/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/180110.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Wednesday, January 10, 2018, Vol. 19, No. 007 Headlines G E R M A N Y BEATE UHSE: Obtains EUR2.7-Million Insolvency Loan NIKI LUFTFAHRT: Insolvency Case Should Have Been Filed in Austria PROVIDE BLUE 2005-2: Fitch Hikes Class E Notes Rating From BB- L U X E M B O U R G ROBERTSHAW HOLDINGS: S&P Places 'B' CCR on CreditWatch Negative N E T H E R L A N D S VODAFONEZIGGO GROUP: Fitch Affirms BB- IDR, Outlook Negative N O R W A Y SEADRILL LTD: Unsec. Bondholders Post Cash Deposit to Back Plan U N I T E D K I N G D O M BRIGHTER WORLD: Tough Energy Market Conditions Prompt Closure BIRKWOOD ESTATES: Birkwood Castle Put Up for Sale FRONERI INTERNATIONAL: S&P Rates EUR1.6BB New Sr. Sec. Loan 'B+' JAMES CALLANDER: In Administration, 89 Jobs Affected ********* ============= G E R M A N Y ============= BEATE UHSE: Obtains EUR2.7-Million Insolvency Loan -------------------------------------------------- Reuters reports that Beate Uhse AG has received an insolvency loan of about EUR2.7 million. As reported by the Troubled Company Reporter-Europe on Dec. 18, 2017, Reuters related that German sex shop group Beate Uhse filed for insolvency after failing to secure financing from a group of investors. The company was started in 1946 by a former female pilot with the same name. NIKI LUFTFAHRT: Insolvency Case Should Have Been Filed in Austria ----------------------------------------------------------------- Maria Sheahan, Alistair Smout and Kirsti Knolle at Reuters report that airline Niki's insolvency should have been filed in Austria not Germany, a Berlin court ruled on Jan. 8, in a move which could unravel last month's deal to sell the Air Berlin business to British Airways owner IAG. But Fairplane, a group representing airline passengers, said last week it had filed legal cases to have the insolvency proceedings for Niki shifted to Austria, Reuters relates. Fairplane argues Niki, which is registered as a company in Austria, had been profitable but lost access to bridge financing when insolvency proceedings were opened in Germany in December, Reuters discloses. It also says it sees a conflict of interest in the appointment of the same administrators for Niki and its parent and debtor Air Berlin, Reuters relays. According to Reuters, the regional court for Berlin said on Jan. 8 a number of factors indicated that Niki's focus was in Austria rather than in Germany, such as the fact that most of its workers had Austrian contracts, that its accounting was done in offices in Vienna and that it was operating under an Austrian license. It said it would reverse a lower court's Dec. 13 decision to allow insolvency proceedings in Germany, but said the ruling would only take effect after a one-month period during which Niki can appeal the decision in German federal court, Reuters notes. Fairplane, as cited by Reuters, said it did not believe a reversal of Niki's insolvency filings in Germany would scupper the airline's sale. A court in Austria's Korneuburg is reviewing an application for a new insolvency process for Niki there and said on Jan. 8 a decision would be made on Jan. 12 at the earliest, according to Reuters. About Air Berlin In operation since 1978, Air Berlin PLC & Co. Luftverkehrs KG is a global airline carrier that is headquartered in Germany and is the second largest airline in the country. In 2016, Air Berlin operated 139 aircraft with flights to destinations in Germany, Europe, and outside Europe, including the United States, and provided passenger service to 28.9 million passengers. Within the first seven months of 2017, the Debtor carried approximately 13.8 million passengers. It employs approximately 8,481 employees. Air Berlin is a member of the Oneworld alliance, participating with other member airlines in issuing tickets, code-share flights, mileage programs, and other similar services. Air Berlin has racked up losses of about EUR2 billion over the past six years, and has net debt of EUR1.2 billion. On Aug. 15, 2017, Air Berlin applied to the Local District Court of Berlin-Charlottenburg, Insolvency Court for commencement of an insolvency proceeding. On the same day, the German Court opened preliminary insolvency proceedings permitting the Debtor to proceed as a debtor-in-possession, appointed a preliminary custodian to oversee the Debtor during the preliminary insolvency proceedings, and prohibited any new, and stayed any pending, enforcement actions against the Debtor's movable assets. To seek recognition of the German proceedings, representatives of Air Berlin filed a Chapter 15 petition (Bankr. S.D.N.Y. Case No. 17-12282) on Aug. 18, 