/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/101130.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, November 30, 2010, Vol. 11, No. 236 Headlines A U S T R I A A-TEC INDUSTRIES: AE&E Raaba Unit to File for Debt Restructuring KOEHLER KIESABBAU: Files for Insolvency; Undergoes Restructuring B U L G A R I A MOSTSTROY AD: Court Opens Bankruptcy Procedure for Unit F R A N C E CMA CGM: Seeks U$150 Million From Sovereign Fund; Mulls IPO G E R M A N Y CONERGY AG: Creditors May Relinquish 15% of Claims * GERMANY: Upper House Approves Bank Restructuring Law G R E E C E DANAOS CORP: Reports US$978,000 Net Income in Third Quarter I C E L A N D KAUPTHING BANK: Outlines Options to Handle US$63 Billion in Claims * ICELAND: President Says Voters Must Have Final Say on Icesave I R E L A N D ANGLO IRISH: Finance Minister Agrees to Issue New Guarantee PIERSE CONTRACTING: Two Banks Appoint Receivers * IRELAND: Granted EUR67.5BB Bailout; Bank Bondholders to Get Hit * Moody's Reviews Ratings on Irish Banks and Building Societies N E T H E R L A N D S CEVA GROUP: S&P Raises Corporate Credit Rating to 'B-' NXP SEMICONDUCTORS: Moody's Raises Corp. Family Rating to 'B3' R U S S I A BANK URALSIB: Moody's Affirms 'D-' Bank Financial Strength Rating COMMERCIAL BANK: Moody's Affirms 'E+' Financial Strength Rating CREDIT EUROPE: Moody's Assigns 'Ba3' Rating to Senior Debt EUROCHEM OJSC: Fitch Assigns 'BB' Rating to Domestic Bonds INVESTMENT TRADE: Moody's Assigns 'B2' Rating to Senior Debt KEDR BANK: Moody's Assigns 'B2' Rating to Senior Unsecured Debt RUSS-INVESTMENT: Moody's Assigns 'B2' Long-Term Issuer Ratings SB BANK: Moody's Assigns 'B3' Rating to Senior Unsecured Debt S P A I N IM CAJASTUR: Moody's Assigns 'B1' Rating to Class B Notes T U R K E Y SEKERBANK TAS: Moody's Corrects Press Release on Ratings U N I T E D K I N G D O M AIRE VALLEY: S&P Affirms 'BB' Ratings on Three Classes of Notes BELL LINES: Supreme Court Admits UK Insolvency Service as Creditor BOWMANS NI: Ceases Trading; 31 Jobs Affected CRUSADERS: Hopeful for Good Outcome From Meeting DIGITAL SATELLITE: Put in Liquidation Over Illegal Warranty Sale GATE HOUSE: Recovery for Unsecured Creditors Unlikely IRWINS: Goes Into Administration, 56 Jobs Axed LEED PETROLEUM: Mulls Asset Sale Following Technical Default LEHMAN BROTHERS: Proposes Settlement With European Administrators PONTIN'S: Administrators Won't Confirm Butlins' Plan to Bid PRESBYTERIAN MUTUAL: Details on Rescue Package Still Unclear URSUS EPC: Fitch Cuts Ratings on Three Classes of Notes to 'Csf' * UNITED KINGDOM: Fewer Business Insolvencies Reported X X X X X X X X * Large Companies With Insolvent Balance Sheets ********* ============= A U S T R I A ============= A-TEC INDUSTRIES: AE&E Raaba Unit to File for Debt Restructuring ---------------------------------------------------------------- A-Tec Industries AG's AE&E Raaba unit was set to file for self-administered debt restructuring on Friday, Zoe Schneeweiss at Bloomberg News, citing Hans-Georg Kantner, the spokesman of A- Tec's creditor committee. Bloomberg relates Mr. Kantner, a representative of credit protection association Kreditschutzverband von 1870, said on Friday attempts to sell the unit did not bring the desired result because of time constraints and "too high risks" associated with the company. According to Bloomberg, Mr. Kantner said three companies still are interested in buying the unit and negotiations will take place parallel to the debt restructuring. He declined to identify the potential bidders, Bloomberg notes. As reported by the Troubled Company Reporter-Europe on Nov. 26, 2010, A-Tec's AE&E construction unit received court clearance to reorganize debt after it failed to sell the company or unfreeze a EUR798 million (US$1.06 billion) credit line. Bloomberg disclosed A-Tec said in a statement AE&E will be managed by an administrator after it filed for reorganization proceedings at the Vienna Commercial Court on Nov. 24. AE&E said under the restructuring, which is part of the insolvency process, creditors are being offered 20% of what they are owed, according to Bloomberg. A-Tec, as cited by Bloomberg, said in a separate statement on Nov. 24 AE&E had been trying to sell itself and potential buyers included Austria's Andritz AG, Mass Financial Corp. of Hong Kong and Korea's Doosan Heavy Industries and Construction Co. As reported by the Troubled Company Reporter-Europe on Nov. 5, 2010, Bloomberg News said the AE&E unit, which builds power plants for clients such as utilities or steel makers, is A-Tec's biggest unit with 60% of the group's revenue and 83% of pretax profit in 2009. Bloomberg noted failure to keep it afloat would diminish the funds for creditors. On Oct. 22, 2010, the Troubled Company Reporter-Europe, citing Bloomberg News, reported that A-Tec sought court clearance to reorganize debt after losing access to its line of credit because of an Australian power-station project's financial difficulties. Bloomberg disclosed A-Tec said in a statement on Oct. 20 that the company filed for self-administered reorganization proceedings at the Vienna Commercial Court and appointed trustees for bondholders. Bloomberg said A-Tec has 90 days under Austrian law to seek an agreement with lenders, after which it can seek full protection from creditors. The company has a EUR798 million (US$1.11 billion) revolving credit facility and EUR302 million of outstanding bonds, according to Bloomberg data. A-Tec Industries AG is an engineering company based in Vienna, Austria. KOEHLER KIESABBAU: Files for Insolvency; Undergoes Restructuring ---------------------------------------------------------------- Aggregates Business Europe reports that Koehler Kiesabbau has filed for insolvency. According to Aggregates Business Europe, the company has launched a restructuring program in a bid to keep the business operational. Aggregates Business Europe relates quarrying at the company's site ceased on October 28 and directors have since been working to find a financial solution. Koehler Kiesabbau is an Austria-based gravel producer. =============== B U L G A R I A =============== MOSTSTROY AD: Court Opens Bankruptcy Procedure for Unit ------------------------------------------------------- SeeNews reports that Moststroy AD said a local regional court has opened a bankruptcy procedure for its majority-owned Moststroy- Veliko Tarnovo unit. Moststroy-Veliko Tarnovo has been declared insolvent starting September 30, 2010, and a first meeting of its creditors is scheduled for December 21, 2010, SeeNews says, citing a statement posted on the company's Web site on Thursday. SeeNews relates an interim receiver has also been appointed at the Veliko Tarnovo-based company. According to SeeNews, the statement said a distraint order has been issued on Moststroy-Veliko Tarnovo's receivables and movable property and an injunction granted on its immovable assets. As reported by the Troubled Company Reporter-Europe on Oct. 11, 2010, Bloomberg News said Moststroy filed for insolvency after all its bank accounts were frozen because of unpaid debts. Bloomberg disclosed Moststroy said it had no funds to repay a loan borrowed from the United Bulgarian Bank, a unit of the National Bank of Greece SA, which was due on May 31. Its construction machines and other equipment leased from Interlease EAD were seized by Interlease, which canceled the contracts, Moststroy, as cited by Bloomberg, said. Moststroy AD is a construction company based in Bulgaria. The company participates in the construction of the country's high- profile Trakiya motorway. =========== F R A N C E =========== CMA CGM: Seeks U$150 Million From Sovereign Fund; Mulls IPO ----------------------------------------------------------- CMA CGM SA continues to seek US$150 million from France's sovereign wealth fund in spite of securing a US$500 million cash injection from a Turkish investor, Robert Wright at The Financial Times reports, citing Rodolphe Saade, the company's deputy chief executive. According to the FT, Mr. Saade said that, as well as seeking funds from the Fonds Strategique d'Investissement (FSI), the company hoped eventually to undertake an initial public offering. Mr. Saade, as cited by the FT, said, an FSI investment would be significant because the fund represented the French government. He said such an investment would reassure the banks holding CMA CGM's US$5 billion debt and yards building new ships for the company, the FT notes. The FT relates Mr. Saade revealed on Friday that, as well as securing the promised cash injection from Yildirim, it had reached agreement in principle with its banks on a debt restructuring. He expected both the restructuring and the cash injection to complete simultaneously in January, the FT discloses. The FT says in return for its investment, Yildirim will receive three of the company's 10 board seats and instruments that convert into 20% of CMA CGM's shares after five years. Robert Yueksel Yildirim, the Turkish company's president and chief executive, said the deal had been structured to allow Yildirim to exit its investment after five years, according to the FT. Mr. Saade said the preferred option was to float the company's shares publicly. "We're looking to go IPO after five years," the FT quoted Mr. Saade as saying. As reported by the Troubled Company Reporter-Europe, the FT said CMA CGM was forced to seek a financial restructuring in September 2009 after sharp falls in world container trade volumes and in earnings per container shipped pushed it into severe losses. The FT disclosed it also faces significant liabilities paying for new, large ships ordered during container shipping's long boom between 2002 and 2008. The Troubled Company Reporter-Europe, citing Bloomberg News, had reported that CMA CGM, which is reorganizing EUR5.4 billion (US$7 billion) of debt, began talks with creditors in September 2009 to reorganize and avoid insolvency after breaching covenants on most of its debt. Bloomberg said under France's court- sponsored conciliation procedure, a company's failure to meet the deadline for an agreement with creditors makes it harder to raise new funds and leaves it vulnerable to insolvency if broken covenants are invoked. France-based CMA CGM -- http://www.cma-cgm.com/-- ships freight PDQ. The marine transportation company is one of the world's leading container carriers. Through subsidiaries it operates a fleet of about 370 vessels that serve more than 400 ports around the globe, and it maintains a network of about 650 facilities in about 150 countries. In addition to hauling containers by sea, CMA CGM provides logistics services, arranging the transportation of containerized freight by river, road, and rail. The company's tourism division arranges cruises and other travel services. Jacques Saade founded the company in 1978. ============= G E R M A N Y ============= CONERGY AG: Creditors May Relinquish 15% of Claims -------------------------------------------------- Cornelius Rahn at Bloomberg News, citing Handelsblatt, reports that Conergy AG's creditors, including Commerzbank AG, may agree to relinquish 15% of their claims totaling EUR261 million (US$346 million) in a proposed compromise for reorganizing the company. According to Bloomberg, the newspaper said a debt-for-equity swap would leave hedge funds including York Capital with a stake of as much as 70%, while Commerzbank's holding would fall to less than 10% from 29%. As reported by the Troubled Company Reporter-Europe on Nov. 29, 2010, Bloomberg News, citing the Financial Times Deutschland, said Conergy's creditors agreed in principle to the option of a debt- for-equity swap. Conergy AG -- http://www.conergy.com/-- is a Germany-based global manufacturer of products for the solar power generation, operating in two business segments: Conergy PV and EPURON. The Conergy PV segment is divided into two divisions: Components, developing and manufacturing system components, such as solar cells, solar modules, module frames and electronic components, and Sales & Systems, distributing the products to wholesalers, installers and final customers. The activities of EPURON segment encompass project development and structured financing in the field of renewable energies, through a number of subsidiaries. EPURON develops, finances and implements solar farms, as well as solar thermal power plants and bioenergy systems, mainly for institutional investors. It has representatives in 16 countries. As of December 31, 2009, the Company had 347 subsidiaries. * GERMANY: Upper House Approves Bank Restructuring Law ------------------------------------------------------ Andreas Kissler at Dow Jones Newswires reports that Germany's upper house of parliament Friday approved the country's bank restructuring law, which includes a bank