German rescue fund takes over Duesselhyp bank after Heta problems

FRANKFURT, March 15 Sun Mar 15, 2015 2:01pm EDT

FRANKFURT, March 15 (Reuters) - Germany's deposit protection fund is planning to take over the property lender Duesseldorfer Hypothekenbank AG (DuesselHyp), which has run into problems due to its exposure to Austrian lender Hypo Alpe Adria's "bad bank" Heta.

The German banking association BdB, which runs the fund, is, however, not planning to wind down the bank, but wants to continue its operations.

"The deposit protection fund is granting a guarantee for the Heta bonds to eliminate the immediate risks. The goal is a complete takeover of Duesseldorfer Hypothekenbank," the BdB said in a statement on Sunday.

Regulators this month took control of Heta and imposed a debt moratorium until May 2016 after an outside audit found writedown needs that blew a hole of up to 7.6 billion euros in its balance sheet. This leaves holders of Heta debt in limbo and facing the prospect of losses.

Heta could still be declared insolvent despite plans to wind it down, the Austrian regulator FMA has said, a move that could hit German banks harder than many of their Austrian rivals.

After regulators took control of Heta, the ratings agency Fitch said last week that DuesselHyp was in urgent need of capital support.

In its 2013 annual report, DuesselHyp said it had 348 million euros ($365 million) in Hypo Alpe Adria debt.

The planned takeover by the BdB also means that a planned sale of DuesselHyp to group of international buyers led by London-based Attestor is no longer being considered, a source familiar with the situation said.

Different sources familiar with the DuesselHyp sale had earlier this week told Reuters the deal could still be closed, subject to some terms being adjusted. ($1 = 0.9531 euros) (Reporting by Arno Schuetze)

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BRIEF-Ultrasonic - preliminary insolvency administrator appointed

March 13 Fri Mar 13, 2015 1:31pm EDT

* Local Court of Cologne by way of order has appointed lawyer Christoph Niering (Niering Stock Tömp) as preliminary insolvency administrator of assets of Ultrasonic

* Interrupted negotiations with banking consortium shall be recommenced in due time Source text for Eikon: Further company coverage: (Gdynia Newsroom)

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BRIEF-Ciccolella appeals versus court judgement

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Chinese property developer Kaisa seeks 'amicable' talks with creditors

HONG KONG, March 13 Fri Mar 13, 2015 12:32pm EDT

HONG KONG, March 13 (Reuters) - Property developer Kaisa Group, which is trying to restructure 48 billion yuan ($7.6 billion) of debt in China, said it aimed to resolve civil court cases with creditors through "amicable negotiation".

The company is mired in crisis after the local government in its home base of Shenzhen blocked sales at some of its projects last year.

In a stock exchange notice on Friday, Kaisa said creditors had made 64 applications to civil courts to preserve the company's assets. Of those, the courts had made 25 rulings, involving onshore loans totalling 13.8 billion yuan, it said.

The notice did not give details about the rulings, but the company said it had appointed lawyers to advise it on the court decisions in order to protect its interests.

"It is the intention of the group to resolve these civil rulings with the creditors ... through amicable negotiation," it added.

A separate restructuring proposal put forward by the company, for foreign debt, is being discussed by bondholders.

If a deal is not reached, Kaisa risks becoming the first Chinese property company to default on offshore debt.

Failure to secure an agreement as planned by the end of March could also scupper its main lifeline - a proposed takeover by rival developer Sunac China Holdings Ltd, which has set a July 31 deadline.

For details of stock exchange filing click (Reporting by Umesh Desai; Editing by Pravin Char)

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UPDATE 2-Atlantic City's Revel Casino fails again to get a deal

Fri Mar 13, 2015 12:58pm EDT

(Recasts first paragraph, adds background and details from hearing)

By Tom Hals

March 13 (Reuters) - Revel Casino's hard luck continues after a U.S. Bankruptcy Court judge rejected its agreement for a sale to a Florida developer for $82 million, marking the third failed deal for the shuttered hotel in New Jersey's struggling seaside resort of Atlantic City.

Judge Gloria Burns in Camden, New Jersey, said she could not approve the sale because it would interfere with an appeal being pursued by casino tenants who argue that the deal would deny them their property rights.

The casino, which cost $2.4 billion to build, struggled from the time it opened in 2012 as neighboring states embraced gambling and siphoned off Atlantic City's business.

Revel was one of four casinos to close last year in Atlantic City, which is struggling with a drastic drop in tax revenue and may face its own bankruptcy.

The casino's advisers were seeking approval of an agreement to sell Revel to Glenn Straub, who agreed to buy it "free and clear" of lease agreements with tenants such as restaurants and nightclubs.

The Revel had already failed to close two previous sale agreements, one with an affiliate of Brookfield Asset Management, for $110 million, and a $95 million agreement with Straub.

After the price was lowered, Straub agreed to the latest deal.

Burns said Revel could come back to court and ask her to approve a sale that left the tenant's leases in place, although she acknowledged Straub has called that a dealbreaker.

Tenants argued that other buyers may emerge. Los Angeles developer Izek Shomof has sent an attorney to recent bankruptcy hearings and has said he wants to buy the hotel for $80 million, which he argued would include more favorable terms for creditors than Straub's deal.

Revel's investment banker has told the court a number of interested buyers have emerged recently, but none have presented detailed offers.

The Revel features eye-catching design and had promoted itself as a fine-dining destination in a resort known for cheap buffets. The concept never caught on, and the current bankruptcy is Revel's second. The casino closed in September.

Atlantic City leaders are desperate to get the hotel open again.