2017. The Hon. Michael E. Wiles is the case judge. Thomas Winkelmann and Frank Kebekus, as foreign representatives, signed the petition. Madlyn Gleich Primoff, Esq., at Freshfields Bruckhaus Deringer US LLP, is serving as counsel in the U.S. case. PROVIDE BLUE 2005-2: Fitch Hikes Class E Notes Rating From BB- -------------------------------------------------------------- Fitch Ratings has upgraded three tranches of Provide Blue 2005-1 and 2005-2 as follows: Provide Blue 2005-1 PLC (2005-1): Class E (ISIN DE000A0E6NY0): upgraded to 'AAsf' from 'Asf'; Stable Outlook Provide Blue 2005-2 PLC (2005-2): Class D (ISIN DE000A0GHZU5): upgraded to 'AAsf' from 'Asf'; Stable Outlook Class E (ISIN DE000A0GHZV3): upgraded to 'BBBsf' from 'BB-sf'; Stable Outlook The transactions are synthetic securitisations referencing portfolios of residential mortgage loans originated by BHW Bausparkasse AG. KEY RATING DRIVERS Stable Asset Performance Three months plus arrears buckets including bankruptcies have decreased slightly for 2005-1 to 4.2% of current balance from 4.3% and decreased for 2005-2 to 2.8% from 3.3% a year ago. In absolute terms both transaction saw a drop in their three-months plus delinquencies and bankruptcies to EUR3.4 million from EUR4.1 million for Provide Blue 2005-1 and to EUR8.6 million from EUR11.8 million for Provide Blue 2005-2. Small Losses, Improving Credit Enhancement The last four quarters saw additional losses of EUR40,000 and EUR400,000 allocated to 2005-1 and 2005-2, respectively, taking total losses to EUR8.2 million and EUR18 million. Given repayments have been stronger relative to the loss attribution, credit enhancement as a percentage of the outstanding asset balance increased to 6.6% as of August 2017 from 5.6% a year ago for the 2005-1 class E notes. For 2005-2, as of September 2017, it remained constant at 1% for the class E notes and increased to 6.1% from 5.4% for the class D notes. Low Buffer Limits Upgrades Both calculated losses as well as credit enhancement are fairly limited. Therefore, a small number of additional losses beyond Fitch's expectations could significantly reduce the available credit enhancement. As a result the notes were not upgraded to the extent as suggested by Fitch's model. RATING SENSITIVITIES Performance is dependent on the level of losses following the borrowers' defaults and recovery. Fitch expects continued robust performance of German mortgage loans, but an unexpectedly sharp deterioration of economic fundamentals could accelerate loss allocation towards junior notes, adversely affecting credit enhancement and ultimately ratings. In addition, the ratings are linked to the credit quality of KfW (AAA/F1+/Stable) since certificates issued by the bank act as collateral for the transactions. =================== L U X E M B O U R G =================== ROBERTSHAW HOLDINGS: S&P Places 'B' CCR on CreditWatch Negative --------------------------------------------------------------- S&P Global Ratings placed its 'B' corporate credit rating on Robertshaw Holdings S.a.r.l on CreditWatch with negative implications. At the same time, S&P placed all of its issue-level ratings on the secured debt held by Robertshaw's financing subsidiary Robertshaw US Holding Corp. on CreditWatch with negative implications. The CreditWatch negative placement follows One Rock Capital Partners LLC's announcement that it has signed a definitive agreement to acquire Robertshaw from the company's current equity sponsor Sun Capital Partners. S&P said, "We expect that Robertshaw's debt will be refinanced as part of the transaction, though the magnitude of any eventual changes to the company's capital structure remain uncertain at this time. We view an adjusted debt-to-EBITDA ratio of below 7x as appropriate for the current rating. The transaction is subject to customary closing conditions and requires regulatory approval in the U.S. and Mexico." S&P will resolve the CreditWatch negative placement at the close of the transaction, which it expects to occur in the first quarter of 2018. ===================== N E T H E R L A N D S ===================== VODAFONEZIGGO GROUP: Fitch Affirms BB- IDR, Outlook Negative ------------------------------------------------------------ Fitch Ratings has affirmed VodafoneZiggo Group B.V's (VodafoneZiggo) Long-Term Issuer Default Rating (IDR) at 'BB-'. The Outlook remains Negative. VodafoneZiggo's ratings take into account the company's strong business profile, stabilising financial performance and high financial leverage. Medium-term expectations of an improving market structure underpin prospects for a stronger revenue outlook. The Negative Outlook is driven by financial leverage, which is expected to remain