/raid1/www/Hosts/bankrupt/TCREUR_Public/140916.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, September 16, 2014, Vol. 15, No. 182
Headlines
B E L G I U M
ONTEX IV: S&P Raises CCR to 'BB-' on Successful IPO
B U L G A R I A
CHIMCO AD: Investors Express Interest, Former Director Says
F R A N C E
HOLDELIS SAS: Moody's Raises Corporate Family Rating to 'B1'
G R E E C E
GREECE: S&P Raises Sovereign Rating to 'B'; Outlook Stable
HELLENIC STEEL: Employees to Protest Possible Dissolution
SEANERGY MARITIME: Plaza and Comet Report 25% Equity Stake
I R E L A N D
HCJV: Receiver Takes Control of 7 SuperValu Stores
TORO EUROPEAN 1: Moody's Assigns 'B2' Rating to Class F Notes
TORO EUROPEAN 1: Fitch Assigns 'B-sf' Rating to Class E Notes
L U X E M B O U R G
NII HOLDINGS: US and Luxembourg-Based Units Seek Chapter 11
NII HOLDINGS: Case Summary & 20 Largest Unsecured Creditors
N E T H E R L A N D S
CONTEGO CLO: Moody's Raises Rating on Class E Notes to 'Ba3'
NEW WORLD RESOURCES: Pushes Through EUR255-Mil. Restructuring
P O L A N D
* POLAND: Bankruptcy Figures Down 6% to 63 in August 2014
P O R T U G A L
BANCO ESPIRITO: Independent Management Rescue Team Quits
R U S S I A
FAR-EASTERN SHIPPING: S&P Cuts CCR to 'B' on Weak HY Performance
TOMSK CITY: Fitch Affirms 'BB' Issuer Default Rating
U K R A I N E
IVANO-FRANKIVSK CITY: S&P Affirms 'CCC' ICR; Outlook Stable
LVIV CITY: S&P Affirms 'CCC' ICR; Outlook Stable
U N I T E D K I N G D O M
BESTWAY UK: S&P Assigns Preliminary 'B+' CCR; Outlook Stable
HARTMANN CAPITAL: October 1 Claims Bar Date Set
OVERSEAS SHIPHOLDING: High Court Enters Modification Orders
PHONES 4U: In Administration; 5,596 Jobs at Risk
PHOSPHORUS HOLDCO: Moody's Lowers CFR to 'Caa1'; Outlook Negative
PUNCH TAVERNS: Moody's Assigns '(P)B2' Rating to GBP300MM Notes
X X X X X X X X
* Large Companies with Insolvent Balance Sheets
*********
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B E L G I U M
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ONTEX IV: S&P Raises CCR to 'BB-' on Successful IPO
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Standard & Poor's Ratings Services raised its long-term corporate
credit rating on Belgium-based hygienic disposables manufacturer
Ontex IV S.A. to 'BB-' from 'B'. The outlook is stable. At the
same time, S&P removed the rating from CreditWatch with positive
implications, where it had placed it on June 10, 2014.
The upgrade reflects a successful IPO, after which Ontex reduced
its overall debt burden and publicly committed to a less
leveraged financial structure. The company has also strengthened
its corporate governance and oversight in order to comply with
requirements for the public listing of its shares. Ontex used
proceeds from the recently completed IPO to repay EUR280 million
of its EUR910 million debt, resulting in an improvement in debt
protection metrics. Based on S&P's base-case scenario, it
estimates that the company should maintain debt to EBITDA on a
fully adjusted basis of about 4x-4.5x on average over the next
three years, compared with the pre-IPO levels of above 6x. S&P's
financial profile assessment is further supported by Ontex's
publicly stated financial policy of an intention to maintain a
net debt/EBITDA ratio of about 3.0x.
S&P now considers Ontex's financial risk profile commensurate
with an "aggressive" description and assess its financial policy
as
FS-5 under S&P's methodology, reflecting the residual equity
stake held by financial sponsors and S&P's view that the ratio of
fully adjusted debt to EBITDA is likely to remain at or above 4x
over the next 24 months.
S&P considers that following the IPO, credit risks for Ontex are
skewed to the operating factors, in particular its ability to
maintain volumes and profitability in the mature and highly
competitive consumer markets of Western Europe. Although Ontex's
growth potential is stronger in emerging markets, these markets
are also associated with country and currency risks. Ontex's
recent performance trends were boosted by Kimberly Clark's recent
withdrawal of its diaper brands from many Central and Western
European markets, alongside Ontex's expansion of its private
label and newly acquired branded products in the region. Ontex
has further strengthened its profitability through a capacity
rationalization program.
These developments are factored into S&P's continuing assessment
of Ontex's business risk profile as "fair."
Additionally, S&P recognizes the group's significant size
advantage: it is 2.7x larger by volume than its nearest
competitor in Western Europe, and most of its competitors are
local players with no international presence.
S&P anticipates that price sensitivity will remain high across
the group's retail client base. This means that the group is
well-positioned to benefit from its ability to develop and
deliver private label products which appeal to a more cost-
conscious consumer. Nevertheless, S&P continues to recognize
risks to profitability from input price inflation, which Ontex
would not be able to offset with price increases. Material hikes
in raw material prices are not part of our central macroeconomic
scenario for the consumer goods industry, however.
S&P considers that there are good growth prospects for Ontex in
markets outside Western Europe, in particular Turkey, Pakistan,
Algeria, and Morocco, but S&P do not expect that expanding into
these will immediately result in higher profitability because of
the higher operating costs associated with this primarily brand-
focused business in these regions, as well as potential for
currency volatility.
S&P's base case assumes:
-- Revenue growth of about 5% for 2014 and 2015.
-- EBITDA margins of about 11%-12% for 2014 and 2015.
-- Capital expenditure (capex) of about 3.0%-3.5% of sales.
-- Dividends in line with company's guidance at about 30%-40%
of net income after tax.
S&P applies a 100% haircut to cash, in line with its criteria on
financial sponsor (FS) ownership.
Based on these assumptions, S&P arrives at these credit measures:
-- An adjusted three-year average debt-to-EBITDA ratio of
about 4.25x (three forecast years).
-- Three-year average funds from operations (FFO) to cash
interest coverage of about 3.5x.
The stable outlook on Ontex reflects S&P's expectation that the
group's debt to EBITDA ratio will likely remain in the 4.0x-5.0x
range over the medium term, which S&P considers to be
commensurate with the 'BB-' rating. It also reflects S&P's view
that the group will likely report stable operating performance
over the next two years. S&P anticipates that Ontex's adjusted
EBITDA margin will remain higher than 10% over the next two years
and that free cash flow will be positive.
S&P could lower the rating if Ontex's performance deteriorates,
and gross margins become more volatile such that the debt to
EBITDA ratio approaches 5.0x on a sustainable basis. This could
result from declining operating performance caused by intensified
competition or a combination of increased costs associated with
securing growth in markets outside of Western Europe, a delayed
recovery of increased input costs, and persistently high
restructuring costs and capex. It could also result from the
termination of various small contracts.
Under the existing ownership, a positive rating action is
dependent on Ontex improving its operating performance to such an
extent that it can sustain debt to EBITDA between 3.0x-4.0x on a
fully adjusted basis. S&P considers that this could occur if the
group's revenues grow by 7%-9% and its EBITDA margin is well
above 12% over the medium term. In S&P's view, this would depend
on Ontex stabilizing growth in markets outside of Western Europe
at value-adding profit margins, while also being able to quickly
recover any rise in input costs or foreign exchange impact
through price increases and a reduction in restructuring and
capex costs.
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B U L G A R I A
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CHIMCO AD: Investors Express Interest, Former Director Says
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Novinite.com reports that Kiril Petkov, former director of Chimco
AD, also known as Himko AD, said investors have expressed
interest in the company and plan to announce their intentions for
the bankrupt company after the early elections on Oct. 5.
Speaking at a round table on the chemical industry organized by
the Confederation of Independent Trade Unions in Bulgaria
(CITUB), Mr. Petkov, as cited by Novinite.com, said it was
"absolutely possible" and "economically viable" to restart a
relatively new production capacity launched in 1983 for ammonia
and the nitrogen fertilizer urea.
Mr. Petkov, as cited by investor.bg., drew attention to an
analysis of Professor Yoncho Pelovski from the Bulgarian Chamber
of Chemical Industry which indicated that the unit in question
had a residual lifespan of 15-20 years, Novinite.com relates.
"Scrap metal dealers and competitors have expressed interest in
the plant, as well as strategic investors that can supply natural
gas at a competitive price and have access to appropriate markets
and financial resources," Novinite.com quotes Mr. Petkov as
saying.
Chimco AD is a Vratsa-based fertilizer plant. It halted
operations in 2003 and was declared bankrupt in 2004.
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F R A N C E
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HOLDELIS SAS: Moody's Raises Corporate Family Rating to 'B1'
------------------------------------------------------------
Moody's Investors Service has upgraded the corporate family
rating (CFR) of Holdelis S.A.S (Elis) to B1 from B2. Moody's has
also upgraded the probability of default rating (PDR) to B1-PD
from B2-PD. Concurrently, Moody's has upgraded and assigned a
definitive rating of Ba3 from (P)B1 to the EUR450 million of
senior secured notes issued by Novalis S.A.S.. All ratings are
placed on review for upgrade.
Ratings Rationale
"The upgrade of the CFR to B1 reflects Elis's solid operating
performance over the past 12 months allowing for leverage to
decrease despite an overall challenging operating environment,"
says Knut Slatten, Moody's lead analyst for Elis.
The decision to place the ratings under review follows Elis's
announcement on 9 September wherein the company declared it had
filed its document de base with the AMF related to an Initial
Public Offering (IPO). As part of the intended IPO, Elis expects
to raise funds worth approximately EUR700 million. The funds
will -- in addition to new banking facilities the company has put
in place -- be applied towards debt redemption and refinancing of
existing debt. Should Elis be successful in executing its IPO,
this is likely to lead to a material reduction in net debt and
further strengthening of free cash flows as interest expenses
abate. Elis has said it anticipates its net leverage to reduce to
below 3x by year-end 2014 -- down from around 5x at FY2013 --
should the transaction be successful.
During the review process, Moody's will closely monitor the
company's progress on the contemplated IPO and will assess the
implications of the proposed refinancing on the company's
financial profile, as well as its financial policy objectives
post-IPO. If the IPO goes ahead as scheduled, Moody's could be
upgrading the B1 CFR by one or two notches. Moody's cautions,
however, that the rating of the senior secured notes is likely to
be aligned with the CFR owing to the amount of junior-debt that
is envisaged to be repaid during the transaction.
What Could Change the Rating Up/Down
Positive pressure on the B1-rating could develop if Elis'
operating performance continues to improve, allowing for the
company's leverage, measured by debt/EBITDA, to move below 4.5x.
Conversely, negative pressure could develop if Elis' leverage
moves above 5.25x or if Moody's becomes concerned about the
company's liquidity.
Principal Methodology
The principal methodology used in these ratings was Global
Business & Consumer Service Industry Rating Methodology published
in October 2010. Other methodologies used include Loss Given
Default for Speculative-Grade Non-Financial Companies in the
U.S., Canada and EMEA published in June 2009.
Elis is a France-based multiservice provider of flat linen,
garment and HWB services. It has around 240,000 customers in the
private and public sector and operates throughout 10 countries.
For the financial year ended 31 December 2013 it reported total
revenues of EUR1.225 billion and adjusted EBITDA of EUR401
million.
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G R E E C E
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GREECE: S&P Raises Sovereign Rating to 'B'; Outlook Stable
----------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term foreign
and local currency sovereign credit ratings on the Hellenic
Republic (Greece) to 'B' from 'B-'. At the same time, S&P
affirmed the short-term sovereign credit ratings at 'B'. The
outlook is stable.
Rationale
The upgrade reflects S&P's view that risks to fiscal
consolidation in Greece have abated. S&P forecasts that, from
next year, the Greek economy will emerge from seven consecutive
years of negative growth. S&P expects recovering real and
nominal GDP will enable Greece to operate average primary
surpluses of 2% of GDP during 2014-2017. This is less than the
4.5% of GDP target the government envisioned in its program with
the European Union (EU), the European Central Bank (ECB), and the
IMF (together, the "Troika"), but S&P believes the lower estimate
is politically more feasible than the government's target and
consistent with a modest decline in government debt as a share of
GDP.
S&P expects the government to absorb an increased share of EU
funds, further widen its tax base, and improve tax collection.
On the other hand, S&P believes the government has little room
for further maneuver on the expenditure side. S&P believes it
will carry out modest tax cuts, and it acknowledges downside
risks to its forecast should deflationary pressure in the economy
become entrenched.
S&P also views as low the likelihood of additional step-rises in
government debt due to bank recapitalizations: the four largest
domestic banks have raised EUR8.4 billion of capital directly
from the markets and the Hellenic Financial Stability Fund has a
balance of EUR11 billion for any capital calls from the public
sector. Although the government may receive additional debt
relief from official creditors, S&P do not anticipate it will
approach private sector creditors for a third rescheduling. S&P
also assumes the government will continue to service the
approximately EUR3 billion of debt held by creditors who did not
participate in the two debt exchanges of 2012.
In S&P's view, the Greek government's gross borrowing
requirements of about EUR43 billion (19% of GDP) over the next 15
months will be partly met by Greek banks repaying "pillar-one"
bonds back to the government, as well as intergovernment lending
within the broader public sector and, more marginally, through
privatization. S&P also expects about EUR20 billion to be raised
in domestic local-law markets, about EUR12 billion from official
lenders, and up to EUR5 billion from additional foreign bond
placements.
As a result, S&P expects the gross government debt stock to
broadly stabilize in nominal terms, declining slightly to 164% of
GDP in 2017 from a peak of 177% in 2014. S&P notes, however,
that even at this somewhat lower level, Greece's general
government debt stock will remain among the highest of all the
sovereigns S&P rates.
That said, since the April and May 2012 public debt
restructurings, other aspects of Greece's debt profile have
improved. At 15.8 years currently, the average maturity of the
Greek government's debt stock has more than doubled (it was 6.3
years in 2011). Of Greek central government debt, 72% is now
noncommercial, with interest rates consistently below-market.
Furthermore -- and partly reflecting the European Financial
Stability Facility allowing the Greek government to defer second-
program interest payments for the first 10 years -- the average
interest rate paid on the noncommercial stock of debt is less
than 2.0%, compared to S&P's average nominal GDP projection of
2.8% for 2015-2017. Moreover, about 40% of Greece's commercial
debt is held by the ECB and the central banks of the Eurosystem.
(S&P classifies bonds held by the Eurosystem as commercial debt
since we view these holdings as monetary and not fiscal
operations.)
S&P views Greece's economic recovery as gradual but weak, with
2017 real GDP still 20% lower than in 2007. A 16% decrease in
unit labor costs between 2008 and 2013 has helped Greece's
tourism sector. Its small manufacturing sector, however, has not
benefited to the same extent (unlike in Spain, Portugal, or
Ireland). Investment, still 40% below the 2007 rate, should pick
up but only slowly. S&P believes investment levels will be
constrained by a lack of confidence, an ineffective monetary
transmission mechanism, and limited foreign direct investment.
Household consumption will only gradually benefit from eventual
job market stabilization.
S&P expects the current account to remain broadly balanced in
2014-2017 against a deficit of 11% of GDP in 2009. Although the
services sector has been buoyant, most of the adjustment has
taken place through a decrease in imports. Greece's capital and
financial accounts have adjusted through strong EU fund inflows,
debt forgiveness, and fresh market funding.
Despite this positive shift in external flow dynamics, Greece's
external vulnerabilities persist: it has high external debt and
limited monetary flexibility. S&P estimates external debt at
about 450% of current account receipts in 2014 (net of public and
financial sector external assets). In particular, about half of
Greece's gross external debt stock is short term, mostly
contracted by Greek banks, and therefore has to be rolled over.
S&P anticipates that cross-border interbank deposits will
stabilize, while ECB funding -- about 20% of total banking system
liabilities -- will remain in place.
While S&P expects the Greek government will broadly adhere to the
current policy framework, it views Greece's complicated political
and policy environment as a ratings weakness. Even though
reforms have so far supported fiscal performance and progress in
restructuring of the economy, social tensions and a weak
institutional framework remain.
Outlook
The outlook is stable, balancing S&P's view of Greece's progress
in fiscal consolidation against the still-weak economic recovery
and political resolve to continue with structural and
institutional reforms. The outlook also assumes no further
distressed exchanges on Greece's remaining stock of commercial
debt.
S&P could raise its long-term ratings on Greece if GDP growth
were to increase more than it currently expects, or if the
institutional framework were to strengthen significantly. This
could result in structural reforms to the labor and product
markets bearing fruit more rapidly than S&P foresees, or the
banking system rehabilitating to the extent that it can provide
more dynamic credit growth.
"We could lower the ratings if the government does not succeed in
stabilizing its debt as a share of GDP, due, for example, to
greater deflationary pressures than we currently expect. We
could also lower the ratings if we believe private creditors will
be asked to participate in a third rescheduling, either because
of a change in government policy or because of comparability of
treatment between official (bilateral and multilateral) and
private lenders. In accordance with our relevant policies and
procedures, the Rating Committee was composed of analysts that
are qualified to vote in the committee, with sufficient
experience to convey the appropriate level of knowledge and
understanding of the methodology applicable (see 'Related
Criteria And Research'). At the onset of the committee, the
chair confirmed that the information provided to the Rating
Committee by the primary analyst had been distributed in a timely
manner and was sufficient for Committee members to make an
informed decision", S&P said.
After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.
The committee agreed that the fiscal score had improved. All
other key rating factors were unchanged.
The chair ensured every voting member was given the opportunity
to articulate his/her opinion. The chair or designee reviewed
the draft report to ensure consistency with the Committee
decision. The views and the decision of the rating committee are
summarized in the above rationale and outlook. The weighting of
all rating factors is described in the methodology used in this
rating action.
RATINGS LIST
Upgraded; Ratings Affirmed
To From
Greece (Hellenic Republic)
Sovereign Credit Rating B/Stable/B B-/Stable/B
Transfer & Convertibility Assessment AAA AAA
Senior Unsecured B B-
Commercial Paper B B
HELLENIC STEEL: Employees to Protest Possible Dissolution
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ANA-MPA reports that Hellenic Steel employees said on Thursday,
Sept. 11, they will take action this week to protest the
company's possible suspension of operation.
According to ANA-MPA, the managers of Hellenic Steel called
shareholders to an emergency meeting on Sept. 30 at its
headquarters in Diavata, greater Thessaloniki region, to discuss
"the dissolution and liquidation of company, or the adoption of
alternative measures." Most of its shares (77.12%) are held by
Italian steel company Ilva Spa, with a German company and two
Greek banks also holding shares, ANA-MPA discloses.
Ilva has been under government trusteeship since June 2013,
ANA-MPA notes. Workers are requesting that the Greek government
mediate between the Italian state and the parent company to
prevent liquidation of the Greek company and extend the amount of
time needed to find alternatives, ANA-MPA says.
The president of the union, Panagiotis Hatzakos, said the company
owes about EUR62 million to the parent company, but does not owe
to the state, bank or staff, while it provides EUR10 million in
VAT payments and EUR6 million in insurance for staff annually,
ANA-MPA relays.
Hellenic Steel SA is a producer of steel sheets and tinplate.
The company was established in 1963 and is based in Ionia,
Thessaloniki, Greece.
SEANERGY MARITIME: Plaza and Comet Report 25% Equity Stake
----------------------------------------------------------
In an amended Schedule 13D filed with the U.S. Securities and
Exchange Commission, Plaza Shipholding Corp., Comet Shipholding
Inc., et al., disclosed that as of June 27, 2014, they
beneficially owned 3.4 million shares of common stock of Seanergy
Maritime Holdings Corp. representing 25% of the shares
outstanding.
Plaza and Comet are each reporting the beneficial ownership of an
additional 945,000 shares of Common Stock, or 1,890,000 shares of
Common Stock in the aggregate pursuant to a Share Purchase
Agreement entered into among the Company, Plaza and Comet on
June 24, 2014. Plaza and Comet acquired the shares for
$1,134,000, at a price of $0.60 per share. The shares acquired
by the Plaza and Comet are being held for investment purposes.
