/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/090202.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 Monday, February 2, 2009, Vol. 10, No. 22 Headlines A U S T R I A EBYL INTERNATIONAL: To Axe 150 Staff at Krems and Gmuend Sites L & S LLC: Claims Registration Period Ends February 9 LUIGARD LLC: Claims Registration Period Ends February 16 PARKETTWERK HOLZINDUSTRIE: Claims Registration Ends March 2 REINLEIN LLC: Claims Registration Period Ends March 2 ZIVKO JOVANOVIC: Claims Registration Period Ends February 9 F R A N C E THOMSON SA: Likely Covenant Breach Cues S&P's Rating Cut to 'CC' G E R M A N Y ALFOAMTEC GMBH: Claims Registration Period Ends February 27 BEST PREIS-HAUS: Claims Registration Period Ends February 27 C&G INFORMATION: Claims Registration Period Ends February 27 EMPRISE AKTIENGESELLSCHAFT: Files for Insolvency in Hamburg Court FUTUREMEDIA GMBH: Claims Registration Period Ends March 4 GROB AEROSPACE: H-3 Aerospace Named Buyer KUECHE TOTAL: Claims Registration Period Ends March 13 TOOLS4SUN GMBH: Claims Registration Period Ends March 10 VATAS GROUP: Declared Insolvent, Court Names Administrator I R E L A N D CASTLETROY PARK: Goes Into Liquidation; 130 Jobs Affected CLOVERIE PLC: S&P Withdraws 'B' Rating on JPY1 Bil. Notes LANDSBANKI ISLANDS: Consortium Acquires 84% Stake in Merrion WATERFORD WEDGWOOD: Clarion Capital Launches Bid K A Z A K H S T A N AKSUISKOYE ATP: Proof of Claim Deadline Slated for March 6 ALTAI SVINETS: Creditors Must File Claims by March 6 COMPLECT-K LLP: Claims Filing Period Ends March 6 ENERGO SILOVIK: Creditors' Proof of Claims Due on March 6 FISOR LLP: Claims Registration Period Ends March 6 KANDYAGASH SBYT: Proof of Claim Deadline Slated for March 6 MEGA COM: Creditors Must File Claims by March 6 RAF STROY: Claims Filing Period Ends March 6 SAULET LLP: Creditors' Claims Due on March 6 TECHNO TREND: Claims Registration Ends March 6 K Y R G Y Z S T A N STANDART OIL: Creditors Must File Claims by February 27 N E T H E R L A N D S ESSENCE II: Fitch Assign 'B-' Rating on EUR64.3 Mil. Class C Notes FAXTOR ABS: Fitch Junks Ratings on Two Classes of Notes R U S S I A ARTYLYSH LLC: Creditors Must File Claims by February 23 GEOLOGIYA LLC: Creditors Must File Claims by February 23 KHORSKAYA CONSTRUCTION: Court Temporary Insolvency Manager KONSTANTINOVSKAYA GRAIN: Creditors Must File Claims by March 23 NEFTE-GAZ-REMONT CJSC: Court Names Insolvency Manager NIRELING LLC: Creditors Must File Claims by Feb. 23 PRODMONTAZH LLC: Creditors Must File Claims by February 23 REGION LLC: Creditors Must File Claims by March 23 TEKH-MASH LLC: Creditors Must File Claims by February 23 TYMOVSKAYA TIMBER: Creditors Must File Claims by February 23 S W I T Z E R L A N D HUMOSAN FUTTERMITTEL: Creditors Must File Claims by February 23 PSI-TAGE JSC: Deadline to File Proofs of Claim Set February 15 SABATINO LUPI: Creditors Have Until February 12 to File Claims SCHUH-PETER JSC: Proofs of Claim Filing Deadline Set Feb. 25 TRISTON JSC: Creditors' Proofs of Claim Due by February 28 U K R A I N E ALPHA NOVEL: Creditors Must File Claims by February 13 ALTCOMSERVICEGROUP LLC: Creditors Must File Claims by Feb. 13 BANK CREDIT: Fitch Comments on Rating Affirmation BANK KHRESCHATYK: Fitch Withdraws Ratings on UAH70 Mil. Bonds BANK KHRESCHATYK: Fitch Comments on Rating Affirmation CHERA PROFI: Creditors Must File Claims by February 13 CRYSTAL BELIKOVTSY: Creditors Must File Claims by February 13 INDUSTRIALBANK: Fitch Comments on January 26 Rating Affirmation KREDITPROMBANK: Fitch Comments on Long-Term IDR Rating Cut PIVDENNYI BANK: Fitch Affirms Individual Rating at 'D/E' QUASI SYSTEM: Creditors Must File Claims by February 13 SIAM LLC: Creditors Must File Claims by February 13 UKRGASBANK OJSC: Fitch Comments on Long-Term IDR Rating Cut YARIKS-CAR LLC: Creditors Must File Claims by February 13 ZHMERINKA FEED: Creditors Must File Claims by February 13 U N I T E D K I N G D O M A & M METAL: Appoints Joint Liquidators from Tenon Recovery CONGREGATIONAL & GENERAL: S&P Affirms 'BB+' Counterparty Ratings GLANFORD PLANT: Names Joint Liquidators from Tenon Recovery H.E. RICHARDS: Placed Into Receivership; 28 Jobs at Risk HOUSE OF WILLIAMS: Appoints Joint Administrators from Deloitte ILIAD INVESTMENT: Moody's Withdraws Ratings on Three Note Classes INDEPROD PEOPLE: Goes Into Administration INOTECH SERVICES: Taps Joint Liquidators from Tenon Recovery JUMP MEDIA: Names Joint Administrators from Grant Thornton MANSARD MORTGAGES: Fitch Junks Ratings on Three Tranches MILLENNIUM ESTATES: Goes Into Administration OCEANIQUE LTD: Appoints Joint Liquidators from Tenon Recovery OEP FURNITURE: Taps Administrators from of Smith & Williamson OSBORNE TABLEWARE: Appoints Joint Administrators from PKF PHP LTD: Names Joint Liquidators from Tenon Recovery RMAC SECURITIES: S&P Cuts Ratings on Two Classes of Notes to 'B-' S HALL MOTORS: Names Joint Administrators from Grant Thornton SERIOUS FOOD: In Administration; PwC Appointed * UK: Administrations Up 20% in 2008, Deloitte Says * BOND PRICING: For the Week Jan. 26 to Jan. 30, 2009 ********* ============= A U S T R I A ============= EBYL INTERNATIONAL: To Axe 150 Staff at Krems and Gmuend Sites -------------------------------------------------------------- Eybl International AG disclosed that in the course of ongoing administrative receivership proceedings, these measures have been taken or are being implemented: After having filed for administrative receivership for the companies Eybl International AG and Eybl Austria GmbH on December 29, 2008, all operations and production sites started according to plan with the production again on January 7, 2009, thereby ensuring the full supply of Eybl's customers. The subsidiary Eybl Slovakia s.r.o. was wholly sold to the Austrian subsidiary of the German Prevent DEV GmbH, headquartered in Wolfsburg. Of the 600 staff members at the Krems and Gmuend sites who, in compliance with legal early-warning requirements, were registered with the Austrian Employment Agency AMS for potential lay-offs, up to 250 persons will actually be laid off within the next few weeks. The speedy implementation of these measures is meant to facilitate a positive conclusion of the administrative receivership proceedings and to safeguard the existence of the Austrian Eybl sites in Krems and Gmuend. Due to the ongoing administrative receivership proceedings, publication of the financial results for the stub fiscal year March 1 - September 30, 2008, originally planned for this week, has been postponed to the end of April. According to a decision of the supervisory board of January 27, 2009, the annual shareholders' meeting of Eybl International AG was postponed from February 17, 2009 to May 14, 2009. As reported in the TCR-Europe on Jan. 7, 2009, the management of Ebyl International AG on Dec. 19 decided to file for administrative receivership for the company and its subsidiary Eybl Austria Gmbh with the Krems provincial court after takeover talks with Slovenia Prevent Group broke down. About Ebyl International AG Headquartered in Krems in Lower Austria, Eybl International AG -- http://www.eybl-international.com-- is a company specializing in textile production, fabrication and components for automotive interiors. It operates internationally at production sites in Austria, Romania and Germany as well as at four distribution sites in Germany, France, Spain and Britain. L & S LLC: Claims Registration Period Ends February 9 ----------------------------------------------------- Creditors owed money by LLC L & S (FN 257879i) have until Feb. 9, 2009, to file written proofs of claim to the court-appointed estate administrator: Lukas Pfefferkorn Schulgasse 7 6850 Dornbirn Austria Tel: 05572/20210 Fax: 05572/34414 E-mail: office@ktg.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:40 a.m. on Feb. 19, 2009, for the examination of claims at: Land Court of St. Poelten Room 45 1st. Floor St. Poelten Austria Headquartered in Goetzis, Austria, the Debtor declared bankruptcy on Dec. 30, 2009, (Bankr. Case No. 13 S 51/08t). LUIGARD LLC: Claims Registration Period Ends February 16 -------------------------------------------------------- Creditors owed money by LLC Luigard (FN 73490z) have until Feb. 16, 2009, to file written proofs of claim to the court- appointed estate administrator: Dr. Georg Freimueller Alser Strasse 21 1080 Wien Austria Tel: 406 05 51-Serie Fax: 406 96 01 E-mail: kanzlei@jus.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:15 a.m. on March 2, 2009, for the examination of claims at: Trade Court of Vienna Room 1705 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Dec. 30, 2009, (Bankr. Case No. 3 S 158/08t). PARKETTWERK HOLZINDUSTRIE: Claims Registration Ends March 2 ----------------------------------------------------------- Creditors owed money by LLC Parkettwerk - Holzindustrie G. Reinlein (FN 266886f) have until March 2, 2009, to file written proofs of claim to the court-appointed estate administrator: Dr. Klaus Schiller Gmundnerstrasse 20 4690 Schwanenstadt Austria Tel: 07673/6720 Fax: 07673/6720-20 E-mail: office@kanzlei-schiller.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 11:20 a.m. on March 12, 2009, for the examination of claims at: Land Court of Wells Hall 101 Wells Austria Headquartered in Stadl - Paura Vienna, Austria, the Debtor declared bankruptcy on Dec. 30, 2009, (Bankr. Case No. 20 S 156/08d). REINLEIN LLC: Claims Registration Period Ends March 2 ----------------------------------------------------- Creditors owed money by LLC Reinlein (FN 96004h) have until March 2, 2009, to file written proofs of claim to the court- appointed estate administrator: Dr. Martin Stossier Ringstrasse 4/Plobergerstrasse 7 4600 Wels Austria Tel: 07242/42605-0 Fax: 07242/42605-20 E-mail: stossier@ra-stossier.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 11:00 a.m. on March 12, 2009, for the examination of claims at: Land Court of Wells Hall 101 Wells Austria Headquartered in Stadl – Paura, Austria, the Debtor declared bankruptcy on Dec. 30, 2009, (Bankr. Case No. 20 S 156/08d). ZIVKO JOVANOVIC: Claims Registration Period Ends February 9 ----------------------------------------------------------- Creditors owed money by LLC Zivko Jovanovic (FN 102811v) have until Feb. 9, 2009, to file written proofs of claim to the court- appointed estate administrator: Dr. Georg Kahlig Siebensterngasse 42/3 1070 Wien Austria Tel: 523 47 91-0 Fax: 523 47 91 33 E-mail: kahlig.partner@aon.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:20 a.m. on Feb. 23, 2009, for the examination of claims at: Trade Court of Wien Room 1609 Wien Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Dec. 30, 2008, (Bankr. Case No. 38 S 66/08w). =========== F R A N C E =========== THOMSON SA: Likely Covenant Breach Cues S&P's Rating Cut to 'CC' ---------------------------------------------------------------- Standard & Poor's Ratings Services said that it has lowered its long-term corporate credit and senior unsecured bank loan ratings on French technology group Thomson S.A. to 'CC' from 'B'. The debt rating on Thomson's junior subordinated perpetual notes was also lowered, to 'C' from 'CCC-'. All of these ratings were removed from CreditWatch, where they had been placed with negative implications on Dec. 2, 2008. The outlook is negative. At the same time, Standard & Poor's lowered its short-term corporate credit rating on Thomson to 'C' from 'B'. The recovery ratings on the above debt are unchanged, at '3' for the senior unsecured bank loan and '6' for the junior subordinated notes, indicating S&P's expectation of meaningful (50%-70%) and negligible (0%-10%) recovery, respectively, for unsecured creditors in the event of a payment default. "The downgrade follows Thomson's announcement that, based on preliminary data, it is likely to have breached as of Dec. 31, 2008, one of the covenants included in the documentation of its privately placed notes," said Standard & Poor's credit analyst Leandro de Torres Zabala. "The group has said that it intends to discuss with its noteholders a possible resolution of any potential covenant breach to avoid their calling for accelerated payment of the notes, which could trigger payment acceleration of virtually all of the group's senior debt." Thomson experienced a massive cash drain during the second half of 2008, leading to a ballooning of reported net debt to EUR2.1 billion at year-end, from EUR1.3 billion at June 30, 2008. According to Thomson's estimates, gross debt was EUR2.9 billion at year-end, excluding the EUR0.5 billion junior subordinated perpetual notes. The 'CC' rating reflects the risk that the group could undertake a distressed offer, whereby the noteholders would end up accepting less than what was promised to them under the original note terms (regarding principal amount, maturity date, and/or other characteristics) because they doubt that Thomson will be able to fulfill its original obligations. The rating also reflects the risk of any other action causing the group to default on its financial obligations. "The negative outlook reflects the substantial risk of default in the very near term if Thomson's debt repayment is accelerated or if the group undertakes a distressed offer or chooses to file for bankruptcy in the case where it cannot reach an agreement with its lenders," said Mr. de Torres. S&P would likely lower the ratings to 'D' (default) if Thomson were unable to repay accelerated debt or if it filed for bankruptcy, or to 'SD' (selective default) if the group undertook a distressed exchange offer for the private placements only. If Thomson reaches an agreement with its lenders that S&P does not deem tantamount to a default (such as obtaining a waiver for the covenant breach), S&P could affirm the ratings or raise them to the 'CCC' category. ============= G E R M A N Y ============= ALFOAMTEC GMBH: Claims Registration Period Ends February 27 ----------------------------------------------------------- Creditors of Alfoamtec GmbH have until Feb. 27, 2009, to register their claims with court-appointed insolvency manager. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on April 1, 2009, at which time the insolvency manager will present his first report. The meeting of creditors will be held at: The District Court of Stralsund Hall AE 26 House A Bielkenhagen 9 Stralsund Germany Claims set out in the insolvency manager's report will be verified by the court during this meeting. Creditors may also constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Heiko Warmbold Ossenreyerstrasse 16 18439 Stralsund Germany The District Court opened bankruptcy proceedings against the company on Jan. 27, 2009. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Alfoamtec GmbH Attn: Maik Rothermund, Manager Heinrich-Mann-Strasse 1 18435 Stralsund Germany BEST PREIS-HAUS: Claims Registration Period Ends February 27 ------------------------------------------------------------ Creditors of Best Preis-Haus GmbH have until Feb. 27, 2009, to register their claims with court-appointed insolvency manager. Creditors and other interested parties are encouraged to attend the meeting at 8:20 a.m. on March 31, 2009, at which time the insolvency manager will present her first report. The meeting of creditors will be held at: The District Court of Hannover Hall 226 Second Upper Floor Service Bldg. Hamburger Allee 26 30161 Hannover Germany Claims set out in the insolvency manager's report will be verified by the court during this meeting. Creditors may also constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Stefanie Kuche Arthur-Menge-Ufer 5 30169 Hannover Germany Tel: 0511 626287-0 Fax: 0511 626287-10 The District Court opened bankruptcy proceedings against the company on Jan. 19, 2009. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Best Preis-Haus GmbH Attn: Peter Haase, Manager Rotenburger Str. 3 30659 Hannover Germany C&G INFORMATION: Claims Registration Period Ends February 27 ------------------------------------------------------------ Creditors of C&G Information Technology GmbH have until Feb. 27, 2009, to register their claims with court-appointed insolvency manager. Creditors and other interested parties are encouraged to attend the meeting at 10:20 a.m. on April. 1 2009, at which time the insolvency manager will present his first report. 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 Claims set out in the insolvency manager's report will be verified by the court during this meeting. Creditors may also constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Ulrich Rosenkranz Osdorfer Landstrasse 230 22549 Hamburg Germany The District Court opened bankruptcy proceedings against the company on Jan. 16, 2009. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: C&G Information Technology GmbH Attn: Antonius Claasen, Manager Lauenbruch Ost 1 21079 Hamburg Germany EMPRISE AKTIENGESELLSCHAFT: Files for Insolvency in Hamburg Court ----------------------------------------------------------------- EMPRISE AG, the holding company for the operating subsidiaries of the EMPRISE group, on Wednesday, January 28, filed for insolvency at the local court in Hamburg. This step became necessary as negotiations with potential investors did not succeed as quickly as required. Efforts concerning the financial restructuring and negotiations with the potential investors will be continued in the scope of the insolvency proceedings. The operating subsidiaries are not affected by this step taken. The restructuring measures introduced at the subsidiaries were successfully implemented. As a result, the business operations can be pursued unaltered. FUTUREMEDIA GMBH: Claims Registration Period Ends March 4 --------------------------------------------------------- Creditors of Futuremedia GmbH have until March 4, 2009, to register their claims with court-appointed insolvency manager. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on March 25, 2009, at which time the insolvency manager will present his first report. The meeting of creditors will be held at: The District Court of Cologne Meeting Hall 14 Luxemburger Strasse 101 50939 Cologne Germany Claims set out in the insolvency manager's report will be verified by the court during this meeting. Creditors may also constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Frank Kebekus Carl-Theodor-Str. 1 40213 Duesseldorf Germany The District Court opened bankruptcy proceedings against the company on Dec. 22, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Futuremedia GmbH Schulstr. 4 33104 Bad Driburg Germany Attn: Dr. Roland G. Muenzer, Manager Zitelmannstr. 24 53113 Bonn Germany GROB AEROSPACE: H-3 Aerospace Named Buyer ----------------------------------------- Robert Wall at Aviation Week reports that Grob Aerospace GmbH has identified Oberpfaffenhofen, Germany-based H-3 Aerospace as its buyer following months of negotiations. According to the report, H-3 Aerospace will acquire the training aircraft and support businesses of Grob through Fortius Mittelstandskapital. Citing the Grob's insolvency administrator Michael Jaffe, the report discloses around 100 of Grob's employees are expected to resume work at the company's Tussenhausen-Mattsies facility in February. The Spn program, the report says, is also expected to survive. The report states the rights to the project have been given to one of Grob's main creditors. The report relates the insolvency administrator said talks to preserve the company were complicated by the current global economic crisis. As reported in the TCR-Europe, Grob was declared insolvent on October 31, 2008. Grob had to file for preliminary insolvency on August 18, 2008, as a result of the delays in the spn program which in consequence led to an increased cash requirement in order to complete the project. The company's former loan provider resolved to discontinue its support. KUECHE TOTAL: Claims Registration Period Ends March 13 ------------------------------------------------------ Creditors of Kueche Total GmbH have until March 13, 2009, to register their claims with court-appointed insolvency manager. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on April 15, 2009, at which time the insolvency manager will present his first report. The meeting of creditors will be held at: The District Court of Potsdam Hall 24 Justice Center Jagerallee 10 - 12 14469 Potsdam Germany Claims set out in the insolvency manager's report will be verified by the court during this meeting. Creditors may also constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Vera Mai Kurfuerstendamm 66 10707 Berlin Germany The District Court opened bankruptcy proceedings against the company on Jan. 15, 2009. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Kueche Total GmbH Attn: Ingo Olszowa, Manager Seestrasse 106 15738 Zeuthen Germany TOOLS4SUN GMBH: Claims Registration Period Ends March 10 -------------------------------------------------------- Creditors of Tools4sun GmbH have until March 10, 2009, to register their claims with court-appointed insolvency manager. Creditors and other interested parties are encouraged to attend the meeting at 10:10 a.m. on March 31, 2009, at which time the insolvency manager will present his first report. The meeting of creditors will be held at: The District Court of Gera Room 317 Rudolf-Diener-Str. 1 Gera Germany Claims set out in the insolvency manager's report will be verified by the court during this meeting. Creditors may also constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Rain Annegret Schwarz Helenenstrasse 15 99867 Gotha Germany The District Court opened bankruptcy proceedings against the company on Jan. 26, 2009. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Tools4sun GmbH Attn: Joern Neefe Kess-lerstrasse 27 07745 Jena Germany VATAS GROUP: Declared Insolvent, Court Names Administrator ---------------------------------------------------------- Reuters reports that Lars Windhorst's German investment company Vatas has been declared insolvent. Reuters relates a Berlin court appointed Ruediger Wienberg as temporary administrator for Vatas after a rescue plan for the group failed. NordLB, Reuters recalls, filed a EUR150 million lawsuit against Vatas and its owner Sapinda for allegedly refusing to take delivery of stakes it had ordered in companies including Balda, Curanum, Euromicron and Remote. The lawsuit is still pending, Reuters notes. ============= I R E L A N D ============= CASTLETROY PARK: Goes Into Liquidation; 130 Jobs Affected --------------------------------------------------------- RTE Business reports that the Castletroy Park Hotel in Limerick has gone into liquidation after running into trading difficulties amid the current economic downturn. According to the report, the hotel, which employs 130 people, has ceased to trade and is now closed. The report relates Grant Thornton, based in Limerick, has been nominated by the hotel directors as liquidators. They will now proceed to set up a meeting with creditors, the report notes. SIPTU, the report discloses, is also planning to meet with the liquidators to discuss pay issues for staff. CLOVERIE PLC: S&P Withdraws 'B' Rating on JPY1 Bil. Notes --------------------------------------------------------- Standard & Poor's Ratings Services withdrew its 'B' credit rating on the JPY1 billion fixed-rate portfolio credit-linked notes series 2005-15 (Rotonda II) and its 'AAA' credit rating on the JPY1 billion class B fixed-rate portfolio credit-linked notes series 2005-11 (Palladio III) issued by Cloverie PLC. The rating withdrawals follow early redemptions of the notes in the two deals. LANDSBANKI ISLANDS: Consortium Acquires 84% Stake in Merrion ------------------------------------------------------------ A management-led consortium has completed the purchase of Landsbanki Islands' 84% interest in Merrion Capital and now moves to 100% ownership. Merrion said the transaction has been approved by the Irish Financial Services Regulatory Authority. The financial details of the buyout will not be publicly disclosed. John Conroy, CEO of Merrion, commented: "Irish financial markets are undergoing major structural and reputation change and face significant challenges in recapturing previous standings; the Irish corporate landscape is also being significantly reshaped, as companies adjust to the changing macro environment. However, strong leadership can renew trust and confidence and drive recovery. Merrion Capital is more motivated than ever to continue to offer a fresh, independent and high quality service to our clients and to participate in the rebuilding process." On Oct. 13, 2008, the management team of Merrion confirmed it reached an agreement to acquire all the shares held in the company by Landsbanki for an undisclosed sum. The Irish Times recalled Landsbanki bought the shares from Merrion's founders and other equity holders for EUR90 million in 2005. On Oct. 16, 2008, the TCR-Europe reported that according to The Irish Times, the deal would place a valuation on Merrion of just under EUR36 million, reflecting the recent collapse of financial markets, which resulted in Landsbanki being placed into receivership by Iceland's financial regulator. About Merrion Headquartered in Dublin, Ireland, Merrion Capital Group -- http://www.merrion-capital.com/-- is an independent stockbroking and corporate finance firm. The company employs 100 people. WATERFORD WEDGWOOD: Clarion Capital Launches Bid ------------------------------------------------ Grainne Gilmore at The Times reports U.S.