/raid1/www/Hosts/bankrupt/TCREUR_Public/080604.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, June 4, 2008, Vol. 9, No. 110
Headlines
A U S T R I A
ANTON TOMECEK: Claims Registration Period Ends June 24
AUSTRIANOVA BIOTECHNOLOGY: Claims Registration Ends June 24
AUTOHAUS HOFSTATTER: Claims Registration Period Ends June 16
FRITZ WALCHSHOFER: Claims Registration Period Ends July 7
WARNER MUSIC: March 31 Balance Sheet Upside-Down by US$103MM
WARNER MUSIC: Discontinues Payment of Quarterly Dividend
C Z E C H R E P U B L I C
SEDE: Turkish Owners Placed Travel Company Into Liquidation
F R A N C E
QUANTUM CORP: Weak Performance Cues S&P to Hold B Rating
G E R M A N Y
AHG FORUM: Claims Registration Ends June 20
AKK BAUPLANUNG: Claims Registration Ends June 20
AS-ISOMONT ANDRIC: Claims Registration Ends June 20
ASTHETIK-BAU GMBH: Claims Registration Ends June 20
B & T AUTOMOBILE: Claims Registration Period Ends June 20
BAUWERT IMMOBILIENVERWERTUNG: Claims Registration Ends June 20
DREES FLIESEN: Claims Registration Period Ends June 20
MALKE GMBH: Claims Registration Period Ends June 19
MEERSCHAUM GEBAEUDEREINIGUNG: Claims Registration Ends June 19
MEIN REISEFREUND: Claims Registration Period Ends June 19
PUNTOSCONTO C+C: Claims Registration Period Ends June 19
REYHER & THEEL: Claims Registration Period Ends June 19
SYNTEC ABBRUCH: Claims Registration Period Ends June 19
THUERAB GMBH: Claims Registration Period Ends June 19
WOLTERS BUSTOURISTIK: Claims Registration Ends June 20
XERIUM TECH: S&P Keeps Junk Rating on High Leverage
I R E L A N D
CLOVERIE PLC: Moody's May Further Cut Low-B Rating After Review
I T A L Y
ALITALIA SPA: Italian Government Approves Privatization Decree
ALITALIA SPA: Intesa Sanpaolo Not Planning to Acquire Stake
FIAT SPA: Dealer Audit Aims to Overhaul U.K. Operations
FIAT SPA: Local Car Sales Down 20% in May 2008
MELIORBANCA SPA: Fitch Puts BB IDR on Rating Watch Evolving
K A Z A K H S T A N
BEAUTIFUL HOUSE: Creditors Must File Claims by July 8
EKIBASTUZ SUT: Claims Deadline Slated for July 4
ELBRUS LLP: Claims Filing Period Ends July 8
FUNDAMENT-NEGIZ LLP: Creditors' Claims Due on July 8
KURYLYS KEMEK-B: Claims Registration Ends July 4
NUTRITSEVTIK LLP: Creditors Must File Claims by July 4
PRESS PRINT: Claims Deadline Slated for July 8
SVYAZ STROY-5: Claims Filing Period Ends July 9
UJKAP STROY: Creditors' Claims Due on July 9
K Y R G Y Z S T A N
VISA EXPRESS: Creditors Must File Claims by July 2
N E T H E R L A N D S
CORPORATE EXPRESS: Extraordinary General Meeting Set June 18
CORPORATE EXPRESS: Staples Ups Offer to EUR9.15 Per Share
HERMES XV: Fitch Rates EUR26.1 Million Class E Notes at BB
PUMA CLO I: S&P Rates EUR11 Million Class E Notes at BB-
SCIENTIFIC GAMES: Unit Prices 7.875% Senior Notes’ Offering
N O R W A Y
BLUEWATER INSURANCE: Weak Performance Cues S&P to Cut Ratings
P O L A N D
STOCZNIA GDYNIA: Poland Govt. Wants More Time to Seek Buyers
STOCZNIA SZCZECINSKA: Poland Wants More Time to Seek Buyers
R U S S I A
ARTUR LLC: Creditors Must File Claims by June 17
IRBITSKIY MOTOR-AGGREGATE: Bankruptcy Hearing Set Sept. 29
IREN OIL: Perm Court Starts Bankruptcy Supervision Procedure
MILK LLC: Creditors Must File Claims by June 17
OSETROVSKIY SSRZ: Asset Sale Slated for June 20
PROMSVYAZBANK: Fitch Affirms IDR at B+ with Positive Outlook
RENOVA HOLDING: S&P Puts BB Corporate Credit Rating on Watch Neg
SAMUR CJSC: Creditors Must File Claims by June 17
SISTEMA JSFC: Eyes Telecommunications License in China
STREAM CJSC: Creditors Must File Claims by June 17
S L O V A K R E P U B L I C
PRIVATBANKA AS: Moody's Assigns B2/NP/E+ Ratings
S P A I N
AYT GOYA: S&P Rates EUR3.25 Million Class D Notes at BB
S W E D E N
XERIUM TECHNOLOGIES: Secures Fifth Amendment to Credit Facility
S W I T Z E R L A N D
ALAIN FASHION: Harkingen Court Commences Bankruptcy Proceedings
BOYRAZ LLC: Proofs of Claim Filing Deadline Set for June 7
CREACASA JSC: Kappel Court Commences Bankruptcy Proceedings
FORSYTH PARTNERS: Creditors’ Liquidation Claims Due by June 6
GRAFTECH INT'L: Improved Performance Cues Moody's to Lift Rating
IVM MANAGEMENT: Proofs of Claim Must Be Filed by June 25
L21 EUROPA: Proofs of Claims Must Be Filed by June 12 Deadline
PETROPLUS HOLDINGS: Moody's Keeps Ba3 Rating on Strong Earnings
RIT JSC: Creditors Have Until June 12 to File Proofs of Claim
TOPSWISS REAL: Creditors Must Submit Proofs of Claim by June 9
T U R K E Y
TURK EKONOMI: Fitch Rates Long-term Foreign Currency IDR at BB
U K R A I N E
BREAD PRODUCTS: Creditors Must File Claims by June 14
DOLOMIT PLUS: Creditors Must File Claims by June 14
FREEZE LLC: Creditors Must File Claims by June 14
FELICIA LLC: Creditors Must File Claims by June 14
HLEBODAR LLC: Creditors Must File Claims by June 14
INTERNATIONAL CENTER: Creditors Must File Claims by June 14
KOROSTEN SUPPLY: Creditors Must File Claims by June 14
LIPOVAYA DOLINA: Proofs of Claim Deadline Set June 14
RUDSNAB LLC: Proofs of Claim Deadline Set June 14
U N I T E D K I N G D O M
ARCH ONE: Moody's Junks Ratings on Series 2006-3 Notes
BRITISH AIRWAYS: May Ground Flights Over High Fuel Costs
CABLE & WIRELESS: Needs to Raise Offer, Thus Investor Says
COMPTONS OF WEYMOUTH: Brings In Liquidator from Mazars
DECO 11–UK: S&P Cuts Ratings on Three Note Classes; Off Watch
DIRECT DISTRIBUTORS: Taps Joint Administrators from Baker Tilly
DORSET STREET: Moody's May Cut Ba1 Rating After Review
FENMARC PREPARED: Creditors' Meeting Slated for June 18
HURSTWOOD CONSTRUCTION: Put Into Administration by Parent
IRON MOUNTAIN: Discloses Offering of US$300 Million Senior Notes
LOGAN CDO: Moody's Junks Ratings on Six Note Classes
MULTIPLE FOODS: Taps Liquidators from BDO Stoy Hayward
PROFILE BODYWEAR: Appoints Joint Administrators from KPMG
SILVERJET PLC: Ceases Operations Effective May 30
SILVERJET PLC: Begbies Traynor Appointed as Administrators
SUNNYSIDE HOLIDAY: Creditors' Meeting Slated for June 5
SUTTONS HORTICULTURE: Appoints Liquidators from BDO Stoy Hayward
TATA MOTORS: Moody's Cuts Rating to Ba2 on JLR Acquisition
UKLI LTD: Administrators Advise Investors to Seek Refund
ULTRA SIGNS: Hires Liquidators from BDO Stoy Hayward
V B INTERIORS: Calls In Liquidators from Tenon Recovery
* S&P Takes Credit Rating Actions on 153 European Synthetic CDOs
* Moody's Takes Rating Action on Eight CDO Tranches
*********
=============
A U S T R I A
=============
ANTON TOMECEK: Claims Registration Period Ends June 24
------------------------------------------------------
Creditors owed money by LLC Anton Tomecek (FN 100289i) have
until June 24, 2008, to file written proofs of claim to court-
appointed estate administrator Horst Winkelmayr at:
Mag. Horst Winkelmayr
Porzellangasse 22A/7
1090 Vienna
Austria
Tel: 532 47 77
Fax: 532 47 77 50
E-mail: rae@kniwi.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on July 8, 2008, for the
examination of claims.
The meeting of creditors will be held at:
The Trade Court of Vienna
Room 1607
Vienna
Austria
Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on May 9, 2008 (Bankr. Case No. 28 S 67/08v).
AUSTRIANOVA BIOTECHNOLOGY: Claims Registration Ends June 24
-----------------------------------------------------------
Creditors owed money by LLC AUSTRIANOVA Biotechnology (FN
217692k) have until June 24, 2008, to file written proofs of
claim to court-appointed estate administrator Matthias Schmidt
at:
Dr. Matthias Schmidt
Dr. Karl Lueger-Ring 12
1010 Vienna
Austria
Tel: 533 16 95
Fax: 535 56 86
E-mail: schmidt@preslmayr.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:15 a.m. on July 8, 2008, for the
examination of claims.
The meeting of creditors will be held at:
The Trade Court of Vienna
Room 1607
Vienna
Austria
Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on May 9, 2008 (Bankr. Case No. 28 S 68/08s).
AUTOHAUS HOFSTATTER: Claims Registration Period Ends June 16
------------------------------------------------------------
Creditors owed money by LLC Autohaus Hofstatter (FN 211580y)
have until June 16, 2008, to file written proofs of claim to
court-appointed estate administrator Christian Kleinszig at:
Dr. Christian Kleinszig
Unterer Platz 11
9300 St. Veit/Glan
Germany
Tel: 04212/2040
Fax: 04212/28122
E-mail: office@kleinszig-puswald.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on June 23, 2008, for the
examination of claims.
The meeting of creditors will be held at:
The Land Court of St. Poelten
Room 225
Second Floor
St. Poelten
Austria
Headquartered in Althofen, Austria, the Debtor declared
bankruptcy on May 9, 2008 (Bankr. Case No. 41 S 49/08s).
FRITZ WALCHSHOFER: Claims Registration Period Ends July 7
---------------------------------------------------------
Creditors owed money by LLC Fritz Walchshofer & Co. KG (FN
22238d) and LLC Fritz Walchshofer (FN 88916i) have until
July 7, 2008, to file written proofs of claim to court-appointed
estate administrator Thomas Zeitler at:
Dr. Thomas Zeitler
Eisenhandstrasse 15
4020 Linz
Austria
Tel: 0732/77 55 44 - 11
Fax: 0732/77 55 44 - 10
E-mail: insolvenz@bzp.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on July 21, 2008, for the
examination of claims.
The meeting of creditors will be held at:
The Land Court of Linz
Room 522
Fifth Floor
Linz
Austria
Headquartered in Linz, Austria, the Debtors declared bankruptcy
on May 9, 2008 (Bankr. Case Nos. 12 S 35/08x and 12 S 36/08v).
WARNER MUSIC: March 31 Balance Sheet Upside-Down by US$103MM
------------------------------------------------------------
Warner Music Group Corp. reported second-quarter 2008 financial
results for the period ended March 31, 2008 and in an effort to
increase its financial flexibility has suspended its previous
policy of paying a regular quarterly dividend.
"Warner Music continues to outperform the industry and gain
share in key markets, which is a testament to our commitment to
investing in A&R and leading the recorded music industry’s
transition through innovation and creativity," said Edgar
Bronfman, Jr., Warner Music Group’s Chairman and CEO. "While an
uncertain economic backdrop and evolving recorded music industry
make a conservative approach to our balance sheet a prudent
strategy, we remain excited about the long-term prospects for
our business. In particular, we are gratified by WMG’s
excellent digital results this quarter, which highlight our
leadership position in driving this critical segment of the
music business."
Michael Fleisher, Warner Music Group’s Executive Vice President
and CFO, added, “We regularly evaluate our capital deployment
strategy. Our Board and our management believe it is sensible
to maximize capital flexibility, given the vagaries of both the
economy and recorded music market, by suspending our dividend to
build cash reserves and reduce net debt. This action will give
us the freedom to maintain our level of A&R investment, while
enhancing shareholder returns over time.”
Second-Quarter Results
For the second quarter 2008, revenue grew 2.0% to US$800 million
from US$784 million in the prior-year quarter, and fell 3.6% on
a constant-currency basis. This performance was tempered by the
ongoing transition in the recorded music industry characterized
by a shift in consumption patterns from physical sales to new
forms of digital music and the continued impact of digital
piracy. Domestic revenue declined 13.8% while international
revenue grew 19.9%, and grew 6.7% on a constant-currency basis.
On a constant-currency basis, revenue grew in Europe, Asia-
Pacific, Latin America and Canada.
Operating income from continuing operations grew 47.4% to US$28
million from US$19 million in the prior-year quarter and
operating margin from continuing operations increased 1.1
percentage points to 3.5%. OIBDA from continuing operations
increased 20.0% to US$96 million from US$80 million in the
prior-year quarter and OIBDA margin from continuing operations
grew 1.8 percentage points to 12.0%. Operating income, OIBDA,
operating margin and OIBDA margin for the second quarter of
fiscal 2007 reflected US$16 million in restructuring-related
charges in connection with the company’s fiscal 2007 realignment
initiatives.
Loss from continuing operations was US$34 million, or US$0.23
per diluted share for the quarter. Loss in the prior-year
quarter was US$27 million, or US$0.19 per diluted share.
As of March 31, 2008, the company reported a cash balance of
US$249 million, total long-term debt of US$2.27 billion and net
debt (total long-term debt minus cash) of US$2.0 billion.
For the quarter, net cash provided by operating activities was
US$132 million. Free Cash Flow amounted to US$99 million,
compared to Free Cash Flow of US$49 million in the comparable
fiscal 2007 quarter. Unlevered After-Tax Cash Flow (defined as
Free Cash Flow excluding cash interest paid) was US$128 million,
compared to Unlevered After-Tax Cash Flow of US$73 million in
the comparable fiscal 2007 quarter.
For the quarter ended March 31, 2008, the company reported a net
loss of US$37 million compared to a net loss of US$27 million
for the quarter ended March 31, 2007. The company's balance
sheet on the other hand showed that as of March 31, 2008, the
company had total assets of US$4,532,000,000 and total
liabilities of US$4,635,000,000 resulting in a shareholders'
deficit of US$103 million.
Recorded Music
Revenue from the company's Recorded Music business increased
0.6% from the prior-year quarter to US$652 million, and was down
4.4% on a constant-currency basis. The decline in constant-
currency revenue primarily reflected strength in Europe, Asia-
Pacific, Latin America and Canada, more than offset by declines
in domestic revenue. Year-over-year revenue increased in the
international physical Recorded Music business and the global
digital Recorded Music business on a constant-currency basis.
Recorded Music digital revenue of US$155 million grew 47.6% over
the prior-year quarter and represented 23.8% of total Recorded
Music revenue. Domestic Recorded Music digital revenue amounted
to US$101 million or 34.0% of total domestic Recorded Music
revenue. Digital sales strength was primarily driven by growth
in global online downloads, and to a lesser extent mobile.
Major sellers in the quarter included titles from R.E.M., Simple
Plan, Kobukuro, Nickelback and the Juno soundtrack.
International Recorded Music revenue surged 22.4% from the
prior-year quarter to US$355 million, and rose 9.6% on a
constant-currency basis, while domestic Recorded Music revenue
slid 17.0% from the prior-year quarter to US$297 million.
The constant-currency growth in international Recorded Music
revenue in the quarter was the result of increases in the U.K.,
Germany, France and Japan. Gains in international revenue were
attributable to improved local repertoire and international
releases as compared to the prior-year quarter and a
contribution from international touring and management
businesses.
Year-over-year differences in the domestic Recorded Music
business were due to the timing of releases and declines in the
physical business, which are not currently being fully offset by
growth in the digital business, though digital performance was
quite strong. Retailers are more actively managing their
inventory levels in response to the tougher economy and credit
markets as well as the changing underlying demand for physical
recorded music product.
Recorded Music operating income from continuing operations
totaled US$22 million in the quarter, up 69.2% from US$13
million in the prior-year quarter, resulting in an operating
margin from continuing operations of 3.4% compared to 2.0% in
the prior-year quarter. Recorded Music OIBDA from continuing
operations rose 27.3% to US$70 million for the quarter, compared
to US$55 million in the prior-year quarter. Recorded Music
OIBDA margin from continuing operations expanded 2.2 percentage
points to 10.7% from the prior-year quarter. Recorded Music
operating income, OIBDA, operating margin and OIBDA margin for
the second quarter of fiscal 2007 reflected US$15 million in
Recorded Music restructuring-related charges in connection with
the company’s fiscal 2007 realignment initiatives.
Music Publishing
Music Publishing revenue in the quarter increased by 8.4% from
the prior-year quarter to US$155 million, and was flat on a
constant-currency basis. Music Publishing revenue grew 4.9%
domestically over the prior-year quarter, and grew 11.0%
internationally, but declined 3.2% internationally on a
constant-currency basis. Digital revenue from Music Publishing
amounted to US$9 million, representing 5.8% of total Music
Publishing revenue for the quarter.
On a constant-currency basis, declines in mechanical revenue of
9.5% and in synchronization revenue of 4.5% were offset by a
50.0% increase in digital revenue and a 3.4% increase in
performance revenue. Mechanical revenue weakness reflected the
industry-wide decline in physical record sales. Synchronization
revenue was negatively impacted by the Writers Guild of America
strike.
Music Publishing operating income amounted to US$36 million,
down 5.3% from US$38 million in the prior-year quarter,
resulting in an operating margin of 23.2% down 3.3 percentage
points from the prior-year quarter. Music Publishing OIBDA
increased 1.9% to US$54 million for the quarter, compared to
US$53 million in the prior-year quarter. Music Publishing OIBDA
and OIBDA margin were flat year-over-year, excluding a US$1
million favorable impact of foreign currency exchange rates.
A full-text copy of the company’s quarterly report on Form 10-Q
for the quarter ended March 31, 2008 may be viewed for free at:
http://ResearchArchives.com/t/s?2d3e
About Warner Music Group
Warner Music Group Corp. -- http://www.wmg.com/-- (NYSE: WMG)
is a publicly traded in the United States. With its broad
roster of new stars and legendary artists, Warner Music Group is
home to a collection of the best-known record labels in the
music industry including Asylum, Atlantic, Bad Boy, Cordless,
East West, Elektra, Lava, Nonesuch, Reprise, Rhino, Roadrunner,
Rykodisc, Sire, Warner Bros. and Word. Warner Music
International, a leading company in national and international
repertoire, operates through numerous international affiliates
and licensees in more than 50 countries. Warner Music Group
also includes Warner/Chappell Music, one of the world's leading
music publishers, with a catalog of more than one million
copyrights worldwide.
Outside the United States, the company has two subsidiaries in
Austria, one in Nova Scotia and another in Luxembourg.
* * *
As reported in the Troubled Company Reporter-Europe on May 30,
2008, Standard & Poor's Rating Services affirmed its ratings on
Warner Music Group, including its 'BB-' corporate credit rating,
based on S&P’s expectation that the company will have sufficient
resources to meet its financial covenant step-downs over the
near term. S&P also removed all ratings from CreditWatch with
negative implications, where they were placed on Feb. 22, 2007.
WARNER MUSIC: Discontinues Payment of Quarterly Dividend
--------------------------------------------------------
Warner Music Group Corp. disclosed in a regulatory filing that
it has discontinued its previous policy of paying a regular
quarterly dividend.
On Feb. 29, 2008, the company paid its final quarterly dividend
of US$0.13 per share.
The company currently intends to retain future earnings to build
cash on the balance sheet and continue its successful A&R
investment track record.
Any future determination to pay dividends will be at the
discretion of the company’s Board of Directors and will depend
on, among other things, the company’s results of operations,
cash requirements, financial condition, contractual restrictions
and other factors the Board of Directors may deem relevant.
Warner Music Group Corp. -- http://www.wmg.com/-- (NYSE: WMG)
is a publicly traded in the United States. With its broad
roster of new stars and legendary artists, Warner Music Group is
home to a collection of the best-known record labels in the
music industry including Asylum, Atlantic, Bad Boy, Cordless,
East West, Elektra, Lava, Nonesuch, Reprise, Rhino, Roadrunner,
Rykodisc, Sire, Warner Bros. and Word. Warner Music
International, a leading company in national and international
repertoire, operates through numerous international affiliates
and licensees in more than 50 countries. Warner Music Group
also includes Warner/Chappell Music, one of the world's leading
music publishers, with a catalog of more than one million
copyrights worldwide.
Outside the United States, the company has two subsidiaries in
Austria, one in Nova Scotia and another in Luxembourg.
* * *
As reported in the Troubled Company Reporter-Europe on May 30,
2008, Standard & Poor's Rating Services affirmed its ratings on
Warner Music Group, including its 'BB-' corporate credit rating,
based on S&P’s expectation that the company will have sufficient
resources to meet its financial covenant step-downs over the
near term. S&P also removed all ratings from CreditWatch with
negative implications, where they were placed on Feb. 22, 2007.
===========================
C Z E C H R E P U B L I C
===========================
SEDE: Turkish Owners Placed Travel Company Into Liquidation
-----------------------------------------------------------
The Turkish owners of Sede has decided to end their activities
in Czech Republic and place the company into liquidation,
according to Czech News Agency citing server iDnes.cz.
Company executive, Devrim Aknar said that they are returning
money to its clients.
Sede is a travel agency selling package tours in the Czech
Republic under the name of Detur.
===========
F R A N C E
===========
QUANTUM CORP: Weak Performance Cues S&P to Hold B Rating
--------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on San
Jose, Calif.-based Quantum Corp. to stable from positive
following the company's weak first-quarter results and
expectations for continued weakness until new products gain
traction. At the same time, we affirmed the ratings on Quantum,
including the 'B' corporate credit rating.
"The rating reflects the company's product concentration in
legacy tape-related storage, challenges to upgrade and update
its product offering, and high leverage," said Standard & Poor's
credit analyst Lucy Patricola. "These factors are offset
partially by consistent cash flow generation, a good market
position, and adequate liquidity."
Quantum is a leading vendor of data backup, recovery, and
archive solutions.
=============
G E R M A N Y
=============
AHG FORUM: Claims Registration Ends June 20
-------------------------------------------
Creditors of AHG FORUM GmbH have until June 20, 2008, to
register their claims with court-appointed insolvency manager
Hannfried Grauer.
Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on July 22, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of Wuerzburg
Hall 14/II
Tiepolostr. 6
Wuerzburg
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Hannfried Grauer
Hofstr. 3
97070 Wuerzburg
Germany
Tel: 0931/452029-50
The District Court of Wuerzburg opened bankruptcy proceedings
against AHG FORUM GmbH on May 21, 2008. Consequently, all
pending proceedings against the company have been automatically
stayed.
The Debtor can be reached at:
AHG FORUM GmbH
Partensteinerstr. 18
97816 Lohr a.Main
Germany
Attn: Marko Muthig, Manager
Flurstr. 7
97775 Burgsinn
Germany
AKK BAUPLANUNG: Claims Registration Ends June 20
------------------------------------------------
Creditors of AKK Bauplanung GmbH have until June 20, 2008, to
register their claims with court-appointed insolvency manager
Nada Nasser.
Creditors and other interested parties are encouraged to attend
the meeting on July 29, 2008, at which time the insolvency
manager will present her first report on the insolvency
proceedings.
The meeting of creditors will be held at:
The District Court of Moenchengladbach
Hall B 410
Hohenzollernstr. 157
41061 Moenchengladbach
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Nada Nasser
Mozartstrasse 15
41061 Moenchengladbach
Germany
Tel: 02161/2479730
Fax: 02161/2479629
The District Court of Moenchengladbach opened bankruptcy
proceedings against AKK Bauplanung GmbH on April 30, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
AKK Bauplanung GmbH
Eickesmuehle 39
41238 Moenchengladbach
Germany
Attn: Gerd Kallentin, Manager
Marienweg 10
41812 Erkelenz
Germany
AS-ISOMONT ANDRIC: Claims Registration Ends June 20
---------------------------------------------------
Creditors of AS-Isomont Andric GmbH have until June 20, 2008, to
register their claims with court-appointed insolvency manager
Knut Rebholz.