above its downgrade threshold in 2018 and 2019. Shareholder payments and the delivery of target synergies are important if this metric is to improve. KEY RATING DRIVERS Shareholder Payments Key: Moderating shareholder payments along with the delivery of synergies are key to future deleveraging. Management increased its 2017 distribution guidance by EUR250 million with its operating cash flow (OCF) guidance upgrade. Effectively leveraging cash flows by a factor of 5x underlines Fitch's view that leverage will be managed on the high side. High Leverage: Financial leverage is too high for the rating. FFO adjusted net leverage is forecast by Fitch to end 2017 at 5.7x (as previously expected) against a downgrade threshold of 5.2x. Although improving as OCF strengthens, Fitch expect leverage to remain above 5.2x through to 2019. In addition, VodafoneZiggo's net leverage as defined in the transaction documents at 4.54x in Q32017 remains in compliance with its covenant. Management guidance for 2018 OCF and shareholder payments will provide a strong signal for the pace of future deleveraging; distribution guidance that sustains leverage above 5.2x indefinitely is likely to lead to a downgrade. VodafoneZiggo's operational performance is improving. Upgraded 2017 OCF guidance of EUR1.7 billion (previously EUR1.65 billion) suggests integration is on track. Dutch Telecoms Remain Pressured: The Dutch telecoms market, like many in Europe has been through a period of sustained pressure and market contraction. A progressive incumbent has invested effectively in fibre and TV, while a four-player mobile market has been challenged in particular by the presence of aggressively positioned Tele2. Data from market regulator ACM identifies an aggregate market contraction (including subscription TV) of 9% between 2013 and 2016, with aggregate fixed revenues down 14% and mobile falling 8%. Trends appear to be stabilising. The overall market was down 2.8% in 2016, although mobile, down 4.6%, remains pressured. Subscription TV has been positive, with growth above 1.5% in each of the past three years, with the incumbent and others taking market share from cable. High mobile data usage, appetite for ultrafast (more than 100Mbit/s speed) fixed broadband and bundling are expected to support improvements in market trends. Cable Operations Stabilised: Challenges in the cable business following the 2014 merger of Ziggo and UPC have been addressed. Combined 9M17 cable revenues were up 0.2% following a 2% decline in 2016. Consumer cable revenues have shown increasing strength, stabilising in 3Q17 while B2B cable revenues are growing strongly. This as an important step in a market where competition from the telecoms incumbent, KPN, has been high but is expected to be more rational given the market structure following the creation of VodafoneZiggo. Mobile Pressures Remain: The mobile environment continues to be difficult, both across the market and for VodafoneZiggo. VodafoneZiggo's combined mobile revenues were down 10% in 9M17, with business mobile down 12.4% showing particular weakness -- trends which have become progressively worse through the year. These pressures have been driven by intense competition as well as regulation -- the introduction of roam-like-home tariffs in Europe and termination rate cuts. Fitch expects operating conditions and mobile performance to remain tough in 1H18 but show improvements into the second half of 2018. Business Profile Strengthened, Convergence Important: Market conditions and competition remain pressured, but Fitch believes the combination of the country's national cable operator and the mobile market number two, position VodafoneZiggo strongly in a market which is ultimately likely to become more rational and where convergence will be important. This trend can be seen in the 780,000 of VodafoneZiggo's 3.9 million fixed-line subscribers who are now converged customers. Mobile competition has yet to ease; Fitch nonetheless expects VodafoneZiggo and incumbent, KPN, to benefit from consumer appetite for high broadband speeds in fixed and quad-play services. The ability to stream content across multiple devices and technology platforms will be attractive and increase convergent penetration. The proposed merger of T-Mobile and Tele2 in the Netherlands underlines the importance of convergence. In the near term mobile pressures are unlikely to ease, but over the longer term Fitch expects a more balanced and rational market, albeit one where the convergent landscape will be more competitive. DERIVATION SUMMARY VodafoneZiggo's ratings are underpinned by a solid operating profile, strengthened by the prospect of a strong convergent position following formation