A copy of the regulatory filing is available at:
http://is.gd/XTQIEg
About Seanergy
Athens, Greece-based Seanergy Maritime Holdings Corp. is an
international company providing worldwide seaborne transportation
of dry bulk commodities. The Company owns and operates a fleet
of seven dry bulk vessels that consists of three Handysize, two
Supramax and two Panamax vessels. Its fleet carries a variety of
dry bulk commodities, including coal, iron ore, and grains, as
well as bauxite, phosphate, fertilizer and steel products.
Seanergy Maritime reported net income of $10.90 million on $23.07
million of net vessel revenue for the year ended Dec. 31, 2013,
as compared with a net loss of $193.76 million on $55.61 million
of net vessel revenue for the year ended Dec. 31, 2012.
As of June 30, 2014, the Company had $3.52 million in total
assets, $554,000 in total liabilities and $2.96 million in total
shareholders' equity.
Ernst & Young (Hellas) Certified Auditors Accountants S.A., in
Athens, Greece, issued a "going concern" qualification on the
consolidated financial statements for the year ended Dec. 31,
2013. The independent auditors noted that the Company, as of
December 31, 2013 continued to be in breach of certain terms and
covenants of the loan facility with its remaining lender, and had
a working capital deficit and an accumulated deficit. Following
the disposal of its entire fleet subsequent to December 31, 2013
in the context of its restructuring plan, the Company is unable
to generate sufficient cash flow to meet its obligations and
sustain its continuing operations. These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.
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I R E L A N D
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HCJV: Receiver Takes Control of 7 SuperValu Stores
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Mark Paul at The Irish Times reports that receivers have taken
control of the HCJV, a property company linked to the Caulfield
McCarthy retail group, one of the State's biggest SuperValu
franchisees with stores and shopping centers in eight locations.
Irish Bank Resolution Corporation (IBRC) has appointed Sean
McNamara of Smith & Williamson accountants to take control of
seven of the properties on foot of unpaid loans totaling more
than EUR80 million, owed by HCJV and several of its subsidiaries,
which are also in receivership, The Irish Times relates.
According to The Irish Times, Smith & Williamson named the
companies affected as Balfort, Canalridge, Novascot, Simenga,
Tamadra Limited and HCJV.
IBRC backed HCJV company director Anne Marie Caulfield, her
brother Thomas Caulfield, and John McCarthy, a former employee of
SuperValu's owner Musgrave, in a management buyout of the group
from its original shareholders in 2004 in a deal reportedly worth
up to EUR70 million, The Irish Times recounts.
The loans were due to be sold on by IBRC as part of its
liquidation but, according to the receivership appointment
notices, it was the bank that put in Smith & Williamson, and not
any third party loan buyer, The Irish Times discloses.
In the last-filed accounts for HCJV, which were signed off by
KPMG in February of this year, the auditors said the company's
financial situation was dependent upon "IBRC, or a successor to
the company's loans not demanding repayment", The Irish Times
relays.
TORO EUROPEAN 1: Moody's Assigns 'B2' Rating to Class F Notes
-------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to notes issued by Toro European
CLO 1 Limited (the "Issuer" or "Toro CLO"):
EUR173,500,000 Class A Secured Floating Rate Notes due 2028,
Definitive Rating Assigned Aaa (sf)
EUR34,500,000 Class B Secured Floating Rate Notes due 2028,
Definitive Rating Assigned Aa2 (sf)
EUR19,250,000 Class C Secured Deferrable Floating Rate Notes due
2028, Definitive Rating Assigned A2 (sf)
EUR16,500,000 Class D Secured Deferrable Floating Rate Notes due
2028, Definitive Rating Assigned Baa2 (sf)
EUR22,250,000 Class E Secured Deferrable Floating Rate Notes due
2028, Definitive Rating Assigned Ba2 (sf)
EUR9,000,000 Class F Secured Deferrable Floating Rate Notes due
2028, Definitive Rating Assigned B2 (sf)
Ratings Rationale
Moody's definitive rating of the rated notes addresses the
expected loss posed to noteholders by the legal final maturity of
the notes in 2028. The definitive ratings reflect the risks due
to defaults on the underlying portfolio of loans given the
characteristics and eligibility criteria of the constituent
assets, the relevant portfolio tests and covenants as well as the
transaction's capital and legal structure. Furthermore, Moody's
is of the opinion that the collateral manager, Chenavari Credit
Partners LLP, has sufficient experience and operational capacity
and is capable of managing this CLO.
Toro CLO is a managed cash flow CLO. At least 90% of the
portfolio must consist of senior secured loans and senior secured
floating rate notes and up to 10% of the portfolio may consist of
unsecured loans, second-lien loans, mezzanine obligations, high
yield bonds and other floating rate bonds. The bond bucket gives
the flexibility to Toro CLO to hold bonds if Volcker Rule is
changed. The portfolio is 85% ramped up as of the closing date
and is comprised predominantly of corporate loans to obligors
domiciled in Western Europe.
Chenavari will manage the CLO. It will direct the selection,
acquisition and disposition of collateral on behalf of the Issuer
and may engage in trading activity, including discretionary
trading, during the transaction's four-year reinvestment period.
Thereafter, purchases are permitted using principal proceeds from
unscheduled principal payments and proceeds from sales of credit
risk and credit improved obligations, and are subject to certain
restrictions.
In addition to the six classes of notes rated by Moody's, the
Issuer will issue EUR33m of subordinated notes, which will not be
rated.
The transaction incorporates interest and par coverage tests
which, if triggered, divert interest and principal proceeds to
pay down the notes in order of seniority.
Factors that would lead to an upgrade or downgrade of the rating:
The rated notes' performance is subject to uncertainty. The
notes' performance is sensitive to the performance of the
underlying portfolio, which in turn depends on economic and
credit conditions that may change. Chavanari's investment
decisions and management of the transaction will also affect the
notes' performance.
Loss and Cash Flow Analysis:
Moody's modelled the transaction using CDOEdge, a cash flow model
based on the Binomial Expansion Technique, as described in
Section 2.3 of the "Moody's Global Approach to Rating
Collateralized Loan Obligations" rating methodology published in
February 2014. The cash flow model evaluates all default
scenarios that are then weighted considering the probabilities of
the binomial distribution assumed for the portfolio default rate.
In each default scenario, the corresponding loss for each class
of notes is calculated given the incoming cash flows from the
assets and the outgoing payments to third parties and
noteholders. Therefore, the expected loss or EL for each tranche
is the sum product of (i) the probability of occurrence of each
default scenario and (ii) the loss derived from the cash flow
model in each default scenario for each tranche. As such, Moody's
encompasses the assessment of stressed scenarios.
Moody's used the following base-case modeling assumptions:
Par amount: EUR 300,000,000
Diversity Score: 33
Weighted Average Rating Factor (WARF): 2820
Weighted Average Spread (WAS): 3.75%
Weighted Average Recovery Rate (WARR): 43.50%
Weighted Average Life (WAL): 8 years.
Moody's has analyzed the potential impact associated with
sovereign related risk of peripheral European countries. As part
of the base case, Moody's has addressed the potential exposure to
obligors domiciled in countries with local currency country risk
ceiling of A1 or below. Following the effective date, and given
the portfolio constraints and the current sovereign ratings in
Europe, such exposure may not exceed 10% of the total portfolio.
As a result and in conjunction with the current foreign
government bond ratings of the eligible countries, as a worst
case scenario, a maximum 10% of the pool would be domiciled in
countries with Baa3 local currency country ceiling. The remainder
of the pool will be domiciled in countries which currently have a
local currency country ceiling of Aaa. Given this portfolio
composition, the model was run with different target par amounts
depending on the target rating of each class of notes as further
described in the methodology. The portfolio haircuts are a
function of the exposure size to peripheral countries and the
target ratings of the rated notes and amount to 1.50% for the
Class A notes, 1.00% for the Class B notes, 0.75% for the Class C
notes and 0% for Classes D, E and F.
Stress Scenarios:
Together with the set of modelling assumptions above, Moody's
conducted additional sensitivity analysis, which was an important
component in determining the definitive rating assigned to the
rated notes. This sensitivity analysis includes increased default
probability relative to the base case. Below is a summary of the
impact of an increase in default probability (expressed in terms
of WARF level) on each of the rated notes (shown in terms of the
number of notch difference versus the current model output,
whereby a negative difference corresponds to higher expected
losses), holding all other factors equal:
Percentage Change in WARF: WARF + 15% (to 3245 from 2820)
Ratings Impact in Rating Notches:
Class A Secured Floating Rate Notes: 0
Class B Secured Floating Rate Notes: -1
Class C Secured Deferrable Floating Rate Notes: -1
Class D Secured Deferrable Floating Rate Notes: -1
Class E Secured Deferrable Floating Rate Notes: -1
Class F Secured Deferrable Floating Rate Notes: 0
Percentage Change in WARF: WARF +30% (to 3670 from 2820)
Class A Secured Floating Rate Notes: -1
Class B Secured Floating Rate Notes: -3
Class C Secured Deferrable Floating Rate Notes: -3
Class D Secured Deferrable Floating Rate Notes: -2
Class E Secured Deferrable Floating Rate Notes: -1
Class F Secured Deferrable Floating Rate Notes: -2
Methodology Underlying the Rating Action:
The principal methodology used in this rating was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
February 2014.
TORO EUROPEAN 1: Fitch Assigns 'B-sf' Rating to Class E Notes
-------------------------------------------------------------
Fitch Ratings has assigned Toro European CLO 1 Limited notes
final ratings, as follows:
EUR173.5 million Class A: 'AAAsf'; Outlook Stable
EUR34.5 million Class B: 'AAsf'; Outlook Stable
EUR19.25 million Class C: 'Asf'; Outlook Stable
EUR16.5 million Class D: 'BBBsf'; Outlook Stable
EUR22.25 million Class E: 'BBsf'; Outlook Stable
EUR9 million Class F: 'B-sf'; Outlook Stable
EUR33 million subordinated notes: not rated
Toro European CLO 1 Limited is an arbitrage cash flow
collateralised loan obligation (CLO). Net proceeds from the
notes are being used to purchase a EUR300m portfolio of European
leveraged loans and bonds. The portfolio is managed by Chenavari
Credit Partners LLP with Toro S.a.r.l. acting as investment
advisor. The transaction features a four-year reinvestment
period.
KEY RATING DRIVERS
Portfolio Credit Quality
Fitch assesses the average credit quality of obligors as 'B'/
'B-'. The agency has public ratings or credit opinions on 55 of
56 obligors in the initial portfolio. The weighted average
rating factor (WARF) of the initial portfolio is 34.1.
Above-average Recoveries
The portfolio comprises a minimum of 90% senior secured
obligations. Recovery prospects for these assets are typically
more favorable than for second-lien, unsecured and mezzanine
assets. Fitch has assigned Recovery Ratings to all but one
obligation in the initial portfolio. The weighted average
recovery rate (WARR) of the initial portfolio is 72.6%.
Payment Frequency Switch
The notes pay quarterly while the portfolio assets can be reset
to a semi-annual basis from quarterly or monthly. The
transaction has an interest-smoothing account, but no liquidity
facility. Liquidity stress for the non-deferrable class A and B
notes, stemming from a large proportion of assets potentially
resetting to a semi-annual basis in any one quarterly period, is
addressed by switching the payment frequency on the notes to
semi-annual in such a scenario, subject to certain conditions.
Limited Interest Rate Risk
The transaction is only allowed to invest in floating-rate
assets. This aligns the portfolio yield with the cost of the
floating-rate liabilities. Most other European CLOs allow some
investment in fixed-rate assets, typically up to 10% of the
portfolio.
Limited FX Risk
Any non-euro-denominated assets have to be hedged with perfect
asset swaps as of the settlement date, limiting foreign exchange
risk. The transaction is permitted to invest up to 30% of the
portfolio in non-euro-denominated assets.
Documentation Amendments
The transaction documents may be amended subject to rating agency
confirmation or noteholder approval. Where rating agency
confirmation relates to risk factors, Fitch will analyze the
proposed change and may provide a rating action commentary if the
change has a negative impact on the ratings. Such amendments may
delay the repayment of the notes as long as Fitch's analysis
confirms the expected repayment of principal at the legal final
maturity.
If in the agency's opinion the amendment is risk-neutral from a
rating perspective Fitch may decline to comment. Noteholders
should be aware that the structure considers the confirmation to
be given if Fitch declines to comment.
RATING SENSITIVITIES
A 25% increase in the obligor default probability or a 25%
reduction in expected recovery rates would lead to a downgrade of
up to two notches for the rated notes.
===================
L U X E M B O U R G
===================
NII HOLDINGS: US and Luxembourg-Based Units Seek Chapter 11
-----------------------------------------------------------
NII Holdings, Inc. and eight of its U.S. and Luxembourg domiciled
subsidiaries, including NII Capital Corp. and NII International
Telecom S.C.A., filed on September 15, 2014, voluntary petitions
seeking relief under Chapter 11 of the U.S. Bankruptcy Code in
the United States Bankruptcy Court for the Southern District of
New York, as the first step to restructuring its debt obligations
and to improve the Company's liquidity.
The Company has been in discussions with its major stakeholders
over the last several months and is optimistic that those
discussions will lead to a debt restructuring plan that will be
reflected in a plan of reorganization that will be submitted in
the proceedings in the near future.
In August, Standard & Poor's Ratings Services downgraded the
Company's corporate credit rating to default 'D' from 'CC'; and
Moody's Investors Service cut its corporate family rating to Caa2
from Caa1, following the Company's failure to pay interest due
Aug. 15, 2014, on $4.4 billion of debt issued by intermediate
holding companies NII Capital Corp. and NII International
Telecoms S.C.A.
The missed interest payment on the debt, S&P noted, follows the
Company's deteriorating operating performance, weak liquidity,
and breach of its financial maintenance covenants for the bank
loans in Brazil and vendor facilities in Brazil and in Mexico,
although it did receive a temporary waiver to the vendor
facilities' covenants for the June 30, 2014 measurement date.
As reported by the Troubled Company Reporter, NII Holdings
reported net loss of $623.31 million on $968.75 million of
operating revenues for the three months ended June 30, 2014,
compared to a net loss of $396.35 million on $1.26 billion of
operating revenues for the same period last year. The Company's
balance sheet at June 30, 2014, showed $7.44 billion in total
assets, $8.02 billion in total liabilities and a stockholders'
deficit of $583.55 million.
The Company's operating subsidiaries in Brazil, Mexico and
Argentina are not part of the U.S. bankruptcy proceedings and
will continue to operate on a "business as usual" basis.
The Debtors will continue to operate as "debtors-in-possession"
under the jurisdiction of the Court and in accordance with the
applicable provisions of the Bankruptcy Code and orders of the
Court. The Company is expected to maintain normal, day-to-day
operations during the course of the Chapter 11 Cases.
The commencement of the Chapter 11 Cases constitutes an event of
default that accelerated the Company's obligations under these
debt instruments:
-- Indenture governing $800,000,000 in outstanding principal
amount of 10% senior notes due 2016, dated as of August 18, 2009,
by and between NII Capital Corp., the guarantors parties thereto
and Wilmington Savings Fund Society, FSB, as successor trustee to
Wilmington Trust Company, as supplemented by that certain
Supplemental Indenture No. 1, dated as of February 8, 2010, that
certain Supplemental Indenture No. 2, dated as of March 8, 2010,
and that certain Supplemental Indenture No. 3, dated as of May
28, 2010;
-- Indenture governing $500,000,000 in outstanding principal
amount of 8.875% senior notes due 2019, dated as of December 15,
2009, by and between NII Capital Corp., the guarantors parties
thereto and U.S. Bank National Association, as successor trustee
to Wilmington Trust Company, as supplemented by that certain
Supplemental Indenture No. 1, dated as of March 8, 2010, and that
certain Supplemental Indenture No. 2, dated as of May 28, 2010;
-- Indenture governing $1,450,000,000 in outstanding
principal amount of 7.625% senior notes due 2021, dated as of
March 29, 2011, by and between NII Capital Corp., the guarantors
parties thereto and Wilmington Savings Fund Society, FSB, as
successor trustee to Wilmington Trust Company, as supplemented by
that certain First Supplemental Indenture, dated as of December
8, 2011;
-- Indenture governing $900,000,000 in outstanding principal
amount of 11.375% senior notes due 2019, dated as of February 19,
2013, by and between NII International Telecom S.C.A., NII
Holdings, Inc. and Wilmington Trust, National Association, as
trustee, as supplemented by that certain First Supplemental
Indenture, dated April 15, 2013; and
-- Indenture governing $700,000,000 in outstanding principal
amount of 7.875% senior notes due 2019, dated May 23, 2013, among
NII International Telecom, S.C.A., NII Holdings, Inc. and
Wilmington Trust, National Association, as trustee.
The Debt Documents provide that as a result of the commencement
of the Chapter 11 Cases the principal and accrued interest due
thereunder shall be immediately due and payable. Any efforts to
enforce those payment obligations under the Debt Documents are
automatically stayed as a result of the filing of the Petitions
and the holders' rights of enforcement in respect of the Debt
Documents are subject to the applicable provisions of the
Bankruptcy Code.
About NII Holdings
NII Holdings, Inc. [NASDAQ: NIHD] -- http://www.nii.com/-- a
publicly held company based in Reston, Va., provides
differentiated mobile communication services for businesses and
high value consumers in Latin America. NII Holdings, operating
under the Nextel brand in Brazil, Mexico and Argentina, offers
fully integrated wireless communications tools with digital
cellular voice services, data services, wireless Internet access
and Nextel Direct Connect(R) and International Direct ConnectSM,
a digital two-way radio.
NII Holdings is a Fortune 500 and Barron's 500 company, and has
also been named one of the best places to work among
multinationals in Latin America by the Great Place to Work(R)
Institute. The Company trades on the NASDAQ market under the
symbol NIHD.
NII HOLDINGS: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor affiliates filing separate Chapter 11 bankruptcy
petitions:
Debtor Case No.
------ --------
NII Holdings, Inc. 14-12611
1875 Explorer Street, Suite 1000
Reston, VA 20190
Nextel International (Services), Ltd. 14-12612
NII Capital Corp. 14-12613
NII Aviation, Inc. 14-12614
NII Funding Corp. 14-12615
NII Global Holdings, Inc. 14-12616
NII International Holdings S.a r.l. 14-12617
NII International Services S.a r.l. 14-12618
NII International Telecom S.C.A. 14-12619
Type of Business: NII Holdings, Inc., is the ultimate parent and
holding company for its debtor and non-debtor
affiliates. Certain of the Debtors' non-debtor
affiliates provide wireless communication
services under the NextelTM brand name for
businesses and consumers in Latin America.
Chapter 11 Petition Date: September 15, 2014
Court: United States Bankruptcy Court
Southern District of New York
Judge: Hon. Shelley C. Chapman
Debtors' Counsel: Scott Greenberg, Esq.
JONES DAY
222 East 41st Street
New York, NY 10017
Tel: (212) 326-3939
Fax: (212) 755-7306
Email: sgreenberg@jonesday.com
-- and --
David G. Heiman, Esq.
Carl E. Black, Esq.
JONES DAY
North Point
901 Lakeside Avenue
Cleveland, Ohio 44114
Tel: (216) 586-3939
Debtors' ALVAREZ & MARSAL NORTH AMERICA, LLC
Restructuring Two Alhambra Plaza, Suite 1101
Advisors: Miami, FL 33134
Tel: 305-704-6700
Fax: 305-704-6701
Attn: Byron Smyl
E-mail: bsmyl@alvarezandmarsal.com
Debtors' ROTHSCHILD, INC.
Financial
Advisors:
Debtors' MCKINSEY RECOVERY & TRANSFORMATION SERVICES
Management U.S., LLC
Consultants:
Debtors' PRIME CLERK LLC
Claims and
Noticing Agent:
Total Assets: $2.88 billion as of June 30, 2014
Total Debts: $3.47 billion as of June 30, 2014
The petition was signed by Daniel E. Freiman, treasurer, vice-
president- corporate development & investor relations.