levy to generate funds for troubled banks. According to Dow Jones, the legislation sets up a restructuring procedure for banks, allowing for early intervention to tackle problems before insolvency. The German president must now sign it into law, Dow Jones says. =========== G R E E C E =========== DANAOS CORP: Reports US$978,000 Net Income in Third Quarter ----------------------------------------------------------- Danaos Corporation filed its quarterly report on Form 10-Q, reporting net income of US$978,000 for the three months ended September 30, 2010, compared with net income of US$16,372,000 for the same period a year ago. The Company's balance sheet at September 30, 2010, showed US$3,522,601,000 in total assets, US$3,200,102,000 in total liabilities, and US$322,499,000 in stockholders' equity. Operating revenue increased 18.5% to US$94.6 million in the three months ended September 30, 2010, from US$79.8 million in the three months ended September 30, 2009. The increase was primarily a result of the addition to the Company's fleet of six 6,500 TEU containerships, the CMA CGM Musset, the CMA CGM Nerval, the YM Mandate, the CMA CGM Rabelais, the CMA CGM Racine, and the YM Maturity, on March 12, 2010, May 17, 2010, May 19, 2010, July 2, 2010, August 16, 2010 and August 18, 2010, respectively, and two 3,400 TEU containerships, the Hanjin Buenos Aires and the Hanjin Santos, on May 27, 2010 and July 6, 2010, respectively, which collectively contributed revenues of US$18.4 million during the three months ended September 30, 2010. Moreover, one 6,500 TEU containership, the CMA CGM Moliere, which was added to the Company's fleet on September 28, 2009, contributed incremental revenues of US$3.1 million during the three months ended September 30, 2010, compared to the same period in 2009. These revenues were offset in part by the sale of one 1,704 TEU containership, the MSC Eagle, on January 22, 2010, which had contributed revenues of US$1.0 million for the three months ended September 30, 2009. The Company also had a further decrease in revenues of US$5.7 million during the three months ended September 30, 2010, mainly attributable to re-chartering certain vessels at reduced charter rates, as well as reduced charter hire, in relation to vessels laid up by the Company's charterers, representing operating expenses not being incurred during the lay-up period. Going Concern Doubt As reported in the Troubled Company Reporter on June 22, 2010, PricewaterhouseCoopers S.A., in Athens, Greece, expressed substantial doubt about the Company's ability to continue as a going concern after auditing the Company's financial statements for the year ended December 31, 2009. The Company noted of the Company's inability to comply with financial covenants under its current debt agreements as of December 31, 2009, and its negative working capital deficit. According to the Form 10-Q, "As of December 31, 2009, the Company was in breach of various covenants in its credit facilities, for some of which it had obtained waivers and for others it had not. The waivers the Company obtained were for a period through October 1, 2010. Furthermore, as of September 30, 2010, there are further breaches for which the Company has not obtained waivers. In addition, although the Company was in compliance with the covenants in its credit facility with KEXIM, and has obtained waivers of non-compliance with certain other covenants under other credit facilities, under the cross default provisions of its credit facilities the lenders could require immediate repayment of the related outstanding debt. Even though none of the lenders declared an event of default under the loan agreements, these breaches constituted defaults and potential events of default and, together with the cross default provisions in the various loan agreements, could result in the lenders requiring immediate repayment of all of the loans. During 2009, the Company's lenders agreed to waive, and not to exercise their right to demand repayment of any amounts due under certain loan agreements as a result of, the December 31, 2008 and June 30, 2009 covenant breaches under certain of its loan agreements, and any future breaches of the covenants, through October 1, 2010. These waiver agreements expired on October 1, 2010, when the original covenants come back in force. The Company has deemed it is probable that it may not be able to comply with the original covenants at measurement dates that are within the next twelve months. In addition, the cross default provisions in the Company's loan agreements and breaches existing under its credit facilities as of September 30, 2010 and December 31, 2009, as well as potential defaults and events of default under loan agreements with waivers expired on October 1, 2010, could result in events of default under all of the Company's affected debt and the acceleration of such debt by its lenders. In this respect, the Company reclassified its long-term debt of US$2.5 billion and US$2.3 billion as of September 30, 2010 and December 31, 2009 as current debt. The Company continues to pay loan installments and accumulated or accrued interest as they fall due under the existing credit facilities. The conditions and events described above raise substantial doubt about the Company's ability to continue as a going concern." The Company has entered into a commitment letter for an agreement that will supersede, amend and supplement the terms of each of its existing credit facilities (other than its credit facilities with KEXIM and KEXIM Fortis) and provide for, among other things, revised amortization schedules, interest rates, financial covenants, events of defaults, guarantee and security packages, as well as New Credit Facilities available for its currently non- financed newbuildings. Subject to the terms of the Bank Agreement and under the New Credit Facilities of US$426.0 million, the lenders will continue to provide the Company's existing credit facilities, will waive covenant breaches or defaults under its existing credit facilities, as well as amend covenants under such existing credit facilities in accordance with the Bank Agreement. The Bank Agreement is conditioned upon the Company's entry into the Hyundai Samho Vendor Financing of US$190.0 million and the newbuilding cancellation agreement in relation to three 6,500 TEU vessels, the HN N-216, the HN N-217 and the HN N-218, as well as a commitment letter for the new Citi-CEXIM Credit Facility of US$203.4 million and the receipt of US$200 million in proceeds from equity issuances, including an investment by the Company's Chief Executive Officer (which was completed on August 12, 2010, as discussed in Note 14 Stockholders' Equity). In addition, as of October 31, 2010, the Company had approximately US$121.0 million of undrawn funds under its existing credit facilities, as well as available cash and cash equivalents. A full-text copy of the Company's Form 10-Q is available for free at http://ResearchArchives.com/t/s?6fe9 About Danaos Corporation Headquartered in Piraeus, Greece, Danaos Corporation (NYSE: DAC) -- http://danaos.com/-- is an international owner of containerships, chartering its vessels to many of the world's largest liner companies. The Company operates through a number of subsidiaries incorporated in Liberia and Cyprus. As of May 31, 2010, the Company had a fleet of 45 containerships aggregating 193,629 TEUs, making the Company among the largest containership charter owners in the world, based on total TEU capacity. ============= I C E L A N D ============= KAUPTHING BANK: Outlines Options to Handle US$63 Billion in Claims ------------------------------------------------------------------ Omar R. Valdimarsson at Bloomberg News reports that Kaupthing Bank hf's winding-up committee said it has reached decisions on how to handle US$63 billion in claims lodged against it since its October 2008 failure. Bloomberg relates the committee said in a statement on Friday the bank has received a total of 28,167 claims from creditors across 119 countries. According to Bloomberg, the statement showed total claims amounted to ISK7.32 trillion (US$63 billion), of which ISK2.02 trillion were lodged as priority claims. As reported by the Troubled Company Reporter-Europe on Nov. 26, 2010, Bloomberg News said Kaupthing's creditors could get their claims settled in about a year as the bank's winding-up committee looks into the option of swapping debt for equity. Olafur Gardarsson, head of Kaupthing's winding-up committee, said creditors will have the freedom to choose how their claims are settled as far as is possible, according to Bloomberg. Bloomberg disclosed each creditor will learn the status of his claim on Dec. 3. Options According to Bloomberg, the committee said the options available to creditors include continued winding-up proceedings or a settlement involving greater creditor involvement while the winding-up process continues. The committee is also considering a composition agreement with general creditors with the aim of allowing creditors to take control of a solvent bank, Bloomberg notes. Bloomberg said in the statement a final option is the liquidation of an insolvent unit. "The resolution committee and the winding-up committee do not have a preferred alternative and are seeking feedback from creditors," the committee said in the statement, according to Bloomberg. "Any timing for adopting an alternative remains unclear at this stage." As reported by the Troubled Company Reporter-Europe on Nov. 24, 2010, Kaupthing's resolution committee, citing a ruling by the District Court of Reykjavik, said in an e-mailed statement on Nov. 22 that the bank formally entered winding-up procedures, according to Bloomberg News. About Kaupthing Bank Headquartered in Reykjavik, Kaupthing Bank -- http://www.kaupthing.com/-- is Iceland's largest bank and among the Nordic region's 10 largest banking groups. With operations in more than a dozen countries, the bank offers a range of services including retail banking, corporate finance, asset management, brokerage, private banking, treasury, and private wealth management. Kaupthing was created by the 2003 merger of Bunadarbanki and Kaupthing Bank. In October 2008 the Icelandic government assumed control of Kaupthing Bank after taking similar measures with rivals Landsbanki and Glitnir. As reported by the Troubled Company Reporter on Nov. 30, 2008, Olafur Gardasson, assistant for Kaupthing Bank hf., in a proceeding under Act No. 21/1991, pending before the Reykjavik District Court, and foreign representative of the Debtor, filed a petition under chapter 15 of title 11 of the United States Code in the United States Bankruptcy Court for the Southern District of New York commencing the Debtor's chapter 15 case ancillary to the Icelandic Proceeding and seeking recognition for the Icelandic Proceeding as a "foreign main proceeding" under the Bankruptcy Code and relief in aid of the Icelandic Proceeding. * ICELAND: President Says Voters Must Have Final Say on Icesave --------------------------------------------------------------- Jonas Bergman and Omar R. Valdimarsson at Bloomberg News report that Iceland's President Olafur R. Grimsson said voters should get the final say on any depositor claims accord with the U.K. and Dutch, signaling he could be willing to block a deal the government says may come soon. "If the people of Iceland are being asked to pay for the failure of a private bank, they should also have a say in the final outcome," Mr. Grimsson said in an interview with Bloomberg Television's Mark Barton on Friday. "So I don't think any deal that is not in harmony with the Icelandic people is viable." Bloomberg relates Mr. Grimsson in January this year blocked a US$5.2 billion deal to cover British and Dutch depositor claims stemming from Icesave accounts at failed Landsbanki Islands hf. According to Bloomberg, Iceland's Finance Ministry on Nov. 16 said the country may now be weeks away from a "final resolution" to the Icesave dispute as it secures broad lawmaker backing for a new accord. Bloomberg says the government is this time targeting broader lawmaker backing to ensure a smoother passage of a new Icesave bill. The Independence Party, the largest opposition group, has signaled it may give its support to the Social-Democrat, Left- Green coalition, Bloomberg notes. The current draft accord reached carries a 3% interest rate and gives Iceland's government a nine-month moratorium on paying interest, the country's Channel 2 television station said on Nov. 15, according to Bloomberg. Bloomberg notes the broadcaster said the accord will cost the government ISK40 billion (US$355 million) to ISK60 billion. Bloomberg says the remainder would be covered by the value of Landsbanki assets. "The most significant