of the JV and an improved operating environment. The cable business appears to be stabilising. Its mobile operations remain under pressure given the competitive environment, while the company exhibits weaker financial metrics than would be expected at the rating level, including high leverage. The company's closest peers - Virgin Media Inc. and Telenet N.V. (both BB-/Stable) - offer similar characteristics in terms of business and market potential, but are performing better operationally and have stronger financial metrics. Fitch expects business performance at VodafoneZiggo to stabilise and improve over time. When the rating stabilises will depend on the timing of integration benefits and recovery in the mobile business, along with the shareholders' ultimate intentions with respect to distributions and leverage KEY ASSUMPTIONS Fitch's Key Assumptions Within Fitch Rating Case for the Issuer Fitch's key assumptions within Fitch rating case include: - revenues of around EUR4.0 billion in 2017; - 2017 OCF/EBITDA before integration costs (of approximately EUR30 million) of EUR1.7 billion, which value includes the shareholder recharges of around EUR235m; - the following forecast years reflect revenue growth stabilisation and margin expansion reflecting scale economies and the delivery of synergies: - 50% of shareholder recharges written back to FFO - reflecting their capex nature; - 2017 capex to sales of around 24% - including EUR0.1 billion of shareholder recharge capex, with capex/sales excluding the recharge of around 21%; - Shareholder payments of EUR750 million in 2017, and EUR600 million a year thereafter. RATING SENSITIVITIES Future Developments That May, Individually or Collectively, Lead to Positive Rating Action - FFO adjusted net leverage sustainably below 4.5x (5.5x at end-2016 pro-forma for escrowed cash), with strong and stable - FCF generation, reflecting a stable competitive and regulatory environment Future Developments That May, Individually or Collectively, Lead to Negative Rating Action - Failure to reduce FFO adjusted net leverage to below 5.2x by end-2018 on a sustainable basis Further deterioration in competitive pressures and inability to show recovery in operational performance. Signs of a stabilising revenue environment in mobile towards the end of 2018 are considered an important operating metric (added language to previously published guidance). LIQUIDITY Sound Liquidity: At end-3Q17 the company reported cash of EUR392 million and an undrawn credit facility due 2022 of EUR800 million. Experience across the Liberty Global group is that cash is typically managed at low levels. Comments from VodafoneZiggo's joint shareholders indicate this is also likely to be the case in the JV and available excess cash upstreamed to the shareholders. The debt structure is a combination of secured bank and bond debt, and unsecured bonds. Vendor financing is not included in covenant leverage but is included in all Fitch defined metrics. FULL LIST OF RATING ACTIONS VodafoneZiggo Group Holding BV Long-Term Issuer Default Rating (IDR):'BB-'/Negative Outlook affirmed Ziggo B.V. Secured bank debt/secured notes:'BB+'/'RR1' affirmed Ziggo Secured Finance B.V. Secured bank/secured notes:'BB+'/'RR1' affirmed Ziggo Secured Finance Partnership Secured bank debt 'BB+'/'RR1' affirmed LGE HoldCo VI B.V. Senior notes:'B'/'RR6' affirmed Ziggo Bond Finance B.V. Senior notes:'B'/'RR6' affirmed =========== N O R W A Y =========== SEADRILL LTD: Unsec. Bondholders Post Cash Deposit to Back Plan --------------------------------------------------------------- Nerijus Adomaitis at Reuters reports that owners of unsecured bonds in rig firm Seadrill have posted a cash deposit to back an alternative financial restructuring, paving the way for talks with the drilling operator over its future, the two sides said on Jan. 8. The company's main owner, Norwegian-born billionaire John Fredriksen, drew up Seadrill's original US$1.1 billion restructuring plan with Centerbridge Partners L.P. and a group of hedge funds in September, Reuters relates. A U.S. bankruptcy court in Texas had been scheduled to hold a preliminary hearing on Fredriksen's plan on Jan. 10, but this has been postponed until Feb. 1 after the payment of a deposit for a rival solution, Reuters notes. A bondholder familiar with the rival scheme told Reuters the cash deposit amounted to almost US$100 million and that postponement of the hearing could open a window for discussions. A Seadrill spokesman said the company was looking forward to talks, Reuters relays. Seadrill, as cited by Reuters, said a plan to hold a final confirmation hearing by the Texas court on March 26 hasn't changed. Some holders of unsecured