Consolidated List of Debtors' 20 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
Wilmington Savings Fund Bond Debt- $1,500,674,479
Society, FSB 7.625% Notes
500 Delaware Avenue
Attn: Patrick J. Healy,
VP and Director
Tel: 302-888-7420
Fax: 302-421-9137
Email: phealy@wsfsbank.com
Wilmington Trust, National Bond Debt- $961,728,125
Association as Trustee 11.375% Notes
Rodney Square North
1100 North Market Street
Wilmington, DE 19890
Attn: Joshua C. Jones, CCTS
Tel: 302-636-6484
Fax: 302-636-4149
Email:
jjones2@wilmingtontrust.com
Wilmington Savings Fund Bond Debt- $846,666,667
Society, FSB 10% Notes
500 Delaware Avenue
Wilmington, DE 19801
Attn: Patrick J. Healy
VP and Director
Tel: 302-888-7420
Fax: 302-421-9137
Email: phealy@wsfsbank.com
Wilmington Trust Bond Debt- $732,746,875
National Association 7.875% Notes
as Trustee
Rodney Square North
1100 North Market Street
Wilmington, DE 19890
Attn: Joshua C. Jones, CCTS
Tel: 302-636-6481
Fax: 302-636-4149
Email:
jjones2@wilmingtontrust.com
U.S. Bank National Association Bond Debt- $511,093,750
1420 Fifth Avenue, 7th Floor 8.875% Notes
Seattle, WA 98101
Attn: Diana Jacobs
Vice President
Fax: 206-344-4694
Email: diana.jacobs@usbank.com
China Development Bank Guaranty Undetermined
Shenzhen Branch
No. 1093 Shennan Zhong Road,
Shenzhen 518031
P.R. China
Attn: Che Nan, Deputy Director
Client Division II
Tel: 86-755-25942783
Fax: 86-755-25987725
Email: chenan@cdb.com
American Tower Guaranty Undetermined
Do Brazil-Cessao
De Infra-Estrutrua-LTDA
c/o American Tower Corporation
116 Huntington Avenue
Boston, MA 02116
Attn: Ed Disanto
Tel: 617-375-7500
Fax: 617-375-7575
Ericsson, Inc. Trade Debt $840,405
Attn: Nina Macpherson
General Counsel
1300 E Woodfield Rd
Schaumburg, IL 60173
Tel: 847-619-6227
Fax: 972-583-2273
American Express Company Trade Debt $52,903
Corporate Services Operations
AESP-P
20022 North 31st Ave
Mail Code AZ-08-03-11
Phoenix, AZ 85027
Attn: Thomas Tierney
Senior Vice President
Fax: 623-492-3884
UBS Securites, LLC Trade Debt $32,076
Wilmington Trust
National Association as Trustee Bond Debt- $23,082
2.875% Notes
Verizon Trade Debt $20,092
Caten McGuire Trade Debt $14,656
Amazon Web Services, Inc. Trade Debt $8,135
Tata Communications Trade Debt $6,233
Expesite, LLC Trade Debt $3,914
Concur Technologies Trade Debt $3,319
Offix, LC Trade Debt $3,142
Clearwater Analytics Trade Debt $2,218
Impact Office Products Trade Debt $1,997
=====================
N E T H E R L A N D S
=====================
CONTEGO CLO: Moody's Raises Rating on Class E Notes to 'Ba3'
------------------------------------------------------------
Moody's Investors Service upgraded the ratings of the following
notes issued by Contego CLO I B.V.:
Issuer: Contego CLO I B.V.
EUR120 million Class A-1-a Senior Secured Floating Rate Notes
due 2026, Affirmed Aaa (sf); previously on Aug 1, 2013 Affirmed
Aaa (sf)
EUR21.75 million Class B Deferrable Secured Floating rate Notes
due 2026, Upgraded to Aaa (sf); previously on Aug 1, 2013
Upgraded to Aa1 (sf)
EUR18.15 million Class C Deferrable Secured Floating Rate Notes
due 2026, Upgraded to Aa2 (sf); previously on Aug 1, 2013
Upgraded to A1 (sf)
EUR20.55 million Class D Deferrable Secured Floating Rate Notes
due 2026, Upgraded to Baa2 (sf); previously on Aug 1, 2013
Affirmed Ba1 (sf)
EUR11.75 million Class E Deferrable Secured Floating rate Notes
due 2026, Upgraded to Ba3 (sf); previously on Aug 1, 2013
Affirmed B2 (sf)
EUR75 million Multicurrency Senior Secured Floating Rate
Variable Funding Notes due 2026, Affirmed Aaa (sf); previously on
Aug 1, 2013 Affirmed Aaa (sf)
Contego CLO I B.V., issued in July 2007, is a multi-currency
Collateralised Loan Obligation ("CLO") backed by a portfolio of
mostly high yield European senior secured loans. The portfolio is
managed by Rothschild (NM) & Sons Limited. This transaction
passed its reinvestment period in April 2013.
Ratings Rationale
The rating actions on the notes are primarily a result of the
significant amortization of the Class A notes and the subsequent
increase in the overcollateralization ratios ("OC ratios") of all
the notes. Class A has paid down EUR90.5 million (46.4% of
closing balance) over the last two payment dates of October 2013
and April 2014.
As a result of deleveraging, the overcollateralization ratios (or
"OC ratios") of the notes have increased. As of the trustee
report dated 31 July 2014, Senior, Class B, Class C, Class D and
Class E OC ratios are reported at 198.99%, 158.29%, 135.21%
,116.05% and 107.35%, respectively, versus October 2013 levels of
148.3%, 131.91%, 120.77%, 110.24% and 105% respectively.
The credit quality of the collateral pool has also improved as
reflected in the average credit rating of the portfolio (measured
by the weighted average rating factor, or WARF). As of the
trustee's July 2014 report, the WARF was 2452 compared with 2556
in October 2013. Over the same period, the WAS has remained
stable around the current 3.74% and the reported diversity score
reduced from 28 to 21.
The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. In its base
case, Moody's analyzed the underlying collateral pool as having
(a) an EUR pool with performing par and principal proceeds
balance of EUR123.7 million and (b) a GBP pool with performing
par and principal proceeds of GBP35.4 million, a weighted average
default probability of 20.3% (consistent with a WARF of 2741 over
a weighted average life of 4.8 years), a weighted average
recovery rate upon default of 49.05% for a Aaa liability target
rating, a diversity score of 20 and a weighted average spread of
3.74%.
The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on
future defaults is based primarily on the seniority of the assets
in the collateral pool. For a Aaa liability target rating,
Moody's assumed that 96.87% of the portfolio exposed to senior
secured corporate assets would recover 50% upon default, while
the non first-lien loan corporate assets would recover 15%. In
each case, historical and market performance and a collateral
manager's latitude to trade collateral are also relevant factors.
Moody's incorporates these default and recovery characteristics
of the collateral pool into its cash flow model analysis,
subjecting them to stresses as a function of the target rating of
each CLO liability it is analyzing.
Methodology Underlying the Rating Action:
The principal methodology used in this rating was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
February 2014.
Factors that would lead to an upgrade or downgrade of the rating:
In addition to the base-case analysis, Moody's conducted
sensitivity analyses on the key parameters for the rated notes.
Moody's ran a model in which it diminished the base case WAS to
3.44%; the model generated outputs that are consistent with the
ratings.
1) Portfolio amortization: The main source of uncertainty in this
transaction is the pace of amortization of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortization could accelerate as a consequence of high loan
prepayment levels or collateral sales the collateral manager or
be delayed by an increase in loan amend-and-extend
restructurings. Fast amortization would usually benefit the
ratings of the notes beginning with the notes having the highest
prepayment priority.
2) Around 19.9% of the collateral pool consists of debt
obligations whose credit quality Moody's has assessed by using
credit estimates.
3) Recoveries on defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's over-
collateralization levels. Further, the timing of recoveries and
the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty. Moody's
analyzed defaulted recoveries assuming the lower of the market
price or the recovery rate to account for potential volatility in
market prices. Recoveries higher than Moody's expectations would
have a positive impact on the notes' ratings.
In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.
NEW WORLD RESOURCES: Pushes Through EUR255-Mil. Restructuring
-------------------------------------------------------------
Law360 reported that a New York bankruptcy judge allowed Central
Europe-focused coal producer New World Resources PLC to
effectuate a consensual agreement with bondholders that will trim
EUR255 million (US$330 million) in debt from its balance sheet.
According to the report, ruling from the bench, U.S. Bankruptcy
Judge Stuart M. Bernstein granted full force and effect to NWR's
insolvency proceeding in the U.K., where the company had obtained
court approval of a so-called consensual scheme of arrangement
with secured and unsecured noteholders.
About New World Resources
New World Resources N.V. is owned and controlled by New World
Resources Plc, an English public limited company domiciled in the
Netherlands that is admitted for trading on the London Stock
Exchange, where it maintains a Premium Listing, along with the
Warsaw Stock Exchange and the Prague Stock Exchange.
The ultimate parent and indirect majority owner of NWR is CERCL
Mining B.V., a privately-held Dutch company, which owns a
controlling majority of the shares of NWR Plc.
NWR's primary role in its corporate group has been to issue debt
(primarily in the form of secured and unsecured notes) and to
loan the corresponding proceeds to its wholly-owned operating
subsidiaries. These operating subsidiaries conduct coal mining
and exploration operations in the Czech Republic and Poland. The
operating subsidiary conducting mining operations in the Czech
Republic is critical to the local economy in that country.
Collectively, these operating subsidiaries employee over 11,500
workers (and utilize an additional 3,000 contractors), and many
major steel groups -- including some operating in the U.S. -- are
reliant on their coal.
As of July 15, 2014, NWR had outstanding gross external debt of
approximately EUR825 million (exclusive of amounts it owes under
certain intercompany obligations). Of this debt, EUR500 million
in principal amount plus accrued interest is owed to the
beneficial holders of the 7.875% Senior Secured Notes due May 1,
2018. NWR also owes EUR275 million in principal amount plus
accrued interest to the beneficial holders of its 7.875% Senior
Unsecured Notes due January 15, 2021.
NWR applied to the Chancery Division (Companies Court) of the
High Court of Justice of England and Wales, on July 28, 2014, for
an order directing it to convene separate meetings for two
classes of creditors only, namely, the existing senior secured
noteholders on the one hand, and the existing senior unsecured
noteholders.
NWR filed a Chapter 15 bankruptcy petition (Bankr. S.D.N.Y. Case
No. 14-12226) in Manhattan, New York on July 30, 2014, to seek
recognition of the UK proceeding.
Neither the Debtor's parent nor any of its operating subsidiaries
have commenced insolvency proceedings in the UK Court or any
other court within any jurisdiction.
The U.S. case is assigned to Judge Stuart M. Bernstein.
===========
P O L A N D
===========
* POLAND: Bankruptcy Figures Down 6% to 63 in August 2014
---------------------------------------------------------
Kamila Wajszczuk at Warsaw Business Journal, citing data from the
Export Credit Insurance Corporation (KUKE) quoted by ISBnews,
reports that there were 63 bankruptcies recorded in Poland in
August 2014.
According to WBJ, the figure was 6% lower than in August 2013 and
21.3% lower than in July 2014.
The decline in the number of bankruptcies last month is most
likely seasonal, WBJ notes.
===============
P O R T U G A L
===============
BANCO ESPIRITO: Independent Management Rescue Team Quits
--------------------------------------------------------
Peter Wise at The Financial Times reports that an independent
management team appointed to steer Portugal's Banco Espirito
Santo out of trouble has announced its resignation in the latest
twist in the story of one of Europe largest financial failures.
Vitor Bento, chief executive of Novo Banco, the "good" bank
created out of BES's healthy assets in August, said on Saturday
that the three-man team was quitting because its mandate had
"significantly changed" since its appointment in mid-July, the FT
relates.
Their surprise decision creates a fresh headache for the Bank of
Portugal, which is trying to find buyers for Novo Banco, created
at the beginning of August when BES was saved from imminent
collapse with a EUR4.9 billion rescue and split in to "good" and
"bad" banks, the FT says.
"We would like to make it clear that we are not leaving as a
result of any conflict. Our decision to resign is due to the
fact that our mandate significantly changed since we began our
roles," the FT quotes resigning executives as saying in a
statement. "We now feel that the right thing to do is to hand
over the reins to another management team."
"During our time at Novo Banco," the executives, as cited by the
FT, said, "we have contributed to the stabilization of the bank,
taken steps to normalize operations and improve systems and
launched a medium-term plan."
Novo Banco, which is formally owned by all Portugal's banks
through the country's bank resolution fund, is up for sale, the
FT discloses. However, Expresso, a Lisbon weekly, reported on
Saturday that Mr. Bento and his team were unhappy about pressure
to offload the bank quickly, the FT notes.
According to the FT, Expresso reported that uncertainties over a
EUR3.3 billion credit line to Banco Espirito Santo Angola and
Novo Banco's responsibilities for repaying commercial paper
issued by Espirito Santo companies now in liquidation had also
been troubling the team.
Mr. Bento, a respected economist and company manager, was
appointed by the central bank in July to replace Ricardo Espirito
Santo Salgado, who had been forced to quit after 22 years as CEO,
the FT relays.
About Banco Espirito Santo
Banco Espirito Santo is a private Portuguese bank based in
Lisbon, Portugal. It is 20% owned by Espirito Santo Financial
Group.
In August 2014, Banco Espirito Santo had been split into "good"
and "bad" banks as part of a EUR4.9 billion rescue of the
distressed Portuguese lender that protects taxpayers and senior
creditors but leaves shareholders and junior bondholders holding
only toxic assets. A total of EUR4.9 billion in fresh capital is
being injected into this "good bank", which will subsequently be
offered for sale. It has been renamed "Novo Banco", meaning new
bank, and will include all BES's branches, workers, deposits and
healthy credit portfolios.
In August 2014, Espirito Santo Financial Portugal, a unit fully
owned by Espirito Santo Financial Group, filed under Portuguese
corporate insolvency and recovery code.
In August 2014, Espirito Santo Financiere SA, another entity of
troubled Portuguese conglomerate Espirito Santo International SA,
filed for creditor protection in Luxembourg.
In July 2014, Portuguese conglomerate Espirito Santo
International SA filed for creditor protection in a Luxembourg
court, saying it is unable to meet its debt obligations.
* * *
On Aug. 15, 2014, The Troubled Company Reporter reported that
Standard & Poor's Ratings Services affirmed and then suspended
its 'C' ratings on two short-term certificate of deposit programs
and one commercial paper program originally issued by Portugal-
based Banco Espirito Santo S.A. (BES). As S&P publically
communicated on Aug. 8, 2014, most of BES' senior unsecured debt
has been transferred to newly formed Novo Banco S.A. (not rated)
as part of BES' resolution proceedings. S&P currently does not
have satisfactory information to perform its ratings analysis on
these debt instruments, and S&P is therefore suspending its
ratings on them.
The TCR, on Aug. 14, 2014, also reported that Moody's Investors
Service has assigned debt, deposit ratings and a standalone bank
financial strength rating (BFSR) to the newly established
Portuguese entity Novo Banco, S.A., in response to the transfer
of the majority of assets, liabilities and off-balance sheet
items from Banco Espirito Santo, S.A. (BES), together with the
banking activities of this bank. The following ratings have been
assigned: (1) long- and short-term deposit ratings of B2/Not-
Prime; (2) a standalone BFSR of E (equivalent to a ca baseline
credit assessment [BCA]).
===========
R U S S I A
===========
FAR-EASTERN SHIPPING: S&P Cuts CCR to 'B' on Weak HY Performance
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Russian integrated logistics, rail,
and port operator Far-Eastern Shipping Co. (FESCO) to 'B' from
'B+'. The outlook is negative.
S&P also lowered its issue ratings on the debt issued by Far East
Capital Ltd. S.A. to 'B' from 'B+'. The recovery rating is
unchanged at '4', indicating S&P's expectation of average (30%-
50%) recovery for creditors in the event of a payment default.
The downgrade follows FESCO's recent weaker operating performance
than S&P had previously forecast. S&P has now revised down its
performance forecasts for the 2014/2015 financial year. Slower
economic growth, the overall volatile macroeconomic environment,
and the ruble devaluation contributed to the weaker first-half
2014 results, including EBITDA falling by about 30% year-on-year.
In particular, S&P saw pressure on rates and tariffs in FESCO's
Rail and Port divisions. S&P's revised base-case forecasts
partly reflect its views of the weak demand for transportation
services in 2014 and the somewhat uncertain economic outlook,
particularly in the rail division where FESCO continues to be
affected by higher competition. This led FESCO to lower-than-
anticipated rates for the first half of 2014.
The 'B' long-term rating on FESCO is derived from S&P's anchor of
'b'. S&P bases the anchor on its assessment of FESCO's business
risk profile as "fair" and its financial risk profile as "highly
leveraged," as S&P's criteria define the terms.
FESCO is exposed to the revenue volatility inherent in the
freight transportation industry, which is closely linked to
instability in the commodity-dependent Russian economy and its
trade with Asia. That said, FESCO has a strong position in Russia
as an integrated rail, port, and logistics operator, providing
services along the transportation chain. Its revenue base is
diverse -- the result of its various businesses and large
customer base. All these factors lead S&P to continue to view
FESCO's business risk profile as "fair."
S&P's assessment of FESCO's "highly leveraged" financial risk
profile follows a deterioration in financial metrics resulting
from the material year-on-year decline in EBITDA in first-half
2014. FESCO's performance has been affected by mixed results
from its business divisions. S&P's assessment also incorporates
the company's negative discretionary cash flow in the short term,
its commitment to reducing leverage, and S&P's view that an
expected improvement in earnings will help restore FESCO's cash
flow ratio over the next few years.
S&P's base-case scenario assumes:
-- EBITDA decline of high single digits in 2014.
-- Capital expenditure (capex) of $50 million-$100 million per
year.
-- Negative discretionary cash flow in 2014.
-- No dividends.
Based on these assumptions, S&P arrives at these credit measures:
-- Weighted average FFO to debt of about 6%.
-- Debt to EBITDA of more than 6x.
The negative outlook reflects S&P's view of FESCO's currently low
credit metrics. The outlook also reflects S&P's concerns
regarding difficult market conditions.
Downside scenario
S&P could downgrade FESCO if liquidity worsens or FFO to debt
falls sustainably below 6% in 2015, which would lead S&P to apply
a downward adjustment in its comparable rating analysis. An
indication that the company may grow more slowly than S&P
currently anticipates could also put pressure on the ratings.
This could occur if the challenging market environment persists,
leading to depressed transportation volumes in the next couple of
years, along with continued pricing pressure, notably in the rail
sector. The results could also be adversely affected by a
weakening of the ruble (in which much of the debt is denominated)
against the dollar.
Upside scenario
While S&P believes that it is unlikely in the short term, it
could revise the outlook to stable if FESCO's credit metrics
strengthen such that the market, particularly rail, stabilizes
and the company achieves FFO to debt comfortably above 6% in
2015, assuming that the company's financial policies do not
become more aggressive and the liquidity position does not
worsen.
TOMSK CITY: Fitch Affirms 'BB' Issuer Default Rating
----------------------------------------------------
Fitch Ratings has affirmed the Russian City of Tomsk's Long-term
foreign and local currency Issuer Default Ratings (IDRs) at 'BB',
with Stable Outlooks and Short-term foreign currency IDR at 'B'.
The agency has also affirmed the city's National Long-term rating
at 'AA-(rus)' with Stable Outlook.
Fitch has also affirmed the city of Tomsk's outstanding RUB800m
(RU000A0JTDV5) senior unsecured domestic bonds' local currency
long-term rating at 'BB' and National Long-term rating at 'AA-
(rus)'.
KEY RATING DRIVERS
The affirmation reflects Fitch's unchanged baseline scenario
regarding the city's decreasing debt with moderate refinancing
risk, sound budgetary performance and cash position and strong
self-financing capacity on capital outlays. The ratings also
factor in the well-diversified local economy, supporting low
concentration of the city's tax base.
In line with Fitch's expectations, the city's direct risk
moderately decreased in 1H14, with an expected end-of-year
threshold of about 26% of current revenue in 2014 and 20%-22% in
2015-2016 (2013: 30%). The city's debt stock was 56% composed of
short-term bank loans followed by domestic bonds (35%) and budget
loans (9%) contracted from the Tomsk region.