Claims will be verified at 11:30 a.m. on Aug. 13, 2008 at:
The District Court of Charlottenburg
Hall 218
Second Floor
Amtsgerichtsplatz 1
14057 Berlin
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Knut Rebholz
Cicerostr. 22
10709 Berlin
Germany
The District Court of Charlottenburg opened bankruptcy
proceedings against AS-Isomont Andric GmbH on March 17, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
AS-Isomont Andric GmbH
Bernauer Str. 51-64
13355 Berlin
Germany
ASTHETIK-BAU GMBH: Claims Registration Ends June 20
---------------------------------------------------
Creditors of Asthetik-Bau GmbH have until June 20, 2008, to
register their claims with court-appointed insolvency manager
Raimund Schraad.
Creditors and other interested parties are encouraged to attend
the meeting at 10:35 a.m. on July 25, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of Bad Hersfeld
Hall 8
Amtsgerichtsgebaude
Dudenstrasse 10
36251 Bad Hersfeld
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Raimund Schraad
Dudenstrasse 14, D
36251 Bad Hersfeld
Germany
Tel: 06621/50780
Fax: 06621/507840
The District Court of Bad Hersfeld opened bankruptcy proceedings
against Asthetik-Bau GmbH on May 20, 2008. Consequently, all
pending proceedings against the company have been automatically
stayed.
The Debtor can be reached at:
Asthetik-Bau GmbH
Attn: Heinz-Wilfried Jahnert, Manager
Zum Espe 6
36211 Alheim-Heinebach
Germany
B & T AUTOMOBILE: Claims Registration Period Ends June 20
---------------------------------------------------------
Creditors of B & T Automobile GmbH have until June 20, 2008, to
register their claims with court-appointed insolvency manager
Hermann Berding.
Creditors and other interested parties are encouraged to attend
the meeting at 9:05 a.m. on July 4, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of Cloppenburg
Hall 6
Hauptgebaude
Burgstrasse 9
49661 Cloppenburg
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Hermann Berding
Jammertal 1
49661 Cloppenburg
Germany
Tel: 04471/9126-0
Fax: 04471/82997
The District Court of Cloppenburg opened bankruptcy proceedings
against B & T Automobile GmbH on April 10, 2008. Consequently,
all pending proceedings against the company have been
automatically stayed.
The Debtor can be reached at:
B & T Automobile GmbH
Muehle 1
49688 Lastrup
Germany
BAUWERT IMMOBILIENVERWERTUNG: Claims Registration Ends June 20
--------------------------------------------------------------
Creditors of Bauwert Immobilienverwertung GmbH & Co. have until
June 20, 2008, to register their claims with court-appointed
insolvency manager Hartwig Albers.
Creditors and other interested parties are encouraged to attend
the meeting at 10:10 a.m. on July 22, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of Charlottenburg
Hall 218
Second Floor
Amtsgerichtsplatz 1
14057 Berlin
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Hartwig Albers
Luetzowstr. 100
10785 Berlin
Germany
The District Court of Charlottenburg opened bankruptcy
proceedings against Bauwert Immobilienverwertung GmbH & Co. on
April 22, 2008. Consequently, all pending proceedings against
the company have been automatically stayed.
The Debtor can be reached at:
Bauwert Immobilienverwertung GmbH & Co.
Uhlandstr. 7/8
10623 Berlin
Germany
DREES FLIESEN: Claims Registration Period Ends June 20
------------------------------------------------------
Creditors of Drees Fliesen GmbH have until June 20, 2008, to
register their claims with court-appointed insolvency manager
Juergen Vortmann.
Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on July 4, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of Cloppenburg
Hall 6
Hauptgebaude
Burgstrasse 9
49661 Cloppenburg
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Dr. Juergen Vortmann
Muehlenstr. 24
49661 Cloppenburg
Germany
Tel: 04471/70 64 0
Fax: 04471/70 64 29
The District Court of Cloppenburg opened bankruptcy proceedings
against Drees Fliesen GmbH on April 9, 2008. Consequently, all
pending proceedings against the company have been automatically
stayed.
The Debtor can be reached at:
Drees Fliesen GmbH
Huntestrasse 5
26169 Friesoythe
Germany
MALKE GMBH: Claims Registration Period Ends June 19
---------------------------------------------------
Creditors of Malke GmbH have until June 19, 2008, to register
their claims with court-appointed insolvency manager Dr. Axel
Kampmann.
Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on June 17, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of Arnsberg
Meeting Room 328
Eichholzstr. 4
59821 Arnsberg
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Dr. Axel Kampmann
Goethestrasse 24
59755 Arnsberg
Germany
The District Court of Arnsberg opened bankruptcy proceedings
against Malke GmbH on May 9, 2008. Consequently, all pending
proceedings against the company have been automatically stayed.
The Debtor can be reached at:
Malke GmbH
Talweg 34
59846 Sundern
Germany
Attn: Vanessa Malke, Manager
Paradiesstrasse 22
44289 Dortmund
Germany
MEERSCHAUM GEBAEUDEREINIGUNG: Claims Registration Ends June 19
--------------------------------------------------------------
Creditors of Meerschaum Gebaeudereinigung GmbH have until
June 19, 2008, to register their claims with court-appointed
insolvency manager Kai Felix Roehler.
Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on July 24, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of Nuernberg
Meeting Hall 152/I
Flaschenhofstr. 35
Nuernberg
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Kai Felix Roehler
Aussere Sulzbacher Strasse 159
90491 Nuernberg
Germany
Tel: 0911 / 9593690
Fax: 0911 / 95936999
The District Court of Nuernberg opened bankruptcy proceedings
against Meerschaum Gebaeudereinigung GmbH on May 15, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
Meerschaum Gebaeudereinigung GmbH
Fuerther Strasse 332
90429 Nuernberg
Germany
Attn: Ahmed Fahmi, Manager
Schwabacher Strasse 82
90439 Nuernberg
Germany
MEIN REISEFREUND: Claims Registration Period Ends June 19
---------------------------------------------------------
Creditors of mein Reisefreund Service GmbH have until
June 19, 2008, to register their claims with court-appointed
insolvency manager Michael Hrubesch.
Creditors and other interested parties are encouraged to attend
the meeting at 1:30 p.m. on July 8, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of Traunstein
Meeting Hall B/40
Herzog-Otto-Road 1
83278 Traunstein
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Michael Hrubesch
Mozartstr. 2
83435 Bad Reichenhall
Germany
Tel: 08651 / 9680-90
Fax: 08651 / 9680-99
The District Court of Traunstein opened bankruptcy proceedings
against mein Reisefreund Service GmbH on May 6, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
mein Reisefreund Service GmbH
Salzburger Str. 22
83404 Ainring
Germany
PUNTOSCONTO C+C: Claims Registration Period Ends June 19
--------------------------------------------------------
Creditors of PuntoSconto C+C Lebensmittel GmbH have until
June 19, 2008, to register their claims with court-appointed
insolvency manager Ottmar Hermann.
Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on June 30, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of Offenbach am Main
Hall 162N
Kaiserstrasse 16-18
63065 Offenbach am Main
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Ottmar Hermann
Bleichstrasse 2 - 4
D 60313 Frankfurt am Main
Germany
Tel: 069 / 9130920
Fax: 069 / 91309230
The District Court of Offenbach am Main opened bankruptcy
proceedings against PuntoSconto C+C Lebensmittel GmbH on
April 1, 2008. Consequently, all pending proceedings against
the company have been automatically stayed.
The Debtor can be reached at:
PuntoSconto C+C Lebensmittel GmbH
Attn: Uwe Schoenherr, Manager
Borsigstrasse 17
63165 Muehlheim am Main
Germany
REYHER & THEEL: Claims Registration Period Ends June 19
-------------------------------------------------------
Creditors of Reyher & Theel GmbH & Co. KG have until
June 19, 2008, to register their claims with court-appointed
insolvency manager Dr. Achim Ahrendt.
Creditors and other interested parties are encouraged to attend
the meeting at 12:00 p.m. on July 14, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of Hamburg
Hall B 405
Fourth Floor Annex
Civil Justice Bldg.
Sievkingplatz 1
20355 Hamburg
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Dr. Achim Ahrendt
Albert-Einstein-Ring 11/15
22761 Hamburg
Germany
The District Court of Hamburg opened bankruptcy proceedings
against Reyher & Theel GmbH & Co. KG on May 2, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
Reyher & Theel GmbH & Co. KG
Attn: Joerg Theel, Manager
Fangdieckstrasse 59
22547 Hamburg
Germany
SYNTEC ABBRUCH: Claims Registration Period Ends June 19
-------------------------------------------------------
Creditors of Syntec Abbruch GmbH have until June 19, 2008, to
register their claims with court-appointed insolvency manager
Volker Viniol.
Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on July 9, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of Stuttgart
Hall 181
Ground Floor
Hauffstr. 5 (Am Neckartor)
70190 Stuttgart
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Dr. Volker Viniol
Danneckerstr. 52
70178 Stuttgart
Germany
Tel: 0711/238890
The District Court of Stuttgart opened bankruptcy proceedings
against Syntec Abbruch GmbH on May 2, 2008. Consequently, all
pending proceedings against the company have been automatically
stayed.
The Debtor can be reached at:
Syntec Abbruch GmbH
Othellostr. 14
70563 Stuttgart
Germany
THUERAB GMBH: Claims Registration Period Ends June 19
-----------------------------------------------------
Creditors of ThuerAb GmbH have until June 19, 2008, to register
their claims with court-appointed insolvency manager Sebastian
Nolte.
Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on July 3, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of Erfurt
Hall 12
Judicial Center
Rudolfstr. 46
99092 Erfurt
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Sebastian Nolte
Peterstr. 5
99084 Erfurt
Germany
The District Court of Erfurt opened bankruptcy proceedings
against ThuerAb GmbH on May 7, 2008. Consequently, all pending
proceedings against the company have been automatically stayed.
The Debtor can be reached at:
ThuerAb GmbH
Eiche 29
99198 Erfurt-Buessleben
Germany
WOLTERS BUSTOURISTIK: Claims Registration Ends June 20
------------------------------------------------------
Creditors of Wolters Bustouristik GmbH have until June 20, 2008,
to register their claims with court-appointed insolvency manager
Lothar Plumhof.
Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on July 11, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of Syke
Hall 112
Hauptstr. 5A
28857 Syke
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Lothar Plumhof
Hauptstr. 2
28857 Syke
Germany
Tel: 04242/592120
Fax: 04242/592119
The District Court of Syke opened bankruptcy proceedings against
Wolters Bustouristik GmbH on April 1, 2008. Consequently, all
pending proceedings against the company have been automatically
stayed.
The Debtor can be reached at:
Wolters Bustouristik GmbH
Attn: Karl-Heinz Lahrmann, Manager
Bassumer Strasse 32
28816 Stuhr
Germany
XERIUM TECH: S&P Keeps Junk Rating on High Leverage
---------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on
Xerium Technologies Inc., including the 'CCC+' corporate credit
rating, and removed them from CreditWatch, where they were
originally placed with negative implications on March 19, 2008.
At the same time, S&P assigned a positive outlook. T he
Youngsville, N.C.–based manufacturer of consumable products
necessary for paper manufacturing had total debt of roughly
US$672 million as of March 31, 2008.
"The CreditWatch resolution reflects that Xerium has secured a
credit facility amendment that reduces the likelihood of a
financial covenant breach," said Standard & Poor's credit
analyst James Siahaan. In addition, the positive outlook
reflects the possibility that we could raise the ratings in
the near future, provided that the company maintains adequate
headroom under the financial covenants through cash generation
and debt repayment. Headroom under the company's total leverage
ratio, interest coverage ratio, and fixed-charge coverage ratio
has increased, and dividend payments (which had been a heavy use
of Xerium's cash in recent years) have been prohibited for
the remaining life of the credit agreement. In addition, the
company now has the ability to exempt certain exchange rate
fluctuations in calculating its total leverage ratio; the
inability to do so had contributed to high leverage figures
under the previous calculations, as exchange rates moved against
the U.S. dollar and Xerium's foreign debt balance outpaced its
earnings growth.
The ratings on Xerium reflect the company's highly leveraged
balance sheet, its limited liquidity, its modest size as a
supplier to niche markets, and its dependence on the papermaking
industry, all of which limit the company's organic growth
potential. Partly mitigating these weaknesses are the
company's good operating margins, its geographic diversity, and
the strong competitive position of its niche product.
The recent amendment to Xerium's credit agreement has alleviated
short-term liquidity pressures. S&P could raise the ratings if
the company is successful in generating cash, reducing costs,
paying down debt, and maintaining adequate headroom under its
credit agreement. However, Standard & Poor's notes that while
the receipt of the amendment is positive, financial covenants
will tighten in the fourth quarter of 2008, which maypotentially
cause liquidity issues to reappear. S&P would want to see more
clarity on this possibility before taking further rating
actions.
=============
I R E L A N D
=============
CLOVERIE PLC: Moody's May Further Cut Low-B Rating After Review
---------------------------------------------------------------
Moody's Investors Service has downgraded and placed under review
for further downgrade today ten classes of notes issued by
Cloverie plc. in the U.S. Onyx Series.
These rating actions are a response to credit deterioration in
the underlying portfolios. The transactions are synthetic CDOs
referencing over 90% US subprime RMBS assets and a small
fraction of US prime RMBS. Moody's will continue to monitor all
deals with exposure to US subprime RMBS and ABS CDOs, and will
take further actions in respect of all CDOs placed under review
for downgrade once the extent of actual downgrades to US RMBS
and ABS CDO vintages becomes known.
These rating actions are:
Cloverie plc.:
(1) Series 2004-72 EUR30,000,000 Class C Secured Floating
Rate Portfolio Linked Notes due 2024 (US Onyx)
-- Current Rating: Aa1, on review for downgrade
-- Prior Rating: Aaa
(2) Series 2004-77 EUR50,000,000 Class C Secured Floating
Rate Portfolio Linked Notes due 2024 (US Onyx)
-- Current Rating: Aa1, on review for downgrade
-- Prior Rating: Aaa
(3) Series 2005-04 US$50,000,000 Class C Secured Floating
Rate Portfolio Linked Notes due 2025 (US Onyx)
-- Current Rating: Aa1, on review for downgrade
-- Prior Rating: Aaa
(4) Series 2005-33 US$18,750,000 Class C Secured Floating
Rate Portfolio Linked Notes due 2025 (US Onyx)
-- Current Rating: A1, on review for downgrade
-- Prior Rating: Aa3
(5) Series 2005-34 US$18,750,000 Class C Secured Floating
Rate Portfolio Linked Notes due 2025 (US Onyx)
-- Current Rating: A1, on review for downgrade
-- Prior Rating: Aa3
(6) Series 2005-35 US$18,750,000 Class C Secured Floating
Rate Portfolio Linked Notes due 2025 (US Onyx)
-- Current Rating: A1, on review for downgrade
-- Prior Rating: Aa3
(7) Series 2005-46 US$15,000,000 Class C Secured Floating
Rate Portfolio Linked Notes due 2025 (US Onyx)
-- Current Rating: Ba3, on review for downgrade
-- Prior Rating: A2
(8) Series 2005-47 US$15,000,000 Class C Secured Floating
Rate Portfolio Linked Notes due 2025 (US Onyx)
-- Current Rating: B1, on review for downgrade
-- Prior Rating: A2
(9) Series 2005-48 US$15,000,000 Class C Secured Floating
Rate Portfolio Linked Notes due 2025 (US Onyx)
-- Current Rating: Ba3, on review for downgrade
-- Prior Rating: A2
(10) Series 2005-49 US$15,000,000 Class C Secured Floating
Rate Portfolio Linked Notes due 2025 (US Onyx)
-- Current Rating: Ba2, on review for downgrade
-- Prior Rating: A2
=========
I T A L Y
=========
ALITALIA SPA: Italian Government Approves Privatization Decree
--------------------------------------------------------------
The Italian government has approved a decree setting the
guidelines for the sale of its 49.9% stake in Alitalia S.p.A.,
various reports say.
The government also named Economy Minister Giulio Tremonti to
oversee the auction process. Mr. Tremonti has tapped Intesa
Sanpaolo S.p.A. as sale advisor, Bloomberg News relates.
Mr. Tremonti was quoted by Thomson Financial News as saying that
the decree should pose no problem with the European Commission
since it is line with the European Union's orientation on
privatizations.
About Alitalia
Headquartered in Rome, Italy, Alitalia S.p.A. --
http://www.alitalia.it/-- provides air travel services for
passengers and air transport of cargo on national, international
and inter-continental routes, including United States, Canada,
Japan and Argentina. The Italian government owns 49.9% of
Alitalia.
Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million
in 2000 and 2001 respectively. Alitalia posted EUR93 million in
net profits in 2002 after a EUR1.4 billion capital injection.
The carrier booked annual net losses of EUR520 million in 2003,
EUR813 million in 2004, EUR168 million in 2005, EUR625.6 million
in 2006, and EUR494.64 million in 2007.
ALITALIA SPA: Intesa Sanpaolo Not Planning to Acquire Stake
-----------------------------------------------------------
Intesa Sanpaolo S.p.A. is currently not planning to acquire
part of the Italian government's 49.9 stake in Alitalia S.p.A.,
which sale the bank is advising, Reuters reports.
Giovanni Bazoli, chairman of Intesa's supervisory board,
however, said the bank is not ruling out a possible stake
acquisition, Reuters says.
According Mr. Bazoli, Reuters relates, Intesa's current focus is
to draft a report on Alitalia's financial situation, which would
be presented the carrier's board of directors by end of
June 2008.
About Alitalia
Headquartered in Rome, Italy, Alitalia S.p.A. --
http://www.alitalia.it/-- provides air travel services for
passengers and air transport of cargo on national, international
and inter-continental routes, including United States, Canada,
Japan and Argentina. The Italian government owns 49.9% of
Alitalia.
Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million
in 2000 and 2001 respectively. Alitalia posted EUR93 million in
net profits in 2002 after a EUR1.4 billion capital injection.
The carrier booked annual net losses of EUR520 million in 2003,
EUR813 million in 2004, EUR168 million in 2005, EUR625.6 million
in 2006, and EUR494.64 million in 2007.
FIAT SPA: Dealer Audit Aims to Overhaul U.K. Operations
-------------------------------------------------------
Fiat S.p.A. is assessing its 167 dealers, in a bid to increase
car sales from 59,400 to 100,000 by end of 2010, Motortrader.com
reports.
According to the report, the review is aimed at overhauling
Fiat's UK operations and could mean replacing 20% of its car
dealers.
In an interview with Motor Trader, Mr. Andrew Humberstone, U.K.
managing director, mentioned that "fixing" the dealer network
was the brands priority in response to it's poor performance in
a customer satisfaction survey.
In the same Motor Trader interview, Mr. Humberstone said:
"We have 167 dealers now and we are aiming for 200 by 2010, but
there will be some cleansing within that number. I would expect
circa 20 per cent will change.
"These dealers will all be replaced and we will work with
others. Unlike our colleagues at Alfa Romeo, Fiat cannot afford
to terminate half the network and produce half the volume – we
have shareholders that demand results, a certain market share,
so we will fix it step by step – I would love to do it quicker
but there are constraints."
"We are investing millions in the brand. The technology,
resources, marketing is there, the product quality is getting
better and better, it has to be supported by the dealer network.
It's now or never."
About Fiat S.p.A.
Based in Turin, Italy, Fiat SpA -- http://www.fiatgroup.com/--
designs, manufactures, and sells automobiles, trucks, wheel
loaders, excavators, telehandlers, tractors and combine
harvesters. Outside Europe, the company has subsidiaries in the
United States, Japan, India, China, Mexico, Brazil and
Argentina, among others.
* * *
The company also carries Standard & Poor's Ratings Services' BB
long-term corporate credit rating. The company also carries B
short-term rating. S&P said the outlook is stable.
FIAT SPA: Local Car Sales Down 20% in May 2008
----------------------------------------------
Fiat S.p.A. posted an almost 20% decrease in car sales in Italy
for May 2008 compared with May 2007, Reuters reports, citing
chief executive Sergio Marchionne.
Mr. Marchionne, however, said that Fiat's local market share of
remains stable and the car maker would meet its targets for full
year 2008.
About Fiat S.p.A.
Based in Turin, Italy, Fiat SpA -- http://www.fiatgroup.com/--
designs, manufactures, and sells automobiles, trucks, wheel
loaders, excavators, telehandlers, tractors and combine
harvesters. Outside Europe, the company has subsidiaries in the
United States, Japan, India, China, Mexico, Brazil and
Argentina, among others.
* * *
The company also carries Standard & Poor's Ratings Services' BB
long-term corporate credit rating. The company also carries B
short-term rating. S&P said the outlook is stable.
MELIORBANCA SPA: Fitch Puts BB IDR on Rating Watch Evolving
-----------------------------------------------------------
Fitch Ratings has placed Italy-based Meliorbanca SpA's Long-term
Issuer Default rating of 'BB' on Rating Watch Evolving, its
Individual rating of 'D' on Rating Watch Negative and its
Support rating of '5' on Rating Watch Positive. At the same
time, the agency affirmed Melior's Short-term IDR at 'B' and
Support Rating Floor at 'No Floor'.
The RWN on the bank's Individual rating reflects further
deterioration in the bank's liquidity since April 2008 given the
currently difficult market conditions. Failure by the bank to
improve its funding might, in Fitch's opinion, put additional
pressure on Melior's Individual rating. At the same time, Fitch
notes that Melior has increased its utilization of funding lines
from its largest shareholder, Banca Popolare dell'Emilia Romagna
(rated 'A-' (A minus)/Stable), which owns a 28.2% stake in the
bank. Fitch believes BPER is likely to maintain and, if
necessary, increase the amount of liquidity it is currently
providing to Melior.
Given its role as Melior's largest shareholder, Fitch expects
BPER to increase its involvement in developing a clear strategy
for Melior. If BPER does so, it could indicate an increased
commitment to support the bank in the future, which is reflected
in the RWP placed on the bank's Support rating. However, the
timing of a final solution and the degree of commitment from
BPER is still uncertain. The RWE placed on Melior's Long-term
IDR reflects the resulting possibility that the rating might be
upgraded, should BPER increase its commitment to the bank, or
that a downgrade might be possible if the bank does not manage
to improve its funding in the absence of support from its
shareholders. Fitch expects to resolve the Rating Watches once
the future strategy of the bank, and the involvement of its
shareholder, has become clearer.
Melior is a small, niche bank based in Milan carrying out
diverse businesses. It is active in private banking, investment
banking, corporate lending and consumer lending. Seven core
shareholders, mainly Italian co-operative banks (banche
popolari) own over 56% of the bank, while another 13.4% is owned
by Italian public sector entities. The remainder is widely held
and listed on the Milan Stock Exchange.
BPER is the third-largest cooperative bank in Italy and seventh-
largest banking group in the country.
===================
K A Z A K H S T A N
===================
BEAUTIFUL HOUSE: Creditors Must File Claims by July 8
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Beautiful House Project insolvent on Jan. 30, 2008.
Creditors have until July 8, 2008, to submit written proofs of
claims to:
The Specialized Inter-Regional
Economic Court of Almaty
Room 319
Tole bi Str. 295
Almaty
Kazakhstan
Tel: 8 701 111 77-02
8 705 461 06-05
EKIBASTUZ SUT: Claims Deadline Slated for July 4
------------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Ekibastuz Sut insolvent on April 15, 2008.
Creditors have until July 4, 2008, to submit written proofs of
claims to:
The Specialized Inter-Regional
Economic Court of Pavlodar
Pobeda ave. 5
Pavlodar
Kazakhstan
Tel: 8 (7182) 32-38-46
ELBRUS LLP: Claims Filing Period Ends July 8
--------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Corporation Elbrus insolvent.
Creditors have until July 8, 2008, to submit written proofs of
claims to:
The Specialized Inter-Regional
Economic Court of Almaty
Almatinskaya Str. 35
Pokrovka
Ilyisky
Almaty
Kazakhstan
Tel: 8 777 226 20-31
FUNDAMENT-NEGIZ LLP: Creditors' Claims Due on July 8
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Fundament-Negiz insolvent on Dec. 19, 2007.