-based private equity group Clarion Capital has launched a "substantial" bid for Waterford Wedgwood plc on Saturday night. Clarion is being advised by John Foley, the former Waterford Crystal chief executive, The Times states. The Times relates union representatives supported Clarion's bid as it would keep manufacturing in the city and could save 300 jobs. "We are encouraged by the continued firm interest by Clarion Capital. They have lodged their bid and have outlined their plans to us of keeping manufacturing in the city and protecting the immediate livelihood of hundreds of workers and the future prospects for hundreds and thousands more," Jimmy Kelly, Irish regional secretary of the Unite union, was quoted by the report as saying. On the other hand, Walter Cullen, of Unite, as cited by The Times, said the bid put forward by KPS Capital Partners was no longer being considered, noting the American private equity group is only interested in buying the brand. The Times recounts workers at the factory in Kilbarry, Co Waterford, carried out protests after Deloitte, Waterford's administrator, said the plant would close until a buyer could be found, with the loss of 480 jobs. According to The Times, about 200 staff are taking it in turns to hold a sit-in at the plant. Workers Seek EUR30 Million Financial Package Waterford Crystal workers voted uninanimously on Sunday to continue with their occupation of part of the plant following a statement from Deloitte's David Carson that he would not reverse his decision made on Friday to make over 480 workers at the plant redundant, The Irish Times recalls. The Irish Times says the Unite union would be engaging with Clarion as soon as possible to discuss the private equity group's bid and how it can be supported. The union, The Irish Times discloses, would be seeking a financial package of up to EUR30 million from the Irish government to ensure that workers' redundancy and pension entitlements that are not met by Clarion as part of its proposal are still honored and fulfilled. As reported in the TCR-Europe on Jan. 9, 2009, the joint administrators of Waterford Wedgwood UK Plc and the receiver of Waterford Wedgwood Plc, respectively, entered into a letter of intent with KPS Capital Partners, LP, a New York-based private equity limited partnership, in connection with the proposed acquisition by KPS of assets of the group worldwide, including certain assets of Waterford, Wedgwood, and Royal Doulton, among others. As reported in the TCR-Europe, Waterford Wedgwood plc along with 10 subsidiaries entered administration on Jan. 5, 2009. Angus Martin, Neville Kahn, Nick Dargan and Dominic Wong of Deloitte LLP, were appointed as joint administrators while David Carson, partner of Deloitte in Ireland, was appointed receiver of Waterford Wedgwood plc, (the ultimate parent of the UK companies), and a number of its trading subsidiaries. The Waterford Wedgwood subsidiaries also in administration are: Waterford Wedgwood UK Plc Wedgwood Limited Josiah Wedgwood & Sons Limited Josiah Wedgwood & Sons (Exports) Limited Waterford Wedgwood Retail Limited Royal Doulton Ltd Royal Doulton (UK) Limited Royal Doulton Overseas Holdings Ltd Stuart & Sons Limited Statum Limited The companies are involved in the manufacture, wholesale and retail of Waterford crystal, Wedgwood fine china and Royal Doulton fine china products around the world. In the UK there are approximately 1,900 staff working across manufacturing and retail and worldwide there are approximately another 5800 employees covering the USA, Germany, Ireland, Canada, Australia, Indonesia, Japan and Pan Asia. In a statement, administrator Deloitte said that in recent years, the companies benefited from significant shareholder support as exhaustive efforts were made by the management team to restructure the businesses. However, as trading conditions deteriorated, it became apparent that a restructuring of the businesses could not be achieved in an acceptable timescale. Consequently management began looking at the alternative strategy of trying to find a buyer for the businesses which would also have involved a comprehensive financial restructuring. While considerable progress was made, no firm offer was secured. The current global economic conditions have continued to affect the business and the Companies have needed the protection of administration. Waterford Wedgwood plc, (the ultimate holding company), is an Irish company with manufacturing operations in Ireland. The Irish businesses in total employ approximately 800 people. The group also has manufacturing operations in the UK, Indonesia and Germany. The UK head office is located in London and employs 6 people. The Irish head office is located in Waterford, Ireland and employs 14 people. Manufacturing is undertaken in Barlaston in the UK, the Irish Republic and Indonesia. The approximate number of manufacturing employees in each location is 600, 450 and 1500 respectively. In the UK, there are 19 retail stores which employ 170 people. In addition there are approximately 120 retail concessions. The retail operations are spread throughout the UK. There are also retail outlets around the world but these are operated by separate overseas companies which are continuing to trade and which are not in insolvency. =================== K A Z A K H S T A N =================== AKSUISKOYE ATP: Proof of Claim Deadline Slated for March 6 ---------------------------------------------------------- The Specialized Inter-Regional Economic Court of Akmola has declared LLP Aksuiskoye ATP insolvent. Creditors have until March 6, 2009, to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Akmola Room 228 Str. 139a Auelbekov Kokshetau Akmola Kazakhstan Tel: 8 (7162) 25-79-32 ALTAI SVINETS: Creditors Must File Claims by March 6 ---------------------------------------------------- JSC Altai Svinets Stroy has declared insolvency. Creditors have until March 6, 2009, to submit written proofs of claim to: JSC Altai Svinets Stroy Jeltoksan Str. 37 Almaty Kazakhstan COMPLECT-K LLP: Claims Filing Period Ends March 6 ------------------------------------------------- The Specialized Inter-Regional Economic Court of Kostanai has declared LLP Construction Company Stroy Complect-K insolvent. Creditors have until March 6, 2009, to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Kostanai Baitursynov Str. 70 Kostanai Kazakhstan ENERGO SILOVIK: Creditors' Proof of Claims Due on March 6 --------------------------------------------------------- LLP Energo Silovik has declared insolvency. Creditors have until March 6, 2009, to submit written proofs of claim to: LLP Energo Silovik Parhomenko Str. 30-1 Petropavlovsk North Kazakhstan Kazakhstan FISOR LLP: Claims Registration Period Ends March 6 --------------------------------------------------- The Specialized Inter-Regional Economic Court of East Kazakhstan has declared LLP Fisor insolvent. Creditors have until March 6, 2009, to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of East Kazakhstan Myzy Str. 2/1 Ust-Kamenogorsk East Kazakhstan Kazakhstan Tel: 8 (7232) 24-06-50 KANDYAGASH SBYT: Proof of Claim Deadline Slated for March 6 ----------------------------------------------------------- The Specialized Inter-Regional Economic Court of Aktube has declared LLP Kandyagash Sbyt insolvent. Creditors have until March 6, 2009, to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Aktube Altynsarin Str. 31 Aktobe Aktube Kazakhstan Tel: 8 (3132) 21-30-32 MEGA COM: Creditors Must File Claims by March 6 ----------------------------------------------- The Specialized Inter-Regional Economic Court of Karaganda has declared LLP Mega Com Communication Group insolvent. Creditors have until March 6, 2009, to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Karaganda Jambyl Str. 9 Karaganda Kazakhstan RAF STROY: Claims Filing Period Ends March 6 -------------------------------------------- LLP Construction Company Raf Stroy Service has declared insolvency. Creditors have until March 6, 2009, to submit written proofs of claim to: LLP Construction Company Raf Stroy Service Lunacharskogo Str. 13-38 Shymkent South Kazakhstan Kazakhstan SAULET LLP: Creditors' Claims Due on March 6 -------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty has declared LLP Saulet insolvent. Creditors have until March 6, 2009, to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Almaty Micro District Samal, 15-29 Taldykorgan Almaty Kazakhstan Tel: 8 (7282) 25-43-90 8 777 382 33-86 TECHNO TREND: Claims Registration Ends March 6 ---------------------------------------------- LLP Techno Trend has declared insolvency. Creditors have until March 6, 2009, to submit written proofs of claim to: LLP Techno Trend Abai ave. 79-17 Almaty Kazakhstan =================== K Y R G Y Z S T A N =================== STANDART OIL: Creditors Must File Claims by February 27 ------------------------------------------------------- LLC Standart Oil has declared insolvency. Creditors have until Feb. 27, 2009, to submit proofs of claim at: LLC Standart Oil Chernyshevsky Str. 6 Bishkek Kyrgyzstan ===================== N E T H E R L A N D S ===================== ESSENCE II: Fitch Assign 'B-' Rating on EUR64.3 Mil. Class C Notes ------------------------------------------------------------------ Fitch Ratings has assigned Essence II B.V.'s additional issue of EUR500m floating rate notes final ratings: -- EUR388.5 million class A: 'A-' (A minus); Outlook Stable -- EUR47.2 million class B: 'BBB'; Outlook Stable -- EUR64.3 million class C: 'B-' (B minus); Outlook Stable Essence II B.V. is the issuer for a securitization program of Dutch residential mortgage loans originated or acquired by wholly- owned subsidiaries of NIBC Bank N.V. (rated 'BBB+'/Stable/'F2'). The ratings are based on the quality of the collateral, available credit enhancement and excess spread, the underwriting and servicing capabilities, as well as the sound legal and financial structure of the transaction. At closing, the pool comprised 19,775 loans granted to 10,292 borrowers and was well seasoned at 42.5 months. Interest-only loans are the dominant product type comprising more than 64% of the mortgage pool, whereas loans granted to self-certified borrowers (or verified by intermediaries) comprised around 24% of the portfolio at closing. Almost a quarter of the loans benefits from the Nationale Hypotheek Garantie government scheme, and 90.1% of the closing portfolio is secured on single-family houses. In its collateral analysis, Fitch has fully accounted for the substitution and pre-funding features in order to capture the dynamic credit nature of the underlying pool. Initial credit enhancement, provided by subordination, is 6.9% for the class A notes and 3.9% for the class B notes. The transaction also benefits from a guaranteed 0.3% margin paid under the interest rate swap agreement with NIBC. The reserve fund account is not funded at closing, however, it can build up to 0.5% of the portfolio outstanding balance using available excess spread. The structure benefits from a liquidity facility equating to 3% of the outstanding notes' balance. Compared with the original issuance, the collateral now comprises mortgage loans acquired from GMAC RFC Nederland, but substantially in line with NIBC's own underwriting criteria. Fitch has separately analyzed such loans and further accounted for the possibility of non-NIBC-originated loans increasing under the substitution and pre-funding mechanisms in place. Fitch is satisfied with the legal structure of the transaction which is designed to mitigate the inherent commingling risk via bankruptcy-remote collection foundation accounts. In the agency's view, such a structure successfully de-links the notes from the originator's ratings. The structure is further protected since NIBC has contractually instructed insurance companies to pay directly to the collection foundation accounts as far as insurance loan payouts are concerned. Set-off risk from customer deposits is negligible to the extent that NIBC is not a major deposit- taking institution and that mortgage loans and deposits are originated through separate marketing channels from distinct legal entities. The outstanding notes from the original issuance are fungible with the additional EUR500 million notes issued by Essence II. Accordingly, Fitch has taken these rating actions on the outstanding notes from the original Essence II issue: -- Class A (ISIN XS0322133918): affirmed at 'A-' (A minus); Outlook Stable -- Class B (ISIN XS0322135707): affirmed at 'BBB'; Outlook Stable -- Class C (ISIN XS0322136184): downgraded to 'B-' (B minus) from 'BB'; Outlook Stable FAXTOR ABS: Fitch Junks Ratings on Two Classes of Notes ------------------------------------------------------- Fitch Ratings has downgraded six classes of Faxtor ABS 2005-1 B.V. notes, removed the six notes from Rating Watch Negative, and assigned a Stable Outlook to all the notes as detailed below. -- EUR223,928,678 class A1 floating-rate notes due 2070 (ISIN: XS0235143970): downgraded to 'BBB+' from 'AAA' ; removed from RWN; Outlook Stable -- EUR10,000,000 class A2E floating-rate notes due 2094 (ISIN: XS0235144358): downgraded to 'BBB-' (BBB minus) from 'AAA'; removed from RWN; Outlook Stable -- EUR10,000,000 class A2F fixed-rate notes due 2094 (ISIN: XS0235144945): downgraded to 'BBB-' (BBB minus) from 'AAA'; removed from RWN; Outlook Stable -- EUR20,000,000 class A3 fixed-rate notes due 2094 (ISIN: XS0235146056): downgraded to 'BB' from 'AA'; removed from RWN; Outlook Stable -- EUR17,000,000 class A4 floating-rate notes due 2094 (ISIN: XS0235146569): downgraded to 'CCC' from 'A'; removed from RWN -- EUR12,000,000 class B floating-rate notes due 2094 (ISIN: XS0235147617): downgraded to 'CC' from 'BBB-' (BBB minus); removed from RWN The downgrades reflect Fitch's view on the credit risk of the rated tranches following the release of the agency's revised Structured Finance CDO rating criteria on December 16, 2008, as well as credit deterioration to the collateral pool that has occurred since the last review. The application of the new SF CDO rating criteria incorporates Fitch's view on industry and vintage concentration risks and the propensity for low recoveries upon default, particularly for thin tranches. Although the application of the new criteria has significantly impacted the transaction's ratings, credit deterioration in the portfolio