Fitch assesses Tomsk's exposure to refinancing risk as moderate
due to the short-term nature of the bank loans. However, the
city plans to substitute some of its loans with a domestic bond
in 2014, effectively refinancing debt obligations coming due this
year. The bank loans were a prime source for the city's
liquidity borrowing totalling RUB1.7 billion at end-2013 (2012:
RUB860 million). Some of these loans have short-term maturities,
although they are spread throughout the year.
Fitch expects Tomsk to post sound budgetary performance with the
operating margin gradually being restored to 20% in 2014-2016.
The city's operating margin decreased to 14.3% in 2013 (2009-2013
average 25%) due to reduced operating revenue. Fitch expects the
city's deficit before debt variation to narrow to an almost
balanced budget from 2014 onwards.
Fitch expects the city to reduce capex to about 26%-27% of total
spending in the medium term. Tomsk's capital outlays were
relatively high, averaging 39% of total expenditure in 2009-2013.
Tomsk's self-financing capacity on capex (current balance and
capital revenue) remained sound, covering on average 91% of total
capex in 2009-2013.
Tomsk's cash position is sound, with interim cash reserves on
accounts of RUB600 million by end-7M14 (2013: RUB529 million).
The city did not resort to depositing its excess cash in bank
accounts, so the liquidity was kept in treasury accounts. Bank
loans utilized by the city are structured as stand-by facilities,
allowing Tomsk to tap lines of credit when necessary.
The city's economy is well-diversified, with a developed
industrial sector. The tax concentration of the city's revenue
is low with the proportion of taxes paid by top taxpayers
representing 12% of the total tax revenue received by the city in
2013. The administration forecasts continued slowdown of the
city's economy with projected industrial output growing by about
2%-4% yoy in 2014-2016 (2013: 7%).
RATING SENSITIVITIES
Lengthening of the city's debt profile along with maintenance of
sound budgetary performance with margins at about 20% in the
medium term would be positive for the ratings.
Increasing debt and/or weak budgetary performance, leading to
deterioration of direct risk payback consistently above average
maturity of debt portfolio would be negative for the ratings.
=============
U K R A I N E
=============
IVANO-FRANKIVSK CITY: S&P Affirms 'CCC' ICR; Outlook Stable
-----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'CCC' long-term
issuer credit rating on the Ukrainian City of Ivano-Frankivsk.
The outlook is stable.
At the same time, S&P affirmed its 'uaB-' long-term Ukraine
national scale rating on Ivano-Frankivsk.
RATIONALE
The long-term rating on Ivano-Frankivsk primarily reflects S&P's
long-term foreign currency sovereign rating on Ukraine
(CCC/Stable/C; Ukraine national scale 'uaBB+').
S&P continues to cap the long-term rating on Ivano-Frankivsk at
the level of S&P's 'CCC' long-term foreign currency rating on
Ukraine. In S&P's view, Ukrainian local and regional governments
(LRGs), including Ivano-Frankivsk, do not meet the conditions to
be rated above the sovereign, as they have almost no revenue
autonomy.
In accordance with S&P's criteria, it assess Ivano-Frankivsk's
stand-alone credit profile (SACP) at 'b'. The SACP is not a
rating, but a means of assessing an LRG's intrinsic
creditworthiness under the assumption that there is no sovereign
rating cap.
The SACP on Ivano-Frankivsk reflects S&P's view of Ukraine's very
volatile and underfunded institutional framework, which results
in very weak budgetary flexibility, as well as the city's low
wealth and very weak economy, weak financial management, and
moderate contingent liabilities related to the weak financial
position of the city's government-related entities (GREs).
However, the city's low debt, adequate liquidity with a very low
debt service falling due in the next 12 months, and average
budgetary performance help offset these weaknesses.
The central government's almost full control over the city's
revenues and expenditures, and what S&P considers as Ukraine's
very volatile and underfunded institutional framework,
significantly reduce Ivano-Frankivsk's financial predictability
and flexibility.
Ivano-Frankivsk's financial flexibility is severely constrained
by the central government's control of LRGs. The city has little
flexibility, even with regard to modifiable local taxes and
rents. Despite the central government's efforts to improve its
intergovernmental fiscal policies, we see systemic risk as a key
factor undermining Ivano-Frankivsk's credit profile.
The city's wealth levels are very low in an international
context. S&P estimates GDP per capita at about US$2,800, which is
low even by Ukrainian standards. However, Ivano-Frankivsk's
diverse economy has allowed it to withstand financial turmoil.
S&P forecasts only moderate prospects for Ukraine's recovery, and
expect that the city's economy will post growth rates comparable
with those of the sovereign in 2014-2016.
Given the nationwide economic recession, ongoing turmoil in
eastern Ukraine, and the central government's tight financial
policy, S&P's base-case forecast is that Ivano-Frankivsk's
operating margin will weaken in 2014-2016, compared with solid
surpluses of about 6% on average in 2011-2013, although it will
likely stay above 3%, owing to management's cautious spending
policies. In line with the city's track record, Ivano-
Frankivsk's will likely finance its capital program with moderate
asset sales and central-government grants, in S&P's view. S&P
believes this will result in only modest deficits, if any, after
capital accounts of about 2% on average over 2014-2016, after an
average of 0.3% over 2011-2013. This leads to S&P's assessment
of the city's budgetary performance as average.
Given the city's low deficits, S&P assumes under its base-case
scenario that Ivano-Frankivsk's tax-supported debt will slightly
exceed 30% of consolidated operating revenues by the end of 2016.
S&P expects it will increase to 32% by year-end 2016 from 15% at
the end of 2013. This is largely due to the new EUR6 million
loan from the European Bank of Reconstruction and Development to
the city's heating company and exchange rate depreciation.
Ivano-Frankivsk's debt burden will likely continue to consist
primarily of guarantees against multilateral loans to utility
companies. These guarantees do not require the city to step in
immediately to provide coverage in an event of default. They are
also coguaranteed by the central government.
Although the size of Ivano-Frankivsk's utility payables is
moderate by Ukrainian standards, its GREs' poor financials will
likely continue to weigh on the city's budget. Owing to the
sharp rise in energy prices, the size of the the GREs' payables,
primarily those of the heating and water utility, increased to
about 25% of total revenues in 2010-2011, compared with 15% in
2008. The consolidation of utility service companies and
earmarked grants from the central government lead to a decrease
in the size of payables to under 20% of revenues in 2013. S&P
expects this share to further decrease to about 10%-15% owing to
the new tariff-setting procedure (starting from July 2014,
housing and utility companies are allowed to set tariffs without
approval from government regulatory agencies).
S&P views the city's financial management as weak, as it do for
most Ukrainian LRGs, in particular due to the lack of reliable
long-term financial planning, weak reserve and liquidity
handling, and poor GRE management.
S&P might revise the SACP down to 'b-' should it observe
increasing contingent liabilities. This could be due, for
instance, to a deteriorating balance sheet of the municipal GREs
with material payable accumulation, in the context of exchange
rate depreciation.
Liquidity
S&P considers Ivano-Frankivsk's liquidity to be adequate, as its
criteria define the term. In line with S&P's base-case scenario,
it expects that the city's average cash reserves net of the
deficit after capital accounts will exceed its very low debt
service falling due in the next 12 months by more than 27x.
However, S&P considers Ivano-Frankivsk's liquidity to be
volatile, which incorporates the very low level of city's own
cash reserves and the potential risk of repaying accumulated
treasury loans or debt of non-self-supporting GREs in 2015-2016.
Moreover, according to S&P's methodology, it adjusts the
assessment of the city's liquidity for its "uncertain" access to
external liquidity, classified as such due to what S&P regards as
Ukraine's undeveloped domestic capital markets and weak banking
system.
The weaknesses of Ukraine's banking sector are reflected in S&P's
Banking Industry Country Risk Assessment (BICRA), which
classifies Ukraine in group '10'. S&P's BICRA ranks risk
relating to banking systems on a scale of '1' to '10', with '1'
being the lowest risk and '10' being the highest risk.
OUTLOOK
The stable outlook on Ivano-Frankivsk reflects the stable outlook
on Ukraine. Because S&P caps the rating on the city at the level
of its long-term foreign currency sovereign rating, any rating
action on Ukraine would likely lead to a similar action on Ivano-
Frankivsk, all else being equal.
S&P would consider a positive rating action on Ivano-Frankivsk if
it took a positive action on Ukraine.
S&P currently does not see a viable downside scenario in which
the city's SACP would fall below 'ccc'. Consequently, any
negative rating action on Ivano-Frankivsk would follow a negative
action on the sovereign, if one were to occur.
In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable. At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee
by the primary analyst had been distributed in a timely manner
and was sufficient for Committee members to make an informed
decision.
After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.
The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.
The chair ensured every voting member was given the opportunity
to articulate his/her opinion. The chair or designee reviewed
the draft report to ensure consistency with the Committee
decision. The views and the decision of the rating committee are
summarized in the rationale and outlook.
RATINGS LIST
Ratings Affirmed
Ivano-Frankivsk (City of)
Issuer Credit Rating CCC/Stable/--
Ukraine National Scale uaB-/--/--
LVIV CITY: S&P Affirms 'CCC' ICR; Outlook Stable
------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'CCC' long-term
issuer credit rating and 'uaB-' Ukraine national scale rating on
the Ukrainian City of Lviv. The outlook is stable.
RATIONALE
The affirmation reflects that the city's performance over the
past few months has developed in line with S&P's previous base-
case scenario. S&P continues to cap the long-term rating on Lviv
at the long-term sovereign rating on Ukraine. In S&P's view,
Ukrainian local and regional governments (LRGs), including Lviv,
do not meet the conditions under S&P's criteria to be rated above
the sovereign, because they have almost no revenue autonomy.
In accordance with S&P's criteria, it assesses Lviv's stand-alone
credit profile (SACP) at 'b-'. The SACP is not a rating, but a
means of assessing an LRG's intrinsic creditworthiness under the
assumption that there is no sovereign rating cap.
The SACP on Lviv reflects Ukraine's very volatile and underfunded
institutional framework and S&P's view of the city's economy as
very weak and financial flexibility as very weak. Furthermore,
S&P views the city's liquidity as weak. Lviv has repeatedly
missed repayments on a loan from Ukraine's Ministry of Finance
that the city had guaranteed. Although the city is trying to
resolve this problem, it weighs on our assessment of its
financial management, which S&P views as weak in an international
context. Lviv's high contingent liabilities related to its
municipal utilities also constrain the city's creditworthiness.
On the positive side, S&P believes Lviv has strong financial
performance and low debt.
Lviv is an important economic center in western Ukraine with
about 760,000 inhabitants and a fairly diverse tax base.
However, S&P views the city's economy as very weak in a global
comparison, owing to its low wealth levels, which remain a long-
term drawback. GDP per capita was slightly above US$2,000 in
2013, according to S&P's estimate based on output data.
"We regard Lviv's financial flexibility as very weak and
predictability of its financials as low because of what we regard
as a very volatile and underfunded intergovernmental system, and
Ukrainian LRGs' strong dependence on state decisions for their
revenues and expenditures. Lviv has no control over more than
80% of its revenues, including the main sources: income tax and
subsidies. Even local taxes and rents provide little flexibility
to the city. Furthermore, Lviv's budget is under pressure due to
the need to cover salary increases mandated by the central
government, and by rapidly rising energy costs. The city also
has large investment needs in housing, transport, and other
infrastructure," S&P said.
"The city's financial performance remains strong, however, and
any of its deficits are difficult to finance. Lviv's operating
balance as a percentage of operating revenues improved to about
4% in 2013 from 3% in 2012, in spite of expenditure needs,
because of spending delays in the treasury system. We expect
Lviv's operating balance to remain at 5%-6% on average under our
base-case scenario for 2014-2016, compared with 3% on average
over 2011-2013. We also expect zero deficits after capital
accounts over 2014-2016, the same as the 2011-2013 average," S&P
added.
"Therefore, we expect direct debt to stay low, at less than 25%
of expected operating revenues, even including medium-term budget
loans. Under our base-case scenario, we expect Lviv's tax-
supported debt to stay close to 30% of consolidated revenues by
2016. This is because the city continues to issue guarantees on
multilateral loans in support of its companies' investments in
infrastructure, including water, sewage, roads, and public
transport. However, we do not expect that all new loans will be
utilized in full quickly. These obligations expose the city to
foreign exchange risks, as the loans are denominated in foreign
currencies. While the debt of the city's utilities is
incorporated in our tax-supported debt assessment (or direct debt
when already serviced by the city), the potential need to support
utilities' operations and investments and help them to repay
payables to suppliers, which is about 25% of the city's 2014
budget, is incorporated in our assessment of contingent
liabilities as high," S&P noted.
In the past, Lviv has repeatedly reported nonpayment on a
conditional guarantee it provided to Ukraine's Ministry of
Finance on a US$24 million loan from the International Bank for
Reconstruction and Development (IBRD) to the city's water
utility, although ultimately the IBRD receives payments from
Ukraine on time. S&P do not consider this a default by the city
and treat the delayed payments as part of the state's
interbudgetary relations. That said, S&P counts it as a
weakness, exemplifying Lviv's weak credit culture. S&P however
understands that the city is trying to resolve this issue with
the central government, and also note Lviv's strong commitment to
service its direct debt in a timely manner. This is the key
factor in S&P's assessment of management as weak in an
international context.
S&P might change its view on the city's management and revise
down the SACP to 'ccc+' should it become increasingly concerned
about Lviv's willingness to repay its debt in full and on time.
Liquidity
S&P considers Lviv's liquidity to be weak. S&P's assessment is
based on the city's less than adequate debt service coverage due
to only modest debt service after 2014 bond repayments. However,
it also incorporates the city's uncertain access to external
liquidity, and S&P's forecast that its cash position will remain
volatile.
As of midyear 2014, the city's average cash position during the
previous 12 months was about Ukrainian hryvnia (UAH) 87 million
(US$6 million). Therefore, debt service coverage was about 70%
of its debt service (including interest and principal on tax-
supported debt serviced by the city directly) falling due within
the next 12 months. However, this might change quickly should
the city accumulate more debt and therefore increase its future
debt service. The city does not have any committed lines
available for debt refinancing. It has access to short-term
treasury loans, but as those are only available for interest
repayment and not for principal, they are not incorporated in
S&P's coverage calculation.
S&P considers Lviv's cash position to be volatile, which
negatively affects S&P's liquidity assessment. Debt service
coverage was much lower over 2013-2012 than it is now, following
a May 2014 bond repayment. Over the past few years, the city has
turned to short-term treasury loans to cover cash shortages in
the general fund, through which it pays most salaries and all
interest due. S&P expects the city to keep reporting shortfalls
in the general fund for operating spending and continue using
treasury loans.
Furthermore, because the Ukrainian capital market is immature and
volatile, S&P views the city's access to external liquidity as
uncertain. The weaknesses of Ukraine's banking sector are
reflected in S&P's Banking Industry Country Risk Assessment
(BICRA), which classifies Ukraine in group '10'. S&P's BICRA
ranks risk relating to banking systems on a scale of '1' to '10',
with '1' being the lowest risk and '10' being the highest risk.
OUTLOOK
The stable outlook reflects that on Ukraine. Given that the
rating is capped by the sovereign rating, S&P might take a
positive rating action on Lviv if S&P took a similar action on
Ukraine and if Lviv's other rating factors developed in line with
its base-case scenario.
A negative rating action on Lviv would follow a negative action
on Ukraine. In the absence of a sovereign downgrade, S&P sees a
downgrade of the city as unlikely because the SACP is higher than
the rating.
In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable. At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee
by the primary analyst had been distributed in a timely manner
and was sufficient for Committee members to make an informed
decision.
After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.
The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.
The chair ensured every voting member was given the opportunity
to articulate his/her opinion. The chair or designee reviewed
the draft report to ensure consistency with the Committee
decision. The views and the decision of the rating committee are
summarized in the above rationale and outlook. The weighting of
all rating factors is described in the methodology used in this
rating action.
RATINGS LIST
Ratings Affirmed
Lviv (City of)
Issuer Credit Rating CCC/Stable/--
Ukraine National Scale uaB-/--/--
===========================
U N I T E D K I N G D O M
===========================
BESTWAY UK: S&P Assigns Preliminary 'B+' CCR; Outlook Stable
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary 'B+'
long-term corporate credit rating to Bestway UK Holdco Ltd., the
parent company of U.K.-based food wholesale and cash-and-carry
business of Bestway Group. The outlook is stable.
At the same time, S&P assigned its preliminary 'BB-' long-term
issue rating to Bestway UK's proposed senior secured debt of
GBP725 million, comprising a revolving credit facility (RCF), a
term loan A, and a term loan B. The recovery rating is '2',
indicating S&P's expectation of "substantial" (70%-90%) recovery
for senior secured creditors in the event of a default.
The ratings are subject to the successful closing of the proposed
transaction, the successful issuance of the debt facilities, and
S&P's review of the final documentation. If Standard & Poor's
does not receive the final documentation within a reasonable
timeframe, or if the final documentation departs from the
materials S&P has already reviewed, it reserves the right to
withdraw or revise its ratings.
The preliminary ratings on Bestway UK reflect S&P's view of its
stand-alone credit profile (SACP) of 'bb-' incorporating its
assessment of its business risk profile as "fair" and financial
risk profile as "aggressive." The preliminary long-term
corporate credit rating is one notch lower than Bestway UK's SACP
in accordance with S&P's group rating methodology.
"We assess Bestway UK's business risk profile as "fair,"
reflecting the group's well-established positions in both the
U.K. food wholesale and pharmacy markets, the group's relatively
low cyclicality of earnings in both of its main end markets; and
its stable cash generation. Likewise, we consider the barriers
to entry posed by the restricted issue of new pharmacy licenses
in the U.K. as an important business risk strength. At the same
time, our business risk assessment is tempered by what we
consider to be the highly competitive nature of both the food
wholesale and pharmacy markets and the group's reliance on
government funding and regulatory risks in the pharmacy business.
What's more, we see geographical concentration of earnings in the
U.K. and execution risks related to integrating the pharmacy
business into Bestway UK's group structure as another limiting
factor," S&P said.
"We consider the Co-operative pharmacy's operating model to be
generally more efficient than the average U.K. pharmacy, due to
its meaningful scale and well-established operating model. We
consider this model to comprise a robust supply chain and strong
wholesale procurement operations and supplier relationships, an
efficient distribution system, good customer service, and an
experienced management team. On the other hand, we also note
that the profitable over-the-counter and health and beauty
products segments contribute very low revenues, and we view this
negatively when comparing the Co-operative pharmacy's business
with other market-leading pharmacy chains. This also renders the
pharmacy significantly reliant on U.K. health care spending and
exposes it to some level of event risk arising from unexpected or
unfavorable changes to the U.K. government's policies. Such
adverse regulatory changes could affect the Co-operative
pharmacy's market position or erode its profitability," S&P
added.
"In our opinion, Bestway UK's wholesale food retail business,
which is based on the cash and carry model, relies on the group's
ability to effectively control its fixed-cost base and maintain a
focused product range. Profitability in the cash and carry
business is generally low with historical EBITDA margins reaching
3.5% (on a reported basis) at most. This drives our assessment
of the combined group's (the pharmacy and the wholesale business)
profitability as "less than average" when compared with the wider
retail sector. That said, we believe that Bestway UK's good
brand recognition, retail network supported by two supervised
symbol groups, and broad national coverage underpin the group's
competitive position and allow it to somewhat offset the pricing
and profitability pressure resulting from fierce competition in
the market place. While the wholesale business is generally able
to convert a relatively high share of its profits into cash, we
note that it is exposed to the temporary swings in working
capital caused by tobacco products purchasing. Funding
requirements are generally at their highest in April, around the
time of the government's budget announcement and the related rise
in excise duties. Just before the budget is announced and prices
increase, wholesalers stock as many tobacco products as
possible," S&P noted.
S&P's assessment of Bestway UK's financial risk profile as
"aggressive" is based on the proposed capital structure after the
pharmacy business buyout. S&P estimates that Bestway UK will
post a Standard & Poor's-adjusted debt-to-EBITDA ratio of about
4x-4.5x in financial 2015 ending June 30, 2015. This ratio
includes the proposed GBP650 million first-lien term loans, about
GBP50 million of capitalized operating leases, and about GBP5
million of unfunded pension liabilities. From the debt figure,
S&P net its estimate of surplus cash of about GBP55 million after
applying a standard 25% haircut. S&P's estimate of Bestway UK's
adjusted EBITDA for 2015 is about GBP150 million-GBP155 million,
giving effect to S&P's operating lease adjustment.