Creditors have until July 8, 2008, to submit written proofs of
claims to:
The Specialized Inter-Regional
Economic Court of Almaty
Room 319
Tole bi Str. 295
Almaty
Kazakhstan
Tel: 8 701 111 77-02
8 705 461 06-05
KURYLYS KEMEK-B: Claims Registration Ends July 4
------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Kurylys Kemek-B insolvent.
Creditors have until July 4, 2008, to submit written proofs of
claims to:
The Specialized Inter-Regional
Economic Court of Kostanai
Room 303
Al-Farabi ave. 119
Kostanai
Kazakhstan
Tel: 8 (7142) 53-63-21
NUTRITSEVTIK LLP: Creditors Must File Claims by July 4
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Nutritsevtik insolvent.
Creditors have until July 4, 2008, to submit written proofs of
claims to:
The Specialized Inter-Regional
Economic Court of Kostanai
Room 303
Al-Farabi ave. 119
Kostanai
Kazakhstan
Tel: 8 (7142) 53-63-21
PRESS PRINT: Claims Deadline Slated for July 8
----------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Press Print insolvent.
Creditors have until July 8, 2008, to submit written proofs of
claims to:
The Specialized Inter-Regional
Economic Court of Almaty
Almatinskaya Str. 35
Pokrovka
Ilyisky
Almaty
Kazakhstan
Tel: 8 777 226 20-31
SVYAZ STROY-5: Claims Filing Period Ends July 9
-----------------------------------------------
Branch of OJSC Svyaz Stroy-5 has declared insolvency. Creditors
have until July 9, 2008, to submit written proofs of claims to:
Branch of OJSC Svyaz Stroy-5
Office 407
Pushkin Str. 166/16
Astana
Kazakhstan
Tel: 8 (7172) 20-54-92
UJKAP STROY: Creditors' Claims Due on July 9
--------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan has declared LLP Ujkap Stroy Service-K insolvent on
Nov. 8, 2007.
Creditors have until July 9, 2008, to submit written proofs of
claims to:
The Specialized Inter-Regional
Economic Court of South Kazakhstan
Ilyaev Str. 24
Shymkent
South Kazakhstan
Kazakhstan
Tel: 8 (7252) 53-48-34
===================
K Y R G Y Z S T A N
===================
VISA EXPRESS: Creditors Must File Claims by July 2
--------------------------------------------------
LLC Visa Express has declared insolvency. Creditors have until
July 2, 2008, to submit written proofs of claim to:
LLC Visa Express
Aeroportskaya Str. 100
Kashgar Kyshtak
Karasuusky
Osh
Kyrgyzstan
=====================
N E T H E R L A N D S
=====================
CORPORATE EXPRESS: Extraordinary General Meeting Set June 18
------------------------------------------------------------
Corporate Express NV disclosed that an Extraordinary General
Meeting of Shareholders to request shareholders’ approval for
its intended merger with Lyreco SAS will be held on Wednesday,
June 18, 2008.
Merger Agreement
As reported in the Troubled Company Reporter-Europe on
May 22, 2008, the company and Lyreco entered into a transaction,
subject to shareholders’ approval, to combine both companies to
create the undisputed leading global office products supplier
focused purely on the business to business market. Under the
agreement, Corporate Express will acquire 100% of the share
capital of Lyreco for a total consideration of EUR1,731 million
consisting of:
-- 102,468,236 new ordinary shares to be issued to Corely,
equating to 29.9% of total outstanding capital and
voting. This represents a total value of EUR831 million
based on the Corporate Express share price as of close of
day May 20, 2008. The shares to be issued to Corely will
be subject to a two-year lock-up arrangement.
-- Cash of EUR560 million
-- Vendor Loan Note of EUR340 million to be issued to
Lyreco's shareholders
The company added that the record date for the EGM is May 29,
2008.
About Lyreco
France-based Lyreco SAS -- http://www.lyreco.com/-- is a
supplier of office products to the B2B market, with 40% of its
customers in mid-sized businesses. The company, which was
founded in 1926, is privately-owned, based in Europe and employs
about 10,300 people, operating from some 180 locations in 29
countries. In 2007 the company generated sales of EUR2.2
billion. Lyreco is also present in North America and Asia. The
group operates from 28 distribution centres and from more than
150 regional centres.
About Corporate Express
Corporate Express NV -- http://www.corporateexpress.com/-- is
supplies office products to businesses and institutions. The
company has a widespread global proprietary distribution network
spanning Corporate Express America, Europe and Australia, with
approximately 18,000 employees working from more than 350
locations in 21 countries. In 2007 the company generated sales
of EUR5.6 billion.
* * *
As reported in the Troubled Company Reporter-Europe on May 26,
2008, Moody's Investors Service put the ratings of Corporate
Express (CFR at Ba3) under review with direction uncertain. The
rating action follows the recent announcements that: Staples
Inc. (rated Baa1 under review for possible downgrade by Moody's)
launched an unsolicited public offer of EUR8.00 per ordinary
share in cash for Corporate Express, and Corporate Express
announced a business combination with Lyreco SAS (unrated by
Moody's), in which Corporate Express acquires Lyreco for 102.5
million new ordinary shares of Corporate Express and EUR900
million in cash and vendor notes, subject amongst other things
to approval by Corporate Express' shareholders.
As reported in the Troubled Company Reporter-Europe on May 23,
2008, Standard & Poor's Ratings Services assigned a recovery
rating of '1' to the new secured debt issues of Corporate
Express U.S. Finance Inc., the U.S. subsidiary of Netherlands-
based office products distributor Corporate Express N.V.
(BB-/Watch Dev/--). The recovery rating indicates our
expectation of very high (90%-100%) recovery for secured
creditors in the event of a payment default.
CORPORATE EXPRESS: Staples Ups Offer to EUR9.15 Per Share
---------------------------------------------------------
Staples, Inc. and its wholly owned subsidiary Staples
Acquisition B.V. disclosed Tuesday the increase of the all cash
offer price per ordinary share to EUR9.15 under the offer made
by Staples Acquisition B.V. on May 19, 2008, for certain
securities issued by Corporate Express N.V., as set out in the
Offer Memorandum of May 19, 2008.
According to published reports, Staples offer is now valued at
EUR1.67 billion or around US$2.6 billion.
Staples’ Offer is contingent upon Corporate Express’
shareholders rejecting the proposed Lyreco SAS transaction.
Shareholders holding approximately 23.3% of Corporate Express
ordinary share capital have irrevocably committed to tender
their shares into Staples’ Offer, subject to certain conditions.
These shareholders have also entered into certain agreements to
vote against the proposed Lyreco transaction at the upcoming
Corporate Express EGM.
Staples has also lowered its minimum acceptance condition to 51%
of the voting rights attached to the fully diluted share
capital.
“At our increased offer price, there is no question that
Staples’ Offer is the superior choice for Corporate
Express shareholders,” said Ron Sargent, Staples chairman and
CEO. “Staples’ Offer provides certain and immediate cash value,
without the significant risks found in Corporate Express’ long-
term business plan, with or without Lyreco. Already a
significant number of Corporate Express shareholders have
committed their support of our Offer. We strongly believe that
a Staples–Corporate Express combination is in the best
interests of all shareholders as well as the interests of
employees and customers. We urge all Corporate Express
shareholders to vote against the Lyreco transaction and to
tender their shares to Staples.”
Compelling transaction for
Corporate Express’ Shareholders
Staples believes that its proposal is the most valuable and
certain option available to Corporate Express’ shareholders.
-- Staples’ Offer provides a premium price and superior and
immediate value per share relative to the value based on
Corporate Express’ prospects with or without Lyreco. The
revised all cash offer per ordinary share represents:
* A premium of 116% to the unaffected Corporate Express
share price on Feb. 4, 2008, the day before rumors of a
potential offer for Corporate Express circulated in the
market;
* A multiple of 9.7 times enterprise value to EBITDA
consensus estimate for Corporate Express for 2008; and
* An increase of 26% from Staples’ initial offer price per
ordinary share of EUR 7.25 on Feb. 19, 2008.
-- Staples’ Offer provides Corporate Express shareholders
immediate and certain value. Staples’ fully financed all
cash offer has received antitrust clearance in the U.S. and
Canada, and Staples is confident that clearance in the
European Union will be granted on or before June 17, 2008.
-- Staples’ Offer for Corporate Express is expected to close
quickly, in early July 2008.
Attractive Proposition to Corporate Express
Employees and Customers
Staples believes that the Offer is beneficial and attractive to
all Corporate Express stakeholders, including employees and
customers.
-- Employees of Corporate Express are important to both the
integration of the businesses and the achievement of future
success. Staples plans to invest in the people at
Corporate Express and anticipates attractive career
opportunities for employees at the combined company.
-- The combined company will better serve customers of both
companies. Customers will benefit from expanded product
and service offerings, improved distribution capabilities,
shared best practices and a more efficient cost structure.
-- Staples has an excellent track record of industry leading
growth and profitability through its differentiated
Contract model, as well as in integrating businesses and
operating delivery business models in new markets.
Proposed Corporate Express Acquisition of Lyreco
Presents Considerable Risks
Corporate Express shareholders should evaluate the significant
risks of the proposed Lyreco transaction.
-- Execution Risk: The Corporate Express–Lyreco value
proposition is based on achieving unrealistic targets. The
inconsistent track record of Corporate Express, the
weakening U.S. and global economies, and many
integration/execution challenges and disruptions to its
operations make these targets highly uncertain.
-- Regulatory Risk: A Corporate Express–Lyreco combination
requires antitrust clearance in Europe, Canada and
Australia. Regulatory scrutiny could result in
considerable delays.
-- Financial Risk: After funding the Lyreco transaction,
Corporate Express will have an even heavier debt level,
further limiting balance sheet flexibility.
-- Human Resources Risk: Moving the operating headquarters to
France and the headcount reductions in Europe foreseen by
Corporate Express and Lyreco management are likely to cause
human resources challenges.
Staples said that its Offer is contingent upon Corporate Express
shareholders rejecting the Lyreco transaction. The transaction
between Corporate Express and Lyreco to combine the two
businesses, as announced on May 21, 2008, constitutes an action
by Corporate Express that materially and adversely affects
Staples’ Offer, its ability to consummate the Offer and the
value of the Corporate Express securities, within the meaning of
the condition to the Offer set out in section 6.5.4 of the Offer
Memorandum.
Accordingly, Staples expressly reserves any and all rights it
has under the condition to the Offer set out in section 6.5.4 of
the Offer Memorandum. This means that the Offer is contingent
upon the Corporate Express shareholders voting against the
contemplated acquisition of Lyreco. Following the rejection of
the Lyreco transaction, Staples must also be satisfied that
Corporate Express has no further material liabilities in
connection with the proposed Lyreco transaction.
Irrevocable Commitments to Tender and Vote
Against the Lyreco transaction
Corporate Express’ shareholders, who collectively own
approximately 23.3% of the issued ordinary share capital of
Corporate Express, including Centaurus, York Capital and
Halcyon, have expressed their support for the increased Offer.
These shareholders have irrevocably committed, subject to
certain conditions, to tender their shares into Staples’ Offer
under the conditions described in the Offer Memorandum. These
shareholders have also entered into certain agreements to cast
their voting shares against the proposed Lyreco transaction at
the upcoming Corporate Express EGM to be held on June 18, 2008.
Conditions to the Offer
Staples Acquisition B.V. confirms that it shall waive the
Minimum Acceptance Condition to the Offer set out in section
6.5.1 of the Offer Memorandum if and when prior to the
Acceptance Closing Time there have been tendered for acceptance
under the Offer such number of Ordinary Shares, including
Ordinary Shares represented by ADSs, Preference Shares and Bonds
that the votes attached to those securities, together with the
votes attached to the same types of securities owned by Staples
Acquisition B.V. and/or any of its affiliates at the Acceptance
Closing Time, represent at least 51% of votes attached to the
Ordinary Shares, including Ordinary Shares represented by ADSs,
Preference Shares and Bonds issued and outstanding at the
Acceptance Closing Time.
For purposes of the calculation of the percentage of votes
referred to in the preceding sentence, (i) the Bonds shall be
deemed to give right to such number of votes as would have been
the case if they had been converted on the Business Day
immediately preceding the Acceptance Closing Date at a
conversion price of EUR6.87 per Bond, (ii) the Ordinary Shares,
Preference Shares or Bonds shall include any options granted by
Corporate Express to subscribe for Ordinary Shares,
Preference Shares or Bonds, as the case may be, that are not
exercised and have not otherwise resulted in the issue by
Corporate Express of such Ordinary Shares, Preference Shares or
Bonds, as the case may be, to the option holders on or prior to
the Acceptance Closing Time and (iii) defined terms used in this
paragraph that are not otherwise defined in this press release
shall be deemed to have the meaning ascribed thereto in the
Offer Memorandum.
Offers for the Convertible Bonds, Preference Shares A
and Senior Subordinated Notes 2014 and 2015
Staples’ Offer is applicable to these outstanding securities of
Corporate Express:
-- an all cash Offer for the 2% Subordinated Convertible Bonds
due 2010 of EUR1,332.15 per Bond;
-- an all cash Offer for the Preference Shares A of EUR3.15
per share; and
-- an all cash tender Offer to purchase all of Corporate
Express U.S. Finance Inc.’s outstanding 8.25% Senior
Subordinated Notes due July 11, 2014 and 7.875% Senior
Subordinated Notes due March 1, 2015, on the terms and
subject to the conditions set forth in its Offer to
Purchase and Consent Solicitation Statement, dated May 22,
2008.
Financing of the Offer
Staples confirms that the funds available under the credit
agreement described in section 6.4 of the Offer Memorandum,
together with Staples’ cash reserves and the funds available
under its existing revolving credit facility, remain sufficient
to finance the acquisition of Corporate Express.
Offer Memorandum and further information
Corporate Express shareholders and bondholders are advised to
review the Offer Memorandum thoroughly and to seek independent
advice where appropriate in order to reach a judgment with
respect to the Offer and the Offer Memorandum. With due
reference to all statements, terms, conditions and restrictions
included in the Offer Memorandum, shareholders and bondholders
are invited to tender their ordinary shares, including ordinary
shares represented by ADSs, preference shares and convertible
bonds under the Offer in the manner and subject to the terms,
conditions and restrictions set out in the Offer Memorandum.
Staples Acquisition B.V. expressly reserves any and all rights
it has in respect of the Offer, as described in the Offer
Memorandum, including the right to invoke or waive any of the
conditions to the Offer set out in section 6.5 thereof.
Availability of copy documentation
A full-text copy of the Offer Memorandum may be viewed for free
at http://ResearchArchives.com/t/s?2d3d
About Staples
Staples, Inc. -- http://www.staples.com/-- (Nasdaq: SPLS) is an
office products company. With 76,000 talented associates, the
company is committed to making it easy to buy a wide range of
office products, including supplies, technology, furniture, and
business services. With 2007 sales of US$19.4 billion, Staples
serves consumers and businesses ranging from home-based
businesses to Fortune 500 companies in 22 countries throughout
North and South America, Europe and Asia. Headquartered outside
of Boston, Staples operates more than 2,000 office superstores
and also serves its customers through mail order catalog, e-
commerce and contract businesses.
About Corporate Express
Corporate Express NV -- http://www.corporateexpress.com/-- is
supplies office products to businesses and institutions. The
company has a widespread global proprietary distribution network
spanning Corporate Express America, Europe and Australia, with
approximately 18,000 employees working from more than 350
locations in 21 countries. In 2007 the company generated sales
of EUR5.6 billion.
* * *
As reported in the Troubled Company Reporter-Europe on May 26,
2008, Moody's Investors Service put the ratings of Corporate
Express (CFR at Ba3) under review with direction uncertain. The
rating action follows the recent announcements that: Staples
Inc. (rated Baa1 under review for possible downgrade by Moody's)
launched an unsolicited public offer of EUR8.00 per ordinary
share in cash for Corporate Express, and Corporate Express
announced a business combination with Lyreco SAS (unrated by
Moody's), in which Corporate Express acquires Lyreco for 102.5
million new ordinary shares of Corporate Express and EUR900
million in cash and vendor notes, subject amongst other things
to approval by Corporate Express' shareholders.
As reported in the Troubled Company Reporter-Europe on May 23,
2008, Standard & Poor's Ratings Services assigned a recovery
rating of '1' to the new secured debt issues of Corporate
Express U.S. Finance Inc., the U.S. subsidiary of Netherlands-
based office products distributor Corporate Express N.V.
(BB-/Watch Dev/--). The recovery rating indicates our
expectation of very high (90%-100%) recovery for secured
creditors in the event of a payment default.
HERMES XV: Fitch Rates EUR26.1 Million Class E Notes at BB
----------------------------------------------------------
Fitch Ratings assigned final ratings to Holland Mortgage Backed
Series (Hermes) XV's EUR2.9 billion mortgage-backed floating-
rate notes due 2045 as:
-- EUR2.752 billion Class A notes: 'AAA';
-- EUR23.2 million Class B notes: 'AA+';
-- EUR78.3 million Class C notes: 'A';
-- EUR20.3 million Class D notes: 'BBB+' and
-- EUR26.1 million Class E notes: 'BB'.
Each rated class in this transaction has a Stable Outlook.
Mortgage loans comprising the pool were originated in the
Netherlands by SNS Bank N.V. (rated 'A+'/Outlook Stable/'F1')
and its wholly-owned subsidiaries, BLG Hypotheekbank N.V. and
SNS Regio Bank.
The ratings are based on the quality of the credit portfolio,
available credit enhancement, the underwriting and servicing
capabilities of SNS Bank, BLG Hypotheekbank and SNS Regio Bank,
as well as the sound legal and financial structure. At closing
credit enhancement, provided by the subordination of the
different classes, is 5.1% for the Class A notes, 4.3% for the
Class B, 1.6% for the Class C and 0.9% for the Class D notes.
The transaction does not benefit from a reserve fund; the credit
enhancement for each class of notes is provided by
subordination, as well as the 35bps excess spread paid under a
swap.
PUMA CLO I: S&P Rates EUR11 Million Class E Notes at BB-
--------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR259 million floating-rate notes to be
issued by Puma CLO I B.V. At the same time, it will
issue EUR34 million of unrated notes.
Puma CLO I is a leveraged loan collateralized loan obligation
transaction that will be managed by M&G Investment Management
Ltd. This will be M&G Investment Management's ninth leveraged
loan CLO and its 13th collateralized debt obligation that
includes leveraged loans.
The notes will total EUR293 million, and will be backed by
assets with a par value of EUR300 million. Collateral in turn
will be bought at a discount. The collateral portfolio will
comprise senior, second-lien, and mezzanine loans.
Both the senior and subordinate portfolio management fees can be
deferred and this deferred amount can be reinvested in
additional collateral.
Ratings List
Puma CLO I B.V.
EUR293 Million Floating-Rate Notes
Class Prelim. Prelim.
rating amount (Mil. EUR)
A AAA 211.50
B AA 8.00
C A 15.25
D BBB- 13.25
E BB- 11.00
Subordinated
notes NR 34.00
SCIENTIFIC GAMES: Unit Prices 7.875% Senior Notes’ Offering
-----------------------------------------------------------
Scientific Games Corporation (Nasdaq: SGMS) said Monday that its
subsidiary, Scientific Games International, Inc., has priced
US$200 million of its 7.875% Senior Subordinated Notes due 2016
to be issued in a private offering to qualified institutional
buyers in accordance with Rule 144A and Regulation S under the
Securities Act of 1933, as amended.
Scientific Games intends to use the net proceeds from the
offering, together with the net proceeds of a new US$250 million
senior secured revolving credit facility and a new US$550
million senior secured term loan credit facility, to repay all
outstanding borrowings under its existing senior credit
facilities and for general corporate purposes.
Scientific Games Corporation (NASDAQ: SGMS) --
http://www.scientificgames.com/-- is an integrated supplier of
instant tickets, systems and services to lotteries worldwide, a
leading supplier of fixed odds betting terminals and systems,
Amusement and Skill with Prize betting terminals, interactive
sports betting terminals and systems, and wagering systems and
services to pari-mutuel operators. It is also a licensed pari-
mutuel gaming operator in Connecticut, Maine and the Netherlands
and is a leading supplier of prepaid phone cards to telephone
companies. Scientific Games’ customers are in the United States
and more than 60 other countries.
* * *
As reported in the Troubled Company Reporter Europe on June 3,
2008, Standard & Poor's Ratings Services raised its issue-level
rating on Scientific Games’ existing subordinated debt to 'BB-'
(one notch lower than the 'BB' corporate credit rating on the
company) from 'B+'. The recovery rating on these securities was
revised to '5', indicating that lenders can expect modest (10%
to 30%) recovery in the event of a payment default, from '6'.
At the same time, Standard & Poor's assigned its 'BB-' issue-
level rating with a recovery rating of '5' to subsidiary
Scientific Games International Inc.'s proposed US$200 million
senior subordinated notes due 2016.
Moody's Investors Service meanwhile assigned a Ba3 rating to the
proposed US$200 million senior subordinate note offering.
Moody's also upgraded the rating of SGC's proposed US$550
million term loan (originally US$600 million) and US$250 million
revolving credit agreement to Baa3 from Ba1.
===========
N O R W A Y
===========
BLUEWATER INSURANCE: Weak Performance Cues S&P to Cut Ratings
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its insurer financial
strength ratings and long-term counterparty credit rating on
Norway-based nonlife insurer Bluewater Insurance ASA to 'BB+'
from 'BBB-'. The outlook is stable.
"The rating action reflects our heightened concerns about
Bluewater's risk controls, following recent discussions with the
company," said Standard & Poor's credit analyst Ali Karakuyu.
"It also reflects the greater-than-expected deterioration in the
company's competitive position in both the nonmarine and the
marine sector, demonstrated by the significant fall in gross
written premiums during the first quarter of 2008."
"In our opinion, the higher-than-expected deterioration in
Bluewater's underwriting performance in 2007 was partly due
to the company's weak underwriting risk controls," Mr. Karakuyu
commented. As a result, Bluewater's combined ratio rose
significantly higher than most of its peer group to 140%
in 2007 from 104% in 2006."
The company posted a net profit of Norwegian krone 14 million
for the first quarter of 2008, following a release of unearned
premium reserves, a scale-down of the marine business, and the
improved claims environment of the marine sector in this period.
It posted a loss of NOK27.7 million in first quarter 2007.
Nevertheless, S&P remains cautious about the sustainability of
earnings in the medium term.
S&P regards Bluewater's competitive position as marginal
following the significant reduction in its gross premium income
in first quarter 2008. While S&P understands that the premium
reduction of 60% in first quarter 2008 (compared with the same
period in the previous year) is partly due to changes in its
underwriting policy, S&P believes that the pricing inadequacy of
the marine segment and the company's short track record in the
non-marine sector will make it difficult to establish a
sustainable competitive position.
Standard & Poor's expects that the operating performance will
not deteriorate to a level below its current ratings over the
next two years. At the same time, S&P expects the risk-based
capital adequacy to improve from its current level. S&P expects
Bluewater's capitalization to remain good over the rating
horizon.
If Bluewater's capitalization and operating performance
deteriorates, S&P may take further negative action. To justify
gaining a higher rating, Bluewater needs to demonstrate
sustainable earnings momentum throughout the next cycle, not
least through the implementation of improvements to its
underwriting risk controls, and at the same time establish a
sustainable competitive position.
===========
P O L A N D
===========
STOCZNIA GDYNIA: Poland Govt. Wants More Time to Seek Buyers
------------------------------------------------------------
The Polish government has asked the European Commission for more
time to privatize Stocznia Gdynia S.A. and Stocznia Szczecinska
Nowa Sp. z o.o., BBC News reports.
Commission spokesman Jonathan Todd has warned that the European
Union executive may issue negative decision over the state aid
availed to the shipyards if the Polish government fails to
present a viable restructuring plan.
According to BBC News, the Commission may demand that Stocznia
Gdynia and Stocznia Szczecinska repay hundred of millions of
Euros in state aid, which could lead to the shipyards'
bankruptcy.
As previously reported in the TCR-Europe, the shipyards needs
urgent capital injection -- with Stocznia Gdynia requiring
around US$250 million -- to avert bankruptcy and finance its
operations.
Polish Treasury Minister Aleksander Grad, BBC News relates, said
assured the Commission that investors have expressed interest in
acquiring the shipyards.
About Stocznia Szczecinska
Headquartered in Szczecin, Poland, Stocznia Szczecinska Nowa
Sp. z o.o. -- http://www.ssn.pl/-- specialized in the
construction of container, chemicals transport, multi-purpose
and Con-Ro ships. The company has been in insolvency after
experiencing substantial reduction of new ship orders, sharp
price decline, and several years of high exchange rate
between the Polish zloty and U.S. dollar.
