/raid1/www/Hosts/bankrupt/TCREUR_Public/090609.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
Tuesday, June 9, 2009, Vol. 10, No. 112
Headlines
A U S T R I A
AK - ANLAGENTECHNIK GMBH: Claims Filing Period Ends June 19
AKRON LICHTSYSTEME: Claims Filing Deadline is June 18
KRISTAL MONTAGE: Claims Filing Deadline is June 22
LVDM LANDESERVERLAG: Creditors Must File Claims by 22
A Z E R B A I J A N
KAPITAL BANK: Fitch Affirms Individual Rating at 'D/E'
F R A N C E
CMA CGM: Moody's Downgrades Corporate Family Rating to 'B1'
G E R M A N Y
ALMATIS GMBH: Starts Debt Restructuring Talks
LANDESBANK BERLIN: Moody's Assigns Rating on Covered Bonds
WADAN YARDS: Files for Insolvency; 2,500 Jobs at Risk
G R E E C E
WIND HELLAS: Tight Liquidity Cues Fitch to Junk Issuer Ratings
I C E L A N D
GLITNIR BANK: S&P Withdraws 'D' Ratings on All Outstanding Debt
* ICELAND: Takes US$5.44 Billion Loan to Repay Icesave Claims
I R E L A N D
COOLFADDA DEVELOPERS: Wants to Remain in Provisional Liquidation
CORIOLANUS LTD: Moody's Junks Rating on US$28 Mln Class C Notes
NEWCOURT GROUP: Enters Into Receivership; Deloitte Appointed
SHAMROCK CAPITAL: Moody's Cuts Rating on 2007-05 Notes to 'B3'
STANTON ABS: S&P Junks Ratings on four Classes of Notes
K A Z A K H S T A N
ALLIANCE BANK: S&P Lowers LT Counterparty Credit Ratings to 'D/D'
ASIA VISION: Creditors Must File Claims by June 26
IRTOB PV: Creditors Must File Claims by June 26
JE PET: Creditors Must File Claims by June 26
KURYLYS AS: Creditors Must File Claims by June 26
VOSTOK ROSS: Creditors Must File Claims by June 26
* Fitch Affirms Issuer Default Ratings on Seven Kazakh Corporates
K Y R G Y Z S T A N
ANEL COMPANY: Creditors Must File Claims by July 10
L U X E M B O U R G
CRC BREEZE: Fitch Cuts Rating on EUR283.2MM Class A Notes to 'BB'
KAUPTHING BANK: Creditors Approve Blackfish Restructuring Plan
N E T H E R L A N D S
MAYFAIR EURO: S&P Cuts Rating on Class B Notes to 'CC' From 'CCC-'
SILVER BIRCH: S&P Puts 'BB' Rating on Class E Notes on Neg. Watch
P O R T U G A L
LUSITANO MORTGAGES NO. 6: S&P Affirms 'BB' Rating on Class E Notes
SAGRES STC: Fitch Lifts Rating on Class T Notes to 'BB'
R O M A N I A
* Fitch Affirms Romania's Long-Term Foreign Currency IDR at 'BB+'
R U S S I A
BARGUZINSKIY LES: Creditors Must File Claims by June 15
MAGISTRAL LLC: Creditors Must File Claims by June 15
MANAGING COMPANY: Creditors Must File Claims by June 15
POLIMER-PROEKT LLC: Creditors Must File Claims by July 15
STROY SER: Creditors Must File Claims by July 15
STROY-TRANS-GAZ-OREL CJSC: Creditors Must File Claims by July 15
* Moody's Cuts Omsk Oblast's Currency Issuer Ratings to 'Ba3'
* Fitch Assigns Rating on Karelia's RUB1 Bln Domestic Bond Issue
S P A I N
REALIA: FCC, Caja Madrid to Lend EUR100 Mln Under Refinancing Plan
* Moody's Reviews Ratings on Spanish RMBS Notes for Downgrade
S W I T Z E R L A N D
BUCHS & EGGER AG: Claims Filing Deadline is June 15
EDEN MONTANA: Creditors Must File Claims by June 15
HOTEL ZURICH: Claims Filing Deadline is June 15
INNOREAL HOLDING: Claims Filing Period Ends June 15
MOBILIA HANDEL: Creditors Have Until June 15 to File Claims
U K R A I N E
DRUZHBA AGRICULTURAL: Creditors Must File Claims by June 14
EXPRESS-SERVICE LLC: Creditors Must File Claims by June 17
GREMUTCHEYE AGRICULTURAL: Creditors Must File Claims by June 14
INTERFARM BUILDING: Creditors Must File Claims by June 14
NEWEST STARCH: Creditors Must File Claims by June 14
U N I T E D K I N G D O M
ARGON CAPITAL: Moody's Cuts Rating on Series 100 Notes to 'B3'
BLOOR HOLDINGS: Breaches Covenants; Posts 2008 GBP49.3 Mln Loss
LANDMARK MORTGAGE: S&P Lowers Rating on Class D Notes to 'B'
MENUS FUNDING: Moody's Junks Rating on Class E Floating Rate Notes
MODUS COROVEST: In Administration; KPMG Appointed
SAPHIR FINANCE: Moody's Lowers Rating on 2006-9 Notes to 'B3'
SOYMAGIC: Placed Into Administration; 20 Jobs Affected
YELL GROUP: Appoints Bob Wigley as New Chairman
WHITE TOWER: Fitch Junks Rating on GBP68 Mln Class E Notes
* UK: Premier League Clubs' Net Debt Up to GBP3.1 Bln in 2007/08
* IATA Says European Carriers to Post Losses of US$1.8 Bln in 2009
* Large Companies with Insolvent Balance Sheet
*********
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A U S T R I A
=============
AK - ANLAGENTECHNIK GMBH: Claims Filing Period Ends June 19
-----------------------------------------------------------
Creditors of Ak - Anlagentechnik GmbH have until June 19, 2009, to
file their proofs of claim.
A court hearing for examination of the claims has been scheduled
on July 2, 2009 at 2:15 p.m.
For further information, contact the company's administrator:
Mag. Mario Kapp
KAPPs GmbH
Karntnerstrasse 525-527
8054 Graz-Seiersberg
Austria
Tel.: 0316/225955
Fax: 0316/282013
E-mail: kapp@kapp.at
AKRON LICHTSYSTEME: Claims Filing Deadline is June 18
-----------------------------------------------------
Creditors of Akron Lichtsysteme GmbH have until June 18, 2009, to
file their proofs of claim.
A court hearing for examination of the claims has been scheduled
for July 2, 2009 at 9:45 a.m.
For further information, contact the company's administrator:
Dr. Stefan Langer
Oelzeltgasse 4
1030 Vienna
Austria
Tel: 713 61 92
Fax: 713 61 92 22
E-mail: kanzlei@kosesnik-langer.at
KRISTAL MONTAGE: Claims Filing Deadline is June 22
--------------------------------------------------
Creditors of Kristal Montage GmbH have until June 22, 2009, to
file their proofs of claim.
A court hearing for examination of the claims has been scheduled
for July 6, 2009 at 9:45 a.m.
For further information, contact the company's administrator:
Dr. Thomas Engelhart
Esteplatz 4
1030 Vienna
Austria
Tel: 712 33 30
Fax: 712 33 30-30
E-mail: kanzlei@engelhart.at
LVDM LANDESERVERLAG: Creditors Must File Claims by 22
-----------------------------------------------------
Creditors of Lvdm Landesverlag Denkmayr Druck & Medien GmbH have
until June 22, 2009, to file their proofs of claim.
A court hearing for examination of the claims has been scheduled
for July 6, 2009 at 10:45 a.m. at:
Land Court of Linz
Hall 522
5th Floor
Linz
Austria
For further information, contact the company's administrator:
Mag. Christian Ebmer
Schillerstrasse 12
4020 Linz
Austria
Tel: 65 69 69
Fax: 65 69 69-60
E-mail: office@hep.co.at
===================
A Z E R B A I J A N
===================
KAPITAL BANK: Fitch Affirms Individual Rating at 'D/E'
------------------------------------------------------
Fitch Ratings has affirmed Kapital Bank's ratings at Long-term
Issuer Default 'B+' with Stable Outlook, Short-term IDR 'B' and
Individual 'D/E'.
Fitch notes that although recent privatization has eliminated
state ownership and thus, in the agency's view, reduced the
authorities' propensity to support the bank (as reflected in its
downgrade in July 2008 to 'B+' from 'BB-'), it believes Kapital
will continue to be systemically important. Kapital distributes
pensions and other social payments through its large nation-wide
network and services state entities and regional treasury accounts
countrywide. Those functions are underpinned by the bank's, thus
far, unmatched network in the country, especially in regions,
comprising 88 branches/sub-branches, some 90 other outlets and 300
ATMs. The fact that the bank is now controlled by the President's
family, and also Kapital's relatively small size, may too help to
ensure support is forthcoming in case of need.
The Individual Rating reflects the bank's limited banking
franchise and short track record, and also considers risks
stemming from worsening asset quality, which has yet to be tested
though an economic cycle. The bank's capital position,
profitability and liquidity are, however, adequate at present.
Any change in the sovereign's rating could change its ability to
support the bank and thus might affect Kapital's ratings. Any
change in Fitch's view on the authorities' propensity to support
the bank, and, in particular, therefore its systemic importance,
especially in the area of social payments, could also impact
Kapital's ratings. Downward pressure on the Individual Rating
could arise from a marked further deterioration in asset quality.
Kapital was the third-largest bank in Azerbaijan by asset and
retail deposits at end-2008 with market shares of 5.6% and 8.6%,
respectively. The bank's controlling shareholder (97.5%) is the
Pashaev family, who are also the in-laws of President Aliev.
The rating actions are:
Kapital Bank
-- Long-term foreign currency IDR: affirmed at 'B+; Outlook
Stable
-- Short-term foreign currency IDR: affirmed at 'B
-- Individual Rating: affirmed at 'D/E'
-- Support Rating: affirmed at '4'
-- Support Rating Floor: affirmed at 'B+'
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F R A N C E
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CMA CGM: Moody's Downgrades Corporate Family Rating to 'B1'
-----------------------------------------------------------
Moody's Investors Service has downgraded CMA CGM's Corporate
Family Rating and Probability of Default Rating to B1 from Ba1.
At the same time, Moody's has downgraded the US$253.7 million
5.562% Class A corporate asset-backed secured notes due 2021
issued by Vega Container Vessel 2006-1 Public Limited Company to
Baa3 from A3; the transaction was designed to finance a fleet of
container vessels for CMA CGM. The outlook on the ratings is
negative.
The action concludes the review for possible downgrade initiated
on March 23, 2009.
"The downgrade of CMA CGM's CFR to B1 reflects Moody's expectation
that the combined effects of business conditions, which are likely
to remain weak over the medium term, and the sizeable capital
investment plan currently underway will likely lead to lower cash
flow generation than previously anticipated and a financial
profile no longer in line with a Ba rating over the intermediate
term," said Marco Vetulli, a Vice President-Senior Credit Officer
in Moody's Corporate Finance Group.
In the past few years, CMA CGM, like all the main players in the
container shipping industry, has undertaken a capital investment
plan based on the expectation of steady growth of consumer
spending in the main western countries. However, because of the
current global economic downturn, Moody's recognizes that consumer
spending is expected to remain subdued over the intermediate term;
therefore, the level of growth previously forecast is no longer
realistic. "Moody's expects CMA CGM's credit profile will be
affected by the structural changes in the market due to both the
severity of the downturn and the persistence of weak market
conditions over the intermediate term," said Mr. Vetulli.
While Moody's recognizes that the company is taking action to
cancel or postpone some of its ship deliveries, free cash flow
will remain negative, leverage is expected to be above 7x in the
intermediate term and the leeway on the covenants contained in
some of the group's credit agreement is likely to vanish. The
rating action is premised on Moody's assumption that lenders are
likely to remain supportive and that the liquidity situation,
which partly relies on asset sales, will remain adequate.
The rating of the Class A notes issued by Vega principally
reflects (i) CMA CGM's credit quality, and (ii) the additional
degree of protection provided by the legal and financial
arrangements of the transaction to the Class A noteholders in the
event of a default by CMA CGM. The degree of protection is based
on an estimate of the probability and severity of a shortfall for
the Class A notes in the event of a sale of the collateral and
liquidation of the transaction, following such a default. Under
the original modelling assumptions, collateral may have provided
more support to the Class A notes in the event of a downgrade of
CMA CGM's rating to B1 from Ba1. However, given the severity of
the current downturn and its expected effect on the value of the
vessels assigned as collateral for the notes, Moody's believes a
more cautious approach is appropriate; therefore, the Class A
notes have been downgraded by three notches, in line with the
repositioning of the company's CFR.
The negative outlook reflects Moody's expectation that, in the
next 18 months, challenging market conditions could further exert
pressure on CMA CGM's credit metrics, increase the risk that the
company will breach its covenants, and hence add further
uncertainty to the company's financial profile. Furthermore, the
tightened nature of the global credit environment increases the
uncertainty surrounding the company's ability to raise additional
resources to finance the capital outlays already scheduled for
2010 and 2011, which the company cannot cancel or postpone.
The last rating action was implemented on March 23, 2009, when
Moody's placed the ratings of both CMA CGM and Vega under review
for possible downgrade.
Headquartered in Marseille, France, CMA CGM is the third-largest
container shipping company in the world (measured in Twenty-foot
Equivalent Units, TEU). The company generated revenues of around
US$15 billion for the year ended December 31, 2008.
Vega ContainerVessel 2006-1 Public Limited Company is an Irish
orphan special purpose vehicle, which has issued debt instruments
for the purpose of financing ships for CMA CGM.
=============
G E R M A N Y
=============
ALMATIS GMBH: Starts Debt Restructuring Talks
---------------------------------------------
Zaid Espana at Reuters reports that Almatis GmbH has begun debt
restructuring talks with its lenders.
According to Reuters, as part of a restructuring, the company,
which has hired Close Brothers as adviser, faces options including
an equity injection by sponsor Dubai International Capital as part
of a debt-for-equity swap. The company also appointed accountants
KPMG to undertake a review of the business plan, the results of
which are already with the lenders, Reuters notes.
Waiver
Citing three sources close to the talks, Reuters discloses the
company has secured a waiver on requirements to provide audited
accounts for this year.
"The waiver marks the beginning of restructuring talks, there are
lots of moving pieces still," Reuters quoted a banker close to the
talks as saying.
Reuters relates the sources said the company is also expected to
secure a standstill agreement this week, under which creditors
agree not to take action against the company. Reuters states
according to the sources, the company's senior lenders have formed
a steering committee which includes UBS, Commerzbank, SMBC, and
investors Harbourmaster Capital and Carlyle Group. Citing one of
the sources, Reuters says the lenders have appointed Rothschild as
adviser and Allen & Overy as legal counsel.
Headquartered in Frankfurt, Germany, Almatis GmbH --
http://www.almatis.com-- manufactures alumina-based products used
to make abrasives and polishers, paper coatings, flame retardants,
plastics and polymers, and refractories. Its manufacturing plants
are located in Asia, Europe, and the US. Formerly known as Alcoa
World Chemicals, Almatis was formed in 2004 when the aluminum
giant sold its chemicals unit to private investment firms Rhone
Capital and Teachers' Private Capital. Toward the end of 2007
another private equity group Dubai International Capital, a unit
of Dubai Holding, agreed to buy Almatis.
