/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/090326.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 Thursday, March 26, 2009, Vol. 10, No. 60 Headlines A U S T R I A ACCESSOIRES KROSNA: Claims Registration Period Ends April 10 AUTOZUBEHOER M. MARSCHHOFER: Claims Registration Ends April 20 BACHNER LLC: Claims Registration Period Ends April 10 ENVIRGY LLC: Claims Registration Period Ends April 8 FRITZ HOFINGER: Claims Registration Period Ends April 20 F R A N C E THOMSON SA: Societe Generale Buys Shares; In Talks With Creditors G E R M A N Y ALPHA PROJEKT: Claims Registration Period Ends April 25 APOLLO KONZEPT: Claims Registration Period Ends April 28 ARRON VERWALTUNGS: Claims Registration Period Ends April 17 CRISTINI GMBH: Claims Registration Period Ends May 26 HELLA KGAA: Moody's Assigns 'Ba1' Corporate Family Rating MAERKLIN HOLDING: Mulls 400 Job Cuts Under Restructuring THOR SAFETY: Claims Registration Period Ends May 20 G R E E C E FREESEAS INC: Obtains Lender Covenant Wiavers I R E L A N D CELF LOW: S&P Puts 'BB' Rating on Class F Notes on Negative Watch EUROMAX III: Fitch Cuts Ratings on Two Classes of Notes to Low-B EUROMAX IV: Fitch Junks Ratings on Two Classes of Notes EUROMAX V: Fitch Junks Ratings on Five Classes of Notes EUROMAX VI: Fitch Junks Ratings on Three Classes of Notes ZOO ABS: Fitch Junks Ratings on Four Classes of Notes I T A L Y SOCOTHERM SPA: Leonardo Appointed Adviser for Debt Restructuring K A Z A K H S T A N ART DEKAN: Creditors Must File Claims by April 24 BTA BANK: Probable Default Cues Fitch's Junk Issuer Ratings KEY STROY: Creditors Must File Claims by April 24 KOKSO HIM: Creditors Must File Claims by April 24 PRIKASPY BUR: Creditors Must File Claims by April 24 PRIKASPY SERVICE: Creditors Must File Claims by April 24 ROLEKS LLP: Creditors Must File Claims by April 24 SK ELEVATOR: Creditors Must File Claims by April 24 TANEMO TRANS OIL LLP: Creditors Must File Claims by April 24 TEMIR BANK: Fitch Junks Issuer Ratings on Probable Default TSEM SNUB: Creditors Must File Claims by April 24 K Y R G Y Z S T A N IPAR BIOTECH: Creditors Must File Claims by April 3 SEA FOOD: Creditors Must File Claims by April 3 L A T V I A * LATVIA: Plans to Widen Budget Deficit May Spur IMF to Halt Aid L U X E M B O U R G ALZETTE EUROPEAN: S&P Puts Three 'BB'-Rated Notes on Neg. Watch COLT TELECOM: Moody's Upgrades Corporate Family Rating to 'B1' COLT TELECOM: S&P Lifts Long-Term Issuer Credit Ratings to 'BB-' N E T H E R L A N D S ABN AMRO: S&P Downgrades Ratings on Tier 1 and Tier 2 to 'BB' P O L A N D DUDA: Kredyt Bank Files Bankruptcy Petition R U S S I A ABSOLUT-STROY LLC: Creditors Must File Claims by May 6 AKSAYSKIY GLASS: Creditors Must File Claims by May 6 ELEKTRO-SUDO-REMONT LLC: Creditors Must File Claims by April 5 LOBVA LLC: Sverdlovskaya Bankruptcy Hearing Set June 25 POLINOM LLC: Creditors Must File Claims by May 6 POSEVNINSKIY MACHINE: Creditors Must File Claims by April 5 PSKOVSKOE WOOD: Creditors Must File Claims by May 6 ROSTOVSKAYA ENERGY: Creditors Must File Claims by April 5 SPETS-STROY-2 LLC: Creditors Must File Claims by April 5 UDMURT-STROY-TRADE LLC: Creditors Must File Claims by April 5 S W I T Z E R L A N D ASTRID HABERLING: Creditors Must File Claims by March 30 AVAC JSC: Deadline to File Proofs of Claim Set April 15 CARMINATI PLATTENBELAGE: Claims Filing Period Ends March 31 DIVANO LLC: Proof of Claim Filing Deadline is April 30 HUBLER LLC: Creditors' Proofs of Claim Due by April 11 MAINE & YORK: April 3 Set as Deadline to File Claims PACKARD BELL: Creditors Must File Proofs of Claim by March 31 ROJ LEBENSMITTEL: Deadline to File Proofs of Claim Set March 31 ROSING JSC: Creditors Have Until April 17 to File Claims SOLCODE LLC: Proof of Claim Filing Deadline is April 30 U K R A I N E AGROLAND LLC: Creditors Must File Claims by April 5 AVEGO LLC: Creditors Must File Claims by April 6 BANK FINANCE: Moody's Cuts Financial Strength Rating to 'E' IVA-K LLC: Creditors Must File Claims by April 5 LUG MK: Creditors Must File Claims by April 6 META IMPEKS-CK: Creditors Must File Claims by April 5 OBIKHOD PHARMACEUTICALS: Creditors Must File Claims by April 6 REAL CJSC: Creditors Must File Claims by April 6 TECHNO-SPACE LLC: Creditors Must File Claims by April 5 VIKBAR LLC: Creditors Must File Claims by April 6 U N I T E D K I N G D O M APOLLO 2000: Warranty Cover Remains Valid, Administrator Says ARCHERS: Pub Trade Downturn Spurs Administration ARGENTVIVE PLC: Enters Administration; 30 Jobs at Risk B A CORRY: Appoints Joint Administrators from Tenon Recovery BACCHUS 2006-2: S&P Puts BB-Rated Class E Notes on Watch Negative BAGEUETTE DU: Administrator Puts Business for Sale BARNES AND TIPPING: Joint Administrators Put Business for Sale BELL CHOICE: Appoints Joint Liquidators from KPMG LLP BLUESTONE SECURITIES: S&P Junks Rating on Class D Notes CONSUMER UNSECURED: S&P Lowers Rating on Class D Notes to 'B+' DECO SERIES: Fitch Junks Rating on GBP10.5 Mln Class D Notes DEUTSCHE RUECK: Meeting With Scheme Creditors Set for May 18 DUNFERMLINE BUILDING: In Talks Over GBP60 Mln Gov't Rescue Package EDWARDS GROUP: Moody's May Cut 'B1' Corporate Rating on Downturn ELITE TILES: Joint Administrators Put Business for Sale GEORGE CARTER: Administrators to Gradually Wind Down Business HIGH TIDE: Fitch Junks Rating on Class C Notes LLOYDS BANKING: S&P Cutss Ratings on Hyrbid Instruments to 'BB' MEADOWS INDEMNITY: Meetings With Scheme Creditors Set for May 27 MOUNTGRANGE CAPITAL: Goes Into Administration; Deloitte Appointed REDFERN STEVENS: Administrators Put Assets for Sale ROYAL BANK: S&P Cuts Ratings on Various Hybrid Securities to BB- SAV PUBS: Brings in Joint Administrators from Grant Thornton SBH (SW) LTD: Taps Joint Administrators from Smith & Williamson TECMAG LTD: Appoints Joint Administrators from Tenon Recovery * EUROPE: Carriers to Lose US$1 Billion in 2009, IATA Says * Upcoming Meetings, Conferences and Seminars ********* ============= A U S T R I A ============= ACCESSOIRES KROSNA: Claims Registration Period Ends April 10 ------------------------------------------------------------ Creditors owed money by LLC Accessoires Krosna (FN 298407i) have until April 10, 2009, to file written proofs of claim to the court-appointed estate administrator: Dr. Richard Fuchs Maria-Theresien-Strasse 7 6020 Innsbruck Austria Tel: 0512/583465 Fax: 0512/583465-16 E-mail: richard.fuchs@aon.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:20 a.m. on April 24, 2009, for the examination of claims at: Land Court of Innsbruck (818) Room N214 Innsbruck Austria Headquartered in Innsbruck, Austria, the Debtor declared bankruptcy on Feb. 10, 2009, (Bankr. Case No. 9 S 4/09a). AUTOZUBEHOER M. MARSCHHOFER: Claims Registration Ends April 20 -------------------------------------------------------------- Creditors owed money by LLC Autozubehoer M. Marschhofer (FN 213157t) have until April 20, 2009, to file written proofs of claim to the court-appointed estate administrator: Dr. Karl Bergthaler Marktstrasse 1 4813 Altmuenster Austria Tel: 07612/88273 oder 89425 Fax: 07612/88273-15 E-mail: office@jusfull.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 1:00 p.m. on April 30, 2009, for the examination of claims at: Land Court of Wels (519) First Floor Hall 101 Maria Theresia Str. 12 Austria Headquartered in Ellmau, Austria, the Debtor declared bankruptcy on Feb. 6, 2009, (Bankr. Case No. 20 S 18/09m). BACHNER LLC: Claims Registration Period Ends April 10 ----------------------------------------------------- Creditors owed money by LLC Bachner (FN 200684z) have until April 10, 2009, to file written proofs of claim to the court- appointed estate administrator: Philipp Casper Kalchberggasse 1 8010 Graz Austria Tel: 0316/830550 Fax: 0316/813717 E-mail: philipp.casper@kcp.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 2:00 p.m. on April 23, 2009, for the examination of claims at: Graz Land Court by Civil Cases (638) Room 227 Graz Austria Headquartered in Lieboch, Austria, the Debtor declared bankruptcy on Feb. 11, 2009, (Bankr. Case No. 25 S 22/09m). ENVIRGY LLC: Claims Registration Period Ends April 8 ---------------------------------------------------- Creditors owed money by LLC Envirgy (FN 226819h) have until April 8, 2009, to file written proofs of claim to the court- appointed estate administrator: Dr. Richard Proksch Am Heumarkt 9/I/11 1030 Wien Austria Tel: 713 46 51 Fax: 713 84 35 E-mail: proksch@eurojuris.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 12:20 p.m. on April 19, 2009, for the examination of claims at: Trade Court of Vienna (007) Room 1707 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Feb. 9, 2009, (Bankr. Case No. 2 S 16/09d). FRITZ HOFINGER: Claims Registration Period Ends April 20 -------------------------------------------------------- Creditors owed money by LLC Fritz Hofinger Transporte & Co. KG (FN 27279t) have until April 20, 2009, to file written proofs of claim to the court-appointed estate administrator: Dr. Erich Gugenberger Attergaustrasse 30 4880 St. Georgen im Attergau Austria Tel: 07667/20980 Fax: 07667/20980-20 E-mail: office@drgugenberger.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 1:20 p.m. on April 30, 2009, for the examination of claims at: Land Court of Wels (519) Hall 101 Wels Austria Headquartered in Oberwang, Austria, the Debtor declared bankruptcy on Feb. 9, 2009, (Bankr. Case No. 20 S 19/09h). =========== F R A N C E =========== THOMSON SA: Societe Generale Buys Shares; In Talks With Creditors ----------------------------------------------------------------- Societe Generale has acquired shares in Thomson SA as part of its trading activities, Reuters' Dominique Vidalon and Juliette Rouillon report. Citing a March 20 regulatory filing from market watchdog AMF, Reuters discloses Societe Generale bought Thomson shares on March 12 and on March 13, bringing its total holding to 9.07 percent of the capital and voting rights. According to Reuters, news of the acquisition sent Thomson's shares up 20% on Monday, March 23. Creditor Talks Reuters notes that earlier this month Thomson, which incurred a loss of EUR1.9 billion in 2008, warned it could breach certain debt covenants in April. Thomson, Reuters says, is in talks with its main creditors and potential equity investors regarding its balance sheet, its debt and ways to prevent an acceleration of its senior debt. Thomson's chief executive, Frederic Rose, as cited by Reuters, said that talks with creditors covered several options, including the possibility for creditor banks to exchange debt for equity. About Thomson SA Thomson SA is a France-based Company that provides technology, services, and systems to Media & Entertainment (M&E) clients, including content creators, content distributors and broadcasters. It has three principal operating divisions: Services, Systems (previously Systems & Equipment) and Technology. The remaining activities are regrouped in two additional segments: Other and Corporate. The Services Division offers end-to-end management of video-related services for its customers in the M&E industries. Systems division plays a role in supplying hardware and software technology for the M&E industries in the areas of production, delivery, management, transmission, and access. Technology division includes activities, such as corporate research; Silicon Solutions: Integrated Circuit design and tuners, and Software & Technology Solutions: video and audio security solutions, and other technologies. In December 2008, the Company sold its digital film equipment product line. * * * As reported in the Troubled Company Reporter-Europe on Feb. 3, 2009, Moody's Investors Service lowered to Caa3 from B1 the Corporate Family Rating for Thomson S.A. and to C from Caa1 the junior subordinated rating for Thomson's perpetual junior subordinated bonds. The outlook on the ratings is negative. The rating action was prompted by the sharp, about EUR800 million, increase in net debt that Thomson has indicated for the second half 2008. As reported by the TCR-Europe on Feb. 2, 2009, Standard & Poor's Ratings Services 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'. ============= G E R M A N Y ============= ALPHA PROJEKT: Claims Registration Period Ends April 25 ------------------------------------------------------- Creditors of Alpha Projektgesellschaft mbH have until April 25, 2009, to register their claims with court-appointed insolvency manager. Creditors and other interested parties are encouraged to attend the meeting at 11:10 a.m. on May 29, 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 Room 142 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: Andreas Mueller-Stein Schuetzenstr. 5 50126 Bergheim Germany The court opened bankruptcy proceedings against the company on March 17, 2009. Consequently, all pending proceedings against the company have been automatically stayed. The debtor can be reached at: Alpha-Projektgesellschaft mbH Schloss Tuernich 50169 Kerpen Germany Attn: Bernd-Dieter Sundhaus, Manager Margaretenstr. 59 a 18057 Rostock Germany APOLLO KONZEPT: Claims Registration Period Ends April 28 -------------------------------------------------------- Creditors of Apollo Konzept GmbH have until April 28, 2009, to register their claims with court-appointed insolvency manager. Creditors and other interested parties are encouraged to attend the meeting at 9:45 a.m. on May 26, 2009, at which time the insolvency manager will present his 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: Jens Wilhelm V. Hohenzollernstrasse 53 30161 Hannover Germany Tel: 0511 696846-0 Fax: 0511 696846-79 The court opened bankruptcy proceedings against the company on March 20, 2009. Consequently, all pending proceedings against the company have been automatically stayed. The debtor can be reached at: Apollo Konzept GmbH Leinaustrasse 1 30451 Hannover Germany Attn: Martin Scheele, Manager Braunstrasse 20 30169 Hannover Germany ARRON VERWALTUNGS: Claims Registration Period Ends April 17 ----------------------------------------------------------- Creditors of Arron Verwaltungs GmbH have until April 17, 2009, to register their claims with court-appointed insolvency manager. Creditors and other interested parties are encouraged to attend the meeting at 9:15 a.m. on May 13, 2009, at which time the insolvency manager will present his first report. The meeting of creditors will be held at: The District Court Erfurt Hall 12 Judicial Center Rudolfstr. 46 99092 Erfurt 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: T. Zerche Comthurgasse 1 99084 Erfurt Germany The court opened bankruptcy proceedings against the company on March 23, 2009. Consequently, all pending proceedings against the company have been automatically stayed. The debtor can be reached at: Arron Verwaltungs GmbH Attn: Holger Knittel, Manager Langwitz 67 c 99310 Dornheim Germany CRISTINI GMBH: Claims Registration Period Ends May 26 ----------------------------------------------------- Creditors of Cristini GmbH have until May 26, 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 June 16, 2009, at which time the insolvency manager will present his first report. The meeting of creditors will be held at: The District Court of Bielefeld Hall 4065 Gerichtstrasse 66 33602 Bielefeld 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: Hans Peter Burghardt Bunsenstr. 3 32052 Herford Germany The court opened bankruptcy proceedings against the company on March 19, 2009. Consequently, all pending proceedings against the company have been automatically stayed. The debtor can be reached at: Cristini GmbH Attn: Dr. Frank Gebert, Manager Suedstrasse 11-13 32130 Enger Germany HELLA KGAA: Moody's Assigns 'Ba1' Corporate Family Rating --------------------------------------------------------- Moody's Investors Service has downgraded the Issuer Rating of Hella KGaA Hueck & Co from Baa3 to Ba1. At the same time Moody's withdraws Hella's issuer rating and assigns a Ba1 Corporate Family Rating. The instrument rating of Hella's EUR 175 million Senior Unsecured Bonds was downgraded to Ba1 and the Short-Term Rating was downgraded from P-3 to non-prime. This concludes the rating review initiated on February 6. The outlook on the ratings is stable. Falk Frey, lead analyst for Hella, said: "The rating action reflects Moody's concern that the steep decline in worldwide automotive productions would not allow Hella to maintain credit metrics commensurate with the previous Baa3 rating. However, Moody's believe that Hella's sizable and more resilient aftermarket business together with the significant operating improvements achieved in the recent past should allow for financial ratios that position the company solidly at the Ba1 rating level over the cycle". In order to remain adequately positioned within the previous Baa3 rating category Moody's would have expected, for instance, further improving operating profitability, notable positive Free Cash Flow generation, a Retained Cash Flow/Net Debt ratio of close to 30% or Debt/EBITDA below 3x. In light of prevailing market conditions, however, Moody's believes it will be very challenging to achieve at least some of these expectations in the intermediate term. Hella's ratings continue to be supported by a sound business profile and the company's sizable aftermarket business which Moody's expect to prove fairly resilient in the current downturn. Though the agency acknowledges that the company's profitability had recovered in the recent past on the back of improving efficiency and an enhanced operating footprint, it is concerned that the fast deterioration in auto production volumes will weaken an already moderate level of profitability. At the same time the ratings consider management's track record in reducing costs as well as the measures already taken to counter the market downturn. Though such measures are expected to be beneficial in the mid to long term, Moody's cautions that associated costs could potentially pose an additional burden to earnings in the short term. While Moody's notes that the current economic and financial crisis has increased the risk of supplier or customer default, Moody's acknowledge that the current situation also offers opportunities for solidly positioned suppliers - such as Hella - as OEM customers appear to increasingly cluster their supplier base. Moody's considers Hella's 12-months liquidity position to be adequate. As per December 2008 Hella had cash and cash equivalents of EUR209 million and ample availability under its EUR650 million key credit facility. While Moody's notes that Hella's key credit facility will mature in July 2010, Moody's anticipates the company to arrange for alternative funding sources to refinance this facility at least one year before the maturity date. Downgrades: Issuer: Hella KGaA Hueck&Co -- Issuer Rating, Downgraded to a range of Ba1 to NP from a range of Baa3 to P-3 -- Senior Unsecured Regular Bond/Debenture, Downgraded to Ba1 from Baa3 Assignments: Issuer: Hella KGaA Hueck&Co -- Probability of Default Rating, Assigned Ba1 -- Corporate Family Rating, Assigned Ba1 -- Senior Unsecured Regular Bond/Debenture, Assigned 47 - LGD3 Outlook Actions: Issuer: Hella KGaA Hueck&Co -- Outlook, Changed To Stable From Rating Under Review Moody's last rating action