About Stocznia Gdynia
Located in Port of Gdynia, Poland, Stocznia Gdynia S.A. --
http://www.stocznia.gdynia.pl/-- engages in the construction of
ships, partly equipped hulls, ship's sections, superstructures,
and steel constructions. The company also engages in the
production and distribution of technical gases, hot water, and
steam, as well as research and development works in technical
studies.
STOCZNIA SZCZECINSKA: Poland Wants More Time to Seek Buyers
-----------------------------------------------------------
The Polish government has asked the European Commission for more
time to privatize Stocznia Szczecinska Nowa Sp. z o.o. and
Stocznia Gdynia S.A., BBC News reports.
Commission spokesman Jonathan Todd has warned that the European
Union executive may issue negative decision over the state aid
availed to the shipyards if the Polish government fails to
present a viable restructuring plan.
According to BBC News, the Commission may demand that Stocznia
Gdynia and Stocznia Szczecinska repay hundred of millions of
Euros in state aid, which could lead to the shipyards'
bankruptcy.
As previously reported in the TCR-Europe, the shipyards needs
urgent capital injection -- with Stocznia Gdynia requiring
around US$250 million -- to avert bankruptcy and finance its
operations.
Polish Treasury Minister Aleksander Grad, BBC News relates, said
assured the Commission that investors have expressed interest in
acquiring the shipyards.
About Stocznia Gdynia
Located in Port of Gdynia, Poland, Stocznia Gdynia S.A. --
http://www.stocznia.gdynia.pl/-- engages in the construction of
ships, partly equipped hulls, ship's sections, superstructures,
and steel constructions. The company also engages in the
production and distribution of technical gases, hot water, and
steam, as well as research and development works in technical
studies.
About Stocznia Szczecinska
Headquartered in Szczecin, Poland, Stocznia Szczecinska Nowa
Sp. z o.o. -- http://www.ssn.pl/-- specialized in the
construction of container, chemicals transport, multi-purpose
and Con-Ro ships. The company has been in insolvency after
experiencing substantial reduction of new ship orders, sharp
price decline, and several years of high exchange rate
between the Polish zloty and U.S. dollar.
===========
R U S S I A
===========
ARTUR LLC: Creditors Must File Claims by June 17
------------------------------------------------
Creditors of LLC Artur have until June 17, 2008, to submit
proofs of claim to:
A. Samokhin
Temporary Insolvency Manager
Stroiteley Pr. 4A
682640 Amursk
Russia
The Arbitration Court of Khabarovsk commenced bankruptcy
supervision procedure on the company. The case is docketed
under Case No. A73-2341/2008-36.
The Debtor can be reached at:
LLC Artur
Parkovaya Str. 13
Chegdomyn
Khabarovsk
Russia
IRBITSKIY MOTOR-AGGREGATE: Bankruptcy Hearing Set Sept. 29
----------------------------------------------------------
The Arbitration Court of Sverdlovsk will convene at
Sept. 29, 2008, to hear the bankruptcy supervision procedure on
OJSC Irbitskiy Motor-Aggregate Factory. The case is docketed
under Case No. A60-4523/2008-S11.
The Temporary Insolvency Manager is:
S. Sivkov
Post User Box 92
Novouralsk-4
624134 Sverdlovsk
Russia
The Court is located at:
The Arbitration Court of Sverdlovsk
Lenina Pr. 34
620151 Ekaterinburg
Russia
The Debtor can be reached at:
OJSC Irbitskiy Motor-Aggregate Factory
Revolyutsii Str. 27
Irbit
623000 Sverdlovsk
Russia
IREN OIL: Perm Court Starts Bankruptcy Supervision Procedure
------------------------------------------------------------
The Arbitration Court of Perm commenced bankruptcy supervision
procedure on LLC Iren Oil. The case is docketed under Case no.
A50-3154/2008-B4.
The Temporary Insolvency Manager is:
S. Mikheev
Post User Box 6063
614002 Perm
Russia
The Court is located at:
The Arbitration Court of Perm
Lunacharskogo Str. 3
Perm
Russia
The Debtor can be reached at:
LLC Iren Oil
Sibirskaya Str. 27
614000 Perm
Russia
MILK LLC: Creditors Must File Claims by June 17
-----------------------------------------------
Creditors of LLC Milk have until June 17, 2008, to submit proofs
of claim to:
P. Klimenko
Temporary Insolvency Manager
Office 607
Moskovskoe Str. 137
302025 Orel
Russia
The Arbitration Court of Orel will convene at 11:00 a.m. on
Sept. 10, 2008, to hear the company's bankruptcy supervision
procedure. The case is docketed under Case No. A48-1344/08-206.
The Court is located at:
The Arbitration Court of Orel
Gorkogo Str. 42
302000 Orel
Russia
The Debtor can be reached at:
LLC Milk
Sovetskaya Str. 153
Dmitrovsk
Orel
Russia
OSETROVSKIY SSRZ: Asset Sale Slated for June 20
-----------------------------------------------
The insolvency manager and the bidding organizer for OJSC
Osetrovskiy SSRZ, will open a public auction for the company's
properties at 11:30 a.m. on June 20, 2008, at:
Insolvency Manager
Office 22
5th Armii St. 61
Irkutsk
Russia
Tel: 8 (3952) 34-21-09
The company has set a RUR3,009,800 starting price for the assets
on auction.
Interested participants have to deposit an amount equivalent to
20% of the starting price.
Bidding documents must be submitted to:
Insolvency Manager
Office 22
5th Armii St. 61
Irkutsk
Russia
Tel: 8 (3952) 34-21-09
The Debtor can be reached at:
Insolvency Manager
Office 22
5th Armii St. 61
Irkutsk
Russia
Tel: 8 (3952) 34-21-09
PROMSVYAZBANK: Fitch Affirms IDR at B+ with Positive Outlook
------------------------------------------------------------
Fitch Ratings has affirmed Russia-based Promsvyazbank's ratings
at Long-term Issuer Default rating 'B+', Short-term IDR 'B' and
Individual 'D'. At the same time, Fitch has upgraded the
Support rating to '4' from '5' and Support Rating Floor to 'B'
from 'No Floor'. The Outlook for the Long-term IDR remains
Positive.
The Positive Outlook reflects the ongoing strengthening of the
bank's customer franchise and regional expansion, coupled with
gradually improving prospects for Russia's major privately-owned
banks in a broadly supportive operating environment. The
ratings are also supported by healthy profitability. The
funding structure is balanced (prime sources are corporate
customer balances and wholesale international funding), near-
term refinancing risk is moderate and the liquidity position is
adequate (albeit somewhat tighter than in the past due to a
larger asset allocation to the loan book).
The ratings are constrained by pressure on capital levels
resulting from rapid growth and concentrations risks. Fitch is
concerned by the performance of one of the bank's new, large
loan exposures, and in relation to this also the robustness of
the bank's credit underwriting.
If PSB is able to maintain a satisfactory capital position to
support its rapid expansion plans and adequate asset quality in
its loan book, then an upgrade may be forthcoming. However,
should there be deterioration in these areas, then the Outlook
may revert to Stable.
The upgrades of the Support rating and Support Rating Floor
reflect the increased franchise and national coverage of the
bank, and indicate a limited probability of support being
forthcoming from the Russian authorities, in case of need.
PSB's Support rating and Support Rating Floor are now at the
same level as its peers Alfa-Bank ('BB'/Stable Outlook), MDM-
Bank ('BB'/Stable Outlook) and Bank Uralsib ('B+'/Stable
Outlook).
PSB is one of the largest Russian privately held banks (12th-
largest among all Russian banks at end-2007 in terms of assets).
It is majority-owned by the Ananiev brothers. Germany's
Commerzbank AG ('A'/Outlook Stable) currently holds a 15% stake
in the bank, but is not involved in strategic or operational
management and there are no plans to increase its stake. PSB
mainly serves large and mid-sized corporate clients. It
operates about 270 points of sale across Russia to facilitate
ongoing regional diversification and franchise expansion into
the retail and SME segments.
RENOVA HOLDING: S&P Puts BB Corporate Credit Rating on Watch Neg
----------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB' long-term
corporate credit and 'ruAA' Russia national scale ratings on the
operating holding company Renova Holding Ltd. on CreditWatch
with negative implications due to concerns over the company's
leverage and aggressive financial policy.
"The CreditWatch placement reflects our concerns that Renova's
sizable acquisitions of stakes in various Russian electricity
companies, and of an additional stake in Swiss manufacturing
company Oerlikon Corporation AG, could have substantially
increased its debt," said Standard & Poor's credit analyst
Elena Anankina. "We believe that the company might not be in
line with its financial policy target of keeping net debt below
25% of the total portfolio. The company also continues to
increase leverage to finance the next steps in the
acquisitions."
In 2007-2008, Renova acquired stakes in Russian electricity
companies (TGK-5, TGK-6, TGK-7, TGK-9, RKS) for an estimated
total of about US$2.8 billion and is set to increase its stakes
in these entities. It has also increased its stake in Oerlikon
for an estimated US$0.8 billion.
Although the portion of cash that Renova used to acquire newly
issued electricity stock will remain within the group's
consolidation scope for some time, and although cooperation with
partners, payment delays offered by RAO UES, and uncertainty
about whether and when minority buyouts will be needed provide
some flexibility, S&P believes that Renova has considerably
increased its debt.
At June 30, 2007, the group reported US$2.6 billion in debt
versus US$301 million in cash. Its investment portfolio under
International Financial Reporting Standards was US$11.6 billion,
plus US$1.0 billion in investment property and US$2.0 billion in
loans receivable that could be related to the investments in
process. The ratio of net debt to portfolio assets was
therefore about 21%. After the acquisitions, it might have
increased to closer to 30%.
"To resolve the CreditWatch status, we'll evaluate the group's
leverage when full-year 2007 IFRS financials are available and
when there is more clarity about the impact of the ongoing
acquisitions on Renova's leverage and liquidity," said Ms.
Anankina.
S&P will also evaluate the group's financial management, notably
its commitment to leverage targets and willingness to sell some
portfolio assets or cut dividends to return to the normalized
balance sheet structure. The rating is unlikely to be lowered
by more than one notch.
The rating continues to be constrained by portfolio
concentration on a few large Russian assets (notably stakes in
United Company RUSAL and TNK-BP International Ltd.
{BB+/Stable/B}), a relatively low share of liquid assets,
and dependency on the majority shareholder, Victor Vekselberg.
This is offset by Renova's success in growing and diversifying
its asset base in recent years and by the favorable credit
quality of the group's core assets compared with Russian
benchmarks.
SAMUR CJSC: Creditors Must File Claims by June 17
-------------------------------------------------
Creditors of CJSC Samur (TIN 0275045951) have until
June 17, 2008, to submit proofs of claim to:
I. Davletgareev
Temporary Insolvency Manager
Office 128
S. Yulaeva Pr. 45
Russia
The Arbitration Court of Bashkortostan will convene at 10:00
a.m. on Sept. 4, 2008, to hear the company's bankruptcy
supervision procedure. The case is docketed under Case No.
A07-1805/08-G-FLE.
The Court is located at:
The Arbitration Court of Bashkortostan
Oktyabrskoy Revolyutsii Str. 63a
Ufa
Bashkortostan
Russia
The Debtor can be reached at:
CJSC Samur
Blagovarskaya Str. 8
Ufa
Bashkortostan
Russia
SISTEMA JSFC: Eyes Telecommunications License in China
------------------------------------------------------
Sistema JSFC is seeking an operating license in China to expand
its telecommunication coverage beyond India and former Soviet
republics, Ryan Chilcote and Lyubov Pronina write for Bloomberg
News, citing company chairman Vladimir Yevtushenkov.
Mr. Yevtushenkov told Bloomberg News that an operating license
even for a part of China will help increase Sistema's target
market, noting that the Asian country had had 583.5 million
mobile phone users at the end of April 2008.
Mr. Yevtushenkov, however, disclosed that although Sistema has
recently signed joint agreements with Chinese firms, the company
has yet to note progress on talks on the operating license with
Chinese authorities.
About Sistema
Headquartered in Moscow, Russia, Sistema JSFC
-- http://www.sistema.com/-- develops and manages market-
leading businesses in selected service-based industries,
including telecommunications, technology, insurance,
banking, real estate, retail and media.
* * *
Sistema JSFC currently carries a Ba3 long-term corporate family
rating and a B2 senior unsecured debt rating from Moody's, with
positive outlook.
The company also carries Standard & Poor's BB- long-term foreign
and local issuer credit ratings. S&P said the outlook is
negative.
Sistema JSFC carries BB- Issuer Default rating from Fitch, which
said the outlook is stable.
STREAM CJSC: Creditors Must File Claims by June 17
--------------------------------------------------
Creditors of CJSC Stream (TIN 2127303610) have until
June 17, 2008, to submit proofs of claim to:
I. Kolsanov
Temporary Insolvency Manager
Post User Box 28
Guzovskogo 14
Cheboksary
428000 Chuvashiya
Russia
The Arbitration Court of Chuvashiya will convene at 1:30 p.m. on
June 18, 2008, to hear the company's bankruptcy supervision
procedure. The case is docketed under Case No. A79-1725/2008.
The Court is located at:
The Arbitration Court of Chuvashiya
Cheboksary
Russia
The Debtor can be reached at:
CJSC Strea
Akademika Koroleva Str. 1/1
Cheboksary
Chuvashiya
Russia
============================
S L O V A K R E P U B L I C
============================
PRIVATBANKA AS: Moody's Assigns B2/NP/E+ Ratings
------------------------------------------------
Moody's Investors Service has assigned these global scale
ratings to Slovakia's Privatbanka, a.s.: a bank financial
strength rating of E+ and local currency and foreign currency
deposit ratings of B2/Not Prime.
Moody's also assigned national scale ratings of Baa3.sk/SK-3 to
the bank. The outlook on all ratings is stable.
Moody's said that Privatbanka's E+ BFSR is based on its niche
position in Slovakia's corporate lending, with a market share of
about 0.5%, and a developing franchise in private banking. The
bank is focusing on lending to the SME segment, which is seen as
more profitable but also more risky than lending to large
corporates. The private banking business has been growing in
recent years, but its contribution to the bank's profitability
remains small. The rating also reflects the relatively short
track record of the bank's new ownership and the risk related to
the planned strengthening of the corporate banking business.
Privatbanka is 100%-owned by Slovak private equity group Penta
Holding (unrated), which is ultimately owned by five
individuals. Moody's views the bank's risk management systems
and procedures as adequate for its size and risk profile. The
bank's rating is constrained by the large concentration in the
loan portfolio, although, this is to some extent mitigated by a
high level of collateralization. Privatbanka's funding is
mainly based on primary deposits and debt securities sold to its
corporate and private banking clients, but there is also a
substantial degree of concentration on the bank's liability
side. The bank's profitability is good, albeit weaker compared
with its local peers. Moody's also recognizes that Privatbanka
shows strong capitalization and good asset quality, however, due
to the high degree of concentration in the loan book financial
fundamentals can be significantly affected by default of one or
two large clients.
Privatbanka's B2/NP deposit ratings are based on the bank's BFSR
of E+, which maps to a Baseline Credit Assessment of B2.
Moody's has not factored any expectation of external support
into the bank's ratings, given that its parent is unrated and
based on the assessment that no systemic support would likely be
extended to the bank in the case of need, given its niche
business profile and limited importance to the Slovak banking
system.
Based in Bratislava, Slovakia, Privatbanka's total assets were
EUR286 million at end-2007.
=========
S P A I N
=========
AYT GOYA: S&P Rates EUR3.25 Million Class D Notes at BB
-------------------------------------------------------
Standard & Poor's Ratings Services has assigned its preliminary
credit ratings to the mortgage-backed floating-rate notes to be
issued by AyT GOYA Hipotecario II, Fondo de Titulizacion de
Activos, a special-purpose entity incorporated in Spain.
This will be Barclays Bank S.A.'s 18th RMBS securitization of
mortgage loans in Spain (including four transactions for Banco
Zaragozano before its merger with Barclays Bank S.A.).
In this transaction, Barclays Bank S.A., a subsidiary of
Barclays Bank PLC, will act as originator, servicer, and paying
agent. The swap counterparty will be the Spanish branch of
Barclays Bank PLC.
The mortgage loans providing the collateral for the transaction
are "Certificados de Transmision Hipotecaria". These loans are
mainly originated in Madrid, Andalucia, and Catalonia, and could
be used for any purpose.
The fund will acquire a group of mortgage loans held by Barclays
Bank S.A. granted to individuals domiciled in Spain. Barclays
Bank S.A. will issue the CTHs and the issuer will subscribe to
them. AyT GOYA II will then finance its purchase of the CTHs by
issuing the notes.
Ratings List
AyT GOYA Hipotecario II, Fondo de Titulizacion de Activos
EUR1.3 Billion Mortgage-Backed Floating-Rate Notes
Class Prelim. Prelim.
rating amount (Mil. EUR)
A AAA 1,238.25
B A 39.00
C BBB 19.50
D BB 3.25
===========
S W E D E N
===========
XERIUM TECHNOLOGIES: Secures Fifth Amendment to Credit Facility
---------------------------------------------------------------
Xerium Technologies, Inc. disclosed in a regulatory filing that
on May 30, 2008, it secured a fifth amendment to its existing
senior credit facility. Citigroup Global Markets Inc. acted as
the sole lead arranger, with more than 60 lenders participating.
The term loan portions of the amended and restated
US$660 million Credit Facility mature on May 19, 2012, and the
revolving credit portion matures on November 19, 2011. The
amended facility requires the company to comply with revised
operating controls and financial covenants. The revised
covenants place the company in compliance with the financial
requirements of the credit facility for the period ending and as
of March 31, 2008.
“We appreciate the active engagement and support of our many
lenders, who concur with the recently announced new strategic
direction of the company. Through this amendment process, the
lenders recognized that Xerium’s historical covenant compliance
issues were the consequence of applying the Company’s very
strong cash flows to purposes other than debt repayment,” said
Stephen Light, President and Chief Executive Officer.
“Substantially reducing our debt through the term of the new
agreement is at the very heart of our strategic plan to improve
the company, enhance operational efficiencies, and maximize
value on behalf of our numerous stakeholders. We believe this
new agreement provides us access to the funds we need to execute
our plan. I’m very pleased we’ve reached this agreement with our
lenders in a timely manner and thank them, CitiBank and the Alix
Partners for their perseverance throughout this complex
process.”
Key provisions of the Amended and Restated Credit Facility
include:
-- Libor based grid rate pricing at an initial rate of
Libor + 5.50% with three identified step downs
contingent upon future improvements in credit ratings:
Libor + 4.25%, Libor + 3.75%, and Libor + 2.75%
-- Covenants governing the use of proceeds from asset and
equity sales
-- Prohibition against dividend payments for the term of
the agreement
-- Limits on capital expenditures, restructuring,
acquisitions and certain other investments
-- Freezing foreign exchange rates for the purpose of
calculating debt for certain covenant purposes
-- Increased debt pay down requirements
-- Increased performance reporting requirements
Avoiding Bankruptcy
As a result of the amendment, it is likely that the company may
have avoided a possible bankruptcy, Chris Coletta of the
Triangle Business Journal reports. Mr. Coletta adds under the
agreement, the company’s expenditures is limited to US$50
million for 2008 and then US$35 million onwards until 2012.
About Xerium
Headquartered in Youngsville, North Carolina, Xerium
Technologies Inc. (NYSE: XRM) -- http://xerium.com/--
manufactures and supplies two types of consumable products used
primarily in the production of paper: clothing and roll covers.
The company, which operates around the world under a variety of
brand names, utilizes a broad portfolio of patented and
proprietary technologies to provide customers with tailored
solutions and products integral to production, all designed to
optimize performance and reduce operational costs. With 35
manufacturing facilities in 15 countries around the world,
Xerium has approximately 3,700 employees.
In Europe the company has subsidiaries in Austria, Italy,
Germany, Sweden, Spain, the United Kingdom, Finland, France,
Switzerland and Ireland. Xerium also has subsidiaries in Asia,
particularly in China, Hong Kong, Australia, Japan and Vietnam.
Three subsidiaries are meanwhile located in Central and South
America, specifically Brazil, Mexico and Argentina.
Going Concern Doubt
As reported in the Troubled Company Reporter-Europe on April 24,
2008, Ernst & Young LLP raised substantial doubt on the ability
of Xerium Technologies to continue as a going concern after it
audited the company's financial statements for the year ended
Dec. 31, 2007.
The auditing firm stated that the company will likely have
future debt covenant violations under its existing loan
agreements. Failing to meet financial covenants constitutes an
event of default, upon which the company's lenders could
accelerate the debt causing it to become payable and due.
=====================
S W I T Z E R L A N D
=====================
ALAIN FASHION: Harkingen Court Commences Bankruptcy Proceedings
---------------------------------------------------------------
The Bankruptcy Service of Harkingen commenced bankruptcy
proceedings against Alain Fashion on April 22, 2008.
The Bankruptcy Service of Harkingen can be reached at:
Cantonal Bankruptcy Service
4702 Oensingen
Switzerland
Mr. Fashion owns that shop-cafe Alain Fashion Store located at
the A1 Center in Oftringen, Switzerland.
BOYRAZ LLC: Proofs of Claim Filing Deadline Set for June 7
----------------------------------------------------------
Creditors owed money by LLC Boyraz are requested to submit their
proofs of claim by June 7, 2008, to:
Bernstrasse Nord 230
8064 Zurich
Switzerland
The company is currently undergoing liquidation in Zurich. The
decision about liquidation was accepted at a shareholders
meeting held on Feb. 28, 2008.
CREACASA JSC: Kappel Court Commences Bankruptcy Proceedings
-----------------------------------------------------------
The Bankruptcy Service of Kappel SO commenced bankruptcy
proceedings against JSC Creacasa on April 23, 2008.
The Bankruptcy Service of Harkingen can be reached at:
Cantonal Bankruptcy Service
4702 Oensingen
Switzerland
The company can be reached at:
JSC Creacasa
Rotsangelstrasse 6
4616 Kappel SO.
Switzerland
FORSYTH PARTNERS: Creditors’ Liquidation Claims Due by June 6
-------------------------------------------------------------
Creditors owed money by JSC Forsyth Partners (Switzerland) are
requested to submit their proofs of claim by June 6, 2008, to:
Dr. Dominik Oberholzer
Ramistrasse 5
8024 Zurich
Switzerland
The company is currently undergoing liquidation in Zurich. The
decision about liquidation was accepted at an extraordinary
general meeting held on April 16, 2008.
GRAFTECH INT'L: Improved Performance Cues Moody's to Lift Rating
----------------------------------------------------------------
Moody's Investors Service upgraded GrafTech International Ltd.'s
corporate family rating to Ba2 from B1 and upgraded the ratings
on its debt issues.
The company's upgrade follows improvement in its operating
performance and credit metrics, significant de-levering, and
reflects the anticipated robust business conditions for the
remainder of 2008. The SGL-1 speculative grade liquidity rating
was affirmed and the ratings outlook was revised to stable from
positive. The following summarizes the ratings activity.
Ratings upgraded for GrafTech International Ltd.:
-- Corporate family rating -- Ba2 from B1
-- Probability of default rating -- Ba2 from B1
-- US$225 million 1.625% Gtd sr unsec conv debentures due
2024 -- Ba3 (LGD5, 73%) from B2 (LGD4, 66%)
Ratings upgraded for GrafTech's special purpose financing
vehicle, GrafTech Finance, Inc.:
-- US$215mm Gtd sr sec revolving credit facility due 2010 --
Baa3 (LGD2, 21%) from Ba1 (LGD2, 11%)
-- 10.25% Gtd sr unsec global notes due 2012 -- Ba3 (LGD5,
73%) from B2 (LGD4, 66%)
Ratings affirmed for GrafTech International Ltd.:
-- Speculative grade liquidity rating: SGL-1
The recent upgrade in GrafTech's corporate family rating
reflects the company's improved operating performance which has
resulted in the firm generating positive free cash flow over the
past eight quarters and making significant debt reduction such
that credit metrics are supportive of the higher rating. Debt
reduction has been achieved with free cash flow as well as the
proceeds from the 2006 sale of the company's cathodes business
(approximately US$135 million in gross proceeds) and other asset
sales. GrafTech's success in passing on higher raw material and
energy costs to its customers in 2007 and 2008 has allowed it to
generate free cash flow.