LANDESBANK BERLIN: Moody's Assigns Rating on Covered Bonds
----------------------------------------------------------
Moody's has assigned provisional long-term ratings of (P)Aaa to
the proposed issuance of the first Series of mortgage covered
bonds by Landesbank Berlin AG (rated A1/Prime-1/D+) under LBB's
"Daheim Nr. 1" covered bond program.
This covered bond program has been established in Germany under
the general German law, in contrast to other German covered bonds
which rely on specific legislation (the Pfandbrief Act).
Each series of notes will be backed by a separate pool of assets,
each of which may comprise one or both of these two types of
security:
a) Residential mortgage loans originated by German savings banks
(or "Sparkassen" belonging to German Savings Bank Association
(DSGV)). This is referred to as the "Borrowing Alternative".
b) Secured loans granted to Sparkassen (or other financial
institutions). This is referred to as the "Funding
Alternative". These loans are in turn backed by residential
mortgage loans that were originated by the respective
Sparkasse.
The Covered Bond investors benefit from both the credit strength
of the Issuer and the rights of security in respect of the Cover
Pool. Each Cover Pool is supported:
a) By a pool of residential loans originated by the Sparkassen;
and
b) Directly or indirectly by the respective Sparkassen.
If the security package is the Funding Alternative, recourse is
direct to the respective Sparkassen. If the security package is
the Borrowing Alternative, the obligation of the respective
Sparkassen is limited to the obligation to replace any loans
exceeding 90 days past due and any ineligible assets in the Cover
Pool.
The program has been structured using securitization techniques
designed to ensure that the Cover Pool is ring-fenced in the event
of Issuer insolvency. The program has been established under
general German law, in contrast to many other European covered
bonds which rely on specific legislation. The Issuer has
incorporated a number of securitization techniques in this
program, which has enabled it to create a covered bond that has
similar characteristics to covered bonds backed by a specific
legal framework.
Structured features included in this program, which mitigate
credit risks found in many covered bonds that rely on specific
covered bond legislation, include a built-in extension to the
maturity of the notes (thus mitigating refinancing risk) and,
under the Funding Alternative, the matching of the maturities of
the pledged secured loans with those of the notes (thus mitigating
market and refinancing risks).
As is the case with other covered bonds, Moody's considers the
transaction to be linked to the credit strength of the Issuer,
particularly from a default probability perspective. If the
Issuer credit strength deteriorates, all other things being equal
the rating of the Covered Bonds could be expected to come under
pressure.
If the Issuer rating or the pool quality deteriorates, the Issuer
would have the ability, but not the obligation, to increase the
over-collateralization in the Cover Pool. Failure to increase the
level of over-collateralization under these circumstances could
lead to negative rating actions.
The ratings address the expected loss posed to investors. Moody's
ratings address only the credit risks associated with the
transaction. Other non-credit risks have not been addressed, but
may have a significant effect on yield to investors.
WADAN YARDS: Files for Insolvency; 2,500 Jobs at Risk
-----------------------------------------------------
Marinelog reports that Wadan Yards MTW GmbH on Friday filed for
insolvency in the District Court in Schwerin, Germany, putting
2,500 jobs at the shipyards in Wismar and Rostock at risk.
Wadan Yards, which is 70 percent owned by Russian privately held
investment company FLC West, is now being supervised by a court-
appointed insolvency administrator, Marc Odebrecht of Brinckmann &
Partners, Marinelog discloses. STX Europe holds the other 30
percent in the company, Marinelog states.
Marinelog recalls in February Wadan Yards reported that it had
received a EUR180 million credit facility provided through KFW
IPEX-Bank GmbH and Deutsche Bank AG and underwritten by the German
Federal Government. Marinelog says EUR167 million of the federal
money has already been disbursed. According to Marinelog,
Mecklenburg Vorpommern state officials have been in contact with
potential new investors, notably the Hegemann Group.
Wadan Yards MTW GmbH is an affiliate of Wadan Yards Group AS --
http://www.wadanyards.com/-- a multinational maritime engineering
and construction group comprising leading German and Ukrainian
ship yards. The group specializes in advanced marine solutions
for hydrocarbon exploration, production and transportation,
particularly for Arctic conditions.
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G R E E C E
===========
WIND HELLAS: Tight Liquidity Cues Fitch to Junk Issuer Ratings
--------------------------------------------------------------
Fitch Ratings has downgraded WIND Hellas Telecommunications S.A.'s
Long-term Issuer Default Rating to 'CCC' from 'B-'.
The downgrade reflects concerns about the company's over-leveraged
capital structure and continued tight liquidity position. The
agency has also downgraded the Greek mobile operator's Short-term
IDR to 'C' from 'B'. At the same time, Fitch has removed all the
ratings from Rating Watch Negative, and assigned a Negative
Outlook to the Long-term IDR.
The debt instrument ratings have been downgraded and removed from
RWN:
-- Hellas Telecommunications (Luxembourg) V senior revolving
credit facility: downgraded to 'B-'/'RR3' from 'B'/'RR3'
-- Hellas Telecommunications (Luxembourg) V senior secured
floating-rate notes due 2012: downgraded to 'B-'/'RR3' from
'B'/'RR3'
-- Hellas Telecommunications (Luxembourg) III senior notes due
2013: downgraded to 'CC'/'RR5' from 'CCC'/'RR5'
-- Hellas Telecommunications (Luxembourg) II subordinated
floating-rate notes due 2015: downgraded to 'C'/'RR6' from
'CC'/'RR6'
In March 2009, Fitch placed WIND Hellas' ratings on RWN, citing
liquidity concerns, and noted that higher-than-expected leverage
metrics could place negative pressure on the rating. Net cash-pay
leverage reached 7.2x adjusted trailing twelve months EBITDA for
Q109, which was a faster deterioration than initially expected by
Fitch. The agency believes that WIND Hellas' capital structure is
over-leveraged and that given the current economic outlook and
recent operating performance, a significant reduction in leverage
is unlikely before the company faces refinancing risk in 2012 when
the senior notes fall due for repayment, and this is what has
driven the downgrade of the IDR to 'CCC'. The Negative Outlook
reflects the risk of further deterioration in liquidity or
operating performance.
The reduction in mobile termination rates by 2.5 Euro cents from
January 2009, and continuing pressure on the pre-paid segment
Average Revenue per User, due to Greek economic conditions, are
expected to place additional downward pressure on operating
margins in 2009. Blended monthly ARPU for the postpaid and pre-
paid mobile segment was EUR14.0 for Q109 compared to EUR18.8 in
Q108 (a reduction of 26%), and although improved cost control
helped to mitigate the impact on EBITDA, WIND Hellas' operating
performance in Q109 was below Fitch's expectations: revenues were
down 13% year-on-year at EUR264.8 million in Q109; adjusted EBITDA
was EUR73.7 million for the quarter, down from EUR96.8 million in
Q108 (a reduction of EUR23 million or 24%).
Liquidity concerns remain, and the company drew the remaining
EUR50 million available under its RCF in April 2009 to improve its
cash position. The agency understands that the company has a
contingency plan in place to scale back capex and operating
expenditures for the mobile business, however, the fixed line
business is likely to continue to be cash-flow negative in the
near-to-mid term. Cash plus RCF liquidity at Q109 was
EUR72.5 million.
Fitch also notes the lack of an explicit commitment for cash
equity support from the parent company, but believes that Weather
Investments, the parent company, sees WIND Hellas as a strategic
asset and remains committed to its Greek operations in the long-
term. Should the shareholder decide to inject new cash equity
into the company, it could provide positive support for the
Outlook and/or rating. Fitch will also evaluate any new business
plan provided by the company to determine if such a plan and
capital structure will be sustainable in the long-term.
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I C E L A N D
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GLITNIR BANK: S&P Withdraws 'D' Ratings on All Outstanding Debt
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it had withdrawn its
'D' ratings on Iceland-based Glitnir Bank and all its outstanding
debt.
On Oct. 9, 2008, S&P lowered its ratings on Glitnir Bank to 'D'
after the bank was placed into receivership by the country's
banking supervisor. The Icelandic Ministry of Finance then
established a new bank, wholly owned by the Treasury, that
included Glitnir's Bank's domestic operations funded by local
deposits and has been renamed Islandsbanki.
S&P understands that pursuant to a court imposed moratorium,
Glitnir Bank continues to be generally prohibited from disposing
of its remaining domestic assets. S&P also understands that its
foreign subsidiaries, which are not subject to the moratorium,
have been disposed of to different buyers.
* ICELAND: Takes US$5.44 Billion Loan to Repay Icesave Claims
-------------------------------------------------------------
Omar Valdimarsson at Bloomberg News reports that Iceland agreed to
take a US$5.44 billion loan from the U.K. and the Netherlands to
repay Icesave claims.
Iceland must pay back the loan over 15 years, Bloomberg News
discloses citing a joint government statement sent by e-mail
Saturday. According to Bloomberg News, the Treasury said the U.K.
will lend GBP2.35 billion (US$3.76 billion) and the Dutch EUR1.2
billion (US$1.68 billion). Bloomberg News says it will be
interest-only for the first seven years. According to Reuters,
interest and principal amounts will then be payable quarterly over
the next 8 years.
Bloomberg News relates Prime Minister Johanna Sigurdardottir told
local media Friday Iceland would pay 5.5 percent interest on the
loan, adding that during the term of the loan, the government will
try to sell the assets of Landsbanki Islands hf, the failed lender
that offered the Icesave accounts. The Treasury said it proposes
to lift the asset freezing order imposed on the U.K. assets of
Landsbanki on Oct. 8, with effect from June 15, Bloomberg News
states citing the government statement.
Bloomberg News discloses local media including Morgunbladid have
reported the Icelandic government has estimated the deposits owed
are worth ISK650 billion (US$5.26 billion).
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I R E L A N D
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COOLFADDA DEVELOPERS: Wants to Remain in Provisional Liquidation
----------------------------------------------------------------
The Sunday Business Post Online's Ian Kehoe reports that Coolfadda
Developers Ltd. is asking the Supreme Court to allow the company
to remain in provisional liquidation for an indefinite period, in
order to allow it to complete eight major developments across the
south of the country.
The report relates Coolfadda argued allowing the company to
complete its developments would provide the best return for
creditors. According to the report, under the company's plan, the
provisional liquidator to Coolfadda, Grant Thornton accountant
Michael McAteer, would continue in his role of managing the
company's affairs on an indefinite basis.
Coolfadda, the report discloses, owes AIB EUR19.5 million, while
Bank of Scotland (Ireland) is owed EUR5.3 million. ACC and Bank
of Ireland are owed EUR3.9 million and EUR2.2 million,
respectively, the report states.
The report recalls Coolfadda went into provisional liquidation
earlier this month, after suffering from the sharp decline in the
construction sector and the restriction of bank finance. The
High Court placed the company into provisional liquidation, but
subsequently rejected an application by the firm to remain in
provisional liquidation indefinitely, the report says. The report
recounts in her judgment on the High Court case, Miss Justice
Laffoy ruled that the long-term status of a provisional liquidator
had not been envisaged in Irish insolvency law. The report notes
the court said it intended to place the company into official
liquidation as it was "hopelessly insolvent".
Headquartered in Bandon, Co. Cork, Coolfadda Developers Ltd. --
http://www.coolfadda.ie/-- develops property from green-field
sites, renovates existing properties and provides construction to
other developers. The company has 60 direct employees both in the
office and on-site and 200 indirect employees with its sub-
contractor base. It was founded in 2003 by Conor Slattery and
Paul Collins.
CORIOLANUS LTD: Moody's Junks Rating on US$28 Mln Class C Notes
---------------------------------------------------------------
Moody's Investors Service has downgraded its ratings of three
classes of Sputnik CDO 1 notes issued by Coriolanus Limited and
the related super-senior swap.
The transaction is a synthetic CDO referencing a portfolio of 43
corporate entities, banks and supranationals incorporated in
Russia, Kazakhstan and Ukraine. VTB Bank (Austria) AG, acting as
portfolio manager, has the possibility to add and/or remove
reference entities from the portfolio, subject to a number of
portfolio constraints.
Moody's explained that the rating actions announced are related to
a significant worsening in the credit quality of the portfolio.
In particular, credit event notices were received for Alliance
Bank and Bank TuranAlem, while another one is expected for Astana
Finance. These entities amount to 7.55% of the portfolio.
Moody's initially analyzed and continues to monitor this
transaction using primarily the methodology and its supplements
for corporate synthetic CDOs as described in Moody's Special
Reports and press releases below:
-- Moody's Approach to Rating Corporate Collateralized Synthetic
Obligations (April 2009)
-- Moody's revises its methodology for Emerging Market CDOs
(April 2007)
The rating actions are:
Coriolanus Limited
(1) US$36,000,000 Class A Floating Rate Notes due 2012
-- Current Rating: Ba2
-- Prior Rating: Ba1, under review for possible downgrade
-- Prior Rating Action: March 30, 2009, downgraded from A2
to Ba1 and left under review for possible downgrade
(2) US$36,000,000 Class B Floating Rate Notes due 2012
-- Current Rating: B3
-- Prior Rating: Ba3, under review for possible downgrade
-- Prior Rating Action: March 30, 2009, downgraded from Baa2 to
Ba3 and left under review for possible downgrade
(3) US$28,000,000 Class C Floating Rate Notes due 2012
-- Current Rating: Caa2
-- Prior Rating: B3, under review for possible downgrade
-- Prior Rating Action: March 30, 2009, downgraded from Ba2 to
B3 and left under review for possible downgrade
(4) US$120,000,000 Senior Credit Default Swap related to the
Sputnik CDO 1 issuance
-- Current Rating: A3
-- Prior Rating: A2, under review for possible downgrade
-- Prior Rating Action: March 19, 2009, A2 placed under review
for possible downgrade
NEWCOURT GROUP: Enters Into Receivership; Deloitte Appointed
------------------------------------------------------------
Andras Gergely at Reuters reports Newcourt Group plc has gone into
receivership, putting more than 3,000 jobs at risk.
Newcourt, Reuters relates, had asked its main lender Bank of
Ireland to appoint a receiver after it breached its banking
covenants. Miles Costello at Times Online reports on Thursday,
the company told its investors that discussions with Bank of
Ireland to renegotiate its EUR36 million debt pile had failed.
Reuters discloses Newcourt said David Carson, a partner in
auditing firm Deloitte, was appointed receiver of the company.
Newcourt, as cited by Reuters, said the receivership will enable
its subsidiaries, including Federal Security Group, to continue to
trade normally. Reuters recounts trade in its shares were
suspended in both Dublin and London.
Reuters recalls last year Newcourt sold its Ely Property Group
subsidiary to reduce its net debt by EUR37 million but it had to
continue looking for other options to de-leverage.
Headquartered in Dublin, Ireland, Newcourt Group plc --
http://www.newcourtgroup.com/-- is engaged in the provision of
outsourced and support services, recruitment services and student
accommodation. The Company's business is divided into three
principal divisions. The businesses within support services
division include manguarding security, electronic security,
monitoring and related services; health and safety training and
consultancy; facilities management, and business process
outsourcing and contact centre. The businesses within the student
accommodation division include student accommodation management
and student accommodation development. The businesses within the
recruitment and aviation outsourcing division include mid-market
permanent and temporary recruitment; contract recruitment-
pharmaceutical industry; executive search and selection; senior
sales marketing recruitment; contract recruitment–aviation; pilot
training, and health care recruitment. In November 2007, Newcourt
acquired Lenmac Mechanical Services Limited.