factor is that the British and the Dutch have now recognized that the stand they took" in previous accords "was fundamentally unfair," Bloomberg quoted Mr. Grimsson as saying. "Now they have moved considerably away from that position so we will have to see what becomes the final outcome." Iceland's debt is rated Baa3 at Moody's Investors Service and BBB- at Standard & Poor's, the lowest investment grades. Moody's said this month an Icesave accord would be positive for the rating, Bloomberg notes. ============= I R E L A N D ============= ANGLO IRISH: Finance Minister Agrees to Issue New Guarantee ----------------------------------------------------------- Simon Carswell at The Irish Times reports that Minister for Finance Brian Lenihan has agreed to issue another guarantee to Anglo Irish Bank to prevent banks and other parties from ending foreign currency and interest rate agreements put in place to manage risk on US dollar and sterling loans. The Irish Times relates the guarantee was agreed on Friday after Anglo had a key credit rating -- which determines whether other banks will carry out business with Anglo -- cut to "junk" status by ratings agency Standard and Poor's amid concerns over the Government's support for the bank. Details of the fresh guarantee covering off-balance sheet liabilities are being finalized by the Department of Finance and Anglo, The Irish Times notes. According to The Irish Times, institutions which have counterparty arrangements with Anglo would automatically have to end so-called derivative agreements once the bank's long-term counterparty credit rating is downgraded to a level below investment grade arising from the increased risk. The Irish Times says the Minister's guarantee allows the bank to maintain relationships with counterparties who would otherwise have to close their positions with Anglo, potentially causing administrative difficulties and crystallizing further losses. About Anglo Irish Bank Anglo Irish Bank Corp PLC -- http://www.angloirishbank.com/-- operates in three core areas: business lending, treasury and private banking. The Bank's non-retail business is made up of more than 11,000 commercial depositors spanning commercial entities, charities, public sector bodies, pension funds, credit unions and other non-bank financial institutions. The Company's retail deposits comprise demand, notice and fixed term deposit accounts from personal savers with maturities of up to two years. Non-retail deposits are sourced from commercial entities, charities, public sector bodies, pension funds, credit unions and other non-bank financial institutions. In addition, at Sept. 30, 2008, its non-retail deposits included deposits from Irish Life Assurance plc. The Private Bank offers tailored products and solutions for high net worth clients and operates the Bank's lending business in Ireland and the United Kingdom. * * * As reported by the Troubled Company Reporter-Europe on Oct. 29, 2010, 2010, Standard & Poor's Ratings Services lowered its rating on Anglo Irish Bank Corp. Ltd.'s nondeferrable dated subordinated debt (lower Tier 2) securities to 'D' from 'CCC'. The downgrade of the lower Tier 2 debt rating reflects S&P's opinion that the bank's exchange offer is a "distressed exchange" and tantamount to default in accordance with its criteria. PIERSE CONTRACTING: Two Banks Appoint Receivers ----------------------------------------------- Barry O'Halloran at The Irish Times reports that Bank of Ireland and Bank of Scotland Ireland have appointed receivers to Pierse Contracting. According to The Irish Times, Bank of Ireland is owed around EUR35 million and, as a secured creditor, is entitled to recover its debt ahead of other businesses and individuals to which Pierse owes money. The company acknowledged in the High Court that once its secured debt to Bank of Ireland is paid off, there would be little likelihood that the unsecured creditors would recover any of the EUR51.7 million owed to them, The Irish Times notes. The Irish Times relates the bank has appointed David Carson, corporate recovery partner with accountancy firm Deloitte as receiver to the company. Bank of Scotland Ireland has appointed David Hughes and Luke Charleton of rival practice, Ernst Young as its receivers to the company, The Irish Times discloses. Simon Coyle of Mazars is investigating Pierse group's trading activities on the instruction of the High Court, which appointed him as liquidator to Pierse Contracting and a related firm, Pierse Building Services, earlier this month, The Irish Times recounts. Mr. Justice Peter Kelly appointed Mr. Coyle at the request of a number of unsecured creditors and, a result of the issues raised by creditors, instructed him to investigate the circumstances of the company's trading over the last 18 months, The Irish Times notes. Pierse Contracting has a deficit of EUR212 million and owes its unsecured creditors, largely made up of subcontractors and suppliers, more than EUR50 million, The Irish Times says. Separately, The Irish Times' Mr. O'Halloran reports Pierse Contracting lost EUR31 million last year while turnover slumped by almost 40% to EUR205.7 million. According to The Irish Times figures show EUR75 million worth of inter-company loans, now effectively worthless, were one of the biggest elements in the EUR212 million deficit that the company had when it was placed in liquidation. Pierse Contracting and Pierse Building Services are involved in the fitting out and refurbishing of premises for blue chip clients in Ireland. * IRELAND: Granted EUR67.5BB Bailout; Bank Bondholders to Get Hit ----------------------------------------------------------------- Dara Doyle and Joe Brennan at Bloomberg News reports that Ireland will pay an average 5.8% for international bailout loans as part of an agreement that protected the senior bondholders of Irish banks and preserved the country's low corporate tax policy. Bloomberg relates the government on Saturday said the state was granted funds amounting to EUR67.5 billion (US$90 billion) with an average duration of 7-1/2 years by the European Union and International Monetary Fund. According to Bloomberg, Finance Minister Brian Lenihan said subordinated bank bond holders may have to accept "big haircuts". Bloomberg says under the terms of the agreement, Ireland's banks will get as much as EUR35 billion of aid and the rest of the bailout fund will help the country finance itself. Ireland will provide EUR17.5 billion from its own reserves, Bloomberg states. According to Bloomberg, the central bank said Irish banks will get an immediate EUR8 billion to bolster capital, and will raise a further EUR2 billion by shedding assets. Lenders will be able to draw on a further EUR25 billion depending on how they fare in a round of stress tests in the first half of next year, Bloomberg notes. * Moody's Reviews Ratings on Irish Banks and Building Societies --------------------------------------------------------------- Moody's Investors Service has placed additional ratings of certain Irish banks and building societies under review for possible downgrade. This is because a multi-notch downgrade of the Irish sovereign is now the most likely outcome of the on-going review of the sovereign rating, more than initially anticipated in October 2010 when the rating agency initiated its review of other Irish bank ratings. The bank rating actions are: * Moody's has placed on review for possible downgrade the short- term bank deposit and debt ratings of Bank of Ireland (Prime-1), EBS Building Society (Prime-2), and Irish Life & Permanent (Prime-2). * Moody's has also placed on review for possible downgrade the dated subordinated debt of EBS, and these debt classes of Allied Irish Banks: dated subordinated debt (Ba3), junior subordinated debt (B1), cumulative Tier 1 securities (B1) and non-cumulative preference shares (Caa1) * Moody's has also placed on review for possible downgrade the A3 long-term bank deposit rating of Bank of Ireland (UK) plc Ratings Rationale The review for possible downgrade of the short-term bank deposit and debt ratings of Bank of Ireland (Prime-1), EBS Building Society (Prime-2), and Irish Life & Permanent (Prime-2) reflects Moody's view that a multi-notch downgrade of the sovereign rating, which would leave the rating of the Republic still within the investment-grade category, is now the most likely outcome of Moody's current review of the Aa2 sovereign credit rating (see Special Comment of November 22, "Ireland's EU/ IMF Bailout is Major Step Addressing Crisis, But Greater Weaknesses Are Exposed"). As a result, the final rating outcome of the long-term and short-term bank deposit and senior debt ratings of these banks, whose ratings incorporate a very high level of systemic support, could now be lower than originally envisaged, potentially leading to lower short-term ratings. The long term bank deposit and senior debt ratings of these institutions (Bank of Ireland at A1, EBS Building Society at A3, and Irish Life & Permanent at A3) were placed on review for possible downgrade on October 6, 2010. The P-1 rating of Bank of Ireland would most likely be downgraded if the long-term ratings of the bank were to be lowered to A3 or below. If the long-term ratings of EBS Building Society and Irish Life & Permanent were to be downgraded to Baa2 or below, then the P-2 short-term ratings of these institutions could also be downgraded. Review for Downgrade of Subordinated Debt of AIB And EBS The Irish government announced in September 2010 that it was "working on a resolution and reorganization legislation to allow burden-sharing by subordinated bondholders", specifically at Anglo Irish Bank and Irish Nationwide Building Society. Following this announcement the government clarified that "prospective resolution and reorganization legislation, insofar as it affects subordinated debt in issue, will apply only to such debt in issue from institutions which are not listed on a recognized stock exchange, are in 100 per cent State control and cannot survive in the absence of total State support." The review for possible downgrade of the dated subordinated debt of EBS (Ba3), and the dated subordinated debt (Ba3), junior subordinated debt (B1), cumulative Tier 1 securities (B1) and non- cumulative preference shares (Caa1) of Allied Irish Banks will therefore focus on the future ownership of these institutions and the impact on their stand-alone creditworthiness as a result of potential restructuring of the banking sector. Currently EBS is fully-owned by the Irish government, and AIB will, following its forthcoming rights issue that is underwritten by the National Pension Fund Reserve Commission, likely have government ownership in excess of 90%. In the case of the junior subordinated debt, cumulative Tier 1 securities, and non-cumulative preference shares of Allied Irish Banks, the review will also focus on the likelihood that the assumed two-year deferral/omission period on payment of coupons could be extended, thus leading to a higher expected loss for investors. There is currently no impact on AIB's D stand-alone bank financial strength rating (that translates into Baa3 baseline credit assessment (BCA) on the long- term rating scale) as Moody's assume that in the short-term the bank will benefit from further capital support as a result of the EU/IMF support package. Were this not to happen then there would likely be negative implications for the BFSR. Review for Downgrade of Bank of Ireland The review for possible downgrade of the A3 long-term bank deposit rating of Bank of Ireland (UK) reflects the potential for a multi- notch downgrade of its parent. The review will focus on the rating of Bank of Ireland at the end of the review period as well as any potential restructuring of the Irish banking sector that could affect the position of the UK operation within the Bank of Ireland group. Potential downward pressure on the A3 rating is limited by Moody's view of the systemic importance of Bank of Ireland (UK) to the UK, as a result of the strong links with the Post Office and its important position in Northern Ireland. Moody's last rating action on Allied Irish Banks, Bank of Ireland, EBS Building Society and Irish Life & Permanent was on October 6, 2010, when the long-term bank deposit and debt ratings of AIB, BoI, EBS and IL&P were placed on review for possible downgrade. In addition the Prime-1 short-term rating of AIB was also placed on review for possible downgrade. Moody's also changed to stable from positive the outlooks on the D Bank Financial Strength Ratings of AIB and EBS. The last rating action on Bank of Ireland (UK) was on November 1, 2010, when Moody's assigned first-time bank deposit ratings of A3/P-2 and a D+ bank financial strength rating (that translates