on Hella was on February 6, 2009 when Moody's placed Hella's Baa3/P-3 ratings under review for possible downgrade. Headquartered in Lippstadt, Germany, Hella is one of the leading automotive suppliers in automotive lighting and electronics components, and holds a strong position in the aftermarket. Group revenues in fiscal 2007/08 were EUR3.9 billion. The company employs approximately 25,000 people at more than 70 manufacturing facilities, production subsidiaries and joint ventures worldwide. MAERKLIN HOLDING: Mulls 400 Job Cuts Under Restructuring -------------------------------------------------------- Plasteurope reports that Maerklin Holding GmbH will cut nearly 400 of the 1,400 jobs at the company as part of a restructuring effort. According to Plasteurope, 166 of the company's 650 workers at its Goeppingen plant in Germany will lose their jobs, while 180 of its 520 employees at its plant in Gyor, Hungary will be made redundant. The company, Plasteurope discloses, will close its plant in Nuremburg, Germany, resulting in the loss of 58 jobs. Plasteurope notes that while the company will halt production of some of its less profitable models, it will retain all of the trade names, including "Marklin", "Trix" and "LGB". On Feb. 6, 2009, The Troubled Company Reporter-Europe, citing The Associated Press, reported Maerklin filed for bankruptcy protection from creditors at a court in Goeppingen after failing to secure new credit from banks. Citing German weekly Wirtschaftswoche, Bloomberg News disclosed the company made a net loss of about EUR20 million in 2008, while its revenue stood at EUR128 million (US$165 million). It owed "at least" EUR50 million to banks including Landesbank Baden-Wuerttemberg, the report added. Based in Goeppingen, Germany, Maerklin Holding GmbH is a model railway maker. THOR SAFETY: Claims Registration Period Ends May 20 --------------------------------------------------- Creditors of Thor Safety GmbH have until May 20, 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 June 18, 2009, at which time the insolvency manager will present his first report. The meeting of creditors will be held at: The District Court of Neuruppin Hall 325 Karl-Marx-Strasse 18a 16816 Neuruppin 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: Hartwig Albers Luetzowstrasse 100 10785 Berlin Germany The court opened bankruptcy proceedings against the company on March 20, 2009. Consequently, all pending proceedings against the company have been automatically stayed. The debtor can be reached at: Thor Safety GmbH Liebenwalder Strasse 69 16567 Muehlenbeck/Summt Germany Attn: Frau Gabriela Jahnke, Manager Muehlenbecker Strasse 37 a 16552 Schildow Switzerland =========== G R E E C E =========== FREESEAS INC: Obtains Lender Covenant Wiavers --------------------------------------------- FreeSeas Inc. on Tuesday, March 24, obtained covenant waiver agreements from each of its bank lenders and has refinanced the existing credit facility for the Free Maverick. Ion Varouxakis, President and CEO of FreeSeas, stated, "These modifications to our loan agreements, coupled with recent charter announcements, have provided FreeSeas with a greater level of operational and financial flexibility. We closely worked with our commercial lenders in negotiating these waivers, and the process involved extensive due diligence on their part. We feel that their willingness to work with us reflects the quality of FreeSeas' fleet and charter agreements, the outlook for our business model, and the positive changes in the dry bulk market over the past few weeks. To a lesser extent, we believe these waivers position us for growth as we see unprecedented opportunities for acquisitions at current market prices." Summary of Covenant Waivers/Refinancing * Credit Suisse: US$79.3 million outstanding on the reducing revolving credit facility. Credit Suisse has agreed to waive any potential breach of the market value-to-loan covenants from October 1, 2008 until March 31, 2010. A partial prepayment of the outstanding loan in the amount of US$5.0 million will be made by the Company by July 31, 2009. * First Business Bank S.A. of Greece: US$24.0 million outstanding term loan. FBB has agreed to waive any potential breach of market value-to-loan covenants from December 31, 2008 until January 1, 2010. * Hollandsche Bank - Unie N.V.: US$49.6 million total facilities outstanding. The Company has reached an agreement with HBU to refinance a balloon payment of US$27.1 million due on August 1, 2009 on the loan for the Free Maverick. The balloon payment will be replaced by a new 3.5 year facility, which is payable through 13 quarterly installments of US$600,000 beginning on August 1, 2009 and one installment of US$19.3 million payable on November 1, 2012. HBU also agreed to waive any potential breach of its value-to-loan ratio on all its facilities, from October 1, 2008 until July 1, 2010, and amend such ratio to 100% on July 1, 2010, 110% on July 1, 2011, 120% on July 1, 2012 and 125% on December 31, 2012. Headquartered in Piraeus, Greece, FreeSeas Inc. (Nasdaq:FREE) (Nasdaq:FREEW) (Nasdaq:FREEZ) -- http://www.freeseas.gr/-- is an independent shipping company that operates in the international drybulk shipping market. As of December 31, 2007, the Company operates seven vessels through its wholly owned subsidiaries. The operations of its vessels are managed by Free Bulkers S.A., an affiliated Marshall Islands company. Free Bulkers provides the Company with a range of shipping services. These services include technical management, such as managing day-to-day vessel operations, including supervising the crewing, supplying, maintaining, dry-docking of vessels, commercial management regarding identifying suitable vessel charter opportunities and certain accounting services. On April 2007, the Company sold the M/V Free Fighter. During 2007, it acquired M/V Free Hero, the M/V Free Jupiter and the M/V Free Goddess vessels. ============= I R E L A N D ============= CELF LOW: S&P Puts 'BB' Rating on Class F Notes on Negative Watch ----------------------------------------------------------------- Standard & Poor's Ratings Services placed on CreditWatch negative its principal-only credit ratings on the class E and F notes issued by CELF Low Levered Partners PLC. The ratings on all other classes in the transaction are unaffected. The actions reflect S&P's concerns that due to portfolio deterioration and par value losses, the issuer may be unable to repay full principal to the class E and F noteholders. CELF Low Leveraged Partners closed on Feb. 7, 2007, and is a cash flow transaction where the class A-1, A-2, A-3, B, C, D, and S notes are collateralized by a pool of speculative-grade corporate loan obligations. The collateral for the class E and F notes are 'AAA' rated zero-coupon Obligation Assimilable du Tresor securities�strips with an original tenor of 12 Years. The repayment of principal for classes E and F is linked to payments to the subordinated class D-1, D-2, and D-3 (class D) notes. Payments to the class D notes in turn depend on the collateral performance. The total principal amount of the class D notes is EUR71 million. In S&P's view, about 11% of the portfolio assets are now rated 'CCC+' and below, of which portfolio defaults account for 4%. In S&P's preliminary analysis, S&P took into consideration S&P's rated overcollateralization metric, which provides an estimate of the stability of the ratings currently assigned to cash flow collateralized debt obligation tranches, based on output from Standard & Poor's CDO Evaluator model and a simplified cash flow analysis. The ratings on the class E and F notes address the ultimate payment of principal only. Both classes are zero-coupon notes, which at closing were issued at a price of 43% and 30%, respectively. At closing, the issuance proceeds of the class E and F notes were invested in the OATs mentioned above. The OAT strips purchased using the class E note proceeds (class E OATs) are held in a single separate trust account for the benefit of the class D subordinated noteholders and the class E noteholders. The OAT strips purchased using the class F proceeds (class F OATs) are held for the benefit of the class D subordinated noteholders and the class F noteholders. If total payments comprising principal and interest to the class D notes are less than EUR71 million, the shortfall will be covered first by the class F notes up to an amount of EUR10 million, using the class F OAT proceeds. The class E OAT proceeds (up to an amount of EUR15 million) would cover any further shortfall if the total distributions to class D are less than EUR61 million. In other words, if the class D noteholders receive EUR61 million in distributions, the class E noteholders receive full principal using either the class E OAT proceeds or via physical delivery of the class E OATs. The class F noteholders in turn make up the shortfall of EUR10 million using the class F OAT proceeds. Ratings List CELF Low Levered Partners PLC EUR70.5 Million Secured Revolving Floating-Rate Notes, EUR86.5 Million Secured Delayed Draw Floating-Rate Notes, EUR86.5 Million Secured Floating-Rate Notes, EUR40.5 Million Secured Deferrable Floating-Rate Notes, EUR71.0 Million Subordinated Notes, and EUR25 Million Zero-Coupon Notes Ratings Placed on CreditWatch Negative Ratings ------- Class To From ----- -- ---- E BBB-/Watch Neg BBB- F BB/Watch Neg BB EUROMAX III: Fitch Cuts Ratings on Two Classes of Notes to Low-B ---------------------------------------------------------------- Fitch Ratings has downgraded Euromax III MBS Ltd.'s notes, removed the notes from Rating Watch Negative, and assigned Outlooks. Rating actions: -- EUR103.3 million class A-1 due 2095 (ISIN XS0158773324): downgraded to 'BBB' from 'AAA'; removed from RWN; assigned a Negative Outlook -- EUR6 million class A-2 due 2095 (ISIN XS0158774991): downgraded to 'BB' from 'AAA'; removed from RWN; assigned a Negative Outlook -- EUR11.88 million class B due 2095 (ISIN XS0158775022): downgraded to 'B' from 'A'; removed from RWN; assigned a Negative Outlook 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 in the collateral pool. 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 coupled with limited subordination has particularly affected all the tranches. As per the trustee report dated February 10, 2009, the portfolio contained 42 assets from 38 obligors, with the largest exposure accounting for approximately 5.9% of the outstanding portfolio amount. The largest single industry is RMBS with 61% of the portfolio volume. Three assets totaling EUR9.6 million (7.1% of the total portfolio) have a rating of 'CC' or below for which Fitch expects no principal recoveries. The OC test, which covers the class A-1, A- 2 and B notes, was reported at 111.2% relative to a minimum threshold of 105%, although the above distressed assets were still considered in the calculations. Excluding the distressed assets, the OC would be 108.1%. The transaction has continued to de-lever since the end of the reinvestment period in October 2007. Since then, all principal proceeds available after payment of senior expenses have been used to amortize the class A-1 notes. In conducting its analysis, Fitch makes a three notch downward adjustment for any names on RWN for default analysis under its Portfolio Credit Model. On an adjusted basis, approximately 23.5% of the portfolio is now treated as sub-investment grade. The weighted average portfolio quality is 'BB+'/'BB' and 14% of the portfolio is on RWN. EUROMAX IV: Fitch Junks Ratings on Two Classes of Notes ------------------------------------------------------- Fitch Ratings has downgraded Euromax IV MBS S.A. notes, removed them from Rating Watch Negative, and assigned Outlooks and Recovery Ratings. Rating actions: -- EUR149 million class A-1 due 2054 (ISIN XS0230035627): downgraded to 'BBB' from 'AAA'; removed from RWN; Negative Outlook assigned -- EUR16 million class A-2 due 2099 (ISIN XS0230036518): downgraded to 'BB' from 'AAA'; removed from RWN; Negative Outlook assigned -- EUR11.4 million class B due 2099 (ISIN XS0230036864): downgraded to 'B' from 'AA'; removed from RWN; Negative Outlook assigned -- EUR6 million class C due 2099 (ISIN XS0230037169): downgraded to 'CCC' from 'A'; removed from RWN; assigned 'RR5' -- EUR6 million class D due 2099 (ISIN XS0230037912): downgraded to 'CC' from 'BBB'; removed from RWN; assigned 'RR6' 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 in the collateral pool 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 coupled with limited subordination has particularly affected all the tranches. Fitch expects the percentage of sub-investment grade assets to increase which could trigger rating-based credit events. As per the trustee report dated February 6, 2009, the portfolio contained 75 assets from 71 obligors, with the largest exposure accounting for approximately 3% of the outstanding portfolio amount. The largest single industry is RMBS with 51% of the portfolio volume. Three assets totaling EUR4.4 million (2.2% of the total portfolio) have a rating of 'CC' or below for which Fitch expects no principal recoveries. The portfolio has passed all over- collateralization tests, although further negative credit migration would result in a higher percentage of assets being subject to adjustments in the OC ratio calculation. These adjustments could lead to OC test breaches and in an extreme scenario trigger an event of default if the Class A1/A2 OC ratio falls below 100%. The Class C and D notes have been downgraded to 'CCC' and 'CC', respectively as these classes are most vulnerable to future negative credit migration. The respective 'RR5' and 'RR6' Recovery Ratings for classes C and D, indicate Fitch's expectations that these tranches will receive interest payment for a limited period of time, before the covered tests are breached, but are unlikely to receive repayment of principal. In conducting its analysis, Fitch makes a three-notch downward adjustment for any names on RWN for default analysis under its Portfolio Credit Model. On an adjusted basis, approximately 27.2% of the portfolio is now treated as non-investment grade. The weighted average portfolio quality is 'BBB-' (BBB minus)/'BB+' and 11.3% of the portfolio is on RWN. EUROMAX V: Fitch Junks Ratings on Five Classes of Notes ------------------------------------------------------- Fitch Ratings has downgraded eight classes of Euromax V ABS PLC, affirmed one Class, removed them from Rating Watch Negative, and assigned Outlooks and Recovery Ratings. Rating actions: -- EUR3 million class X due 2013 (ISIN XS0274619724): affirmed at 'AAA'; removed from RWN; Stable Outlook assigned -- EUR207.2 million class A1 due 2095 (ISIN XS0274615656): downgraded to 'BBB-' (BBB minus) from 'AAA'; removed from RWN; Negative Outlook assigned -- EUR20 million class A2 due 2095 (ISIN XS0274616381): downgraded to 'BB' from 'AAA'; removed from RWN; Negative Outlook assigned -- EUR18 million class A3 due 2095 (ISIN XS0274616977): downgraded to 'BB-' (BB minus) from 'AA'; removed from RWN; Negative Outlook assigned -- EUR21.5 million class A4 due 2095 (ISIN XS0274617439): downgraded to 'CCC' from 'A'; removed from RWN; assigned 'RR4' -- EUR22 million class B1 due 2095 (ISIN XS0274617603): downgraded to 'CC' from 'BBB-' (BBB minus); removed from RWN; assigned 'RR6' -- EUR5 million class B2 due 2095 (ISIN XS0274617942): downgraded to 'C' from 'BB-' (BB minus); removed from RWN; assigned 'RR6' -- EUR5 million class D1 combination notes due 2095 (ISIN XS0274619138): downgraded to 'CCC' from 'A'; removed from RWN; assigned 'RR4' -- EUR7.5 million class D2 combination notes due 2095 (ISIN XS0274619211): downgraded to 'CCC' from 'A'; removed from RWN; assigned 'RR4' 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 in the collateral pool. 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 coupled with limited subordination has particularly affected all the tranches. As per the trustee report dated February 3, 2009, the portfolio contained 71 assets from 61 obligors, with the largest exposure accounting for approximately 3.4% of the outstanding portfolio amount. The largest single industry is CMBS with 54.4% of the portfolio volume. Two assets totaling EUR8.1 million (2.7% of the total portfolio) have a rating of 'CC' or below and 3.9% of the portfolio consists of property B-notes which are subject to heightened refinancing risks and poor recovery prospects in a difficult economic climate. The high proportion of non-investment grade assets in the portfolio (42.2%) resulted in haircuts to over-collateralization ratio calculations. As a consequence, the portfolio failed all OC tests at the last payment date in February 2009 before proceeds were distributed. The senior OC test (set at class A3) was cured in the interest waterfall allowing interest to be paid on class A4. But the failure of class A4 OC test meant interest on classes B1 and B2 was deferred and proceeds diverted to redeem class A1. The respective 'CC' and 'C' rating on classes B1 and B2 reflect interest deferrals given class A4 OC test failure and expected future negative credit migration. The 'RR6' on these notes reflects Fitch's view that these tranches are unlikely to receive any principal repayment. The 'CCC' rating on class A4, class D1 and class D2 combo notes reflect the risk that further portfolio deterioration will cause these classes to see interest deferrals. These classes are assigned a 'RR4' given that they are unlikely to receive principal in full. The ratings on the Class D1 and D2 combination notes address the likelihood that investors will receive the rated balances by the final maturity. All payments received on the combination notes count towards reduction of the rated balances which currently stand at EUR4.3 million and EUR6.5 million for class D1 and D2, respectively. The ratings on Classes A1, A2 and A3 address the timely payment of interest and ultimate payment of principal by the legal maturity. The 'AAA' rating on Class X reflects the structural features of this class. Class X has a fixed amortization schedule that is senior in the interest waterfall and a final maturity expected in 2013. EUROMAX VI: Fitch Junks Ratings on Three Classes of Notes --------------------------------------------------------- Fitch Ratings has downgraded seven classes of Euromax VI ABS Limited, affirmed one class, removed them from Rating Watch Negative, and assigned Outlooks and Recovery Ratings. Rating actions: -- EUR3.25 million class X due 2012 (ISIN XS0294718944): affirmed at 'AAA'; removed from RWN; Stable Outlook assigned -- EUR333 million class A due 2097 (ISIN XS0294719082): downgraded to 'BBB' from 'AAA'; removed from RWN; Negative Outlook assigned -- EUR37 million class B due 2097 (ISIN XS0294720171): downgraded to 'BB' from 'AA'; removed from RWN; Negative Outlook assigned -- EUR16 million class C due 2097 (ISIN XS0294720338): downgraded to 'B' from 'A'; removed from RWN; Negative Outlook assigned -- EUR16 million class D due 2097 (ISIN XS0294720841): downgraded to 'CC' from 'BBB'; removed from RWN; assigned 'RR5' -- EUR3 million class E due 2097 (ISIN XS0294721146): downgraded to 'C' from 'BB'; removed from RWN; assigned 'RR6' -- EUR8 million class G combination notes due 2097 (ISIN XS0294722201): downgraded to 'BB' from 'AA'; removed from RWN; Negative Outlook assigned -- EUR24 million class H combination notes due 2097 (ISIN XS0294722896): downgraded to 'CC' from 'BBB'; removed from RWN; assigned 'RR5' 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 in the collateral pool. 