SHAMROCK CAPITAL: Moody's Cuts Rating on 2007-05 Notes to 'B3'
--------------------------------------------------------------
Moody's Investors Service has downgraded its ratings of two
classes of notes issued by Shamrock Capital P.L.C.
The transaction is a synthetic CDO referencing a portfolio of 75
emerging market corporate entities. The portfolio is managed,
subject to a number of portfolio constraints, by BI Asset
Management Fondsmæglerselskab A/S (Bankinvest), a Danish Asset
Manager. Upon the occurrence of credit events, a fixed recovery
rate of 40% is used as final price.
Moody's explained that the rating actions announced are primarily
linked to these: a credit event on Alliance Bank JSC, which failed
to pay certain due amounts, and a potential credit event on
TuranAlem Finance B.V. , which is now under Potential Repudiation/
Moratorium.
Moody's initially analyzed and continues to monitor this
transaction using primarily the methodology and its supplements
for corporate synthetic CDOs as described in Moody's Special
Reports and press releases:
-- Moody's Approach To Rating Corporate Collateralized Synthetic
Obligations (April 2009)
-- Moody's revises its methodology for Emerging Market CDOs (11
April 2007)
The rating actions are:
Shamrock Capital P.L.C.
(1) Series 2007-05 EUR19,500,000 Floating Rate Portfolio Credit
Linked Notes due 2012
-- Current Rating: B3
-- Prior Rating: B2
-- Prior Rating Action: March 31, 2009, downgraded from Baa2 to
B2
(2) Series 2007-09 SKK 253,125,000 Floating Rate Portfolio Credit
Linked Notes due 2012
-- Current Rating: Ba2
-- Prior Rating: Ba1
-- Prior Rating Action: March 31, 2009, downgraded from A1 to
Ba1
STANTON ABS: S&P Junks Ratings on four Classes of Notes
-------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on the class A-1, A—2, A-
3, A-4 Def, B-1 Def, and B-2 Def notes issued by Stanton ABS I
PLC, a cash flow collateralized debt obligation of asset-backed
securities transaction that closed in March 2005.
These rating actions follow S&P's assessment of the continued
credit deterioration of assets in the transaction's underlying
portfolio. They also follow S&P's receipt on June 2 of a notice
from the collateral manager of an event of default under the note
conditions after the class A-3 overcollateralization test ratio
fell for the second time below its trigger level of 96%, on May
28.
According to the transaction documents, the occurrence of an event
of default gives the most senior class of notes the right to
accelerate the repayment of the notes. In S&P's opinion, the
decision to call for an immediate redemption of the notes will
likely result in the liquidation of the collateral. In these
circumstances, S&P considers that liquidation proceeds are
unlikely to be sufficient to repay all noteholders in full. S&P
has therefore lowered S&P's ratings on all classes of notes to
levels that, in S&P's view, reflect the increased risk of
nonpayment following the event of default.
According to S&P's analysis, Stanton ABS I's portfolio comprises
primarily prime residential mortgage-backed securities and
corporate CDOs, and to a lesser extent commercial mortgage-backed
securities, subprime RMBS, and other ABS.
Ratings List
Stanton ABS I PLC
EUR309.5 Million Secured Floating-Rate Notes
Ratings Lowered and Removed From CreditWatch Negative
Rating
------
Class To From
----- -- ----
A-1 BB AAA/Watch Neg
A-2 B AAA/Watch Neg
A-3 CCC AA/Watch Neg
A-4 Def CCC- A-/Watch Neg
B-1 Def CC BBB-/Watch Neg
B-2 Def CC BB+/Watch Neg
===================
K A Z A K H S T A N
===================
ALLIANCE BANK: S&P Lowers LT Counterparty Credit Ratings to 'D/D'
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its short-
and long-term counterparty credit ratings on Kazakhstan-based
Alliance Bank JSC to 'D/D' (default) from 'SD/SD' (selective
default).
"The rating action reflects our understanding that the bank, as
announced on May 29, 2009, intends to undertake a restructuring of
its debt obligations that S&P would consider as a distressed
exchange offer," said Standard & Poor's credit analyst Ekaterina
Trofimova.
The Agency of the Republic of Kazakhstan on Regulation and
Supervision of Financial Markets and Financial Organizations has
instructed Alliance to prepare a debt restructuring and
recapitalization plan to be agreed upon with its creditors. The
bank has stated that it intends to widely restructure its
financial obligations for an amount of US$4.2 billion, offering
creditors three options:
-- Buy back the debt with an 80% discount,
-- Roll over the debt at a 50% discount for seven years at a
reduced interest rate, or
-- Roll over the debt for 15 years at a reduced interest rate.
S&P understands that the bank plans additional meetings with its
creditors in the first half of June and that the final approval by
the "creditors' committee" of the debt restructuring plan is to be
discussed on July 10, 2009. The bank has stated that, if there is
no agreement reached by July 15, 2009, AFN would put it into
bankruptcy.
S&P's 'D' And 'SD' Ratings
According to S&P's rating definitions, S&P assigns a 'D' rating
when S&P believes that any default will be a general default and
that the obligor will fail to pay all or substantially all of its
obligations as they come due. S&P's default definition includes
payment defaults on both rated and unrated financial obligations.
In addition, under S&P's criteria, S&P treats distressed exchange
offers to restructure debt obligations as equivalent to a default
on the part of the issuer, even though, technically, investors may
accept such an offer voluntarily and no legal default occurs.
S&P assigns an 'SD' rating when S&P believes that the obligor has
selectively defaulted on a specific issue or class of obligations
but it will continue to meet its payments on other issues or
classes of obligations in a timely manner.
ASIA VISION: Creditors Must File Claims by June 26
--------------------------------------------------
Creditors of LLP Asia Vision Group have until June 26, 2009, to
submit proofs of claim to:
The Specialized Inter-Regional
Economic Court of Almaty
Baizakov Str. 273b
Almaty
Kazakhstan
The Specialized Inter-Regional Economic Court of Almaty commenced
bankruptcy proceedings against the company on April 13, 2009.
IRTOB PV: Creditors Must File Claims by June 26
-----------------------------------------------
Creditors of LLP Irtob PV have until June 26, 2009, to submit
proofs of claim to:
The Specialized Inter-Regional
Economic Court of Pavlodar
Djambulskaya Str. 6
Pavlodar
Kazakhstan
The Specialized Inter-Regional Economic Court of Pavlodar
commenced bankruptcy proceedings against the company on March 24,
2009.
JE PET: Creditors Must File Claims by June 26
---------------------------------------------
Creditors of LLP JE Pet have until June 26, 2009, to submit proofs
of claim to:
The Specialized Inter-Regional
Economic Court of Almaty
Tauelsyzdyk Str. 53
Taldykorgan
Almaty
Kazakhstan
The Specialized Inter-Regional Economic Court of Almaty commenced
bankruptcy proceedings against the company on April 13, 2009.
KURYLYS AS: Creditors Must File Claims by June 26
-------------------------------------------------
Creditors of LLP Kurylys AS Nar have until June 26, 2009, to
submit proofs of claim to:
The Specialized Inter-Regional
Economic Court of South Kazakhstan
Tynybaev Str. 42
Shymkent
South Kazakhstan
Kazakhstan
The Specialized Inter-Regional Economic Court of South Kazakhstan
commenced bankruptcy proceedings against the company on March 20,
2009.
VOSTOK ROSS: Creditors Must File Claims by June 26
--------------------------------------------------
Creditors of LLP Vostok Ross Complect have until June 26, 2009, to
submit proofs of claim to:
The Specialized Inter-Regional
Economic Court of East Kazakhstan
Bajov Str. 2
070000 Ust-Kamenogorsk
East Kazakhstan
Kazakhstan
The Specialized Inter-Regional Economic Court of East Kazakhstan
commenced bankruptcy proceedings against the company on April 17,
2009.
* Fitch Affirms Issuer Default Ratings on Seven Kazakh Corporates
-----------------------------------------------------------------
Fitch Ratings has affirmed the Long-term foreign currency Issuer
Default Ratings, Short-term foreign currency IDRs, Long-term local
currency IDRs (where applicable), senior unsecured ratings (where
applicable), and national Long-term ratings (where applicable) of
seven Kazakh corporates. Fitch has simultaneously removed their
ratings from Rating Watch Negative and, assigned Negative Outlooks
to the companies' Long-term foreign currency IDRs Long-term local
currency IDRs (where applicable) and national Long-term ratings
(where applicable).
The rating actions reflect the affirmation of Kazakhstan's Long-
term foreign and local currency IDRs at 'BBB-' and BBB,
respectively, and its Short-term foreign currency IDR at 'F3'.
The agency has removed Kazakhstan's ratings from RWN and assigned
Negative Outlooks to its Long-term foreign and local currency
IDRs.
The sovereign rating action reflects Fitch's view that the risk of
an immediate abrupt deterioration of the sovereign balance sheet
has eased, however, the ratings remain under pressure due to the
potential costs for the sovereign of coping with the economic
slowdown and financial crisis.
The rating actions affecting the seven Kazakh companies are.
KazMunaiGaz National Company (NC KMG)
-- Long-term foreign currency IDR: affirmed at 'BBB-'; removed
from RWN; assigned a Negative Outlook
-- Long-term local currency IDR: affirmed at 'BBB'; removed from
RWN; assigned a Negative Outlook
-- Short-term foreign currency IDR: affirmed at 'F3'; removed
from RWN
-- Senior unsecured rating: affirmed at 'BBB-'; removed from RWN
NC KMG's ratings are aligned with the sovereign's because it was
established as a wholly state-owned enterprise to represent the
interests of the government in Kazakhstan's oil and gas industry.
JSC KazMunaiGas Exploration Production
-- Long-term foreign currency IDR: affirmed at 'BBB-'; removed
from RWN; assigned a Negative Outlook (The rating is
constrained by Kazakhstan's sovereign rating.)
-- Long-term local currency IDR: affirmed at 'BBB-'; removed
from RWN; assigned a Negative Outlook
-- Short-term foreign currency IDR: affirmed at 'F3'; removed
from RWN
JSC KazTransOil (KTO)
-- Long-term foreign currency IDR: affirmed at 'BBB-'; removed
from RWN; assigned a Negative Outlook (The rating is
constrained by Kazakhstan's sovereign rating.)
-- Short-term foreign currency IDR: affirmed at 'F3'; removed
from RWN
Fitch rates NC KMG's subsidiaries (including KMG EP and KTO)
primarily on a standalone basis. Fitch believes that KMG EP's
current solid financial profile which is underpinned by strong
profitability, its low debt level, ample cash position and
moderate capex program will provide a cushion against the cyclical
downturn in the global oil and gas markets and the worldwide
economic slowdown. Nevertheless, the ultimate state ownership of
KMG EP and the other subsidiaries rated on a standalone basis
exposes them to being constrained by the sovereign rating, should
it deteriorate further.
The ratings of NC KMG's other subsidiaries -- KazTransGas and JSC
Intergas Central Asia -- are unaffected. They are:
KazTransGas:
-- Long-term foreign currency IDR: 'BB'; Outlook Stable
-- Short-term foreign currency IDR: 'B'
-- Long-term local currency IDR: 'BB'; Outlook Stable
JSC Intergas Central Asia:
-- Long-term foreign currency IDR: 'BB+'; Outlook Stable
-- Short-term foreign currency IDR: 'B'
-- Long-term local currency IDR: 'BB+'; Outlook Stable
-- Senior unsecured rating: 'BB+'
JSC National Atomic Company Kazatomprom
-- Long-term foreign currency IDR: affirmed at 'BBB-'; removed
from RWN; assigned a Negative Outlook (The rating is
constrained by Kazakhstan's sovereign rating.)
-- Short-term foreign currency IDR: affirmed at 'F3'; removed
from RWN
Kazatomprom is a 100% state-owned uranium operator. Kazatomprom's
ratings reflect the company's strong position in the global
uranium market, its strategic importance to Kazakhstan and its
solid financial profile.
Kazakhstan Temir Zholy
-- Long-term foreign currency IDR: affirmed at 'BBB-'; removed
from RWN; assigned a Negative Outlook
-- Senior unsecured rating: affirmed at 'BBB-'; removed from RWN
KTZ's ratings are aligned with the sovereign's, given the 100%
state-owned railway company's strategic importance to Kazakhstan
due to the country's vast terrain, land-locked position and
underdeveloped road infrastructure. Fitch notes that KTZ's YE09
leverage (1.3x at YE08) may approach its covenant level of 2.5x
given the devaluation of the Kazakh tenge in February 2009 (the
company's debt is largely denominated in foreign currencies), debt
funded capex and lower transportation volumes. Fitch expects
management to revise its capex plans in order to limit an increase
in leverage.
Kazakhstan Electricity Grid Operating Company
-- Long-term foreign currency IDR: affirmed at 'BBB-'; removed
from RWN; assigned a Negative Outlook
-- Long-term local currency IDR: affirmed at 'BBB'; removed from
RWN; assigned a Negative Outlook
-- Short-term foreign currency IDR: affirmed at 'F3'; removed
from RWN
KEGOC's ratings are aligned with the sovereign's given its 100%
state ownership, state guarantees for some of its debt, and strong
state support resulting from the strategic nature of Kazakhstan's
national electricity transmission grid. KEGOC's Negative rating
Outlook also has an additional component: Fitch notes that KEGOC
has breached a receivable days ratio under a Development Bank of
Kazakhstan facility. The company is also expected to breach its
5x debt to EBITDA covenant with the European Bank for
Reconstruction and Development later this year as a result of the
Kazakh tenge's devaluation in February 2009 (the company's debt is
largely USD denominated), weaker cash flow generation and debt-
funded capex. Fitch currently expects covenant waivers to be
provided and/or liquidity support from the government (approved
for 2011-2017) to be fast-tracked. Fitch may place KEGOC's
ratings on RWN should one of these measures fail in the near term
and its bank lenders and, more importantly for the state-supported
rating, the government and industry regulator do not
satisfactorily resolve existing issues.
Mangistau Electricity Distribution Network Company
-- Long-term foreign currency IDR: affirmed at 'BB'; removed
from RWN; assigned a Negative Outlook
-- Foreign currency senior unsecured rating: affirmed at 'BB';
removed from RWN
-- Short-term foreign currency IDR: affirmed at 'B'
-- Long-term local currency IDR: affirmed at 'BB+'; removed from
RWN; assigned a Negative Outlook
-- Local currency senior unsecured rating: affirmed at 'BB+';
removed from RWN
-- National Long-term Rating: affirmed at 'AA-(kaz)'; removed
from RWN; assigned a Negative Outlook
MEDNC's ratings are linked to the sovereign's, but notched down to
reflect that little indication has been given by MEDNC's ultimate
parent, Samruk, that it will provide timely financial assistance
in case of need. The company has a near-monopoly position in
electricity transmission and distribution in Mangistau, one of
Kazakhstan's strategic oil and gas regions. MEDNC's debt is
denominated in Kazakh tenge and its revenues have not been
significantly affected by the economic slowdown.
===================
K Y R G Y Z S T A N
===================
ANEL COMPANY: Creditors Must File Claims by July 10
---------------------------------------------------
LLC Anel Company Service is currently undergoing liquidation.
Creditors have until July 10, 2009, to submit proofs of claim.