into Baa3 baseline credit assessment on the long-term rating scale), with a stable outlook. ===================== N E T H E R L A N D S ===================== CEVA GROUP: S&P Raises Corporate Credit Rating to 'B-' ------------------------------------------------------ Standard and Poor's Ratings Services raised its long-term corporate credit rating on Netherlands-based contract logistics provider CEVA Group PLC to 'B-' from 'CCC+'. The outlook is stable. At the same time, S&P raised its issue rating on the US$1.5 billion-equivalent senior secured facilities to 'B'. The recovery rating on these facilities is unchanged at '2', indicating S&P's expectation of substantial (70%-90%) recovery prospects in the event of a payment default. In addition, S&P raised the issue ratings on the US$210 million one-and-a-half lien secured notes due 2016, the US$702 million junior-priority senior secured notes due 2018, and various senior unsecured notes to 'CCC+' from 'CCC'. The recovery ratings on these instruments are unchanged at '5', indicating S&P's expectation of modest (10%-30%) recovery prospects in the event of a payment default. The issue rating on the senior subordinated notes--comprising the EUR81 million tranche due 2016 and the EUR57 million tranche due 2018--was also raised, to 'CCC' from 'CCC-'. The recovery rating on these notes is unchanged at '6', indicating S&P's expectation of negligible (0%-10%) recovery prospects in the event of a payment default. "The upgrade primarily reflects CEVA's strengthened liquidity position after it secured a new US$200 million asset-based revolving credit facility maturing in 2015," said Standard & Poor's credit analyst Menique Smit. In addition, CEVA's operating performance continued to show signs of recovery during the seasonally strong third quarter of 2010. EBITDA before specific items rose by 26.5% to EUR86 million, up from EUR68 million in the corresponding period the year before. Although the EBITDA margin remained relatively weak at 4.7% (compared with 5.0% in the same period of 2009), S&P anticipate that it will improve in 2011, as CEVA's cost-reduction programs continue to deliver net benefits, particularly in its freight management business. The ratings on CEVA continue, however, to be constrained by S&P's assessment of the group's highly leveraged financial risk profile and its very aggressive financial policy. In addition, the group operates within the highly fragmented and competitive logistics industry, although it benefits from a global network and strong market positions, particularly in Europe. "In S&P's view, CEVA's strengthened liquidity profile should be sufficient to support its current financial obligations and ongoing operational needs in the next couple of years, despite its high level of gross debt," added Ms. Smit. However, the group's credit measures are very weak and in S&P's opinion are unlikely to improve materially over the near term due to the high level of gross debt and the challenges that S&P believes the group still faces in generating sustainable free operating cash flow. The ratings could come under pressure if the group's liquidity position were to weaken materially, for example, as a result of substantial negative free cash flows following weakening operating performance or excessive spending. The ratings could be further pressurized if, in S&P's view, CEVA were at risk of failing to comply with its financial covenants. An upgrade is unlikely in the short term given the group's high level of leverage and S&P's view that this is unlikely to fall materially in the short term. NXP SEMICONDUCTORS: Moody's Raises Corp. Family Rating to 'B3' -------------------------------------------------------------- Moody's Investors Service has upgraded these ratings of NXP Semiconductors: the corporate family rating was upgraded to B3 from Caa1; the senior secured debt rating to B3 from Caa1; and its senior unsecured debt rating to Caa2 from Caa3. In addition, Moody's has changed the outlook for the ratings to stable from positive. Ratings Rationale "The rating upgrade reflects the improving trend of NXP's business operations amid a semiconductor industry that has been recovering since the second half of 2009, as well as the positive impact of management's cost-savings measures, which are expected to make the company more resilient to the high volatility that is characteristic of the semiconductor industry," says Wolfgang Draack, a Moody's Senior Vice President and lead analyst for NXP. In Q3 2010, NXP met Moody's requirements for a rating upgrade, including positive free cash flow of US$87 million for the quarter and US$12 million on a last-12-months basis and a leverage ratio below 6x with a debt/EBITDA ratio of 4.9x. Given that NXP effectively achieved full factory utilization and a product book- to-bill ratio of 0.85x for the quarter, Moody's believes that Q3 2010 will represent a peak in the company's revenues. However, in the rating agency's view, there is room for further, more moderate improvement in profitability as a result of management's redesign program, which is focused on improving operating flexibility and achieving cost savings, thereby making the company's profitability more resilient to order volatility. Despite being wound down, the program continues to enhance NXP's margins. Despite various debt reduction and extension measures and an initial public offering in July 2010, NXP's leverage remains relatively high for a semiconductor company as a result of its exposure to pronounced volatility and technology risk. Its currently high cash flow levels (extrapolating from the company's Q3 2010 amount of US$87 million to its annual FCF of EUR350 million) amount to just 7.5% of gross debt. In addition, NXP faces almost US$2.0 billion worth of debt maturities in second half 2013. Aside from the 2013 maturities, the existing EUR500 million revolving credit facility with US$500 million outstanding expires in 2012, but NXP has already arranged a EUR458 million forward-start facility. Access to half of this facility has already been secured and the remainder could become fully available on September 30, 2012 if NXP's net debt (actual: EUR3.7 billion) does not exceed US$3.25 billion on June 30, 2012. The stable outlook for the ratings reflects the progress NXP has made with regard to its redesign program. Moody's also expects that NXP will continue to generate positive FCF and take steps to address its 2013 debt maturities. Moody's would consider a further ratings upgrade if NXP was able to establish a track record of material free cash flow generation and sustain a gross debt/LTM EBITDA ratio below 4x. Further measures to reduce debt and extend the maturity profile would exert positive pressure on the ratings. Rating pressure would develop if NXP experienced a return to significant annual cash burn or declining semiconductor volumes, depressing its profitability such that its debt/EBITDA ratio rises above 6x. Issuer: NXP B.V. Upgrades: -- Corporate Family Rating, Upgraded to B3 from Caa1 -- Probability of Default Rating, Upgraded to B3 from Caa1 -- Senior Secured Regular Bond/Debenture, Upgraded to a range of B3, LGD4, 55% from a range of Caa1, LGD4, 52% -- Senior Unsecured Regular Bond/Debenture, Upgraded to Caa2, LGD6, 91% from Caa3, LGD6, 91% . Outlook Actions: -- Outlook, Changed To Stable From Positive Headquartered in Eindhoven, Netherlands, NXP Semiconductors is a leading semiconductor company, focusing on the design and manufacture of semiconductors for general applications, power management (multi-market) and application-specific integrated circuits for the electronics, automotive and identification technology application markets. NXP posted sales of US$3.6 billion in the first nine months of 2010. =========== R U S S I A =========== BANK URALSIB: Moody's Affirms 'D-' Bank Financial Strength Rating ----------------------------------------------------------------- Moody's Investors Service has affirmed the D- bank financial strength rating and Ba3 long-term local and foreign currency deposit ratings of Bank Uralsib, with a negative outlook maintained on all of the above-mentioned ratings. The bank's Not Prime short-term local and foreign currency deposit ratings were also affirmed. Moody's says this announcement is primarily based on the bank's audited financial statements for 2009 prepared under IFRS and signed on April 15, 2010, as well as its unaudited interim management financial IFRS accounts for H1 2010. Rating Rationale The maintenance of the negative outlook reflects Moody's ongoing concerns about Uralsib's level of related-party transactions coupled with its elevated market risk appetite. "At June 30, 2010, the bank's credit exposure to related parties accounted for 58% of its Tier 1 capital; in addition, Uralsib has controlling interests in closed unit investment funds that hold a combined 40% stake in the bank's affiliated "Insurance Group Uralsib", which investment accounts for another 17% of Tier 1 capital," says Ms. Olga Ulyanova, a Moody's Assistant Vice-President and the lead analyst for Uralsib. "This is a very high related party exposure compared to the majority of Uralsib's peers", adds Ms. Ulyanova. The rating agency notes that Uralsib's Basel I Tier 1 ratio and total CAR appear to be adequate at their 11.4% and 15.0% levels as of June 30, 2010. However, the heavy involvement in related party transactions undermines the quality of the bank's economic capital thus constituting key negative rating driver for Uralsib. On a more positive note, the rating agency observes that the pace of deterioration of Uralsib's loan book appears to have stabilized at mid-2010, and the bank's net interest margin -- a major contributor to recurring earnings -- has most likely levelled off at around 4.0% (a still modest level) against the background of a downward re-pricing of liabilities and renewal of lending. As a result of a combination of the above-mentioned factors, the pressure on the bank's bottom-line profits is gradually easing. Moody's may consider downgrading Uralsib's BFSR and deposit ratings if over the next year the bank fails to improve its economic capitalization through a significant reduction of related-party business, or if the stabilization of Uralsib's financial fundamentals is not sustained. Moody's last rating action on Uralsib was on March 23, 2009, when the rating agency affirmed the bank's ratings and changed the outlook on its long-term ratings to negative from stable. Headquartered in Moscow, Russia, Uralsib reported audited IFRS total assets of US$13.8 billion and total equity of US$2.0 billion at December 31, 2009. The bank's net IFRS profit for 2009 was US$60.3 million. COMMERCIAL BANK: Moody's Affirms 'E+' Financial Strength Rating --------------------------------------------------------------- Moody's Investors Service has affirmed the E+ bank financial strength rating and the B3/Not Prime long-term and short-term foreign currency deposit ratings of Commercial Bank "Aljba Alliance". The outlook on all of the long-term global scale ratings is stable. Concurrently, Moody's Interfax Rating Agency (which is majority owned by Moody's) has affirmed AAB's long-term National Scale Rating of Baa2.ru. The NSR carries no specific outlook. Moody's assessment is primarily based on AAB's audited financial statements for 2009 prepared under IFRS, signed on June 25, 2010. Ratings Rationale "The ratings reflect AAB's weak market franchise which is caused by the bank's high reliance on a limited number of clients, rendering its business profile potentially vulnerable," says Semyon Isakov, a Moody's Assistant Vice-President -- Analyst and lead analyst for the bank. "Investments in trading assets along with market risk appetite lead to volatility in the bank's revenues because income from trading operations represent a core part of total earnings," adds Mr. Isakov. More positively, Moody's observes that AAB's ratings take into account: (i) high capitalization, with an equity-to assets ratio of 31.2% as of year-end 2009; and (ii) historically high cushion of very liquid assets which, at year-end 2009, accounted for 78% of the bank's total customer deposits, thereby helping the bank to pass liquidity stress-tests, given that retail deposits account for a large proportion of a very concentrated deposit base (deposits of individuals totalled 78% of total customer deposits as at year-end 2009). Moody's last rating action on AAB was on May 4, 2007, when the rating agency changed the outlook on the BFSR to stable from negative, and the outlook on the B3 long-term deposit rating to stable from developing. Domiciled in Moscow, the Russian Federation, AAB reported total audited consolidated assets of RUB5.9 billion (US$196 million) and net income of