The city has struggled to balance its budget, and Governor Chris Christie appointed an emergency manager earlier this year who is being aided by Kevyn Orr, the attorney who took Detroit through its historic bankruptcy. (Reporting by Tom Hals in Wilmington, Delaware; Additional reporting by Hilary Russ in New York; Editing by Chizu Nomiyama and Leslie Adler)

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BRIEF-Ultrasonic - preliminary insolvency administrator appointed

March 13 Fri Mar 13, 2015 1:31pm EDT

* Local Court of Cologne by way of order has appointed lawyer Christoph Niering (Niering Stock Tömp) as preliminary insolvency administrator of assets of Ultrasonic

* Interrupted negotiations with banking consortium shall be recommenced in due time Source text for Eikon: Further company coverage: (Gdynia Newsroom)

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UPDATE 2-Atlantic City's Revel Casino fails again to get a deal

Fri Mar 13, 2015 12:58pm EDT

(Recasts first paragraph, adds background and details from hearing)

By Tom Hals

March 13 (Reuters) - Revel Casino's hard luck continues after a U.S. Bankruptcy Court judge rejected its agreement for a sale to a Florida developer for $82 million, marking the third failed deal for the shuttered hotel in New Jersey's struggling seaside resort of Atlantic City.

Judge Gloria Burns in Camden, New Jersey, said she could not approve the sale because it would interfere with an appeal being pursued by casino tenants who argue that the deal would deny them their property rights.

The casino, which cost $2.4 billion to build, struggled from the time it opened in 2012 as neighboring states embraced gambling and siphoned off Atlantic City's business.

Revel was one of four casinos to close last year in Atlantic City, which is struggling with a drastic drop in tax revenue and may face its own bankruptcy.

The casino's advisers were seeking approval of an agreement to sell Revel to Glenn Straub, who agreed to buy it "free and clear" of lease agreements with tenants such as restaurants and nightclubs.

The Revel had already failed to close two previous sale agreements, one with an affiliate of Brookfield Asset Management, for $110 million, and a $95 million agreement with Straub.

After the price was lowered, Straub agreed to the latest deal.

Burns said Revel could come back to court and ask her to approve a sale that left the tenant's leases in place, although she acknowledged Straub has called that a dealbreaker.

Tenants argued that other buyers may emerge. Los Angeles developer Izek Shomof has sent an attorney to recent bankruptcy hearings and has said he wants to buy the hotel for $80 million, which he argued would include more favorable terms for creditors than Straub's deal.

Revel's investment banker has told the court a number of interested buyers have emerged recently, but none have presented detailed offers.

The Revel features eye-catching design and had promoted itself as a fine-dining destination in a resort known for cheap buffets. The concept never caught on, and the current bankruptcy is Revel's second. The casino closed in September.

Atlantic City leaders are desperate to get the hotel open again.

The city has struggled to balance its budget, and Governor Chris Christie appointed an emergency manager earlier this year who is being aided by Kevyn Orr, the attorney who took Detroit through its historic bankruptcy. (Reporting by Tom Hals in Wilmington, Delaware; Additional reporting by Hilary Russ in New York; Editing by Chizu Nomiyama and Leslie Adler)

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Chinese property developer Kaisa seeks 'amicable' talks with creditors

HONG KONG, March 13 Fri Mar 13, 2015 12:32pm EDT

HONG KONG, March 13 (Reuters) - Property developer Kaisa Group, which is trying to restructure 48 billion yuan ($7.6 billion) of debt in China, said it aimed to resolve civil court cases with creditors through "amicable negotiation".

The company is mired in crisis after the local government in its home base of Shenzhen blocked sales at some of its projects last year.

In a stock exchange notice on Friday, Kaisa said creditors had made 64 applications to civil courts to preserve the company's assets. Of those, the courts had made 25 rulings, involving onshore loans totalling 13.8 billion yuan, it said.

The notice did not give details about the rulings, but the company said it had appointed lawyers to advise it on the court decisions in order to protect its interests.

"It is the intention of the group to resolve these civil rulings with the creditors ... through amicable negotiation," it added.

A separate restructuring proposal put forward by the company, for foreign debt, is being discussed by bondholders.

If a deal is not reached, Kaisa risks becoming the first Chinese property company to default on offshore debt.

Failure to secure an agreement as planned by the end of March could also scupper its main lifeline - a proposed takeover by rival developer Sunac China Holdings Ltd, which has set a July 31 deadline.

For details of stock exchange filing click (Reporting by Umesh Desai; Editing by Pravin Char)

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BRIEF-Ultrasonic - preliminary insolvency administrator appointed

March 13 Fri Mar 13, 2015 1:31pm EDT

* Local Court of Cologne by way of order has appointed lawyer Christoph Niering (Niering Stock Tömp) as preliminary insolvency administrator of assets of Ultrasonic

* Interrupted negotiations with banking consortium shall be recommenced in due time Source text for Eikon: Further company coverage: (Gdynia Newsroom)

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BRIEF-U.S. bankruptcy judge orders examiner to investigate operating unit of Caesars Entertainment Corp

March 12 Thu Mar 12, 2015 4:49pm EDT

March 12 (Reuters) - Caesars Entertainment Corp: * U.S. bankruptcy judge appoints examiner to investigate operating unit of

Caesars Entertainment Corp * U.S. bankruptcy judge says Caesars Entertainment other parties must

cooperate fully with examiner * U.S. bankruptcy judge overseeing Caesars operating unit case says

examiner has 60 days to file final report * Bankruptcy judge says Caesars operating unit examiner will probe the

"insider transactions" identified by noteholders * Bankruptcy judge: Caesars operating unit examiner will probe any

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