Inquiries can be addressed to (+996 312) 66-36-38.
===================
L U X E M B O U R G
===================
CRC BREEZE: Fitch Cuts Rating on EUR283.2MM Class A Notes to 'BB'
-----------------------------------------------------------------
Fitch Ratings has downgraded CRC Breeze Finance S.A.'s (Breeze 2)
EUR283.2 million class A notes (XS0253493349) to 'BB' from 'BBB'
and EUR43.4 million class B notes (XS0253496441) to 'B' from
'BB+'. The Outlook on class A is Negative, while that on class B
is Stable. Breeze 2 is a Luxembourg SPV that issued three classes
of notes in May 2006 for an amount of EUR470 million to finance
the acquisition and completion of a portfolio of wind farms
located in Germany and France, as well as establishing various
reserve accounts. The notes will be repaid from the cash flow
generated by the sale of the energy produced by the wind farms,
mainly under regulated tariffs.
The downgrades reflect Fitch's opinion that the energy production
achievable by the wind farm portfolio is materially lower than
that originally forecasted and that operating expenditures were
significantly underestimated in the original budget.
Energy output during 2008 at 540.9 GWh was some 12.5% and 19.6%
lower than the 10 year-P90 and P50 forecasts respectively. This
was partly due to below-average wind conditions as well as lower-
than-expected technical availability (approximately 96%). Even
after taking such factors into consideration, however, the
portfolio's performance remains well below expectations (5.5% and
13% below the 10-year P90 and P50 estimates adjusted for actual
wind conditions and availability).
Fitch has been informed that the very low wind conditions
experienced in Germany during the first months of 2009 caused
energy production to be some 42% below P50 as of end-April 2009.
As a result, based on its current forecast, Breeze 2 expects that
in order to make the full scheduled principal repayment on the
class A bonds on the November 2009 payment date it will have to
draw about 20% (some EUR2.4 million) of the class A debt service
reserve. At the same time it expects to draw the full amount of
the class B DSR (EUR1.1 million) and still end up with a EUR2.5
million shortfall on the EUR3.6 million class B payment amount
(part of the interest payment and the full principal repayment),
which will need to be deferred. Although Fitch views the 2009
wind conditions experienced as a one-off extreme stress to the
transaction, the agency is of the opinion that the negative
effects on Breeze 2's ability to service its debt are amplified by
the original over-estimation of the portfolio's energy yield.
Cash flows available for debt service are further negatively
impacted by higher-than-anticipated operational costs. At around
EUR9.9 million in 2008, these stood some 16% above budget as a
result of the under-estimation of various expenses, portfolio
management and advisory costs in particular. Fitch does not
expect these costs will revert back to the original budgeted
amount.
Various technical issues have been affecting the performance of a
number of projects. The Korschenbroich wind farm has not been
operating since September 2008 due to problems with the blades
installed on its 5 Nordex S77 turbines. Replacement blades have
already been installed and the approval allowing normal operation
is expected soon from the local authority. Six Zollern &
Dorstener gearboxes failed due to a serial defect and had to be
substituted. Breeze 2 reports that all gearboxes are covered by a
five-year warranty, but further failures and replacements are
expected in the near term. Fitch notes that Breeze 2 was taking
longer to find a solution for such problems compared to other wind
farm transactions it rates. Fitch will continue to monitor the
company's management of the projects' operations. Discussions
with turbine manufacturer Vestas, are ongoing about the
foundations of the 60 V80 and V90 turbines in the portfolio.
Breeze 2 awaits the report of a court-appointed expert in relation
to the legal proceedings on the Bedburg wind farm before deciding
on the most adequate approach to reaching a solution on the
technical problem.
Under Fitch base case operating conditions financial coverage for
class A is expected to remain between 1.4x and 1.25x throughout
the life of the debt. Further increases in operational costs or
poor wind conditions, however, are likely to pose a significant
risk to the borrower's ability to meet debt service payments
without relying on the cash reserve. It should be noted that the
replenishment of the DSRs (for both class A and B) is subordinated
to debt service payments on the rated notes. Given the
anticipated EUR2.4 million drawing on the class A DSR in November
2009 and the simultaneous EUR2.5 million shortfall in class B debt
service payments, the class A reserve will be replenished only
after the payment shortfall on the class B is fully met. This is
expected to take, under normal operating conditions, approximately
12 months. The shortfall expected to affect the class A DSR is
the reason for the Negative Outlook on the senior notes.
Financial coverage for the class B notes is thin (average debt
service coverage ratio under the Fitch base case of 1.07x) and the
timely payment of interest and scheduled principal appears to rely
solely on favorable wind conditions, control of operational
expenditures and active and professional management of the wind
farms by the company. The rating, as well as the Outlook, on the
class B notes reflects the bond's terms and conditions, in that
any missed payment of interest and principal is deferred to the
following payment date (or after the full repayment of class A
bonds) -- i.e. a monetary default does not translate into a
contractual default. In Fitch's opinion it is unlikely that
Breeze 2 will meet all the scheduled debt service payments on the
class B notes in a timely manner and fully redeem such bonds on
their expected final repayment date of May 2016. The following 10
years up to the class A maturity date, however, provide comfort
about the borrower's ability to ultimately repay class B.
KAUPTHING BANK: Creditors Approve Blackfish Restructuring Plan
--------------------------------------------------------------
Antonia van de Velde at Reuters reports that creditors of
Kaupthing Bank Luxembourg approved a restructuring plan put
forward by UK investment fund Blackfish Capital.
Reuters discloses that under the plan, Kaupthing's Luxembourg
banking activities will be transferred to a new bank named Banque
Havilland S.A., which will receive at least EUR208 million
(US$294.7 million) in cash, while the group's lending activities
as well as certain securities and EUR260 million in cash will go
to a special-purpose vehicle (SPV) Pillar Securitisation.
According to Reuters, administrator Franz Fayot said Kaupthing's
bank creditors rejected a restructuring plan submitted in March by
a group of Middle Eastern investors as "The cash offer for the SPV
was much lower in the Arab investors' bid".
Loan
Reuters relates the Belgian government approved a EUR160 million
loan to Luxembourg on Friday. According to Reuters, Luxembourg
will use the loan and EUR160 million of its own money to
facilitate the takeover. Reuters notes Mr. Fayot said the
administrators would ask a Luxembourg court to extend the
suspension of payments by another month to enable the group to
implement the changes.
Reuters recalls Luxembourg's financial regulator froze Kaupthing
Luxembourg accounts in November after Iceland took control of its
parent company. Mr. Fayot, as cited by Reuters, said he expected
Belgian savers would be able to access their accounts in early
July.
About Kaupthing Bank Luxembourg
Kaupthing Bank Luxembourg SA -- http://www.kaupthing.lu/-- is a
unit of Iceland-based Kaupthing Bank hf. The main services
offered at Kaupthing Bank Luxembourg are Private Banking and
Wealth Management. Its services include asset management,
securities brokerage, issuing of credit cards and the
establishment and management of holding companies in addition to
providing general deposit accounts and loans. It also offers
specialized Corporate and Institutional services that offer
various types of Debt capital market products.
=====================
N E T H E R L A N D S
=====================
MAYFAIR EURO: S&P Cuts Rating on Class B Notes to 'CC' From 'CCC-'
------------------------------------------------------------------
Standard & Poor's Rating Services lowered to 'CC' from 'CCC-' its
rating on the class B notes issued by Mayfair Euro CDO I B.V. The
ratings assigned to the other classes of notes are not affected.
S&P has lowered its rating on the class B notes due to continued
deterioration in the transaction's overcollateralization tests and
subsequent diversion of interest payments from the class B notes
to the class A notes, as determined by the transaction's
documents. On the May 28 payment date, interest payments on the
class B notes were again deferred.
Since the last rating action on the class B notes on Feb. 6, the
coverage levels have continued to deteriorate. S&P's analysis
indicates that it is unlikely that the class B noteholders will be
repaid in full.
Ratings List
Mayfair Euro CDO I B.V.
EUR317.7 Million Fixed And Floating Rate Notes
Rating Lowered
Class To From
----- -- ----
B CC CCC-
SILVER BIRCH: S&P Puts 'BB' Rating on Class E Notes on Neg. Watch
-----------------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch negative
its credit ratings on the class D and E notes issued by Silver
Birch CLO I B.V. All the other ratings in this transaction remain
unaffected.
These CreditWatch placements follow deterioration in the
transaction's portfolio credit quality. In S&P's analysis, S&P
considers that just over 18% of the portfolio comprises assets
rated 'CCC+' and below, with 'D' rated assets comprising just
under 5%.
In determining whether S&P places a collateralized debt obligation
tranche rating on CreditWatch negative, S&P consider 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;
-- The percentage of assets (including the change in the
percentage of assets) that S&P consider as rated below 'B-'
in CDO portfolios, and the percentage of defaults already
experienced in the portfolios; and
-- Performance metric trends across similar transactions.
Earlier S&P removed from CreditWatch negative the 'AAA' rated
class A notes. S&P placed these notes on CreditWatch on Nov. 27,
2008, as a result of the transaction's exposure to an 'A-2' rated
counterparty and the revision of S&P's derivatives counterparty
criteria on Oct. 22, 2008. S&P has completed a review of the
counterparty risk and mitigants, after which S&P affirmed S&P's
rating on the class A notes.
S&P will closely monitor the transaction's performance over the
coming months and perform further cash flow analysis before
resolving these CreditWatch placements.
Silver Birch closed on Aug. 10, 2005, and is a CDO of corporate
leveraged loans transaction managed by WestLB AG.
Ratings List
Silver Birch CLO I B.V.
EUR300 Million Floating-Rate Notes
Ratings Placed on CreditWatch Negative
Rating
------
Class To From
----- -- ----
D BBB/Watch Neg BBB
E BB/Watch Neg BB
===============
P O R T U G A L
===============
LUSITANO MORTGAGES NO. 6: S&P Affirms 'BB' Rating on Class E Notes
------------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its credit ratings on
all classes of notes issued by Lusitano Mortgages No. 3 PLC,
Lusitano Mortgages No. 4 PLC, Lusitano Mortgages No. 5 PLC, and
Lusitano Mortgages No. 6 Ltd.
The affirmations follow S&P's credit analysis of the most recent
transaction information that S&P has received. This analysis
showed that, given current portfolio characteristics, the credit
enhancement available for these four transactions is sufficient to
maintain their current ratings.
S&P notes though, that the volume of long-term arrears has grown
significantly over the past few quarters, with early signs of
performance deterioration most noticeable in Lusitano 6. This
transaction closed in September 2007 with a weighted-average loan-
to-value ratio of 89% (portfolios backing the previous
transactions had generally exhibited a loan-to-value ratio of
approximately 75%). However, the Lusitano 6 notes benefit from
available credit enhancement at more than double the levels
available to similarly rated classes in Lusitano 3, 4, and 5.
The Lusitano transactions are residential mortgage-backed
securities transactions backed by portfolios of first-ranking,
fully amortizing mortgage loans secured on residential properties
in Portugal, originated by Banco Espírito Santo, S.A. (A/Negative/
A-1).
Ratings List
Ratings Affirmed
Lusitano Mortgages No. 3 PLC
EUR1.2 Billion Residential Mortgage-Backed Floating-Rate Notes
Class Rating
----- ------
A AAA
B AA
C A
D BBB
Lusitano Mortgages No. 4 PLC
EUR1.2 Billion Residential Mortgage-Backed Floating-Rate Notes
Class Rating
----- ------
A AAA
B AA
C A+
D BBB+
Lusitano Mortgages No. 5 PLC
EUR1.4 Billion Residential Mortgage-Backed Floating-Rate Notes
Class Rating
----- ------
A AAA
B AA
C A
D BBB
Lusitano Mortgages No. 6 Ltd.
EUR1.1 Billion Residential Mortgage-Backed Floating-Rate Notes
Class Rating
----- ------
A AAA
B AA
C A
D BBB
E BB
SAGRES STC: Fitch Lifts Rating on Class T Notes to 'BB'
-------------------------------------------------------
Fitch Ratings has upgraded Sagres STC - Explorer 2004's remaining
EUR76 million class O floating-rate notes to 'A' from 'BB+',
removed the rating from Rating Watch Positive and assigned a
Positive Outlook. At the same time, Fitch has also upgraded the
transaction's junior class T notes to 'BB' from 'B'. The Outlook
for the class T notes is Positive. Sagres Explorer 2004 is the
first securitization launched by the Portuguese government and is
backed by unpaid tax and social security claims originated in
Portugal.
The upgrades follow the full repayment of the more senior class
A1, A2, M and N notes and a satisfactory review of the collections
information available to date. The Positive Outlook reflects
Fitch's view that the current levels of performance are expected
to be maintained, with the repayment of class O and class T notes,
including accrued interest, expected to occur by the legal
maturity.
To date, the total collections have continued to perform broadly
in line with Fitch's revised base case expectations, and if, as
expected, this continues, all the outstanding notes including
accrued class T interest are expected to be fully redeemed by
2011.
Following the redemption of the remaining Class M and N notes in
March 2009, the Issuer Account was reduced to zero. All future
collections will now be trapped on a monthly basis for the
repayment of the principal and interest on the class O notes on
the next payment date, followed by the class T notes and the
accrued interest once the O notes have been fully redeemed. As of
May 2009, the reported collections totalled EUR27.6 million
(EUR9.2 million, EUR9.7 million and EUR8.7 million respectively
for March, April and May 2009).
On a six-monthly basis, the collections are expected to be
approximately EUR55 million, below Fitch's revised base case
expectations of EUR68 million for the same period. However, Fitch
gains comfort that a minimum monthly collection amount of
approximately EUR4 million (calculated by applying the outstanding
liability payment divided by the 39 remaining collection months in
the life of the transaction) would ensure the full repayment of
the outstanding notes and the accrued interest by the final
maturity.
Fitch also recognizes the continued downward pressure on future
collections, as average monthly collections are expected to tail
off as the receivables age. Nevertheless, the scale of the tail-
off can be mitigated by a large balance of substituted receivables
which are less than five years old in the remaining portfolio.
Fitch believes that the class O notes can withstand a sharp
decrease in monthly collections while the T notes would remain at
greater risk. A further six months of strong collections could
lead to an upward revision of both notes' ratings.
Fitch will continue to monitor the performance of the transaction.
=============
R O M A N I A
=============
* Fitch Affirms Romania's Long-Term Foreign Currency IDR at 'BB+'
-----------------------------------------------------------------
Fitch Ratings affirmed Romania's Long-term foreign currency Issuer
Default Rating at 'BB+' and Long-term local currency IDR at
'BBB-', both with Negative Outlooks. The Country Ceiling and the
Short-term foreign currency IDR have been affirmed 'BBB' and 'B'
respectively.
"Romania's IMF-backed adjustment program supports its
creditworthiness, but the authorities' ability to adhere to the
tough policy strategy required under the program will be crucial.
The outlook for the world economy has deteriorated significantly
since the ratings were downgraded last November, adding to the
risks facing Romania as its economy adjusts to weaker net private
sector capital inflows," said Andrew Colquhoun, Director in
Fitch's Sovereigns Group.
Romania's ratings remain supported by solid public finances, as
well as strong social, business environment and governance
indicators by 'BB' standards, all of which are buttressed by the
country's EU membership, but near-term economic and financial
challenges remain. Romania secured a US$26.4 billion
international support package in May 2009, including a two-year
US$17.1 billion IMF stand-by arrangement. This assistance will
help fill an external funding gap estimated by Fitch at around
US$12 billion for 2009 as private-sector capital inflows drop,
reducing the risk of a full-scale financial and economic crisis.