RUB411 million (US$14 million) under IFRS as at year-end 2009. CREDIT EUROPE: Moody's Assigns 'Ba3' Rating to Senior Debt ---------------------------------------------------------- Moody's Investors Service has assigned a Ba3 long-term global local currency debt rating to the senior unsecured debt of Credit Europe Bank Ltd. The rating carries a negative outlook. Any subsequent senior debt issuance by CEB will be rated at the same rating level subject to there being no material change in the bank's overall credit rating. The rating of Ba3 was assigned to these debt instruments: -- RUB4.000 billion Senior Unsecured Regular Bond due 28 June 2011 Ratings Rationale The assigned Ba3 rating is in line with CEB's global local currency deposit rating, which is, in turn, based on (i) the bank's E+ bank financial strength rating, mapping to a baseline credit assessment of B1; and (ii) Moody's assessment of a high probability of support in the event of need from the bank's controlling shareholder -- Credit Europe Bank N.V. (D/Ba2, negative outlook) -- which results in a one-notch uplift from CEB's BCA. CEB's rating is constrained by historical reliance on wholesale sources for funding that, along with a very high concentrated nature of the bank's non-equity funding, renders the bank liquidity position potentially vulnerable to availability of market refinancing and/or departure of large non-resident clients, which currently form a large portion of funding. However, the rating also reflects the bank's robust profitability and sound operating efficiency, underpinned by a strong net interest margin and CEB's high capital adequacy level, which currently provides a firm cushion for significant potential risks of asset quality deterioration. Moody's previous rating action on CEB was on November 18, 2009, when -- following the rating review process -- the agency confirmed the bank's Ba3 debt and deposit ratings with negative outlook. Headquartered in Moscow, Russia, Credit Europe Bank Ltd reported IFRS total assets (audited) of RUB66 billion (US$2.1 billion) at end-June 2010. Net income for the first six months of 2010 totalled RUB1.4 billion according to IFRS. EUROCHEM OJSC: Fitch Assigns 'BB' Rating to Domestic Bonds ---------------------------------------------------------- Fitch Ratings has assigned Russia-based OJSC EuroChem Mineral and Chemical Company's RUB5 billion domestic bonds (series 3), due 14 November 2018, a senior unsecured rating of 'BB' and a National senior unsecured rating of 'AA-(rus)'. The ratings are in line with those on the series 2 RUB5 billion bond issued in July 2010. The bonds are structured as a senior unsecured obligation of Eurochem and have a maturity of eight years with a bondholder put option in the fifth year. Fitch notes that sureties from EuroChem's Novomoskovskiy Azot nitrogen plant and Kovdorskiy GOK apatite mine place the domestic bonds in a stronger position structurally than the existing senior unsecured US$290 million loan participation notes. Eurochem's existing ratings are: -- Long-term foreign and local currency Issuer Default Ratings: 'BB'; Outlook Stable -- Short-term foreign currency IDR: 'B' -- USD290m LPNs: Long-term foreign currency senior unsecured rating 'BB'; -- National Long-term rating 'AA-(rus)'; Outlook Stable -- National senior unsecured rating: 'AA-(rus)' INVESTMENT TRADE: Moody's Assigns 'B2' Rating to Senior Debt ------------------------------------------------------------ Moody's assigns a B2 long-term global local currency debt rating to Investment Trade Bank's senior unsecured debt. The rating carries a stable outlook. Any subsequent senior debt issuance by ITB will be rated at the same rating level subject to there being no material change in the bank's overall credit rating. The rating of B2 was assigned to these debt instruments: -- RUB1,500M Senior Unsecured Regular Bond due 08 October 2012 Ratings Rationale The rating assigned by Moody's is in line with ITB's global local currency deposit rating of B2, which is, in turn, based on the bank's E+ BFSR (mapping to a Baseline Credit Assessment of B2). The rating does not incorporate any expectation of systemic or shareholder support for ITB in case of need. The BFSR incorporates the risks associated with the operating and regulatory environment in Russia and remains constrained by the bank's (i) single-name and industry concentration in its loan portfolio, (ii) potentially volatile income streams from investment projects and securities markets, and (iii) reliance on short-term funding sources. At the same time, the rating is underpinned by ITB's adequate financial fundamentals and its improving territorial coverage. Headquartered in Moscow, ITB reported total consolidated IFRS assets of RUB53.8 billion (US$1.8 billion) at year-end 2009. KEDR BANK: Moody's Assigns 'B2' Rating to Senior Unsecured Debt --------------------------------------------------------------- Moody's assigns a B2 long-term global local currency debt rating to the Kedr Bank's senior unsecured debt, namely its RUB1500M 12.8% Senior Unsecured Regular Bond Due 2011. The rating carries a stable outlook. Any subsequent senior unsecured debt issuance by Kedr Bank will be rated at the same rating level subject to there being no material change in the bank's overall credit rating. Ratings Rationale The assigned rating is in line with Kedr Bank's global local currency deposit rating of B2. The rating is constrained by the bank's significant single-party concentrations in loans and deposits, its pressured asset quality and profitability metrics. The rating is supported by the bank's entrenched position in its home market of Krasnoyarsk Krai, and its relatively diversified business profile. The rating does not incorporate any expectation of systemic support from the authorities in case of need. Headquartered in Moscow, Russia, Kedr Bank reported total IFRS assets of RUB22.6 billion and net income of RUB228 million according to IFRS at YE 2009. RUSS-INVESTMENT: Moody's Assigns 'B2' Long-Term Issuer Ratings -------------------------------------------------------------- Moody's Investors Service has assigned these global scale ratings to OJSC Investment Company IC Russ-Invest: B2/Not Prime long-term and short-term foreign currency and local currency issuer ratings. The outlook for the long-term ratings is stable. At the same time, Moody's Interfax Rating Agency, which is majority-owned by Moody's, has assigned a Baa1.ru long-term National Scale Rating to RI. Ratings Rationale The ratings are largely constrained by (i) RI's undiversified business model which is reflected in significant proprietary investments in Russian equity and fixed-income markets with low visibility on the market and limited ability to diversify; ii) corporate governance issues, particularly significant "key person" risk coming from the company's concentrated ownership and decision-making process. In addition, RI's business model envisages keeping a portion of its securities portfolio in lower liquidity shares, thus giving rise to an elevated exposure to market risk and leading to volatility of revenues and capital position. Moody's also notes that low geographical diversification of business with concentrated trading positions renders revenues significantly dependent on Russian equity market correlations. Finally, RI's inflexible cost base does not enable it to make adjustments to face prolonged deterioration in market conditions. At the same time, RI's ratings are supported by the historically very low leverage (although there are no effective tools that restrict its increase) which leads to a strong liquidity position and more-than-adequate coverage of risks by the capital cushion. Historically demonstrated stock selection capabilities enable RI to report its risk adjusted performance better than those of the benchmark, especially in 'bear' markets. RI's ratings are not likely to be upgraded in the medium term. However, Moody's identifies positive rating drivers which include (i) a maturing operating environment leading to lower volatility of the markets and development of regulatory oversight; (ii) diversification of revenue stream away from proprietary trading more towards stable sources; and (iii) reduction in market risks. Moody's also notes that despite the proven history of maintaining the policy of low leverage, the risk of increasing risk appetite via assuming more leverage still exists and may cause significant negative rating pressure. Such an outcome could jeopardize RI's liquidity and capital position. Based in Moscow, Russia, OJSC Investment Company IC Russ-Invest recorded total assets of RUB4.6 billion (US$152 million) and equity of RUB3.6 billion (US$118 million) at YE2009 according to audited financial statements. The majority of revenues are generated by the proprietary positions or investments. Leverage has historically been low as there are virtually no borrowed funds. SB BANK: Moody's Assigns 'B3' Rating to Senior Unsecured Debt ------------------------------------------------------------- Moody's assigns a B3 long-term global local currency debt rating to SB Bank's senior unsecured debt. The rating carries a stable outlook. Any subsequent senior unsecured debt issuance by SB Bank will be rated at the same rating level subject to there being no material change in the bank's overall credit rating. The rating of B3 was assigned to these debt instruments: -- Ru.Rub1500M 17% Senior Unsecured Regular Bond Due 2012 -- Ru.Rub1500M 10% Senior Unsecured Regular Bond Due 2013 Ratings Rationale The assigned rating is in line with SB Bank's global local currency deposit rating of B3. The rating is constrained by the bank's limited franchise, its significant, albeit declining borrower concentration and high market risk exposures. However, the rating is supported by the bank's relatively well-known brand name in the SME sector, as well as its acceptable asset quality and reasonable capitalization. The rating does not incorporate any expectation of systemic support from the authorities in case of need. Headquartered in Moscow, SB Bank reported total consolidated IFRS assets of RUB36 billion (US$1.2 billion) at year-end 2009. ========= S P A I N ========= IM CAJASTUR: Moody's Assigns 'B1' Rating to Class B Notes --------------------------------------------------------- Moody's Investors Service has assigned definitive ratings to the notes issued by IM Cajastur MBS 1 FTA: -- EUR492M Class A notes due 2052, Definitive Rating Assigned Aaa (sf) -- EUR123M B Class B notes due 2052, Definitive Rating Assigned B1 (sf) Ratings Rationale The ratings of the notes take into account the credit quality of the underlying mortgage loan pool, from which Moody's determined the MILAN Aaa Credit Enhancement and the portfolio expected loss, the transaction structure and any legal considerations. Moody's split the portfolio into two sub-pools based on the debtor characteristics (individuals & SME). For the SME subpool (18.9% of the provisional pool), Moody's derived its default distribution using its ABS SME approach, based on the default probability contribution of each single borrower, and the correlation among the different industries represented in the portfolio. Finally, Moody's translated the outputs of the ABS SME approach in a lognormal distribution for the SME subpool. Once both lognormal distributions (SME sub-pool and individual sub-pool) were obtained, Moody's conservatively approximated the combined distribution taking into consideration 100% correlation between both pools. The expected portfolio loss of 8.0% of original balance of the portfolio at closing and the MILAN Aaa required Credit Enhancement of 25.5% served as input parameters for Moody's cash flow model, which is based on a probabilistic lognormal distribution as described in the report "The Lognormal Method Applied to ABS Analysis", published in September 2000. The key drivers for the MILAN Aaa Credit Enhancement number, which is higher than MILAN Aaa Credit Enhancement in Spanish RMBS transactions, are (i) the weighted average loan-to-value of 79.1%, (ii) 18.9% of the portfolio are loans granted to SMEs, (iii) non residential properties represent 26.2% of the portfolio and (iv) the very high concentration in Asturias region (69.1%). The key drivers for the portfolio expected loss are (i) the performance of high LTV loans and loans granted to SMEs in the sellers' book, and (ii) the higher volatility on non residential property prices. The assumed expected loss corresponds to an assumption of approximately 15% cumulative default rate in the portfolio (assuming recovery is realized with a lag after the default). Given the historical performance of the high LTV loans in the seller's book, Moody's believes the assumed expected loss is appropriate