The company typically sets its graphite electrode prices
annually and negotiates needle coke prices with its suppliers on
an annual basis, and as a result Moody's expects the company to
continue to enjoy attractive operating margins for the balance
of 2008. The ratings incorporate Moody's assumption that the
company will likely re-lever its balance sheet after the
redemption of its convertible debentures and potentially
redeeming the remaining US$75 million of the 10.25% senior notes
due 2012 with at least US$200 million of debt. Additionally,
the company has stated that it is looking at internal as well as
external growth opportunities, which may include acquisitions.
GrafTech's stable rating outlook reflects the company's strong
free cash flow generation, excellent liquidity and conservative
financial philosophy that may lead to further debt reduction in
the next year. This outlook is supported by robust conditions
in the steel industry, and strong demand for GrafTech's
electrodes which is expected to allow GrafTech to continue to
offset future raw material and energy cost increases with higher
prices for its electrodes. The ratings could come under
downward pressure if the company made a large acquisition or
took other actions to re-lever its balance sheet such that its
debt to EBITDA ratio exceeded 3x.
GrafTech International Ltd., headquartered in Parma, Ohio, is a
leading global manufacturer of graphite electrodes, and other
graphite products. Revenues were US$1,067 million for the LTM
ended March 31, 2008.
IVM MANAGEMENT: Proofs of Claim Must Be Filed by June 25
--------------------------------------------------------
Creditors owed money by JSC IVM Management are requested to
submit their proofs of claim by June 25, 2008, to:
JSC FHT CorporateService
Liquidator
Gotthardstrasse 3
6304 Zug
Switzerland
The company is currently undergoing liquidation in Zug. The
decision about liquidation was accepted at an extraordinary
general meeting held on March 17, 2008.
L21 EUROPA: Proofs of Claims Must Be Filed by June 12 Deadline
--------------------------------------------------------------
Creditors owed money by JSC L21 Europa are requested to submit
their proofs of claim by June 12, 2008, to:
LLC Office Pool
Lindenstrasse 20
8302 Kloten
Switzerland
The company is currently undergoing liquidation in Kloten. The
decision about liquidation was accepted at an extraordinary
general meeting held on Jan. 28, 2008.
PETROPLUS HOLDINGS: Moody's Keeps Ba3 Rating on Strong Earnings
---------------------------------------------------------------
Moody's Investors Services has affirmed Petroplus Holding AG's
corporate family rating at Ba3. The senior unsecured rating
attributed to US$1.2 billion of senior unsecured notes issued by
Petroplus Finance Limited, a subsidiary of Petroplus Holdings
AG, has also been affirmed at B1. The outlook for the ratings
is stable.
Petroplus is currently well positioned in its Ba3 rating
category. The successful integration of the Coryton and
Ingolstadt refineries during the course of fiscal year 2007 has
contributed to a stronger revenue and earnings base and to a
higher degree of diversification both in terms of geographies
and product slate. The integration of the two newly acquired
French refineries is expected to be smooth and to further
enhance the business profile of the group. The agency envisages
that Petroplus will be operating in a more challenging
environment in 2008 driven by the high crude prices and refining
margin pressure for some distillates experienced currently.
Moody's notes that Petroplus is pursuing a growth strategy that
may involve further acquisitions in the short to medium term
including through its new equity partnership with Blackstone
Group and First Reserve. Given the solid rating positioning,
there is some headroom for strategic investments that would be
partially debt-financed.
The stable outlook for the ratings reflects Moody's expectation
that Petroplus will be able to maintain a positive earnings
momentum and debt and cash flow metrics commensurate with the
current rating category despite a more challenging environment.
Positive rating pressure would build up if the operating
performance of the group continues on this trend and generated
free cash flows are applied to debt reduction. This expectation
is tempered by Petroplus' acquisition strategy.
Petroplus management has provided liquidity for rising working
capital needs in view of the high oil prices and the acquired
operations, by arranging a US$500 million factoring facility
under which the issuer can sell designated oil major receivables
and by raising a US$500 million senior convertible bond in March
2008. In addition, Petroplus has access to a US$1.2 billion
Revolving Credit Facility and to an uncommitted US$1.5 billion
borrowing base which the company uses to purchase crude
inventories on a secured basis. At the end of first quarter
2008, the company had US$95.8 milllion of cash & marketable
securities on balance sheet. Petroplus tends to generate free
cash flows and has no material debt maturities within the next
twelve months.
These ratings of Petroplus Holdings AG are affected:
-- Corporate Family Rating affirmed at Ba3;
-- Probability of Default Rating affirmed at Ba3;
-- Senior unsecured rating affirmed at B1;
Petroplus is the largest European independent refiner with a
total throughput capacity of 864 thousand barrels per day and a
Nelson complexity factor of 7.2. Petroplus was grown through
the acquisition of several refineries over the last two-three
years. Petroplus is currently operating 7 refineries following
the acquisition of two new refineries in France on 1st April
2008. Petroplus reported revenues of US$13.9 billion and an
EBITDA of US$551 million for the fiscal year ended 31st December
2007.
RIT JSC: Creditors Have Until June 12 to File Proofs of Claim
-------------------------------------------------------------
Creditors owed money by JSC Rit are requested to submit their
proofs of claim by June 12, 2008, to:
JSC Jager Treuhand & Verwaltung
Liquidator
Kirchacherstrasse 9
8608 Bubikon
Switzerland
The company is currently undergoing liquidation in Stafa. The
decision about liquidation was accepted at an extraordinary
general meeting held on March 19, 2008.
TOPSWISS REAL: Creditors Must Submit Proofs of Claim by June 9
--------------------------------------------------------------
Creditors owed money by LLC TOPSWISS Real Estate Consulting are
requested to submit their proofs of claim by June 9, 2008, to:
Oliver Reist
Ratschengassli 32
8302 Kloten
Switzerland
The company is currently undergoing liquidation in Biberist SO.
The decision about liquidation was accepted at a shareholder’s
meeting held on March 19, 2008.
===========
T U R K E Y
===========
TURK EKONOMI: Fitch Rates Long-term Foreign Currency IDR at BB
--------------------------------------------------------------
Fitch Ratings has affirmed Turk Ekonomi Bankasi A.S.'s ratings
as:
-- Long-term foreign currency IDR: affirmed at 'BB'
-- Short-term foreign currency IDR: affirmed at 'B'
-- Long-term local currency Issuer Default rating: affirmed
at 'BBB-'
-- Short-term local currency IDR: affirmed at 'F3'
-- National Long-term rating: affirmed at 'AAA(tur)'
-- Individual rating: affirmed at 'C/D'
-- Support rating: affirmed at '3'
The Outlooks for the Long-term IDRs and the National Long-term
rating are Stable.
TEB's IDRs are support-driven and reflect the bank's indirect
42.13% ownership by BNP Paribas, rated 'AA'/'F1+'/Stable
Outlook. No further upside potential is possible given Turkey's
current Country Ceiling ('BB'). The Individual rating reflects
TEB's strong track record in managing risks; its expansion-
driven strategy backed by supportive shareholders, aimed at
boosting its modest franchise (2.3% share of deposits); sound
asset quality; and ALM controls.
TEB's Individual rating has never fallen below 'C/D', even in
times of extreme turmoil in Turkey's financial markets. An
improvement in this rating may be possible if the bank builds a
longer track record of growing its franchise while maintaining a
sound financial profile. Fitch has a high opinion of TEB's
management and systems, and prospects for continued profitable
development are favorable. Fitch considers that BNPP has a very
high propensity to support TEB if required, although its ability
to do so might be limited by Turkey's BB Country Ceiling. TEB's
Support rating is therefore constrained at '3'.
TEB's branch network has nearly tripled in three years to just
under 300 branches at May 2008; loans and customer deposits have
increased rapidly (33% and 18%, respectively, in 2007).
Expansion is putting pressure on overheads and the cost/income
ratio, at 65.3%, remains high for Turkey. Key profitability
ratios, though acceptable, are lagging behind those of its
peers, but ROE remains above management's 20% target.
Loans are dominated by middle-market commercial (47%) and
corporate (24%) loans and customer concentrations are moderate.
Impaired loan ratios have deteriorated sharply, albeit from an
exceptionally low basis, but first quarter of 2008 figures show
a stable 1.6% impaired loan ratio, fully reserved.
TEB's customer deposits, mainly from corporate and private
clients, have demonstrated stability over the years. The bank
taps international syndicated markets for short- and medium-term
funding and, more recently, issued subordinated instruments to
boost capital ratios, which remain adequate (13.7% at first
quarter of 2008). Rights issues are expected to raise some
TRY350 million in 2008.
TEB is 84.25%-controlled by TEB Financial Investment Company,
which is in turn 50:50-owned by France's BNPP and the Colakoglu
Group, a leading Turkish conglomerate. TEB provides corporate,
commercial, retail and private banking services through some 300
branches.
=============
U K R A I N E
=============
BREAD PRODUCTS: Creditors Must File Claims by June 14
----------------------------------------------------
Creditors of Common Enterprise Bread Products (code EDRPOU
14131071) have until June 14, 2008, to submit proofs of claim
to:
The Economic Court of Herson
Gorkiy Str. 18
73000 Herson
Ukraine
The Economic Court of Herson commenced bankruptcy proceedings
against the company on April 23, 2008, after finding it
insolvent. The case is docketed as 6/97-B-08.
The Debtor can be reached at:
Common Enterprise Bread Products
Privokzalnaya Str. 1
Herson
Ukraine
DOLOMIT PLUS: Creditors Must File Claims by June 14
---------------------------------------------------
Creditors of LLC Dolomit Plus (code EDRPOU 33911288) have until
June 14, 2008, to submit proofs of claim to:
The Economic Court of Kiev
Komintern Str. 16
01032 Kiev
Ukraine
The Economic Court of Kiev commenced bankruptcy proceedings
against the company on April 23, 2008, after finding it
insolvent. The case is docketed as B11/098-08.
The Debtor can be reached at:
LLC Dolomit Plus
Naberezhnaya Str. 25
Yurievka
08170 Kiev
Ukraine
FREEZE LLC: Creditors Must File Claims by June 14
-------------------------------------------------
Creditors of LLC Freeze (code EDRPOU 30372499) have until
June 14, 2008, to submit proofs of claim to:
The Economic Court of Kiev
B. Hmelnitskij Boulevard 44-B
01030 Kiev
Ukraine
The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on April 8, 2008.
The case is docketed as 23/127-B.
The Debtor can be reached at:
LLC Freeze
Zaporozhye Highway Str. 22
49107 Dnipropetrovsk
Ukraine
FELICIA LLC: Creditors Must File Claims by June 14
--------------------------------------------------
Creditors of LLC Felicia (code EDRPOU 32827887) have until
June 14, 2008, to submit proofs of claim to:
The Economic Court of Kiev
Komintern Str. 16
01032 Kiev
Ukraine
The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on April 3, 2008.
The case is docketed as 15/1-b.
The Debtor can be reached at:
LLC Felicia
Schors Str. 29
01133 Kiev
Ukraine
HLEBODAR LLC: Creditors Must File Claims by June 14
---------------------------------------------------
Creditors of Agricultural LLC Hlebodar have until June 14, 2008,
to submit proofs of claim to:
The Economic Court of Hmelnitskij
Nezalezhnosti Square 1
29000 Hmelnitskih
Ukraine
The Economic Court of Hmelnitskij commenced bankruptcy
proceedings against the company after finding it insolvent on
April 15, 2008. The case is docketed as 17/97-B.
The Debtor can be reached at:
Agricultural LLC Hlebodar
Yaskovtsy
Derazhnia District
Hmelnitskij
Ukraine
INTERNATIONAL CENTER: Creditors Must File Claims by June 14
-----------------------------------------------------------
Creditors of LLC International Center of Information
Technologies (code EDRPOU 19016222) have until June 14, 2008, to
submit proofs of claim to:
The Economic Court of Kiev
B. Hmelnitskij Boulevard 44-B
01030 Kiev
Ukraine
The Economic Court of Kiev has commenced bankruptcy proceedings
against the company after finding it insolvent. The case is
docketed as 24/681-B.
The Debtor can be reached at:
LLC International Center of Information Technologies
Yanvarskogo vosstaniya Str. 13
Kiev
Ukraine
KOROSTEN SUPPLY: Creditors Must File Claims by June 14
------------------------------------------------------
Creditors of LLC Korosten Supply (code EDRPOU 31781014) have
until June 14, 2008, to submit proofs of claim to:
The Economic Court of Zhytomir
Putiatinskiy Square 3/65
10014 Zhytomir
Ukraine
The Economic Court of Zhytomir has commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed as 3/67-b.
The Debtor can be reached at:
LLC Korosten Supply
I. Franko Str. 17/14
Korosten
Zhytomir
Ukraine
LIPOVAYA DOLINA: Proofs of Claim Deadline Set June 14
-----------------------------------------------------
Creditors of OJSC Lipovaya Dolina Agricultural Chemistry (code
EDRPOU 0540718) have until June 14, 2008, to submit proofs of
claim to:
The Economic Court of Sumy
Shevchenko Avenue 18/1
40030 Sumy
Ukraine
The Economic Court of Sumy commenced bankruptcy supervision
procedure on the company on April 8, 2008. The case is docketed
as 6/90-08.
The Debtor can be reached at:
OJSC Lipovaya Dolina Agricultural Chemistry
Sinevsky Shliakh 2
Lipovaya Dolina
42500 Sumy
Ukraine
RUDSNAB LLC: Proofs of Claim Deadline Set June 14
-------------------------------------------------
Creditors of LLC Rudsnab (code EDRPOU 30442219) have until
June 14, 2008, to submit proofs of claim to:
The Economic Court of Dnipropetrovsk
Kujbishev Str. 1a
49600 Dnipropetrovsk
Ukraine
The Economic Court of Dnipropetrovsk commenced bankruptcy
supervision procedure on the company on April 4, 2008. The case
is docketed as B 26/11-07.
The Debtor can be reached at:
LLC Rudsnab
Krivoy Rog
Kostenko Str. 33
50065 Dnipropetrovsk
Ukraine
===========================
U N I T E D K I N G D O M
===========================
ARCH ONE: Moody's Junks Ratings on Series 2006-3 Notes
------------------------------------------------------
Moody's Investors Service downgraded the Series 2006-3 notes
issued by Arch One Finance Ltd.
This rating action is the result of negative credit migration in
the underlying pools of corporate reference credits, including
the downgrade of Residential Capital LLC as a result of its
exchange offer.
This rating action is:
Arch One Finance Limited:
(1) Series 2006-3 EUR5,000,000 Secured Floating Rate Credit-
Linked Notes due 2011
-- Current Rating: Caa1
-- Prior Rating: Ba2, on review for downgrade.
BRITISH AIRWAYS: May Ground Flights Over High Fuel Costs
--------------------------------------------------------
British Airways plc may opt to ground flights as oil price hits
US$130 a barrel, David Millward writes for the Daily Telegraph.
BA chief executive Willie Walsh told the Daily Telegraph "we
will be looking at some routes to see if we can take out some
frequency."
However, according to sources at BA, it is unlikely that the
airline will axe all flights, although it may cut some services
on popular routes, the Daily Telegraph discloses.
BA, the paper adds, is expected to implement changes in the
autumn.
About British Airways
Headquartered in West Drayton, United Kingdom, British Airways
Plc -- http://www.ba.com/-- operates of international and
domestic scheduled and charter air services for the carriage of
passengers, freight and mail, and provides of ancillary
services. The British Airways group consists of British Airways
plc and a number of subsidiary companies including in particular
British Airways Holidays Ltd. and British Airways Travel
Shops Ltd. BA has offices in India and Guatemala.
* * *
British Airways Plc carries a senior unsecured debt rating of
Ba1 from Moody's Investors' Service with a stable outlook.
Ratings apply to date.
CABLE & WIRELESS: Needs to Raise Offer, Thus Investor Says
----------------------------------------------------------
Cable & Wireless PLc needs to offer more than 200p a share to
acquire Thus Plc, Dominic White writes for the Daily Telegraph,
citing Thus shareholder Investec Asset Management.
"We think that Thus is worth over GBP2 in independent form and
considerably more than this to another player," Peter Lowery, a
fund manager at Investec, told the Daily Telegraph.
Investec, which holds a 5% stake in Thus stock, claims the
firm's value is more than 160p a share -- its price when C&W
announced it made a preliminary approach over a possible
takeover offer, the Telegraph relates.
Thus rejected C&W's approach but is reportedly open to
negotiations if the company submits a higher bid, the Telegrapg
reports. Thus has tasked adviser Greenhill & Co., Inc. to
review its net value in case C&W submits a formal offer.
Meanwhile, sources privy to the situation told the Telegraph
that C&W views the potential acquisition as a strategic in-fill
rather an essential deal. C&W has appointed Gleacher Shacklock
and Rothschild as advisers on the deal.
Headquartered in London, Cable & Wireless Plc
-- http://www.cw.com/new/-- operates through two standalone
business units -- International and Europe, Asia & US. The
International business unit operates integrated
telecommunications companies in 33 countries, with principal
operations in the Caribbean, Panama, Macau, Monaco and the
Channel Islands. The Europe, Asia & U.S. business unit provides
enterprise and carrier solutions to the largest users of
telecoms services across the U.K., U.S., continental Europe and
Asia -- and wholesale broadband services in the U.K. The
company also has operations in India, China, the Cayman Islands
and the Middle East.
* * *
As reported in the Troubled Company Reporter-Europe on
May 26, 2008, Standard & Poor's Ratings Services has revised its
outlook on Cable & Wireless PLC to developing from stable. The
developing outlook means ratings can be raised, lowered, or
affirmed. The 'BB-' long-term and 'B' short-term corporate
credit ratings remain unchanged.
COMPTONS OF WEYMOUTH: Brings In Liquidator from Mazars
------------------------------------------------------
Timothy Colin Hamilton Ball of Mazars LLP was appointed
liquidator of Comptons of Weymouth Ltd. on May 15, 2008, for the
creditors' voluntary winding-up procedure.
The liquidator can be reached at:
Mazars LLP
8 New Fields
2 Stinsford Road
Poole
BH17 0NF
England
DECO 11–UK: S&P Cuts Ratings on Three Note Classes; Off Watch
-------------------------------------------------------------
Standard & Poor's Rating Services has removed from CreditWatch
with negative implications and lowered its ratings on the class
D, E, and F notes issued by DECO 11 – UK Conduit 3 PLC. At the
same time, S&P has affirmed our ratings on the other classes in
the transaction.
The notes were initially placed on CreditWatch negative on May
16, 2008, after deterioration in the performance of two
underlying commercial loans, the Paladru loan, which has been
transferred into special servicing, and the Wildmoor Northpoint
loan.
S&P has lowered our rating on the class F notes due to immediate
concerns regarding a note default at the next interest payment
date. In our opinion, the issuer would be required to make a
drawing under the liquidity facility to cover the special
servicing fees. As the property securing the Paladru loan
has recently been revalued and the loan-to-value ratio is now
above the 90% threshold, the appraisal reduction mechanism has
been triggered. The issuer will therefore not be able to draw
the entire amount under the liquidity facility to meet interest
payments required and the balance will immediately shorten the
most junior class of notes.
Furthermore, S&P has medium-term concerns over the income-
producing and value-sustaining capability of the property
securing the Wildmoor loan given the recent decline in rental
income, resulting in our lowering of the ratings on the class D
and E notes.
Ratings List
DECO 11 - UK Conduit 3 PLC
GBP444.387 Million Commercial Mortgage-Backed Floating-Rate
Notes
Class To From
Ratings Removed From CreditWatch Negative and Lowered
D BBB- BBB/Watch Neg
E B BBB-/Watch Neg
F CCC- BB/Watch Neg
Ratings Affirmed
A-1A AAA
A-1B AAA
A-2 AAA
B AA
C A
DIRECT DISTRIBUTORS: Taps Joint Administrators from Baker Tilly
---------------------------------------------------------------
Graham Paul Bushby and Guy Edward Brooke Mander of Baker Tilly
Restructuring and Recovery LLP were appointed joint
administrators of Direct Distributors (Dynashape) Ltd. (Company
Number 00836876) on May 23, 2008.
Baker Tilly -- http://www.bakertilly.co.uk/-- provides auditing
and other services for mid-cap and smaller publicly listed
companies and private companies, particularly those expanding
into new foreign markets. Services include business and
financial planning, tax-related services, corporate finance,
litigation support, turnaround services, and technology
consulting.
The company can be reached at:
Direct Distributors (Dynashape) Ltd.
117 Station Road
Cradley Heath
West Midlands
B64 6PL
England
Tel: 0121 559 5931
Fax: 0121 561 5121
DORSET STREET: Moody's May Cut Ba1 Rating After Review
------------------------------------------------------
Moody's Investors Service placed EUR841 million of CDO tranches
issued by Oxford Street Finance Limited and Dorset Street
Finance Limited under review for possible downgrade.
These rating actions are a response to credit deterioration in
the underlying portfolios. The transactions, managed by KBC
Financial Products, all have underlying portfolios which consist
of corporate names, US RMBS, CMBS, and CDO of ABS among other
assets.
Moody's announced on Feb. 4, 2008 that it is revising its
expected loss assumptions which are used for surveillance of
ratings of ABS CDOs holding subprime RMBS, specifically of the
2006 vintage. Moody's stated that for purposes of monitoring
its ratings of ABS CDOs with exposure to 2006 subprime RMBS, it
will rely on certain projections of the lifetime average
cumulative losses for 2006's quarterly vintages of RMBS set
forth in a recent Moody's Special Report, "Moody's Updates Loss
Projections for 2006 Subprime Loans." This report illustrates
average loss results for the 2006 quarterly vintages under five
distinct loss projection scenarios. Moody's explained that it
will utilise the range of loss projections set forth in
Scenarios 2 and 3 based on deal performance and quarterly
vintage to modify its prior assumptions of the expected loss
inputs when monitoring ABS CDO ratings.
Moody's will continue to monitor all deals with exposure to US
subprime RMBS, and will take further actions in respect of all
CDOs placed under review for downgrade once the extent of actual
downgrades to US RMBS vintages becomes known.
These rating actions are:
Oxford Street Finance Limited:
(1) EUR80,000,000 Class A2 Floating Rate Credit-Linked Notes
-- Current Rating: Aaa, on review for downgrade
-- Prior Rating: Aaa
(2) EUR64,000,000 Class B Floating Rate Credit-Linked Notes
-- Current Rating: Aa1, on review for downgrade
-- Prior Rating: Aa1
(3) EUR43,000,000 Class C Floating Rate Credit-Linked Notes
-- Current Rating: Aa2, on review for downgrade
-- Prior Rating: Aa2
(4) EUR33,000,000 Class D Floating Rate Credit-Linked Notes
-- Current Rating: Aa3, on review for downgrade
-- Prior Rating: Aa3
(5) EUR28,000,000 Class E Floating Rate Credit-Linked Notes
-- Current Rating: A2, on review for downgrade
-- Prior Rating: A2
(6) EUR17,000,000 Class F Floating Rate Credit-Linked Notes
-- Current Rating: A3, on review for downgrade
-- Prior Rating: A3
(7) EUR16,000,000 Class G Floating Rate Credit-Linked Notes
-- Current Rating: Baa2, on review for downgrade
-- Prior Rating: Baa2
(8) EUR14,000,000 Class H Floating Rate Credit-Linked Notes
-- Current Rating: Ba1, on review for downgrade
-- Prior Rating: Ba1
Dorset Street Finance Limited:
(1) EUR45,000,000 Class A1 Floating Rate Credit-Linked Notes
-- Current Rating: Aaa, on review for downgrade
-- Prior Rating: Aaa
(2) EUR75,000,000 Class A2 Floating Rate Credit-Linked Notes
-- Current Rating: Aaa, on review for downgrade
-- Prior Rating: Aaa
(3) EUR98,250,000 Class B Floating Rate Credit-Linked Notes
-- Current Rating: Aa1, on review for downgrade
-- Prior Rating: Aa1
(4) EUR91,500,000 Class C Floating Rate Credit-Linked Notes
-- Current Rating: Aa2, on review for downgrade
-- Prior Rating: Aa2
(5) EUR75,000,000 Class D Floating Rate Credit-Linked Notes
-- Current Rating: Aa3, on review for downgrade
-- Prior Rating: Aa3
(6) EUR60,000,000 Class E Floating Rate Credit-Linked Notes
-- Current Rating: A2, on review for downgrade
-- Prior Rating: A2
(7) EUR37,500,000 Class F Floating Rate Credit-Linked Notes
-- Current Rating: A3, on review for downgrade
-- Prior Rating: A3
(8) EUR33,750,000 Class G Floating Rate Credit-Linked Notes
-- Current Rating: Baa2, on review for downgrade
-- Prior Rating: Baa2
(9) EUR30,000,000 Class H Floating Rate Credit-Linked Notes
-- Current Rating: Ba1, on review for downgrade
-- Prior Rating: Ba1
FENMARC PREPARED: Creditors' Meeting Slated for June 18
-------------------------------------------------------
Creditors of Fenmarc Prepared Foods Ltd. (Company Number
04292429) will meet at 11:00 a.m. on June 18, 2008, at:
Ramada Plaza Hotel
Ellice Way
Wrexham
LL13 7YH
Wales
Creditors who want to be represented at the meeting may appoint
proxies. Proxy forms must be submitted together with written
debt claims at noon on June 17, 2008, at:
Ian Brown
Joint Administrator
Deloitte & Touche LLP
1 City Square
Leeds
West Yorkshire
LS1 2AL
England
Deloitte & Touche LLP -- http://www.deloitte.com/-- provides
audit, tax, consulting and corporate finance services through
more than 9,000 people in 21 locations. The group is the United
Kingdom member firm of Deloitte Touche Tohmatsu, a Swiss Verein
whose member firms are separate and independent legal entities.