has particularly affected the junior tranches. As per the trustee report dated December 31, 2008, the portfolio contains 92 assets from 73 obligors, with the largest exposure accounting for approximately 3% of the outstanding portfolio amount, and the three largest obligors accounting for 10% of the outstanding portfolio amount. The largest single industry is RMBS with 50% of the portfolio volume. The two largest vintages are 2005 and 2004 making up 38% and 24% of the portfolio respectively, while the three largest country concentrations are the Netherlands, United Kingdom and Germany making up 29%, 20% and 18% of the portfolio respectively. In conducting its analysis, Fitch makes a three notch downward adjustment for any names on RWN for default analysis in its Portfolio Credit Model. On an adjusted basis approximately 24% of the assets are treated as sub-investment grade. The weighted average portfolio quality is 'BBB-' (BBB minus) and 9% of the portfolio is on RWN. Two assets making up 5% of the portfolio are currently rated 'CCC+' and below on an unadjusted basis. These assets are the only two US SF CDOs in the portfolio and are expected to produce a limited interest cashflow before defaulting with no principal recovery. While the downgrade of the class A1, A2, and A3 notes is driven by Fitch's revised criteria, the downgrade of the class A4 and B notes is linked to the transaction's actual performance. All overcollateralization tests are failing and interest will continue to be diverted away from the class A4 and B notes to amortize the class A1 notes. In Fitch's view, these two junior notes are likely to be cut off from interest flows for some time, making the likelihood of full recovery increasingly remote. However, the portfolio manager has implemented a par building strategy by purchasing assets at a discount. The manager's strategy will likely improve the par coverage levels. However, according to the December report the manager would have to build approximately EUR2.5 million in par to cure the class A3 OC test and approximately EUR7 million in par to cure the class A4 OC test. Given the current macroeconomic climate, Fitch expects further negative portfolio migration which could result in a higher percentage of 'CCC' assets. The resulting OC adjustments for 'CCC' assets could offset the manager's par building efforts resulting in renewed pressure on the Class A4 and Class B notes. Faxtor ABS 2005-1 B.V. is a securitization of mainly European structured finance assets with a total note issuance of EUR292.93 million invested in a target portfolio of EUR302.78 million. The portfolio is actively managed by Faxtor Securities B.V. (rated 'CAM2-' ((CAM2 minus)) on Fitch's CDO Asset Manager Rating scale). =========== R U S S I A =========== ARTYLYSH LLC: Creditors Must File Claims by February 23 ------------------------------------------------------- Creditors of LLC Artylysh Ore-Dressing Enterprise (TIN 0254005228) have until Feb. 23, 2009, to submit proofs of claims to: R. Yakupov Temporary Insolvency Manager Apt. 20 Molodezhnaya St. 8a Ishimbay Bashkortostan Russia Tel: (834794)2-13-46. The Arbitration Court of Bashkortostan commenced bankruptcy supervision procedure. The case is docketed under Case No. A07– 12956/2008- G-FLE. GEOLOGIYA LLC: Creditors Must File Claims by February 23 -------------------------------------------------------- Creditors of LLC Geologiya Research and Exploitation Company (TIN 2828008725A RVC 282801001) have until Feb. 23, 2009, to submit proofs of claims to: N. Kolyadinskiy Temporary Insolvency Manager Pervomayskaya St. 1 Blagoveshchensk 675000 Amurskaya Russia The Arbitration Court of Amurskaya commenced bankruptcy supervision procedure. The case is docketed under Case No. A04– 7636/08–6/281B. The Debtor can be reached at: LLC Geologiya Zeyskaya St. 3 Ametist Tyndinskiy Amurskaya Russia KHORSKAYA CONSTRUCTION: Court Temporary Insolvency Manager ---------------------------------------------------------- The Arbitration Court of Khabarovskiy appointed A. Shportko as Temporary Insolvency Manager for OJSC Khorskaya Construction Company. The case is docketed under Case No. A73–13515/2008. He can be reached at: Kirova St. 48/8 690068 Vladivostok Russia The Debtor can be reached at: OJSC Khorskaya Construction Company Mendeleyeva St. 2 Khor 682922 Khabarovskiy Russia KONSTANTINOVSKAYA GRAIN: Creditors Must File Claims by March 23 --------------------------------------------------------------- Creditors of CJSC Konstaninovskaya Grain Company (TIN 2817040533) have until March 23, 2009, to submit proofs of claims to: D. Khaustova Insolvency Manager Office 105 Prospect Sv. Innokentiya 13 Blagoveshchensk 675000 Amurskaya Russia The Arbitration Court of Amurskaya will convene on April 13, 2009, to hear bankruptcy proceedings. The case is docketed under Case No. A04–6444/08–6/217B. The Debtor can be reached at: CJSC Konstaninovskaya Grain Company Shosseynaya St. 1 Konstantinovka Konstatinovskiy 675980 Amurskaya Russia NEFTE-GAZ-REMONT CJSC: Court Names Insolvency Manager ----------------------------------------------------- The Arbitration Court of Volgogradskaya appointed D. Shevchenko as Insolvency Manager for CJSC Nefte-Gaz-Remont (Geological Exploration Works). He can be reached at: Post User Box 3544 400066 Volgograd Russia The Debtor can be reached at: CJSC Nefte-Gaz-Remont Nekritsukhina St. 17 Kotovo Kotovskiy Volgogradskaya Russia NIRELING LLC: Creditors Must File Claims by Feb. 23 --------------------------------------------------- Creditors of LLC Nireling (Construction) have until Feb. 23, 2009, to submit proofs of claims to: Yu. Volik Insolvency Manager Krasnaya St. 113/38 Krasnodar Russia The Arbitration Court of Krasnodarskiy commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A-32-18344/2008-60/1206B. The Debtor can be reached at: LLC Nireling Zipovskaya St. 5 Krasnodar Russia PRODMONTAZH LLC: Creditors Must File Claims by February 23 ---------------------------------------------------------- Creditors of LLC Prodmontazh (TIN 6439051147) (Construction) have until Feb. 23, 2009, to submit proofs of claims to: V. Potekhin Insolvency Manager Apt. 164 Saratovskoe shosse 83/5 Balakovo 413840 Saratovskaya Russia The Arbitration Court of Saratovskaya commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A-57-8462/08-23. The Debtor can be reached at: LLC Prodmontazh Dorozhnaya St. 8a Balakovo Russia REGION LLC: Creditors Must File Claims by March 23 -------------------------------------------------- Creditors of LLC Region (Road Construction) (TIN 2801117100, PSRN 1062801080011) have until March 23, 2009, to submit proofs of claims to: D. Gumirov Insolvency Manager Office 412 Pereulok Sv. Innokentiya Blagoveshchensk 675000 Amurskaya Russia The Arbitration Court of Amurskaya commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A04–5340/08–11/397B. TEKH-MASH LLC: Creditors Must File Claims by February 23 -------------------------------------------------------- Creditors of LLC Tekh-Mash Research and Development Enterprise (Non-Standard Equipment Production) have until Feb. 23, 2009, to submit proofs of claims to: M. Snarskiy Temporary Insolvency Manager Komsomolskaya St. 161/3-9 450096 Ufa Bashkortostan Russia The Arbitration Court of Permskaya will convene at 10:00 a.m. on June 3, 2009, to hear bankruptcy supervision procedure. The case is docketed under Case No. A50-18769/2008. The Debtor can be reached at: LLC Tekh-Mash Building 2 Dekabristov St. 23 Chaykovskiy 617766 Permskiy Russia TYMOVSKAYA TIMBER: Creditors Must File Claims by February 23 ------------------------------------------------------------ Creditors of OJSC Tymovskaya Timber Company (TIN 6517005574, PSRN 1026501181354) have until Feb. 23, 2009, to submit proofs of claims to: V. Lupandin Temporary Insolvency Manager Lenina St. 76A Yuzhno-Sakhalinsk Russia The Arbitration Court of Sakhalinskaya commenced bankruptcy supervision procedure. The case is docketed under Case No. A59– 6144/2008. The Debtor can be reached at: OJSC Tymovskaya Timber Company Sovetskaya St. 13 Molodezhnoe Tymovskiy694419 Russia ===================== S W I T Z E R L A N D ===================== HUMOSAN FUTTERMITTEL: Creditors Must File Claims by February 23 --------------------------------------------------------------- Creditors owed money by JSC Humosan Futtermittel are requested to file their proofs of claim by Feb. 23, 2009, to: Albert Blaser Industriestrasse 17 4922 Butzberg Switzerland The company is currently undergoing liquidation in Thunstetten. The decision about liquidation was accepted at an extraordinary shareholders' meeting held on Nov. 26, 2008. PSI-TAGE JSC: Deadline to File Proofs of Claim Set February 15 -------------------------------------------------------------- Creditors owed money by JSC Psi-Tage are requested to file their proofs of claim by Feb. 15, 2009, to: Neuweilerstrasse 15 4054 Basel Switzerland The company is currently undergoing liquidation in Basel. The decision about liquidation was accepted at an extraordinary shareholders' meeting held on Dec. 9 2008. SABATINO LUPI: Creditors Have Until February 12 to File Claims -------------------------------------------------------------- Creditors owed money by JSC Sabatino Lupi are requested to file their proofs of claim by Feb. 12, 2009, to: Schadeli Kurt Belpbergstrasse 48d 3110 Munsingen Switzerland The company is currently undergoing liquidation in Munsingen. The decision about liquidation was accepted at an extraordinary shareholders' meeting held on March 20, 1995. SCHUH-PETER JSC: Proofs of Claim Filing Deadline Set Feb. 25 ------------------------------------------------------------- Creditors owed money by JSC Schuh-Peter are requested to file their proofs of claim by Feb. 25, 2009, to: Zurcherstrasse 122 8500 Frauenfeld Switzerland The company is currently undergoing liquidation in Frauenfeld. The decision about liquidation was accepted at an extraordinary shareholders' meeting held on Dec. 18, 2008. TRISTON JSC: Creditors' Proofs of Claim Due by February 28 ---------------------------------------------------------- Creditors owed money by JSC Triston are requested to file their proofs of claim by Feb. 28, 2009, to: Jurg Rohrer JSC Jurg Rohrer Treuhand Rheinstrasse 1 9471 Buchs Switzerland The company is currently undergoing liquidation in Diepoldsau SG. The decision about liquidation was accepted at an extraordinary shareholders' meeting held on Dec. 17, 2008. ============= U K R A I N E ============= ALPHA NOVEL: Creditors Must File Claims by February 13 ------------------------------------------------------ Creditors of LLC Alpha Novel (EDRPOU 35473368) have until Feb. 13, 2009, to submit proofs of claim to: Mrs. Tatiana Rudenko Liquidator / Insolvency Manager Apt. 104 Lazurnaya St. 50 54058 Nikolaev Ukraine Tel: 8(0512)593151 The Arbitration Court of Nikolaev commenced bankruptcy proceedings against the company after finding it insolvent on Dec. 30, 2008. The case is docketed as 5/611/08. The Economic Court of Nikolaev Admiralskaya Str. 22a 65009 Nikolaev Ukraine The Debtor can be reached at: LLC Alpha Novel 28th. Army St. 15 Nikolaev Ukraine ALTCOMSERVICEGROUP LLC: Creditors Must File Claims by Feb. 13 ------------------------------------------------------------- Creditors of declared LLC Altcomservicegroup (EDRPOU 35369682) have until Feb. 13, 2009, to submit proofs of claim to: Mr. O. Serebriakov Liquidator Apt. 53 Srebnokolskaya St. 24 02095 Kiev Ukraine Tel: 8(061)222-54-56 The Arbitration Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent on Dec. 24, 2008. The case is docketed as 44/430-b. The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Debtor can be reached at: LLC Altcomservicegroup Bratislavskaya St. 8 02156 Kiev Ukraine BANK CREDIT: Fitch Comments on Rating Affirmation ------------------------------------------------- Fitch Ratings comments on the recent affirmation of Ukraine-based Bank Credit Dnepr's ratings; the Outlook on the bank's Long-term IDR remains Negative. The rating actions were taken as part of a more general review of Ukrainian bank ratings, and took into account the heightened liquidity and asset quality risks and greater pressure on capital which Ukrainian banks have faced following the sharp depreciation of the UAH in Q408, as well as the weaker outlook for the Ukrainian economy. BCD has, like other Ukrainian banks, experienced a notable deposit outflow in Q408 and, in Fitch view, is likely to face asset quality deterioration in light of its recent strong credit growth, the high proportion of foreign currency lending and the tougher operating environment. Furthermore, the current pressure on the credit profile of major Ukrainian pipes and railway wheels producer, Interpipe Limited ('B-' (B minus)/Rating Watch Negative), which has the same major shareholder as BCD, could become a source of contagion risk for the bank. However, in Fitch's view, these risks are currently reflected in the bank's 'B-' (B minus) rating and the Negative Outlook. BCD's ratings are supported by its reasonable current capitalization, moderate reported loan impairment to date and the regional focus of the bank's franchise. In common with most Ukrainian banks, BCD experienced a marked reduction in customer accounts in October-November 2008 (a decrease of 15% net of the