximately $252
million incremental term loan will be used to partially pay down
the outstanding balance on the revolving credit facility, which
was recently used to fund the acquisition of Build A Sign LLC for
roughly $274 million. S&P believes recovery prospects for the
senior secured facility are lower due to its increased size
relative to its estimated net enterprise value for Cimpress in
its hypothetical default scenario.

S&P said, "Our 'BB' issuer credit rating on Cimpress is unchanged
because this transaction does not increase leverage, in our view.
Furthermore, we expect the company's operating performance will
be stable in fiscal 2019, with around 10% organic constant
currency revenue growth and modest improvement in EBITDA margins,
reflecting operational improvements that offset one-time costs
from acquisitions and restructuring efforts. We could lower the
issuer credit rating if the company makes significant debt-
financed share repurchases or a combination of significant share
repurchases and high-priced acquisitions, increasing leverage
above 4x on a sustained basis."

ISSUE RATINGS--RECOVERY ANALYSIS

Key analytical factors

-- S&P's hypothetical base-case scenario contemplates a default
    in 2024 due to a sharp decline in competitive position and
    profitability. Risk factors include the company failing to
    innovate or effectively manage growth, resulting in fewer
    orders; a deterioration in economic conditions that causes
    small and microbusinesses to postpone marketing spending; and
    financial stress from a mistimed debt-financed acquisition or
    shareholder-friendly corporate event.

-- S&P believes lender recovery will depend on the complexity of
    Cimpress' operational restructuring needs and the company's
    ability to maintain order volumes, given its global sales and
    manufacturing footprint. S&P assumes a reorganized entity
    would benefit from the residual lifetime value of its
    established customer base, brand presence, and operational
    and marketing capabilities.

-- Pro forma for this transaction, Cimpress' debt capitalization
     consists of $1.613 billion of senior secured credit
     facilities (comprising a pari passu $1.087 billion revolving
     credit facility due in 2023 and a $526 million term loan A
     due in 2023) and $400 million of senior unsecured notes due
     in 2026.

-- Cimpress N.V., Vistaprint Ltd., Cimpress Schweiz GmbH,
    Vistaprint B.V., and Cimpress USA Inc. are coborrowers under
     the senior secured credit facilities (revolver and term
     loan). In addition, Cimpress USA is the borrower under the
     incremental 2019 term loan. Cimpress N.V. is the issuer of
     the senior unsecured notes.

-- The senior secured credit facilities are secured by a lien on
    substantially all of the coborrowers' and guarantors' capital
    stock and tangible and intangible property (subject to 65% of
    the voting stock of the first-tier foreign subsidiary and
    other excluded assets). The senior secured debt benefits from
    a priority claim on the collateral.

-- In fiscal year 2018, Cimpress generated about 58% of its
    revenue from outside the U.S. Under the credit agreement, at
    least 77.5% of its credit support (generally defined as at
    least 77.5% of consolidated EBITDA or consolidated assets)
    must come from the borrowers and guarantors.

-- In S&P's default scenario, it assumed 85% of the company's
    large revolving credit facility, which supports cash flow and
    growth initiatives, is drawn. While the company's access to
    the expanded revolving credit facility is limited by
    financial maintenance covenants currently, S&P expects the
    company would successfully amend its credit facilities prior
    to default in its hypothetical scenario.

-- S&P uses a 6x EBITDA multiple in its default assumptions due
    to Cimpress' broad business platform and extension into
    European web-to-print businesses.

Simulated default assumptions

-- Simulated year of default: 2024
-- EBITDA at emergence: about $186 million
-- EBITDA multiple: 6x
-- Revolving credit facility: 85% drawn at default

Simplified waterfall

-- Net enterprise value (after administrative costs): about $1.1
    billion

-- Secured first-lien debt: about $1.3 billion
    --Recovery expectations: 70%-90% (rounded estimate: 80%)

-- Total unsecured claims: about $690 million

   -- Recovery expectations: 0%-10% (rounded estimate: 5%)

All debt amounts include six months of prepetition interest.