S&P anticipates Bestway UK to steadily post modest growth over
the medium term, thanks to some growth in the pharmacy segment
underpinned by acquisitions, relocations, and managed care
uplifts against the backdrop of stable performance in the food
retail segment. Earnings should also be supported by Bestway
UK's continuous cost-reduction efforts, implemented in order to
withstand pricing pressures that flow from Bestway UK's
customers, inherent in the nature of its wholesale cash and carry
operations.
S&P's base case assumes:
-- Continuing U.K. GDP growth owing to strong consumer demand.
S&P's U.K. GDP forecast is 2.9% for 2014 and 2.5% for 2015,
with the unemployment rate improving to 6.7% in 2014 and
6.4% in 2015.
-- The U.K. food wholesale market continuing to grow
consistently in the low-to-mid-single-digits as evidenced
in recent years. Accordingly, S&P forecasts growth of
about 2% in the medium term primarily driven by the
delivered grocery segment, which has a modest but growing
share of online business.
-- Low-single-digit sales growth on a combined basis, with no
openings or acquisitions of new wholesale depots in the
forecast period and small add-on acquisitions in the
pharmacy segment.
-- Overall, EBITDA margins to remain largely flat with a
slight reduction in gross margins on the back of
competitive pressure offset by a reduction in fixed costs
and some synergies between the two segments.
-- Low synergies and integration costs due to the varying
nature of the two U.K. businesses. S&P expects an orderly
pharmacy divestment process from the Co-operative Group and
no major integration issues.
-- No dividend inflow from the overseas subsidiaries of
Bestway Group. However, historically, Bestway Group used
part of such dividend inflow to pay down debt at the U.K
subsidiaries. Should Bestway UK benefit from its parent
using the same approach in the future, there could be
potential for greater deleveraging.
Based on these assumptions, S&P arrives at these credit measures:
-- Adjusted debt to EBITDA of about 4.5x in June 2015,
declining to about 4.0x by June 2016, mostly on the back of
debt reduction due to mandatory amortization and a cash
flow sweep.
-- Adjusted FFO to debt of 15%-20% over the forecast period.
-- On average over the forecast period, both of the above core
credit ratios will remain in the "aggressive" financial
risk profile category.
-- Reported free operating cash flow (FOCF) of about GBP15
million-GBP20 million in financial 2015, rising to about
GBP30 million by 2017 as one-off integration spending is
phased out.
"We view Bestway UK as a "core" subsidiary of the wider Bestway
Group incorporating, in addition to the Bestway UK business,
majority ownership in Pakistan-based United Bank Limited (UBL)
and Bestway Cement Limited (BCL). We assess the group credit
profile (GCP) at 'b+' supported by Bestway UK's 'bb-' SACP, and
restricted by the country risk and sovereign rating of Pakistan
at 'B-/Stable'. We believe that Bestway UK plays an integral
part in Bestway Group's strategy of growing its U.K. presence and
expansion in the markets adjacent to the wholesale operations
that Bestway Holding had originally developed. We base our view
of Bestway UK's core status in the Bestway Group on its legacy
status within the group, including the shared name of Bestway UK
Holdco and Bestway Holdings, underpinned by Bestway's brand
recognition in the U.K. wholesale market. Furthermore, the
financing structure in the new loan package restricts dividend
leakage from the U.K. operations to overseas subsidiaries.
Finally, we view positively management's track record over the
past four years of using a significant part of dividends received
from overseas subsidiaries, averaging GBP30 million per year, to
reduce debt at the U.K. subsidiaries," S&P said.
The stable outlook reflects S&P's view that Bestway UK's good
market positions in both of its end markets should allow it to
post modest revenue growth amid soft market conditions, and
maintain an adjusted debt-to-EBITDA ratio of comfortably lower
than 5x. This assumes an orderly pharmacy divestment process
from the Co-operative Group and no major integration issues that
could cause a higher one-off spend than S&P anticipates in its
base-case scenario. Likewise, S&P anticipates that Bestway UK
will be able generate positive reported FOCF and utilize surplus
cash mostly for debt reduction, in line with the debt
documentation requirements.
S&P could lower the ratings if it revises downward its GCP
assessment on Bestway UK. This could occur if the company's
operating performance deteriorates to such an extent that S&P
expects its adjusted EBITDA to fall significantly below the
GBP135 million-GBP145 million S&P estimates in its base case,
thereby impairing the performance of the whole Bestway Group.
This could occur if Bestway UK fails to offset flat trading in
its wholesale business with growth initiatives in the pharmacy
segment, faces unexpected issues in integrating the pharmacy
acquisition, and/or if the group faces unfavorable regulatory
changes. S&P could also lower the ratings if it sees increased
risks within other parts of Bestway Group, particularly its
banking operations. This could happen if, for instance, S&P was
to take a negative rating action in respect of the sovereign
rating on Pakistan. In that scenario, S&P would examine the
impact of abovementioned factors on Bestway UK's SACP, as well as
the GCP.
S&P do not expect to raise the rating on Bestway UK any time
soon. One-off spending related to the pharmacy acquisition and
integration that could take some time dampen the possibility of
an upgrade. Nevertheless, S&P would consider raising the rating
if it was to raise the GCP. This could happen if Bestway UK
improves its EBITDA and free cash flow generation causing
Standard & Poor's-adjusted debt to EBITDA to sustainably improve
to less than 4x, as a result of the sustained improvement in
trading, the rise in profitability, and better working capital
management. A positive rating action would be contingent on
Bestway UK sustaining its improved financial risk profile and
maintaining credit quality elsewhere in the Bestway Group.
HARTMANN CAPITAL: October 1 Claims Bar Date Set
-----------------------------------------------
Andrew Andronikou -- a.andronikou@uhy-uk.com -- and Peter Kubik
-- p.kubik@uhy-uk.com -- of UHY Hacker Young LLP, as Joint
Special Administrators of Hartmann Capital Limited, have set
Oct. 1, 2014, 5:00 p.m. (London time), as the bar date for the
submission of:
(a) claims to the beneficial ownership, or other form of
ownership, of the client assets; or
(b) claims of persons in relation to a security interest
asserted over, or other entitlement to, those assets, as
set out in Regulation 11(1)(a) and (b) of the Regulations.
Claims include claims that are contingent or disputed.
As a result of setting the Bar Date, the Joint Special
Administrators will not be entitled to, and will not, return any
client assets without the approval of the Court.
The Bar Date does not apply to client money received or held by
the Investment Bank in accordance with rules made by virtue of
section 137B of the Financial Services and Markets Act 2000 as
amended.
Clients must submit details of their Claim as follows:
(a) For electronic claims submission to:
hartmanncapital@uhy-uk.com
(b) For postal claims submission to:
Hartmann Capital Limited - in Special Administration
Attention: Hartmann Capital Limited Claims
UHY Hacker Young LLP
Quadrant House
4 Thomas More Square
London
E1W 1YW
England
in each case using the Client Claim Form which can be downloaded
from the UHY Hacker Young website -- http://is.gd/CSCcv5-- set
up for Hartmann Capital Limited, attaching all supporting
documentation.
Messrs. Andronikou and Kubik were appointed as Joint Special
Administrators to Hartmann Capital on Jan. 3, 2014 pursuant to an
application made by the directors of the Investment Bank under
Regulation 5(1)(b) of The Investment Bank Special Administration
Regulations 2011.
OVERSEAS SHIPHOLDING: High Court Enters Modification Orders
-----------------------------------------------------------
The High Court of Justice, Chancery Division, on Aug. 13, 2014,
entered modification orders in respect of each of the recognition
orders made on Jan. 29, 2013 in relation to Overseas Shipholding
Group, Inc., OSG International, Inc., Aqua Tanker Corp., Crown
Tanker Corporation, Delta Aframax Corporation, Epsilon Aframax
Corporation, Front President, Inc., International Seaways, Inc.,
Maple Tanker Corporation, Oak Tanker Corporation, OSG Lightering
LLC, 1372 Tanker Corporation, Leyte Product Tanker Corporation,
Rosalyn Tanker Corporation, Samar Product Tanker Corporation,
Shirley Tanker SRL, Alcesmar Limited, Alcmar Limited, Andromar
Limited, Antigmar Limited and Ariadmar Limited in the following
terms:
-- the automatic stay granted pursuant to Article 20(1) of the
Model Law as a result of the recognition granted in
paragraph 1 of each Recognition Order shall not apply to
Claims against the debtor that are permitted by the
provisions of the Confirmation Order and the Plan.
-- Paragraph 1 of the Recognition Order made in respect of
each Debtor, and the first sentence of Paragraph 1 of the
Recognition Order made in respect of International Seaways,
is modified and replaced with the following paragraph
"Pursuant to article 21(1) (a) of the Model Law that the
commencement or continuation of all individual actions or
individual proceedings, including arbitral proceedings,
concerning the debtor's assets, rights, obligations or
liabilities are stayed, other than in respect of Claims
that are permitted by the provision of the Confirmation
Order and the Plan."
-- Paragraph 3 of each Recognition Order is modified and
replaced with the following paragraph: "Pursuant to article
21(1)(b) of the Model Law that any execution against the
debtor's assets is stayed, including, without limitation,
any seizure, arrest, foreclosure upon, or levy against the
debtor's vessels or other property, other than in respect
of Claims that are permitted by the provisions of the
Confirmation Order and the Plan."
-- For the purposes of each Modification Order and each
Recognition Order, "Claim" shall mean:
(1) A right to payment, whether or not such right is
reduced to judgment, liquidated, unliquidated, fixed,
contingent, matured, unmatured, disputed, undisputed,
legal, equitable, secured, or unsecured; or
(2) A right to an equitable remedy for breach of
performance if such breach gives rise to a right
payment, whether or not such right to an equitable
remedy is reduced to judgment, fixed, contingent,
matured, unmatured, disputed, undisputed, legal,
equitable, secured, or unsecured.
-- For the purposes of each Modification Order, the foreign
representative is not required to serve the application
upon the Debtor at its registered office.
These orders were made following the entry of an order on
Aug. 5, 2014 in respect of the Debtors' joint proceedings under
Chapter 11 of the United States Bankruptcy Code approving a plan
of reorganization of the Debtors and their affiliates.
The Debtors can be reached at:
1301 Avenue of the Americas, 42nd Floor
New York, NY 10019
United States of America
The foreign representative can be reached at:
John J. Ray III
c/o Cleary Gottlieb Steen & Hamilton LLP
City Place House
55 Basinghall Street
London EC2V 5EH
About Overseas Shipholding
Overseas Shipholding Group, Inc. (OTC: OSGIQ), headquartered in
New York, is one of the largest publicly traded tanker companies
in the world, engaged primarily in the ocean transportation of
crude oil and petroleum products. OSG owns or operates 111
vessels that transport oil and petroleum products throughout the
world.
Overseas Shipholding Group and 180 affiliates filed voluntary
Chapter 11 petitions (Bankr. D. Del. Lead Case No. 12-20000) on
Nov. 14, 2012, disclosing $4.15 billion in assets and $2.67
billion in liabilities. Greylock Partners LLC Chief Executive
John Ray serves as chief reorganization officer. James L.
Bromley, Esq., and Luke A. Barefoot, Esq., at Cleary Gottlieb
Steen & Hamilton LLP serve as OSG's Chapter 11 counsel. Derek C.
Abbott, Esq., Daniel B. Butz, Esq., and William M. Alleman, Jr.,
at Morris, Nichols, Arsht & Tunnell LLP, serve as local counsel.
Chilmark Partners LLC serves as financial adviser. Kurtzman
Carson Consultants LLC is the claims and notice agent.
The Export-Import Bank of China, owed $312 million used for the
construction of five tankers, is represented by Louis R.
Strubeck, Jr., Esq., and Kristian W. Gluck, Esq., at Fulbright &
Jaworski LLP in Dallas; David L. Barrack, Esq., and Beret Flom,
Esq., at Fulbright & Jaworski in New York; and John Knight, Esq.,
and Christopher Samis, Esq., at Richards Layton & Finger PA.
Chilmark Partners, LLC serves as financial and restructuring
advisor.
Akin Gump Strauss Hauer & Feld LLP, and Pepper Hamilton LLP,
serve as co-counsel to the official committee of unsecured
creditors. FTI Consulting, Inc., is the financial advisor and
Houlihan Lokey Capital, Inc., is the investment banker.
U.S. Bank National Association is the successor administrative
agent under the $1.5 billion credit agreement, dated as of
February 9, 2006 by and among (a) OSG, OSG Bulk Ships, Inc., and
OSG International, Inc., as joint and several borrowers, (b) the
Administrative Agent and (c) various lenders party thereto.
Counsel to the Administrative Agent are Milbank, Tweed, Hadley &
McCloy LLP; Holland & Knight LLP; and Drinker Biddle & Reath LLP.
Lazard Freres & Co. LLC serves as advisor to the Administrative
Agent.
An official committee of Equity Security Holders has been
appointed in the case. It is represented by Brown Rudnick LLP's
Steven D. Pohl, Esq., James W. Stoll, Esq. and Jesse N.
Garfinkle, Esq.; Fox Rothschild LLP's Jeffrey M. Schlerf, Esq.,
John H. Strock, Esq. and L. John Bird, Esq.
Judge Walsh signed on July 18, 2014, a findings of fact,
conclusions of law, and order confirming the First Amended Joint
Plan of Reorganization of OSG and its debtor-affiliates.
A blacklined version of the Plan dated July 17, 2014, is
available at http://bankrupt.com/misc/OSGplan0716.pdf
A full-text copy of Judge Walsh's Confirmation Order is available
at http://bankrupt.com/misc/OSGplanord0718.pdf
* * *
The Troubled Company Reporter, on Aug. 14, 2014, reported that
Moody's Investors Service assigned Caa1 ratings to the unsecured
notes of Overseas Shipholding Group, Inc. ("OSG") that are being
reinstated pursuant to its plan of reorganization which becomes
effective. Moody's also affirmed the B2 Corporate Family Rating
and all of the other debt ratings it assigned to OSG on June 12,
2014 in anticipation of the conclusion of the Chapter 11
reorganization. The rating outlook is stable.
The TCR, on Aug. 19, 2014, also reported that Standard & Poor's
Ratings Services assigned its 'B' corporate credit rating to
Overseas Shipholding Group Inc. (OSG). The outlook is stable.
PHONES 4U: In Administration; 5,596 Jobs at Risk
------------------------------------------------
BBC News reports that Phones 4U Ltd. has gone into administration
putting 5,596 jobs at risk.
The chain, which is owned by private equity firm BC Partners,
said its 550 stores would all be closed on Monday, BBC relates.
Phones 4U blamed the move on mobile network EE's decision not to
renew its contract, which followed a similar move from Vodafone
earlier in September, BBC discloses.
The company, as cited by BBC, said established mobile contracts
taken out through it would not be affected, although phones
ordered and not dispatched -- for example anyone ordering the new
iPhone 6 over the weekend -- would be.
It also said staff should turn up to work as normal, when they
would be given further details and would "continue to be paid
until further notice", BBC notes.
According to The Deal's Jonathan Braude, accountancy firm
PricewaterhouseCoopers LLP has been lined up as the preferred
insolvency administrator for Phones 4u and its subsidiaries.
EE's decision not to renew its contract was not entirely
unexpected, since it announced a review earlier this year, The
Deal says. But informing the company of the move just days after
Vodafone's Sept. 1 announcement it was severing ties with the
retailer, was a devastating blow, as its contract to supply
Phones 4u still had a year to run, The Deal notes. Between them,
the two network operators accounted for more than 90% of Phones
4u's business, The Deal discloses.
Phosphorus Holdco Ltd., the Phones 4u holding company set up by
private equity owners BC Partners Ltd., and Phones 4u Finance
plc, the group's bond issuing arm, said there was now no prospect
of avoiding an insolvent liquidation, The Deal relays.
Phosphorus promised to provide an update on the situation as soon
as possible, but said GBP430 million of 9.5% senior secured notes
due 2018 and GBP205 million of 10% and 10.75% senior PIK toggle
notes due 2019 would be affected, according to The Deal.
BC Partners' representative on the boards of the Phones 4u,
Stefano Quadrio Curzio, lashed out at the two phone network
operators, The Deal relates.
"Vodafone has acted in exactly the opposite way to what they had
consistently indicated to the management of Phones 4u over more
than six months," The Deal quotes Mr. Quadrio as saying. "Their
behavior appears to have been designed to inflict the maximum
damage to their partner of 15 years, giving Phones 4u no time to
develop commercial alternatives.
"EE's decision on Friday is surprising in the context of a
contract that has more than a year to run and leaves the board
with no alternative but to seek the administrator's protection in
the interests of all its stakeholders."
Phones 4u, as cited by The Deal, said the move removes an element
of competition from the U.K. market as the networks attempt to
squeeze out intermediaries, and may ultimately push up prices to
the consumer.
According to The Deal, Phones 4u said: "Phones 4u is a
profitable, well-managed business with 550 standalone stores,
employing 5,596 people. The company has a turnover of over GBP1
billion, Ebitda of GBP105 million for 2013 and significant cash
in the bank."
The companies hit by the insolvency are Phones 4u Ltd., Life
Mobile Ltd., 4u Ltd., Policy Administration Services Ltd., Jump
4u Ltd., MobileServ Ltd., 4u Wi-Fi Ltd., Phosphorus Acquisition
Ltd., Phones 4U Group Ltd. and Phones 4U Finance plc, The Deal
discloses.
Phones 4U was a large independent mobile phone retailer in the
United Kingdom. It is part of the 4u Group based in Newcastle-
under-Lyme, Staffordshire. Since opening in 1996, it has
expanded to over 600 stores throughout the UK.
PHOSPHORUS HOLDCO: Moody's Lowers CFR to 'Caa1'; Outlook Negative
-----------------------------------------------------------------
Moody's Investors Service has downgraded all ratings of
Phosphorus Holdco plc, including its corporate family rating
(CFR) and probability of default rating (PDR) to Caa1 from B3 and
Caa1-PD from B3-PD respectively. Moody's has also downgraded to
Caa3 from Caa2 the rating on the company's GBP205 million PIK
toggle notes due 2019. Concurrently, Moody's has downgraded the
ratings on Phones4u Finance plc's GBP430 million senior secured
notes due 2018 to Caa1 from B3 and on the GBP125 million
revolving credit facility (RCF) due 2017 to B1 from Ba3. The
rating outlook is negative.
The downgrade concludes the review which was initiated on
September 3, 2014.
Ratings Rationale
The rating action was taken as Moody's believes that going
forward Phones4u's business and credit profile will not be
appropriate for a B3 CFR. This follows Phones4u's announcement on
September 1, 2014 that its network agreement with Vodafone Group
Plc (Baa1 stable), which currently represents more than 20% of
Phones4u's revenues and gross profit, will not be renewed when it
expires in February 2015.
At this stage, Phones4u's ability to replace the connections and
related revenue in respect of Vodafone with connections to other
networks remains uncertain. However, Moody's believe it will face
pressure on its overall revenues and margins in this regard.
Furthermore, there are also uncertainties regarding replacement
of revenue from the termination of its store-in-store agreement
with Dixons Retail plc (B1 positive) in May 2015, putting a
further 8% of EBITDA at risk, as well as the pace of development
of the company's insurance product and its Life Mobile division.
Moody's believes the actions of Vodafone, which include a new
agreement with Phones4u's main competitor Dixons Carphone
(unrated), bring into question the previous assumption that the
company would remain an important outlet for mobile network
operators (MNO) partners. The company's contract with EE Limited
(Baa2 stable; a joint venture between Deutsche Telekom AG; Baa1
stable -- and Orange; Baa1 stable), is currently in place until
September 2015 but in light of the Vodafone related announcement
Moody's expect Phones4u will be in active discussions with EE and
other existing or potential partners, both network operators and
retailers.