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 coupled with limited subordination has particularly affected all the tranches. As per the trustee report dated 12 January 2009, the portfolio contained 101 assets from 85 obligors, with the largest exposure accounting for approximately 4.3% of the outstanding portfolio amount. The largest single industry is RMBS with 52% of the portfolio volume. Seven assets totaling EUR30.1m (7.2% of the total portfolio) have a rating of 'CCC' or below and are expected to have low principal recoveries. Currently, approximately 21.5% of the portfolio consists of non investment grade assets. All over-collateralization tests were passing, although Fitch anticipates further portfolio credit deterioration which will most likely trigger a breach in OC tests as haircuts to the par coverage amounts are applied. The classes D and E have been downgraded to 'CC' and 'C', respectively, as these classes are most vulnerable to negative credit rating migration. The respective 'RR5' and 'RR6' Recovery Rating for classes D and E, indicates Fitch's expectations that these tranches will receive interest payment for a limited period of time, before the OC tests are breached, but are unlikely to receive repayment of principal. The ratings on class G and H combination notes reflect the ratings of each component class, the total distributions to date (which count towards reducing the rated balances) and future distributions expected on each of the component classes. The rated balances of classes G and H currently stand at EUR7.04 million and EUR19.95 million, respectively. The ratings on Classes A and B address the timely payment of interest and ultimate payment of principal by the legal maturity. The 'AAA' rating on Class X reflects the structural features of this class. Class X has a fixed amortization schedule that is senior in the interest waterfall and a final maturity expected in 2012. ZOO ABS: Fitch Junks Ratings on Four Classes of Notes ----------------------------------------------------- Fitch Ratings has downgraded the nine classes of Zoo ABS IV PLC's notes and removed the nine classes from Rating Watch Negative. Fitch has simultaneously assigned a Stable Outlook to the class A notes, assigned a Negative Outlook to the class B notes, and assigned Recovery Ratings to the class C, D, E and P notes. Rating actions: -- EUR100 million class A-1R downgraded to 'BBB' from 'AAA'; removed from RWN; assigned a Stable Outlook -- EUR150 million class A-1A (ISIN XS0298493072) downgraded to 'BBB' from 'AAA'; removed from RWN; assigned a Stable Outlook -- EUR115.7 million class A-1B (ISIN XS0298495523) downgraded to 'BBB' from 'AAA'; removed from RWN; assigned a Stable Outlook -- EUR27 million class A-2 (ISIN XS0298496505) downgraded to 'BB' from 'AAA'; removed from RWN; assigned a Stable Outlook -- EUR30 million class B (ISIN XS0298496927) downgraded to 'B' from 'AA'; removed from RWN; assigned a Negative Outlook -- EUR35 million class C (ISIN XS0298497495) downgraded to 'CC' from 'A'; removed from RWN; assigned a Recovery Rating of 'RR5' -- EUR28 million class D (ISIN XS0298498386) downgraded to 'C' from 'BBB-' (BBB minus); removed from RWN; assigned a Recovery Rating of 'RR6' -- EUR8.5 million class E (ISIN XS0298498972) downgraded to 'C' from 'BB-' (BB minus); removed from RWN; assigned a Recovery Rating of 'RR6' -- EUR7.1 million class P (ISIN XS0298626564) downgraded to 'CC' from 'BBB'; removed from RWN; assigned a Recovery Rating of 'RR5' 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 expected credit deterioration in the collateral pool. The new criteria incorporate Fitch's view on industry and vintage concentration risks and the propensity for low recoveries upon default, particularly for thin tranches. Regarding the portfolio, exposure to CDO assets as well as expected near term credit deterioration to the portfolio has particularly affected the transaction's junior tranches. According to the February 2009 performance report, 19.9% of the portfolio consists of CDOs, many of which are underperforming. In addition, the agency expects further negative credit migration across the portfolio. Currently, 7.6% of the portfolio is on Rating Watch Negative. Given this, negative portfolio migration would result in a higher percentage of assets being subject to adjustments in the overcollateralization ratio calculation. The expected negative credit migration among CDO assets alone would put all coverage tests under severe pressure. As such, Fitch expects interest to be diverted away from the junior notes in order to amortize the senior notes. The class C, D and E notes have been downgraded to 'CC' and below as these classes are likely to soon be cut-off from future interest payments. In Fitch's view the breach of the OC tests in a stressed environment make the likelihood of a full recovery of the class C, D and E notes remote. The class P combination notes are reliant on cash distributions made to the class C notes and the equity holders. In Fitch's view, all coverage tests are likely to come under severe pressure, and consequently cash flow could be cut-off from both the class C and the equity holders. As such the agency has downgraded the class P combination notes to 'CC'. Since December 1 2008, the manager has purchased 19 assets at prices ranging from 90 to 97.7 cents on the euro, 90 being the minimum purchase price for this transaction. In the current economic environment, investment grade structured finance assets are generally trading noticeably below this threshold. Fitch discussed this observation with the portfolio manager, and the manager indicated that the recent purchase prices reflected the manager's view of fair value. In conducting its analysis, Fitch makes a three-notch downward adjustment for any structured finance names on RWN for default analysis under its Portfolio Credit Model. The weighted average portfolio quality is 'BB+'. Currently 2.3% of the portfolio is rated 'CCC+' and below on an unadjusted basis. Zoo ABS IV is a securitization of mainly European SF securities with a total note issuance of EUR514.2 million to be invested in a portfolio of EUR500 million. The portfolio is actively managed by P&G SGR S.p.A. during the 5 year reinvestment period. ========= I T A L Y ========= SOCOTHERM SPA: Leonardo Appointed Adviser for Debt Restructuring ---------------------------------------------------------------- Socotherm SpA has appointed Leonardo & Co. SpA as financial adviser for its debt restructuring, Dan Liefgreen at Bloomberg News reports citing the company's stock-exchange statement. According to Bloomberg News, Leonardo will work with Rothschild, which is tasked to seek a "strategic partner" for Socotherm. Headquartered in Vicenza, Italy, Socotherm SpA -- http://www.socotherm.com/-- is an Italian company operating in the anticorrosion pipe coating area. The Company provides internal and external pipe coating for oil, gas and water transportation industries. It specializes in deep-water pipe insulation and coating technology. Other services offered by the Company are: asphalt road maintenance, bridge decks waterproofing, expansion joints and noise barriers for roads and railways. It operates worldwide in two geographical business areas: the first area has its head office in Italy and includes Europe, the Middle East, Africa (excluding West Africa) and Asia Pacific countries, and the second area has its head office in Argentina and includes both Americas and West Africa. Socotherm SpA has production plants in Italy, Spain, Argentina, Brazil, Venezuela, Australia, Malaysia, Qatar, China and Nigeria, among others. =================== K A Z A K H S T A N =================== ART DEKAN: Creditors Must File Claims by April 24 ------------------------------------------------- LLP Art Dekan Limited has declared insolvency. Creditors have until April 24, 2009, to submit written proofs of claim to: Micro "Dubok-2", 23 Almaty Kazakhstan BTA BANK: Probable Default Cues Fitch's Junk Issuer Ratings ----------------------------------------------------------- Fitch Ratings has downgraded Kazakhstan-based BTA Bank's and subsidiary Temirbank's Long-term foreign currency Issuer Default Ratings to 'CC' from 'B+'. The ratings remain on Rating Watch Negative. The downgrades reflect Fitch's view that a default by the banks on at least some of their financial obligations is now probable. This follows BTA's announcement on March 17, 2009 which made reference to consideration of "potential modifications to the BTA Group's debt structure" and stated that "in the event any financial indebtedness to the BTA Group is accelerated prior to its stated maturity, Samruk-Kazyna (the bank's majority shareholder) may no longer be prepared to provide ... support" to BTA Group." Fitch notes that, in accordance with its coercive debt exchange criteria, a CDE is deemed to have occurred if the terms of an entity's financial obligations are materially reduced relative to their original contractual terms, and such a reduction occurs as a result of an exchange which is coercive or de facto necessary, even if technically voluntary. Execution of a CDE will result in an entity being downgraded to 'D' (default) or 'RD' (restricted default). In Fitch's view, there is a heightened risk further to the recent announcement that a material proportion of BTA's and Temir's liabilities will be subject to a CDE. Fitch also notes the apparently high probability that BTA will not repay certain financial obligations in accordance with their accelerated schedules, or will force creditors to waive acceleration rights. The execution of a CDE in respect to a material proportion of BTA's or Temir's liabilities would cause Fitch to resolve the RWN by downgrading the respective bank to 'RD' or 'D'. As far as Fitch is aware, both BTA and Temir at present remain current on their non-accelerated financial obligations. However, it has not been possible for Fitch to ascertain to what extent creditors have already sought to accelerate any of the banks' financial obligations, or to assess what proportion of the banks' liabilities have acceleration clauses which might have been triggered by Samruk-Kazyna's recent acquisition of a majority stake in BTA. Rating actions are: BTA Bank -- Long-term foreign currency IDR: downgraded to 'CC' from 'B+'; remains on RWN -- Long-term local currency IDR: downgraded to 'CC' from 'B+'; remains on RWN -- Short-term foreign currency IDR: downgraded to 'C' from 'B', remains on RWN -- Short-term local currency IDR: downgraded to 'C' from 'B', remains on RWN -- Individual Rating: affirmed at 'F' -- Support Rating: downgraded to '5' from '4'; removed from RWN -- Support Rating Floor: revised to 'No Floor' from 'B+', removed from RWN -- Senior unsecured debt: downgraded to 'CC' from 'B+', remains on RWN, Recovery Rating remains at 'RR4' -- Tier 1 perpetual preferred securities: downgraded to 'C' from 'CCC', remains on RWN, Recovery Rating remains at 'RR6' Temirbank -- Long-term foreign currency IDR: downgraded to 'CC' from 'B+'; remains on RWN -- Short-term foreign currency IDR: downgraded to 'C' from 'B', remains on RWN -- Individual Rating: affirmed at 'E' -- Support Rating: downgraded to '5' from '4', removed from RWN -- Support Rating Floor: revised to 'No Floor' from 'B+', removed from RWN -- Senior unsecured debt: downgraded to 'CC' from 'B+; remains on RWN; Recovery Rating remains at 'RR4' KEY STROY: Creditors Must File Claims by April 24 ------------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty has declared LLP Key Stroy Company insolvent. Creditors have until April 24, 2009, to submit written proofs of claim to: Baizakov Str. 273b Almaty Kazakhstan The Court is located at: The Specialized Inter-Regional Economic Court of Almaty Baizakov Str. 273b Almaty Kazakhstan KOKSO HIM: Creditors Must File Claims by April 24 ------------------------------------------------- LLP Kokso Him Montage has declared insolvency. Creditors have until April 24, 2009, to submit written proofs of claim to: Molokov Str. 112 Karaganda Kazakhstan PRIKASPY BUR: Creditors Must File Claims by April 24 ---------------------------------------------------- The Specialized Inter-Regional Economic Court of Atyrau has declared LLP Prikaspy Bur Neft Kazakhstan insolvent. Creditors have until April 24, 2009, to submit written proofs of claim to: Satpayev Str. 3 Atyrau Atyrau Kazakhstan The Court is located at: The Specialized Inter-Regional Economic Court of Aktube Satpayev Str. 3 Atyrau Kazakhstan PRIKASPY SERVICE: Creditors Must File Claims by April 24 -------------------------------------------------------- LLP Prikaspy Service Company has declared insolvency. Creditors have until April 24, 2009, to submit written proofs of claim to: Auto Station Micro 28 Aktau Mangistau Kazakhstan ROLEKS LLP: Creditors Must File Claims by April 24 -------------------------------------------------- The Specialized Inter-Regional Economic Court of Aktube has declared LLP Roleks insolvent. Creditors have until April 24, 2009, to submit written proofs of claim to: Altynsarin Str. 31 Aktobe Aktube Kazakhstan The Court is located at: The Specialized Inter-Regional Economic Court of Aktube Satpayev Str. 16 Aktobe Aktube Kazakhstan SK ELEVATOR: Creditors Must File Claims by April 24 --------------------------------------------------- The Specialized Inter-Regional Economic Court of North Kazakhstan has declared LLP SK Elevator Mel Service insolvent. Creditors have until April 24, 2009, to submit written proofs of claim to: Brusilovsky Str. 60 Petropavlovsk North Kazakhstan Kazakhstan The Court is located at: The Specialized Inter-Regional Economic Court of North Kazakhstan Brusilovsky Str. 60 Petropavlovsk North Kazakhstan Kazakhstan TANEMO TRANS OIL LLP: Creditors Must File Claims by April 24 ------------------------------------------------------------ The Specialized Inter-Regional Economic Court of Almaty has declared LLP Tanemo Trans Oil insolvent. Creditors have until April 24, 2009, to submit written proofs of claim to: Tauelsyzdyk Str. 53 Taldykorgan Almaty Kazakhstan The Court is located at: The Specialized Inter-Regional Economic Court of Almaty Tauelsyzdyk Str. 53 Taldykorgan Almaty Kazakhstan TEMIR BANK: Fitch Junks Issuer Ratings on Probable Default ---------------------------------------------------------- Fitch Ratings has downgraded Kazakhstan-based BTA Bank's and subsidiary Temirbank's Long-term foreign currency Issuer Default Ratings to 'CC' from 'B+'. The ratings remain on Rating Watch Negative. The downgrades reflect Fitch's view that a default by the banks on at least some of their financial obligations is now probable. This follows BTA's announcement on March 17, 2009 which made reference to consideration of "potential modifications to the BTA Group's debt structure" and stated that "in the event any financial indebtedness to the BTA Group is accelerated prior to its stated maturity, Samruk-Kazyna (the bank's majority shareholder) may no longer be prepared to provide ... support" to BTA Group." Fitch notes that, in accordance with its coercive debt exchange criteria, a CDE is deemed to have occurred if the terms of an entity's financial obligations are materially reduced relative to their original contractual terms, and such a reduction occurs as a result of an exchange which is coercive or de facto necessary, even if technically voluntary. Execution of a CDE will result in an entity being downgraded to 'D' (default) or 'RD' (restricted default). In Fitch's view, there is a heightened risk further to the recent announcement that a material proportion of BTA's and Temir's liabilities will be subject to a CDE. Fitch also notes the apparently high probability that BTA will not repay certain financial obligations in accordance with their accelerated schedules, or will force creditors to waive acceleration rights. The execution of a CDE in respect to a material proportion of BTA's or Temir's liabilities would cause Fitch to resolve the RWN by downgrading the respective bank to 'RD' or 'D'. As far as Fitch is aware, both BTA and Temir at present remain current on their non-accelerated financial obligations. However, it has not been possible for Fitch to ascertain to what extent creditors have already sought to accelerate any of the banks' financial obligations, or to assess what proportion of the banks' liabilities have acceleration clauses which might have been triggered by Samruk-Kazyna's recent acquisition of a majority stake in BTA. Rating actions are: BTA Bank -- Long-term foreign currency IDR: downgraded to 'CC' from 'B+'; remains on RWN -- Long-term local currency IDR: downgraded to 'CC' from 'B+'; remains on RWN -- Short-term foreign currency IDR: downgraded to 'C' from 'B', remains on RWN -- Short-term local currency IDR: downgraded to 'C' from 'B', remains on RWN -- Individual Rating: affirmed at 'F' -- Support Rating: downgraded to '5' from '4'; removed from RWN -- Support Rating Floor: revised to 'No Floor' from 'B+', removed from RWN -- Senior unsecured debt: downgraded to 'CC' from 'B+', remains on RWN, Recovery Rating remains at 'RR4' -- Tier 1 perpetual preferred securities: downgraded to 'C' from 'CCC', remains on RWN, Recovery Rating remains at 'RR6' Temirbank -- Long-term foreign currency IDR: downgraded to 'CC' from 'B+'; remains on RWN -- Short-term foreign currency IDR: downgraded to 'C' from 'B', remains on RWN -- Individual Rating: affirmed at 'E' -- Support Rating: downgraded to '5' from '4', removed from RWN -- Support Rating Floor: revised to 'No Floor' from 'B+', removed from RWN -- Senior unsecured debt: downgraded to 'CC' from 'B+; remains on RWN; Recovery Rating remains at 'RR4' TSEM SNUB: Creditors Must File Claims by April 24 ------------------------------------------------- LLP Kaz Tsem Snub has declared insolvency. Creditors have until April 24, 2009, to submit written proofs of claim to: Katchenko Str. 49/3 Saryarkinsky Astana Kazakhstan =================== K Y R G Y Z S T A N =================== IPAR BIOTECH: Creditors Must File Claims by April 3 --------------------------------------------------- Creditors of LLC Company Ipar Biotech Central Asia Ltd. have until April 3, 2009, to submit proofs of claim to: Micro District "Vostok-5" 1/2-28 Bishkek Kyrgyzstan Tel: (+996 312) 68-86-09 SEA FOOD: Creditors Must File Claims by April 3 ----------------------------------------------- Creditors of LLC Sea Food Company have until April 3, 2009, to submit proofs of claim to: Shevchenko St. 128 Bishkek Kyrgyzstan =========== L A T V I A =========== * LATVIA: Plans to Widen Budget Deficit May Spur IMF to Halt Aid ---------------------------------------------------------------- The International Monetary Fund may halt aid payments to Latvia over the country's plans to widen the budget deficit, Ott Ummelas at Bloomberg News reports citing newspaper Telegraf. Bloomberg News relates according to