The EU has contributed US$6.6 billion to the package, available
for budget financing as the authorities struggle to contain a
fiscal deficit that reached 4.9% of GDP in 2008. Other
international financial institutions are contributing US$2.6
billion. Additionally, foreign parent banks owning about 70% of
Romania's banking system have committed to maintain overall
exposures to Romania and to increase the capitalization of their
subsidiaries.
The IMF-backed adjustment program calls for a fiscal deficit of 5%
of GDP in 2009. This will require a fiscal tightening of perhaps
around 3% of GDP in cyclically-adjusted terms amid a steep
recession, which could be a hard sell to voters ahead of
presidential elections at the end of the year. Gross general
government debt, at around 22% of GDP by end-2008, was below the
'BB' range median of 27%, although Fitch projects the ratio will
rise towards the peer-group median in 2009-2010. A breakdown of
Romania's IMF program would be strongly negative for the ratings.
Romania is one of the countries most exposed to external financing
risk among 11 economies assessed in Fitch's May 2009 report,
"External Financing Risks in Central and Eastern Europe"
(available from www.fitchresearch.com). A sharp drop in net
capital inflows is forcing an economic adjustment to narrow a
current account deficit that reached 12.3% of GDP in 2008. The
CAD fell sharply to EUR0.7 billion in Q109, from EUR4 billion in
Q108, but this was accompanied by a 6.4% y-o-y real GDP
contraction in Q109. Fitch projects Romania's economy will
contract 4.5% in 2009. Official reserves fell to EUR27.1 billion
by end-April 2009, 7.6% below the end-November peak, although
reserves recovered to EUR29.2 billion by end-May after an IMF
disbursement of EUR4.9 billion. A sustained drop in reserves
sufficient to undermine confidence in the RON would seriously
affect financial stability and the real economy (57% of bank loans
were denominated in FX, mainly EUR, by end-March 2009), and would
be negative for the ratings.
===========
R U S S I A
===========
BARGUZINSKIY LES: Creditors Must File Claims by June 15
-------------------------------------------------------
The Arbitration Court of Buryatia commenced bankruptcy proceedings
against LLC Barguzinskiy Les (Wood Company) after finding the
company insolvent. The case is docketed under Case No. ?10–
1111/2009.
Creditors have until June 15, 2009, to submit proofs of claims to:
The Insolvency Manager
Post User Box 131
664025 Irkutsk
Russia
Tel: (3952)500-931
The Debtor can be reached at:
LLC Barguzinskiy Les
Lebedeva Str. 10a
670013 Ulan_ude
Buryatia
Russia
MAGISTRAL LLC: Creditors Must File Claims by June 15
----------------------------------------------------
The Arbitration Court of commenced bankruptcy supervision
procedure on LLC Magistral (TIN 5262081285) (Spare Car Parts
Production). The case is docketed under Case No. ?43–4839/2009.
Creditors have until June 15, 2009, to submit proofs of claims to:
N. Rykova
Temporary Insolvency Manager
Chkalova Str. 9/19
603002 Nizhny Novgorod
Russia
The Debtor can be reached at:
LLC Magistral
Vaneeva Str. 127
603105 Nizhny Novgorod
Russia
MANAGING COMPANY: Creditors Must File Claims by June 15
-------------------------------------------------------
Creditors of CJSC Managing Company Gorkovskiy Metallurgic Plant
(TIN 5257086150) have until June 15, 2009, to submit proofs of
claims to:
M.Zalogov
Temporary Insolvency Manager
Gruzinskaya Str. 12B/34
603005 Nizhny Novgorod
Russia
The Arbitration Court of Nizhegorodskaya will convene on Sept. 15,
2009, to hear bankruptcy supervision procedure on the company.
The case is docketed under Case No. ?43–4094/2009–33–32.
The Debtor can be reached at:
CJSC Managing Company Gorkovskiy Metallurgic Plant
Moskovskoe shosse 52
603116 Nizhny Novgorod
Russia
POLIMER-PROEKT LLC: Creditors Must File Claims by July 15
---------------------------------------------------------
The Arbitration Court of Amurskaya commenced bankruptcy
proceedings against LLC Polimer-Proekt (TIN 801117565, PSRN
1062801080737) (Plastic Items Production) after finding the
company insolvent. The case is docketed under Case No. ?-04–
8384/08–8/306B.
Creditors have until July 15, 2009, to submit proofs of claims to:
A. Dovladbegov
Insolvency Manager
Teatralnaya Str. 181/1
Blagoveshchensk
Amurskaya
Russia
The Debtor can be reached at:
LLC Polimer-Proekt
Teatralnaya Str. 181/1
Blagoveshchensk
Amurskaya
Russia
STROY SER: Creditors Must File Claims by July 15
------------------------------------------------
The Arbitration Court of Khabarovsk commenced bankruptcy
proceedings against LLC Stroy-Ser (TIN 2724064620, PSRN
1022701283175) (Construction) after finding the company insolvent.
The case is docketed under Case No. ?73–2501/2008.
Creditors have until July 15, 2009, to submit proofs of claims to:
I. Gorovenko
Insolvency Manager
Post User Box 105/36
680020 Khabarovsk
Russia
STROY-TRANS-GAZ-OREL CJSC: Creditors Must File Claims by July 15
----------------------------------------------------------------
The Arbitration Court of Orlovskaya commenced bankruptcy
proceedings against CJSC Stroy-Trans-Gaz-Orel (TIN 5700000206,
PSRN 1025700766134) (Oil and Gas Pipelines Construction) after
finding the company insolvent. The case is docketed under
Case No. ?14–3538/08–1B.
Creditors have until July 15, 2009, to submit proofs of claims to:
V. Krasovskiy
Insolvency Manager
Srednemoskovskaya Str. 6a
Voronezh
Russia
The Debtor can be reached at:
CJSC Stroy-Trans-Gaz-Orel
Moskovskaya Str. 29
Orel
Russia
* Moody's Cuts Omsk Oblast's Currency Issuer Ratings to 'Ba3'
-------------------------------------------------------------
Moody's Investors Service has downgraded the foreign and local
currency issuer ratings of the Omsk Oblast (Russia) to Ba3 from
Ba2; the outlook is stable. Moody's also changed the outlook to
negative from stable for the ratings assigned to Saratov Oblast
(Ba2), Nizhniy Novgorod Oblast (Ba2), Belgorod Oblast (Ba1),
Vologda Oblast (Ba1) and Tatarstan Republic (Ba1).
At the same time, Moody's Interfax Rating Agency downgraded the
Omsk Oblast's national scale rating to Aa3.ru from Aa2.ru.
Moody's Interfax also affirmed the long-term national scale
ratings of Belgorod Oblast (Aa1.ru), Nizhniy Novgorod Oblast
(Aa2.ru), Saratov Oblast (Aa2.ru) and Vologda Oblast (Aa1.ru).
The national scale ratings carry no specific outlook. Moscow-
based Moody's Interfax is majority-owned by Moody's, a leading
global rating agency.
"The rating actions were prompted by the budgetary pressures
stemming from the recessionary economic environment and increased
(re)financing risks, under still tight market conditions,"
explained Alexander Proklov, a Moody's Senior Analyst and lead
analyst for the aforementioned sub-sovereigns. In most cases,
Russian regional and local administrations have faced a material
decline in tax revenue, particularly in corporate income tax,
leading to significant budgetary stress and liquidity tensions.
Although the regional governments have been able to cope with the
tax revenue shortfalls in Q1 2009, Moody's believes that revenue
weakness will likely continue and could intensify in the months
ahead, which will require additional, aggressive cost cutting
measures in light of adverse conditions in the financial markets.
"Despite the regions' generally favourable debt maturity profiles,
Moody's understands that, in some cases, short-term debt exposure
is high, while liquidity is weakening overall. Furthermore,
access to the domestic market for sub-sovereign issuers continues
to be limited and interest rates are stubbornly high, posing
additional refinancing risks," added Mr. Proklov.
"Nevertheless, the recent budget pressures at the sub-sovereign
level have been somewhat mitigated by the significant direct and
indirect support from the federal government. For instance, the
central government provided many regions with low-interest budget
loans and rescheduled some budget transfers to an earlier date,
while the state-owned banks have increased lending to the regional
and local governments," explained Mr. Proklov. The federal
government is also expected to extend its support this year;
however, the sub-sovereigns will have to prove their ability to
meet strong federal requirements to re-trench budget spending and
keep borrowings under control.
Moody's will closely monitor the sub-sovereign liquidity profiles,
tax revenue dynamics and the policy response in terms of budget
adjustments made by regional governments to manage the above-
mentioned pressures. These factors, coupled with the timeliness
and sufficiency of the central government's support, are crucial
for the creditworthiness of Russian regional and local governments
in next 12 to 18 months.
The last rating actions were implemented by Moody's:
Belgorod, Oblast of: global scale local and foreign currency
ratings of Ba1 (stable outlook) and national scale rating of
Aa1.ru were assigned on August 1, 2008.
Vologda, Oblast of: global scale local and foreign currency
ratings of Ba1 (stable outlook) were assigned December 30, 2008,
and national scale rating of Aa1.ru was upgraded from Aa2.ru on
December 18, 2006.
Nizhniy Novgorod, Oblast of: global scale local currency rating of
Ba2 (stable outlook) and national scale rating of Aa2.ru were
assigned on November 29, 2007.
Omsk, Oblast of: global scale local and foreign currency ratings
of Ba2 (stable outlook) were assigned on July 8, 2008 and national
scale rating of Aa3.ru was upgraded to Aa2.ru from Aa3.ru on
December 18, 2006.
Saratov, Oblast of: global scale local and foreign currency
ratings of Ba2 (stable outlook) and national scale rating of
Aa2.ru were assigned on December 3, 2008.
Tatarstan, Republic of: global scale foreign currency rating of
Ba1 (stable outlook) was upgraded from Ba3 on November 24, 2004.
National Scale Ratings
Moody's Interfax Rating Agency's National Scale Ratings are
intended as relative measures of creditworthiness among debt
issues and issuers within a country, enabling market participants
to better differentiate relative risks. NSRs in Russia are
designated by the ".ru" suffix. NSRs differ from global scale
ratings, as assigned by Moody's Investors Service, in that they
are not globally comparable to the full universe of Moody's rated
entities, but only with other rated entities within the same
country.
* Fitch Assigns Rating on Karelia's RUB1 Bln Domestic Bond Issue
----------------------------------------------------------------
Fitch Ratings has assigned the Republic of Karelia's RUB1 billion
domestic bond issue (ISIN RU000A0JQ5Z6), due 2 June 2011, a final
National Long-term rating of 'A+(rus)'. The Republic's Long-term
local and foreign currency ratings are 'BB-', respectively, and
its National Long-term rating is 'A+(rus)'. The Long-term ratings
both have Positive Outlooks. The Republic's Short-term foreign
currency rating is 'B'.
The bond issue has a fixed 19.05% coupon. The principal will be
amortized by 40% of the initial bond issue value on
September 2, 2010, and by another 30% of the initial value on
December 2, 2010. The remaining 30% will be redeemed on June 2,
2011.
The Republic of Karelia is located in the northwest of the Russian
Federation and accounts for 0.4% of Russia's GDP and around 0.5%
of its population.
=========
S P A I N
=========
REALIA: FCC, Caja Madrid to Lend EUR100 Mln Under Refinancing Plan
------------------------------------------------------------------
Andres Gonzalez at Reuters reports that Spanish builder FCC and
savings bank Caja Madrid will lend their property unit Realia
EUR100 million (US$141.7 million) as part of its debt refinancing
plan.
"FCC and Caja Madrid will each lend Realia 50 million euros,"
Reuters quoted a Realia spokesman as saying.
Refinancing Talks
On May 29, 2009, the Troubled Company Reporter-Europe, citing
Reuters, reported that Realia's talks with creditors over the
refinancing of EUR871 million (US$1.2 billion) of debt maturing in
2009 were very advanced. Reuters disclosed Expansion, citing
sources close to the talks, said Realia had reached an agreement
with creditors to restructure its debt, which stood at EUR2.34
billion at end-March.
Headquartered in Madrid, Spain, Realia Business SA --
http://www.realia.es-- is a company active in the real estate
sector. The Company specializes in the development of residential
properties as well as the purchase, sale and lease of commercial
buildings. Its asset portfolio includes 73 office blocks under
lease and another three properties under development with
approximately 400,000 square meters of lettable property area in
use and a further 55,000 square meters under development. Realia
Business SA operates on both national and international markets.
It is active in such countries as Portugal, Poland, Romania and
France. In Spain, it has offices in the autonomous communities of
Andalusia, Catalonia, Madrid, Asturias, Valencia and the Canary
Islands.
* Moody's Reviews Ratings on Spanish RMBS Notes for Downgrade
-------------------------------------------------------------
Moody's Investors Service has placed under review for possible
downgrade all classes of Notes issued by these Spanish RMBS
transactions as the "Affected Transactions":
-- BANCAJA series: BANCAJA 10, FTA; and BANCAJA 11, FTA.
-- HIPOCAT series: HIPOCAT 10, FTA; HIPOCAT 11, FTA; and HIPOCAT
12, FTA.
-- MADRID RMBS series: MADRID RMBS I, FTA; MADRID RMBS II, FTA;
and MADRID RMBS III, FTA.
-- Santander Hipotecario series: FTA Santander Hipotecario 2;
FTA Santander Hipotecario 3; and FTA Santander Hipotecario 4.
-- TDA CAM series: TDA CAM 9; and TDA CAM 10.
These rating actions reflect Moody's concern about continued
worsening performance of the mortgage loan collateral backing the
notes, as well as Moody's negative sector outlook for Spanish
RMBS. They account also for the weakened macro-economic
environment in Spain, in particular the increasing unemployment
rate which is expected to rise to at least 20% by 2010.
Over the last twelve months, Moody's has taken rating actions on
these Affected Transactions. The collateral performance has,
however, deteriorated further with an unanticipated pace. All
Affected Transactions are currently performing outside of Moody's
expectations. The Affected transactions placed under review for
possible downgrade closed between 2006 and 2007 with the pools
exhibiting riskier features, such as high loan-to-value ratios,
higher risk products and geographical concentration in coastal
regions.
These 13 Affected Transactions are showing rapidly increasing
levels of delinquent loans and cumulative artificial write-offs.
Sudden increases in loan write-offs are to a large extent
attributed to the acceleration of delinquent loans into write-off
category as well as to property acquisitions performed by the
servicers. Moody's has already previously expressed concerns over
the future performance of the transactions given the rapid
performance deterioration of these relatively low seasoned
transactions and the uncertainties relating to timing and amount
of future recoveries.
BANCAJA series:
Reported loans in arrears for more than three months reached 6.75
% and 7.0% of current pool balance in Bancaja 10 and 11 at the end
of April 2009. Cumulative write offs (either being declared as
defaulted by the originator or being overdue for more than 12
months) remain low at 0.23% and 0.30% of original pool balance
respectively. But, Moody's observed that the share of loans
between 12 and 18 months overdue almost doubled since Moody's took
a rating action on the notes issued by Bancaja 10 and 11 in
February 2009. Loans between 12 to 18 months in arrears currently
stand at 0.96% and 1.20% of original pool balance for Bancaja 10
and Bancaja 11 respectively, up from 0.52% and 0.69% at the end of
January 2009.