  RATINGS LIST

  Rating Unchanged
  Cimpress N.V.
   Issuer Credit Rating     BB/Negative/--
   Senior Unsecured         B+
    Recovery Rating         6 (5%)

  Ratings Lowered; Recovery Rating Revised
  Cimpress N.V.
  Cimpress USA Inc.
  Cimpress Schweiz GmbH
  Vistaprint Ltd.
  Vistaprint B.V.
                            To               From
  Senior Secured            BB+              BBB-
   Recovery Rating          2 (80%)          1 (95%)



===========================
U N I T E D   K I N G D O M
===========================


BELLZONE MINING: February 15 Claims Filing Deadline Set
-------------------------------------------------------
Alan John Roberts and Benjamin Alexander Rhodes of Grant Thornton
Limited, Third Floor, Kensington Chambers, 46/50 Kensington
Place, St Helier JE1 1ET were appointed Joint Liquidators of
Bellzone Mining Plc under Article 155 of the Companies (Jersey)
Law 1991, as amended, pursuant to court act dated Dec. 13, 2018.

All creditors of the company are required on or before
February 15, 2019, to send their names and addresses and
particulars of their claims to the Joint Liquidators together
with supporting documentation, and all persons indebted to the
Company are required to settle with the Joint Liquidators by the
said date.


ECONOMY ENERGY: Ceases Trading, Ofgem to Appoint New Supplier
-------------------------------------------------------------
Myles McCormick at The Financial Times reports that Economy
Energy has ceased trading, continuing into the new year a trend
which saw eight small providers fail in 2018.

According to the FT, the company, which provided energy to around
235,000 domestic energy customers in the UK, failed on Jan. 8,
days after the energy regulator barred it from taking on new
customers due to poor levels of customer service.

In a note on its website, the company, as cited by the FT, said:
"Economy Energy has ceased to trade.  Ofgem, the energy
regulator, is appointing a new supplier for its customers."

Under Ofgem's safety net procedure, Economy's customers will be
transferred to a new supplier in the coming days and their credit
balances will be protected, the FT discloses.

Economy was one of a number of energy providers to miss a
deadline to make certain green energy payments to the regulator
last October, with around GBP17 million outstanding in renewable
obligation charges, the FT notes.  Ofgem said on Jan. 8 it had
since paid off GBP4 million of this, the FT notes. The remainder
will be spread across remaining suppliers through a process of
"mutualization", the FT relates.


MOTHERCARE PLC: Clacton Store Set to Close by End of January
------------------------------------------------------------
Jesica Hill at East Anglian Daily Times reports that a branch of
Mothercare will be closing in the coming weeks, leaving another
gap in the High Street which might not be easy to replace.

A member of staff at the Mothercare store on Pier Avenue in
Clacton confirmed that the store would be closing at the end of
January, East Anglian Daily Times notes.

According to East Anglian Daily Times, Mothercare is closing down
50 "underperforming" stores in all, including those in Maidstone,
Salisbury, Newport in Wales and Yeovil in Somerset, as well as in
Clacton.

The store closures are being carried out through a company
voluntary arrangement (CVA) -- which allows companies to close
loss-making shops and secure rental discounts, East Anglian Daily
Times discloses.

In November, Mothercare claimed that negative press coverage in
the past year had damaged its brand, causing sales in the UK to
decline, East Anglian Daily Times recounts.

For the half-year to Oct. 6, the retailer reported a pre-tax loss
of GBP14.4 million?Mothercare began an extensive closing down sale
in Clacton in December, which it is continuing until all the
stock is gone, East Anglian Daily Times states.


NEW LOOK: To Close Donegall Place Store, Around 70 Jobs at Risk
---------------------------------------------------------------
Margaret Canning at Belfast Telegraph reports that around 70 jobs
are expected to go at fashion chain New Look as it confirmed it
will shut its Donegall Place store in Belfast this month, with a
new Primark opening in its place.

According to Belfast Telegraph, New Look said it will shut the
flagship store at Fountain House on Jan. 15 and said there are no
plans to relocate anywhere else.

New Look last year announced a program of closures and
negotiations for rent reductions as part of cost-cutting in a
form of insolvency known as a company voluntary arrangement,
Belfast Telegraph relates.

Rent reductions were agreed -- but it's understood landlords were
given the option to give New Look notice to leave their units if
the retailer did not want to accept a reduced rent and they felt
confident of attracting a new tenant, Belfast states.

New Look now has around 24 stores around Northern Ireland,
Belfast Telegraph discloses.  But there was no further
information about whether any other stores here will be closed,
Belfast Telegraph notes.



                            *********

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
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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.

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
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                            *********


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.
Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.

Copyright 2019.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
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