Riga's Russian-language newspaper, Latvia's new government plans to widen the deficit to 7 percent of gross domestic product from 5 percent agreed under the terms of a bailout in January. It is expected to ask for approval of a bigger budget deficit when it meets IMF and European officials this week, Bloomberg News discloses citing newspaper Diena. Latvia, Bloomberg News recalls, was granted a EUR7.5 billion (US$9.8 billion) bailout last quarter after the economy contracted 10.3 percent and the state seized its second-biggest bank, AS Parex Banka. =================== L U X E M B O U R G =================== ALZETTE EUROPEAN: S&P Puts Three 'BB'-Rated Notes on Neg. Watch --------------------------------------------------------------- Standard & Poor's Ratings Services placed on CreditWatch negative the ratings on classes E-1, E-2, E-3, and P issued by Alzette European CLO S.A. Currently, all the other ratings in this transaction remain unaffected. These actions follow S&P's preliminary review of the effect of the continuing deterioration of the transaction's portfolio credit quality. S&P understands that just under 14.0% of the portfolio comprises assets rated 'CCC+' or lower, of which 7.4% are rated 'D'. Portfolio credit deterioration and par losses increase the risk that cash flows may not be sufficient, in S&P's opinion, to fully repay all rated issuance, putting downward pressure on the ratings. The class P combination note comprises a class C component and a class E-1 component. The CreditWatch placement on this note reflects the CreditWatch status of the class E-1 notes. In determining whether to place a CLO tranche rating on CreditWatch, S&P took into consideration a number of factors, including but not limited to: -- S&P's rated overcollateralization metric, which provides an estimate of the rating stability for cash flow CDO tranches based on output from Standard & Poor's CDO Evaluator model and a simplified cash flow analysis; and -- The percentage of assets (including the change in the percentage of assets) rated below 'B-' in CDO portfolios, and the percentage of defaults already experienced in the portfolios. Ratings List Alzette European CLO S.A. EUR261.54 Million and US$80.58 Million Fixed- And Floating-Rate Notes Ratings Placed on CreditWatch Negative Rating ------ Class To From ----- -- ---- E-1 BB/Watch Neg BB E-2 BB/Watch Neg BB E-3 BB/Watch Neg BB P Combo BBB/Watch Neg BBB COLT TELECOM: Moody's Upgrades Corporate Family Rating to 'B1' -------------------------------------------------------------- Moody's Investors Service has upgraded the Corporate Family Rating and debt ratings of COLT Telecom Group S.A. to B1 from B2 and the Probability of Default rating to Ba3 from B1. The outlook on the ratings is positive. The upgrade is underpinned by the company's continued solid operating performance and its intention to repay the outstanding EUR262.2 million bonds from the proceeds of the recent equity issuance. In 2008, revenue was flat whilst EBITDA increased by 9.6%. The company was particularly successful in growing revenue from its data services such as Ethernet and Managed Services. In conjunction with the announcement of its Q4 results in February 2009, the company also announced a EUR201 million equity offering, which was fully underwritten by its majority shareholders -- FMR LLC. and FIL Ltd. The proceeds from the equity issuance will be used to repay the company's outstanding bonds in the amount of EUR262.2 million which were scheduled to mature in December 2009. On March 18, 2009, the company announced the redemption of the outstanding bonds which is expected to be finalised on April 17, 2009. Following the bond redemption, Moody's expects to withdraw the rating on the bonds. The demonstrated shareholder support though the equity underwriting is also regarded as being supportive. As a result of the bond redemption, COLT will not have any external financial debt. Moody's expects the company's leverage to be slightly below 2.0x Debt to EBITDA at the end of 2009 due to operating lease capitalisation. Furthermore, Moody's understands that the company will adhere to a conservative financial policy. The B1 rating does not take into consideration any material M&A opportunities. At the same time, the B1 rating reflects the company's exposure to the challenging economic environment. Approximately 20% of the company's revenue is attributed to financial service companies. Although the company has so far not experienced any significant impact from the economic downturn, its overall revenue and EBITDA growth is likely to slow in 2009 whilst revenue from data services is expected to be more resilient. The B1 rating also takes into account the company's relatively high capital expenditure program. In 2008, the company increased its capex by approximately EUR50.4 million with a capex to revenue ratio of approximately 18.5%. Moody's believes that the capex spend will continue to be significant and that the capex to revenue ratio is likely to remain close to or slightly below the 2008 level. As a result of the material capex, the company is expected to generate limited free cash flow. Moody's, however, notes, that the capex spend is driven by anticipated revenue generation with a large portion of it (approximately 75%) being discretionary. Moody's would view any sustained negative free cash flow generation, if such were to occur, as a credit negative. The positive outlook on the rating reflects Moody's expectation that the company will continue to grow its revenue and EBITDA from data services as well as its consolidated group's EBITDA. Furthermore, the positive outlook assumes that COLT will continue to be free cash flow generative going forward. The last rating action was on July 26, 2006 when a B2 corporate family rating was assigned to COLT Telecom Group S.A. COLT Telecom Group S.A. is one of the leading alternative telecom providers in the UK and Europe. In 2008, the company generated revenue of EUR1.7 billion and reported EBITDA of EUR303.9 million. COLT TELECOM: S&P Lifts Long-Term Issuer Credit Ratings to 'BB-' ---------------------------------------------------------------- Standard & Poor's Ratings Services said it raised to 'BB-' from 'B' its long-term issuer credit ratings on European business telecommunications operator COLT Telecom Group Ltd. and related entity COLT Telecom Group S.A. At the same time, the senior unsecured debt rating on COLT's EUR262.2 million notes due December 2009 was also raised to 'BB-' from 'B'. All the ratings were removed from CreditWatch, where they had been placed with positive implications on March 10, 2009. The outlook is stable. "The upgrade follows the completion of COLT's fully underwritten equity offer of GBP178 million (equating to EUR201 million) before costs. The cash injection boosts COLT's liquidity profile and removes the risk related to the refinancing of its EUR262.2 million senior unsecured notes due December 2009," said Standard & Poor's credit analyst Helen O'Toole. The company intends to redeem these notes in April 2009, which should lead to a cash interest saving of about EUR9.7 million. "Although S&P believes that COLT will face increasing operating pressures in 2009 in the context of weakening economic conditions across the group's markets, this has been mitigated by the improvement in its liquidity position and the fact that COLT will not have any debt on its balance sheet following the expected redemption of its notes in April 2009," said Ms. O'Toole. Overall, the group performed well in 2008. Revenues were stable year on year, compared with a 7% decline in 2007, and EBITDA (excluding a EUR17 million exceptional item) increased 9.5% to EUR303.9 million. This translates into an 18.1% EBITDA margin. Low-margin traditional voice revenues continue to suffer from ongoing fierce competition, but the rate of decline is slowing. Growth in data products, on the other hand, which account for 55% of group revenues, remains healthy, although it slowed to 8.7% in 2008 compared with 9.8% in 2007. S&P expects growth in data revenues to continue to slow in 2009. On Dec. 31, 2008, cash flow from operations rose 14.1% year on year to EUR338.8 million as a result of improved working capital management, adjusting COLT's reported numbers for interest and dividends not included in operating cash flow, and adjusting for a EUR17.0 million exceptional item. Free operating cash flow totaled EUR28.3 million, a 22% fall year on year, curbed by higher capital expenditures of EUR310.5 million that were primarily customer driven. COLT's leverage was modest, with a ratio of total reported debt to EBITDA of 0.8x (1.5x when S&P adjust for operating leases and postretirement obligations), and EBITDA interest coverage of 14.1x (7.7x adjusted). The stable outlook reflects S&P's expectation that COLT will generate sustainable positive FOCF and that if the group chooses to incur debt in the future, following the redemption of its notes, that adjusted debt to EBITDA should not meaningfully exceed 1x. The outlook also factors in S&P's expectation that COLT is likely to maintain an adequate liquidity position, and will be able to withstand the pressures inherent in its operating environment, while taking a prudent approach to any shareholder return actions or business expansion. Ratings upside is limited by business risk considerations and a lack of visibility on the group's long-term capital structure. However, weaker-than-expected operating performance or a deterioration in liquidity could lead to downward pressure on the ratings. ===================== N E T H E R L A N D S ===================== ABN AMRO: S&P Downgrades Ratings on Tier 1 and Tier 2 to 'BB' ------------------------------------------------------------- Standard & Poor's Ratings Services said it lowered to 'BB' from 'BB+' its ratings on various Tier 1 and upper Tier 2 instruments, for which ABN AMRO Bank N.V. (A+/Developing/A-1) and its direct parent ABN AMRO Holding N.V. (not rated) are the issuers or guarantors. The ratings were removed from CreditWatch with developing implications where they were placed on Jan. 20, 2009. This follows the rating action on junior subordinated debt instruments issued by U.K. bank holding company The Royal Bank of Scotland Group PLC (RBSG; A/Stable/A-1) and its main operating entity, The Royal Bank of Scotland PLC (RBS; A+/Stable/A-1. ABN AMRO is owned by an RBSG-led consortium. "The downgrade reflects our view of the marginally higher medium- term risk of coupon deferral on ABN AMRO's junior subordinated debt because of the likelihood that RBSG may retain some or all of these debt instruments after the break-up of ABN AMRO," said Standard & Poor's credit analyst Bernd Ackermann. "Nevertheless, S&P continue to believe that coupon deferral on these instruments remains unlikely, in line with our assumptions about RBSG." Moreover, S&P notes that ABN AMRO Holding N.V. paid dividends on common equity in the second half of 2008 as part of the break-up process and redistributed the related capital among the consortium. By S&P's reading, the conditions of the junior subordinated debt instruments stipulate that dividends on common equity lead to mandatory coupon payments on the junior subordinated debt. Furthermore, S&P notes that ABN AMRO remains a separately managed and regulated entity until completion of the break-up. S&P understands that the main outstanding task of the break-up process is the legal separation of ABN AMRO's Dutch and private- banking activities into a new legal entity, N-Share, which will be owned by the State of The Netherlands (AAA/Stable/A-1+) and might be merged with Dutch government-owned Fortis Bank Nederland (Holding) N.V. (A/Watch Dev/A-1). S&P also understands that ABN AMRO's owners -- as part of the legal separation process -- will likely seek to allocate some of the bank's rated obligations, including junior subordinated debt, to the N-Share business. However, it is still uncertain how this will be implemented and which obligations might be affected. "Until the owners clarify the debt allocation, which S&P expects by the middle of 2009, any rating action on junior subordinated debt instruments issued by RBS could trigger a similar rating action on ABN AMRO's junior subordinated debt," said Mr. Ackermann. "We might raise the ratings on individual issues if ABN AMRO's owners were to confirm that any of these instruments will be absorbed in the break-up by the Dutch government-owned N- Share." In this case, however, an upgrade would also depend on S&P's assessment of the N-Share businesses' risk profile, which is currently still unclear, and on any constraint that may emerge for the N-Share businesses regarding coupon payments on junior subordinated debt. Ratings List ABN AMRO Bank N.V. To From -- ---- Junior Subordinated (Tier 1) BB BB+/Watch Dev Junior Subordinated (Upper Tier 2) BB BB+/Watch Dev ABN-AMRO Capital Funding Trust V To From -- ---- Preferred Stock* BB BB+/Watch Dev ABN-AMRO Capital Funding Trust VI To From -- ---- Preferred Stock* BB BB+/Watch Dev ABN-AMRO Capital Funding Trust VII To From -- ---- Preferred Stock* BB BB+/Watch Dev * Guaranteed by ABN AMRO Holding N.V. =========== P O L A N D =========== DUDA: Kredyt Bank Files Bankruptcy Petition ------------------------------------------- Adrian Krajewski at Reuters reports that Kredyt Bank in a statement last week said it has filed a bankruptcy petition against Polish meat producer Duda for an undisclosed reason. However, Duda, as cited by Reuters, said it would take its stand on the issue when it examines the lender's motion. Reuters recalls that Kredyt Bank last week said it had closed Duda's currency contracts. The bank, Reuters discloses, is seeking repayment of PLN27.6 million (US$8.3 million) in debt. The Duda Group was established in 1990. The main activity of the Group is meat production and its trademark, well known on the meat market is the biggest and the most modern meat plant in Poland. Its everyday production exceeds 250 tonnes of meat products divided into 400 different range of goods. =========== R U S S I A =========== ABSOLUT-STROY LLC: Creditors Must File Claims by May 6 ------------------------------------------------------ Creditors of LLC Absolut-Stroy (Construction) have until May 6, 2009, to submit proofs of claims to: V. Shakirzyanov Insolvency Manager Post User Box 6952 614068 Perm Russia Tel: (342) 246�45�47. The Arbitration Court of Permskiy commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A50 - 7940/2008�B6. The Debtor can be reached at: LLC Absolut-Stroy Chernyakhovskogo St. 21 614047 Perm Russia AKSAYSKIY GLASS: Creditors Must File Claims by May 6 ---------------------------------------------------- Creditors of CJSC Aksayskiy Glass-Manufacturing Plant have until May 6, 2009, to submit proofs of claims to: Yu. Kotik Insolvency Manager Birzhevoi Spusk 8 Taganrok 347900 Rostovskaya Russia Tel: (8634)383400. The Arbitration Court of Rostovskaya will convene at 4:00 p.m. on May 14, 2009, to hear bankruptcy proceedings. The case is docketed under Case No. A53�2547/2006. The Debtor can be reached at: CJSC Aksayskiy Glass-Manufacturing Plant Naberezhnaya St. 2 Aksay 346720 Rostovskaya Russia ELEKTRO-SUDO-REMONT LLC: Creditors Must File Claims by April 5 -------------------------------------------------------------- Creditors of LLC Eletro-Sudo-Remont (TIN 5193409692) (Ship- Repairing) have until April 5, 2009, to submit proofs of claims to: A. Yen'kov Insolvency Manager Office 521 Mezhevoy Kanal 5 198035 Saint-Petersburg Russia The Arbitration Court of Murmanskaya commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A42�7519/2008. The Debtor can be reached at: LLC Eletro-Sudo-Remont Fishing Harbor Murmansk 183001 Murmanskaya Russia LOBVA LLC: Sverdlovskaya Bankruptcy Hearing Set June 25 ------------------------------------------------------- The Arbitration Court of Sverdlovskaya will convene at 4:00 a.m. on June 25, 2009, to hear bankruptcy supervision procedure on LLC Lobva (TIN 6647003190, PSRN 1026602073740) (Forestry). The case is docketed under Case No. A60�41016/2008-S11. The Temporary Insolvency Manager is: N. Kiselev Post User Box 366 620014 Yekaterinburg Russia The Debtor can be reached at: LLC Lobva Zavodskaya St. 4 Lobva Novolyalinskiy 624420 Sverdlovskaya Russia POLINOM LLC: Creditors Must File Claims by May 6 ------------------------------------------------ Creditors of LLC Polinom (TIN 7813150407) (Paper Production) have until May 6, 2009, to submit proofs of claims to: A. Stepanov Insolvency Manager Post User Box 67 191023 Saint-Petersburg Russia The Arbitration Court of Saint-Petersburg commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A56�19959/2008. The Debtor can be reached at: LLC Polinom Petrogradskaya Naberezhnaya 18/3 197046 Saint-Petersburg Russia POSEVNINSKIY MACHINE: Creditors Must File Claims by April 5 ----------------------------------------------------------- Creditors of OJSC Posevninskiy Machine-Building Plant (TIN 5440103197, PSRN 1025405425286) have until April 5, 2009, to submit proofs of claims to: A. Lavrov Temporary Insolvency Manager Post User Box 406 Zlatoust 456219 Chelyabinskaya Russia The Arbitration Court of Novosibirskaya will convene at 10:00 a.m. on May 13, 2009, to hear bankruptcy supervision procedure. The case is docketed under Case No. A45�21470/2008�14/26. The Court is located at: The Arbitration Court of Novosibirskaya Office 513 Nizhegorodskaya St. 6 630102 Novosibirsk Russia The Debtor can be reached at: OJSC Posevninskiy Machine-Building Plant Ostrovskogo St. 59a Posevnaya Cherepanovskiy 633511 Novosibirskaya Russia PSKOVSKOE WOOD: Creditors Must File Claims by May 6 --------------------------------------------------- Creditors of OJSC Pskovskoe Wood Enterprise (TIN 6018007826) have until May 6, 2009, to submit proofs of claims to: T. Gudkova Insolvency Manager Konnaya St. 2/214 Pskov 180007 Pskovskaya Russia The Arbitration Court of Pskovskaya commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A52�3742/2005. The Debtor can be reached at: OJSC Pskovskoe Wood Enterprise Lesnaya St. 1 Spasovshchina Pskovskiy Pskovskaya Russia ROSTOVSKAYA ENERGY: Creditors Must File Claims by April 5 --------------------------------------------------------- Creditors of LLC Rostovskaya Energy Company (TIN 6164240605, PSRN 1056164226030) have until April 5, 2009, to submit proofs of claims to: Yu. Galadzheva Temporary Insolvency Manager Apt. 28 Turgenevskaya St.8 344002 Rostov-on-Don Russia The Arbitration Court of Rostovskaya will convene at 3:10 a.m. on May 21, 2009, to hear bankruptcy supervision procedure. The case is docketed under Case No. A53�22918/2008. The Debtor can be reached at: LLC Rostovskaya Energy Company Siversa St. 29 Rostov-on-Don Russia SPETS-STROY-2 LLC: Creditors Must File Claims by April 5 -------------------------------------------------------- Creditors of LLC Spets-Stroy-2 (TIN 6623010449) (Construction) have until April 5, 2009, to submit proofs of claims to: V. Opryshko Temporary Insolvency Manager Post User Box 756 620000 Yekaterinburg Russia The Arbitration Court of Sverdlovskaya commenced bankruptcy supervision procedure. The case is docketed under Case No. A60� 39576/2008-S11. The Debtor can be reached