impact of UAH depreciation, according to Fitch estimates). However, this has since been partly reversed, with the deposit base rising 8% (net of FX effects) between mid-December 2008 and mid-January 2009. Nevertheless, BCD's liquidity position remains vulnerable: the liquidity cushion (cash and equivalents, due from National Bank of Ukraine and net short-term interbank placements) covered customer accounts by only 17% at January 19, 2009, a relatively modest level given the previous degree of deposit instability. Wholesale refinancing needs will also crystallize in April 2009, when a put option on UAH100 million domestic bonds becomes due, although their amount is relatively modest compared to BCD's balance sheet. The reported proportion of loans overdue by more than 30 days was moderate, at 3.7% at end-2008; however, Fitch notes that additional impairment is likely to crystallize as the loan book seasons in a tough operating environment. The proportion of foreign currency loans was a high 42% at end-2008. The regulatory total capital adequacy ratio was reasonable and higher than most peers at 15% at end-2008 (and unaudited Basel I total capital adequacy ratio stood at around 25%). However, any substantial credit losses would directly erode the equity base as the impairment reserve (equal to 3.5% of gross loans at end-2008) may prove insufficient in case of large individual defaults in a concentrated loan portfolio. A downgrade of BCD's ratings would be possible in case of significant credit losses or renewed sharp deposit outflow, or should the bank be negatively impacted by any further deterioration in the financial profile of Interpipe Limited. A stabilization of the macroeconomic environment, and maintenance of moderate loan impairment ratios and an acceptable liquidity position could reduce downward pressure on the ratings. BCD is based in Dnepropetrovsk, south-eastern Ukraine. The bank is Ukraine's 42nd-largest bank, holding less than 0.5% of sector assets at end-Q308, with a network counting three branches and 52 outlets. Victor Pinchuk, a prominent Ukrainian businessman, and his family members are the beneficiaries of both BCD and Interpipe Limited. Rating actions: -- Long-term IDR: affirmed at 'B-' (B minus); Outlook Negative; -- Short-term IDR: affirmed at 'B' -- Individual rating: affirmed at 'D/E' -- Support rating: affirmed at '5' -- Support Rating Floor: affirmed at 'No Floor' -- National Long-term rating: affirmed at 'BBB-(ukr)' (BBB minus (ukr)); Outlook Negative BANK KHRESCHATYK: Fitch Withdraws Ratings on UAH70 Mil. Bonds ------------------------------------------------------------- Fitch Ratings has withdrawn the ratings of Bank Khreschatyk's UAH70 million covered bonds. At the time of the withdrawal the ratings were 'B' on an international scale and 'A(ukr)' on a national scale. The withdrawal of the ratings follows the cancellation of the covered bonds, which was approved on January 21, 2009 by the Ukrainian State Securities and Stock Market Commission. BANK KHRESCHATYK: Fitch Comments on Rating Affirmation ------------------------------------------------------ Fitch Ratings comments on the recent affirmation of the ratings of Ukraine's Bank Khreschatyk (the Outlook on the bank's Long-term Issuer Default Rating remains Negative). The rating affirmation was part of a more general review of Ukrainian bank ratings, which took into account the heightened liquidity and asset quality risks and greater pressure on capital which Ukrainian banks have faced as a result of the sharp depreciation of the UAH in Q408, as well as the weaker outlook for the Ukrainian economy. The affirmation of Bank Khreschatyk's ratings reflects its still solid capital ratios, the relatively low - by Ukrainian market standards - proportion of foreign currency lending, low reported loan impairment to date and the relative stability of the bank's niche franchise with entities related to the City of Kiev. At the same time, the bank's asset quality is likely to deteriorate as the loan book seasons in a very tough environment, which explains the Negative Outlook. Customer funding has been more stable than at most peers in Q408, although coverage of customer accounts by liquid assets is also somewhat lower. Fitch estimates that customer deposits (net of accounts of the City of Kiev) fell by about 5%, net of FX effects, in Q408. At end-2008, liquid assets (defined as cash; net short- term interbank placements; placements with the National Bank of Ukraine net of obligatory reserves; and unpledged government securities) covered customer funding by about 12%. Wholesale funding maturing in 2009 is moderate relative to the size of the balance sheet. Impaired loans (defined as loans overdue by more than 90 days) increased only marginally during H208 and remained low at about 1% of the loan portfolio at end-2008. Although the significant slowdown in domestic growth, coupled with further seasoning of the portfolio, could result in a more significant asset quality deterioration at Khreschatyk, Fitch notes that the bank's total capital ratio is more comfortable than at many of its peers, meaning it has somewhat more capacity to absorb additional losses. At end-2008, Khreschatyk's total regulatory capital ratio was 17.7%. In 2008, following very rapid growth in 2007, the loan portfolio was relatively stagnant, reflecting funding constraints. The volume of the loan portfolio even decreased slightly in UAH terms during Q408, indicating an approximately 11% contraction of the book net of FX effects and supporting the capital position. FX lending (predominantly US$) equaled about 25% of total loans at end-2008, which gives rise to significant additional credit risk, but to a noticeably less degree than at most peers. Renewed deposit outflow or a marked deterioration in asset quality could result in a downgrade of Khreschatyk's ratings. Stabilization of the macroeconomic environment and maintenance of the current liquidity, asset quality and capital positions could reduce downward pressure on the ratings. A 58% stake in Bank Khreschatyk is indirectly controlled by the Kyiv Investment Group, which also holds stakes in a large number of Ukrainian companies operating in various industries. Although the City of Kiev's stake fell below a majority share in 2006, the City still holds a 24% stake, and the bank remains an important financial partner for the City due to its strong presence in the Kiev region and because of its existing business ties with the City administration and local companies. Khreschatyk was founded in 1993 and had UAH5.2bn of assets at end-2008. Bank Khreschatyk's ratings are: -- Long-term foreign currency IDR: affirmed at 'B-' (B minus); Outlook remains Negative -- Senior unsecured debt: affirmed at 'B-' (B minus); Recovery Rating affirmed at 'RR4' -- Short-term foreign currency IDR: affirmed at 'B' -- Long-term local currency IDR: affirmed at 'B-' (B minus); Outlook remains Negative -- Individual Rating: affirmed at 'D/E' -- Support Rating: affirmed at '5' -- Support Rating Floor: affirmed at 'No Floor' -- National Long-term rating: affirmed at 'BBB-(ukr)' (BBB minus); Outlook remains Negative CHERA PROFI: Creditors Must File Claims by February 13 ------------------------------------------------------ Creditors of LLC Chera Profi (EDRPOU 33193235) have until Feb. 13, 2009, to submit proofs of claim to: Private enterprise Lug-Techno-Trade Liquidator Apt. 41a Zhukov quarter, B. 8 91051 Lugansk Ukraine The Arbitration Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent on Dec. 18, 2008. The case is docketed as 24/542-b. The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Debtor can be reached at: LLC Chera Profi Svetlitsky St. 24-a 04215 Kiev Ukraine CRYSTAL BELIKOVTSY: Creditors Must File Claims by February 13 ------------------------------------------------------------- Creditors of LLC Crystal Belikovtsy Subsidiary Company (EDRPOU 31684935) have until Feb. 13, 2009, to submit proofs of claim to: Mr. Vasily Glebov Liquidator Hmelnickiy Highway, 23 Vinnica Ukraine Tel: 67-33-66 The Arbitration Court of Vinnica commenced bankruptcy proceedings against the company after finding it insolvent on Dec. 23, 2008. The case is docketed as 5/294-08. The Economic Court of Vinnica Hmelnickiy Str. 7 21036 Vinnica Ukraine The Debtor can be reached at: LLC Crystal Belikovtsy Subsidiary Company Shkolnaya St. Belikovtsy Zhmerinka 23130 Vinnica Ukraine INDUSTRIALBANK: Fitch Comments on January 26 Rating Affirmation --------------------------------------------------------------- Fitch Ratings comments on the 26 January 2009 affirmation of the ratings of Ukraine's Industrialbank; the Outlook on the bank's Long-term Issuer Default Rating is Negative. The rating affirmation formed part of a more general review of Ukrainian bank ratings, which took into account the heightened liquidity and asset quality risks and greater pressure on capital which Ukrainian banks have faced due to the sharp depreciation of the UAH in Q408, as well as the weaker outlook for the Ukrainian economy. Industrial, like other Ukrainian banks, experienced significant deposit outflow in Q408 and is likely to face asset quality deterioration in light of the tougher operating environment, the high proportion of foreign currency lending and the depressed nature of the steel industry, which is key to the bank's home region. Furthermore, the bank's weak corporate governance and the low transparency of its shareholder structure, which makes it difficult to assess the true level of related-party business, are negatives for the bank's credit profile. However, Fitch believes these risks are at present captured by the bank's Long-term IDR of 'B-' (B minus) and reflected in the Negative Outlook. Industrial's ratings are supported by its still acceptable liquidity and capital positions, moderate reported loan impairment to date and the bank's slower growth rates (compared to the sector) in 2007-2008. Fitch estimates that the total loss of client funding (net of FX effects) was 17% during Q408, peaking in October at 11%, but more stable thereafter. Highly liquid assets (including cash; placements with the National Bank of Ukraine net of the obligatory reserves; and net short-term (less than one month) interbank placements) were equal to a sizable 34% of total client funds or nearly 77% of the client accounts having contractual maturities up to one month at mid-January 2009. This, however, should be viewed in light of the short-term and concentrated funding profile. The liquidity position was also supported by term collateralized borrowings from the NBU in Q408 (which, however, accounted for below 4% of liabilities at mid-January, 2009). External debt refinancing requirements in 2009 are moderate at 10% of end-2008 liabilities. Loan growth was 10% in 9M08 (23% in 2007), significantly below the sector average pace of growth, and was negative in Q408 (net of FX effects). Lending remained highly concentrated with exposure to the largest 20 borrowers at 64% of loans and 269% of equity at end-Q308. Reported related-party exposure was below 1% of loans or 3% of equity at end-2008, although Fitch believes the actual figure could be higher. Reported loans overdue by more than 90 days were low at 0.9% of end-Q308 loans. However, loans overdue by one day or more stood at 7.2% of loans at the same date, and NPLs are expected to grow markedly as a result of the sharp depreciation of the UAH during Q408 (around 66% of Industrial's lending was in foreign currencies at end-2008, including to unhedged borrowers). The loan impairment reserve provided substantial 5.8x-coverage of existing reported NPLs at end-Q308, and grew to represent 7.0% of gross loans at end-2008 (end-Q308: 5.2%). This, together with equity, provides some cushion to absorb a rise in credit losses. The regulatory total capital ratio was 14.1% at the beginning of January, 2009, up slightly from 12.5% at end-Q308 as reported internal capital generation and a switch towards lower-weighted liquid assets offset the effect of the sharp UAH depreciation. A downgrade of Industrial's ratings could result from a substantial weakening of asset quality, a marked increase in related party business or renewed rapid deposit outflow. A stabilization of the macroeconomic environment and maintenance of moderate loan impairment levels could reduce downward pressure on the ratings. At end-Q308, Industrialbank was the 33rd largest bank by assets in Ukraine. It operates in Zaporizhia, south-east Ukraine, one of the country's key industrial regions. It is ultimately controlled by several businessmen which are connected to the local steel plant, Zaporizhstal, which is a significant domestic producer and major exporter. Industrialbank remains primarily a corporate bank. Rating actions on Industrialbank's ratings are: -- Long-term IDR: affirmed at 'B-' (B minus); Outlook Negative -- Short-term IDR: affirmed at 'B' -- Individual Rating: affirmed at 'D/E' -- Support Rating: affirmed at '5' -- Support Rating Floor: affirmed at 'No Floor' KREDITPROMBANK: Fitch Comments on Long-Term IDR Rating Cut ---------------------------------------------------------- Fitch Ratings comments on the recent downgrade of Ukraine-based Kreditprombank's Long-term Issuer Default rating to 'CCC' from 'B-' (B minus). The