Hipocat series:
As of April 2009, loans more than 3 months in arrears increased to
4.97%, 9.03% and 7.97% in Hipocat 10, Hipocat 11 and Hipocat 12
respectively. Cumulative write offs rose sharply since Moody's
took rating action on the notes issued by Hipocat 10, 11 and 12 in
April 2009. Cumulative write off (either being declared as
defaulted by the originator or being overdue for more than 18
months) rose to 3.30%, 5.29% and 7.0% of original pool balance of
Hipocat 10, 11 and 12 respectively, up from 0.44%, 0.31% and 0.14%
at the end of January 2009.
Madrid RMBS series:
At the end of March 2009, loans more than 3 months in arrears
increased to 6.01% and 6.38% of the current pool balance of Madrid
RMBS I and II. Arrears in Madrid RMBS III reached 5.68% at the
end of April 2009. Cumulative write offs (either being declared
as defaulted by the originator or being overdue for more than 6
months) increased to 8.48%, 10.20% and 10.92% in Madrid RMBS I, II
and III. Moody's observed that cumulative write offs more than
doubled since Moody's last rating review in November 2008, when
cumulative write-offs stood at 3.19%, 4.64% and 2.98% in Madrid
RMBS I, II and III respectively (end of September 2008).
Santanter Hipotecario series:
At the end of April 2009, loans in arrears by more than three
months reached 2.27%, 5.63% and 9.67% in FTA Santander 2, 3 and 4
respectively. Moody's observed that cumulative write offs more
than doubled since taking rating action on the notes issued by FTA
Santander 2, 3 and 4 in November 2008. Cumulative write offs to-
date (either being declared as defaulted by the originator or
being overdue for more than 18 months) increased to 1.80% of the
original balance of FTA Santander 2, 4.40% for FTA Santander 3 and
5.52% for FTA Santander 4, up from 0.66 %, 1.57% and 1.72%
corresponding to October 2008 respectively.
TDA CAM series:
For the TDA CAM series, reported arrears -- for loans in arrears
for more than three months -- reached 5.32% in TDA CAM 9 and
10.02% in TDA CAM 10 at end of April and March 2009 respectively.
According to the last performance reports, cumulative write offs
reached 1.90% of original pool balance in TDA CAM 10 and 1.60% in
TDA CAM 9, up from 0.29% and 0.32% in the reporting period of Q3-
08, at the time of Moody's rating review.
Reserve Fund And Interest Deferral Trigger
The increase in the volume of artificial write-offs ultimately
resulted in draws to reserve fund in almost all Spanish RMBS under
review for possible downgrade (the only exception being TDA CAM
10). The reserve funds of Madrid RMBS I, II and III and FTA
Santander Hipotecario 3 and 4, and Hipocat 12 have been fully
drawn. In the case of Madrid RMBS II and III, the increase in the
volume of loans being written-off (being over due for more than 6
months) resulted in the breach of interest deferral triggers.
Interest payments on the Class E in Madrid RMBS II and Class E and
D in Madrid RMBS III were diverted to pay down senior notes as of
the last interest payment date.
Principal Deficiency Ledger
Six out of the 13 Affected Transactions have unpaid Principal
Deficiencies Ledgers. Madrid RMBS I, Madrid RMBS II and Madrid
RMBS III have seen PDLs of EUR67.1 million, EUR81.6 million and
EUR148.6 million, respectively at the end of March 2009. The
unpaid PDLs in Madrid RMBS II and III exceed the size of the Class
D and Class E and the unpaid PDL in Madrid RMBS I is currently
greater than the size of the most junior Class E. Santander
Hipotecario 3 and 4 have seen PDLs of EUR76.3 million, EUR43.1
million respectively (end of April 2009). The unpaid PDL in
Santander Hipotecario 3 and 4 currently exceed the size of the two
most junior classes, Class E and Class F. From the Hipocat
series, Hipocat 12 has EUR18.3 million in unpaid PDL as of
March 2009.
Moody's expects that as part of this new rating review, Moody's
will revisit Moody's lifetime loss expectations for all 13
transactions to reflect the collateral performance to date as well
as its negative outlook for the Spanish housing market, in the
context of a weakening macro-economic environment. Moody's will
also try to obtain additional information to revise its MILAN Aaa
credit enhancement requirements as well as more details on how the
respective servicers are managing defaults and repossessions. The
loss expectation with the MILAN Aaa credit enhancement are key
parameters used by Moody's to calibrate its loss distribution
curve, which is one of the core inputs in the cash-flow model it
uses to rate RMBS transactions.
The rating reviews will be concluded over course of the next three
to six months following a detailed review and remodeling with
updated performance data of each transaction. In the meantime,
Moody's will continue to closely monitor the performance of the
portfolios.
Complete rating actions are:
Issuer: BANCAJA 10, FTA
-- Class A2, Aa1 Placed Under Review for Possible Downgrade;
previously on February 18, 2009, Downgraded to Aa1
-- Class A3, Aa1 Placed Under Review for Possible Downgrade;
previously on February 18, 2009, Downgraded to Aa1
-- Class B, Baa2 Placed Under Review for Possible Downgrade;
previously on February 18, 2009, Downgraded to Baa2
-- Class C, B1 Placed Under Review for Possible Downgrade;
previously on February 18, 2009, Downgraded to B1
-- Class D, Caa1 Placed Under Review for Possible Downgrade;
previously on February 18, 2009, Downgraded to Caa1
Last rating action was on 18 February 2009.
Issuer: BANCAJA 11, FTA
-- Class A1, Aa1 Placed Under Review for Possible Downgrade;
previously on 6 May 2009 Downgraded to Aa1
-- Class A2, Aa2 Placed Under Review for Possible Downgrade;
previously on February 18, 2009, Downgraded to Aa2
-- Class A3, Aa2 Placed Under Review for Possible Downgrade;
previously on February 18, 2009, Downgraded to Aa2
-- Class B, Ba1 Placed Under Review for Possible Downgrade;
previously on February 18, 2009, Downgraded to Ba1
-- Class C, B1 Placed Under Review for Possible Downgrade;
previously on February 18, 2009, Downgraded to B1
-- Class D, Caa2 Placed Under Review for Possible Downgrade;
previously on February 18, 2009, Downgraded to Caa2
Last rating action was on February 18, 2009.
Issuer: FTA SANTANDER HIPOTECARIO 2
-- Class A, Aa1 Placed Under Review for Possible Downgrade;
previously on December 12, 2008, Downgraded to Aa1
-- Class B, Aa3 Placed Under Review for Possible Downgrade;
previously on December 12, 2008, Downgraded to Aa3
-- Class C, A3 Placed Under Review for Possible Downgrade;
previously on December 12, 2008, Downgraded to A3
-- Class D, Ba1 Placed Under Review for Possible Downgrade;
previously on December 12, 2008, Downgraded to Ba1
-- Class E, B3 Placed Under Review for Possible Downgrade;
previously on December 12, 2008, Downgraded to B3
-- Class F, Ca Placed Under Review for Possible Downgrade;
previously on December 12, 2008, Downgraded to Ca
Last rating action was on December 12, 2008.
Issuer: FTA SANTANDER HIPOTECARIO 3
-- Class A1, Aa1 Placed Under Review for Possible Downgrade;
previously on November 14, 2008, Downgraded to Aa1
-- Class A2, Aa1 Placed Under Review for Possible Downgrade;
previously on November 14, 2008, Downgraded to Aa1
-- Class A3, Aa1 Placed Under Review for Possible Downgrade;
previously on November 14, 2008, Downgraded to Aa1
-- Class B, A3 Placed Under Review for Possible Downgrade;
previously on November 14, 2008, Downgraded to A3
-- Class C, Baa3 Placed Under Review for Possible Downgrade;
previously on November 14, 2008, Downgraded to Baa3
-- Class D, Ba3 Placed Under Review for Possible Downgrade;
previously on November 14, 2008, Downgraded to Ba3
-- Class E, B3 Placed Under Review for Possible Downgrade;
previously on November 14, 2008, Downgraded to B3
-- Class F, Ca Placed Under Review for Possible Downgrade;
previously on April 2, 2007, Assigned Ca
Last rating action was on November 14, 2008.
Issuer: FTA SANTANDER HIPOTECARIO 4
-- Class A1, Aa2 Placed Under Review for Possible Downgrade;
previously on November 14, 2008, Downgraded to Aa2
-- Class A2, Aa2 Placed Under Review for Possible Downgrade;
previously on November 14, 2008, Downgraded to Aa2
-- Class A3, Aa2 Placed Under Review for Possible Downgrade;
previously on November 14, 2008, Downgraded to Aa2
-- Class B, A3 Placed Under Review for Possible Downgrade;
previously on November 14, 2008, Downgraded to A3
-- Class C, Baa3 Placed Under Review for Possible Downgrade;
previously on November 14, 2008, Downgraded to Baa3
-- Class D, Ba3 Placed Under Review for Possible Downgrade;
previously on November 14, 2008, Downgraded to Ba3
-- Class E, B3 Placed Under Review for Possible Downgrade;
previously on November 14, 2008, Downgraded to B3
-- Class F, Ca Placed Under Review for Possible Downgrade;
previously on October 2, 2007, Assigned Ca
Last rating action was on November 14, 2008.
Issuer: HIPOCAT 10, FTA
-- Class A2, Aa1 Placed Under Review for Possible Downgrade;
previously on April 2, 2009, Downgraded to Aa1
-- Class A3, Aaa Placed Under Review for Possible Downgrade;
previously on July 6, 2006, Assigned Aaa
-- Class A4, Aaa Placed Under Review for Possible Downgrade;
previously on July 6, 2006, Assigned Aaa
-- Class B, A2 Placed Under Review for Possible Downgrade;
previously on April 2, 2009, Downgraded to A2
-- Class C, Ba3 Placed Under Review for Possible Downgrade;
previously on April 2, 2009, Downgraded to Ba3
Last rating action was on April 2, 2009.
Issuer: HIPOCAT 11, FTA
-- Class A2, Aa2 Placed Under Review for Possible Downgrade;
previously on May 20, 2009, Downgraded to Aa2
-- Class A3, Aa2 Placed Under Review for Possible Downgrade;
previously on April 2, 2009, Downgraded to Aa2
-- Class B, Baa1 Placed Under Review for Possible Downgrade;
previously on April 2, 2009, Downgraded to Baa1
-- Class C, B2 Placed Under Review for Possible Downgrade;
previously on April 2, 2009, Downgraded to B2
Last rating action was on April 2, 2009.
Issuer: HIPOCAT 12, FTA
-- Class A, Aa2 Placed Under Review for Possible Downgrade;
previously on April 2, 2009, Downgraded to Aa2
-- Class B, Baa2 Placed Under Review for Possible Downgrade;
previously on April 2, 2009, Downgraded to Baa2
-- Class C, B3 Placed Under Review for Possible Downgrade;
previously on April 2, 2009, Downgraded to B3
Last rating action was on April 2, 2009.
Issuer: MADRID RMBS I, FTA
-- Class A2, Aa1 Placed Under Review for Possible Downgrade;
previously on November 12, 2008, Downgraded to Aa1
-- Class B, A1 Placed Under Review for Possible Downgrade;
previously on November 12, 2008, Downgraded to A1
-- Class C, Baa2 Placed Under Review for Possible Downgrade;
previously on November 12, 2008, Downgraded to Baa2
-- Class D, Ba2 Placed Under Review for Possible Downgrade;
previously on November 12, 2008, Downgraded to Ba2
-- Class E, B1 Placed Under Review for Possible Downgrade;
previously on November 12, 2008, Downgraded to B1
Last rating action was on November 12, 2008.
Issuer: MADRID RMBS II, FTA
-- Class A2, Aaa Placed Under Review for Possible Downgrade;
previously on December 14, 2006, Assigned Aaa
-- Class A3, Aa2 Placed Under Review for Possible Downgrade;
previously on November 12, 2008, Downgraded to Aa2
-- Class B, A2 Placed Under Review for Possible Downgrade;
previously on November 12, 2008, Downgraded to A2
-- Class C, Baa2 Placed Under Review for Possible Downgrade;
previously on November 12, 2008, Downgraded to Baa2
-- Class D, Ba3 Placed Under Review for Possible Downgrade;
previously on November 12, 2008, Downgraded to Ba3
-- Class E, B3 Placed Under Review for Possible Downgrade;
previously on November 12, 2008, Downgraded to B3
Last rating action was on November 12, 2008.
Issuer: MADRID RMBS III, FTA
-- Class A1, Aaa Placed Under Review for Possible Downgrade;
previously on July 16, 2007, Assigned Aaa
-- Class A2, Aaa Placed Under Review for Possible Downgrade;
previously on July 16, 2007, Assigned Aaa
-- Class A3, Aa2 Placed Under Review for Possible Downgrade;
previously on November 12, 2008, Downgraded to Aa2
-- Class B, A2 Placed Under Review for Possible Downgrade;
previously on November 12, 2008, Downgraded to A2
-- Class C, Baa2 Placed Under Review for Possible Downgrade;
previously on November 12, 2008, Downgraded to Baa2
-- Class D, Ba2 Placed Under Review for Possible Downgrade;
previously on November 12, 2008, Downgraded to Ba2
-- Class E, B3 Placed Under Review for Possible Downgrade;
previously on November 12, 2008, Downgraded to B3
Last rating action was on November 12, 2008.
Issuer: TDA CAM 9, FTA
-- Class A1, Aaa Placed Under Review for Possible Downgrade;
previously on July 3, 2007, Assigned Aaa
-- Class A2, Aa1 Placed Under Review for Possible Downgrade;
previously on December 5, 2008, Downgraded to Aa1
-- Class A3, Aa1 Placed Under Review for Possible Downgrade;
previously on December 5, 2008, Downgraded to Aa1
-- Class B, A3 Placed Under Review for Possible Downgrade;
previously on December 5, 2008, Downgraded to A3
-- Class C, Ba2 Placed Under Review for Possible Downgrade;
previously on December 5, 2008, Downgraded to Ba2
-- Class D, Ca Placed Under Review for Possible Downgrade;
previously on July 3, 2007, Assigned Ca
Last rating action was on December 5, 2008.
Issuer: TDA CAM 10, FTA
-- Class A1, Aa1 Placed Under Review for Possible Downgrade;
previously on December 5, 2008, Downgraded to Aa1
-- Class A2, Aa1 Placed Under Review for Possible Downgrade;
previously on December 5, 2008, Downgraded to Aa1
-- Class A3, Aa1 Placed Under Review for Possible Downgrade;
previously on December 5, 2008, Downgraded to Aa1
-- Class A4, Aa1 Placed Under Review for Possible Downgrade;
previously on December 5, 2008, Downgraded to Aa1
-- Class B, Baa2 Placed Under Review for Possible Downgrade;
previously on December 5, 2008, Downgraded to Baa2
-- Class C, B3 Placed Under Review for Possible Downgrade;
previously on December 5, 2008, Downgraded to B3
Last rating action was on December 5, 2008.
Moody's ratings address the expected loss posed to investors by
the legal final maturity of the notes. Moody's ratings address
only the credit risks associated with the transactions. Other
non-credit risks have not been addressed, but may have a
significant effect on yield to investors.