at: LLC Spets-Stroy-2 Krasnoarmeyskaya St. 198 622016 Nizhnyy Tagil Russia UDMURT-STROY-TRADE LLC: Creditors Must File Claims by April 5 ------------------------------------------------------------- Creditors of LLC Udmurt-Stroy-Trade (TIN 1835080914, PSRN 1071841009085) (Construction) have until April 5, 2009, to submit proofs of claims to: V.Kiryanov Temporary Insolvency Manager 50 Let Pionerii St. 26 426033 Izhevsk Udmurtia Russia The Arbitration Court of Udmurtia commenced bankruptcy supervision procedure. The case is docketed under Case No. A71�12347/2008- G15. The Debtor can be reached at: LLC Udmurt-Stroy-Trade Sovetskaya St. 12a Izhevsk Udmurtia Russia ===================== S W I T Z E R L A N D ===================== ASTRID HABERLING: Creditors Must File Claims by March 30 -------------------------------------------------------- Creditors owed money by LLC Astrid Haberling are requested to file their proofs of claim by March 30, 2009, to: Astrid Haberling Juchacherstrasse 16 8966 Oberwil-Lieli Switzerland The company is currently undergoing liquidation in Zollikon. The decision about liquidation was accepted at an extraordinary shareholders' meeting held on June 30, 2009. AVAC JSC: Deadline to File Proofs of Claim Set April 15 ------------------------------------------------------- Creditors owed money by JSC Avac are requested to file their proofs of claim by April 15, 2009, to: Dr. Beat Schmid & Partner Kantonsstrasse 1a 3930 Visp Switzerland The company is currently undergoing liquidation in Lens. The decision about liquidation was accepted at an extraordinary shareholders' meeting held on April 24, 2007. CARMINATI PLATTENBELAGE: Claims Filing Period Ends March 31 ----------------------------------------------------------- Creditors owed money by LLC Carminati Plattenbelage are requested to file their proofs of claim by March 31, 2009, to: Marco Carminati Sennh�ttenstrasse 35 8716 Schmerikon Switzerland The company is currently undergoing liquidation in Schmerikon. The decision about liquidation was accepted at an extraordinary shareholders' meeting held on Jan. 23, 2009. DIVANO LLC: Proof of Claim Filing Deadline is April 30 ------------------------------------------------------- Creditors owed money by LLC Divano are requested to file their proofs of claim by April 30, 2009, to: Heinrich Dattler Wildenen 6315 Morgarten Switzerland The company is currently undergoing liquidation in Baar. The decision about liquidation was accepted at an extraordinary shareholders' meeting held on Jan. 14, 2009. HUBLER LLC: Creditors' Proofs of Claim Due by April 11 ------------------------------------------------------ Creditors owed money by LLC Hubler are requested to file their proofs of claim by April 11, 2009, to: Christian Gempeler Am Dorfplatz 3715 Adelboden Switzerland The company is currently undergoing liquidation in Adelboden. The decision about liquidation was accepted at an extraordinary shareholders' meeting held on Jan. 5, 2009. MAINE & YORK: April 3 Set as Deadline to File Claims ---------------------------------------------------- Creditors owed money by LLC Maine & York are requested to file their proofs of claim by April 3, 2009, to: Nicole Dorig Kirchgasse 8 8907 Wettswil Switzerland The company is currently undergoing liquidation in Lachen. The decision about liquidation was accepted at an extraordinary shareholders' meeting held on May 4, 2007. PACKARD BELL: Creditors Must File Proofs of Claim by March 31 ------------------------------------------------------------- Creditors owed money by LLC Packard Bell Schweiz are requested to file their proofs of claim by March 31, 2009, to: JSC Pfister Treuhand Bankstrasse 4 8610 Uster Switzerland The company is currently undergoing liquidation in Uster. The decision about liquidation was accepted at an extraordinary shareholders' meeting held on Jan. 9, 2009. ROJ LEBENSMITTEL: Deadline to File Proofs of Claim Set March 31 --------------------------------------------------------------- Creditors owed money by LLC Roj Lebensmittel are requested to file their proofs of claim by March 31, 2009, to: Yakup Kurtyolu Friedauweg 3 8355 Aadorf Switzerland The company is currently undergoing liquidation in Frauenfeld. The decision about liquidation was accepted at an extraordinary shareholders' meeting held on Jan. 12, 2009. ROSING JSC: Creditors Have Until April 17 to File Claims -------------------------------------------------------- Creditors owed money by JSC Rosing are requested to file their proofs of claim by April 17, 2009, to: Dr. Andreas Renggli Baarerstrasse 8 6300 Zug Switzerland The company is currently undergoing liquidation in Zug. The decision about liquidation was accepted at an extraordinary shareholders' meeting held on Jan. 20, 2009. SOLCODE LLC: Proof of Claim Filing Deadline is April 30 ------------------------------------------------------- Creditors owed money by LLC Solcode are requested to file their proofs of claim by April 30, 2009, to: St. Urbangasse 4 4500 Solothurn Switzerland The company is currently undergoing liquidation in Solothurn. The decision about liquidation was accepted at an extraordinary shareholders' meeting held on Dec. 12, 2008. ============= U K R A I N E ============= AGROLAND LLC: Creditors Must File Claims by April 5 --------------------------------------------------- Creditors of LLC Agroland (EDRPOU 34257844) have until April 5, 2009, to submit proofs of claim to: State Tax Inspection in Cherkassy Insolvency Manager Khreschatik St. 235 18000 Cherkassy Ukraine The Economic Court of Cherkassy commenced bankruptcy proceedings against the company after finding it insolvent. The Court is located at: The Economic Court of Cherkassy Shevchenko boulevard 307 18000 Cherkassy Ukraine The Debtor can be reached at: LLC Agroland Office 79 R. Luxembourg St. 151 Cherkassy Ukraine AVEGO LLC: Creditors Must File Claims by April 6 ------------------------------------------------ Creditors of LLC Avego (EDRPOU 34901548) have until April 6, 2009, to submit proofs of claim to: LLC Novaphor Insolvency Manager Artem St. 25 04053 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No B11/014-09. The Court is located at: The Economic Court of Kiev Komintern street 16 01032 Kiev Ukraine The Debtor can be reached at: LLC Avego Lenin St. 351a Borodianka 07300 Kiev Ukraine BANK FINANCE: Moody's Cuts Financial Strength Rating to 'E' ----------------------------------------------------------- Moody's Investors Service has downgraded the long-term local currency and senior unsecured foreign currency debt rating of Bank Finance and Credit to Caa2 from B1, and foreign currency bank deposit ratings to Caa2 from B2. In addition, F&C's bank financial strength rating was downgraded to E from E+ and its National Scale Rating to B3.ua from Aa3.ua. At the same time, the bank's long-term deposit and debt rating and NSR were placed on review with direction uncertain. The downgrade of F&C ratings is driven by the bank's default on repayment of the US$70 million syndicated loan to a pool of creditors, which was not repaid in full on the original due date. According to the provisions of the syndicated loan agreement, the non-payment of interest or principal is considered a default event unless remedied within three business days following the due date. Moody's notes that as of the date of this rating action F&C has only repaid interest and approximately 5 per cent of the principal of the syndicated loan, whilst the balance remained outstanding. Instead, the bank made an offer to restructure the remaining balance of the syndicated loan over a period of time. The rating agency currently has limited information as to the exact terms and conditions attached to the bank's offer, and has therefore reflected its expectations on the level of possible losses to the bank's creditors in the Caa2 rating currently assigned to the bank. "This default was mainly the result of the recent weakening of the bank's liquidity position caused by the deposit outflow experienced by F&C, in common with many other Ukrainian banks. As such, the bank was unable to accumulate sufficient liquid assets to repay the syndicated loan on a due date. A further factor which contributed to the default event is a notable asset quality deterioration and lengthening of the maturity profile of the bank's loan book, whereby the bank's borrowers -- often being unable to make payments to the bank in full -- opt for rescheduling of their payment, thus reducing the cash inflow available to the bank to repay the depositors and wholesale creditors," said Yaroslav Sovgyra, a Moscow-based Moody's Vice President -- Senior Credit Officer, and lead analyst for F&C. The rating review with direction uncertain captures the current uncertain situation in respect of overcoming F&C's immediate liquidity problems, as well as boosting its currently low capitalisation. Assuming the bank is successful in securing sufficient liquidity support to cover for its forthcoming deposit and debt maturities, immediate negative pressure may be alleviated from the Caa2 rating, thus reflecting an improved liquidity situation. Negative rating pressure would also be eased by a capital injection from the government, which, according to the bank is likely to occur in the near future, as well as improved depositor sentiment towards the bank, resulting in stemming of deposit outflow. However, if F&C fails to secure its funding position and improve its capital base, it is likely that the bank will further default on its debt payments and payments to depositors. This would most likely lead to a restructuring of the bank's obligations in such a form that creditors may incur further losses, thus resulting in a further downgrade of the bank's ratings. The previous rating action on Bank Finance and Credit was on February 25, 2009 when Moody's placed on review for possible downgrade the B2 long-term foreign currency bank deposit ratings of 22 Ukrainian banks. The review for possible downgrade has been triggered by the review for possible downgrade of Ukraine's foreign currency bank deposit ceiling of B2. Headquartered in Kiev, Ukraine, Bank Finance and Credit reported consolidated total IFRS assets of US$2.9 billion at December 31, 2007 and net profit of US$54 million for year-end 2007. IVA-K LLC: Creditors Must File Claims by April 5 ------------------------------------------------ Creditors of LLC Iva-K (EDRPOU 22810142) have until April 5, 2009, to submit proofs of claim to: State tax inspection in Cherkassy Insolvency Manager Khreschatik St. 235 18000 Cherkassy Ukraine The Economic Court of Cherkassy commenced bankruptcy proceedings against the company after finding it insolvent. The Court is located at: The Economic Court of Cherkassy Shevchenko boulevard 307 18000 Cherkassy Ukraine The Debtor can be reached at: LLC Iva-K Office 82 Nevsky St. 15/1 Cherkassy Ukraine LUG MK: Creditors Must File Claims by April 6 --------------------------------------------- Creditors of LLC Lug MK (EDRPOU 34508829) have until April 6, 2009, to submit proofs of claim to: LLC Legal Firm Lex Pro Consulting Insolvency Manager Verkhny Val St. 2 01001 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No B11/012-09. The Court is located at: The Economic Court of Kiev Komintern street 16 01032 Kiev Ukraine The Debtor can be reached at: LLC Lug MK Office 60 Sholudenko St. 8 Vyshgorod 07300 Kiev Ukraine META IMPEKS-CK: Creditors Must File Claims by April 5 ----------------------------------------------------- Creditors of LLC Meta Impeks-Ukraine Subsidiary Company Meta Mpeks-CK (EDRPOU 32414907) have until April 5, 2009, to submit proofs of claim to: State tax inspection in Cherkassy Insolvency Manager Khreschatik St. 235 18000 Cherkassy Ukraine The Economic Court of Cherkassy commenced bankruptcy proceedings against the company after finding it insolvent. The Court is located at: The Economic Court of Cherkassy Shevchenko boulevard 307 18000 Cherkassy Ukraine The Debtor can be reached at: LLC Meta Impeks-Ukraine Subsidiary Company Meta Mpeks-CK Pasterovskaya St. 110 Cherkassy Ukraine OBIKHOD PHARMACEUTICALS: Creditors Must File Claims by April 6 -------------------------------------------------------------- Creditors of LLC Obikhod Pharmaceuticals (EDRPOU 25395123) have until April 6, 2009, to submit proofs of claim to: CJSC Joint Stock Commercial Industrial and Investment Bank Insolvency Manager Vozdukhoflotsky avenue 19a/1 03049 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No 50/304. The Court is located at: The Economic Court of Kiev B. Hmelnitskiy Street 44-b 01030 Kiev Ukraine The Debtor can be reached at: LLC Obikhod Pharmaceuticals Office 20 Ushynsky St. 21 Kiev Ukraine REAL CJSC: Creditors Must File Claims by April 6 ------------------------------------------------ Creditors of CJSC Real (EDRPOU 24729303) have until April 6, 2009, to submit proofs of claim to: CJSC Joint Stock Commercial Industrial and Investment Bank Insolvency Manager Vozdukhoflotsky avenue 19a/1 03049 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No 50/174. The Court is located at: The Economic Court of Kiev B. Hmelnitskiy street 44-b 01030 Kiev Ukraine The Debtor can be reached at: CJSC Real Ushynsky St. 28 03151 Kiev Ukraine TECHNO-SPACE LLC: Creditors Must File Claims by April 5 ------------------------------------------------------- Creditors of LLC Techno-Space (EDRPOU 34257980) have until April 5, 2009, to submit proofs of claim to: State tax inspection in Cherkassy Insolvency Manager Khreschatik St. 235 18000 Cherkassy Ukraine The Economic Court of Cherkassy commenced bankruptcy proceedings against the company after finding it insolvent. The Court is located at: The Economic Court of Cherkassy Shevchenko Boulevard 307 18000 Cherkassy Ukraine The Debtor can be reached at: LLC Techno-Space Office 309 Odesskaya St. 8 Cherkassy Ukraine VIKBAR LLC: Creditors Must File Claims by April 6 ------------------------------------------------- Creditors of LLC Vikbar (EDRPOU 35144944) have until April 6, 2009, to submit proofs of claim to: LLC Novaphor Insolvency Manager Artem St. 25 04053 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No B11/013-09. The Court is located at: The Economic Court of Kiev Komintern street 16 01032 Kiev Ukraine The Debtor can be reached at: LLC Vikbar Kiev square 3 Borodianka 07300 Kiev Ukraine =========================== U N I T E D K I N G D O M =========================== APOLLO 2000: Warranty Cover Remains Valid, Administrator Says ------------------------------------------------------------- Following KPMG's appointment as administrator to Apollo 2000 Limited on March 18, 2009, Will Wright, director within KPMG Restructuring who is leading the team, has issued the following statement in relation to extended warranties purchased by customers. He said: "We understand that the extended warranties were provided by two separate third party providers. We have now spoken with both providers who have confirmed that the warranty cover remains valid. I would urge affected customers to refer to the Apollo 2000 website where further details will be posted shortly." ARCHERS: Pub Trade Downturn Spurs Administration ------------------------------------------------ BBC News reports Swindon-based brewery Archers has gone into administration after being hit by a downturn in pub trade. The report relates the company called in administrator Paul McConnell of insolvency practitioners Monahans. The administrator, the report notes, is currently seeking a buyer for the business, which employs seven people. "The company has been in decline for a while because of a drop in sales," the report quoted Mr. McConnell as saying. "It is a victim of a decline in pub trade, the price of specialty beers and the smoking ban. The report recalls Archers previously went into administration in May 2007, but was sold as a going concern. Archers Brewery -- http://www.archersbrewery.co.uk/-- have been hand crafting and brewing traditional, award winning ales for over a quarter of a century. Set in the Great Western Railway locomotive works former weighhouse at Swindon, the brewery underwent a massive two million pounds modernisation programme in 2001. ARGENTVIVE PLC: Enters Administration; 30 Jobs at Risk ------------------------------------------------------ ArgentVive plc, formerly Samedaybooks.co.uk, has entered into administration, putting approximately 30 jobs at risk, booktrade.info relates. The report relates the company, which has retail stores in Chertsey and Worthing an online portfolio including an e-tailer www.samedaybooks.com and hybrid social networking site www.bookrabbit.com, appointed Paul Appleton and Henry Lan of chartered accountants and insolvency specialists David Rubin & Partners as Administrators on Monday, March 23, 2009. The administrators, the report notes, are seeking a sale of the stores and Web sites as a whole entity, or individually. According to the report, the company failed to secure sufficient funding to invest in its various acquisitions and has been selling off these businesses since autumn 2008. The company, the report says, acquired three Internet businesses under new ownership. Headquartered in Surrey, Argentvive Plc, formerly samedaybooks.co.uk plc. -- http://www.argentvive.com/-- trades as a bookseller. The Company operates a chain of bookshops and dispatches Internet orders from its stores with same day dispatch on over 400,000 titles. It also provides a branch collection service from each of its shops. The Company has interest in Waterside Book Services Limited, which is engaged in bookselling and Methven's Booksellers Limited, which is dormant. In October 2007, it completed the acquisition of AuctionAssist Limited, a provider of asset value recovery solutions for businesses. In July 2008, the Company announced the sale of its wholly owned subsidiary, Revauc Limited, to Solobee Limited. In November 2008, Access Intelligence plc acquired Solcara Limited from the Company. In February 2009, the Company completed the sale of certain business assets of its wholly owned subsidiary, Waterside Book Services Limited to A-Plus Technology Limited. B A CORRY: Appoints Joint Administrators from Tenon Recovery ------------------------------------------------------------ Alexander Kinninmonth and Carl Stuart Jackson of Tenon Recovery were appointed joint administrators of B A Corry Ltd. on March 11, 2009. The company can be reached at: B A Corry Ltd. Stag Gates House 63-64 The Avenue Southampton SO17 1XS England BACCHUS 2006-2: S&P Puts BB-Rated Class E Notes on Watch Negative ----------------------------------------------------------------- Standard & Poor's Ratings Services placed on CreditWatch negative its credit ratings on the class B, C, D, and E notes issued by BACCHUS 2006-2 PLC. All other ratings in this transaction remain unaffected. The actions follow a preliminary review of the effect of the deterioration in the transaction's portfolio credit quality. Based on S&P's analysis, just under 18.0% of the portfolio comprises assets rated 'CCC+' and below, of which 5.5% are rated 'D'. Portfolio credit deterioration and par losses increase the risk that cash flows may not be sufficient, in S&P's opinion, to fully repay all the rated classes, putting downward