Moody's adjusted leverage on a debt/EBITDA basis, at 7.5x as of
the end of June 2014, stood at the upper end of Moody's rating
guidance for its B3 CFR. In light of Moody's expectation of lower
profitability Moody's expect this to increase. However, while in
due course the termination of the Vodafone contract will have a
negative impact on working capital, Moody's expects Phones 4u's
liquidity profile to remain adequate for the time being and to
continue to be credit supportive.
What Could Change the Rating Up/Down
Upward pressure on the rating is unlikely in light of the
negative outlook on the rating. However, the outlook could be
stabilized if Phones4u is able to demonstrate its value to
partners by replacing the revenues lost in respect of the
Vodafone and Dixons contracts with similar margin business, while
maintaining existing ongoing relationships.
The rating could come under negative pressure in the event that
the company is unable to replace the lost revenue with suitably
profitable business, or experiences a deterioration in terms
with, or loss of, remaining partners. Any negative pressure on
liquidity could also lead to a downgrade.
Principal Methodologies
The principal methodology used in these ratings was Global Retail
Industry published in June 2011. Other methodologies used include
Loss Given Default for Speculative-Grade Non-Financial Companies
in the U.S., Canada and EMEA published in June 2009.
Corporate Profile
Phones4u is a leading independent mobile phone retailer. As of 30
June 2014, the group operated 720 stores across the UK, of which
160 are concessions within electrical retail stores run by Dixons
Retail plc. Phones4u sells mobile phone connections, handsets and
accessories as well as insurance products. The group established
its own MVNO Life Mobile in 2013. In the last twelve months ended
30 June 2014, Phones4u reported revenue GBP1.0 billion and EBITDA
of GBP85.4 million from continuing operations
PUNCH TAVERNS: Moody's Assigns '(P)B2' Rating to GBP300MM Notes
---------------------------------------------------------------
Moody's Investors Service has assigned the following provisional
ratings to proposed four classes of notes issued by Punch Taverns
Finance plc:
Issuer: Punch Taverns Finance plc
GBP111.007M Super Senior Hedge Notes, Assigned (P)Baa1 (sf)
GBP67.5M A1(V) Notes, Assigned (P)Baa3 (sf)
GBP45.789M A2(V) Notes, Assigned (P)Baa3 (sf)
GBP300M M3 Notes, Assigned (P)B2 (sf)
The rating assessment follows a restructuring proposal made by
Punch Taverns Finance plc (Punch A) and Punch Taverns Finance B
Limited (Punch B). The terms of the restructuring have been
detailed in a Circular, separately for Punch A and Punch B,
published on 18 Aug 2014. A further proposed amendment to the
Issuer Deed of Charge of Punch A was published on 8 September
2014. Together, the proposed restructurings are referred to as
"Proposed Transaction".
The issuance of the Class A1(V) and Class A2(V) Notes (together
Class AV Notes) follow the extinguishment in full exchange of 25%
of the currently outstanding Class A1(R) and Class A2(R) Notes
under the Proposed Transaction.
If and when the Proposed Transaction is implemented in accordance
with the details provided in the Circular, and assuming that
there are no material changes to the proposals, Moody's currently
expects that the ratings of the remaining 75% of the Class A1(R)
and A2(R) Notes which will be redesignated as Class A1(F) and
Class A2(F) Notes (together Class AF Notes), respectively, would
be upgraded to Baa2 (sf).
Moody's has not assigned a rating to the proposed issuance of
Class B4 Notes by Punch A.
Moody's also analyzed the effect of the Proposed Transaction on
the rating of the liquidity facility counterparty instrument
between the issuer and Royal Bank of Scotland plc and Lloyds Bank
plc. Assuming that there are no material changes to the
proposals, the counterparty instrument rating (CIR), currently
Baa1 (sf) on watch -- direction uncertain, is expected to be Aa3
(sf).
At the same time, Moody's Investors Service commented on the
impact of the Proposed Transaction on the ratings of the Class A
Notes issued by Punch B.
If and when the Proposed Transaction is implemented in accordance
with the details provided in the Circular, and assuming that
there are no material changes to the proposals, Moody's currently
expects that the ratings of (i) the Class A3 and Class A6 Notes
would be upgraded to Ba3 (sf) and (i) the Class A7 Notes would be
downgraded to Ba3 (sf). The expected rating downgrade of the
Class A7 Notes to Ba3 (sf) upon the implementation of the
Proposed Transaction follow the release of the financial
guarantee currently provided by MBIA UK Insurance Limited with a
Moody's Insurance Financial Strength rating of Ba2.
Moody's has not assigned a rating to the proposed issuance of
Class B3 Notes by Punch B.
Moody's also analyzed the effect of the Proposed Transaction on
the rating of the liquidity facility counterparty instrument
between the issuer and Royal Bank of Scotland plc. Assuming that
there are no material changes to the proposals, the CIR is
expected to be upgraded to Aa3 (sf) from Baa1 (sf).
Any actual rating changes in the two transactions will be
dependent upon the implementation of the Proposed Transaction.
Moody's notes that the proposal is subject to approval by the
current noteholders on September 17, 2014, among other key
securitization parties.
The provisional ratings assigned will be withdrawn if the
Proposed Transaction is not approved by the relevant parties.
The ratings of the Notes address the expected loss posed to
investors by the legal final maturity. In Moody's opinion, the
structure allows for timely payment of interest and ultimate
payment of principal at par on, or before, the final legal
maturity date. Moody's ratings address only the credit risks
associated with the transaction; other non-credit risks have not
been addressed but may have significant effect on yield to
investors.
Ratings Rationale
The provisional ratings assigned are based on (1) the overall
limited credit quality of the parent company of the borrowers
(Punch Taverns plc); (2) Moody's analysis of the long-term
sustainability of the borrowers' assets and the cash flows
generated by the underlying pub portfolios; (3) Moody's negative
outlook for the UK pub industry and the competitive position of
the leased pubs in the Punch Group's portfolio and (4) the
structural and legal integrity of the transaction, restructured
per the terms included in the Proposed Transaction by the
issuers, including the availability of a committed liquidity
facility and issuer and borrower level interest rate hedging.
The key parameters in Moody's analysis are (1) the intrinsic
credit strength of the borrowers; (2) the sustainable free cash
flow generated by the underlying property portfolio and
operations over the medium to long term horizon of the
transaction and (3) the structural protections available to the
noteholders aimed at limiting the sensitivity of the credit
quality of the notes from the underlying credit quality of the
borrower and its operations.
Strength and Concerns
Based on Moody's analysis, the key strengths of the transaction
post restructuring are (1) the re-profiled amortization of the
notes with a clear seniority granted to the Super Senior Hedge
Notes (SSHN) followed by the Class A Notes in the issuer priority
of payments, achieving a (a) full repayment of the SSHN and (b)
substantial repayment of the Class A Notes in Punch A by their
legal final maturity dates; (2) the introduction of financial
covenants aimed to incentivize the borrowers to de-lever the
transactions on an ongoing basis; (3) the collateral value of the
diversified pub portfolio comprising the collateral for the
senior and mezzanine noteholders and (4) availability of the
external liquidity facility to support notes in case of
performance disruptions.
Some of the features of the transaction, which give rise to
Moody's main credit concerns are the following: (1) the overall
limited credit quality of the parent company of the borrowers as
reflected in the still overall high leverage in the transactions
at 8.5x and 8.1x Net Debt/ EBITDA multiples as reported by the
issuers on a pro-forma basis for Punch A and Punch B,
respectively; (2) the challenging operating conditions in the UK
pub industry. The industry is undergoing a significant
transformation process as a result of the challenging economic
environment and changing customer demands due to changed social
attitudes. The changing customer demands require significant
investments to attract customers and change the profile of the
business; (3) the reliance on the borrowers to achieve their
business plan targets to sell assets to achieve meaningful
deleveraging over time; (4) limited headroom on the financial
covenants in case of material underperformance of the operator in
turn leading to a potential borrower default and (5) the senior
ranking swap mark-to-market (MtM) exposure in respect of Punch A
due to the long term interest rate swap agreement in respect of
the Class M3 Notes.
Methodology Underlying the Rating Action:
The methodologies used in this rating were Moody's Approach to UK
Whole Business Securitizations published in October 2000 and
Global Rating Methodology for REITs and Other Commercial Property
Firms published July 2010.
Factors that would lead to an upgrade or downgrade of the rating:
Factors that may cause an upgrade of the ratings include a
significant improvement of the credit quality of the parent
company of the borrowers and a stabilization of the underlying
operations. Factors that may cause a downgrade of the ratings
include a significant deterioration of the credit quality of the
parent company of the borrowers and missing the targets in the
business plan of the borrowers.
Factors that would lead to an upgrade or downgrade of liquidity
facility CIR
A decrease of the probability of liquidity draws and/or an
increase of the underlying collateral value in the transaction
may lead to an upgrade of the CIR. An increase of the probability
of liquidity draws and/or a decrease of the underlying collateral
value in the transaction may lead to a downgrade of the CIR.
Loss and Cash Flow Analysis:
In this approach, Moody's analyses the credit quality of the
borrowers and the whole business securitization structure. A
sustainable annual free cash flow (FCF) is derived over the
medium to long term horizon of the transaction, and then
multipliers are applied to such cash flows in order to reach the
debt which could be issued at the targeted long-term rating level
for the notes. In addition, Moody's analyses various haircuts on
the pub values and considers different levels of potential swap
breakage costs.
Parameter sensitivities for this transaction have been tested in
the following manner: Moody's tested three scenarios derived from
stresses of the free cash flow multiples: base case FCF, base
case FCF lowered by 20% and base case FCF lowered by 40%. In
Punch A, the results for the SSHN under these scenarios vary from
Baa1 (base case) model output to Ba2 model output; for Class AF
Notes from Baa2 (base case) model output to B1 model output; for
Class AV Notes from Baa3 (base case) model output to B2 model
output; and Class M3 Notes from B2 (base case) model output to C
model output. In Punch B, the results for the Class A3, A6 and A7
Notes under these scenarios vary from Ba3 (base case) model
output to Ca model output.
Parameter sensitivities provide a quantitative/model indicated
calculation of the number of notches that a Moody's rated
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. It is not intended to measure how the
rating of the security might migrate over time, but rather how
the initial model output for the notes might have differed if the
parameters within a given sector that have the greatest impact
were varied. Results are model outputs, which are one of many
inputs considered by rating committees, which take quantitative
and qualitative factors into account in determining actual
ratings.
Moody's issues provisional ratings in advance of the final sale
of securities and the above ratings reflect Moody's preliminary
credit opinions regarding the transaction only. Upon a conclusive
review of the final documentation and the final note structure,
Moody's will endeavor to assign a definitive rating to the above
notes. A definitive rating may differ from a provisional rating.
Please note that the actual definitive issuance amounts of the
rated classes may change from those stated above given confirmed
capital structure and final portfolio levels. However, this
aspect should not fundamentally impact the ratings as credit
enhancement and portfolio credit features are expected to be
consistent.
Moody's Analysis
PUNCH TAVERNS PLC
Punch Taverns plc is a leased and tenanted pub group whose
business comprised an average of 4,037 pubs for the 28 weeks
ending March 1, 2014 (H1 2014). Retailers lease their pub(s) from
the Punch Group on the basis of a single agreement, pursuant to
which the three principal sources of the Punch Group income are
generated: (1) sales of beer and other drink products to the
partner; (2) rent, which is fixed at the outset of each lease or
tenancy; and (3) income from leisure machines, which, to the
extent partners choose to take leisure machines from the Punch
Group, is derived from a profit-sharing arrangement.
Punch Taverns Finance plc and Punch Taverns Finance B Limited
represent substantially all the assets and financing of the
group. The restructuring is the result of the group's strategic
review in early 2011.
The overall credit quality of the parent company, Punch Taverns
plc, is limited primarily as a result of the weak performance of
leased pubs in the UK over the past five years, as well as
material leverage and low fixed charge coverage. Since the
implementation of the smoking ban in public places in 2007 and
through the financial crisis and recession, the performance of
the pub industry in the UK has suffered with on-trade sales
declining by approximately 5.1% per annum since 2007, according
to the British Beer & Pub Association. Punch Taverns experienced
declines in like-for-like net income of 2.4% in fiscal year
ending August 17, 2013 (FY 2013), and 3.7% in FY 2012, which is
similar to its peers' experience. Most recently, the
deterioration in the pub industry appears to have slowed down in
tandem with broader economic stabilization. Moody's Global Macro
Outlook forecasts a 2.5%- .5% UK GDP growth rate in 2014 and a
2.0%-3.0% in 2015. In line with the overall economic improvement
and strengthening consumer sentiment, Punch Taverns reported a
1.4% increase in the like-for-like net income in the core estate
in H1 2014. However, longer-term trends remain uncertain.
Of the 4,037 average number of pubs controlled by Punch Taverns
in H1 2014, 74% are considered "core" properties with the
remainder viewed as "non-core" (typically smaller, with weaker
performance) and slated primarily for sale. The core portfolio
generated 88% of Punch's EBITDA in H1 2014, and its net income
per pub exceeded that of the non-core portfolio by more than two
times.
Positively, Punch has demonstrated a consistent track record of
monetizing its assets and generating proceeds of GBP51 million in
H1 2014 and GBP 149 million in FY 2013; both in excess of
aggregate book value (as previously written-down).
Punch Taverns' leverage for H1 2014 measured as net debt to
EBITDA was 10.7x, and its fixed charge coverage was 1.4x,
suggesting a very challenged credit profile by the standards of
corporate issuers; this is consistent with the ongoing
restructurings for junior debt in Punch A and Punch B. Pro forma
for the announced restructuring, Punch's leverage is expected to
decline closer to 8.3x, and its fixed charge coverage is likely
to improve closer to 2.0x by the end of the financial year 2015,
both on a run-rate basis.
Notes
As Moody's highlighted in its previous press releases, the
ratings on the notes incorporate Moody's assumption that the
structural and legal integrity of the transactions will be
preserved; in particular its assumption that the borrowers could
be replaced by alternative operators in case of insolvency or
default under their obligations. A deviation from this scenario
whereby the assets and businesses of the borrowers would be
liquidated over a shorter term or any other amendments to the
current structures, which result in a change of the economic
benefit to the noteholders would require Moody's to review its
rating of the notes.
Punch A
Super Senior Hedge Notes
Main factors Moody's considered in the assigned (P) Baa1(sf)
rating of the SSHN of Punch A are the senior position of the
class of notes in the priority of payments and the overall low
level of the debt with a Moody's debt/EBITDA multiplier of 1.8x
including the potential swap MtM exposure. Based on Moody's
estimated value for the underlying property portfolio, the note-
to-value (NTV) level for this class stands at approximately 19%.
While the notes do not have scheduled amortization and are due to
be paid via excess cash, the current business plan of the sponsor
contemplates the full repayment of the notes by April 2020,
approximately one year before the legal final maturity date of
the notes. In its base case analysis and upon stresses applied to
the sponsor's projected cashflows including from disposal
proceeds, Moody's assumed that there will be a delay to the
sponsor's target repayment date. However, Moody's gave
consideration to the amount expected to be standing in the debt
service reserve account that would available to repay the SSHN
and the overall flexibility of the borrower to sell a higher
number of pubs (including core pubs) to ensure a timely repayment
of the notes by its legal final maturity date.
Class AF Notes
Main factors Moody's considered in the assigned (P) Baa2(sf)
rating of the Class A1(F) and Class A2(F) Notes of Punch A are
the senior position of these classes of notes in the priority of
payments (ranking behind only SSHN) and the amortization schedule
leading to a significant repayment of the notes by their final
maturity dates. Further considerations included the debt level
for these classes of notes, which would provide some protection
even in a borrower default scenario. The Moody's debt/EBITDA
multiplier day-1 is at 4.7x including the potential swap MtM
exposure. Based on Moody's estimated value for the underlying
property portfolio, the NTV level for the AF Notes stands at 48%.
A constraining factor for the rating of these classes is the
reliance on the successful implementation of the business plan of
the sponsor to ensure that the underlying property portfolio
generates sufficient funds to meet the debt service payments.
Moody's analysis showed that even a moderate stress on the
projected EBITDA levels could lead to cashflow shortfalls. In
such a scenario, the borrower would need to reduce investments
into the underlying portfolio or sell further properties. Both
options could negatively impact the operations of the borrower.
Class AV Notes
Main factors Moody's considered in the assigned (P) Baa3(sf)
rating of the Class AV Notes of Punch A are the senior position
of these classes of notes in the issuer's priority of payments.
Despite the subordinated position of the notes relative to the
SSHN and the Class AF Notes, and the limited repayment
expectation from projected excess cash in the transaction, the
Class AV Notes benefit from the overall modest total Class A
leverage with a Moody's debt/EBITDA multiplier of 5.6x and a NTV
level of 58%. The constraining factors in respect of Class AF
ratings explained above apply for the ratings of the Class AV
Notes.
Class M3 Notes
The (P) B2(sf) rating of the Class M3 Notes reflects the
subordinated position of this class of notes with no scheduled
amortization payments until their legal final maturity date in
October 2027. With a Moody's estimated NTV level of 84% day-1 and
debt/EBITDA multiplier of 8.1x, the notes are vulnerable to the
successful implementation of the sponsor's business plan and rely
on a successful refinancing by their legal final maturity date.
Punch B
Class A Notes
In its expectation of a Ba3(sf) rating for the Class A3, Class A6
and Class A7 Notes, Moody's considered the senior position of the
notes in the issuer priority of payments and the total debt
outstanding. Moody's day-1 debt/EBITDA multiplier is 7.6x and the
NTV level is 80% (including the Swap Loan), indicating limited
protection available to the noteholders in a borrower default
scenario. A further aspect in the analysis is the refinancing
risk for the Class A Notes given the bullet payments due starting
with the Class A3 Notes in Q1 2022. The refinancing of the notes
will depend on the successful implementation of the disposal plan
of the sponsor to achieve deleveraging within the next seven
years. As explained for Punch A, Moody's determined for Punch B
as well that even a moderate stress on the projected EBITDA
levels could lead to cashflow shortfalls with subsequent negative
impact on the operations of the borrowers.
Liquidity Facility Counterparty Instrument Ratings
The CIR in relation to the liquidity facilities measure the risk
posed to the liquidity facility providers on an expected loss
basis. Moody's expectation is that upon the implementation of the
Proposed Transaction, the loss posed to the liquidity facility
providers will decrease. First, the likelihood of liquidity
facility draws are expected to be lower based on the lower
outstanding debt of the respective issuer compared with the pre-
restructuring debt profiles and payment requirements. Secondly,
the severity posed to the liquidity facility providers are
expected to decrease primarily due to the new mechanism being
introduced to re-size the facilities based on the peak debt
service requirements of the issuers (existing facilities do not
adjust downward). Further amendments, namely the requirement that
the issuers certify to their ability to repay the facility at the
next IPD and the entrenched rights given to the liquidity
facility providers in respect of disposal rights of the borrowers
are overall expected to enhance the position of the liquidity
facility providers from an expected loss standpoint.
Monitoring of the Transaction and Ratings
Given the reliance of the sponsor to perform under its business
plan, Moody's will closely monitor the progress of the disposals
and the changing portfolio composition over time. Moody's expects
that the sponsor will provide detailed information on the cash
flows of the core portfolio and non-core portfolio as well as
sales achieved.
Summary of the Restructuring Terms
The Proposed Transaction entails changes to various elements
including note amortization, coupon payments, borrower covenants
including on asset disposals, default triggers, subordination and
security granted to noteholders, financial guarantees provided by
the monoliners, hedge contracts and the liquidity facilities. The
capital structure change including the write down/exchange of
mezzanine and junior notes as well as issuance of new notes are
presented below.
Punch A
Changes to the notes
Super Senior Hedge Notes:
The new issue class of notes will have a notional amount
dependent on the crystallized MtM in respect of the partial
termination of the existing interest rate swaps relating to the
Class M2(N) , Class B3 and the Class D1 Notes. The SSHN will rank
senior to the Class A Notes in the issuer's waterfall. The notes
will have a bullet maturity due in July 2021 and will be subject
to mandatory prepayments from excess cash as explained below.