claims, including shipbuilder Samsung Heavy Industries, have expressed objections to the disclosure statement that accompanied Seadrill's plan, Reuters discloses. About Seadrill Ltd Seadrill Limited is a deepwater drilling contractor providing drilling services to the oil and gas industry. It is incorporated in Bermuda and managed from London. Seadrill and its affiliates own or lease 51 drilling rigs, which represents more than 6% of the world fleet. As of Sept. 12, 2017, Seadrill employed 3,760 highly-skilled individuals across 22 countries and five continents to operate their drilling rigs and perform various other corporate functions. As of June 30, 2017, Seadrill had $20.71 billion in total assets, $10.77 billion in total liabilities and $9.94 billion in total equity. Seadrill reported a net loss of US$155 million on US$3.17 billion of total operating revenues for the year ended Dec. 31, 2016, following a net loss of US$635 million on US$4.33 billion of total operating revenues for the year ended in 2015. After reaching terms of a reorganization plan that would restructure $8 billion of funded debt, Seadrill Limited and 85 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 17-60079) on Sept. 12, 2017. Together with the chapter 11 proceedings, Seadrill, North Atlantic Drilling Limited ("NADL") and Sevan Drilling Limited ("Sevan") commenced liquidation proceedings in Bermuda to appoint joint provisional liquidators and facilitate recognition and implementation of the transactions contemplated by the RSA and Investment Agreement, and Simon Edel, Alan Bloom and Roy Bailey of Ernst & Young are to act as the joint and several provisional liquidators. In the Chapter 11 cases, the Company has engaged Kirkland & Ellis LLP as legal counsel, Houlihan Lokey, Inc. as financial advisor, and Alvarez & Marsal as restructuring advisor. Slaughter and May has been engaged as corporate counsel, and Morgan Stanley served as co-financial advisor during the negotiation of the restructuring agreement. Advokatfirmaet Thommessen AS is serving as Norwegian counsel. Conyers Dill & Pearman is serving as Bermuda counsel. Prime Clerk serves as claims agent. The United States Trustee for Region 7 formed an official committee of unsecured creditors with seven members: (i) Computershare Trust Company, N.A.; (ii) Daewoo Shipbuilding & Marine Engineering Co., Ltd.; (iii) Deutsche Bank Trust Company Americas; (iv) Louisiana Machinery Co., LLC; (v) Nordic Trustee AS; (vi) Pentagon Freight Services, Inc.; and (vii) Samsung Heavy Industries Co., Ltd. Kramer Levin Naftalis & Frankel LLP is serving as lead counsel to the Committee. Cole Schotz P.C. is local and conflicts counsel to the Committee. Zuill & Co (in exclusive association with Harney Westwood & Riegels) is serving as Bermuda counsel. London-based Quinn Emanuel Urquhart & Sullivan, UK LLP, is serving as English counsel. Parella Weinberg Partners LLP is the investment banker to the Committee. FTI Consulting Inc. is the financial advisor. =========================== U N I T E D K I N G D O M =========================== BRIGHTER WORLD: Tough Energy Market Conditions Prompt Closure ------------------------------------------------------------- Jillian Ambrose at The Telegraph reports that the first casualty of Britain's recent gas supply shock has emerged after Brighter World Energy said it would need to close due to tough energy market conditions. The closure of the small supply start-up comes just weeks after the UK gas market rocketed to five-year highs, raising fears of a financial crunch for small suppliers, The Telegraph relates. According to The Telegraph, the energy minnow, set up a little over a year ago, said it had made the "difficult decision" to shut the business because market conditions had made its 'buy-to- give' business model unsustainable. The supplier had hoped to set itself apart within the crowded energy supply market by promising to help install a solar-powered micro-grid in an African village for every 2,000 customers it signed up, The Telegraph discloses. BIRKWOOD ESTATES: Birkwood Castle Put Up for Sale ------------------------------------------------- BBC News reports that a Scottish castle dubbed one of the most haunted places in the UK has been put up for sale after Birkwood Estates, the company which owned it, went into administration. Birkwood Castle in Lesmahagow, South Lanarkshire, was being redeveloped ahead of its launch as a luxury hotel, BBC discloses. The GBP80 million development was also due to include holiday chalets and a village with more than 150 homes, BBC states. The castle's owners, Birkwood Estates, received planning permission for the site before administrators Johnston Carmichael were appointed, BBC relates. According to BBC, the new hotel was scheduled to open in spring 2019, and buyers are now being sought to take the site forward. FRONERI INTERNATIONAL: S&P Rates EUR1.6BB New Sr. Sec. Loan 'B+' ---------------------------------------------------------------- S&P Global Ratings said that it has assigned its 'B+' issue rating and '3' recovery rating to the proposed EUR1.6 billion senior secured loan to be issued by U.K.