pressure on the ratings. In determining whether to place a collateralized debt obligation tranche rating on CreditWatch, S&P takes into consideration a number of factors, including, but not limited to: -- S&P's rated overcollateralization metric, which provides an estimate of rating stability for cash flow CDO tranches based on output from Standard & Poor's CDO Evaluator model and a simplified cash flow analysis; and -- The percentage of assets (including the change in the percentage of assets) rated below 'B-' in CDO portfolios, and the percentage of defaults already experienced in the portfolios. BACCHUS 2006-2 closed on Aug. 17, 2006 and is a managed cash flow transaction collateralized by a pool of corporate loans. Ratings List BACCHUS 2006-2 PLC EUR410 Million Senior Secured and Deferrable Floating-Rate Notes Ratings Placed on CreditWatch Negative Rating ------ Class To From ----- -- ---- B AA/Watch Neg AA C A/Watch Neg A D BBB-/Watch Neg BBB- E BB/Watch Neg BB BAGEUETTE DU: Administrator Puts Business for Sale -------------------------------------------------- Baguette Du Monde Corporation Limited and Baguette Du Monde Xpress Limited's administrator offers for sale the companies' sandwich bar business and assets in Birmingham. All offers are due 12:00 p.m. on April 3, 2009. For more information, contact the companies' administrator: Sharma & Co. 257 Hagley Road Birmingham B16 9NA Tel: 0121 454 2700 Fax: 0121 455 8254 BARNES AND TIPPING: Joint Administrators Put Business for Sale -------------------------------------------------------------- Barnes and Tipping Ltd's joint administrators, Simon Franklin Plant and Daniel Plant at SFP, offer for sale the company's haulage business as a going concern. For further details, contact: Julie Lawrenson Winterhill Asset Limited Tel: 01254 763183 Fax: 01254 073857 BELL CHOICE: Appoints Joint Liquidators from KPMG LLP ----------------------------------------------------- Kevin Roy Mawer and Mark Granville Firmin and David John Standish of KPMG LLP were appointed joint liquidators of Bell Choice Limited on Feb. 27, 2009, for the creditors' voluntary winding-up proceeding. The company can be reached through KPMG LLP at: 1 The Embankment Neville Street Leeds LS1 4DW England BLUESTONE SECURITIES: S&P Junks Rating on Class D Notes ------------------------------------------------------- Standard & Poor's Ratings Services lowered its credit ratings on the class B, C, D, and E notes series 2006-01 issued by Bluestone Securities PLC due to losses, high arrears, and the continued decline in U.K. house prices. S&P also removed the class B notes from CreditWatch negative and affirmed the class A1 and A2 notes. The transaction drew all of its GBP1,291,942 reserve fund balance on the March 2009 interest payment date (IPD). The class E principal deficiency ledger is now GBP14,961. If the class E principal deficiency ledger is greater than 50% of the initial principal amount of the class E notes (GBP780,000), the liquidity facility cannot be used to meet the interest payments on the class E notes. The reserve fund draws were primarily driven by the continued payments of deferred senior consideration and by the large losses in this quarter. The deferred senior consideration payments will continue for the next two IPDs. Losses were GBP1,692,614 this quarter, representing 0.9% of the initial mortgage balance. Cumulative losses are notably above S&P's nonconforming index and other Bluestone deals. Total arrears are 44.43% and 8.00% of the pool is in repossession. With high arrears and the continued decline in U.K. house prices, S&P is concerned that these losses will continue. Given the likelihood that the liquidity facility will no longer be available for the class E notes, S&P's rating action on this class reflects S&P's opinion that in the very near term scheduled interest payable on the class E notes would start to be deferred. In the last quarter, credit enhancement decreased for all but the class A notes. S&P's credit analysis showed that expected foreclosure frequencies and loss severities, calculated with the latest loan-level information, have increased since closing due to delinquencies and an increase in the weighted-average loan-to- value ratio. A full cash flow analysis showed that with existing credit enhancement levels and no reserve fund balance, the junior classes did not pass S&P's stresses at the existing rating levels. S&P will continue to monitor the transaction's performance using the most recent loan-level data for full credit and cash flow analyses. S&P will pay particular attention to future repossessions, losses, and changes in collection rates and prepayment rates. Ratings List Bluestone Securities PLC GBP109.98 Million and EUR164.6 Million Mortgage-Backed Floating-Rate Notes Series 2006-01 Rating Lowered and Removed from CreditWatch Negative Rating ------ Class To From ----- -- ---- B BBB A/Watch Neg Ratings Lowered Rating ------ Class To From ----- -- ---- C B B+ D CCC B- E CCC- CCC Ratings Affirmed Class Rating ----- ------ A1 AAA A2 AAA CONSUMER UNSECURED: S&P Lowers Rating on Class D Notes to 'B+' -------------------------------------------------------------- Standard & Poor's Ratings Services lowered and removed from CreditWatch negative its credit ratings on the class D and E notes issued by Consumer Unsecured Reperforming Loans PLC. At the same time, S&P affirmed and removed from CreditWatch negative the rating on the class C notes, and withdrew the rating on the class B notes. Classes B, D, and E were placed on CreditWatch negative on Sept. 17, 2008, following the lowering to 'D' of the rating on Lehman Brothers Holdings Inc. Lehman Brothers Special Financing Inc., guaranteed by Lehman Brothers Holdings Inc., previously provided interest rate swaps, caps, and floors to the transaction. S&P is taking the rating actions because the absence of these instruments means that classes D and E can no longer withstand S&P's respective rating stresses at the current rating levels. S&P has affirmed the class C notes (now the most senior notes in the transaction) because that class can withstand rating stresses commensurate with the current rating. S&P understands that the class B notes were fully repaid on the March interest payment date; consequently, S&P has withdrawn the ratings on this class. Ratings List Consumer Unsecured Reperforming Loans (CURL) PLC GBP147.36 Million, Asset-Backed Floating-Rate Notes Ratings Lowered and Removed from CreditWatch Negative Rating ------ Class To From ----- -- ---- D B+ BBB/Watch Neg E B- BB/Watch Neg Rating Affirmed and Removed from CreditWatch Negative Rating ------ Class To From ----- -- ---- C A A/Watch Neg Rating Withdrawn Rating ------ Class To From ----- -- ---- B NR AA/Watch Neg NR � Not rated. DECO SERIES: Fitch Junks Rating on GBP10.5 Mln Class D Notes ------------------------------------------------------------ Fitch Ratings has affirmed the class A and B notes, and downgraded the class C, D and E notes of DECO Series 2005 - UK Conduit 1 plc. The Outlooks on the class A and B notes remain Stable, while the Outlook on the class C note remains Negative. The agency has also assigned a Recovery Rating of 'RR3' to the class D notes and revised the Recovery Rating on the class E notes to 'RR6' from 'RR2'. The rating actions are: -- GBP35.0 million class A due July 2017 XS0222802364 affirmed at 'AAA'; Outlook Stable -- GBP14.5 million class B due July 2017 XS0222803099 affirmed at 'AA'; Outlook Stable -- GBP12.2 million class C due July 2017 XS0222803842 downgraded to 'BBB' from 'A'; Outlook Negative -- GBP10.5 million class D due July 2017 XS0222806514 downgraded to 'CCC' from 'BBB'; assigned Recovery Rating 'RR3' -- GBP2.8 million class E due July 2017 XS0222830811 downgraded to 'C' from 'CCC'; Recovery Rating revised to 'RR6' from 'RR2' The downgrades are driven by deteriorating commercial property market conditions, which Fitch believes have weakened the creditworthiness of the loans securitized in this transaction. The loan portfolio had a reported weighted-average loan-to-value ratio of 69%, as of the January 2009 IPD. This compares to an estimated WA Fitch LTV of 104%, reflecting an overall WA market value decline of 34%. The magnitude of the MVD is caused by the secondary nature of the assets as well as the presence of specialized use properties, the values of which have been particularly adversely affected by outward yield movements in the current downturn. Following origination of these loans, property values generally increased significantly to their peak in 2007, but have subsequently fallen back well below the level prevailing at origination, particularly for lower quality assets. The current loan pool is dominated by the CPI Retail Active Management loan (43.4% of the pool). It is secured by three small town shopping centre assets. Despite some fluctuation in net operating income and occupancy rates since closing, the A-note and whole loan interest coverage ratios remain reasonable at 1.48x and 1.34x, respectively, compared to a whole loan covenant of 1.20x. Due to the secondary nature of the assets, Fitch estimates a MVD of 36%, resulting in a Fitch LTV of 115%. Of the five loans originally affected by the voluntary administration of the Swallow Group in September 2006, three are still present in the pool: the Metropolitan Property & Finance loan (1.5% of the pool), the Kashani Investments loan (1.5% of the pool) and the Mondeal loan (0.8% of the pool). The loans are all secured by public houses. Following property sales and some re- lettings, the Metropolitan Property & Finance loan has been in compliance of its whole loan ICR since the October 2008 IPD and has been removed from the servicer's watchlist. The Kashani Investments loan, despite the sales and re-lettings that were achieved, reports an ICR of 0.47x due to a tenant dispute and is currently under enforcement. The Mondeal loan is also unable to meet its debt service payments as no rent has been received from the new tenant on the remaining property since the October 2008 IPD. Consequently, the Mondeal loan has been transferred to special servicing. Given the secondary and specialised operating nature of the assets, the Fitch LTVs for the three loans range between 108% and 177%. Liquidity drawings have been made since the October 2006 IPD due to interest shortfalls on the loans affected by the Swallow Group insolvency. At present, GBP30,274 is outstanding, relating to shortfalls on the Kashani Investments and Mondeal loans. In addition, the appraisal reduction mechanism was triggered by the revaluation of the Kashani Investments collateral. Consequently, interest shortfalls have only been partially covered by the liquidity facility, resulting in interest shortfalls on the class E notes for the last seven IPDs (with the exception of the October 2007 IPD). Fitch expects these shortfalls -- both at loan and bond level -- to continue until the resolution of the loans. Given the low recovery prospects of the loans in question, it is uncertain whether the interest shortfalls will be recovered by legal final maturity. DEUTSCHE RUECK: Meeting With Scheme Creditors Set for May 18 ------------------------------------------------------------ The High Court of Justice of England and Wales scheduled a meeting to consider a scheme of arrangement between Deutsche Rueck UK Reinsurance Company Limited and its scheme creditors. The meeting will commence 11:00 a.m. (London time) on May 18, 2009, at the offices of: KPMG LLP 8 Salisbury Square London EC4Y 8BB For more information, contact: Chiltington International Limited Attn: David Bums Alec MacMillan Holland House 1-4 Bury Street London, EC3A 5AW Tel: +(44) (0)20 7621 6354 Fax: +(44) (0)20 7621 6344 DUNFERMLINE BUILDING: In Talks Over GBP60 Mln Gov't Rescue Package ------------------------------------------------------------------ Peter Jones at Times Online reports that talks were held on Monday between the Dunfermline Building Society's executives and the Financial Services Authority regarding a government rescue package estimated at GBP60 million. According to Times Online, the society, which is facing an estimated loss of GBP26 million in 2008 after being hit by falling commercial property values, needs the money to shore up its capital stock and continue mortgage lending. Times Online relates the Scottish government has looked at measures, including taking over part of Dunfermline's loans to housing associations, which in 2007 totaled GBP650 million. However, Times Online notes that while that move would ease the society's position by reducing its liabilities, it is not as effective as increasing its capital. The society has about 380 full-time employees and a further 120 part-time workers, Times Online discloses. Recapitalization Plan Philip Aldrick at Telegraph.co.uk reports the government will come to the society's rescue if a bail-out that will see rivals buy GBP40 million to GBP60 million of "PIBS", permanent interest bearing shares, to recapitalize it fails. However, Telegraph.co.uk says rival societies are thought to have declined to take on the business on fears Dunfermline's losses could infect their own books. According to Telegraph.co.uk, if the taxpayer is called on, the government may sell off the deposits, branches and core operations as it did with Bradford & Bingley and place the "toxic" loans in the "bad bank" being spun out of Northern Rock. Citing the Building Societies Association, Telegraph.co.uk states should the taxpayer come to Dunfermline's aid it would be the first state rescue of a building society since the sector was formed in 1845. Levy Times Online meanwhile adds Willie Rennie, the Dunfermline and West Fife MP, has called on the FSA to repay the GBP7.2 million levy it has imposed on Dunfermline as part of a savers' compensation scheme, claiming it had unfairly penalized the society. Mr. Rennie, as cited by Times Online, said: "It is a huge sum for a society like the Dunfermline and should be paid back immediately". Times Online recounts the society is also struggling to meet FSA requirements that have lifted the amount of capital it needs to have from about 4 percent to 8 percent of total liabilities. Dunfermline Building Society �- http://www.dunfermline-bs.co.uk-- offers a range of financial products and services including mortgages, savings accounts, business and personal loans, credit cards, personal insurance, financial planning, investment products, and share brokering. Founded in 1869, the mutually- owned Dunfermline is one of the oldest and largest building societies in Scotland. It operates through more than 30 branches and 40 agencies. The building society has engineered two social housing deals with the Royal Bank of Scotland and Lloyds TSB worth a combined 40 million. EDWARDS GROUP: Moody's May Cut 'B1' Corporate Rating on Downturn ---------------------------------------------------------------- Moody's Investors Service placed the B1 Corporate Family Rating for Edwards Group Limited, the Ba1 rating for Edwards Limited's US$100 million Superpriority Revolver, the B1 rating for the company's US$370 million 1st Lien Term Loan and the B3 rating for the US$245 million 2nd Lien PIK Toggle Loan under review for possible downgrade. Oliver Giani, Senior Analyst at Moody's said: "In the fourth quarter of 2008 Edwards was impacted by the cyclical downturn of the semiconductor industry. Total net sales fell behind projections provided at the beginning of the year 2008. Increased sales of vacuum pumps to solar, flat panel and general industrial customers in Europe and the Americas were not sufficient to balance the shortfall in semi equipment and Service and Spares. However, the decision to put the ratings under review for possible downgrade was triggered by indications that the global recession impacts all of Edwards end markets and that it will - together with the continuing cyclical downturn of the semiconductor industry - increasingly affect Edwards. As a result, sales and profitability will materially decline during 2009 and - together with cash required for restructuring -- will negatively impact the company's ability to generate cash flow. Key credit metrics are expected to fall materially behind Moody's expectations for the current rating category." The review process will focus on (i) the industry outlook for the company's key end markets for 2009 and beyond, (ii) restructuring actions taken by the management to counter the adverse market conditions, (iii) possible mitigating effects from the offering of Service and spares, (iv) evolution of foreign currency risk exposure (v) possible impairment risks, (vi) ability of the company to preserve its cash liquidity and (vii) plans to address highly leveraged capital structure. On Review for Possible Downgrade: Issuer: Edwards (Cayman Island II) Limited -- Senior Secured Revolving Credit Facility, Placed on Review for Possible Downgrade, currently Ba1 -- Senior Secured First Lien Credit Facility, Placed on Review for Possible Downgrade, currently B1 -- Senior Secured Second Lien Credit Facility, Placed on Review for Possible Downgrade, currently B3 Issuer: Edwards Group Limited -- Probability of Default Rating, Placed on Review for Possible Downgrade, currently B1 -- Corporate Family Rating, Placed on Review for Possible Downgrade, currently B1 Outlook Actions: Issuer: Edwards (Cayman Island II) Limited -- Outlook, Changed To Rating Under Review From Stable Issuer: Edwards Group Limited -- Outlook, Changed To Rating Under Review From Stable The last rating action for Edwards has been on May 4, 2007, when Moody's assigned a B1 Corporate Family Rating to Edwards Group Limited, a Ba1 rating to Edwards Limited's US$100 million Superpriority Revolver, a B1 rating to the company's US$370 million 1st Lien Term Loan and a B3 rating to the US$245 million 2nd Lien PIK Toggle Loan. Edwards Group Limited, headquartered in Crawley / United Kingdom, has a leading position in the manufacturing of highly engineered vacuum products and is world market leader in the supply of vacuum products and services. The company offers vacuum products and related services to several markets including the semiconductor industry, the steel industry, the pharma industry and other research bodies that are dealing with drug development, nanotechnology and genome research. Furthermore, Edwards' vacuum products are also a key input into the production of flat panel TVs and solar panels, which currently experience a significantly increasing demand. ELITE TILES: Joint Administrators Put Business for Sale ------------------------------------------------------- Elite Tiles UK Limited's joint administrators, Stephen Cork, Anthony Spicer and Joanne Milner, offer for sale the company's business and assets as a going concern. Elite Tiles is in the interior product business. The company provides outlet for bathroom and kitchen planning and supplies a wide range of products ranging from floor tiles and wood flooring to granite and marble surfaces. For more information, contact: Allister Manson Smith & Williamson 25 Moorgate London EC2R 6AY Tel: 020 8492 8663 Fax: 020 8492 8601 GEORGE CARTER: Administrators to Gradually Wind Down Business ------------------------------------------------------------- The