=====================
S W I T Z E R L A N D
=====================
BUCHS & EGGER AG: Claims Filing Deadline is June 15
---------------------------------------------------
Creditors of Buchs & Egger AG are requested to file their proofs
of claim by June 15, 2009, to:
Edgar Jenny
Liquidator
rue de Locarno 3
1700 Fribourg
Switzerland
The company is currently undergoing liquidation in Duedingen. The
decision about liquidation was accepted at the extraordinary
general meeting held on April 27, 2009.
EDEN MONTANA: Creditors Must File Claims by June 15
---------------------------------------------------
Creditors of Eden Montana Ferienclub Ilanz AG are requested to
file their proofs of claim by June 15, 2009, to:
Cathomas + Cabernard AG
Mail Box 83
7130 Ilanz
Switzerland
The company is currently undergoing liquidation in Ilanz. The
decision about liquidation was accepted at an extraordinary
general meeting held on March 26, 2009.
HOTEL ZURICH: Claims Filing Deadline is June 15
-----------------------------------------------
Creditors of Hotel Zurich Personalhaus AG are requested to file
their proofs of claim by June 15, 2009, to:
Dr. Christoph J. Joller
Avenue de Tivoli 3
Mail Box 768
1701 Freiburg
Switzerland
The company is currently undergoing liquidation in Zurich. The
decision about liquidation was accepted at an extraordinary
general meeting held on Dec. 19, 2008.
INNOREAL HOLDING: Claims Filing Period Ends June 15
---------------------------------------------------
Creditors of Innoreal Holding AG are requested to file their
proofs of claim by June 15, 2009, to:
Dr. Christoph J. Joller
Avenue de Tivoli 3
Mail Box 768
1701 Freiburg
Switzerland
The company is currently undergoing liquidation in Zurich. The
decision about liquidation was accepted at the extraordinary
general meeting held on Dec. 19, 2008.
MOBILIA HANDEL: Creditors Have Until June 15 to File Claims
-----------------------------------------------------------
Creditors of Mobilia Handel AG are requested to file their proofs
of claim by June 15, 2009, to:
Mandataria Treuhand AG
Bahnhofstrasse 23
6301 Zug
Switzerland
The company is currently undergoing liquidation in Basel. The
decision about liquidation was accepted at a general meeting held
on April 17, 2009.
=============
U K R A I N E
=============
DRUZHBA AGRICULTURAL: Creditors Must File Claims by June 14
-----------------------------------------------------------
Creditors of Agricultural LLC Druzhba (code EDRPOU 30725645) have
until June 14, 2009, to submit proofs of claim to:
R. Bodiak
Insolvency Manager
Shevchenko Str. 60/127
Gorodok
Hmelnitsky
Ukraine
The Economic Court of Kiev commenced bankruptcy proceedings
against the company on April 21, 2009. The case is docketed under
Case No. 7/88-b.
The Court is located at:
The Economic Court of Kiev
B. Hmelnitskiy Street 44-b
01030 Kiev
Ukraine
The Debtor can be reached at:
Agricultural LLC Druzhba
Nesterovtsy
Dunayevetsky
32424 Hmelnitsky
Ukraine
EXPRESS-SERVICE LLC: Creditors Must File Claims by June 17
---------------------------------------------------------
Creditors of Agricultural LLC Express-Service (code EDRPOU
30600147) have until June 17, 2009, to submit proofs of claim to:
N. Chuyko
Insolvency Manager
Post Office Box 175
Dneprodzerzhynsk
51909 Dnepropetrovsk
Ukraine
The Economic Court of Dnepropetrovsk commenced bankruptcy
proceedings against the company on May 12, 2009. The case is
docketed under Case No. B24/142-09.
The Court is located at:
The Economic Court of Dnepropetrovsk
Kujbishev Str. 1a
49600 Dnepropetrovsk
Ukraine
The Debtor can be reached at:
LLC Express-Service
Gremutcheye
Post Office Box 2734
49000 Dnepropetrovsk
Ukraine
GREMUTCHEYE AGRICULTURAL: Creditors Must File Claims by June 14
---------------------------------------------------------------
Creditors of Agricultural LLC Gremutcheye (code EDRPOU 30791440)
have until June 14, 2009, to submit proofs of claim to:
N. Chuyko
Insolvency Manager
Post Office Box 175
Dneprodzerzhynsk
51909 Dnepropetrovsk
Ukraine
The Economic Court of Dnepropetrovsk commenced bankruptcy
proceedings against the company on March 3, 2009. The case is
docketed under Case No. B26/40-09.
The Court is located at:
The Economic Court of Dnepropetrovsk
Kujbishev Str. 1a
49600 Dnepropetrovsk
Ukraine
The Debtor can be reached at:
Agricultural LLC Gremutcheye
Gremutcheye
Krinichansky
52300 Dnepropetrovsk
Ukraine
INTERFARM BUILDING: Creditors Must File Claims by June 14
---------------------------------------------------------
The Economic Court of Vinnitsa commenced bankruptcy proceedings
against CJSC Lipovets Interfarm Enterprise Regional Interfarm
Building (code EDRPOU 03582563). The case is docketed under
Case No. 10/65-09.
Creditors have until June 14, 2009, to submit proofs of claim to:
V. Bolkhovitin
Insolvency Manager
Office 15
1st May Str. 94
Vinnitsa
Ukraine
The Court is located at:
The Economic Court of Vinnitsa
Hmelnitsky Highway 7
21100 Vinnitsa
Ukraine
The Debtor can be reached at:
CJSC Lipovets Interfarm Enterprise
Regional Interfarm Building
Lenin Str. 90
Lipovets
Vinnitsa
Ukraine
NEWEST STARCH: Creditors Must File Claims by June 14
----------------------------------------------------
Creditors of LLC Trading House Newest Starch Technologies (code
EDRPOU 35751140) have until June 14, 2009, to submit proofs of
claim to:
V. Matveyev
Insolvency Manager
L. Ukrainka Str. 14
43016 Lutsk
Ukraine
The Economic Court of Volin commenced bankruptcy proceedings
against the company on April 29, 2009. The case is docketed under
Case No. 1/57-b.
The Court is located at:
The Economic Court of Volin
Volia Avenue 54-A
43010 Lutsk
Ukraine
The Debtor can be reached at:
LLC Trading House Newest Starch Technologies
Vladimirskaya Str. 57a
Lutsk
Ukraine
===========================
U N I T E D K I N G D O M
===========================
ARGON CAPITAL: Moody's Cuts Rating on Series 100 Notes to 'B3'
--------------------------------------------------------------
Moody's Investors Service has downgraded its rating of the series
100 notes issued by Argon Capital Limited Company.
The transaction is a repackaging of preference shares issued by
Royal Bank of Scotland PLC. This rating action follows the
downgrade of the preference share rating of Royal Bank of Scotland
Group PLC to B3 from Ba2 on review for possible downgrade. The
rating of the Series 100 notes is a pass-through of this
preference shares rating.
Moody's initially analyzed and continues to monitor this
transaction using primarily the methodology and its supplements
for repackaged securities as described in Moody's Special Reports
below:
-- Repackaged Securities (October 2001)
-- Moody's Refines It's Approach to Rating Structured Notes
(July 1997)
The rating action is:
Argon Capital PLC:
(1) Series 100 GBP750,000,000 Perpetual Non-Cumulative Securities:
-- Current Rating: B3
-- Prior Rating: Ba2 on review for possible downgrade
-- Prior Rating Date: April 8, 2009, downgraded to Ba2 under
review for possible downgrade from A3
BLOOR HOLDINGS: Breaches Covenants; Posts 2008 GBP49.3 Mln Loss
---------------------------------------------------------------
Graham Ruddick at Telegraph.co.uk reports that according to
accounts at Companies House, Bloor Holdings Ltd, the owner of
Triumph Motorcycles, breached banking covenants last year and was
forced to renegotiate loans.
According to the report, Bloor Holdings, owned by millionaire John
Bloor, saw debts more than double in the year to June 30, 2008
from GBP124 million to GBP249 million. The company, the report
discloses, made a pre-tax loss of GBP49.3 million in 2008 against
GBP53.5 million profit in 2007. The company, the report states,
blamed the dramatic increase in debt to investment in the Triumph
business and a string of issues related to Bloor Homes, such as an
increase in work in progress because of a fall in demand for
homes, and the inability to sell surplus land due to market
conditions. The report relates the company said this caused a
"technical breach of certain bank covenants" at June 30, 2008,
triggering a clause which means GBP90 million of banks loans must
be paid within a year. Bloor Holdings, as cited in the report,
said it had been forced to agree new facilities with bankers and
an "asset-based provider of finance". The majority of the loans
are committed until March 2012, although covenants will be tested
on a quarterly basis, the report notes.
Headquartered in Swadlincote, Bloor Holdings Ltd --
http://www.bloorhomes.com/-- is engaged in property development
and building, plant hire and the design, manufacture and sale of
motor cycles.
LANDMARK MORTGAGE: S&P Lowers Rating on Class D Notes to 'B'
------------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its rating on the class D notes issued by
Landmark Mortgage Securities No. 1 PLC. At the same time, S&P
affirmed and removed from CreditWatch negative S&P's ratings on
the class B and C notes and affirmed its ratings on the class A
notes.
The downgrade of the class D notes was primarily driven by
increasing arrears and losses and a draw on the reserve fund on
the most recent interest payment date. This review follows S&P's
receipt of the most recent loan-level data from the issuer.
Recent declines in house prices and increases in arrears have
contributed to deterioration in the levels of foreclosure and loss
severity S&P assume at each rating level, since S&P reviewed the
transaction in September 2008.
However, prepayments are currently 22% and the deleveraging of the
portfolio has increased available credit enhancement, enabling us
to affirm the ratings on the class A, B, and C notes. The build-
up in credit enhancement this provides has given these notes
sufficient protection to withstand the deteriorating weighted-
average foreclosure frequency and weighted-average loss severity
numbers.
The latest investor report showed that over a six-month period
(September 2008 to March 2009), 90+ day arrears rose to 28.99%
from 11.11%, with total arrears increasing to 48.67% from 29.76%
(both measures include repossessions, which stand at 5.14%). S&P
notes that some of these increases may be due to technical
movements between arrears buckets.
Cumulative losses are 1.10% of the original note balance, up from
0.59% in September 2008. S&P's calculations show that the
transaction currently has an average loss severity of 25.00%, down
from 39.91% on the March IPD and 33.00% on the December 2008 IPD.
Both arrears and losses for LMS 1 are trending above S&P's
nonconforming index, and have increased sharply in recent months.
This can be seen in S&P's most recent index report for the sector.
The transaction is now paying principal sequentially following the
breach of its reserve fund and 90+ day arrears triggers, which is
beneficial for the senior notes.
S&P has conducted its analysis in line with S&P's U.K. residential
mortgage-backed securities criteria.
The notes, issued in 2006, are backed by a portfolio of first-
ranking residential mortgages secured over properties in the U.K.
The mortgage loans were originated by Unity Homeloans Ltd.,
Infinity Mortgages Ltd., and Amber Homeloans Ltd. and subsequently
purchased by Investec Bank (UK) Ltd.
Ratings List
Landmark Mortgage Securities No.1 PLC
EUR105.2 Million And GBP127.1 Million Mortgage-Backed
Floating-Rate Notes
Rating Lowered and Removed From CreditWatch Negative
Rating
------
Class To From
----- -- ----
D B BB/Watch Neg
Ratings Affirmed and Removed From CreditWatch Negative
Rating
------
Class To From
----- -- ----
B A A/Watch Neg
Ca BBB BBB/Watch Neg
Cc BBB BBB/Watch Neg
Ratings Affirmed
Class Rating
----- ------
Aa AAA
Ac AAA
Aa DAC AAA
Ac DAC AAA
MENUS FUNDING: Moody's Junks Rating on Class E Floating Rate Notes
------------------------------------------------------------------
Moody's Investors Service has downgraded these Classes of Notes
issued by NEMUS Funding No.1 P.L.C. (amounts reflect initial
outstandings):
-- GBP35,730,000 Class A Floating Rate Notes due 2014
downgraded to Aa2, previously on 2 August 2006 assigned Aaa;
-- GBP44,840,000 Class B Floating Rate Notes due 2014
downgraded to A3, previously on 2 August 2006 assigned Aa1;
-- GBP35,905,000 Class C Floating Rate Notes due 2014
downgraded to Baa3, previously on 2 August 2006 assigned A1;
-- GBP40,375,000 Class D Floating Rate Notes due 2014
downgraded to B3, previously on 2 August 2006 assigned Baa3;
-- GBP17,330,000 Class E Floating Rate Notes due 2014
downgraded to Caa2, previously on 2 August 2006 assigned Ba3.
Moody's does not rate the Class F Notes issued by NEMUS Funding
No.1 P.L.C. Moody's has assigned a private rating to the senior
credit default swap that ranks senior to the above referenced
Notes.
The rating action concludes the review for possible downgrade that
was initiated for the Class A, Class B, Class C, Class D, and the
Class E Notes on the April 8, 2009. The rating action takes
Moody's updated central scenarios into account, as described in
Moody's Special Report "Moody's Updates on Its Surveillance
Approach for EMEA CMBS".
1) Transaction and Portfolio Overview
NEMUS Funding No.1 P.L.C. is a partially funded synthetic
securitization which closed in August 2006 and was arranged by
HSBC Bank Plc. Moody's assigned at closing a private rating to
the Senior CDS between HSBC as the credit protection buyer and a
third party. The Senior CDS with an unfunded notional amount
ranks senior to the Notes issued by NEMUS Funding No.1 P.L.C.
The transaction was initially secured by 23 commercial mortgage
loans ("Reference Obligations") originated by HSBC that were
backed by first-ranking legal mortgages over 192 commercial
properties located across the UK. The transaction was subject to
a reinvestment period within 18 months of closing through which
HSBC reinvested GBP76.6 million by adding two new Reference
Obligations and providing further advances to three of the then
existing Reference Obligations in the portfolio. In January 2008,
after the reinvestments, Moody's affirmed the initially assigned
ratings. Following the reinvestment, the pool comprised of 20
Reference Obligations. The properties were predominantly offices
(52% by underwriter market value) and located in Greater London
(84%). The remaining collateral pool largely consisted of mixed-
use properties and other property types including industrial and a
hotel.
Since the reinvestment in the transaction, two Reference
Obligations (4.8% of the portfolio balance) have prepaid in full.
Taking into account partial prepayments and scheduled
amortization, the portfolio balance reduced by on aggregate 8.1%
since the reinvestment. The allocation of loan prepayments and
repayments remains on modified pro-rata basis whereby Reference
Obligations in the sequential bucket are used to reduce the
notional amount of the Senior CDS prior to the Class A Notes and
prepayment or repayment of Reference Obligations in the 100% pro-
rata bucket are used to redeem on a pro-rata basis the unfunded
Senior CDS and funded notional amounts of the Notes. A sequential
redemption event has not yet occurred in the transaction.
The Reference Obligations remaining are not equally contributing
to the portfolio: the biggest Reference Obligation (Loan 11)
represents 18.2% of the current portfolio balance, while the
smallest Reference Obligation (Loan 17) represents 0.7%. The
current loan Herfindahl index is 11.8 compared to 12.6 as of
reinvestment, indicating a slightly higher loan concentration.
The remaining 18 Reference Obligations are secured by 176
properties which are still predominantly office use (60%) and
located mainly in the Greater London area (80%).