HURSTWOOD CONSTRUCTION: Put Into Administration by Parent
---------------------------------------------------------
Hurstwood Construction, a unit of the Hurstwood Group, has been
placed into administration, published reports say. Begbies
Traynor has been appointed as administrator.
Reports add that the move was a result of "funding problems" in
its Howard Town Mill project in Glossop, Derbyshire.
Hurstwood Group is a property developer.
IRON MOUNTAIN: Discloses Offering of US$300 Million Senior Notes
----------------------------------------------------------------
Iron Mountain Incorporated disclosed Monday a proposed public
offering of US$300 million in aggregate principal amount of
Senior Subordinated Notes due 2020.
The company intends to use the net proceeds from the offering
for the repayment of outstanding indebtedness under its
revolving credit facility, redemption of all its outstanding 8-
1/4% Senior Subordinated Notes due 2011, the possible repayment,
repurchase or retirement of other indebtedness and for general
corporate purposes, including possible future acquisitions and
investments. The exact terms and timing of the offering will
depend upon market conditions and other factors.
Iron Mountain is making the offering under a shelf registration
statement previously declared effective by the Securities and
Exchange Commission. This offering will be made solely by means
of a prospectus.
A copy of the prospectus supplement and related base prospectus
for the offering may be obtained on the SEC website at
http://www.sec.gov/
Alternatively, the underwriters will arrange to send you the
prospectus supplement and related base prospectus if you request
them by contacting J.P. Morgan Securities Inc. at 270 Park
Avenue, 8th Floor, New York, New York 10017, attention Syndicate
Desk.
About Iron Mountain
Iron Mountain Incorporated -- http://www.ironmountain.com/--
(NYSE: IRM) helps organizations around the world reduce the
costs and risks associated with information protection and
storage. The company offers comprehensive records management
and data protection solutions, along with the expertise and
experience to address complex information challenges such as
rising storage costs, litigation, regulatory compliance and
disaster recovery. Founded in 1951, Iron Mountain is a trusted
partner to more than 100,000 corporate clients throughout North
America, Europe, Latin America and Asia Pacific.
* * *
As reported in the Troubled Company Reporter Europe on June 3,
2008, Standard & Poor's Ratings Services assigned an issue and
recovery rating to Iron Mountain Inc.'s US$300 million
subordinated notes due 2020. The debt was assigned an issue-
level rating of 'B+' (one notch below the 'BB-' corporate credit
rating on Iron Mountain), and a recovery rating of '5',
indicating our expectation of modest (10% to 30%) recovery in
the event of a payment default.
LOGAN CDO: Moody's Junks Ratings on Six Note Classes
----------------------------------------------------
Moody's Investors Service downgraded six classes of notes issued
by Logan CDO III Limited and a related Royal Bank of Canada
(London Branch) super senior swap. The super senior swap rating
remains on review for further downgrade. These rating actions
are a response to a credit deterioration in the underlying
portfolio. This transaction is a managed synthetic CDO
referencing approximately 46% CDOs of high yield exposures, 28%
of CDOs of ABS and 20% of US RMBS. The portfolio contains the
2005, 2006, and 2007 vintages.
Moody's announced on Feb. 4, 2008 that it is revising its
expected loss assumptions which are used for surveillance of
ratings of ABS CDOs holding subprime RMBS, specifically of the
2006 vintage. Moody's stated that for purposes of monitoring
its ratings of ABS CDOs with exposure to 2006 subprime RMBS, it
will rely on certain projections of the lifetime average
cumulative losses for 2006's quarterly vintages of RMBS set
forth in a recent Moody's Special Report, "Moody's Updates Loss
Projections for 2006 Subprime Loans." This report illustrates
average loss results for the 2006 quarterly vintages under five
distinct loss projection scenarios. Moody's explained that it
will utilise the range of loss projections set forth in
Scenarios 2 and 3 based on deal performance and quarterly
vintage to modify its prior assumptions of the expected loss
inputs when monitoring ABS CDO ratings.
Moody's will continue to monitor all deals with exposure to US
subprime RMBS and ABS CDOs, and will take further actions in
respect of all CDOs placed under review for downgrade once the
extent of actual downgrades to US RMBS and ABS CDO vintages
becomes known.
These rating actions are:
Issuer: Logan CDO III Limited:
(1) US$108,500,000 Class A-1 Floating Rate Credit Linked
Secured Notes due 2057
-- Current Rating: Ca
-- Prior Rating: A3, on review for downgrade
(2) US$41,782,398 Class A-2A Floating Rate Credit Linked
Secured Notes due 2057
-- Current Rating: C
-- Prior Rating: B3, on review for downgrade
(3) JPY1,000,000,000 Class A-2B Floating Rate Credit Linked
Secured Notes due 2057
-- Current Rating: C
-- Prior Rating: B3, on review for downgrade
(4) US$19,250,000 Class B Floating Rate Credit Linked Secured
Notes due 2057
-- Current Rating: C
-- Prior Rating: Caa3, on review for downgrade
(5) US$6,000,000 Class C-1A Floating Rate Credit Linked
Secured Notes due 2057
-- Current Rating: C
-- Prior Rating: Ca, on review for downgrade
(6) US$8,500,000 Class C-1B Fixed up to Year 8 then Floating
Rate Credit Linked Secured Notes due 2057
-- Current Rating: C
-- Prior Rating: Ca, on review for downgrade
The Royal Bank of Canada (London Branch) super senior swap
referencing portfolio of Logan CDO III Limited
(1) US$1,275,000,000 Super Senior Swap
-- Current Rating: Ba2, on review for downgrade
-- Prior Rating: Aaa, on review for downgrade
MULTIPLE FOODS: Taps Liquidators from BDO Stoy Hayward
------------------------------------------------------
David Harry Gilbert and Geoffrey Stuart Kinlan of BDO Stoy
Hayward LLP were appointed joint liquidators of Multiple Foods
Ltd. on May 21, 2008, for the creditors' voluntary winding-up
proceeding.
The joint liquidators can be reached at:
BDO Stoy Hayward LLP
35 Ballards Lane
London
N3 1XW
England
PROFILE BODYWEAR: Appoints Joint Administrators from KPMG
---------------------------------------------------------
Howard Smith and Richard Dixon Fleming of KPMG LLP were
appointed joint administrators of Profile Bodywear Ltd. (Company
Number 03679826) on May 23, 2008.
KPMG LLP -- http://www.kpmg.co.uk/-- offers accounting, audit,
and tax-related services to customers in such target industries
as banking, media and entertainment, consumer products, health
care providers, insurance, and pharmaceuticals.
The company can be reached at:
Profile Bodywear Ltd.
Unit M
Brunel Road
Wakefield
West Yorkshire
WF2 0XG
England
Tel: 0192 482 2228
Fax: 0113 204 9888
SILVERJET PLC: Ceases Operations Effective May 30
-------------------------------------------------
Silverjet PLC CEO Lawrence Hunt said that as a result of the
company's failure to secure financing, it has ceased operations
effective May 30, 2008. The company, Mr. Hunt adds, will also
not honor flight reservations.
As previously reported in the Troubled Company Reporter-Europe,
Silverjet's said that its working capital reserves were limited
and advances under the Loan Facility were required as a matter
of urgency.
Silverjet had entered into a proposed subscription agreement
with Viceroy Holdings LLC. However, as of May 23, 2008,
Silverjet had yet to receive the proceeds of the US$5 million
drawdown request made under its loan facility with Viceroy.
Silverjet plc -- http://www.flysilverjet.com/-- (LON:SIL) is a
British airline that currently flies between London and New
York and London and Dubai.
SILVERJET PLC: Begbies Traynor Appointed as Administrators
----------------------------------------------------------
Nigel Atkinson and Mark Fry of Begbies Traynor have been
appointed as joint administrators and are speaking to interested
parties with the aim of achieving a sale of the business. The
administrators invite any other interested parties to contact
them urgently.
Silverjet, the AIM-listed airline operator, was placed into
administration having announced on May 23, 2008 that it had yet
to receive the proceeds of the US$5.0 million drawdown request
made under its loan facility with Viceroy Holdings LLC. The
company also said that its working capital reserves were limited
and that advances under the loan facility were required as a
matter of urgency. Since that time, Silverjet has not received
any further sums from Viceroy.
Mark Fry, Partner, Begbies Traynor, commented:
"A number of interested parties have already been in contact,
ahead of our appointment as administrators, and we are confident
of achieving a sale given the attractions of the Company.
Silverjet’s increasingly strong operational performance, award-
winning customer service, and positioning as the last business
class only transatlantic airline operator, underpin its
potential given adequate funding."
Silverjet plc -- http://www.flysilverjet.com/-- (LON:SIL) is a
British airline that currently flies between London and New
York and London and Dubai.
Digital revenue increased 48% year-over-year to $164 million or
21% of total revenue
Company acts to increase financial flexibility
• Total revenue of US$800 million increased 2% from US$784
million in the prior-year quarter, and declined nearly 4% on a
constant-currency basis.
• Digital revenue was US$164 million, or 21% of total revenue,
up 16% sequentially from US$141 million in the first quarter of
fiscal 2008 and up 48% from US$111 million in the prior-year
quarter.
• Operating income from continuing operations increased 47% to
US$28 million from US$19 million in the prior-year quarter. The
prior-year quarter included US$16 million of restructuring-
related charges in connection with the company’s fiscal 2007
realignment initiatives.
• Operating income before depreciation and amortization (OIBDA)
from continuing operations grew 20% to US$96 million from US$80
million in the prior-year quarter, which included the US$16
million in restructuring-related charges.
• Loss from continuing operations of US$0.23 per diluted share
increased from a loss of US$0.19 per diluted share in the prior-
year quarter.
SUNNYSIDE HOLIDAY: Creditors' Meeting Slated for June 5
-------------------------------------------------------
Creditors of Sunnyside Holiday Park Ltd. (Company Number
02701449) will meet at 11:00 a.m. on June 5, 2008, at:
Begbies Traynor
Balliol House
Southernhay Gardens
Exeter
EX1 1NP
England
Creditors who want to be represented at the meeting may appoint
proxies. Proxy forms must be submitted together with written
debt claims at noon on June 4, 2008, at:
I E Walker
Joint Administrator
Begbies Traynor
Balliol House
Southernhay Gardens
Exeter
EX1 1NP
England
Begbies Traynor -- http://www.begbies.com/-- assists companies,
creditors, financial institutions and individuals on all aspects
of financial restructuring and corporate recovery.
SUTTONS HORTICULTURE: Appoints Liquidators from BDO Stoy Hayward
----------------------------------------------------------------
William John Turner and Geoffrey Stuart Kinlan of BDO Stoy
Hayward were appointed joint liquidators of Suttons Horticulture
Ltd. (formerly Church Farm Nurseries Ltd.) on May 19, 2008, for
the creditors' voluntary winding-up proceeding.
The joint liquidators can be reached at:
BDO Stoy Hayward
Prospect Place
85 Great North Road
Hatfield
Hertfordshire
AL9 5BS
England
TATA MOTORS: Moody's Cuts Rating to Ba2 on JLR Acquisition
----------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of Tata Motors Ltd to Ba2 from Ba1 following the
announcement that it has completed the acquisition of Jaguar
Land Rover. This rating action completes the rating review
initiated in January 2008 when TML was named the preferred buyer
for the JLR brands. The rating outlook is negative.
"The rating change reflects the considerable challenges that TML
will face in successfully integrating such a large operation,
which only recently turned profitable, and the immediate impact
on TML's financial profile," says Chris Park, a Moody's
VP/Senior Analyst. "At the same time, TML's future consolidated
performance will be predicated on whether JLR can both sustain
its improved profitability and contribute positively to TML,"
says Park.
The Ba2 rating continues to be underpinned by the strong market
position that TML commands in the commercial vehicle business
and in the low- and mid-end passenger vehicle segments in the
fast-growing Indian market. It maintains high historical EBIT
margin, averaging over 10%, and compares favorably with its
global peers.
However, the acquisition of JLR will expose it to new product
categories as well as to broader geographies, areas in which TML
has limited experience. This acquisition also comes at a time
when there is intense competition and rising cost pressure in
TML's domestic market. Furthermore, there are inherent
challenges with any major M&A transactions. This deal therefore
raises the immediate business risk profile of TML.
In the long term this acquisition could elevate TML's status
from a major Indian player to a global automobile manufacturer,
enlarge its operating scale, provide access to long-established
brands, improve its technology base, and broaden its product
range. Nonetheless, the uncertainty in the near to medium term
is high.
The US$3 billion bridge loan is expected to be refinanced by up
to US$2.2 billion of equity and equity-linked instrument,
whereas it was US$1 billion previously. The successful
completion of this exercise could result in a more conservative
capital structure and lower gearing. The higher equity base and
lower debt level will allow the company to better withstand
uncertainties related to the integration of JLR and its future
performance, as well as TML's challenges in the domestic market.
In view of the expansion and investment plan for TML and
contingent requirements for JLR, the overall debt requirements
will nevertheless high. Moody's notes in this context that
support for the rating at the Ba2 level comes from an
expectation that TML will retain strong access to the Indian
banking system as part of the broader Tata group.
The rating outlook is negative reflecting the refinancing risk
faced by TML for the bridge loans for the JLR acquisition, its
weaker financial profile, the integration risks it faces and the
uncertainty of JLR's performance under its new owner and amidst
the slowing down of car sales in the US and European markets."
The rating could revert to stable if the US$3 billion bridge
loan is successfully reduced by the planned US$2.2 billion of
equity issuance on terms that make these instruments
predominantly equity like in nature and if appropriate long term
debt funding for the remainder of the bridge loan is obtained.
This would also depend on the operating performance of JLR or
TML in the Indian domestic market being in line with
expectations with no obvious deterioration occurring especially
at JLR.
The rating would experience downward pressure if TML faces major
disappointments in product launches and expansion; if it
undertakes further aggressive capex and/or overseas expansion
plans; if there is a material deterioration in the Indian motor
industry's fundamentals and/or contribution from JLR . Financial
indicators that Moody's would consider for a downgrade include
consolidated Debt/EBITDA exceeding 4.5x on a sustainable basis.
A failure to effectively term out the bridge loan could also
create negative rating pressure.
Tata Motors Ltd, incorporated in 1945, is India's largest
manufacturer of commercial vehicles and second largest
manufacturer of passenger vehicles. Its products include light,
medium and heavy commercial vehicles (trucks, pick-ups and
buses), utility vehicles and cars. TML is listed on the Bombay
Stock Exchange, the National Stock Exchange of India and New
York Stock Exchange. It was ultimately 33.4% owned by the Tata
Group as of December 2007.
UKLI LTD: Administrators Advise Investors to Seek Refund
--------------------------------------------------------
Joint administrators of UKLI Ltd. gave an update and advised
investors to return the land they bought from the company and
seek refund.
Lee Manning, joint administrator from Deloitte, commented, "We
have written to around 4,500 investors who bought land from UKLI
to advise them of their rights to return the land to the company
and to seek a refund from it, to the extent that funds are
available. The letter also gives further information on what
will happen next. We will be inviting all investors with UKLI
to a creditors meeting in due course."
Lee Manning and Carlton Siddle of Deloitte & Touche LLP were
appointed joint administrators of the company on April 22, 2008.
UKLI was involved in 'landbanking', the purchase of large areas
of undeveloped land which were then subdivided into plots and
sold on to private investors, with UKLI retaining some of the
land itself. UKLI would then seek to gain planning permission
on the sites although, to date, planning permission has not been
obtained on any site.
The circumstances leading to the administration followed a
petition to wind the Company up by the Financial Services
Authority, on the grounds of public interest as UKLI had
operated as a collective investment scheme without FSA
authorization.
At the time of the administration, the company employed 80
staff, mainly engaged in selling land, who have since been made
redundant.
Deloitte & Touche LLP -- http://www.deloitte.com/-- provides
audit, tax, consulting and corporate finance services through
more than 9,000 people in 21 locations. The group is the United
Kingdom member firm of Deloitte Touche Tohmatsu, a Swiss Verein
whose member firms are separate and independent legal entities.
ULTRA SIGNS: Hires Liquidators from BDO Stoy Hayward
----------------------------------------------------
Geoffrey Stuart Kinlan and William John Turner of BDO Stoy
Hayward were appointed joint liquidators of Ultra Signs Ltd. on
May 21, 2008, for the creditors' voluntary winding-up
proceeding.
The joint liquidators can be reached at:
BDO Stoy Hayward
Prospect Place
85 Great North Road
Hatfield
Hertfordshire
AL9 5BS
England
V B INTERIORS: Calls In Liquidators from Tenon Recovery
-------------------------------------------------------
Nigel Ian Fox and Stanley Donald Burkett-Coltman of Tenon
Recovery were appointed joint liquidators of V B Interiors Ltd.
on May 16, 2008, for the creditors' voluntary winding-up
proceeding.
The joint liquidators can be reached at:
Tenon Recovery
Highfield Court
Tollgate
Chandlers Ford
Eastleigh
Hampshire
SO53 3TZ
England
* S&P Takes Credit Rating Actions on 153 European Synthetic CDOs
----------------------------------------------------------------
Standard & Poor's Ratings Services has taken credit rating
actions on 153 European synthetic collateralized debt obligation
tranches.
Specifically, the ratings on:
-- 122 tranches were removed from CreditWatch with negative
implications and lowered;
-- One tranche was lowered;
-- One tranche was lowered and placed on CreditWatch
negative;
-- 28 tranches were lowered and remain on CreditWatch
negative;
-- One tranche was raised.
Of the 152 tranches lowered:
-- 39 reference U.S. residential mortgage-backed mortgages
and U.S. CDOs that are exposed to U.S. RMBS, which have
experienced recent negative rating actions; and
-- 113 have experienced corporate downgrades in their
portfolios.
Rating Action Summary
Downgrades Upgrades Key corporate
(no. of (no. of downgrades*
tranches) tranches)
Oct-07 28 13 Alliance Boots Ltd.
(B-/Negative to NR)
Oct. 4, 2007
TXU Corp.
(BB/Watch Neg to B-/Stable)
Oct. 9, 2007
Nov-07 48 15
Dec-07 39 6 Quebecor World Inc.
(B-/Watch Neg to CCC/Watch Neg)
Dec. 18, 2007
ACA Financial Guaranty Corp.
(A/Watch Neg to CCC/Watch Dev)
Dec. 19, 2007
Jan-08 57 8 United Parcel Service Inc.
(AAA/Watch Neg to AA-/Stable)
Jan. 9, 2008
Quebecor World Inc.
(CCC/Watch Neg to D)
Jan. 16, 2008
Feb-08 90 9 GMAC LLC
(BB+/Negative to B+/Negative)
Feb. 22, 2008
Residential Capital, LLC
(BB+/Negative to B/Negative)
Feb. 22, 2008
Mar-08 79 2 FGIC Corp.
(BBB/Watch Neg to B/Negative)
March 28, 2008
FGIC UK Ltd.
(A/Watch Neg to BB/Negative)
March 28, 2008
Apr-08 118 9 Royal Caribbean Cruises Ltd.
(BBB-/Negative to BB+/Stable)
April 3, 2008
Residential Capital, LLC
(B/Negative to CCC+/Watch Neg)
April 24, 2008
May-08 152 1 Countrywide Home Loans, Inc.
(BBB+/Watch Pos to BB+/Watch Dev)
May 2, 2008
Residential Capital, LLC
(CCC+/Watch Neg to CC/Watch Neg)
May 2, 2008
*Those corporate names that have experienced a significant notch
downgrade as well as being highly referenced within European
synthetic CDOs. NR—Not rated.
For those transactions that have been on CreditWatch negative
for longer than 90 days, where we have either not received
material levels of information or relative portfolio credit
quality has not improved since the CreditWatch placement to a
level sufficient to affirm the rating, we have modeled recovery
rates in accordance with our criteria and assessed portfolio
quality based on its credit quality today.
These rating actions and the CreditWatch updates follow two
reviews. The first review was of the CreditWatch placements
made on May 15, 2008. The second review was of the ratings on
tranches that have been on CreditWatch negative for more than 90
days.
Where SROC (synthetic rated overcollateralization) is less than
100%, scenarios are run that project the current portfolio 90
days into the future, assuming no asset rating migration. Where
this projection indicates that the SROC would return to a level
above 100% at that time, the rating is maintained, but placed on
CreditWatch negative. If, on the other hand, the projection
indicates that the SROC would remain below 100%, the rating is
immediately lowered.
Ratings List
Class (where applicable)
To From Rating SROC Projected
scenario today 90 day+
(%) SROC(%)
ABN AMRO Bank N.V.
EUR100 million Rente Plus notes 5
A- A/Watch Neg A 99.8684 99.9475
A- 100.6550 100.7881
Aldersgate Finance Ltd.
EUR249.5 million floating-rate credit-linked notes
A
AA AA+/Watch Neg AA+ 99.1796 99.3893
AA 100.4439 100.6784
B
A/Watch Neg A+ A+ 99.5477 99.7377
A 99.8980 100.0364
C
BBB- BBB+/Watch Neg BBB+ 99.2311 99.3775
BBB 99.7171 99.8169
BBB- 100.4760 100.5837
D
BB+ BBB-/Watch Neg BBB- 99.7955 99.9025
BB+ 100.7680 100.8640
F
BB BB+/Watch Neg BB+ 99.7661 99.8611
BB 100.2541 100.3440
Aphex Capital PLC
EUR15 million SENWAI secured callable portfolio credit-linked
floating-rate
notes series 2006-31
BBB+ A-/Watch Neg A- 89.5188 94.6887
BBB+ 100.0057 105.3086
Aphex Capital PLC
EUR55 million SENWAI secured callable portfolio credit-linked
floating-rate
notes series 2006-32
BBB+ A-/Watch Neg A- 93.7154 99.0589
BBB+ 104.7926 110.1578
Aphex Capital PLC
EUR30 million SENWAI secured callable portfolio credit-linked
floating-rate
notes series 2006-33
AA-/Watch Neg AA/Watch Neg AA 91.6114 97.9561
AA- 95.7916 102.1747
Aphex Capital PLC
EUR80 million Fatou secured callable portfolio credit-linked
floating-rate notes
series 37
BBB BBB+/Watch Neg BBB+ 94.9114 99.7219
BBB 106.4467 111.0460
Arch One Finance Ltd.
EUR5 million secured floating-rate notes series 2006-3
CCC+ B/Watch Neg B 99.4977 99.5846
B- 99.8197 99.8973
CCC+ 100.5204 100.5985
Argon Capital PLC
US$36 million limited-recourse secured credit-linked floating-
rate notes series
61
CCC- BB+/Watch Neg BB+ 96.0540 96.0540
BB 96.5918 96.5918
BB- 97.0593 97.0593
B+ 97.4056 97.4056
B 97.8612 97.8612
B- 98.3736 98.3736
CCC+ 99.1090 99.1090
CCC 99.4762 99.4762
CCC- 99.7263 99.7263
Argon Capital PLC
US$12.6 million limited-recourse secured credit-linked floating-
rate notes
series 62
CCC- BB-/Watch Neg BB- 95.9977 95.9977
B+ 96.3402 96.3402
B 96.7908 96.7908
B- 97.2977 97.2977
CCC+ 98.0250 98.0250
CCC 98.3882 98.3882
CCC- 98.6356 98.6356
ARLO Ltd.
EUR50 million secured limited-recourse extendible credit-linked
notes series
2006 (Madrid CSO)
BBB BBB+/Watch Neg BBB+ 99.7102 99.8184
BBB 100.1189 100.2259
ARLO Ltd.