Class A Notes:
25% of the currently outstanding Class A1(R) and Class A2(R)
Notes will be extinguished in exchange for new Class A "Variable"
(Class A1(V) and Class A2(V), together Class AV) Notes which will
not have scheduled amortization, but be subject to mandatory
prepayment from excess cash as explained below. The remainder of
the currently outstanding Class A1(R) and Class A2(R) Notes will
be re-designated as Class A "Fixed" (Class A1(F) and Class A2(F),
together Class AF) Notes which will be repayable based on a fixed
amortization schedule. The Class AF Notes will rank senior to the
Class AV Notes in the issuer's waterfall in respect of interest
and principal amounts due on the notes.
Class M Notes:
22.5% of Class M1 Notes will be repaid at 99% of par and
cancelled. The remaining Class M1 Notes will be exchanged at 99%
of par for 45.7% new Class M3 Notes, 12.2% new Class B4 Notes,
and 19.5% New Ordinary Shares of Punch Taverns plc. 40.5% of
Class M2(N) Notes will be repaid at 89% of par and cancelled. The
remaining M2(N) Notes will be exchanged at 89% of par for 45.2%
new Class M3 Notes and 14.3% new Class B4 Notes.
Class B Notes:
22.4% of Class B1 and B2 Notes will be repaid at 62.5% of par and
cancelled. The remaining Class B1 and B2 Notes will be exchanged
at 62.5% of par for 45.1% new Class M3 Notes, 12.0% new Class B4
Notes, and 20.5% New Ordinary Shares of Punch Taverns plc. 40.6%
of Class B3 Notes will be repaid at 57.5% of par and cancelled.
The remaining Class B3 Notes will be exchanged at 57.5% of par
for 45.1% new Class M3 Notes and 14.3% new Class B4 Notes.
Class C Notes:
18.7% of Class C(R) Notes will be repaid at 34% of par and
cancelled. The remaining Class C(R) Notes will be exchanged at
34% of par for 37.6% new Class M3 Notes, 10.0% new Class B4
Notes, and 33.8% New Ordinary Shares of Punch Taverns plc.
Amortization on the notes
Class A Notes are amortized first. Based on scheduled
amortization, Class A1(F) and A2(F) Notes will be amortized in
full by their final maturity dates in 2026 and 2025,
respectively. The SSHN, Class A1(V) and A2(V) Notes will be
subject to mandatory prepayment to the extent of available excess
cash and up to a target (expected) amortization profile leading
to a repayment in full by the legal final maturity in 2021, 2026
and 2025, respectively. There is no contractual amortization of
the Class M3 Notes, due to be repaid in 2027 or of the Class B4
Notes, due to be repaid in 2028.
Coupon on the notes
SSHN carry a coupon of LIBOR plus a margin ratchet if a shadow
amortization profile is not met in respect of the notes. Coupon
on the Class A1 Notes will remain unchanged at 7.274% and on
Class A2 Notes will increase to 7.32%. Class M3 Notes carry a
cash pay coupon of LIBOR + 5.50%. Class B4 Notes carry a cash pay
coupon of 1.5% subject to a default stop notice and a PIK coupon
of 13.5%. Class B4 Notes PIK coupon will be capitalized quarterly
and will increase to 15% if a default stop notice is issued.
Disposals
Restrictions on asset disposals will be amended to allow the
disposal of all non-core pubs and up to 4% of core pubs per year,
up to a maximum of 20% of all core pubs, to be tested by
reference to EBITDA on the same basis as the current disposals
test (but with existing cumulative limits to be reset from the
date of the restructuring).
Prepayments
Excess cash within the Punch A Securitisation (after paying or
providing for expected costs and expenses, including tax
permitted payments and the retention of a GBP15 million cash
reserve) will be first applied to fund a new debt service reserve
account (until a maximum of GBP20 million) and prepay the SSHN.
Once the SSHN are repaid in full, the excess cash will be used as
a mandatory prepayment of Class A1(V) and A2(V) Notes including
make-whole amounts and thereafter can be used for optional
prepayment or purchase of the Class AF Notes, followed by the
Class M3 Notes and the Class B4 Notes. Such optional prepayments
and/or purchases will reduce the scheduled amortization payments
on the notes (if applicable) in a reverse chronological order.
The Class M3 and B4 Notes will have a two year non-call period
from closing.
Change of financial covenants
Financial covenants will be tested quarterly on a rolling four
quarter basis. The Free Cash Flow (FCF) DSCR covenant will be set
at 1.0x and tested based on last four quarter interest payable
and last three quarters + one quarter forward scheduled
amortization (excluding any final bullet repayments on the
notes). The average FCF DSCR projected by the sponsor under the
proposed transaction is 1.3x on average until the final payment
of the Class A Notes.
EBITDA ICR covenant will be set at 1.25x on day-1, gradually
stepping up to 1.70x by Q4-2022 (tested based on last four
quarters). The average EBITDA ICR projected by the sponsor under
the proposed transaction is 2.2x on average until the final
payment of the Class A Notes.
Net senior leverage covenant, taking into account the SSHN and
the Class A Notes, will be set with 25% headroom to business plan
EBITDA and projected net senior leverage. The covenant will be
set at 5.3x day-1 and will decrease to 3.0x by December 2020.
Net total leverage covenant will be set with 15% headroom to
business plan EBITDA and projected net senior leverage. The
covenant will be set at 9.0x day-1 and will decrease to 4.5x by
December 2024.
Net Worth financial covenant will be set at GBP50 million.
Security and subordination
The SSHN, the Class A Notes and the Class M3 Notes will have the
benefit of security over the issuer's assets and undertaking as
well as a new first-ranking fixed charge over shares in Punch
Taverns Holdings Limited (parent company of the Issuer) and a
first-ranking floating charge over the assets and undertaking of
a new holding company, Punch A New HoldCo 1. The Class B4 Notes
will not benefit from security over the issuer's assets and
undertaking but will benefit from a new first-ranking fixed
charge over shares in Punch A New Holdco 1, and a first-ranking
floating charge over the assets and undertaking of its parent,
New HoldCo 2. The Class B4 Security may only be enforced upon (a)
a breach of the FCF DSCR covenant which results in a borrower
event of default, the Net Senior Leverage covenant which results
in a borrower event of default, an insolvency of the borrower, an
insolvency of the issuer or an acceleration of the Class A Notes
and (b) the satisfaction of (i)holders of at least 25% of Class
B4 Notes having directed the Note Trustee to direct the Punch A
New Holdco 2 Security Trustee to enforce the Class B4 Security;
and (ii) either: (a) a Class B4 Enforcement Event remains
outstanding for a period of at least 180 days or (b) an
acceleration of the Class A Notes has occurred.
Removal of monoline financial guarantees
The financial guarantee on the Class A2(R), M2 and B3 Notes will
be released. In turn, Class A2 (F) and Class A2(V) Notes' coupon
will be increased by 50bps.
Change to liquidity facility sizing and rating trigger
The liquidity facility commitment is estimated to be resized to
GBP135.1 million to cover 18 month's peak debt service in respect
of the SSHN, the Class AF Notes, the Class AV Notes and the
Class M3 Notes. The debt service entails interest due on the the
SSHN, interest and principal (excluding any final maturity bullet
repayment) due on the Class AF Notes, interest due on the Class
AV Notes and interest due on the Class M3 Notes including amounts
due under the interest rate swap on the M3 Notes. The facility
will have a sub-limit of GBP39.6 million for Class M3 Notes
(excluding amounts due under the interest rate swap) and will not
be available for the Class B4 Notes.
The amount capable of being drawn will be equal to the lower of
the relevant total commitment and actual next 18 months'
principal and interest (in the case of the Class AF Notes) and/or
interest (in the case of the SSHN, Class AV Notes and Class M3
Notes including amounts due under the interest rate swap on the
Class M3 Notes) for the relevant class of notes. The amounts
available to be drawn and the Class M3 sub-limit will be resized
quarterly to take account of note redemptions and repurchases.
In respect of requests for a drawing under the liquidity
facility, a director of the issuer will have to certify in
writing that, having taken appropriate advice and based upon its
cashflow forecasts, it will be able to repay the liquidity
facility draw in full at the next IPD and all outstanding amounts
under the facility latest by October 2027. The projections will
be able to incorporate further drawings from the liquidity
facility based on available amounts.
The liquidity facility will feature a temporary stop mechanism
whereby the facility will not be available to be used to pay
interest and/or principal on the notes if the SSHN are not repaid
in full on their maturity date in July 2021. Following the
repayment of the SSHN and subject to satisfaction of certain
conditions, the temporary drawstop will cease to apply.
The ratings trigger permitting standby drawing of the facility
will be reduced to Baa2 and the existing standby drawing will be
repaid.
Changes to interest rate swaps
The existing interest rate swap transaction relating to the Class
M2(N) Notes, Class B3 Notes and the Class D1 Notes will be
partially terminated and the remaining portion will hedge the
floating rate interest payable by the borrower in respect of the
Class M3 Notes. The SSHN represent the amounts due to the swap
provider as a result of the partial termination of the existing
swap transactions. The exact amount of issuance of the SSHN will
depend on the swap termination costs at closing of the Proposed
Transaction.
The rating trigger for the remaining swap will be set at Baa1 but
only tested once at the closing of the transaction.
PUNCH B
Changes to the notes
Class A Notes:
The currently outstanding Class A8 will be repaid at par. There
will be no amendments in respect of the notional amounts of the
Class A3, Class A6 and Class A7 Notes.
Class B Notes:
Class B1 Notes will be exchanged at 95% of par for 42.2% of new
Class B3 Notes and 57.8% of New Ordinary Shares of Punch Taverns
plc. Class B2 Notes will be exchanged at 95% of par for 42.2% of
new Class B3 Notes and 57.8% of New Ordinary Shares of Punch
Taverns plc.
Class C Notes:
Class C1 Notes will be exchanged at 55% of par for 100% of New
Ordinary Share of Punch Taverns plc.
Amortization on the notes
Class A Notes are amortized first based on amended amortization
schedule. The Class A3 Notes will have a final maturity date in
2021, Class A6 Notes in 2022 and Class A7 Notes in 2024.
There is no scheduled amortization on Class B3 Notes.
Coupon on the notes
Coupon on Class A3 and Class A6 Notes to remain unchanged and on
Class A7 Notes to increase to 5.267%. Class B3 Notes carry a cash
pay coupon of 7.75% convertible into PIK upon delivery of a stop
notice.
Disposals
Restrictions on asset disposals will be amended to allow the
disposal of all non-core pubs and up to 4% of core pubs per year,
up to a maximum of 20% of all core pubs, to be tested by
reference to EBITDA on the same basis as the current disposals
test (but with existing cumulative limits to be reset from the
date of the restructuring).
Prepayments
75% of the excess cash within the Punch B Securitisation (after
paying or providing for expected costs and expenses, including
tax permitted payments and the retention of a GBP10 million cash
reserve) will be first applied to fund a new debt service reserve
account (until a maximum of GBP20 million) and 25% the excess
cash will be used for the repayment of the Swap Loan. Following
the repayment of the Swap Loan excess cash can be used for future
Class A debt service, purchase of notes in the market or used as
voluntary prepayment of amortization as per the waterfall:
- First, to prepay amortization on Class A3 Notes, Class A6
Notes and Class A7 Notes; and
- Second, to prepay the Class B3 Notes
Excess cash must be applied (if required) to repay the Class A3
Notes at maturity.
Voluntary prepayment of Class A Notes will be paid at modified
Spens (G+100bps). Prepayments and repurchases will reduce the
scheduled amortization payments on the notes in a reverse
chronological order.
The Class B3 Notes will have a two year non-call period from
closing.
Change of financial covenants
Financial covenants will be tested quarterly on a rolling four
quarter basis. The FCF DSCR covenant will be set at 1.0x and
tested based on last four quarter interest payable and last three
quarters + one quarter forward scheduled amortization (excluding
any final bullet repayments on the notes). The average FCF DSCR
projected by the sponsor under the proposed transaction is 1.4x
on average until the first refinancing exposure of the Class A
Notes in Q1 2022 (Class A3).
EBITDA ICR covenant will be set at 1.25x on day-1, gradually
stepping up to 1.70x by Q4 2022 (tested based on last four
quarters). The average EBITDA ICR projected by the sponsor under
the proposed transaction is 2.1x on average until the first
refinancing exposure of the Class A Notes in Q1 2022.
Net senior leverage covenant will be set with 20% headroom to
business plan EBITDA in FY 2015, 17.5% in FY 2016, 15% thereafter
and projected net senior leverage. The covenant will be set at
8.6x day-1 and will decrease to 6.0x by December 2018.
Net Worth financial covenant will be set at GBP50 million.
Security and subordination
The Class A Notes will retain fixed and floating security over
all of the Issuer's assets and undertakings, as well as a new
first-ranking fixed charge over shares in Punch Taverns (PMH)
Limited (parent company of the Issuer) and a first ranking
floating charge over the assets and undertaking of a newly
incorporated holding company, Punch B New Holdco 1. The Class B3
Notes will not benefit from any security over the issuer's assets
and undertaking but will benefit from a first-ranking fixed
charge over shares in Punch B New Holdco 1, and a first-ranking
floating charge over the assets and undertaking of its the parent
Punch B New Holdco 2.
Class B3 Security may only be enforced upon (a) a breach of the
FCF DSCR covenant which results in a borrower event of default,
the Net Senior Leverage covenant which results in a borrower
event of default, an insolvency of the borrower or the issuer, or
an acceleration of the Class A Notes and (b) the satisfaction of
(i) holders of at least 25% of Class B3 Notes having directed the
Note Trustee to direct the Punch B New Holdco 2 Security Trustee
to enforce the Class B3 Security; and (ii) either: (a) a Class B3
Enforcement Event remains outstanding for a period of at least
180 days, or (b) an acceleration of the Class A Notes has
occurred.
Removal of monoline financial guarantees
The financial guarantee on Class A7 Notes will be released. In
turn, the Class A7 Note coupon will be increased by 50 bps.
Change to liquidity facility sizing and rating trigger
The liquidity facility commitment is estimated to be resized to
GBP88.4 million to cover the 18 months' peak interest and
scheduled amortization (excluding any final maturity bullet
repayment) in respect of the Swap Loan and the Class A Notes. The
facility will not be available for the Class B3 Notes.
The amount capable of being drawn will be equal to the lower of
the relevant total commitment and actual next 18 months principal
and interest in respect of the Swap Loan and the Class A Notes.
The amounts available to be drawn will be resized quarterly to
take account of prepayments of the new Swap Loan and note
redemptions and repurchases.
In respect of requests for a drawing under the liquidity
facility, a director of the issuer will have to certify in
writing that, having taken appropriate advice and based upon its
cashflow forecasts, it will be able to repay the liquidity
facility draw in full at the next IPD and all outstanding amounts
under the facility latest by March 2024. The projections will be
able to incorporate further drawings from the liquidity facility
based on available amounts.
The ratings trigger permitting standby drawing of the facility
will be reduced to Baa2 and the existing standby drawing will be
repaid.
Changes to interest rate swaps
The existing swap relating to Class A8 Notes will be terminated
in full and estimated swap MtM of c. GBP9.9 million will be
crystallized. Approximately GBP6 million of the crystallized
amount will be paid at closing and the remainder will be paid in
two equal installments on the first and second IPD following
closing. The existing swap relating to Class C1 Notes will also
be terminated in full. The resulting crystallized MtM termination
amount will be payable to the swap provider pursuant to a new
confirmation (referred to as the Swap Loan). The Swap Loan will
have a maturity date in September 2019 and will be repaid in 20
equal quarterly installments. As mentioned earlier, payments due
under the Swap Loan will rank senior to the Class A Notes in the
issuer's priority of payments.