joint administrators from KPMG Restructuring in Birmingham yesterday said they will be implementing a strategy to wind down George Carter (Pressings) Limited, despite an initial hope that a going concern sale could be achieved. The team from KPMG have spent two months trying to negotiate a possible sale of the business but with no viable offer received they plan to gradually wind the business down over the next few weeks with the support of the employees, key customers and suppliers. The business will cease trading at the end of April. Andy McGill, joint administrator from KPMG Restructuring in Birmingham, commented: "It is regrettable that we have been left with no alternative other than to wind down this business but despite the interest shown by a number of parties in the business no potential going concern sale has been possible. "Over the next few weeks we will work with the remaining employees of the business to affect an orderly wind down to maximize the return to creditors." The Willenhall business employed 110 people. Thirty one redundancies were made upon appointment of administrators. At this stage no further redundancies have been made but it is envisaged that as the wind down progresses, more redundancies will be made. As reported in the Troubled Company Reporter-Europe on Jan. 23, 2009, administrators from KPMG were appointed to West Midlands- based George Carter (Pressings) on January 19, 2009. Mr. McGill said: "The trading position of George Carter (Pressings) came under pressure following a reduction in demand from the commercial vehicle sector -- the business' primary customer. George Carter (Pressings) Limited manufactures pressings and carries out powder coating, primarily for the commercial vehicle market. HIGH TIDE: Fitch Junks Rating on Class C Notes ---------------------------------------------- Fitch Ratings has downgraded High Tide CDO 1 S.A.'s notes due to deterioration of the underlying asset quality and assigned a Recovery Rating to the class C notes. Rating actions: -- Class A (ISIN XS0169669081) downgraded to 'BB' from 'BBB'; Outlook Negative -- Class B (ISIN XS0169669164) downgraded to 'B' from 'BB'; Outlook Negative -- Class C (ISIN XS0169669248) downgraded to 'CCC' from 'B'; assigned a Recovery Rating of 'RR5' The rating downgrades reflect further negative portfolio credit migration since the review in October 2008. While Fitch notes that the investment advisor, ZAIS Group Investment Advisors Limited, successfully removed three assets rated 'CC' from the portfolio in February 2009 with no impact to the subordination of the notes, the current portfolio as of March 15, 2009 contained 3.3% of assets rated 'CCC' on an adjusted basis. Additionally, the portfolio contains a further 6.8% of assets regarded as being rated non-investment grade on an adjusted basis. In conducting its analysis, Fitch makes a three-notch downward adjustment for any structured finance names on Rating Watch Negative for default analysis under its Portfolio Credit Model. Currently 17% of the portfolio is on RWN by rating driver. While no credit events have been called on the portfolio to date, the available credit enhancement of 7.4% for class A, 5.68% for class B and 2.74% for class C was not sufficient to justify the previous ratings of the notes. The 'RR5' Recovery Rating assigned to the class C notes reflects Fitch's expectation of how long the notes may receive interest payments before credit events are called and settled, and how much of the tranche would be written down by the potential losses. High Tide is a synthetic arbitrage CDO of mainly investment-grade European and North American structured finance securities. The ratings address the likelihood of full and timely payment of interest and ultimate payment of principal of all classes of notes by the scheduled maturity on February 15, 2040. This likelihood is largely dependent on the aggregate losses on High Tide's structured finance portfolio, as defined and determined in accordance with a portfolio credit default swap between High Tide and Citibank, N.A., London branch during the life of the transaction. LLOYDS BANKING: S&P Cutss Ratings on Hyrbid Instruments to 'BB' --------------------------------------------------------------- Standard & Poor's Ratings Services said that it lowered its ratings on certain perpetual subordinated hybrid capital instruments (Instruments) issued by core banks and insurers within the Lloyds Banking Group (LBG; A/Stable/A-1) to 'BB' from 'BB+', and certain other Instruments issued by nonoperating holding companies to 'BB-' from 'BB'. At the same time, S&P downgraded preference shares with voting rights (Preference Shares) issued by LBG and Saphir Finance PLC to 'B+' from 'BB'. Furthermore, the ratings on the Instruments and Preference Shares were removed from CreditWatch with negative implications, where they were placed on March 6, 2009. S&P's counterparty credit ratings on Lloyds TSB Bank PLC (A+/Stable/A-1) and Bank of Scotland PLC (A+/Stable/A-1) are unchanged. The downgrade reflects S&P's view that the Instruments and Preference Shares face a heightened risk of nonpayment, given the combination of economic recession and consequently very weak operating conditions, which have necessitated substantial government support, including capital injections and an asset protection scheme. In S&P's view, the potential for further losses, notwithstanding the asset protection scheme, as well as potential state aid approval conditions, contributes to increased potential for coupon deferral to preserve capital and cash. With respect to S&P's rating action on the Preference Shares, while S&P considers that the potential for full nationalization (including the Preference Shares) is probably low, S&P is of the view that the potential for payment interruption should be reflected by an additional downward notch relative to other perpetual deferrable instruments. However, S&P continues to believe that deferral remains unlikely for the Instruments and Preference Shares generally, due in part to substantial capital injections from the government. This will likely lead to relatively high regulatory capital ratios. Ratings List Lloyds Banking Group PLC EUR500 mil 7.875% callable perp Tier 1 hybrid To From -- ---- B+ BB/Watch Neg US$1.25 bil 7.875% callable perp Tier 1 hybrid To From -- ---- B+ BB/Watch Neg US$1 bil fxd/fltg rate non-cum perp callable non step-up pref shares To From -- ---- B+ BB/Watch Neg US$1 bil fxd/fltg rate non-cum perp callable non step-up pref shares To From -- ---- B+ BB/Watch Neg US$750 mil 6.413% callable non-cumulative fixed-to-floating rate pref shares prep ser A To From -- ---- B+ BB/Watch Neg US$750 mil 5.92% callable non-cumulative fixed-to-floating rate pref shares prep ser B To From -- ---- B+ BB/Watch Neg US$750 mil 6.657% callable non-cumulative fixed-to-floating rate pref shares prep To From -- ---- B+ BB/Watch Neg GBP600 mil fxd/fltg rate non-cum perp callable non step-up pref shares To From -- ---- B+ BB/Watch Neg GBP750 mil 6.0884% callable non-cumulative fixed-to-floating rate pref shares prep To From -- ---- B+ BB/Watch Neg GBP100 mil 9.75% non-cumulative irredeemable pref shares prep To From -- ---- BB- BB/Watch Neg GBP350 mil 6.3673% callable non-cumulative fixed-to-floating rate pref shares prep To From -- ---- B+ BB/Watch Neg GBP198.07 mil 6.475% callable non-cumulative pref shares prep To From -- ---- BB- BB/Watch Neg GBP300 mil 9.25% non-cumulative irredeemable pref shares prep To From -- ---- BB- BB/Watch Neg GBP500 mil var rate reset perp callable jr sub bnds(1) To From -- ---- BB BB+/Watch Neg HBOS PLC Junior Subordinated To From -- ---- BB- BB/Watch Neg EUR97.20 mil fltg rate jr sub step-up perp nts nts To From -- ---- BB- BB/Watch Neg JPY42.5 bil jr sub step-up perp nts To From -- ---- BB- BB/Watch Neg EUR111.55 mil 6.05% fxd/fltg rt callable perp nts To From -- ---- BB- BB/Watch Neg EUR750 mil fxd/fltg rate perp nts ser HBOS 0016 To From -- ---- BB- BB/Watch Neg US$1 bil var rate fxd/fltg rate perp jr sub nts To From -- ---- BB- BB/Watch Neg EUR750 mil var rate callable perp callable jnr sub bnds ser HBOS 0018 To From -- ---- BB- BB/Watch Neg EUR500 mil var rate callable perp jnr sub bnds ser HBOS 0019 To From -- ---- BB- BB/Watch Neg US$750 mil var rate jr sub non-cum fxd/fltg rate callable perp nts To From -- ---- NR BB/Watch Neg GBP6.98 mil jr sub step-up perp nts To From -- ---- BB- BB/Watch Neg GBP30.06 mil 5.75% undated jr sub step-up perp callable nts To From -- ---- BB- BB/Watch Neg GBP8.5 mil step up sub perp nts To From -- ---- BB- BB/Watch Neg GBP14.05 mil step up perp jnr sub fxd to fltg rate callable ser HBOS 0023/04 bnds To From -- ---- BB- BB/Watch Neg Bank of Scotland PLC Junior Subordinated To From -- ---- BB BB+/Watch Neg JPY17 bil var rate sub perp nts To From -- ---- BB BB+/Watch Neg US$300 mil var rate 7% reset jr sub To From -- ---- BB BB+/Watch Neg GBP100 mil 12% perp sub bnds To From -- ---- BB BB+/Watch Neg GBP100 mil 8.75% perp sub bnds To From -- ---- BB BB+/Watch Neg GBP150 mil 8.375% undated instruments To From -- ---- BB BB+/Watch Neg GBP75 mil 13.625% perp sub bnds To From -- ---- BB BB+/Watch Neg GBP50 mil 9.375% perp sub bnds To From -- ---- BB BB+/Watch Neg GBP250 mil cum perp jr sub bnds ser BOS0009 To From -- ---- BB BB+/Watch Neg GBP150 mil cum perp jr sub bnds ser BOS0010 To From -- ---- BB BB+/Watch Neg GBP150 mil step up callable perp regulatory Tier One Secs ser A To From -- ---- BB BB+/Watch Neg GBP150 mil step up callable perp regulatory Tier One Secs ser B To From -- ---- BB BB+/Watch Neg GBP150 mil 7.375% jr sub callable perp med-term nts ser BOS 0006 To From -- ---- BB BB+/Watch Neg GBP100 mil var rate callable perp hybrid(2) To From -- ---- BB BB+/Watch Neg GBP64.37 mil var rate callable perp hybrid(2) To From -- ---- BB BB+/Watch Neg Bank of Scotland Capital Funding L.P. GBP250 mil class A non-cum perp callable pfd secs (3) To From -- ---- BB- BB/Watch Neg GBP150 mil class B non-cum perp pfd secs(3) To From -- ---- BB- BB/Watch Neg HBOS Capital Funding L.P. US$750 mil 6.071% FX/FRN callable perp jr sub hybrid ser HBOS 0021(2) To From -- ---- BB- BB/Watch Neg GBP600 mil 6.461% non-voting non-cum perp callable pfd secs ser A(2) To From -- ---- BB- BB/Watch Neg HBOS Capital Funding No 1 LP US$1 bil 6.85% non-voting non-cum perp callable pfd secs(2) To From -- ---- BB- BB/Watch Neg HBOS Capital Funding No 2 LP US$750 mil 6.071% non-voting non-cum perp callable pfd secs(2) To From -- ---- BB- BB/Watch Neg HBOS Capital Funding No 3 LP EUR750 mil var rate non-cum fxd/fltg rate perp callable pfd secs(2) To From -- ---- BB- BB/Watch Neg HBOS Capital Funding No 4 LP GBP750 mil var rate callable fxd/fltg perp hybrid(2) To From -- ---- BB- BB/Watch Neg Halifax Group Euro Finance (Jersey) L.P. EUR415 mil fxd/fltg rate gtd non-voting non-cum perp pfd secs(4) To From -- ---- BB- BB/Watch Neg Halifax Group Sterling Finance (Jersey) L.P. GBP245 mil 7.881% gtd non-voting non-cum perp pfd secs(4) To From -- ---- BB- BB/Watch Neg Lloyds TSB Bank PLC Junior Subordinated To From -- ---- BB BB+/Watch Neg EUR1.25 bil 5.625% sub callable step-up perp nts ser 69 To From -- ---- BB BB+/Watch Neg EUR150 mil fltg rate sub callable step-up perp nts ser 70 To From -- ---- BB BB+/Watch Neg US$750 mil fltg rate prim cap perp nts ser 1 due 06/29/2049 To From -- ---- BB BB+/Watch Neg US$600 mil fltg rate prim cap nts ser 3 due 08/29/2049 To From -- ---- BB BB+/Watch Neg US$500 mil fltg rate prim cap nts ser 2 due 11/29/2049 To From -- ---- BB BB+/Watch Neg EUR750 mil 6.625% perp cap secs To From -- ---- BB BB+/Watch Neg EUR500 mil step up callable perp cap secs To From -- ---- BB BB+/Watch Neg US$1 bil 6.9% callable perp cap secs bnds To From -- ---- BB BB+/Watch Neg EUR750 mil var rate jr sub callable perp cap secs To From -- ---- BB BB+/Watch Neg EUR532.11 mil step up callable perp cap secs hybrid To From -- ---- BB BB+/Watch Neg GBP270 mil 6.5% sub callable step-up perp nts ser 72 To From -- ---- BB BB+/Watch Neg GBP200 mil 8% step-up perp sub nts ser 35 To From -- ---- BB BB+/Watch Neg GBP500 mil var rate callable perp jr sub upper tier 2 nts ser 1024 To From -- ---- BB BB+/Watch Neg GBP784.61 mil step up callable perp cap secs hybrid ser A To From -- ---- BB BB+/Watch Neg GBP700.02 mil step up callable perp cap secs hybrid ser B To From -- ---- BB BB+/Watch Neg GBP410 mil 6.6625% sub callable step-up perp nts ser 71 To From -- ---- BB BB+/Watch Neg GBP450 mil 6.5% sub callable step-up perp nts ser 73 To From -- ---- BB BB+/Watch Neg Lloyds TSB Capital 1 L.P. EUR430 mil var rate step-up non-voting non-cum perp pfd secs(5) To From -- ---- BB- BB/Watch Neg Lloyds TSB Capital 2 L.P. GBP250 mil var rate step-up non-voting non-cum perp pfd secs(5) To From -- ---- BB- BB/Watch Neg Scottish Widows PLC GBP560 mil var rate fxd- to step-up fltg-rate callable perp jr sub nts To From -- ---- BB BB+/Watch Neg Clerical Medical Finance PLC EUR750 mil var rate callable perp jr sub nts(6) To From -- ---- BB BB+/Watch Neg Saphir Finance PLC Preference stock GBP600 mil. fixed/floating rate non-cumulative perpetual callable non step-up debt(7) To From -- ---- B+ BB/Watch Neg (1)Guaranteed by Lloyds TSB Bank PLC. (2)Guaranteed by HBOS PLC. (3)Subordinated guarantee from Bank of Scotland PLC. (4)Subordinated guarantee from HBOS PLC. (5)Support from Lloyds TSB Bank PLC. (6)Guaranteed by Clerical Medical Investment Group Ltd. (7)Guaranteed by Lloyds Banking Group PLC. NR - Not rated. NB: This list does not include all ratings affected. MEADOWS INDEMNITY: Meetings With Scheme Creditors Set for May 27 ---------------------------------------------------------------- The High Court of Justice of England and Wales scheduled meetings for the purpose of considering a scheme of arrangement between The Meadows Indemnity Company Limited and its scheme creditors. Separate meetings will be held for the company's scheme creditors with notified outstanding claims and scheme creditors with IBNR claims. The meetings will be held at 11:00 a.m. (London time) on May 27, 2009, at the offices of: Clyde & Co. LLP 51 Eastcheap London EC3M 1JP For further information, contact: Philip Grant Ambant Limited Lloyd's Avenue House 6 Lloyd's Avenue London EC3N 3ES MOUNTGRANGE CAPITAL: Goes Into Administration; Deloitte Appointed ----------------------------------------------------------------- Mountgrange Capital, the property company behind the GBP300 million Caltongate scheme, has gone into administration blaming a withdrawal of support from the Bank of Scotland and the slump in the property market, Bill Jamieson and Brian Ferguson at the Scotsman report. Mountgrange Capital, the Scotsman relates, was forced to call in an administrator, Deloitte, just weeks after it emerged the company owed GBP51 million to creditors. "The company is a victim of the current turbulent property market. However, Mountgrange Capital's assets still represent major development opportunities and we will be working with our advisors to maximize the return for creditors," the Financial Times quoted John Reid, joint administrator at Deloitte, as saying. The company, the Scotsman recalls, made a GBP24 million in 2008 and had put various parts of the Caltongate scheme on hold while it tried to raise the necessary finance to keep it afloat. According to Edinburgh Evening News, the company had spent GBP5 million over the past four years trying to get the scheme through the planning process. Mountgrange Capital's directors, Martin Myers and Manish Chande, insist the scheme is not dead and said they would be trying to pursue Caltongate through their own investment fund, the Scotsman notes. Mr. Chanders and Mr. Myers, as cited by the FT said, said: "We are, therefore, examining other alternatives including making an offer to buy the assets out of administration and are uniquely placed to do so." Mountgrange Capital plc is a privately owned property investment and development company. Founded by Martin Myers and Manish Chande, Mountgrange is involved in a number of property initiatives; some as principal, others in either advisory, investment or development capacity. Mountgrange's property portfolio includes development sites across the UK, but its business is particularly focussed on Scotland and the South East of England, offering a combination of office and residential space. REDFERN STEVENS: Administrators Put Assets for Sale --------------------------------------------------- Redfern Stevens Ltd's joint administrators, Matthew Hardy and Andrew Turpin of Poppleton and Appleby, offer for sale the company's business and assets. Key details of the assets for sale include: --- fast response metal engineering � diverse range of customers (non automotive); --- comprehensive range of plant and equipment available; and --- 12,000 sq ft purpose built long leasehold premises in Birmingham. For more information, contact Garry Baxendale at 0121 200 2962. ROYAL BANK: S&P Cuts Ratings on Various Hybrid Securities to BB- ---------------------------------------------------------------- Standard & Poor's Ratings Services said that it lowered its ratings on various hybrid capital securities issued by The Royal Bank of Scotland Group PLC (RBSG; A/Stable/A-1) by one notch to 'BB-' from 'BB', and Hybrids issued by its main operating entity The Royal Bank of Scotland PLC (RBS; A+/Stable/A-1) by one notch to 'BB' from 'BB+'. At the same time, S&P lowered the ratings on preference shares with voting rights (Preference Shares) of RBSG and National Westminster Bank PLC (A+/Stable/A-1) by two notches. Furthermore, the ratings on RBSG and RBS Hybrids and Preference Shares were removed from CreditWatch with negative implications, where they were placed on Jan. 19, 2009. S&P's counterparty credit ratings on RBS and RBSG are unchanged. The downgrades reflect S&P's view that the Hybrids and Preference Shares face a marginally heightened risk of nonpayment, given the combination of economic recession and consequently very weak financial prospects for RBSG, which have necessitated substantial government support, including capital injections and an asset protection scheme. In S&P's view, the potential for further losses, notwithstanding the asset protection scheme, as well as potential state aid approval conditions, contributes to increased potential for coupon deferral to preserve capital and cash. With respect to S&P's rating action on the RBSG Preference Shares, while S&P consider that the potential for full nationalization (including the RBSG voting Preference Shares) is probably low, S&P is of the view that the potential for payment interruption should be reflected by an additional downward notch relative to other perpetual deferrable instruments. However, S&P continues to believe that deferral remains unlikely for the Hybrids and Preference Shares due in part to substantial capital injections from the government. This will likely lead to relatively high regulatory capital ratios. Ratings List Royal Bank of Scotland Group PLC (The) US$1.2 bil var rate callable perp regulatory tier I nts ser 1 To From -- ---- BB- BB/Watch Neg CAD600 mil var rate callable perp Tier 1 hybrid ser 2851 To From -- ---- BB- BB/Watch Neg EUR1.25 bil var rate non-cum trust pfd secs perp To From -- ---- BB- BB/Watch Neg US$750 mil 6.8% callable non-cum trust pfd secs perp To From -- ---- BB- BB/Watch Neg US$850 mil 4.709% non-cum trust pfd secs callable perp To From -- ---- BB- BB/Watch Neg EUR1.25 bil 5.5% non-cum pfd perp secs ser 1 To From -- ---- B+ BB/Watch Neg EUR1.25 bil 5.25% non-cum euro pfd perp secs ser 2 To From -- ---- B+ BB/Watch Neg EUR500 mil 4.243% /fltg perp callable non-cum trust pfd secs To From -- ---- BB- BB/Watch Neg US$200 mil ser A To From -- ---- B+ BB/Watch Neg US$400 mil ser C To From -- ---- B+ BB/Watch Neg US$8 mil non-cum pref shrs ser F To From -- ---- B+ BB/Watch Neg US$200 mil 7.375% reset cap secs To From -- ---- BB- BB/Watch Neg US$300 mil perp non-cum pref shares ser H To From -- ---- B+ BB/Watch Neg US$225 mil 8.5% perp non-cum pref shares ser J To From -- ---- B+ BB/Watch Neg US$300 mil 8% perp non-cum pref shares ser I To From -- ---- B+ BB/Watch Neg US$1.5 bil perp pref sh ser 1 + 2 To From -- ---- BB- BB/Watch Neg US$1.5 bil perp pref sh ser 1 + 2 To From -- ---- BB- BB/Watch Neg US$50 mil 7.993% perp cap sec ser B To From -- ---- BB- BB/Watch Neg US$850 mil 5.75% callable exchgble cap secs ser B To From -- ---- BB- BB/Watch Neg US$925 mil 6.4% callable non-cum perp pref shares ser M To From -- ---- B+ BB/Watch Neg US$1 bil 6.35% non cum dollar pref shares callable ser N To From -- ---- B+ BB/Watch Neg US$550 mil 6.25% non-cum dollar callable perp pref shares ser P To From -- ---- B+ BB/Watch Neg US$675 mil 6.75% non-cum perp callable pref shares ser Q To From -- ---- B+ BB/Watch Neg US$650 mil 6.125% callable non-cum perp pref shares ser R To From -- ---- B+ BB/Watch Neg US$950 mil 6.6% callable perp pref shares ser S To From -- ---- B+ BB/Watch Neg US$1.45 bil 7.25% non cum perp callable pref stk ser T To From -- ---- B+ BB/Watch Neg EUR1.3 bil var rate callable non-cum perp pref stk ser 3 To From -- ---- B+ BB/Watch Neg US$1.6 bil 6.99% /fltg callable perp pref stk To From -- ---- BB- BB/Watch Neg US$1.5 bil var rate callable non-cum perp pref stk ser U To From -- ---- B+ BB/Watch Neg GBP200 mil non-cum pref shares ser 1 To From -- ---- B+ BB/Watch Neg GBP750 mil 8.162% callable non-cum perp pref stk ser 1 To From -- ---- B+ BB/Watch Neg GBP5 mil var rate fxd/fltg rate non-cum perp pref stk ser 2 To From -- ---- B+ BB/Watch Neg National Westminster Bank PLC US$500 mil var rate nts ser C To From -- ---- BB BB+/Watch Neg US$500 mil var rate perp nts To From -- ---- BB BB+/Watch Neg US$500 mil perp primary fltg rate cap nts ser A To From -- ---- BB BB+/Watch Neg US$500 mil perp primary fltg rate cap nts ser B To From -- ---- BB BB+/Watch Neg US$500 mil 7.75% perp nts To From -- ---- BB BB+/Watch Neg EUR400 mil 6.625% sub perp nts due 10/29/2049 To From -- ---- BB BB+/Watch Neg EUR100 mil fltg rate sub perp nts To From -- ---- BB BB+/Watch Neg GBP350 mil perp var rate nts To From -- ---- BB BB+/Watch Neg GBP200 mil perp 11.5% sub nts To From -- ---- BB BB+/Watch Neg GBP200 mil step-up sub perp nts To From -- ---- BB BB+/Watch Neg GBP325 mil step-up sub perp nts To From -- ---- BB BB+/Watch Neg US$300 mil non-cum pref shares ser C To From -- ---- BB- BB+/Watch Neg GBP140 mil 9% non-cum pref shares ser A To From -- ---- BB- BB+/Watch Neg RBS Capital Trust A(1) EUR1.25 bil var rate non-cum trust pfd secs perp To From -- ---- BB- BB/Watch Neg RBS Capital Trust B(1) US$750 mil 6.8% callable non-cum trust pfd secs perp To From -- ---- BB- BB/Watch Neg RBS Capital Trust C(1) EUR500 mil 4.243% /fltg perp callable non-cum trust pfd secs To From -- ---- BB- BB/Watch Neg RBS Capital Trust D(1) GBP400 mil 5.6457% /fltg perp callable non-cum trust pfd secs To From -- ---- BB- BB/Watch Neg RBS Capital Trust I(1) US$850 mil 4.709% non-cum trust pfd secs callable perp To From -- ---- BB- BB/Watch Neg RBS Capital Trust II(2) US$650 mil 6.425% /FRN callable non-cum trust pfd secs perp To From -- ---- BB- BB/Watch Neg RBS Capital Trust III(2) US$950 mil 5.512% non-cum trust pfd secs callable perp To From -- ---- BB- BB/Watch Neg RBS Capital Trust IV(2) US$550 mil fltg rate non-cum trust pfd callable secs perp To From -- ---- BB- BB/Watch Neg Royal Bank of Scotland PLC (The) EUR152.45 mil jr sub step-up nts To From -- ---- BB BB+/Watch Neg EUR500 mil var rate fltg perp callable jr sub (Upper Tier II) nts ser 1587 To From -- ---- BB BB+/Watch Neg EUR1 bil var rate callable perp jr sub (Upper Tier II) nts ser 1589 To From -- ---- BB BB+/Watch Neg JPY25 bil callable jr sub lower tier 2 fxd/fltg med-term nts ser 1818 To From -- ---- BB BB+/Watch Neg CAD700 mil var rate fxd/fltg step-up callable perp jr sub med-term nts ser 2595 To From -- ---- BB BB+/Watch Neg GBP150 mil fltg rate jr sub perp nts ser 60 To From -- ---- BB BB+/Watch Neg GBP175 mil var rate jr sub perp nts ser 144 To From -- ---- BB BB+/Watch Neg GBP500 mil var rate callable perp jr sub nts ser 253 To From -- ---- BB BB+/Watch Neg GBP350 mil 5.625% jr sub perp callable nts To From -- ---- BB BB+/Watch Neg GBP500 mil 6.2% jr sub callable perp nts ser 352 To From -- ---- BB BB+/Watch Neg GBP300 mil 5.625% callable upper tier II perp nts To From -- ---- BB BB+/Watch Neg GBP350 mil 6.25% perp callable jr sub nts ser 238 To From -- ---- BB BB+/Watch Neg GBP500 mil 5.125% perp callable jr sub nts ser 619 To From -- ---- BB BB+/Watch Neg GBP500 mil 6% callable upper tier II perp nts ser 1522 To From -- ---- BB BB+/Watch Neg GBP400 mil var rate/fltg step-up callable perp jr sub nts ser 2538 To From -- ---- BB BB+/Watch Neg Argon Capital PLC GBP750mn 8.162% callable non-cum perp pref stk issue series 1(1) To From -- ---- B+ BB/Watch Neg (1) Guaranteed by Royal Bank of Scotland Group PLC (The). (2) Guaranteed by Royal Bank of Scotland PLC (The). SAV PUBS: Brings in Joint Administrators from Grant Thornton ------------------------------------------------------------ David Dunckley and David Thurgood of Grant Thornton UK LLP were appointed joint administrators of Sav Pubs Ltd. on March 12, 2009. The company can be reached at: Sav Pubs Ltd. The Greyhound 136 Battersea High Street London SW11 3JR England SBH (SW) LTD: Taps Joint Administrators from Smith & Williamson --------------------------------------------------------------- Anthony Cliff Spicer and James Douglas Ernle Money of Smith & Williamson Limited were appointed joint administrators of SBH (SW) Ltd. on March 10, 2009. The company can be reached at: SBH (SW) Ltd. Ivy Court 61D High Street Nailsea Bristol BS48 1AW England TECMAG LTD: Appoints Joint Administrators from Tenon Recovery ------------------------------------------------------------- Jeremy Woodside and Christopher Ratten of Tenon Recovery were appointed joint administrators of Tecmag Ltd. on March 5, 2009. The company can be reached at: Tecmag Ltd. Gollinrod Manchester Road Walmersley Bury BL9 5ND England * EUROPE: Carriers to Lose US$1 Billion in 2009, IATA Says ---------------------------------------------------------- The International Air Transport Association (IATA) announced a revised outlook for the global air transport industry with losses of US$4.7 billion in 2009. This is significantly worse than IATA's December forecast for a US$2.5 billion loss in 2009, reflecting the rapid deterioration of the global economic conditions. Industry revenues are expected to fall by 12.0% (US$62 billion) to US$467 billion. By comparison, the previous revenue decline, after the events of September 11, 2001, saw industry revenues fall by US$23 billion over the period of 2000 to 2002 (approximately 7.0%). "The state of the airline industry today is grim. Demand has deteriorated much more rapidly with the economic slowdown than could have been anticipated even a few months ago. Our loss forecast for 2009 is now US$4.7 billion. Combined with an industry debt of US$170 billion, the pressure on the industry balance sheet is extreme," said Giovanni Bisignani, IATA's Director General and CEO. Demand is projected to fall sharply with passenger traffic expected to contract by 5.7% over the year. Revenue implications of this fall will be exaggerated by an even sharper fall in premium traffic. Cargo demand is expected to decline by 13.0%. Both are significantly worse than the December forecast of a 3.0% drop in passenger demand and a 5.0% fall in cargo demand. Yields are expected to drop by 4.3%. Falling fuel prices are helping to curb even larger losses. With an expected fuel price of US$50 per barrel (Brent oil), the industry's fuel bill is expected to drop to 25% of operating costs (compared to 32% in 2008 when oil averaged US$99 per barrel). Combined with lower demand, total expenditure on fuel will fall to US$116 billion (compared to US$168 billion in 2008). "Fuel is the only good news. But the relief of lower fuel prices is overshadowed by falling demand and plummeting revenues. The industry is in intensive care. Airlines face two immediate fundamental challenges: conserving cash and carefully matching capacity to demand," said Mr. Bisignani. IATA also revised its forecast losses for 2008 from US$5.0 billion to US$8.5 billion. The fourth quarter of 2008 was particularly difficult as carriers reported large hedging-related losses and a very sharp fall in premium travel and cargo traffic. Regional differences remain significant: Asia Pacific: Carriers in this region continue to be hardest hit by the current economic turmoil and are expected to post losses of US$1.7 billion (significantly worse than the previous loss forecast of US$1.1 billion). Japan, the region's largest market is expected to see GDP drop by 5.5% in 2009 with exports already in freefall. China has been successful in stimulating demand in domestic markets with pricing adjustments. International demand to and from China is expected to contract by between 5% and 10% over the year. India, whose market for international air services tripled in size between 2000 and 2008, is expected to see capacity increase by 0.7% in 2009, while demand drops between 2% and 3%. Overall, the region is expected to see a 6.8% fall in demand but only a 4.0% drop in capacity. North America: Carriers in this region are expected to deliver the best performance for 2009 with a combined US$100 million profit. A 7.5% fall in demand is expected to be matched by a 7.5% cut in capacity. Despite the worsening economic conditions, this is relatively unchanged from the earlier forecast of a US$300 million profit. Carriers are benefiting from careful capacity management and lower spot prices for fuel. Europe: Europe's carriers are expected to lose US$1 billion in 2009. A forecast 2.9% fall in the continent's GDP is expected to result in a drop in demand of 6.5% . Capacity cuts of 5.3% will not keep pace with the fall in demand, driving yields and profitability down. Latin America: While Latin America is forecast to maintain positive GDP growth in 2009, the collapse in demand for commodity products is expected to see traffic plunge by 7.8%. Carriers are only expected to be able to drop capacity by 3.8% resulting in losses of US$600 million. Africa: African carriers are expected to produce 2009 losses of US$600 million. This is six times the US$100 million lost in 2008. The continent's carriers are losing market share on long- haul routes. Demand is expected to drop by 7.8% with only a 6.0% fall in capacity. Middle East: Middle East will be the only region with demand growth in 2009 (+1.2%). But this will be overshadowed by the impact of a 3.8% increase in capacity. While this is significantly below the double-digit growth of previous years, the region continues to add capacity ahead of demand. The result is expected to be a loss of US$900 million (a slight deterioration from the US$800 million loss recorded in 2008). Looking ahead: Much of the deterioration forecast for 2009 had already happened by January. As manufacturers end their de-stocking there should be a modest bounce in air freight as component shipping rises a little. But weak consumer and business confidence is expected to keep spending and demand for air transport low. "The prospects for airlines are dependant on economic recovery. There is little to indicate an early end to the downturn. It will be a grim 2009. And while prospects may improve towards the end of the year, expecting a significant recovery in 2010 would require more optimism than realism," said Mr. Bisignani. Mr. Bisignani also cautioned that this crisis must bring change. "Recovery will not come without change. There is no doubt that this is a resilient industry capable of catalysing economic growth. But we are structurally sick. The historical margin of this hyper-fragmented industry is 0.3%. Bail-outs are not the prescription to return to health. Access to global capital, the ability to merge and consolidate and the freedom to access markets are needed to run this industry as normal profitable business. This is IATA's Agenda for Freedom -- and a very cost effective solution for governments desperate to stimulate their economies," said Mr. Bisignani. * Upcoming Meetings, Conferences and Seminars --------------------------------------------- Apr. 1-4, 2009 AMERICAN BANKRUPTCY INSTITUTE 27th Annual Spring Meeting Gaylord National Resort & Convention Center, National Harbor, Md. Contact: 1-703-739-0800; http://www.abiworld.org/ Apr. 16-19, 2009 COMMERICAL LAW LEAGUE OF AMERICA 2009 Chicago/Spring Meeting Westin Hotel on Michigan Ave., Chicago, Ill. Contact: (312) 781-2000; http://www.clla.org/ Apr. 17-18, 2009 NATIONAL ASSOCIATION OF BANKRUPTCY TRUSTEES NABT Spring Seminar The Peabody, Orlando, Florida Contact: http://www.nabt.com/ Apr. 20, 2009 AMERICAN BANKRUPTCY INSTITUTE Consumer Bankruptcy Conference John Adams Courthouse, Boston, Massachusetts Contact: 1-703-739-0800; http://www.abiworld.org/ Apr. 27-28, 2009 TURNAROUND MANAGEMENT ASSOCIATION Corporate Governance Meetings Intercontinental Hotel, Chicago, Illinois Contact: www.turnaround.org Apr. 28-30, 2009 TURNAROUND MANAGEMENT ASSOCIATION TMA Spring Conference Intercontinental Hotel, Chicago, Illinois Contact: www.turnaround.org May 1, 2009 AMERICAN BANKRUPTCY INSTITUTE Nuts and Bolts for Young Practitioners Alexander Hamilton Custom House, New York City Contact: 1-703-739-0800; http://www.abiworld.org/ May 4, 2009 AMERICAN BANKRUPTCY INSTITUTE New York City Bankruptcy Conference New York Marriott Marquis, New York City Contact: 1-703-739-0800; http://www.abiworld.org/ May 7-8, 2009 RENASSANCE AMERICAN MANAGEMENT, INC. 6th Annual Conference on Distressted Investing - Europe The Le Meridien Piccadilly Hotel, London, U.K. Contact: 1-903-595-3800 or http://www.renaissanceamerican.com/ May 7-10, 2009 AMERICAN BANKRUPTCY INSTITUTE 27th Annual Spring Meeting Gaylord National Resort & Convention Center National Harbor, Maryland Contact: http://www.abiworld.org/ May 12-15, 2009 AMERICAN BANKRUPTCY INSTITUTE Litigation Skills Symposium Tulane University, New Orleans, La. Contact: http://www.abiworld.org/ May 14-16, 2009 ALI-ABA Chapter 11 Business Reorganizations Langham Hotel, Boston, Massachusetts Contact: http://www.ali-aba.org June 11-14, 2009 AMERICAN BANKRUPTCY INSTITUTE Central States Bankruptcy Workshop Grand Traverse Resort and Spa Traverse City, Michigan Contact: http://www.abiworld.org/ June 21-24, 2009 INTERNATIONAL ASSOCIATION OF RESTRUCTURING, INSOLVENCY & BANKRUPTCY PROFESSIONALS 8th International World Congress TBA Contact: http://www.insol.org/ July 16-19, 2009 AMERICAN BANKRUPTCY INSTITUTE Northeast Bankruptcy Conference Mt. Washington Inn Bretton Woods, New Hampshire Contact: http://www.abiworld.org/ July 29-Aug. 1, 2009 AMERICAN BANKRUPTCY INSTITUTE Southeast Bankruptcy Conference The Westin Hilton Head Island Resort & Spa, Hilton Head Island, S.C. Contact: http://www.abiworld.org/ Aug. 6-8, 2009 AMERICAN BANKRUPTCY INSTITUTE Mid-Atlantic Bankruptcy Conference Hotel Hershey, Hershey, Pa. Contact: http://www.abiworld.org/ Sept. 10-11, 2009 AMERICAN BANKRUPTCY INSTITUTE Complex Financial Restructuring Program Hyatt Regency Lake Tahoe, Incline Village, Nevada Contact: http://www.abiworld.org/ Sept. 10-12, 2009 AMERICAN BANKRUPTCY INSTITUTE 17th Annual Southwest Bankruptcy Conference Hyatt Regency Lake Tahoe, Incline Village, Nevada Contact: http://www.abiworld.org/ Oct. 2, 2009 AMERICAN BANKRUPTCY INSTITUTE ABI/GULC "Views from the Bench" Georgetown University Law Center, Washington, D.C. Contact: http://www.abiworld.org/ Oct. 5-9, 2009 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Marriott Desert Ridge, Phoenix, Arizona Contact: 312-578-6900; http://www.turnaround.org/ Oct. 20, 2009 AMERICAN BANKRUPTCY INSTITUTE NCBJ/ABI Educational Program Paris Las Vegas, Las Vegas, Nev. Contact: http://www.abiworld.org/ Dec. 3-5, 2009 AMERICAN BANKRUPTCY INSTITUTE 21st Annual Winter Leadership Conference La Quinta Resort & Spa, La Quinta, California Contact: 1-703-739-0800; http://www.abiworld.org/ Apr. 29-May 2, 2010 AMERICAN BANKRUPTCY INSTITUTE Annual Spring Meeting Gaylord National Resort & Convention Center, Maryland Contact: 1-703-739-0800; http://www.abiworld.org/ June 17-20, 2010 AMERICAN BANKRUPTCY INSTITUTE Central States Bankruptcy Workshop Grand Traverse Resort and Spa, Traverse City, Michigan Contact: 1-703-739-0800; http://www.abiworld.org/ July 7-10, 2010 AMERICAN BANKRUPTCY INSTITUTE Northeast Bankruptcy Conference Ocean Edge Resort, Brewster, Massachusetts Contact: 1-703-739-0800; http://www.abiworld.org/ July 14-17, 2010 AMERICAN BANKRUPTCY INSTITUTE Southeast Bankruptcy Conference The Ritz-Carlton Amelia Island, Amelia, Fla. Contact: http://www.abiworld.org/ Aug. 5-7, 2010 AMERICAN BANKRUPTCY INSTITUTE Mid-Atlantic Bankruptcy Workshop Hyatt Regency Chesapeake Bay, Cambridge, Maryland Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 4-8, 2010 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention JW Marriott Grande Lakes, Orlando, Florida Contact: http://www.turnaround.org/ Dec. 2-4, 2010 AMERICAN BANKRUPTCY INSTITUTE 22nd Annual Winter Leadership Conference Camelback Inn, Scottsdale, Arizona Contact: 1-703-739-0800; http://www.abiworld.org/ Mar. 31-Apr. 3, 2011 AMERICAN BANKRUPTCY INSTITUTE Annual Spring Meeting Gaylord National Resort & Convention Center, Maryland Contact: 1-703-739-0800; http://www.abiworld.org/ June 9-12, 2011 AMERICAN BANKRUPTCY INSTITUTE Central States Bankruptcy Workshop Grand Traverse Resort and Spa Traverse City, Michigan Contact: http://www.abiworld.org/ Dec. 1-3, 2011 AMERICAN BANKRUPTCY INSTITUTE 23rd Annual Winter Leadership Conference La Quinta Resort & Spa, La Quinta, California Contact: 1-703-739-0800; http://www.abiworld.org/ ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers' public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than US$3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. A list of Meetings, Conferences and Seminars appears in each Thursday's edition of the TCR. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/booksto order any title today. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Valerie C. Udtuhan, Marites O. Claro, Rousel Elaine C. Tumanda, Pius Xerxes V. Tovilla, Joy A. Agravante, Marie Therese V. Profetana and Peter A. Chapman, Editors. Copyright 2009. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$625 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Christopher Beard at 240/629-3300. * * * End of Transmission * * *