for this transaction. The ratings address the expected loss posed to investors by the legal final maturity of the notes. In Moody's opinion, the structure allows for timely payment of interest and principal with respect of the notes by the legal final maturity. Moody's ratings only address the credit risk associated with the transaction. Other non-credit risks have not been addressed, but may have a significant effect on yield to investors. The notes are backed by a pool of prime Spanish mortgages granted to individuals (81.1%) and SMEs (18.9%) by Cajastur (A3, Prime-2). The properties are mainly residential (73.8%), with the remaining part being commercial properties. At closing the mortgage pool balance will consist of approximately EUR615 million mortgage loans. The Reserve Fund will be funded at 13.5% of the total notes outstanding and may start to amortize three years after closing to 27.0% of the outstanding balance of the notes, subject to performance conditions. The total credit enhancement for the Class A notes is 33.5%. The V Score for this transaction is Medium, which is in line with the score assigned for the Spanish RMBS sector. The V Score was negatively impacted by the exposure of this transaction to the high weighted average LTV of the portfolio, as well as the presence of loans granted to SMEs. V Scores are a relative assessment of the quality of available credit information and of the degree of dependence on various assumptions used in determining the rating. High variability in key assumptions could expose a rating to more likelihood of rating changes. The V-Score has been assigned accordingly to the report "V-Scores and Parameter Sensitivities in the Major EMEA RMBS Sectors" published in April 2009. Moody's Parameter Sensitivities: At the time the rating was assigned, the model output indicated that Class A notes would have achieved a Aaa even if the expected loss was as high as 19.1% assuming MILAN Aaa CE remained at 25.5% and all other factors were constant. Moody's Parameter Sensitivities provide a quantitative/model- indicated calculation of the number of rating notches that a Moody's structured finance security may vary if certain input parameters used in the initial rating process differed. The analysis assumes that the deal has not aged and is not intended to measure how the rating of the security might migrate over time, but rather how the initial rating of the security might have differed if key rating input parameters were varied. Parameter Sensitivities for the typical EMEA RMBS transaction are calculated by stressing key variable inputs in Moody's primary rating model. Moody's Investors Service received and took into account a third party due diligence report on the underlying assets or financial instruments in this transaction and the due diligence report had a neutral impact on the rating. =========== T U R K E Y =========== SEKERBANK TAS: Moody's Corrects Press Release on Ratings -------------------------------------------------------- Moody's Investors Service has assigned first-time ratings to Sekerbank T.A.S. The bank was assigned a bank financial strength rating of D, local currency deposit ratings of Ba1/Not Prime and foreign currency deposit ratings of Ba3/Not Prime. In addition, Moody's assigned A2.tr long-term and TR-1 short-term Turkish national scale ratings to the bank. The outlook on foreign currency deposit ratings is positive, while all the other ratings carry a stable outlook. Ratings Rationale The D BFSR, which maps to a Baseline Credit Assessment of Ba2, represents the bank's stand-alone financial strength and is driven by Sekerbank's good regional franchise, especially in the small- and medium-sized enterprises segment. At the same time, Moody's notes that the BFSR is also supported by the bank's satisfactory profitability despite comparatively weak efficiency partially due to focus on labor intensive small and micro business, high capitalization levels and relatively low market risk appetite. The rating also takes into account the bank's comfortable liquidity profile, as well as its high exposure to government securities, a common feature in the Turkish banking system, certain asset quality challenges and weak earnings stability as the more recent business development of retail activities are currently unprofitable. Sekerbank is an expanding, regional Turkish bank, with a market share of around 1.3% of total banking sector assets and was established in 1953 as the Sugar Beet Co-operative Bank. The bank's current business activities are mainly focused on the micro and SME segments in Anatolia with an increasing emphasis on expanding into the retail and corporate sectors in a fast- developing and growing market. Sekerbank's liquidity and funding profile is sound, with a strong customer deposit base as well as longer-tenured funds -- either from the respective European Union or from international development banks. Overall, Moody's observes that the bank displays an acceptable asset quality, although high NPLs in the recently developed business segments or retail and corporate lending illustrate the challenges to adapt the business model and risk management requirements in a fast- evolving, highly competitive and dynamic Turkish banking market. Moody's adds that the bank's Ba1/Not Prime global local currency deposit ratings reflect a one-notch systemic support uplift. Moody's regards Turkey as a high support country, and assesses a moderate likelihood of systemic support for Sekerbank, reflecting the rating agency's view of the bank's limited importance to the national financial system, as well as its relevance for the local financial system. Sekerbank's Ba3/Not Prime foreign currency deposit ratings are derived from the local currency deposit ratings and are capped by Moody's Ba3/Not Prime ceiling for such deposits in Turkey. Moody's believes that Sekerbank pursues a sound business strategy, given the prospects for further growth in commercial and retail lending in Turkey. Positive pressure could be exerted on the bank's BFSR over the medium term by improvements in asset quality, efficiency, and deepening of the retail franchise in an improving operating environment, coupled with successful diversification in the bank's business segments. Conversely, negative pressure could be exerted on Sekerbank's ratings if competitive pressures constrain further franchise development or lead to a material decline in profitability or asset quality metrics. In addition, Moody's notes that the ratings could also be negatively affected if the bank's capital position fails to keep pace with its robust asset growth, although current capitalization levels are sound. Headquartered in Istanbul, Turkey Sekerbank's assets (audited) totalled TRY10.8 billion (US$6.8 billion) at the end of June 2010. =========================== U N I T E D K I N G D O M =========================== AIRE VALLEY: S&P Affirms 'BB' Ratings on Three Classes of Notes --------------------------------------------------------------- Standard & Poor's Ratings Services affirmed its credit ratings on Aire Valley Funding 1's mortgage-backed notes. At the same time, S&P removed all long-term ratings from CreditWatch negative. S&P placed the notes on CreditWatch negative in July 2010 due to collateral performance and potential negative selection. S&P's more detailed analysis indicates that negative selection relating to the prepayment of lower risk, low loan-to-value loans is currently not prevalent. S&P will continue to monitor any potential negative selection, especially if prepayments increase. House price declines in late 2008 and early 2009 had increased S&P's weighted-average foreclosure frequency and weighted-average loss severity forecasts since the last issuance from the trust in 2008-1. However, over the past 18 months, collateral performance has improved, in S&P's opinion. In particular, delinquencies of 90+ days (including repossessions), fell to 3.80% in October 2010 from a peak of 5.69% in June 2009. The peak was partly driven by a technical arrears increase due to falling interest rates. This has decreased S&P's WAFF forecasts over this period. Overall, S&P has seen a net increase in its WAFF and WALS forecasts but this increase has been offset by an increase in credit enhancement. For example, the 'AAA (sf)' notes now have 19.0% enhancement compared with 16.3% in September 2008. S&P believes that current levels of credit enhancement are consummate with the current ratings and therefore S&P has affirmed the ratings on all classes of notes. In October 2008 a step-up trigger occurred following the partial redemption of the series 2007-2's class A1 notes. This action resulted in the sale of no new loans to the trust and consequently, the trust size is decreasing. At current prepayment rates, S&P believes the minimum trust size will be breached within 18 months causing a non-asset trigger event. If the non-asset trigger is breached, the trust allocates the principal receipts first to Funding 1 until all notes are fully repaid. Only after this is the seller entitled to principal receipts. S&P views this as a potentially positive development for the ratings. S&P believes that the improved collateral performance is mainly a result of the current low interest rate environment. With potential interest rate rises in the short to medium term, S&P will continue to monitor this transaction with respect to affordability and future collateral performance. However, improvements in the arrears management processes at the servicer have also contributed to the improvement, in S&P's view. Staff numbers have increased and there is a greater focus on addressing specific groups of borrowers in arrears. Aire Valley Funding 1 is a U.K. RMBS master trust program that securitizes self-certified and buy-to-let mortgages originated by Mortgage Express (a subsidiary of Bradford & Bingley PLC). Ratings List Ratings Affirmed and Removed From CreditWatch Negative Aire Valley Mortgages 2004-1 PLC EUR538 Million, EUR270 Million Mortgage-Backed Floating-Rate Notes Series 3 Rating ------ Class To From ----- -- ---- A1 AAA (sf) AAA (sf)/Watch Neg A2 AAA (sf) AAA (sf)/Watch Neg B1 AA (sf) AA (sf)/Watch Neg B2 AA (sf) AA (sf)/Watch Neg C1 BBB (sf) BBB (sf)/Watch Neg C2 BBB (sf) BBB (sf)/Watch Neg D1 BB (sf) BB (sf)/Watch Neg D2 BB (sf) BB (sf)/Watch Neg Aire Valley Mortgages 2005-1 PLC EUR340.8 Million, EUR239 Million, $50 Million Mortgage-Backed Floating-Rate Notes Series 2 Rating ------ Class To From ----- -- ---- A1 AAA (sf) AAA (sf)/Watch Neg A2 AAA (sf) AAA (sf)/Watch Neg A3 AAA (sf) AAA (sf)/Watch Neg B1 AA (sf) AA (sf)/Watch Neg B2 AA (sf) AA (sf)/Watch Neg C2 BBB (sf) BBB (sf)/Watch Neg Aire Valley Mortgages 2006-1 PLC EUR124 Million, EUR10 Million, $1.57 Billion Mortgage-Backed Floating-Rate Notes Series 1 Rating ------ Class To From ----- -- ---- A AAA (sf) AAA (sf)/Watch Neg B1 AA (sf) AA (sf)/Watch Neg B2 AA (sf) AA (sf)/Watch Neg B3 AA (sf) AA (sf)/Watch Neg C2 BBB (sf) BBB (sf)/Watch Neg Aire Valley Mortgages 2006-1 PLC EUR1.023 Billion, EUR823 Million Mortgage-Backed Floating-Rate Notes Series 2 Rating ------ Class To From ----- -- ---- A1 AAA (sf) AAA (sf)/Watch Neg A2 AAA (sf) AAA (sf)/Watch Neg A3 AAA (sf) AAA (sf)/Watch Neg B2 AA (sf) AA (sf)/Watch Neg B3 AA (sf) AA (sf)/Watch Neg C2 BBB (sf) BBB (sf)/Watch Neg Aire Valley Mortgages 2007-1 PLC EUR200 Million, EUR125 Million, $2.075 Billion Mortgage-Backed Floating-Rate Notes Series 1 Rating ------ Class To From ----- -- ---- 1A1 AAA (sf) AAA (sf)/Watch Neg 1A2 AAA (sf) AAA (sf)/Watch Neg 1A3 AAA (sf) AAA (sf)/Watch Neg 1B AA (sf) AA (sf)/Watch Neg 1C BBB (sf) BBB (sf)/Watch Neg Aire Valley Mortgages 2007-1 PLC EUR575 Million, EUR456.25 Million, $700 Million Mortgage-Backed Floating-Rate Notes Series 2 Rating ------ Class To From ----- -- ---- 2A1 AAA (sf) AAA (sf)/Watch Neg 2A2 AAA (sf) AAA (sf)/Watch Neg 2A3 AAA (sf) AAA (sf)/Watch Neg 2B AA (sf) AA (sf)/Watch Neg 2C BBB (sf) BBB (sf)/Watch Neg Aire Valley Mortgages 2007-2 PLC EUR430 Million, EUR857 Million Mortgage-Backed Floating-Rate Notes Rating ------ Class To From ----- -- ---- A1 AAA (sf) AAA (sf)/Watch Neg A2 AAA (sf) AAA (sf)/Watch Neg A3 AAA (sf) AAA (sf)/Watch Neg B AA (sf) AA (sf)/Watch Neg C BBB (sf) BBB (sf)/Watch Neg Aire Valley Mortgages 2008-1 PLC EUR1.572 Billion, EUR1.65 Billion Asset-Backed Floating-Rate Notes Rating ------ Class To From ----- -- ---- 1-A1 AAA (sf) AAA (sf)/Watch Neg 1-A2 AAA (sf) AAA (sf)/Watch Neg 2-A1 AAA (sf) AAA (sf)/Watch Neg 2-A2 AAA (sf) AAA (sf)/Watch Neg 2-C BBB (sf) BBB (sf)/Watch Neg 2-D BB (sf) BB (sf)/Watch Neg Rating Affirmed Aire Valley Mortgages 2007-1 PLC EUR200 Million, EUR125 Million, $2.075 Billion Mortgage-Backed Floating-Rate Notes Series 1 Class Rating ----- ------ 1A1 