EUR50 million secured limited-recourse extendible credit-linked
notes series
2006 (Valencia CSO)
BBB BBB+/Watch Neg BBB+ 99.7054 99.8134
BBB 100.1207 100.2320
ARLO Ltd.
EUR50 million secured limited-recourse extendible credit-linked
notes series
2006 (Seville CSO)
BBB BBB+/Watch Neg BBB+ 99.7387 99.8478
BBB 100.1530 100.2584
Arosa Funding Ltd.
US$25.9 million secured floating-rate credit-linked notes series
2006-5
BBB- BBB+/Watch Neg BBB+ 99.4675 99.6455
BBB 99.8222 99.9854
BBB- 100.4766 100.6239
Asset Repackaging Trust Six B.V.
EUR25 million floating-rate portfolio credit-linked secured
notes series 3
A/Watch Neg AA/Watch Neg AA 99.5418 99.6546
AA- 99.7089 99.8238
A+ 99.8661 99.9757
A 99.9944 100.0992
Asset Repackaging Trust Six B.V.
EUR5 million floating-rate portfolio credit-linked secured notes
series 5
AA AA+/Watch Neg AA+ 99.8363 99.9441
AA 100.2242 100.3378
Astir B.V.
EUR150 million and EUR100 million TAP issuance floating-rate
variable coupon
amount credit-linked notes series 14 (Regatta)
A+/Watch Neg AA/Watch Neg AA 99.7187 99.8224
AA- 99.8455 99.9391
A+ 99.9623 100.0510
Astir B.V.
EUR10 million fixed-rate variable coupon amount credit-linked
notes series 15 (Regatta)
A+/Watch Neg AA/Watch Neg AA 99.7187 99.8224
AA- 99.8455 99.9391
A+ 99.9623 100.0510
Calyon and Citibank N.A.
US$5 million tranche C unfunded credit default swap (Piccadilly
II)
BBBsrp/Watch Neg BBB+srp/Watch Neg BBB+ 99.5025 99.5938
BBB 99.9145 100.0002
Cerigo Capital Ltd.
EUR49 million and US$1 million denominated secured floating-rate
credit-linked notes series 2007-1 (Dolomite)
A-e1
AA-/Watch Neg AA+/Watch Neg AA+ 99.2803 99.3963
AA 99.7451 99.8582
AA- 99.9373 100.0505
Cerigo Capital Ltd.
EUR49 million and US$1 million denominated secured floating-rate
credit-linked notes series 2007-1 (Dolomite)
B-e1
BBB+ A+/Watch Neg A+ 99.4232 99.5315
A 99.5932 99.6951
A- 99.8739 99.9927
BBB+ 100.2658 100.3717
Chiswell Street Finance Ltd.
EUR135.5 million floating-rate credit-linked notes
A
A- A+/Watch Neg A+ 99.1364 99.2854
A 99.5952 99.7191
A- 100.1209 100.1854
B
BBB- BBB+/Watch Neg BBB+ 99.2703 99.3257
BBB 99.8173 99.8820
BBB- 100.6606 100.7575
D
BB BB+/Watch Neg BB+ 99.5033 99.5742
BB 100.0276 100.1014
E
B+ BB/Watch Neg BB 99.5401 99.6136
BB- 99.8212 99.8835
B+ 100.2080 100.2822
F
B BB-/Watch Neg BB- 99.4593 99.5214
B+ 99.8447 99.9186
B 100.3492 100.4332
Claris III Ltd.
EUR100 million floating-rate credit-linked notes series 09/2007
A-/Watch Neg AA-/Watch Neg AA- 99.4548 99.5557
A+ 99.5995 99.6964
A 99.7195 99.8148
A- 99.9272 100.0237
Claris III Ltd.
GBP25 million zero coupon credit-linked notes series 10/2007
BBB+ A/Watch Neg A 99.5881 99.6847
A- 99.8594 99.9517
BBB+ 100.1715 100.2642
Cloverie PLC
US$80 million class B secured portfolio-linked floating-rate
notes series 2007-32
B
B+ AAA/Watch Neg AAA 91.9846 91.9846
AA+ 93.1016 93.1016
AA 94.2206 94.2206
AA- 94.5437 94.5437
A+ 95.5428 95.5428
A 95.7731 95.7731
A- 96.1790 96.1790
BBB+ 97.1902 97.1902
BBB 97.6316 97.6316
BBB- 98.2362 98.2362
BB+ 98.5483 98.5483
BB 99.0712 99.0712
BB- 99.6846 99.6846
B+ 100.3347 100.3347
Cloverie PLC
US$20 million class C secured portfolio-linked floating-rate
notes series 2007-33 C
B- AA/Watch Neg AA 93.2795 93.2795
AA- 93.4781 93.4781
A+ 94.4062 94.4062
A 94.5789 94.5789
A- 94.9053 94.9053
BBB+ 95.8944 95.8944
BBB 96.2978 96.2978
BBB- 96.8555 96.8555
BB+ 97.1731 97.1731
BB 97.6595 97.6595
BB- 98.2456 98.2456
B+ 98.8626 98.8626
B 99.5696 99.5696
B- 100.4280 100.4280
Coriolanus Ltd.
US$5 million class B secured floating-rate notes series 69 B
BBB- BBB+/Watch Neg BBB+ 95.9272 96.1069
BBB 98.5862 98.7893
BBB- 103.3117 103.5176
Corsair (Jersey) No. 2 Ltd.
EUR43 million floating-rate secured portfolio credit-linked
notes series 82
A+/Watch Neg AA/Watch Neg AA 99.4226 99.5476
AA- 99.6843 99.8021
A+ 99.9211 100.0217
Corsair (Jersey) No. 2 Ltd.
SEK172 million fixed-rate secured portfolio credit-linked notes
series 83
BBB+ AAA/Watch Neg AAA 98.9367 98.6645
AA+ 99.1440 98.8641
AA 99.3708 99.0957
AA- 99.5270 99.2470
A+ 99.6552 99.3815
A 99.7733 99.5045
A- 99.9539 99.6831
BBB+ 100.1496 99.8830
Corsair (Jersey) No. 2 Ltd.
EUR25 million floating-rate secured portfolio credit-linked
notes series 95
BBB- BBB/Watch Neg BBB 99.8119 99.8906
BBB- 100.7823 100.8018
Corsair Finance (Ireland) No. 4 Ltd.
EUR25 million floating-rate secured portfolio credit-linked
notes series 6
AA-/Watch Neg AA/Watch Neg AA 90.7877 98.1756
AA- 98.1852 106.1037
Corsair Finance (Ireland) No. 4 Ltd.
EUR25 million floating-rate secured portfolio credit-linked
notes series 7
A+/Watch Neg AA-/Watch Neg AA- 86.5128 93.4900
A+ 93.1770 100.3073
Corsair Finance (Ireland) No. 4 Ltd.
EUR25 million floating-rate secured portfolio credit-linked
notes series 8
A-/Watch Neg A/Watch Neg A 88.3336 94.9388
A- 97.6766 104.1963
Corsair Finance (Ireland) No. 6 Ltd.
EUR30 million rotating SPI basket variable-rate secured
portfolio credit-linked notes series 11
BBB- BBBpNRi/Watch Neg BBB 99.5750 99.7406
BBB- 100.5576 100.7131
Corsair Finance (Ireland) No. 6 Ltd.
EUR15 million floating-rate secured portfolio credit-linked
notes series 20
AA- AA/Watch Neg AA 99.8701 99.9952
AA- 100.0517 100.1816
C.L.E.A.R. PLC
JPY1 billion limited-recourse secured credit-linked variable-
rate notes series 35 (Aramis)
CCC+ B-/Watch Neg B- 99.6959 99.6938
CCC+ 102.6166 102.6128
C.L.E.A.R. PLC
AUS$5 million limited-recourse secured credit-linked variable-
rate notes series 40 (Aramis)
B B+/Watch Neg B+ 99.4531 99.4430
B 100.7920 100.7920
Deutsche Bank AG and Deutsche Securities Inc.
US$150 million floating-rate unfunded credit default swap (Tsar
16 portfolio) A-2
BBB- BBB+/Watch Neg BBB+ 98.3097 98.3954
BBB 99.3088 99.4173
BBB- 101.1314 101.2731
Eirles Two Ltd.
US$37.2 million variable rate secured notes series 143
BB+ BBB-/Watch Neg BBB- 99.7929 99.8068
BB+ 100.4420 100.4420
Eirles Two Ltd.
EUR50 million floating-rate portfolio credit-linked secured
notes series 152
BB+ BBB-/Watch Neg BBB- 97.2884 97.2884
BB+ 102.3230 102.3230
Eirles Two Ltd.
EUR21 million variable-rate secured notes series 160
A- A/Watch Neg A 99.5447 99.5662
A- 100.0738 100.0539
Eirles Two Ltd.
US$10 million floating-rate credit-linked secured notes series
168
BBB A-/Watch Neg A- 94.2868 94.2868
BBB+ 99.8291 99.8291
BBB 102.7669 102.7669
Eirles Two Ltd.
US$50 million variable-rate secured notes (Builder CDO 2004-1)
series 218
BBB AAA/Watch Neg AAA 95.2391 95.2895
AA+ 96.3984 96.4405
AA 96.9876 97.0280
AA- 97.3550 97.4059
A+ 98.3001 98.3426
A 98.5786 98.6110
A- 98.9955 99.0296
BBB+ 99.8371 99.8618
BBB 100.4243 100.4647
Eirles Two Ltd.
EUR50 million floating-rate credit-linked secured notes series
222 B
BBB A/Watch Neg A 91.3834 91.3834
A- 93.7456 93.7456
BBB+ 98.8267 98.8267
BBB 101.9337 101.9337
Eirles Two Ltd.
US$20 million secured floating-rate portfolio credit-linked
notes series 236
BBB A/Watch Neg A 90.5594 91.1888
A- 93.0969 93.2068
BBB+ 98.2118 98.5714
BBB 101.5584 101.9181
Eirles Two Ltd.
US$15 million floating-rate portfolio credit-linked secured
notes series 260
BBB+ A-/Watch Neg A- 99.8836 99.9583
BBB+ 100.1846 100.2699
Eirles Two Ltd.
US$16.5 million class B variable-rate secured notes series 269B
B- BB-/Watch Neg BB- 98.9339 99.0047
B+ 99.2883 99.3419
B 99.6846 99.6846
B- 100.3159 100.3739
Eirles Two Ltd.
US$7.5 million class D variable-rate secured notes series 271D
CCC- CCC/Watch Neg CCC 99.8023 99.8205
CCC- 100.2971 100.2971
Eirles Two Ltd.
US$55 million floating-rate portfolio credit-linked secured
notes series 273
BB BBB-/Watch Neg BBB- 96.9912 97.1813
BB+ 99.2090 99.4022
BB 101.5014 101.7189
Eirles Two Ltd.
US$25 million floating-rate portfolio credit-linked secured
notes series 274
B+ BB/Watch Neg BB 96.0047 96.0047
BB- 98.1274 98.1274
B+ 100.4464 100.4464
Eirles Two Ltd.
US$24 million class B variable-rate secured notes series 292
CCC CCC+/Watch Neg CCC+ 99.6428 99.6428
CCC 100.6341 100.6341
Eirles Two Ltd.
EUR14.1 million class B variable-rate secured notes series 297
B- AAA/Watch Neg AAA 87.6262 87.6990
AA+ 88.6176 88.6905
AA 89.6246 89.6887
AA- 90.0976 90.1538
A+ 90.7489 90.8245
A 91.0992 91.1728
A- 91.6801 91.7555
BBB+ 92.5673 92.6453
BBB 93.5319 93.6335
BBB- 95.2265 95.3544
BB+ 95.9466 96.0719
BB 96.9282 97.0382
BB- 97.7892 97.8858
B+ 98.6194 98.6961
B 99.4451 99.5180
B- 100.5065 100.5735
Eirles Two Ltd.
US$150 million floating-rate portfolio credit-linked notes
series 300
CCC CCC+/Watch Neg CCC+ 97.2917 97.4117
CCC 101.9917 102.0833
Eirles Two Ltd.
US$16 million variable-rate secured notes series 305 A-2
AA AAA/Watch Neg AAA 98.2318 98.1892
AA+ 99.4439 99.4108
AA 100.7822 100.7785
Eirles Two Ltd.
US$17 million variable-rate secured notes series 306 A-3
BBB AA+/Watch Neg AA+ 95.1667 95.1351
AA 96.4474 96.4439
AA- 97.0311 97.0313
A+ 97.6653 97.6664
A 98.0895 98.0967
A- 98.7712 98.7899
BBB+ 99.6000 99.6475
BBB 100.4920 100.5208
Eirles Two Ltd.
US$17 million variable-rate secured notes series 307
A-4
BB- BBB-/Watch Neg BBB- 98.6249 98.6868
BB+ 99.0173 99.0584
BB 99.5891 99.6497
BB- 100.0677 100.1393
Eirles Two Ltd.
JPY3.7 billion variable-rate secured notes series 317 A-4
BB- BBB-/Watch Neg BBB- 98.6249 98.6868
BB+ 99.0173 99.0584
BB 99.5891 99.6497
BB- 100.0677 100.1393
Eirles Two Ltd.
US$66 million floating-rate leveraged super senior secured
credit-linked notes series 331
AA- AA+/Watch Neg AA+ 95.2778 95.2778
AA 99.0833 99.0833
AA- 100.9861 100.9861
Eirles Two Ltd.
EUR25 million floating-rate leveraged super senior secured
credit-linked notes series 332
A+ AA+/Watch Neg AA+ 94.9733 94.9733
AA 96.8000 96.8000
AA- 98.6267 98.6267
A+ 102.6133 102.6133
Eirles Two Ltd.
EUR50 million floating-rate leveraged super senior secured
credit-linked notes series 333
A+ AA+/Watch Neg AA+ 94.9733 94.9733
AA 96.8000 96.8000
AA- 98.6267 98.6267
A+ 102.6133 102.6133
Eirles Two Ltd.
EUR75 million floating-rate leveraged super senior secured
credit-linked notes series 334
A+ AA+/Watch Neg AA+ 94.9733 94.9733
AA 96.8000 96.8000
AA- 98.6267 98.6267
A+ 102.6133 102.6133
Far East Funding I SPC Ltd.
US$20 million deferrable notes series 2007-01
BBB+ A/Watch Neg A 99.5748 99.5962
A- 99.8111 99.8358
BBB+ 100.1241 100.1572
Far East Funding I SPC Ltd.
US$50 million deferrable notes series 2007-06
A- AA-/Watch Neg AA- 99.6515 99.6684
A+ 99.8021 99.8247
A 99.9360 99.9575
A- 100.1732 100.1980
Far East Funding I SPC Ltd.
US$10 million deferrable notes series 2007-07
A AA-/Watch Neg AA- 99.8170 99.8340
A+ 99.9679 99.9906
A 100.1020 100.1235
Far East Funding I SPC Ltd.
US$0.01 million deferrable notes series 2007-08
AA AAA/Watch Neg AAA 99.6963 99.7438
AA+ 99.9560 99.9908
AA 100.3387 100.3630
Far East Funding I SPC Ltd.
US$24 million deferrable notes series 2007-09
BBB+ A/Watch Neg A 99.5748 99.5962
A- 99.8111 99.8358
BBB+ 100.1241 100.1572
Far East Funding I SPC Ltd.
JPY500 million deferrable note series 2007-11
A AA-/Watch Neg AA- 99.7318 99.7753
A+ 99.8895 99.9257
A 100.0209 100.0600
Far East Funding I SPC Ltd.
JPY1.5 billion deferrable notes series 2007-13
A AA-/Watch Neg AA- 99.7318 99.7753
A+ 99.8895 99.9257
A 100.0209 100.0600
Far East Funding I SPC Ltd.
JPY1.5 billion deferrable notes series 2007-14
BBB+ A/Watch Neg A 99.5559 99.5949
A- 99.7957 99.8290
BBB+ 100.1121 100.1432
Far East Funding I SPC Ltd.
US$30 million deferrable notes series 2007-15
BBB- BBB/Watch Neg BBB 99.7746 99.8020
BBB- 100.3725 100.3954
Far East Funding I SPC Ltd.
AUS$9 million deferrable notes series 2007-16
BBB+ A/Watch Neg A 99.6795 99.7185
A- 99.9195 99.9529
BBB+ 100.2363 100.2675
Far East Funding I SPC Ltd.
AUS$5 million deferrable notes series 2007-17
BBB- BBB/Watch Neg BBB 99.6826 99.7100
BBB- 100.2799 100.3028
Far East Funding I SPC Ltd.
AUS$32 million deferrable notes series 2007-18
A/Watch Neg AA-/Watch Neg AA- 99.7007 99.7442
A+ 99.8585 99.8946
A 99.9897 100.0288
Far East Funding I SPC Ltd.
JPY600 million deferrable notes series 2007-19
AA AAA/Watch Neg AAA 99.6619 99.7028
AA+ 99.9398 99.9628
AA 100.3037 100.3481
Far East Funding I SPC Ltd.
US$0.01 million deferrable notes series 2007-22
BBB+ A/Watch Neg A 99.6457 99.6809
A- 99.8844 99.9162
BBB+ 100.1987 100.2317
Far East Funding I SPC Ltd.
US$4.5 million deferrable notes series 2007-24
A- AA-/Watch Neg AA- 99.6005 99.6437
A+ 99.7609 99.7954
A 99.8936 99.9289
A- 100.1328 100.1647
Far East Funding I SPC Ltd.
US$30 million deferrable floating-rate notes series 2007-26
AA AAA/Watch Neg AAA 99.6445 99.6850
AA+ 99.9130 99.9426
AA 100.2812 100.3259
Far East Funding I SPC Ltd.
JPY1 billion deferrable notes series 2007-27
BBB+ A/Watch Neg A 99.7179 99.7531
A- 99.9567 99.9885
BBB+ 100.2713 100.3043
Far East Funding I SPC Ltd.
EUR10 million deferrable notes series 2007-28
A- A+/Watch Neg A+ 99.6370 99.6715
A 99.7695 99.8048
A- 100.0084 100.0403
Far East Funding I SPC Ltd.
EUR10 million deferrable notes series 2007-29
BBB- BBB/Watch Neg BBB 99.6879 99.7133
BBB- 100.2851 100.3070
Far East Funding I SPC Ltd.
US$30 million deferrable notes series 2007-30
A- AA-/Watch Neg AA- 99.6521 99.6953
A+ 99.8127 99.8472
A 99.9454 99.9807
A- 100.1847 100.2167
Fermat Ltd.
US$10 million floating-rate secured portfolio credit-linked
notes series 6
D-1u7
BBB- BBB/Watch Neg BBB 99.7386 99.8187
BBB- 100.2363 100.3073
Heartland Funding PLC
EUR20 million tranche A secured floating-rate notes series 2007-
4 (PICCADDILLY
II)
A
A/Watch Neg AA/Watch Neg AA 99.4288 99.5271
AA- 99.6036 99.7035
A+ 99.7744 99.8586
A 99.9179 100.0060
Heartland Funding PLC
US$130 million tranche B secured floating-rate notes series
2007-5 (PICCADDILLY
II)
B
BBB A-/Watch Neg A- 99.5932 99.6765
BBB+ 99.9089 99.9947
BBB 100.2749 100.3616
Heartland Funding PLC
EUR5 million tranche D secured floating-rate notes series 2007-6
(PICCADILLY II)
D
BB BB+/Watch Neg BB+ 99.6857 99.7678
BB 100.0103 100.0857
Heartland Funding PLC
JPY1 billion tranche A secured floating-rate notes series 2007-7
(PICCADILLY II)
A
A AA/Watch Neg AA 99.5331 99.6315
AA- 99.7080 99.8081
A+ 99.8790 99.9634
A 100.0227 100.1109
Heartland Funding PLC
EUR40 million tranche B secured floating-rate notes series 2007-
10 (PICCADILLY
II)
B
BBB A-/Watch Neg A- 99.5854 99.6741
BBB+ 99.9048 99.9966
BBB 100.2731 100.3578
Heartland Funding PLC
SEK128 million tranche B secured floating-rate notes series
2007-11
(PICCADILLY II)
B
BBB A-/Watch Neg A- 99.5854 99.6741
BBB+ 99.9048 99.9966
BBB 100.2731 100.3578
Heather Finance Ltd.
EUR85 million credit-linked floating-rate notes series 2004-04
I
AA+/Watch Neg AAA/Watch Neg AAA 80.0000 88.1481
AA+ 92.8889 102.5185
Herald Ltd.
US$121.4 million floating-rate credit-linked secured notes
(Logan CDO) series 25
A-1
BB- BB/Watch Neg BB 99.9029 99.9258
BB- 100.3487 100.3647
Herald Ltd.
US$19.2 million floating-rate credit-linked secured notes (Logan
CDO) series 26
A-2
B B+/Watch Neg B+ 99.9363 99.9508
B 100.6064 100.6285
Ionia Capital PLC
EUR15 million secured fixed- and floating-rate credit-linked
notes series 2006-1
Be2
AA-/Watch Neg AA/Watch Neg AA 99.7263 99.8665
AA- 99.8877 100.0298
Ionia Capital PLC
EUR47.5 million fixed- and floating-rate credit-linked notes
series 2006-2
B e2
BBB BBB+/Watch Neg BBB+ 99.6766 99.8016
BBB 100.1310 100.2529
Ionia Capital PLC
US$11 million floating-rate credit-linked notes series 2006-4
A u1
A-/Watch Neg A/Watch Neg A 99.5700 99.6911
A- 99.8831 100.0054
Khamsin Credit Products (Netherlands) II B.V.
EUR3 million class D long-short floating-rate managed credit-
linked notes series
3 (Silver Lake 2006-1)
D
BBB- BBB/Watch Neg BBB 99.4679 99.4993
BBB- 100.0426 100.0664
Khamsin Credit Products (Netherlands) II B.V.
EUR21 million class C1 long-short floating-rate managed credit-
linked notes
series 4 (Silver Lake 2006-2)
C1
BBB+ A/Watch Neg A 99.5029 99.5526
A- 99.7402 99.7817
BBB+ 100.0876 100.1304
Khamsin Credit Products (Netherlands) II B.V.
EUR11 million class C2 long-short fixed-rate managed credit-
linked notes series
5 (Silver Lake 2006-3)
C2
BBB+ A/Watch Neg A 99.5029 99.5526
A- 99.7402 99.7817
BBB+ 100.0876 100.1304
Khamsin Credit Products (Netherlands) II B.V.
EUR3.5 million class B long-short fixed-rate managed credit-
linked notes series
6 (Silver Lake 2006-4)
B
A AA/Watch Neg AA 99.6029 99.6639
AA- 99.7465 99.7936
A+ 99.8914 99.9427
A 100.0231 100.0730
Khamsin Credit Products (Netherlands) II B.V.
AUS$10 million Silver Bell Long-Short floating-rate credit-
linked notes series 7
A- AA-/Watch Neg AA- 99.4803 99.5292
A+ 99.6800 99.7168
A 99.8505 99.8840
A- 100.1298 100.1639
Lehman Brothers Treasury Co. B.V.
EUR30 million Artemis Capital CDO of CDO variable-rate credit-
linked synthetic
portfolio series 4103
BB+/Watch Neg BBB-/Watch Neg BBB- 91.0914 95.3898
BB+ 99.9381 104.2743
Linker Finance PLC
US$28.5 million class C floating-rate secured notes series 3
(Tsar 16)
C
CCC+ B-/Watch Neg B- 99.6028 99.6735
CCC+ 101.0810 101.1297
Lunar Funding V PLC
US$30 million limited recourse secured floating-rate credit-
linked notes series
2006-27
B- B/Watch Neg B 96.4073 96.4073
B- 100.1683 100.1683
Lunar Funding V PLC
US$80 million limited recourse secured floating-rate credit-
linked notes series
2006-28
CCC- CCC+/Watch Neg CCC+ 96.8498 96.8498
CCC 99.6498 99.6498
CCC- 102.1964 102.1964
Lunar Funding V PLC
US$100 million limited recourse secured floating-rate credit-
linked notes series
2007-37
A AA/Watch Neg AA 98.5119 98.5119
AA- 99.0313 99.0313
A+ 99.9782 99.9782
A 100.4116 100.4116
Lunar Funding V PLC
US$200 million limited recourse secured floating-rate credit-
linked notes series
2007-39
B+ BB-/Watch Neg BB- 96.5032 96.5032
B+ 101.5139 101.5139
Menton CDO IV Ltd.