===============
X X X X X X X X
===============
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Shareholders Total
Equity Assets
Company Ticker (US$MM) (US$MM)
------- ------ ------ ------
AA LTD 2968492Z LN -1456621510 4737064769
AA PLC AA/GBX EO -1456621510 4737064769
AA PLC AA/ LN -1456621510 4737064769
AA PLC AA/GBX EU -1456621510 4737064769
AA PLC AA/ IX -1456621510 4737064769
AA PLC AA/ EB -1456621510 4737064769
AA PLC AAAAL S1 -1456621510 4737064769
AA PLC 1023859D SW -1456621510 4737064769
AA PLC 2XA GR -1456621510 4737064769
AA PLC AA/ TQ -1456621510 4737064769
AARDVARK TMC LTD 1768297Z LN -1779177.627 149732584.7
ABBOTT MEAD VICK 648824Q LN -1685905.65 168264096.2
ABF GRAIN PRODUC 1276922Z LN -48465868.55 670357516.4
ACCIONA INMOBILI 4029797Z SM -49405609 1695566442
ACEROS PARA LA 1656Z SM -263940.0005 119468482.1
ACIS GROUP LTD 4159557Z LN -21335866.02 133912152.4
ACS AIRCRAFT FIN 4491555Z ID -11819999.97 131524997.4
ACTUACIONES ACTI AGR SM -102379482.8 427577243.8
ADDASTA HOLDING 3814224Z NA -223750.1218 117273756.7
ADRIA AIRWAYS 54757Z SV -51862326.31 134757004
ADRIA CABLE BV 4044453Z NA -62348693.94 188829025.3
ADVANCE DISPLAY ADTP PZ -3015579018 2590008061
AEA TECHNOLO-FPR AATF LN -251538429 142000079.4
AEA TECHNOLO-FPR AATF PZ -251538429 142000079.4
AEA TECHNOLO-NPR AATN LN -251538429 142000079.4
AEA TECHNOLO-NPR AATN PZ -251538429 142000079.4
AEA TECHNOLOGY AAT PO -251538429 142000079.4
AEA TECHNOLOGY AAT VX -251538429 142000079.4
AEA TECHNOLOGY EAETF US -251538429 142000079.4
AEA TECHNOLOGY AAT IX -251538429 142000079.4
AEA TECHNOLOGY G AAT PZ -251538429 142000079.4
AEA TECHNOLOGY G 1005182D GR -251538429 142000079.4
AEA TECHNOLOGY G AEATF US -251538429 142000079.4
AEA TECHNOLOGY G AATGBP EO -251538429 142000079.4
AEA TECHNOLOGY G AAT LN -251538429 142000079.4
AEA TECHNOLOGY G 0884037D EO -251538429 142000079.4
AEA TECHNOLOGY G 0884036D EU -251538429 142000079.4
AEGEK AEGEK EU -107572284.1 366319845.1
AEGEK AEGEK EO -107572284.1 366319845.1
AEGEK AEGEK GA -107572284.1 366319845.1
AEGEK AGEKF US -107572284.1 366319845.1
AEGEK AEGEK PZ -107572284.1 366319845.1
AEGEK AGK GR -107572284.1 366319845.1
AEGEK S.A. AEGEKY L3 -107572284.1 366319845.1
AEGEK S.A. AEGEKY S2 -107572284.1 366319845.1
AEGEK S.A. AEGEKY B3 -107572284.1 366319845.1
AEGEK S.A. - RTS 989399Q GA -107572284.1 366319845.1
AEGEK S.A.-RTS AEGEPR GA -107572284.1 366319845.1
AEGEK S.A.-RTS AEGEKR GA -107572284.1 366319845.1
AEGEK SA-AUCTION AEGEKE GA -107572284.1 366319845.1
AEGEK-PFD 2733073Q EU -107572284.1 366319845.1
AEGEK-PFD 2733077Q EO -107572284.1 366319845.1
AEGEK-PFD AEGEP PZ -107572284.1 366319845.1
AEGEK-PFD AEGEP GA -107572284.1 366319845.1
AEGEK-PFD AUCTIO AEGEPE GA -107572284.1 366319845.1
AFFINITI INTEGRA 1651064Z LN -436307727.6 341755295.2
AFIRMA GRUPO INM AFR EO -33301815.13 950532329.1
AFIRMA GRUPO INM AFR TQ -33301815.13 950532329.1
AFIRMA GRUPO INM AFRGBX EO -33301815.13 950532329.1
AFIRMA GRUPO INM AFRGBX EU -33301815.13 950532329.1
AFIRMA GRUPO INM AFR EU -33301815.13 950532329.1
AFIRMA GRUPO INM AFR SM -33301815.13 950532329.1
AFIRMA GRUPO INM AGISF US -33301815.13 950532329.1
AFIRMA GRUPO INM AFRGBP EO -33301815.13 950532329.1
AFIRMA GRUPO-RTS AFR/D SM -33301815.13 950532329.1
AFRICA OFFSHORE AOSA NO -280249984 357512992
AG PETZETAKIS SA PETZK PZ -110809481.9 206423169.8
AG PETZETAKIS SA PTZ1 GR -110809481.9 206423169.8
AG PETZETAKIS SA PETZK EO -110809481.9 206423169.8
AG PETZETAKIS SA PZETF US -110809481.9 206423169.8
AG PETZETAKIS SA PTZ GR -110809481.9 206423169.8
AG PETZETAKIS SA PETZK GA -110809481.9 206423169.8
AG PETZETAKIS SA PETZK EU -110809481.9 206423169.8
AGOR AG DOOG IX -482467.0522 144438127.4
AGOR AG DOO GR -482467.0522 144438127.4
AGOR AG DOOD PZ -482467.0522 144438127.4
AGOR AG DOO S1 -482467.0522 144438127.4
AGOR AG DOO EU -482467.0522 144438127.4
AGOR AG NDAGF US -482467.0522 144438127.4
AGOR AG DOO EO -482467.0522 144438127.4
AGOR AG-RTS 2301918Z GR -482467.0522 144438127.4
AGORA SHOPPING C 214766Z LN -50701197.21 252336526.8
AGRUPACIO - RT AGR/D SM -102379482.8 427577243.8
AIMIA COALITION 2555794Z LN -94460222.81 621037214.8
AIR BERLIN PLC AB1 BQ -549668067 2798718267
AIR BERLIN PLC AB1 TQ -549668067 2798718267
AIR BERLIN PLC AB1GBX EO -549668067 2798718267
AIR BERLIN PLC AB1 GR -549668067 2798718267
AIR BERLIN PLC AB1 S1 -549668067 2798718267
AIR BERLIN PLC AB1 PZ -549668067 2798718267
AIR BERLIN PLC AIBEF US -549668067 2798718267
AIR BERLIN PLC AB1 EB -549668067 2798718267
AIR BERLIN PLC AB1 EO -549668067 2798718267
AIR BERLIN PLC AB1GBP EO -549668067 2798718267
AIR BERLIN PLC AB1 EU -549668067 2798718267
AIR BERLIN PLC AB1D B3 -549668067 2798718267
AIR BERLIN PLC AB1 IX -549668067 2798718267
AIR BERLIN PLC AB1GBX EU -549668067 2798718267
AIR BERLIN PLC AB1 NQ -549668067 2798718267
AIR BERLIN PLC AB1 SW -549668067 2798718267
AIR BERLIN PLC AB1 QM -549668067 2798718267
AIR BERLIN PLC AB1 TH -549668067 2798718267
AIR BERLIN PLC AB1D L3 -549668067 2798718267
AIR BERLIN PLC ABOG IX -549668067 2798718267
AIR BERLIN PLC AB1D S2 -549668067 2798718267
AIR COMMAND SYST 4470055Z FP -30657158.94 217998392.9
AIRBUS MILITARY 4456697Z SM -48974067.1 2049792335
AIRBUS OPERATION 4435153Z LN -622881599.4 5619187195
AIRTOURS PLC ATORF US -379731744 1817560463
AIRTOURS PLC AIR VX -379731744 1817560463
AIRTOURS PLC AIR LN -379731744 1817560463
AKER BRYGGE AS 4447369Z NO -48154701.45 699923492.2
AKER ELEKTRO AS 4389353Z NO -35849851.01 136482190.9
AKER FLOATING PR AKFP PZ -16100000 765200000
AKER FLOATING PR AKFP EO -16100000 765200000
AKER FLOATING PR AKFP NO -16100000 765200000
AKER FLOATING PR AKFPEUR EU -16100000 765200000
AKER FLOATING PR AKFP BY -16100000 765200000
AKER FLOATING PR AKFPEUR EO -16100000 765200000
AKER FLOATING PR AKNO IX -16100000 765200000
AKER FLOATING PR AKFP EU -16100000 765200000
AKER MARINE CONT 4414377Z NO -58718358.92 165264364
AKER STORD A/S 4498875Z NO -216314138.2 694523053.4
AKER SUBSEA AS 4394593Z NO -4078325.72 1050122582
AKERYS SERVICES 4685937Z FP -20015987.82 123238682.9
AKZO NOBEL POWDE 1472346Z LN -45561469.76 146392085.3
ALAPIS HOLDIN-RT ALAPISR GA -1446551773 135183840.6
ALAPIS HOLDING 3385874Q GA -1446551773 135183840.6
ALAPIS HOLDING I V2R GR -1446551773 135183840.6
ALAPIS HOLDING I FFEFD B3 -1446551773 135183840.6
ALAPIS HOLDING I FFEFD L3 -1446551773 135183840.6
ALAPIS HOLDING I FFEFD S2 -1446551773 135183840.6
ALAPIS HOLDING I VETER GA -1446551773 135183840.6
ALAPIS HOLDING I ALAPIS EU -1446551773 135183840.6
ALAPIS HOLDING I VTERF US -1446551773 135183840.6
ALAPIS HOLDING I FFE GR -1446551773 135183840.6
ALAPIS R-R ALAPV10 GA -1446551773 135183840.6
ALAPIS REPO ALAPL10 GA -1446551773 135183840.6
ALAPIS SA ALAPIS GA -1446551773 135183840.6
ALAPIS SA APSHF US -1446551773 135183840.6
ALAPIS SA FFEF GR -1446551773 135183840.6
ALAPIS SA ALAPI EO -1446551773 135183840.6
ALAPIS SA ALAPI EU -1446551773 135183840.6
ALAPIS SA FFEB GR -1446551773 135183840.6
ALAPIS SA ALAPIS PZ -1446551773 135183840.6
ALBERTO MARTINS 4488947Z PL -25419628.18 123489526.4
ALCATEL LUCENT N 4043757Z NA -21653637.64 116356629.5
ALCATEL-LUCENT F 3647063Z FP -794545837 4984810705
ALCHEVSKIY ALMK UZ -29316769.49 2251428423
ALELUIA-CERAMICA 4764457Z PL -10079314.35 104807491.4
ALL3MEDIA HOLDIN 4500027Z LN -566620870.4 782620326.9
ALLDAYS PLC ALDYF US -120493900 252232072.9
ALLDAYS PLC 317056Q LN -120493900 252232072.9
ALLEGION PLC ALLE US -11200000 1968099968
ALLEGION PLC 60A GR -11200000 1968099968
ALLEGION PLC 0628915D US -11200000 1968099968
ALLEGION PLC-W/I ALLE-W US -11200000 1968099968
ALLIANCE & LEICE 1603082Z LN -362201146.6 3707343539
ALLIANCE FILMS U 1774537Z LN -15721068.24 102608688.7
ALLIANCE RUSSIAN ALRT RU -15214268.73 144581794
ALNO AG ANOD L3 -25345561.84 250227602.3
ALNO AG ANO TQ -25345561.84 250227602.3
ALNO AG ANO EU -25345561.84 250227602.3
ALNO AG ANO EO -25345561.84 250227602.3
ALNO AG ANO PZ -25345561.84 250227602.3
ALNO AG ANOD B3 -25345561.84 250227602.3
ALNO AG ALNO IX -25345561.84 250227602.3
ALNO AG ANOD S2 -25345561.84 250227602.3
ALNO AG ANO TH -25345561.84 250227602.3
ALNO AG ANO GR -25345561.84 250227602.3
ALNO AG ANO S1 -25345561.84 250227602.3
ALNO AG - RTS ANO2 GR -25345561.84 250227602.3
ALNO AG-NEW ANO1 GR -25345561.84 250227602.3
ALNO AG-RTS ANOB GR -25345561.84 250227602.3
ALNO AG-RTS 4123912Z GR -25345561.84 250227602.3
ALNO AG-RTS 8174351Z GR -25345561.84 250227602.3
ALNO AG-RTS 2259765Z GR -25345561.84 250227602.3
ALPHA CREDIT GRP 2398Z LN -128161721.8 6765275654
ALPOS DD APOG PZ -67350276.85 175193779.3
ALPOS DD APOG EU -67350276.85 175193779.3
ALPOS DD APOG SV -67350276.85 175193779.3
ALPOS DD APOG EO -67350276.85 175193779.3
ALSTOM WIND SLU 1009322Z SM -34872511.82 509075734.9
ALTOS HORNOS VIZ AHV SM -115822618.8 1283089189
ALUMINIUM PECHIN 3650903Z FP -613513792.8 958725015.9
AMARIN CORP -ADR EH3A TH -33856000 252476000
AMARIN CORP -ADR EH3 GR -33856000 252476000
AMARIN CORP -ADR AMRND US -33856000 252476000
AMARIN CORP -ADR AMRN US -33856000 252476000
AMARIN CORP -ADR EH3A GR -33856000 252476000
AMARIN CORP PLC AMRN PO -33856000 252476000
AMARIN CORP PLC AMRN LN -33856000 252476000
AMARIN CORP PLC AMRNF EO -33856000 252476000
AMARIN CORP PLC H2E GR -33856000 252476000
AMARIN CORP PLC H2EA GR -33856000 252476000
AMARIN CORP PLC AMRN ID -33856000 252476000
AMARIN CORP PLC AMRJF US -33856000 252476000
AMARIN CORP PLC H2E PZ -33856000 252476000
AMARIN CORP PLC AMRNF EU -33856000 252476000
AMARIN CORP PLC AMRNF US -33856000 252476000
AMER BUS SYS ARB LN -497126976 121439000
AMEY PLC AMY LN -48862569.33 931527720.5
AMEY PLC AMY VX -48862569.33 931527720.5
AMEY PLC AMEYF US -48862569.33 931527720.5
AMEY PLC-ASSENT AMYA LN -48862569.33 931527720.5
AMEY PLC-NEW AMYN LN -48862569.33 931527720.5
AMO ZIL-CLS ZILL* RU -313328054.5 427801545.9
AMO ZIL-CLS ZILLG RU -313328054.5 427801545.9
AMO ZIL-CLS ZILL RM -313328054.5 427801545.9
AMO ZIL-CLS ZILL RU -313328054.5 427801545.9
AMPER SA AMP1 EO -84389307.66 440201335.4
AMPER SA AMPE B3 -84389307.66 440201335.4
AMPER SA APR GR -84389307.66 440201335.4
AMPER SA AMPE S2 -84389307.66 440201335.4
AMPER SA AMP1 IX -84389307.66 440201335.4
AMPER SA AMP1 EU -84389307.66 440201335.4
AMPER SA AMPS PZ -84389307.66 440201335.4
AMPER SA AMP SM -84389307.66 440201335.4
AMPER SA APMRF US -84389307.66 440201335.4
AMPER SA AMPE L3 -84389307.66 440201335.4
AMPER SA AMP1 S1 -84389307.66 440201335.4
AMPER SA AMP1 TQ -84389307.66 440201335.4
AMPER SA AMP1 EB -84389307.66 440201335.4
AMPER SA - RTS 0881324D SM -84389307.66 440201335.4
AMPER SA - RTS AMP/D SM -84389307.66 440201335.4
AMPER SA - RTS APRA GR -84389307.66 440201335.4
AMTEL-POVOLZ-BRD KIRT* RU -17984240.01 104831160.6
AMTEL-POVOLZ-BRD KIRT RU -17984240.01 104831160.6
ANKER PLC ANK LN -21861359.81 115463159
ANKER PLC DW14 GR -21861359.81 115463159
ANKER PLC ANK PO -21861359.81 115463159
ANKER PLC - ASSD ANKC LN -21861359.81 115463159
ANKER PLC - ASSD ANKB LN -21861359.81 115463159
ANKER PLC-ASSD ANKA LN -21861359.81 115463159
ANTWERP GATEWAY 496769Z BB -73080114.22 225706170.5
APK OGO OAO AOGO RU -5163579.316 164058148.4
AQUIRIS SA 559158Z BB -361572.7264 256156811.1
ARCADE PROPERTY 4461121Z ID -271769574.6 854837506.8
ARCADIA PETROLEU 645232Z LN -24184000 185991008
ARCELORMITTAL PTRO RO -61078989.5 178664384.2
ARCELORMITTAL ZA 3745088Z SM -140524021.2 177225469.5
ARCHIMEDES PHARM 533073Z LN -77549052.55 124667094.2
ARDAGH GLASS FIN 3489820Z ID -425707082.8 5124657810
ARGEK SA-PFD RTS 989391Q GA -107572284.1 366319845.1
ARGENTA UNDERWRI 2619614Z LN -3429270.883 137134947
ARNOTTS HOLDINGS 4462545Z ID -366474765.3 152226036
ARTICON-INTE-NEW AAG3 GR -7312306.971 180437345.1
ARTICON-INTE-NEW AAG1 GR -7312306.971 180437345.1
ARTICON-INTE-RTS AAG8 GR -7312306.971 180437345.1
ARTICON-INTE-RTS AAG8 NM -7312306.971 180437345.1
ARTICON-INTEGR-N AAG2 GR -7312306.971 180437345.1
ARTICON-INTEGRAL AAG NM -7312306.971 180437345.1
ARTICON-INTEGRAL 229071Q LN -7312306.971 180437345.1
ARTICON-INTEGRAL AAGN NM -7312306.971 180437345.1
ARTICON-INTEGRAL AAG GR -7312306.971 180437345.1
ARTICON-INTEGRAL AIT LI -7312306.971 180437345.1
AS ROMA SPA RO9 GR -85788785.33 226242789.1
AS ROMA SPA ASR IM -85788785.33 226242789.1
AS ROMA SPA ASRM L3 -85788785.33 226242789.1
AS ROMA SPA ASR EB -85788785.33 226242789.1
AS ROMA SPA ASRO IX -85788785.33 226242789.1
AS ROMA SPA ASR S1 -85788785.33 226242789.1
AS ROMA SPA ASR IX -85788785.33 226242789.1
AS ROMA SPA ASR TQ -85788785.33 226242789.1
AS ROMA SPA ASR PZ -85788785.33 226242789.1
AS ROMA SPA ASR QM -85788785.33 226242789.1
AS ROMA SPA ASR EO -85788785.33 226242789.1
AS ROMA SPA ASRM B3 -85788785.33 226242789.1
AS ROMA SPA ASR BQ -85788785.33 226242789.1
AS ROMA SPA ASRAF US -85788785.33 226242789.1
AS ROMA SPA ASR EU -85788785.33 226242789.1
AS ROMA SPA ASRM S2 -85788785.33 226242789.1
AS ROMA SPA RTS ASRAXM IX -85788785.33 226242789.1
AS ROMA SPA RTS ASRAZM TQ -85788785.33 226242789.1
AS ROMA SPA RTS ASRAZEUR EU -85788785.33 226242789.1
AS ROMA SPA RTS ASRAZEUR EO -85788785.33 226242789.1
AS ROMA SPA RTS ASRAZA IM -85788785.33 226242789.1
AS ROMA SPA RTS ASRAXM EB -85788785.33 226242789.1
AS ROMA SPA-RTS ASRAA IM -85788785.33 226242789.1
ASCOT RACECOURSE 1965934Z LN -58031041.32 242491446.8
ASHWELL PROPERTY 4165857Z LN -192048023.3 200163088.3
ASITO DIENSTENGR 743813Z NA -2494804.851 220704023.7
ASPIS BANK SA ASEUF US -46224213.41 3486115450
ASPIS BANK-RIGHT 365673Q GA -46224213.41 3486115450
ASPIS BANK-RTS 839325Q GA -46224213.41 3486115450
ASPIS BANK-RTS ASPTR GA -46224213.41 3486115450
ASPIS BANK-RTS 3558423Q GA -46224213.41 3486115450
ASPIS MORT-RTS ASPTD GA -46224213.41 3486115450
ASPIS PRON-PF RT ASASPR GA -189911036.1 896550129.3
ASPIS PRONIA -PF ASAPR GA -189911036.1 896550129.3
ASPIS PRONIA GE ASASK EU -189911036.1 896550129.3
ASPIS PRONIA GE ASASK PZ -189911036.1 896550129.3
ASPIS PRONIA GE AISQF US -189911036.1 896550129.3
ASPIS PRONIA GE ASASK EO -189911036.1 896550129.3
ASPIS PRONIA GE ASASK GA -189911036.1 896550129.3
ASPIS PRONIA-PF ASASP GA -189911036.1 896550129.3
ASPIS PRONIA-PF APGV GR -189911036.1 896550129.3
ASPIS PRONIA-RT ASASKR GA -189911036.1 896550129.3
ASPIS PRONOIA GE APG GR -189911036.1 896550129.3
ASPIS PRONOIA GE APGG IX -189911036.1 896550129.3
ASR VASTGOED ONT 4039981Z NA -24447897.91 292472974.2
ASTON VILLA FOOT 1768569Z LN -211955267.1 117946484.4
ASTROC MEDITERRA ATRYF US -33301815.13 950532329.1
ASTROC MEDITERRA AST SM -33301815.13 950532329.1
ATENTO SA 0978340D US -133966000 1842179968
ATENTO SA ATTO US -133966000 1842179968
ATLANTIC COPPER 4512291Z SM -21013583.14 1043171373
ATLANTIC SUPERMA ATLA PZ -76261648.16 315891294.2
ATLANTIC SUPERMA ATLA GA -76261648.16 315891294.2
ATLANTIC SUPERMA ATLA1 EU -76261648.16 315891294.2
ATLANTIC SUPERMA ATLA1 EO -76261648.16 315891294.2
ATTENDO AB 4452873Z SS -58148254.8 1244996881
ATTI-KAT ATTIK PZ -31783119.44 219443228.5
ATTI-KAT XTT GR -31783119.44 219443228.5
ATTI-KAT ATTIK EU -31783119.44 219443228.5
ATTI-KAT ATTIK EO -31783119.44 219443228.5
ATTI-KAT ATTIK GA -31783119.44 219443228.5
ATTI-KAT RTS ATTID GA -31783119.44 219443228.5
ATTI-KAT SA-AUCT ATIKE GA -31783119.44 219443228.5
ATTIKAT S.A. ATTIKY L3 -31783119.44 219443228.5
ATTIKAT S.A. ATTIKY S2 -31783119.44 219443228.5
ATTIKAT S.A. ATTIKY B3 -31783119.44 219443228.5
ATTIKAT-AUCTION ATTIKE GA -31783119.44 219443228.5
ATU AUTO-TEILE-U 3486988Z GR -571062299.6 546297842.8
AUBURN ACQUISITI 4453705Z LN -437104257 1605290465
AURIGACROWN CAR 3791672Z SM -9696676.632 319021086.5
AUTOMOBILE ASSOC 1479490Z LN -66197518.85 595410613.4
AUTOMOTIVE LIGHT 3895734Z IM -8707502.577 163886427.3
AUTOROUTES PARIS ARR FP -67014542.48 11134617648
AUTOROUTES PARIS ARR EB -67014542.48 11134617648
AUTOROUTES PARIS RK9 TH -67014542.48 11134617648
AUTOROUTES PARIS ARR EU -67014542.48 11134617648
AUTOROUTES PARIS ARRGBX EU -67014542.48 11134617648
AUTOROUTES PARIS ARR S1 -67014542.48 11134617648
AUTOROUTES PARIS ARR TQ -67014542.48 11134617648
AUTOROUTES PARIS ARR EO -67014542.48 11134617648
AUTOROUTES PARIS ARR LI -67014542.48 11134617648
AUTOROUTES PARIS ARR QM -67014542.48 11134617648
AUTOROUTES PARIS ARR1 BQ -67014542.48 11134617648
AUTOROUTES PARIS ARR IX -67014542.48 11134617648
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*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets. At first glance, this list may look
like the definitive compilation of stocks that are ideal to sell
short. Don't be fooled. Assets, for example, reported at
historical cost net of depreciation may understate the true value
of a firm's assets. A company may establish reserves on its
balance sheet for liabilities that may never materialize. The
prices at which equity securities trade in public market are
determined by more than a balance sheet solvency test.
Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/booksto order any title today.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Valerie U. Pascual, Marites O. Claro, Rousel Elaine T. Fernandez,
Joy A. Agravante, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.
Copyright 2014. All rights reserved. ISSN 1529-2754.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.
Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.
The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each. For subscription information,
contact Peter Chapman at 215-945-7000 or Nina Novak at
202-241-8200.
* * * End of Transmission * * *