A-1+ (sf) BELL LINES: Supreme Court Admits UK Insolvency Service as Creditor ------------------------------------------------------------------ Frank O'Reilly at International Law Office reports that a recent Supreme Court decision allowed an appeal and ordered that the UK Insolvency Service be admitted as a creditor in the Irish liquidation of Bell Lines Limited (there being no separate winding-up proceedings in the United Kingdom) in respect of payments to UK-based employees of the Irish company. ILO discloses that the court ruled that the UK Insolvency Service was to be regarded as: * a preferential creditor in relation to payments made in respect of Irish preferential debts (ie, wages, holiday pay and pension contributions); * an ordinary unsecured creditor in relation to payments covering redundancy (as it was not paid to Ireland-based employees under the Irish redundancy acts, which would create the relevant Irish preference); and * an ordinary unsecured creditor in relation to payments covering the minimum notice period (these were not the subject of an award by the Irish Employment Appeals Tribunal, which would create the relevant Irish preference). In a related High Court decision, ILO says, the French creditors of the French branch of Bell Lines Limited -- in respect of which secondary French liquidation proceedings were opened in 1997, before the introduction of the EU Insolvency Regulation (1346/2000) -- were permitted to claim in the Irish liquidation. The court permitted the claim despite the appointment of a liquidator in France, subject to the adjudication of the claims in accordance with Irish winding-up law and further subject to the Irish liquidator deducting from dividends due to the French creditors any payments which those creditors may have already received in respect of their claims (eg, from the French liquidator). Bell Lines Limited was placed into Official Liquidation in 1997. 174 of its employees based in England and Wales were made redundant. These employees had claims in the Liquidation for wages, holiday pay and pension contributions which enjoyed preferential status to the limited extent provided for in Section 285(2) of the Companies Act 1963. BOWMANS NI: Ceases Trading; 31 Jobs Affected -------------------------------------------- BBC News reports that Bowmans NI Ltd has ceased trading with the loss of 31 jobs. BBC relates Bowmans entered into a Company Voluntary Arrangement (CVA) in an attempt to restructure its debts. However, its administrator, Walter Lismore of the Lismore Group, said on Friday that it was no longer able to pay its creditors and all employees were made redundant on Wednesday, BBC notes. Bowmans NI Ltd is a Banbridge window manufacturer. CRUSADERS: Hopeful for Good Outcome From Meeting ------------------------------------------------ Crusaders Rl fans are bracing themselves for a make-or-break meeting in Doncaster to decide the fate of their crisis-hit Super League club, Wales Online reports. According to Wales Online, the meeting has been fixed at the offices of administrators O'Hara and Co between Rugby Football League's top brass and Crusaders backers Ian Roberts and Geoff Moss. As reported in the Troubled Company Reporter-Europe on November 15, 2010, guardian.co.uk said that the uncertainty over Crusaders' future was prolonged when a winding-up order was adjourned for a week rather than dropped as the Welsh club had predicted. According to the report, the hearing provided the first confirmation that the club have applied to go into administration, with a lawyer for the administrators telling the court that the debts owed to Her Majesty's Revenue & Customs and other creditors had been paid. However, the report related, Matthew Smith, counsel for HMRC, refuted that, and the court therefore refused to drop the winding-up petition as requested. Wales Online notes that a transition to get the Crusaders running again and leave them virtually debt-free turned into a massive row between club and governing body. Mr. Roberts and Mr. Moss hope to form a new club called Welsh Crusaders to take their place in Super League next season, Wales Online relates. Crusaders are a Welsh professional rugby league club based in Wrexham, North Wales. DIGITAL SATELLITE: Put in Liquidation Over Illegal Warranty Sale ---------------------------------------------------------------- The Press Association reports that Digital Satellite Warranty Cover Limited, Satellite Services, and Nationwide Digital Satellite Warranty Services Limited have been put into provisional liquidation for illegally selling satellite television warranties to consumers. The Press Association says the firms, which offered BSkyB or Sky customers a form of extended warranty, charged between GBP6.49 and GBP11.49 a month in exchange for unlimited call-outs covering all parts and labour costs. But the warranties were a type of insurance, and none of the firms had ever been authorized by the Financial Services Authority to sell insurance to consumers, the Press Association relates. The Press Association reports that the regulator applied to the High Court to have the firms, which were run by Bernard Freeman and Michael Sullivan, put into provisional liquidation to prevent more of the warranties being sold. According to the Press Association, the move has led to the warranties bought by consumers becoming invalid, however, Sky has written to all customers of the firms, offering them free support if they need a repair or service visit. The Press Association reports that although the unauthorized firms were entirely separate from Sky, the group said it did not want affected customers to be inconvenienced or left out of pocket as a result of their activities. Sky will provide free service visits for the rest of their contract for people who paid for the service in advance, while it will provide free support until the end of December for customers who paid for the warranty on a monthly basis, the report notes. The FSA found that DSWC had made profits of around GBP10 million in the past 12 months and had nearly 200,000 customers, while Satellite had a turnover of GBP2.1 million this year, the report adds. Based in Kirkby, Liverpool, Digital Satellite Warranty Cover (DSWC), Satellite Services, and Nationwide Digital Satellite Warranty Services sell warranty cover for satellite TV systems. GATE HOUSE: Recovery for Unsecured Creditors Unlikely ----------------------------------------------------- The Berwick Advertiser reports that Gate House Hotels Ltd, trading as the King's Arms Hotel, has gone into liquidation with debts of GBP1.2 million. John Sallabank and Paul Boyle of Reading-based Harrisons Business Recovery and Insolvency Ltd have been appointed as joint liquidators. The Advertiser says receivers have also been appointed by the Santander UK bank. According to the Advertiser, it is highly unlikely that creditors, staff among them, will get all of their money back as the hotel building, if sold closed as it has been since October, would fetch just GBP350,000 in a forced sale. Hotel staff are owed almost GBP20,000 by the hotel in backdated pay, pay in lieu of notice entitlement and redundancy pay. The Advertiser relates that at the meeting of creditors on November 9, 2010, the staff present were also told that their tips from the period up until the close of trading had gone into the company's account and had been used in trading. The liquidators have made it clear there is unlikely to be sufficient funds to make a distribution to unsecured creditors, the Advertiser says. At a meeting, the Advertiser notes, it was revealed that the book value of the hotel is GBP1.34 million, but the company owes GBP849,000 to Santander UK following a re-mortgage in 2005, trade creditors are owed GBP24,000, and an inter-company loan of GBP330,000 is also outstanding. In total, the company has a deficiency amounting to GBP1.2 million. The Advertiser says that the directors attribute the failure of the company to the competition in the local market, local authority changes to the road system and parking regulations, and insufficient trade to cover fixed costs in running the hotel. Alvin De Souza, from Harrisons Business Recovery and Insolvency Ltd, told the Advertiser that the bank-appointed receivers had appointed a management company to run the hotel, and that the keys had been handed over to them at the meeting of creditors on November 9. Gate House Hotels Ltd, trading as the King's Arms Hotel, operates the 29-bedroom hotel dates from the 18th century and accommodated the likes of authors Charles Dickens and Lewis Carroll. IRWINS: Goes Into Administration, 56 Jobs Axed ---------------------------------------------- Building work has been left half done at a Leeds school and a historic site as construction company Irwins went into administration, with the loss of 56 jobs, Yorkshire Evening Post reports. The report relates that the firm called in administrators KPMG leaving 13 projects across Yorkshire unfinished. According to Yorkshire Evening Post, a three-classroom extension at Windmill Primary School in Belle Isle and a GBP3 million stable block transformation at the National Trust's Nostell Priory property have been left without a builder. Other work, including at Lambert Memorial Hospital in Thirsk, the University of York and a number of other schools, have been affected, Yorkshire Evening Post notes. "Irwins suffered a significant drop in turnover over recent months as a large proportion of its work related to public sector projects. Given the limited order book of the business, a sale was not a viable option and the company has had to be closed," the report quoted Mark Firmin, KPMG restructuring partner and joint administrator, as saying. Yorkshire Evening Post says that clients with unfinished work now have to look for another contractor. If they have paid money to Irwins they will become creditors, Yorkshire Evening Post adds. The Horsforth firm as construction company Irwins LEED PETROLEUM: Mulls Asset Sale Following Technical Default ------------------------------------------------------------ Jamie Ashcroft at Proactiveinvestors reports that Leed Petroleum told investors that it may sell some or all of its oil and gas assets. Proactiveinvestors relates the company has just amended the terms of its US$26.25 million debt with UniCredit Bank AG, after a "technical default". According to Proactiveinvestors, the company said it now plans to carry out a strategic review to consider "a broad range of strategic alternatives". It will look at potential divestments and the possibility of new financing arrangements, as well as other transactions like mergers, Proactiveinvestors notes. Under the new arrangement UniCredit will increase the revolving credit facility, by US$3.75 million from December 15, 2010 onwards, Proactiveinvestors discloses. This will then be scaled back by US$6 million semi-annually, from June 15, 2011 until it expires on June 15, 2014, Proactiveinvestors states. Leed Petroleum PLC (Leed) is a United Kingdom-based company. The Company, along with its subsidiaries, is engaged in the business of exploring for, and developing and producing oil and natural gas from onshore and offshore locations within the Gulf Coast region of the United States. As of June 30, 2009, the Company had working interests in seven producing offshore blocks, nine non- producing offshore blocks and one non-producing onshore field. The Company subsidiaries include Leed Petroleum Inc and Leed Petroleum LLC. The Company holds operating interests in Eugene Island, Grand Isle, Main Pass, Sorrento Field, South Marsh Island, Ship Shoal, West Cameron and East Cameron. In April 2009, the Company acquired a 75% working interest in Ship Shoal blocks 197 and 202, and Eugene Island block 133. LEHMAN BROTHERS: Proposes Settlement With European Administrators ----------------------------------------------------------------- Lehman Brothers Holdings Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of New York of a new services agreement with the administrators of its European units. The agreement was hammered out to provide LBHI continued access to the information systems of its U.K.-based units to support the valuation and unwinding of derivatives trades that were booked through those information systems. The U.K.