-based ice cream producer Froneri International PLC (B+/Positive/--) in different currencies. S&P understands that the proceeds from the new loan will be used to refinance an outstanding EUR800 million secured term loan maturing in 2023 and an EUR800 million 4.25% shareholder loan granted by NestlÇ. As a result of this refinancing, the tenor of the EUR1.6 billion of debt will be extended by 15 months and interest costs will reduce by about EUR15 million per year. S&P did not assign any equity content to the shareholder loan granted by NestlÇ because it did not meet the requirements to be considered as equity. RECOVERY ANALYSIS Key analytical factors The issue rating of 'B+' is in line with the corporate credit rating on Froneri International, and the recovery rating of '3' indicates S&P's expectation of meaningful (50%-70%; rounded estimate 50%) recovery in the event of a payment default. The issue and recovery ratings on the proposed senior secured loan are supported by a fairly comprehensive security package, including pledges over the capital of material subsidiaries and intragroup receivables. The ratings are constrained by the significant amount of senior secured debt in the capital structure and by some priority liabilities, including a factoring facility. The documentation for the loan is standard for this type of debt issuance, with a limited number of conditions and restrictions. S&P said, "We highlight that the loan's documentation permits additional debt, provided that the total net senior secured debt leverage ratio is below 4.75x. Given that recovery prospects are at the lower end of the range (rounded estimate 50%), any additional debt incurrence could result in a lower recovery estimate. Our hypothetical default scenario envisages increased competitive pressures from competitors in both branded and unbranded ice-cream markets, with a consequent decline of customers, coupled with high raw material costs that cannot be fully passed to customers because of the difficult operating environment. We value Froneri as a going concern, given its leading market positions in Western Europe and a few other markets, including Australia, Argentina, and Egypt, and its increasing share of the branded ice cream market. We have valued the business using an EBITDA multiple approach, as we do for its peers." Simulated default assumptions -- Year of default: 2021 -- Jurisdiction: United Kingdom Simplified waterfall -- EBITDA at emergence: EUR190 million (capital expenditures represent 2.5% of three-year average of sales. Cyclicality adjustment is 0%, in line with the specific industry subsegment. Operational adjustment is 15% to align the EBITDA at emergence with the rating category). -- Implied enterprise value multiple: 5.5x. -- Gross recovery value: Approximately EUR1.047 billion -- Net recovery value for waterfall after administrative expenses (5%): EUR995 million -- Estimated priority claims (including factoring): Approximately EUR15 million -- Senior secured debt claims: EUR1.830 billion* -- Recovery expectation: 50%-70% (rounded estimate 50%) -- Recovery rating: 3 *All debt amounts include six months of prepetition interest. JAMES CALLANDER: In Administration, 89 Jobs Affected ---------------------------------------------------- BBC News reports that James Callander and Son has gone into administration with the loss of 89 jobs. According to BBC, administrators at KPMG said it was turning over GBP12 million per year, but that it had been making losses recently. The administrators said it faced challenging market conditions, funding constraints and disruption to supplies, BBC relates. Most of the job losses are at the Falkirk site, BBC notes. "We will be working with all affected employees and the relevant government agencies to ensure a full range of support is available," BBC quotes Blair Nimmo, joint administrator and KPMG's global head of restructuring, as saying. "We will also be exploring the possibility of securing a sale of the company's assets and would encourage any interested parties to contact us as soon as possible." James Callander and Son is a wood processing firm in Falkirk. ********* 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. 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