US$250 million secured floating-rate notes
A-2
B+ BB-/Watch Neg BB- 99.2996 99.3576
B+ 100.1066 100.1066
Momentum CDO (Europe) Ltd.
AUS$40 million floating-rate notes series 2005-5
A-/Watch Neg A/Watch Neg A 99.5379 99.7651
A- 99.8921 100.1034
Motif Capital B.V.
US$30 million floating-rate CDO notes series 2005-1
AA AA+/Watch Neg AA+ 99.6947 99.8510
AA 100.4377 100.6019
Motif Capital B.V.
US$30 million floating-rate CDO notes series 2005-4
AA AAA/Watch Neg AAA 99.2777 99.3746
AA+ 99.7348 99.8620
AA 100.4125 100.5512
Natixis S.A.
SEK189 million floating-rate credit-linked notes series 2326
BBB BBB+/Watch Neg BBB+ 99.7557 99.8625
BBB 100.1088 100.2076
Ocelot CDO I PLC
NOK577 million class C adjustable spread coupon credit-linked
notes series
2004-22 (Up to EUR5 billion programme)
C
AA AA- AA 100.4475
AA- 100.5777
Omega Capital Europe PLC
US$20 million secured notes series 41 (Sycamore Series I)
BBB- AA/Watch Neg AA 98.5998 98.6153
AA- 98.7724 98.7920
A+ 98.9589 98.9785
A 99.1061 99.1159
A- 99.3318 99.3514
BBB+ 99.6361 99.6459
BBB 99.9305 99.9403
BBB- 100.3525 100.3623
Omega Capital Investments PLC
NOK200 million and EUR16 million secured floating-rate notes
series 28 Broadway
A1-7E
AA AA+/Watch Neg AA+ 99.7358 99.8609
AA 100.1507 100.2723
C1-7E
BBB+ A-/Watch Neg A- 99.7834 99.9084
BBB+ 100.1335 100.2628
A2-7N
AA AA+/Watch Neg AA+ 99.7358 99.8609
AA 100.1507 100.2723
Rabobank International and Rabo Groen Bank B.V.
EUR29.788 million credit default swap
A
BBB A-/Watch Neg A- 99.4235 99.5962
BBB+ 99.7269 99.8943
BBB 100.0198 100.1820
Rente Plus Co. Ltd.
EUR70 million Rente Plus notes 2 series 1
A+/Watch Neg AA-/Watch Neg AA- 99.0909 99.0909
A+ 99.4318 100.6250
Rente Plus Co. Ltd.
EUR135 million Rente Plus notes 3 series 2
BBB+ A-/Watch Neg A- 98.9885 98.9885
BBB+ 100.5057 100.5057
Rheinwest Credit Management
EUR15 million credit-linked floating-rate notes series 16
BBB+ A-/Watch Neg A- 99.8534 99.9451
BBB+ 100.1667 100.2571
Salisbury International Investments Ltd.
US$15 million floating-rate portfolio credit-linked notes series
2005-9
A- AA/Watch Neg AA 99.4040 99.5126
AA- 99.5414 99.6356
A+ 99.6766 99.7716
A 99.7930 99.8882
A- 100.0094 100.1078
Saphir Finance PLC
EUR15 million class A1 credit-linked synthetic portfolio premium
notes series 2006-2
A1
A/Watch Neg A+/watch Neg A+ 91.7775 97.8601
A 96.9839 102.8984
Saphir Finance PLC
US$5 million class B1 credit-linked synthetic portfolio premium
notes series 2006-2
B1
A/Watch Neg A+/watch Neg A+ 91.8763 97.6877
A 96.9257 102.9444
Saphir Finance PLC
EUR10 million class A1 Oak Harbour credit-linked synthetic
portfolio notes with a reserve coupon linked to the global large
cap ethical index series 2006-3
A1
A+p/Watch Neg AA-p/Watch Neg AA- 89.7887 94.3862
A+ 96.2706 100.9302
Saphir Finance PLC
EUR20 million class A3 Oak Harbour credit-linked synthetic
portfolio notes with a reserve coupon linked to the global large
cap ethical index series 2006-3
A3
A-p/Watch NegA+i Ap/Watch NegA+i A 86.1513 90.6101
A- 96.4965 100.8820
Saphir Finance PLC
EUR15 million class A4 Oak Harbour credit-linked synthetic
portfolio notes with a reserve coupon linked to the global large
cap ethical index series 2006-3
A4
A+p AA-p/Watch Neg AA- 91.2243 96.6776
A+ 100.0339 105.5757
Saphir Finance PLC
EUR50 million credit-linked synthetic portfolio notes series
2007-1
A+ AA/Watch Neg AA 99.6684 99.7652
AA- 99.8555 99.9458
A+ 100.0182 100.1112
Saphir Finance PLC
EUR100 million credit-linked synthetic portfolio notes series
2007-5
A AA-/Watch Neg AA- 99.7038 99.7981
A+ 99.8844 99.9788
A 100.0423 100.1365
SGA Societe Generale Acceptance N.V.
EUR3.5 million US corporate portfolio credit-linked notes series
2901
AA- AA+ NA NA
Starling Finance PLC
EUR20 million fixed-rate portfolio credit-linked notes series
2005-7
A/Watch Neg A+/Watch Neg A+ 99.8528 99.9762
A 99.9485 100.0584
Starling Finance PLC
JPY1 billion floating-rate Deveron portfolio credit-linked notes
series 2005-08
A-3
BBB+ A/Watch Neg A 99.5569 99.6536
A- 99.8037 99.8972
BBB+ 100.1604 100.2622
Starling Finance PLC
JPY5 billion class A-3 floating-rate Deveron IV portfolio
credit-linked notes
series 2006-15
A- A/Watch Neg A 99.7668 99.8636
A- 100.0140 100.1077
Starling Finance PLC
JPY500 million class C floating-rate Jinkoki portfolio credit-
linked notes
series 2007-04
BBB- A-/Watch Neg A- 99.2202 99.2795
BBB+ 99.5071 99.5683
BBB 99.8374 99.8942
BBB- 100.3443 100.3980
Starling Finance PLC
JPY1.1 billion class B floating-rate Jinkoki portfolio credit-
linked notes
series 2007-005
BBB A+/watch Neg A+ 99.2413 99.2993
A 99.3536 99.4111
A- 99.5408 99.5993
BBB+ 99.8476 99.9066
BBB 100.1320 100.1873
Starling Finance PLC
JPY1.1 billion class B floating-rate Jinkoki portfolio credit-
linked notes
series 2007-015
B
BBB AA-/Watch Neg AA- 99.1523 99.2215
A+ 99.2896 99.3548
A 99.4043 99.4720
A- 99.5997 99.6586
BBB+ 99.9080 99.9670
BBB 100.1957 100.2471
WhiteBlue No. 1 GmbH
EUR200 million floating-rate notes
A
AA+ AAA/Watch Neg AAA 99.7811 99.9029
AA+ 100.0210 100.1172
B
AA-/Watch Neg AA/Watch Neg AA 99.8164 99.9141
AA- 99.9620 100.0570
Xelo PLC
EUR3.48 million secured limited recourse credit-linked notes
(Piccadilly 3) series 2006
BB+/Watch Neg BBB-/Watch Neg BBB- 99.6757 99.7977
BB+ 99.9142 100.0347
Xelo PLC
EUR40 million secured limited recourse credit-linked notes
series 2006 (Spinnaker III Europe series 1)
AA/Watch Neg AA+/Watch Neg AA+ 99.6488 99.7447
AA 99.9831 100.0807
Xelo PLC
EUR10 million secured limited resource credit-linked notes
series 2006 (Spinnaker III Europe TRED 1 Series 1)
AA/ Watch Neg AA+/Watch Neg AA+ 99.6488 99.7447
AA 99.9831 100.0807
Xelo PLC
SEK57.5 million secured limited-recourse credit-linked variable-
rate notes series 2007 (Dunlin 2)
BBB- BBB+/Watch Neg BBB+ 99.2932 99.4104
BBB 99.8424 99.9523
BBB- 100.6696 100.7777
Xelo PLC
SEK32 million secured limited-recourse credit-linked variable
notes series 2007 (Dunlin 3)
BBB- BBB+/Watch Neg BBB+ 99.2932 99.4104
BBB 99.8424 99.9523
BBB- 100.6696 100.7777
Xelo PLC
SEK57.3 million secured limited-recourse credit-linked variable
notes series 2007 (Dunlin 4)
BBB- BBB+/Watch Neg BBB+ 99.2932 99.4104
BBB 99.8424 99.9523
BBB- 100.6696 100.7777
Xelo PLC
SEK28.7 million secured limited recourse credit-linked fixed-
rate step-down notes series 2007 (Dunlin 5)
A- AA-/Watch Neg AA- 99.2860 99.4123
A+ 99.5330 99.6508
A 99.7439 99.8535
A- 100.0901 100.2090
Xelo PLC
SEK21.5 million secured limited-recourse credit-linked fixed-
rate step-down notes series 2007 (Dunlin 7)
A- AA-/Watch Neg AA- 99.2860 99.4123
A+ 99.5330 99.6508
A 99.7439 99.8535
A- 100.0901 100.2090
Xelo PLC
SEK119.2 million secured limited recourse credit-linked fixed-
rate step down notes series 2007 (Dunlin 8)
A- AA-/Watch Neg AA- 99.2860 99.4123
A+ 99.5330 99.6508
A 99.7439 99.8535
A- 100.0901 100.2090
Xelo PLC
SEK28.1 million secured limited recourse credit-linked variable-
rate notes series 2007 (Dunlin 9)
A- AA-/Watch Neg AA- 99.2860 99.4123
A+ 99.5330 99.6508
A 99.7439 99.8535
A- 100.0901 100.2090
* Moody's Takes Rating Action on Eight CDO Tranches
---------------------------------------------------
Moody's Investors Service took rating action on approximately
EUR2.7 billion of CDO tranches.
These rating actions are a response to credit deterioration in
the underlying portfolios. The transactions, managed by KBC
Financial Products, all have underlying portfolios which consist
of corporate names, US RMBS, CMBS, and CDO of ABS among other
assets.
Moody's announced on Feb. 4, 2008 that it is revising its
expected loss assumptions which are used for surveillance of
ratings of ABS CDOs holding subprime RMBS, specifically of the
2006 vintage. Moody's stated that for purposes of monitoring
its ratings of ABS CDOs with exposure to 2006 subprime RMBS, it
will rely on certain projections of the lifetime average
cumulative losses for 2006's quarterly vintages of RMBS set
forth in a recent Moody's Special Report, "Moody's Updates Loss
Projections for 2006 Subprime Loans." This report illustrates
average loss results for the 2006 quarterly vintages under five
distinct loss projection scenarios. Moody's explained that it
will utilise the range of loss projections set forth in
Scenarios 2 and 3 based on deal performance and quarterly
vintage to modify its prior assumptions of the expected loss
inputs when monitoring ABS CDO ratings.
Moody's will continue to monitor all deals with exposure to US
subprime RMBS, and will take further actions in respect of all
CDOs placed under review for downgrade once the extent of actual
downgrades to US RMBS vintages becomes known.
These rating actions are:
Baker Street Finance Limited:
(1) EUR90,200,000 Class A2 Floating Credit Linked Notes
-- Current Rating: Aa1, on review for downgrade
-- Prior Rating: Aaa
(2) EUR89,100,000 Class B Floating Credit Linked Notes
-- Current Rating: Aa2, on review for downgrade
-- Prior Rating: Aa1
(3) EUR68,750,000 Class C Floating Rate Credit-Linked Notes
-- Current Rating: A2, on review for downgrade
-- Prior Rating: Aa2, on review for downgrade
(4) EUR55,000,000 Class D Floating Rate Credit-Linked Notes
-- Current Rating: Baa3, on review for downgrade
-- Prior Rating: Aa3, on review for downgrade
(5) EUR39,600,000 Class E Floating Rate Credit-Linked Notes
-- Current Rating: Ba2, on review for downgrade
-- Prior Rating: A2, on review for downgrade
(6) EUR24,200,000 Class F Floating Rate Credit-Linked Notes,
-- Current Rating: B1, on review for downgrade
-- Prior Rating: A3, on review for downgrade
(7) EUR22,000,000 Class G Floating Rate Credit-Linked Notes
-- Current Rating: B2, on review for downgrade
-- Prior Rating: Baa2, on review for downgrade
(8) EUR19,250,000 Class H Floating Rate Credit-Linked Notes
-- Current Rating: B3, on review for downgrade
-- Prior Rating: Ba1, on review for downgrade
Baker Street US$ Finance Limited:
(1) US$8,200,000 Class A2-US$ Floating Credit-Linked Notes
-- Current Rating: Aa1, on review for downgrade
-- Prior Rating: Aaa
(2) US$8,100,000 Class B-US$ Floating Credit-Linked Notes
-- Current Rating: Aa2, on review for downgrade
-- Prior Rating: Aa1US$
(3) US$6,250,000 Class C-US$ Floating Credit-Linked Notes
-- Current Rating: A2, on review for downgrade
-- Prior Rating: Aa2, on review for downgrade
(4) US$5,000,000 Class D-US$ Floating Credit-Linked Notes
-- Current Rating: Baa3, on review for downgrade
-- Prior Rating: Aa3, on review for downgrade
(5) US$3,600,000 Class E-US$ Floating Credit-Linked Notes
-- Current Rating: Ba2, on review for downgrade
-- Prior Rating: A2, on review for downgrade
(6) US$2,200,000 Class F-US$ Floating Credit-Linked Notes
-- Current Rating: B1, on review for downgrade
-- Prior Rating: A3, on review for downgrade
(7) US$2,000,000 Class G-US$ Floating Credit-Linked Notes
-- Current Rating: B2, on review for downgrade
-- Prior Rating: Baa2, on review for downgrade
(8) US$1,750,000 Class H-US$ Floating Credit-Linked Notes
-- Current Rating: B3, on review for downgrade
-- Prior Rating: Ba1, on review for downgrade
Clifton Street Finance Limited:
(1) EUR48,750,000 Class A-2 Floating Rate Credit Linked Notes
-- Current Rating: Aa1, on review for downgrade
-- Prior Rating: Aaa, on review for downgrade
(2) EUR37,500,000 Class B Floating Rate Credit-Linked Notes
-- Current Rating: Aa3, on review for downgrade
-- Prior Rating: Aa1, on review for downgrade
(3) EUR32,000,000 Class C Floating Rate Credit-Linked Notes
-- Current Rating: A2, on review for downgrade
-- Prior Rating: Aa2, on review for downgrade
(4) EUR30,000,000 Class D Floating Rate Credit-Linked Notes
-- Current Rating: Baa3, on review for downgrade
-- Prior Rating: Aa3, on review for downgrade
(5) EUR17,500,000 Class E Floating Rate Credit-Linked Notes,
-- Current Rating: Ba2, on review for downgrade
-- Prior Rating: A2, on review for downgrade
(6) EUR15,000,000 Class F Floating Rate Credit-Linked Notes
-- Current Rating: B1, on review for downgrade
-- Prior Rating: A3, on review for downgrade
(7) EUR15,000,000 Class G Floating Rate Credit-Linked Notes
-- Current Rating: B3, on review for downgrade
-- Prior Rating: Baa2, on review for downgrade
(8) EUR12,000,000 Class H Floating Rate Credit-Linked Notes
-- Current Rating: Caa1, on review for downgrade
-- Prior Rating: Ba1, on review for downgrade
Dorset Street Finance Limited:
(1) EUR75,000,000 Class A2 Floating Rate Credit-Linked Notes
-- Current Rating: Aa1, on review for downgrade
-- Prior Rating: Aaa, on review for downgrade
(2) EUR98,250,000 Class B Floating Rate Credit-Linked Notes
-- Current Rating: Aa2, on review for downgrade
-- Prior Rating: Aa1, on review for downgrade
(3) EUR91,500,000 Class C Floating Rate Credit-Linked Notes
-- Current Rating: A1, on review for downgrade
-- Prior Rating: Aa2, on review for downgrade
(4) EUR75,000,000 Class D Floating Rate Credit-Linked Notes
-- Current Rating: A2, on review for downgrade
-- Prior Rating: Aa3, on review for downgrade
(5) EUR60,000,000 Class E Floating Rate Credit-Linked Notes
-- Current Rating: Baa1, on review for downgrade
-- Prior Rating: A2, on review for downgrade
(6) EUR37,500,000 Class F Floating Rate Credit-Linked Notes
-- Current Rating: Baa3, on review for downgrade
-- Prior Rating: A3, on review for downgrade
(7) EUR33,750,000 Class G Floating Rate Credit-Linked Notes
-- Current Rating: Ba2, on review for downgrade
-- Prior Rating: Baa2, on review for downgrade
(8) EUR30,000,000 Class H Floating Rate Credit-Linked Notes
-- Current Rating: B2, on review for downgrade
-- Prior Rating: Ba1, on review for downgrade
Hanover Street Finance Limited:
(1) EUR80,500,000 Class A2 Floating Rate Credit-Linked Notes
-- Current Rating: Aaa, on review for downgrade
-- Prior Rating: Aaa
(2) EUR80,500,000 Class B Floating Rate Credit-Linked Notes
-- Current Rating: Aa2, on review for downgrade
-- Prior Rating: Aa1
(3) EUR70,000,000 Class C Floating Rate Credit-Linked Notes
-- Current Rating: Aa3, on review for downgrade
-- Prior Rating: Aa2
(4) EUR50,400,000 Class D Floating Rate Credit-Linked Notes
-- Current Rating: A3, on review for downgrade
-- Prior Rating: Aa3
(5) EUR30,450,000 Class E Floating Rate Credit-Linked Notes
-- Current Rating: Baa2, on review for downgrade
-- Prior Rating: A1
(6) EUR29,400,000 Class F Floating Rate Credit-Linked Notes
-- Current Rating: Ba2, on review for downgrade
-- Prior Rating: A2, on review for downgrade
(7) EUR28,000,000 Class G Floating Rate Credit-Linked Notes
-- Current Rating: B2, on review for downgrade
-- Prior Rating: A3, on review for downgrade
(8) EUR24,500,000 Class H Floating Rate Credit-Linked Notes,
-- Current Rating: Caa1, on review for downgrade
-- Prior Rating: Baa2, on review for downgrade
(9) EUR18,200,000 Class I Floating Rate Credit-Linked Notes
-- Current Rating: Caa2, on review for downgrade
-- Prior Rating: Ba1, on review for downgrade
Oxford Street Finance Limited:
(1) EUR64,000,000 Class B Floating Rate Credit-Linked Notes
-- Current Rating: Aa2, on review for downgrade
-- Prior Rating: Aa1, on review for downgrade
(2) EUR43,000,000 Class C Floating Rate Credit-Linked Notes
-- Current Rating: Aa3, on review for downgrade
-- Prior Rating: Aa2, on review for downgrade
(3) EUR33,000,000 Class D Floating Rate Credit-Linked Notes
-- Current Rating: A2, on review for downgrade
-- Prior Rating: Aa3, on review for downgrade
(4) EUR28,000,000 Class E Floating Rate Credit-Linked Notes
-- Current Rating: Baa1, on review for downgrade
-- Prior Rating: A2, on review for downgrade
(5) EUR17,000,000 Class F Floating Rate Credit-Linked Notes
-- Current Rating: Baa3, on review for downgrade
-- Prior Rating: A3, on review for downgrade
(6) EUR16,000,000 Class G Floating Rate Credit-Linked Notes
-- Current Rating: Ba2, on review for downgrade
-- Prior Rating: Baa2, on review for downgrade
(7) EUR14,000,000 Class H Floating Rate Credit-Linked Notes
-- Current Rating: B1, on review for downgrade
-- Prior Rating: Ba1, on review for downgrade
Pembridge Square Finance Limited:
(1) EUR80,000,000 Class A2 Floating Rate Credit-Linked Notes
-- Current Rating: Aaa, on review for downgrade
-- Prior Rating: Aaa
(2) EUR70,000,000 Class B Floating Rate Credit-Linked Notes
-- Current Rating: Aa1, on review for downgrade
-- Prior Rating: Aa1
(3) EUR60,000,000 Class C Floating Rate Credit-Linked Notes
-- Current Rating: Aa3, on review for downgrade
-- Prior Rating: Aa2
(4) EUR50,000,000 Class D Floating Rate Credit-Linked Notes
-- Current Rating: A2, on review for downgrade
-- Prior Rating: Aa3
(5) EUR40,000,000 Class E Floating Rate Credit-Linked Notes
-- Current Rating: Baa2, on review for downgrade
-- Prior Rating: A2
(6) EUR25,000,000 Class F Floating Rate Credit-Linked Notes
-- Current Rating: Ba2, on review for downgrade
-- Prior Rating: A3, on review for downgrade
(7) EUR22,000,000 Class G Floating Rate Credit-Linked Notes
-- Current Rating: B2, on review for downgrade
-- Prior Rating: Baa2, on review for downgrade
(8) EUR16,000,000 Class H Floating Rate Credit-Linked Notes
-- Current Rating: B3, on review for downgrade
-- Prior Rating: Ba1, on review for downgrade
Regent Street Finance Limited:
(1) EUR82,500,000 Class D Floating Rate Credit-Linked Notes
-- Current Rating: Aa3, on review for downgrade
-- Prior Rating: Aa3
(2) EUR67,500,000 Class E Floating Rate Credit-Linked Notes
-- Current Rating: A3, on review for downgrade
-- Prior Rating: A2
(3) EUR40,000,000 Class F Floating Rate Credit-Linked Notes
-- Current Rating: Ba1, on review for downgrade
-- Prior Rating: A3, on review for downgrade
(4) EUR37,500,000 Class G Floating Rate Credit-Linked Notes
-- Current Rating: B2, on review for downgrade
-- Prior Rating: Baa2, on review for downgrade
(5) EUR30,000,000 Class H Floating Rate Credit-Linked Notes
-- Current Rating: Caa1, on review for downgrade
-- Prior Rating: Ba1, on review for downgrade
Sydney Street Finance Limited:
(1) EUR66,700,000 Class A-2 Floating Rate Credit-Linked Notes
-- Current Rating: Aa1, on review for downgrade
-- Prior Rating: Aaa, on review for downgrade
(2) EUR60,000,000 Class B Floating Rate Credit-Linked Notes
-- Current Rating: Aa2, on review for downgrade
-- Prior Rating: Aa1, on review for downgrade
(3) EUR46,700,000 Class C Floating Rate Credit-Linked Notes
-- Current Rating: A1, on review for downgrade
-- Prior Rating: Aa2, on review for downgrade
(4) EUR44,000,000 Class D Floating Rate Credit-Linked Notes
-- Current Rating: A2, on review for downgrade
-- Prior Rating: Aa3, on review for downgrade
(5) EUR26,700,000 Class E Floating Rate Credit-Linked Notes
-- Current Rating: Baa1, on review for downgrade
-- Prior Rating: A2, on review for downgrade
(6) EUR 21,350,000 Class F Floating Rate Credit-Linked Notes
-- Current Rating: Baa3, on review for downgrade
-- Prior Rating: A3, on review for downgrade
(7) EUR 21,350,000 Class G Floating Rate Credit-Linked Notes,
-- Current Rating: Ba2, on review for downgrade
-- Prior Rating: Baa2, on review for downgrade
(8) EUR 20,000,000 Class H Floating Rate Credit-Linked Notes
-- Current Rating: B3, on review for downgrade
-- Prior Rating: Ba1, on review for downgrade
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices
are obtained by TCR editors from a variety of outside sources
during the prior week we think are reliable. Those sources may
not, however, be complete or accurate. The Monday Bond Pricing
table is compiled on the Friday prior to publication. Prices
reported are not intended to reflect actual trades. Prices for
actual trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy
or sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies
with insolvent balance sheets whose shares trade higher than
US$3 per share in public markets. At first glance, this list
may look like the definitive compilation of stocks that are
ideal to sell short. Don't be fooled. Assets, for example,
reported at historical cost net of depreciation may understate
the true value of a firm's assets. A company may establish
reserves on its balance sheet for liabilities that may never
materialize. The prices at which equity securities trade in
public market are determined by more than a balance sheet
solvency test.
A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/booksto order any title today.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA. Jason Nieva, Julybien Atadero, Carmel Zamesa
Paderog, Joy Agravante, Zora Jayda Zerrudo Sala and Pius Xerxes
Tovilla, Editors.
Copyright 2008. All rights reserved. ISSN 1529-2754.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
The TCR Europe subscription rate is US$625 per half-year,
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each. For subscription
information, contact Christopher Beard at 240/629-3300.
* * * End of Transmission * * *