-based Lehman units include Lehman Brothers Europe Limited, Lehman Brothers International Europe, Lehman Brothers Holdings Plc and Lehman Brothers Ltd. These companies had been placed in administration following the bankruptcy filing of LBHI. LBHI previously entered into a transition services agreement with the administrators to unwind their assets in U.K. The TSA expired on November 14, 2010, prompting LBHI to seek for temporary extension of the TSA, on the condition that the company seeks approval of the new services agreement. Under the new agreement, the services to be provided to LBHI include systems access and data provision necessary for the company to continue unwinding derivatives trades that were originally booked through its London-based systems. The company will also be provided other data to support potential or ongoing litigation, alternative dispute resolution proceedings, among other things. A full-text copy of the new services agreement is available for free at http://bankrupt.com/misc/LBHI_NSAAdministrators.pdf The Court will consider approval of the new services agreement at the hearing scheduled for December 15, 2010. Deadline for filing objections is December 8, 2010. About Lehman Brothers Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the fourth largest investment bank in the United States. For more than 150 years, Lehman Brothers has been a leader in the global financial markets by serving the financial needs of corporations, governmental units, institutional clients and individuals worldwide. Lehman Brothers filed for Chapter 11 bankruptcy September 15, 2008 (Bankr. S.D.N.Y. Case No. 08-13555). Lehman's bankruptcy petition listed US$639 billion in assets and US$613 billion in debts, effectively making the firm's bankruptcy filing the largest in U.S. history. Several other affiliates followed thereafter. The Debtors' bankruptcy cases are handled by Judge James M. Peck. Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife, Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil, Gotshal & Manges, LLP, in New York, represent Lehman. Epiq Bankruptcy Solutions serves as claims and noticing agent. On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the U.S. District Court for the Southern District of New York, entered an order commencing liquidation of Lehman Brothers, Inc., pursuant to the provisions of the Securities Investor Protection Act (Case No. 08-CIV-8119 (GEL)). James W. Giddens has been appointed as trustee for the SIPA liquidation of the business of LBI The Bankruptcy Court has approved Barclays Bank Plc's purchase of Lehman Brothers' North American investment banking and capital markets operations and supporting infrastructure for US$1.75 billion. Nomura Holdings Inc., the largest brokerage house in Japan, purchased LBHI's operations in Europe for US$2 plus the retention of most of employees. Nomura also bought Lehman's operations in the Asia Pacific for US$225 million. International Operations Collapse Lehman Brothers International (Europe), the principal UK trading company in the Lehman group, was placed into administration, together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE Holdings Ltd. Tony Lomas, Steven Pearson, Dan Schwarzmann and Mike Jervis, partners at PricewaterhouseCoopers LLP, have been appointed as joint administrators to Lehman Brothers International (Europe) on September 15, 2008. The joint administrators have been appointed to wind down the business. Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc. filed for bankruptcy in the Tokyo District Court on September 16. Lehman Brothers Japan Inc. reported about JPY3.4 trillion (US$33 billion) in liabilities in its petition. Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers Bankruptcy News. The newsletter tracks the Chapter 11 proceeding undertaken by Lehman Brothers Holdings, Inc., and other insolvency and bankruptcy proceedings undertaken by its affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) PONTIN'S: Administrators Won't Confirm Butlins' Plan to Bid ----------------------------------------------------------- Tony McDonough at Liverpool Daily Post reports that administrators for Pontin's would not confirm reports that rival Butlins was preparing a bid. As reported in the Troubled Company Reporter-Latin America on November 16, 2010, BBC News said that accountancy firm KPMG said that Pontin's has been placed into administration. According to BBC News, the company's five parks will keep trading as normal. BBC News related that no redundancies have been made among Pontin's 850 staff. According to Liverpool Daily Post the company has debts reportedly totaling GBP40 million. The report notes that administrators KPMG said there had been around 40 expressions of interest in the business. A national Sunday newspaper reported that one of those potential bidders was Butlins, Liverpool Daily Post adds. Pontin's, known for its Bluecoats entertainers, was established in 1946 and at its height owned more than 30 parks. It was founded by Fred Pontin, who was well ahead of his rivals when he spotted the trend for self-catering holiday villages. PRESBYTERIAN MUTUAL: Details on Rescue Package Still Unclear ------------------------------------------------------------ Francess McDonnell at The Irish Times reports that the Northern Ireland Executive has yet to agree on the exact level of financial support it will provide to help stricken savers in Presbyterian Mutual Society. The Irish Times relates the UK government unveiled plans last month to support a GBP200 million (EUR235.4 million) rescue operation to assist thousands of people who have their life savings tied up with the PMS and are unable to access their money. According to The Irish Times, the UK Chancellor of the Exchequer has agreed to give the North's Executive GBP25 million in cash and a GBP175 million loan to create a rescue fund but the Executive will also have to find up to GBP25 million to inject into this fund. The Irish Times says to date no firm arrangements have been put in place by the Northern Ireland Executive as to how the rescue fund should proceed and how much exactly the Executive will be able to contribute. The Irish Times notes there is also a fresh debate under way about how much the Presbyterian Church should commit to any rescue fund that eventually gets up and running. According to The Irish Times, the church said it has not been formally asked yet by the Executive to contribute to the proposed rescue fund. As reported by the Troubled Company Reporter-Europe, the Financial Times said the society has 10,000 members and had assets of around EUR300 million when it was forced into administration in 2008 after suffering a run of withdrawals at the onset of the global financial crisis. Presbyterian Mutual Society is based in Belfast, Northern Ireland. URSUS EPC: Fitch Cuts Ratings on Three Classes of Notes to 'Csf' ---------------------------------------------------------------- Fitch Ratings has downgraded Ursus EPC plc's class C, D and E notes. The class A and B notes have been placed on Rating Watch Positive. Fitch has also assigned Recovery Ratings to the class C, D and E notes. A full rating breakdown is: -- GBP19.6m class A 'Asf'; placed on RWP -- GBP4.6m class B 'BBBsf'; placed on RWP -- GBP4.6m class C downgraded to 'Csf' from 'CCCsf'; assigned 'RR2' -- GBP4.5m class D downgraded to 'Csf' from 'CCCsf'; assigned 'RR6' -- GBP2.5m class E downgraded to 'Csf' from 'CCCsf'; assigned 'RR6' The rating actions reflect Fitch's expectations that the agreed sale of an underlying asset, if completed successfully, will result in a full redemption of the class A and B notes, a partial redemption of the class C notes and a full loss on the class D and E notes. The asset is the Castlegate shopping centre in Stockton- on-Tees, which secures the last remaining loan in the transaction. The gross sale price of GBP28.75 million is in line with the most recent valuation of the property, estimated at GBP29 million in May 2010 by Savills. In addition to sales proceeds, there is surplus rent trapped in the escrow account that will also be available for distribution at the next payment date. At present, the cash is being used to pay certain invoices essential to the running of the centre. These amounts will first be applied to interest payments and all costs related to the sale and loan workout. Net proceeds will then be applied on a pari passu basis to the securitized loan and a GBP0.59 million capex facility. The exact amount to be applied as principal redemption proceeds to the securitized loan remains uncertain at this stage. The special servicer, Capita Asset Services, rated 'CSS2', has announced that it is working toward completing the sale by December 31, 2010, prior to the next interest payment date in January 2011. * UNITED KINGDOM: Fewer Business Insolvencies Reported ------------------------------------------------------ Chris Malone at In The News reports that the number of businesses falling into insolvency has dramatically reduced in the past 12 months, new figures show. According to In The News, the latest Experian Insolvency Index said that there was a 17% year-on-year reduction in business insolvencies during October. In the news says that one reason for this could be that banks are taking a more kind-hearted approach to debt at the moment. The report says BRI Business Recovery and Insolvency noted that lenders know they are better off allowing their business customers to pay their way out of debt than pushing them over the edge into redundancy. This is because there are now far fewer buyers available to rescue firms that have fallen by the wayside, meaning that banks could struggle to recover their loans once companies go into receivership, the report relates. Insolvency practitioner Peter Windatt explained that the main reason commercial insolvencies have declined recently is because the usual factors that drive firms to failure are now not occurring as frequently. "The normal failure-drivers are the banks actively pressing the button to put a company into receivership," In The News quoted Mr. Windatt as saying. =============== X X X X X X X X =============== * Large Companies With Insolvent Balance Sheets ----------------------------------------------- Total Shareholders Total Equity Assets Company Ticker (US$) (US$) ------- ------ ------ ------ AUSTRIA ------- CHRIST WATER TEC CWT AV -5754287.761 165995618.1 CHRIST WATER TEC CWT EO -5754287.761 165995618.1 CHRIST WATER TEC CWT PZ -5754287.761 165995618.1 CHRIST WATER TEC CWTE IX -5754287.761 165995618.1 CHRIST WATER TEC CWT EU -5754287.761 165995618.1 CHRIST WATER TEC CRSWF US -5754287.761 165995618.1 CHRIST WATER TEC C7W GR -5754287.761 165995618.1 CHRIST WATER-ADR CRSWY US -5754287.761 165995618.1 KA FINANZ AG 3730Z AV -359597327 30679270533 LIBRO AG LBROF US -110486313.8 174004185 LIBRO AG LIB AV -110486313.8 174004185 LIBRO AG LB6 GR -110486313.8 174004185 LIBRO AG LIBR AV -110486313.8 174004185 SKYEUROPE SKYP PW -89480486.93 159076577.5 SKYEUROPE SKY PW -89480486.93 159076577.5 SKYEUROPE HLDG SKY EO -89480486.93 159076577.5 SKYEUROPE HLDG SKYA PZ -89480486.93 159076577.5 SKYEUROPE HLDG SKY AV -89480486.93 159076577.5 SKYEUROPE HLDG S8E GR -89480486.93 159076577.5 SKYEUROPE HLDG SKY LI -89480486.93 159076577.5 SKYEUROPE HLDG SKY EU -89480486.93 159076577.5 SKYEUROPE HLDG SKYPLN EO -89480486.93 159076577.5 SKYEUROPE HLDG SKYV IX -89480486.93 159076577.5 SKYEUROPE HLDG SKURF US -89480486.93 159076577.5 SKYEUROPE HLDG SKYPLN EU -89480486.93 159076577.5 SKYEUROPE HOL-RT SK1 AV -89480486.93 159076577.5 STYROL HOLDING 1 3321155Z AV -69327699.53 1925984640 BELGIUM ------- SABENA SA SABA BB -85494497.66 2215341060 CYPRUS ------ LIBRA HOLIDA-RTS LBR CY -39648682.41 209021322.6 LIBRA HOLIDA-RTS LGWR CY -39648682.41 209021322.6 LIBRA HOLIDAY-RT 3167808Z CY -39648682.41 209021322.6 LIBRA HOLIDAYS LHGR CY -39648682.41 209021322.6 LIBRA HOLIDAYS LHGCYP EO -39648682.41 209021322.6 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WIN1 NQ -151911497.1 1420828184 WINCANTON PLC WIN1EUR EO -151911497.1 1420828184 WINCANTON PLC WIN1USD EU -151911497.1 1420828184 WINCANTON PLC WNCNF US -151911497.1 1420828184 WINCANTON PLC WIN1USD EO -151911497.1 1420828184 WINCANTON PLC WIN1EUR EU -151911497.1 1420828184 WINCANTON PLC WIN1 QM -151911497.1 1420828184 WINCANTON PLC WIN1 EO -151911497.1 1420828184 WINCANTON PLC WIN1 EB -151911497.1 1420828184 WINCANTON PLC WIN1GBP EO -151911497.1 1420828184 WINCANTON PLC WIN LN -151911497.1 1420828184 ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers' public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than US$3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. A list of Meetings, Conferences and Seminars appears in each Thursday's edition of the TCR. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/booksto order any title today. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Valerie U. Pascual, Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante, Frauline S. Abangan and Peter A. Chapman, Editors. Copyright 2010. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$625 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Christopher Beard at 240/629-3300. * * * End of Transmission * * *