Outlook on the bank's Long-term IDR remains Negative. The rating actions were taken as part of a more general review of Ukrainian bank ratings, and took into account the heightened liquidity and asset quality risks and greater pressure on capital which Ukrainian banks have faced following the sharp depreciation of the UAH in Q408, as well as the weaker outlook for the Ukrainian economy. A full list of rating actions on Kreditprombank is provided at the end of this release. The downgrade of Kreditprombank reflects the bank's deteriorating asset quality following previous rapid growth, significant deposit outflow, albeit similar to that experienced by some other Ukrainian banks, significant near-term refinancing needs and the more general deterioration in the operating environment. At end-2008, the bank reported that loans more than 90 days overdue had risen to 5.8% of the portfolio from 3.1% at end-Q308 and 1.5% at end-2007. Loan impairment reserves covered NPLs by 82% at end-2008, which in Fitch's view is insufficient, especially in light of the expected further increase in the impairment level (loans which became past due during Q408 would not yet have gone 90 days overdue by year-end) and likely falling values of collateral. Loans in foreign currency were a high 59% of the loan book at end-2008. At end-2008, the regulatory total capital ratio stood at 12.8%, supported by a UAH300 million equity injection (equal to 18% of year-end equity) in Q408; however, the capital position should be seen in light of weak current reserve coverage and ongoing asset quality deterioration. The bank informed Fitch that it is seeking ways to increase capitalization for which the current shareholders are conducting negotiations with potential institutional investors. However, the realization of these plans is uncertain. Fitch estimates that, net of FX effects, customer funding fell approximately 16% in Q408, which is at the higher end of the average range for the sector. According to management, the situation stabilized in January 2009 and a modest increase of customer funding has been observed since the start of the year. At end-2008, liquid assets (cash; net short-term interbank placements; placements with the National Bank of Ukraine net of obligatory reserves and unpledged government securities) covered approximately 13% of customer funding. In addition, Kreditprombank has foreign, mostly trade finance-related, borrowings equal to almost 10% of end-2008 liabilities maturing in H109; repayment of these facilities could put further pressure on the bank's liquidity position. Continued deterioration in Kreditprombank's asset quality or renewed tightening of liquidity, due to upcoming repayments of foreign borrowings, could result in a further rating downgrade. A stabilization of the macroeconomic environment, asset quality trends and the liquidity position could reduce downward pressure on the ratings. Kreditprombank is a medium-sized Ukrainian bank, majority-owned by Konstantinos Papounidis, a Georgian-born businessman with Greek citizenship. He currently owns about 80% of the bank, including a 7% direct stake. The other large beneficiary shareholder is Victor Nusenkis, one of the founders, and, as Fitch understands, the majority owner of a large Ukrainian industrial conglomerate, Concern Energo. Rating actions on Kreditprombank: -- Long-term IDR: downgraded to 'CCC' from 'B-' (B minus); Outlook Negative -- Short-term IDR: downgraded to 'C' from 'B' -- Individual rating: downgraded to 'E' from 'D/E' -- Support rating: affirmed at '5' -- Support Rating Floor: affirmed at 'No Floor' -- National Long-term rating: downgraded to 'BB(ukr)' from 'BBB- (ukr)' (BBB minus (ukr)); Outlook Negative PIVDENNYI BANK: Fitch Affirms Individual Rating at 'D/E' -------------------------------------------------------- Fitch Ratings comments on its recent affirmation of Ukraine-based Pivdennyi Bank's ratings; the Outlook on the bank's Long-term IDR is Negative. The rating affirmation was part of a more general review of Ukrainian bank ratings, which took into account the heightened liquidity and asset quality risks and greater pressure on capital which Ukrainian banks have faced as a result of the sharp depreciation of the UAH in Q408, as well as the weaker outlook for the Ukrainian economy. While PB's liquidity has tightened during Q408 as a result of deposit outflows, and the bank faces heightened credit risks as a result of recent strong growth, a high proportion of foreign currency lending, the UAH depreciation and the difficult operating environment, in Fitch's view these risks are currently reflected in the bank's 'B-' (B minus) rating and the Negative Outlook. PB's ratings are supported by its niche franchise in its home region and the currently low reported levels of non-performing loans (overdue for more than 90 days). In common with other Ukrainian banks, PB experienced considerable deposit outflows during the market turbulence in Q408, and during October-November 2008 customer accounts declined by about 10% (net of foreign currency revaluation effects). The deposit base, however, then stabilized and showed a small increase (1%) in December 2008 to mid-January 2009. Nevertheless, PB's liquidity position remained strained: end-2008 liquid assets (cash and net short-term interbank placements) were equal to only 8% of customer accounts, underscoring the bank's vulnerability to further substantial deposit outflows. Reported NPLs were low (1.1% at end-2008), although Fitch notes that, as with other Ukrainian banks, additional impairment is likely to crystallize as the operating environment worsens; Fitch also notes that the proportion of foreign currency lending is high, at 58% at end-2008. In addition, PB's portfolio included a sizable portion of rolled-over loans (26% at end-2008). However, Fitch was informed that none of these roll-overs was due to borrowers' deteriorating financial position; but rather were extensions of short-term loans to better manage the bank's liquidity, interest rate and credit risks. Basel I total capital ratio was a moderate 15.1% at end-2008, having fallen from 16% at end-Q308 as a result of the UAH depreciation. PB intends to attract during 2009 a further UAH175 million of equity (equal to 12% of end-2008 IFRS equity) from its current shareholders to support capitalization. A downgrade of PB's ratings would be possible in case of significant credit losses, further deterioration in the bank's liquidity position or erosion of the capital base. A stabilization of the macroeconomic environment and maintenance of moderate NPL levels would lessen downward pressure on the ratings. PB is a located in Odessa, Ukraine. At end-Q308, it was the 21st largest bank in the country, holding over 1% of total sector assets, and had 17 branches and 151 other outlets. Control of the bank is ultimately in the hands of two Ukrainian businessmen, Yury Rodin and Mark Bekker. Rating actions: -- Long-term IDR: affirmed at 'B-' (B minus); Outlook Negative -- Senior unsecured debt: Long-term rating affirmed at 'B-' (B minus), Recovery Rating affirmed at 'RR4' -- Short-term IDR: affirmed at 'B' -- Individual rating: affirmed at 'D/E' -- Support rating: affirmed at '5' -- Support Rating Floor: affirmed at 'No Floor' QUASI SYSTEM: Creditors Must File Claims by February 13 ------------------------------------------------------- Creditors of LLC Quasi System (EDRPOU 33835705) have until Feb. 13, 2009, to submit proofs of claim to: Private enterprise Lug-Techno-Trade Liquidator Apt. 41a Zhukov quarter, B. 8 91051 Lugansk Ukraine The Arbitration Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent on Dec. 18, 2008. The case is docketed as 24/543-b. The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Debtor can be reached at: LLC Quasi System Pavlovskaya St. 9 01054 Kiev Ukraine SIAM LLC: Creditors Must File Claims by February 13 --------------------------------------------------- Creditors of LLC Production and Commerce Enterprise Siam (EDRPOU 34059743) have until Feb. 13, 2009, to submit proofs of claim to: Mr. Igor Morozov Liquidator A/B 2734 49044 Dnipropetrovsk Ukraine The Arbitration Court of Dnipropetrovsk commenced bankruptcy proceedings against the company after finding it insolvent on Dec. 23, 2008. The case is docketed as B 29/303-08. The Economic Court of Dnipropetrovsk Kujbishev Str. 1a 49600 Dnipropetrovsk Ukraine The Debtor can be reached at: LLC Production and Commerce Enterprise Siam Vinokurov St. 1a 49000 Dnipropetrovsk Ukraine UKRGASBANK OJSC: Fitch Comments on Long-Term IDR Rating Cut ----------------------------------------------------------- Fitch Ratings comments on its recent downgrade of Ukraine-based OJSC Ukrgasbank's Long-term Issuer Default rating to 'CCC' from 'B-' (B minus). The Outlook on the bank's Long-term IDR is Negative. The rating actions were taken as part of a more general review of Ukrainian bank ratings, and took into account the heightened liquidity and asset quality risks and greater pressure on capital which Ukrainian banks have faced following the sharp depreciation of the UAH in Q408, as well as the weaker outlook for the Ukrainian economy. The downgrade of UGB reflects the recent significant tightening of its capital and liquidity positions, as well as the potential for significant asset quality deterioration in light of the bank's recent rapid growth and the deterioration in the operating environment. However, Fitch also notes the moderate reported level of NPLs to date. In line with most other Ukrainian banks, UGB's liquidity position came under pressure following a notable deposit outflow in Q408. UGB's deposit base fell by approximately 14% in Q408 (net of foreign currency revaluation effects) and by a further 5% in the first half of January 2009. Liquidity has been supported by both secured and unsecured borrowings from the National Bank of Ukraine. However, the liquidity cushion (cash and equivalents plus net interbank position) remained limited, and as at 23 January 2009 covered just 8% of customer accounts. In addition, wholesale refinancing needs relating to a maturing US$23 million syndicated loan and an early redemption option for UAH200 million domestic bonds will crystallize in August - September 2009, although their amounts are fairly modest compared to UGB's balance sheet. Capitalization has become tight as a result of the revaluation of foreign currency assets (regulatory ratio as at 21 January 2009 stood at 10.27%), despite a UAH116 million equity injection from existing shareholders in December 2008. The shareholders plan to support capitalization by additional UAH500 million equity injection in 2009. Reported NPLs (overdue for more than 90 days) were a moderate 3% of the loan portfolio (at end-2008), although Fitch notes that additional impairment may crystallize as the loan book seasons and the operating environment worsens, particularly as loans going past due during Q408 would not yet have gone 90 days overdue at year-end. The proportion of foreign currency loans was high at 44% at end-2008. Further negative rating actions would be possible in case of significant credit losses, further deterioration in UGB's liquidity position or erosion of capital. A stabilization of the macroeconomic environment, maintenance of moderate loan impairment ratios and cessation of the deposit outflow could lessen pressure for a negative rating action. UGB was founded in 1993 and has operated under its current name since 1997. The bank had been focused on corporate banking, in particular the Ukrainian oil and gas sector, but gradually started to diversify into the SME and retail segments. UGB has a country- wide network, consisting of 14 branches and 365 outlets. As at end-Q308, UGB was the 18th-largest bank in Ukraine, with total assets of UAH13.6 billion and a market share of 1.8%. The bank is jointly controlled by Vassiliy Gorbal, a deputy of the state parliament (Verhovnaya Rada), and Alexey Omelyanenko, a deputy of the Kiev city parliament (Kiev Rada). Rating actions: -- Long-term IDR: downgraded to 'CCC' from 'B-' (B minus); Outlook Negative -- Short-term IDR: downgraded to 'C' from 'B' -- Individual rating: downgraded to 'E' from 'D/E' -- Support rating: affirmed at '5' -- Support Rating Floor: affirmed at 'No Floor' -- National Long-term rating: downgraded to 'BB(ukr)' from 'BBB- (ukr)' (BBB minus (ukr)); Outlook Negative YARIKS-CAR LLC: Creditors Must File Claims by February 13 --------------------------------------------------------- Creditors of LLC Yariks-Car (EDRPOU 33249429) have until Feb. 13, 2009, to submit proofs of claim to: Mr. Morozov Igor Liquidator A/B 2734 49044 Dnipropetrovsk Ukraine The Arbitration Court of Dnipropetrovsk commenced bankruptcy proceedings against the company after finding it insolvent on Dec. 23, 2008. The case is docketed as B 29/302-08. The Economic Court of Dnipropetrovsk Kujbishev Str. 1a 49600 Dnipropetrovsk Ukraine The Debtor can be reached at: LLC Yariks-Car Fuchik St. 23/4 49000 Dnipropetrovsk Ukraine ZHMERINKA FEED: Creditors Must File Claims by February 13 --------------------------------------------------------- Creditors of LLC Zhmerinka Feed Mill (EDRPOU 00686428) have until Feb. 13, 2009, to submit proofs of claim to: Mr. Vasily Glebov Liquidator Hmelnickiy Highway, 23 Vinnica Ukraine Tel: 67-33-66 The Arbitration Court of Vinnica commenced bankruptcy proceedings against the company after finding it insolvent on Dec. 12, 2008. The case is docketed as 10/190-08. The Economic Court of Vinnica Hmelnickiy Str. 7 21036 Vinnica Ukraine The Debtor can be reached at: LLC Zhmerinka Feed Mill Tchaikovsky St. 7 Brailov Zhmerinka 23130 Vinnica Ukraine =========================== U N I T E D K I N G D O M =========================== A & M METAL: Appoints Joint Liquidators from Tenon Recovery ----------------------------------------------------------- Jonathan Paul Philmore and Thomas Ernest Dixon of Tenon Recovery were appointed joint liquidators of A & M Metal Services Ltd. on Jan. 20, 2009, for the creditors' voluntary winding-up proceeding. The company can be reached through Tenon Recovery at: Unit 1 Calder Close Calder Park Wakefield WF4 3BA England CONGREGATIONAL & GENERAL: S&P Affirms 'BB+' Counterparty Ratings ---------------------------------------------------------------- Standard & Poor's Ratings Services said it affirmed its 'BB+' counterparty credit and insurer financial strength ratings on Congregational & General Insurance PLC. At the same time, the ratings were removed from CreditWatch with negative implications, where they had been placed on July 30, 2008. The outlook is stable. The original CreditWatch placement reflected S&P's uncertainty regarding the implementation of the company's stated strategy at that time. This concern has been alleviated, however, since Congregational & General has successfully secured a co-insurance agreement with Hiscox Underwriting Ltd. on behalf of Hiscox Insurance Co. Ltd. (A/Stable/--). In addition, Congregational & General has considerably reduced management's high risk tolerance by selling its whole equity portfolio in December 2008. The co- insurance agreement reduces pressure on Congregational & General's reduced shareholder funds and may bring an additional dimension to the company's profile going forward by generating other income streams. Equity exit significantly reduced the volatility in solvency. "The ratings on Congregational & General are constrained by its marginal, although improving, operating performance and marginal competitive position," said Standard & Poor's credit analyst Tatiana Grineva. "The ratings remain underpinned by its robust competitive position within its core, but very small, niche commercial property market and prospectively good capitalization," she added. The stable outlook reflects S&P's expectation that Congregational & General will be able to maintain underwriting profitability over the next two to three years in order to rebuild its capitalization and financial flexibility to its historic levels. "We also expect the company to maintain its recently reduced -- after the sale of its equity portfolio -- financial risk tolerance," said Ms. Grineva. The ratings could come under downward pressure if alleviated financial risk tolerance were to increase or through a further reduction in the company's capital or operating performance over the course of the 2009 financial year. Positive rating action is unlikely in the medium term; however, it may be driven by a significant improvement in the company's competitive position supported by stable profitability and capitalization over the cycle despite challenging economic conditions. GLANFORD PLANT: Names Joint Liquidators from Tenon Recovery ----------------------------------------------------------- Jonathan Paul Philmore and Thomas Ernest Dixon of Tenon Recovery were appointed joint liquidators of Glanford Plant Hire Ltd. on Jan. 16, 2009, for the creditors' voluntary winding-up proceeding. The company can be reached through Tenon Recovery at: Europarc Innovation Centre Innovation Way Grimsby DN37 9TT England H.E. RICHARDS: Placed Into Receivership; 28 Jobs at Risk -------------------------------------------------------- H.E. Richards Ltd has been placed into receivership, putting 28 jobs at risk, iomtoday.co.im reports. The report relates KPMG has been appointed as receiver of the company. According to the report, the receiver is following up expressions of interest in the firm. Mike Fayle of KPMG, as cited by the report, said staff were set home, but had not been formally laid off. "There's a strong likelihood of this, depending on (the outcome] of expressions of interest," Mr. Fayle was quoted by the report as saying. Based in Hills Meadow, H.E. Richards is a cash & carry and wholesale distributor. HOUSE OF WILLIAMS: Appoints Joint Administrators from Deloitte -------------------------------------------------------------- Lee Antony Manning and Nicholas Guy Edwards of Deloitte LLP were appointed joint administrators of House Of Williams (Jewellery) Ltd. on Jan. 26, 2009. The company can be reached at: House Of Williams (Jewellery) Ltd. 58-60 Berners Street London England ILIAD INVESTMENT: Moody's Withdraws Ratings on Three Note Classes ----------------------------------------------------------------- Moody's withdrew the ratings of three classes of notes issued by Iliad Investment P.L.C. These notes have been repurchased and been redeemed in full. The rating actions are: Iliad Investment P.L.C.: (1) The EUR25,000,000 Series 9 Class A1 5.10 per cent Notes due 2013 -- Current Rating: WR -- Prior Rating: Caa3, on review for possible downgrade (2) The EUR10,000,000 Series 9 Class A2 Secured Floating Rate Notes due 2013 -- Current Rating: WR -- Prior Rating: Caa3, on review for possible downgrade (3) The CHF12,500,000 Series 9 Class A3 Secured Floating Rate Notes due 2013 -- Current Rating: WR -- Prior Rating: Caa3, on review for possible downgrade INDEPROD PEOPLE: Goes Into Administration ----------------------------------------- James Thornton at Conference & Incentive Travel reports that agency group The Indeprod People Company Ltd has gone into administration. Martha H. Thompson and Christopher K. Rayment of BDO Stoy Hayward LLP were appointed joint administrators of the company on Jan. 23, 2009. "As of last Friday the business has gone into administration and all the senior staff have gone. We have ceased trading and are operating on a skeleton staff until the business is either wound down or sold on," a member of Indeprod's staff told C&IT. Oxford Motovitation, which Indeprod acquired a year ago, is included in the administration, C&IT notes. INOTECH SERVICES: Taps Joint Liquidators from Tenon Recovery ------------------------------------------------------------ Jonathan Paul Philmore and Thomas Ernest Dixon of Tenon Recovery were appointed joint liquidators of Inotech Services Ltd. on Jan. 15, 2009, for the creditors' voluntary winding-up proceeding. The company can be reached through Tenon Recovery at: Lowgate House Lowgate Hull HU1 1EL England JUMP MEDIA: Names Joint Administrators from Grant Thornton ---------------------------------------------------------- Nigel Morrison and Alistair Wardell of Grant Thornton UK LLP were appointed joint administrators of Jump Media Ltd. on Jan. 19, 2009. The company can be reached at: Jump Media Ltd. 3 Church Road Penryn Cornwall TR10 8DA England MANSARD MORTGAGES: Fitch Junks Ratings on Three Tranches -------------------------------------------------------- Fitch Ratings has downgraded eight and affirmed nine tranches of three Mansard Mortgages transactions, UK non-conforming transactions. The Outlooks on nine tranches were revised to Negative from Stable, reflecting Fitch's concern about the performance of the deals, as well as the impact of the ongoing house price decline and current mortgage market conditions on the loss severities of foreclosed loans. Rating actions are listed at the end of this announcement. The latest investor reports for all three transactions have shown reserve fund draws, the most severe being in Mansard Mortgages 2006-1 Plc (Mansard 2006-1), with GBP1.2 million. (i.e. 26.69% of the target amount) of the reserve drawn in the last quarter alone. As of January 2009, the reserve fund stood at 53.72%, leaving the junior tranche with 0.73% of credit support (compared to 0.75% at close). Fitch believes that if losses continue to be realized at the current pace, the reserve fund is likely to be fully depleted in the course of 2009. Due to the expectation of significant further reserve fund draws the class M2a, B1a and B2a notes in this transaction have been downgraded to 'BBB', 'BB' and 'CC', respectively. In addition a Recovery Rating of 'RR4' has been assigned to the B2a notes, reflecting the low likelihood of investors receiving interest and principal payments due on these notes. In the two more recent transactions the reserve fund draws that occurred in the last quarter were 18.23% (Mansard 2007-1) and 0.27% (Mansard 2007-2) of the target amounts. The draw of GBP364,634 has left the junior tranche, class B2a, of Mansard 2007-1 with 0.78% of credit enhancement, compared to 0.8% at close. Meanwhile, in addition to the reserve fund draws, in the past two quarters Mansard 2007-2 has been drawing on its liquidity facility. Unlike other UK non-conforming transactions, the liquidity facility in this transaction is used to cover any interest shortfalls that might arise on the notes before the reserve fund. Since October 2008, the issuer has been utilizing the liquidity facility funds available, and as of January 2009 the total amount drawn amounted to GBP326,779. The draws on the liquidity facility, along with Fitch's expectations of further reserve fund draws, were the key drivers behind the downgrades of the notes in these two transactions. According to the latest investor reports loans in arrears by more than three months have been increasing in all three transactions, particularly in the last two quarters. The increase was the most significant in Mansard 2006-1 (935bps), where the level of arrears in January 2009 reached 22.95%. Mansard 2007-2 is showing a more rapidly deteriorating trend, as loans in arrears by more than three months (7.87%) as of the last interest payment date are already exceeding the levels seen on the two more seasoned deals at the same level of months after closing (16 months: 6.42% Mansard 2006-1 and 7.09% Mansard 2007-1). The volume of sold properties has increased reaching 1.86%, 0.82% and 0.06% of the original pools of Mansard 2006-1, Mansard 2007-1 and Mansard 2007-2. Fitch calculated period loss severities have ranged between 23.98% (Mansard 2007-2) and 32.14% (Mansard 2006- 1), and given the underlying loan characteristics of the three portfolios (loans with high loan-to-value ratios, high portion of buy-to-let and/or self-certified borrowers, as well as a high number of interest-only loans), the agency expects these figures to increase in the forthcoming period. The rating actions are: Mansard Mortgages 2006-1 Plc -- Class A2a (ISIN XS0272297358) affirmed at 'AAA'; Outlook Stable -- Class M1a (ISIN XS0272298752) affirmed at 'AA'; Outlook revised to Negative from Stable -- Class M2a (ISIN XS0272299131) downgraded to 'BBB' from 'A'; Outlook revised to Negative from Stable -- Class B1a (ISIN XS0272304311) downgraded to 'BB' from 'BBB'; Outlook revised to Negative from Stable -- Class B2a (ISIN XS0272305045) downgraded to 'CC' from 'BB'; Recovery Rating 'RR4' assigned Mansard Mortgages 2007-1 Plc -- Class A1a (ISIN XS0293436910) affirmed at 'AAA'; Outlook Stable -- Class A2a (ISIN XS0293438965) affirmed at 'AAA'; Outlook Stable -- Class M1a (ISIN XS0293458054) affirmed at 'AA'; Outlook revised to Negative from Stable -- Class M2a (ISIN XS0293460381) downgraded to 'A-' (A minus) from 'A'; Outlook revised to Negative from Stable -- Class B1a (ISIN XS0293442215) downgraded to 'BB' from 'BBB'; Outlook revised to Negative from Stable -- Class B2a (ISIN XS0293446711) downgraded to 'CC' from 'BB'; Recovery Rating 'RR4' assigned Mansard Mortgages 2007-2 Plc -- Class A1a (ISIN XS0333305299) affirmed at 'AAA'; Outlook Stable -- Class A2a (ISIN XS0333306933) affirmed at 'AAA'; Outlook Stable -- Class M1a (ISIN XS0333308475) affirmed at 'AA'; Outlook revised to Negative from Stable -- Class M2a (ISIN XS0333311693) affirmed at 'A'; Outlook revised to Negative from Stable -- Class B1a (ISIN XS0333313988) downgraded to 'BB' from 'BBB'; Outlook revised to Negative from Stable -- Class B2a (ISIN XS0333340361) downgraded to 'CC' from 'BB'; Recovery Rating 'RR3' assigned MILLENNIUM ESTATES: Goes Into Administration -------------------------------------------- Alex Hawkes at cnplus.co.uk reports that Northwest-based luxury builder Millennium Estates, also known as "Ronaldo's builder", has gone into administration. Citing the Companies House, the report discloses the administration is being handled by Zolfo Cooper, formerly Kroll. The collapse of the buy-to-let market in the North-west, in which the firm had a strong involvement, has been cited as the cause of the failure, the report says. OCEANIQUE LTD: Appoints Joint Liquidators from Tenon Recovery ------------------------------------------------------------- Alexander Kinninmonth and Nigel Ian Fox of Tenon Recovery were appointed joint liquidators of Oceanique Ltd. on Jan. 16, 2009, for the creditors' voluntary winding-up proceeding. The company can be reached through Tenon Recovery at: Highfield Court Tollgate Chandlers Ford Eastleigh Hampshire SO53 3TZ England OEP FURNITURE: Taps Administrators from of Smith & Williamson ------------------------------------------------------------- Anthony Cliff Spicer and James Douglas Ernle Money of Smith & Williamson Ltd., were appointed joint administrators of OEP Furniture Group Plc on Jan. 20, 2009. The company can be reached at: OEP Furniture Group Plc 103 High Street Waltham Cross Hertfordshire EN8 7AN England OSBORNE TABLEWARE: Appoints Joint Administrators from PKF --------------------------------------------------------- Ian Schofield and Charles Escott of PKF (UK) LLP were appointed joint administrators of Osborne Tableware Ltd. on Jan. 16, 2009. The company can be reached at: Osborne Tableware Ltd. Imperial Works Sheffield Road Sheffield S9 2YL England PHP LTD: Names Joint Liquidators from Tenon Recovery ---------------------------------------------------- Jonathan Paul Philmore and Thomas Ernest Dixon of Tenon Recovery were appointed joint liquidators of PHP Ltd. on Jan. 19, 2009, for the creditors' voluntary winding-up proceeding. The company can be reached through Tenon Recovery at: Lowgate House Lowgate Hull HU1 1EL England RMAC SECURITIES: S&P Cuts Ratings on Two Classes of Notes to 'B-' ----------------------------------------------------------------- Standard & Poor's Ratings Services lowered and removed from CreditWatch negative its credit ratings on the class A2a, A2b, and A2c notes series 2007-NS1 issued by RMAC Securities No. 1 PLC (RMAC 2007-NS1). S&P also lowered its credit ratings on the class M1a, M1c, M2c, B1a, and B1c notes. The class A1a, A1b, and A1c notes were affirmed. The rating actions follow a full credit and cash flow analysis of the most recent loan-level information and are based on three main factors: - The continued draws on the reserve fund of RMAC 2007-NS1; - The decline in U.K. house prices; and - The transaction's current and expected pool performance, given the increasing arrears and limited deleveraging to date. On Dec. 12, 2008, RMAC 2007-NS1 drew on its reserve fund for a fifth time by a further GBP846,789, leaving the reserve fund at GBP3.82 million (66.23% of the reserve fund required amount). This is the largest draw on its reserve to date. The reserve fund draw was due to increased losses, increasing delinquencies, and an exacerbated mismatch between the three-month LIBOR paid on the notes and the Bank of England base rate paid on the mortgage loans. This mismatch has been severe due to the drop in BBR in the period to December 2008, to 3.5% from 5.0%. There is no basis swap in this transaction and the mismatch currently affects 9.89% of the loans. Delinquencies and repossessions in this transaction increased in the period up to December 2008. 90+ day arrears (including repossessions) increased to 12.60% up from 9.96% in September, and repossessions increased to 2.32% from 2.06%. The stock of repossessions is currently 2.32, and total net losses as a percentage of the original pool balance are 0.41%. As U.K. house prices continue to decline, higher losses on defaulted loans are more likely, in S&P's view. This is expected to be the case particularly for those loans originated in the past few years. The current lack of liquidity in the U.K. housing market could also prolong the time from repossession to sale, putting further pressure on recovery levels. The cumulative weighted-average loss severity of the pool increased to 24.60% in December from 18.26% in September, and the weighted-average loss severity for properties sold in the period to December was 33.27%. The constant prepayment rate since issuance is 9.40%. This is low compared with similar transactions at the same time. As of December, three-month CPR was 6.13%. The low level of prepayments has led to a slower increase in credit enhancement for the notes. The class A1 and A2 notes rank pari passu in seniority in terms of interest, but the class A1 notes rank senior to A2 in terms of principal (pre-enforcement). The class A1 notes received timely payment of interest and ultimate payment of principal in all of S&P's cash flow stress scenarios, and so S&P has affirmed the rating on these notes. S&P will continue to monitor the performance of this transaction using the most recent loan-level data for S&P's full credit and cash flow analysis. S&P will pay particular attention to future repossessions, losses, and changes in collection rates and prepayment rates. Ratings List RMAC Securities No. 1 PLC GBP296.8 Million, EUR214.0 Million, and US$168.0 Million Mortgage-Backed Floating-Rate Notes Series 2007-NS1 Ratings Lowered Rating ------ Class To From ----- -- ---- M1a A A+ M1c A A+ M2c BBB BBB+ B1a B- B+ B1c B- B+ Ratings Lowered and Removed from CreditWatch Negative Rating ------ Class To From ----- -- ---- A2a AA+ AAA/Watch Neg A2b AA+ AAA/Watch Neg A2c AA+ AAA/Watch Neg Ratings Affirmed Rating ------ To From -- ---- A1a AAA A1b AAA A1c AAA S HALL MOTORS: Names Joint Administrators from Grant Thornton ------------------------------------------------------------- Leslie Ross and David Michael Riley of Grant Thornton UK LLP were appointed joint administrators of S Hall Motors (Birkenhead) Ltd. on Jan. 16, 2009. The company can be reached through Grant Thornton UK LLP at: S Hall Motors (Birkenhead) Ltd. 1st. Floor Royal Liver Building Liverpool L3 1PS England SERIOUS FOOD: In Administration; PwC Appointed ---------------------------------------------- Rob Lewis and Derek Howell of PricewaterhouseCoopers LLP were appointed joint administrators of Serious Food Ltd and its subsidiary Sunjuice Ltd on January 28, 2009. This does not affect the soup and distribution subsidiaries of Serious Food. Sunjuice was founded in 1987 and now makes over half the smoothies and freshly squeezed juices consumed in the UK, the majority of which are supplied to the private label market. It operates from Llantrisant, South Wales and employs 420 staff. The administration has resulted from difficult trading conditions in the last 12 to 18 months. During November 2008, Sunjuice entered into consultation with 200 employees around a redundancy program and it is with regret that the administrators have made 127 staff redundant with immediate effect. The administrators are already in discussions with a number of parties in relation to the sale of parts of the business which should allow "going concern" solutions to be explored. In the meantime, the business will continue to trade as normal. Rob Lewis, joint administrator and partner in PricewaterhouseCoopers LLP said: "While it is regrettable that we have had to make redundancies today, I hope that it will be possible to find buyers for the different parts of the business affected. We are putting in place arrangements to let trading continue as normally as possible, and in order for that to happen we will need the support of customers, suppliers and employees over the coming weeks while we try and find the best solution possible." * UK: Administrations Up 20% in 2008, Deloitte Says --------------------------------------------------- Deloitte, the business advisory firm, has announced its analysis of administration figures for 2008. The results highlight a 20% increase in administrations in 2008 compared with 2007, and a quarterly increase of 30% in Q4 compared with on Q3 2008. Lee Manning, reorganization services partner at Deloitte commented: "Given the current environment, these figures do not seem altogether too bad, but they do not reflect what is truly happening in the economy. Most of the increase in administration activity only gathered pace towards the end of last year, and with many economic commentators speculating that we are only at the tip of this crisis, we can expect these figures to increase drastically. Businesses should take this as a warning to act as early as possible to avoid becoming yet another statistic. This may require difficult decisions to be made over staffing and other overheads, and a curtailment of all non-essential expenditure. Things are going to become worse before they get better and this makes proper contingency planning vital. "The property and construction sector continues to be hit hard, with administrations up 73% compared to 2007. The continual decline in house prices, land stock value and the diminishing numbers of mortgage approvals is exacerbating the situation. "Elsewhere, the recruitment sector bore the brunt: administrations were up an astounding 232% compared to 2007, and up 208% on 2006. With the crisis no longer confined to the financial sector, individuals are feeling the effects of the credit crunch on a more personal level. Unsurprisingly, they don't want to rock the boat and are preferring to stay with their existing employers rather than look elsewhere. This is coupled with a wholesale cutback on recruitment by companies. "Interestingly, however, the leisure and hospitality sector only saw a rise of 16% in the number of companies falling into administration compared to 2007, and similarly retail saw an increase of just 6% compared with 2007. We have already begun to see signs of this changing, and as discretionary spending begins to be hit we expect to see these figures increase in the coming months." Key statistics: * Manufacturing administrations are down 25% compared to 2007; * Transport administrations were up 16% on 2007. Commenting on the regional breakdown, Mr. Manning said: "Businesses across the entire country are being affected by the downturn, particularly in the North East, where administrations have seen a 98% increase compared to 2007. This increase is not confined to the north, however, with the South West seeing a 95% increase in administrations." Deloitte - http://www.deloitte.com/-- provides audit, consulting, financial advisory, risk management and tax services to selected clients. * BOND PRICING: For the Week Jan. 26 to Jan. 30, 2009 ----------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- AUSTRIA ------- Oester Volksbk 4.810 07/29/25 EUR 68.36 BELGIUM ------- Barry Calle SVCS 6.000 07/13/17 EUR 73.40 CYPRUS ------ Abh Financial Lt 8.200 06/25/12 USD 64.90 Alfa MTN Invest 9.250 06/24/13 USD 61.67 FRANCE ------ Alcatel SA 4.750 01/01/11 EUR 13.40 6.380 04/07/14 EUR 68.23 Axa SA 8.600 12/15/30 USD 69.91 BNP Paribas 0.250 12/20/14 USD 67.97 Calyon 6.000 06/18/47 EUR 37.30 Soc Air France 2.750 04/01/20 EUR 19.18 Wavecom SA 1.750 01/01/14 EUR 30.53 GREECE ------ Antenna TV SA 7.250 02/15/15 EUR 65.00 HUNGARY ------- Agrokor 7.000 11/23/11 EUR 70.70 IRELAND ------- Allied Irish Bks 5.250 03/10/25 GBP 75.47 5.630 11/29/30 GBP 69.36 Alfa Bank 8.630 12/09/15 USD 43.76 8.640 02/22/17 USD 39.91 Ardagh Glass 7.130 06/15/17 EUR 72.20 Banesto Finance Plc 6.120 11/07/37 EUR 6.12 Bank Soyuz 9.380 02/16/10 USD 74.99 ITALY ----- Banca Italease 3.000 06/30/11 EUR 61.11 3.000 09/30/11 EUR 59.16 LUXEMBOURG ---------- Acergy SA 2.250 10/11/13 USD 59.26 Ak Bars Bank 9.250 06/20/11 USD 68.43 Alrosa Finance 8.880 11/17/14 USD 66.44 Bank of Moscow 7.340 05/13/13 USD 64.20 7.500 11/25/15 USD 45.64 6.810 05/10/17 USD 40.65 Beverage Pack 8.000 12/15/16 EUR 66.06 9.500 06/15/17 EUR 44.00 Breeze 4.520 04/19/27 EUR 67.22 11.750 04/19/27 EUR 72.25 NETHERLANDS ----------- ABN Amro Bank NV 6.250 06/29/35 EUR 54.18 Aegon NV 4.630 12/09/19 EUR 74.69 6.130 12/15/31 GBP 72.51 Air Berlin Finance BV 1.500 04/11/27 EUR 37.36 Alfa Bk Ukraine 9.750 12/22/09 USD 101.51 ALB Finance BV 9.750 02/14/11 GBP 37.12 8.750 04/20/11 USD 42.56 7.880 02/01/12 EUR 34.93 9.250 09/25/13 USD 43.12 ASM International NV 4.250 12/06/11 USD 63.92 ASML Holding NV 5.750 06/13/17 EUR 61.36 Astana Finance 7.880 06/08/10 EUR 58.06 9.000 11/16/11 USD 49.87 ATF Capital BV 9.250 02/21/14 USD 63.18 BK Ned Gemeenten 0.500 06/27/18 CAD 68.60 0.500 02/24/25 CAD 48.06 Centercrdt Intl 8.000 02/02/11 USD 56.08 8.630 01/30/14 USD 39.05 Hit Finance BV 4.880 10/27/21 EUR 72.10 JSC Bank Georgia 9.000 02/08/12 USD 46.41 Turanalem Fin BV 7.130 12/21/09 GBP 70.24 7.880 06/02/10 USD 62.62 6.250 09/27/11 EUR 46.65 7.750 04/25/13 USD 40.83 8.000 03/24/14 USD 45.07 8.500 02/10/15 USD 46.69 8.250 01/22/37 USD 44.89 ROMANIA ------- Bucharest 4.130 06/22/15 EUR 52.14 RUSSIA ------ Sistema Capital 8.880 01/28/11 USD 74.85 SPAIN ----- Abertis 5.990 05/14/38 EUR 73.76 Abertis Infra 4.380 03/30/20 EUR 77.45 Auvisa 4.790 12/15/27 EUR 64.92 UNITED KINGDOM -------------- Amlin Plc 6.500 12/19/26 GBP 65.25 Anglian Water Finance Plc 2.400 04/20/35 GBP 44.65 Ashtead Holdings 8.630 08/01/15 USD 59.13 Aspire Defence 4.670 03/31/40 GBP 61.19 Aviva Plc 5.250 10/02/23 EUR 66.20 6.880 05/22/38 EUR 61.61 Bank of India 6.630 09/22/21 USD 76.44 Beazley Group 7.250 10/17/26 GBP 75.72 Bradford&Bin Bld 7.630 02/16/10 GBP 30.95 6.630 06/16/23 GBP 22.86 4.910 02/01/47 EUR 66.45 BL Super Finance 4.480 10/04/25 GBP 74.82 Britannia Bldg 5.750 12/02/24 GBP 71.43 5.880 03/28/33 GBP 63.70 British Airways Plc 8.750 08/23/16 GBP 77.50 Brit Insurance 6.630 12/09/30 GBP 71.53 British Land Co 5.010 09/24/35 GBP 74.22 5.260 09/24/35 GBP 71.34 Brit Sky Broadca 6.000 05/21/27 GBP 73.42 British Tel Plc 5.750 12/07/28 GBP 71.42 6.380 06/23/37 GBP 74.54 Broadgate Finance Plc 4.850 04/05/31 GBP 74.09 5.100 04/05/33 GBP 70.49 CGNU Plc 6.130 11/16/26 GBP 65.30 Heating Finance 7.880 03/31/14 GBP 38.77 ********* 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. 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