As of the last interest payment date, all of the remaining
Reference Obligations in the portfolio were current. One
Reference Obligation (Loan 19 - 5.4% of the current portfolio) had
a breach of its loan-to-value covenant (70.0%) with an LTV of
88.1% following a property revaluation. Moody's has been recently
advised by the servicer that the subject Reference Obligation is
expected to leave the portfolio in the next 60 days due to early
repayment of the loan. In its current analysis, Moody's has
assumed that the Reference Obligation will prepay in full.
2) Rating Rationale
The downgrades of the Class A, Class B, Class C, Class D and the
Class E Notes follow a detailed re-assessment of the loan and
property portfolio's credit risk. Hereby, Moody's main focus was
on property valuations, term default risk, refinancing risk and
the anticipated work-out timing for potentially defaulting loans.
In its review, Moody's focused on the largest Reference
Obligations in the portfolio (Loan 11, Loan 18, Loan 20 and Loan
15) which account for 48% of the portfolio. Moreover, Moody's
revised its assessment of the other Reference Obligations in the
portfolio to incorporate its expectations regarding default risk
and property value performance.
As outlined in more detail below, the rating action is mainly
driven by the most recent performance of the UK commercial
property markets, Moody's opinion about future property value
performance and the significant near-to-medium term refinancing
exposure of the portfolio. Driven by, in most cases, a higher
default risk assessment at the loan maturity dates, Moody's now
anticipates that a substantial portion of the portfolio will
default over the course of the transaction term.
Moody's notes that the transaction benefits from cash posted as
collateral in off-shore deposit accounts (GBP112.5 million) in
relation to seven Reference Obligations in the portfolio (31.9% of
current portfolio), a positive attribute of the deal which has
remained the same since closing. However, due to a higher default
risk assessment coupled with the negative impact of significantly
reduced property values in certain cases, Moody's expects a
considerable amount of losses on the securitized portfolio. Those
expected losses will, given the backloaded default risk profile
and the anticipated work-out strategy for defaulted loans,
crystallize only towards the end of the transaction term.
Moody's notes that the dispersion of the portfolio in terms of the
Reference Obigations' LTV ratios is broader than for other large
multi-borrower transactions ("EMEA CMBS conduit deals"). Based on
Moody's estimates, 34% of the portfolio comprises of Reference
Obligations with an LTV of below 50%, while 28% of the portfolio
reflects Reference Obligations with an LTV of above 80%. This is
noteworthy because there is no cross collateralization among
Reference Obligations, meaning that high losses from highly
leveraged Reference Obligations are not balanced out by excess
recoveries of lowly leveraged Reference Obligations (the maximum
principal recovery of each Reference Obligation is its notional
amount).
The current subordination levels for Moody's rated classes, 21.1%
for the Class A Notes, 16.9% for Class B, 11.6% for Class C, 7.4%
for Class D and 2.6% for the Class E Notes provide protection
against the expected losses. However, the likelihood of higher
than expected losses on the portfolio has increased substantially,
which results in the rating action. Since the portfolio
reinvestment, 8% of the portfolio repaid. The proceeds from
prepayments and repayments were allocated to the Notes on a
modified pro-rata basis. At the same time, the loan portfolio
only provides for limited scheduled principal repayment over time.
As a result, unlike other EMEA CMBS conduit deals, the Class A,
the Class B, the Class C, the Class D and the Class E Notes have
not benefited from a meaningful increase in subordination levels
since the reinvestment.
The Class A, Class B, Class C, Class D and Class E are
subordinated classes in the transaction's capital structure. Due
to this additional leverage, the higher portfolio risk assessment
has a relatively bigger impact on the expected loss of the Class A
Notes through Class E Notes than on the most senior part of the
capital structure (the Senior CDS).
NEMUS Funding No.1 P.L.C. is a synthetic transaction governed by a
credit default swap agreement. The credit events are bankruptcy,
failure to pay and restructuring. Moody's considered the loss
amount determination language and the restrictions in the
Servicer's ability to extend the maturity date of Reference
Obligations in its portfolio expected loss assessment and
concluded that the synthetic nature of the transaction is neutral
compared to EMEA CMBS true sale conduit deals.
3) Moody's Portfolio Analysis
Property Values. Property values across the UK have declined
significantly until Q1 2009 and are expected to continue to
decline at least until 2010. Moody's estimates that compared to
the underwriter's values as of reinvestment, the values of the
properties securing this transaction have declined by on aggregate
11% until the beginning of 2009 (ranging from 1% value decline for
Loan 7 to 41% value decline for Loan 18). Moody's notes that some
of the Reference Obligations benefit from several years of
seasoning. In its analysis, Moody's assumed value increases for
some Reference Obligations as for the properties securing these
Reference Obligations, the U/W values date several years pre-
closing of the transaction and should be less impacted by the most
recent value declines. Looking ahead, Moody's anticipates further
declines from beginning of 2009 until 2010, resulting in a 21.0%
value decline compared to the U/W value at reinvestment (ranging
from a 1% decline for Loan 24 to a 52% value decline for Loan 15).
Based on this property value assessment, Moody's estimates that
the transaction's early-2009 weighted average securitized LTV
ratio was 66.7% (net of cash collateral) compared to the reported
U/W LTV of 54.3% (net of cash collateral). Due to the further
envisaged declines, the WA LTV will increase in Moody's opinion to
75.3% in 2010 and will only gradually recover thereafter. Based
on Moody's anticipated trough values, the LTVs for the securitized
loans range between 23% for Loan 2 to 105% for Loan 11.
Moody's has taken the anticipated property value development,
including a gradual recovery from 2011 onwards, into account when
analyzing the default risk at loan maturity and the loss given
default for each Reference Obligation. A total of four Reference
Obligations (38.0% of current portfolio) are syndicated loans with
pari-passu portions outside the securitization. However, none of
the Reference Obligations has additional debt in the form of a B-
loan. Moody's has factored into its analysis total loan
commitments and pari-passu rights between syndicate members.
Moody's also considered in its expected loss calculation for
certain scenarios that some properties would likely be traded at
vacant possession values in case of a loan default during the
term.
Term Default Risk. The occupational markets in the UK are
currently characterized by falling rents, increasing vacancy rates
and higher than average tenant default rates. Taking into account
the lease profile of the respective loans, in particular Loan 11
could be in Moody's view exposed to weakening occupational
markets. Loan 20 is exposed to the current economic downturn
affecting the hotel and leisure sector. Based on the current
lease profile, Moody's has incorporated into its analysis an
allowance for deterioration in coverage ratios on some of the
loans, in turn increasing the term default risk assumption for the
respective loans. As of the last IPD, none of the Reference
Obligations in the portfolio was subject to a credit event.
Refinancing Risk. The transaction's exposure to loans maturing in
the short-term (2009 and 2010) is substantial. While no Reference
Obligation matures in 2009, 31.8% of the current portfolio matures
in 2010. 19.3% of the portfolio matures in 2011, 34.0% in 2012
and the remaining 14.9% matures in 2013. As Moody's expects
property values in the UK to only slowly recover from 2011
onwards, most of the loans will be still highly leveraged at their
respective maturity dates. Consequently, in Moody's view, for
most of the loans, the default risk at maturity has increased
substantially compared to the closing analysis. Moody's
considered for its assessment of the refinancing risk that the
Reference Obligations are balance sheet loans originated by a
client relationship driven lender. This means that, in case the
borrower cannot secure refinancing, the likelihood that the loan
term is extended is somewhat higher than for loans in other EMEA
CMBS conduit deals. However, there is a restriction in the
servicing agreement not to extend the maturity date of a Reference
Obligation beyond December 2012. Moody's understands that an
extension of a Reference Obligation's maturity date beyond 2012
would render the Reference Obligation ineligible for the credit
protection, but did not give benefit for this feature and has
assumed that the servicer would not extend Reference Obligation
maturity dates beyond 2012.
Overall Default Risk. Based on its revised term and maturity
default risk assessment for the securitized loans, Moody's
anticipates that a substantial portion of the portfolio will
default over the course of the transaction term. The default risk
of all currently performing loans is predominantly driven by
refinancing risk. Of those loans, Loan 20 has in Moody's view the
highest default risk, while Loan 1 has the lowest risk of
defaulting.
Concentration Risk. The portfolio securitized in NEMUS Funding
No.1 P.L.C. exhibits an above average concentration in terms of
property types (60% office) and property location (100% UK and 80%
Greater London). In Moody's view, this limits the potential
benefits from different markets performing differently over time.
Work-Out Strategy. In scenarios where a loan defaults, Moody's
current expectation is that the servicer will most likely not
pursue an immediate sale of the property in the depressed market
conditions. Moody's has assumed that in most cases, upon default,
a sale of the mortgaged properties and ultimate work-out of the
loan will occur at a later point in time, but within the time
frame as set out in the servicing and credit default swap
agreement. The credit default swap agreement specifies that,
following a credit event, the loss amount is estimated in case the
work-out of a Reference Obligation is not completed within 450
days after the credit event. The last date on which HSBC can
claim a credit event is in January 2013.
Increased Portfolio Loss Exposure. Taking into account the
increased default risk of the loans, the most recent performance
of the UK commercial property markets, Moody's opinion about
future property value performance and the most likely work-out
strategies for defaulted loans, Moody's anticipates a considerable
amount of losses on the securitized portfolio, which will, given
the backloaded default risk profile and the anticipated work-out
strategy for defaulted loans, crystallize only towards the end of
the transaction term.
MODUS COROVEST: In Administration; KPMG Appointed
-------------------------------------------------
Mark Firmin and Myles Halley from KPMG Restructuring were
appointed Joint Administrators of Modus Corovest (Blackpool)
Limited on June 5, 2009.
The company owns the freehold of the Houndshill Shopping Centre in
Blackpool.
Mark Firmin commented, "The centre will continue to trade whilst
the Joint Administrators review the situation and develop a
strategy that is appropriate for this particular site. No impact
on customers or tenants is anticipated."
This is the third shopping centre over which KPMG's Restructuring
practice in the North has been appointed in the last three months.
The administration of Modus Corovest (Blackpool) Limited follows
that of Modus Ventures Limited on May 29, Modus Properties (Wigan)
Limited and Modus (Wigan) Limited on May 18 and Trinity Walk
Wakefield Limited in March 2009.
SAPHIR FINANCE: Moody's Lowers Rating on 2006-9 Notes to 'B3'
-------------------------------------------------------------
Moody's Investors Service has downgraded its rating of one class
of notes issued by Saphir Finance Plc.
The transaction is a repackaging of Lloyds TSB Group preference
shares. The rating action is the response to the rating of the
non-cumulative callable preference shares of Lloyds TSB Group Plc
being downgraded to B3 from Baa2 on review for possible downgrade.
Moody's initially analyzed and continues to monitor this
transaction using primarily the methodology and its supplements
for repackaged securities as described in Moody's Special Reports
below:
-- Repackaged Securities (October 2001)
-- Moody's Refines It's Approach to Rating Structured Notes
(July 1997)
The rating action is:
Saphir Finance Plc:
(1) Series 2006-9 GBP600,000,000 Perpetual Non-Cumulative
Securities
-- Current Rating: B3
-- Prior Rating: Baa2, on review for possible downgrade
-- Prior Rating Date: April 24, 2009, downgraded to Baa2 under
review for possible downgrade from A3
SOYMAGIC: Placed Into Administration; 20 Jobs Affected
------------------------------------------------------
Jill Park at Packaging News reports that Grimsby-based soya milk
manufacturer Soymagic has been placed into administration,
resulting in the loss of 20 jobs.
According to the report, tough trading conditions led the company
to be placed into the hands of joint administrators Mark Firmin
and Howard Smith from KPMG Restructuring in Leeds on May 28, 2009.
The administrators have put the company's assets up for sale as a
going concern or individual assets, the report relates. The
report discloses assets on sale include a 3,700sqm freehold
property on a Greenfield site in Grimsby and the company's chilled
liquid production equipment, which includes homogenizing and
pasteurizing, packaging and a soya bean liquidizer.
YELL GROUP: Appoints Bob Wigley as New Chairman
-----------------------------------------------
Alexi Mostrous at Times Online reports that Bob Wigley has been
appointed new chairman of Yell Group plc, replacing Bob Scott.
Times Online recalls Mr. Scott stepped down in May after
opposition from Yell's institutional shareholders over his role at
RBS.
According to Times Online, Mr. Wigley, 48, will be paid GBP250,000
a year, with bonuses in Yell shares -- almost GBP100,000 more than
the previous incumbent.
Times Online says Yell is reportedly considering attempting a
rights issue this autumn to pay down some of its GBP4.3 billion of
debt.
Refinancing
On May 22, 2009, the Troubled Company Reporter-Europe, citing
Reuters, reported that the company was actively looking at
refinancing options. According to Reuters, a large tranche of the
company's debt is due for repayment in April 2011. Mr. David told
Reuters that he aimed to have refinancing in place by April 2010.
Reuters disclosed Mr. David said it could not rule out having to
sell assets if other options did not work out.
Headquartered in Reading, England, Yell Group plc --
http://www.yellgroup.com/-- is an international directories
business operating in the classified advertising market through
printed, online, and phone media in the U.K. and the US. Yell
also owns 100% of TPI (renamed "Yell Publicidad"), the largest
publisher of yellow and white pages in Spain, with operations in
certain countries in Latin America. Yell's revenue for the twelve
months ended March 31, 2008 was GBP2,219 million and its
Adjusted EBITDA was GBP738.9 million.
* * *
As reported in the Troubled Company Reporter-Europe on
Feb. 10, 2009, Moody's Investors Service placed the Ba3 Corporate
Family Rating and the B1 Probability of Default Rating of Yell
Group plc on review for possible downgrade.
WHITE TOWER: Fitch Junks Rating on GBP68 Mln Class E Notes
----------------------------------------------------------
Fitch Ratings has downgraded White Tower 2006-3 plc's commercial
mortgage-backed floating rate notes due 2012 as shown below. The
Outlook on Class A was revised to Negative from Stable.
-- GBP678.5 million Class A (XS0275770914) downgraded to 'AA'
from 'AAA'; Outlook revised to Negative from Stable
-- GBP171.5 million Class B (XS0275771649) downgraded to 'BBB'
from 'AA'; Outlook Negative
-- GBP116 million Class C (XS0275772704) downgraded to 'BB' from
'A'; Outlook Negative
-- GBP116 million Class D (XS0275773181) downgraded to 'B' from
'BBB'; Outlook Negative
-- GBP68.0 million Class E (XS0275774072) downgraded to 'CCC'
from 'BB'; Recovery Rating 'RR5' assigned
The downgrades are driven by the continued decline of commercial
property values since the last review of the transaction in
December 2008 and the uncertainty surrounding the upcoming loan
maturity in October 2009.
The nine London office properties securing the GBP1,434.8 million
commercial mortgage loan (GBP1,150 million of which has been
securitized) have not been re-valued since the transaction closed
in December 2006. However, in light of the upcoming loan
maturity, the servicer has commissioned a re-valuation, which is
scheduled to be available prior to the July interest payment date.
Fitch estimates that the value of the assets has declined by 43%
since closing, resulting in Fitch loan-to-value ratios of 109% on
the securitized senior loan and 137% on the subordinated junior
loan. These are compared to 62.8% and 78.3% respectively, based
on the original valuation. The LTV covenant of 81.5%, which is
tested against the combined leverage of the senior and junior
loan, is therefore expected to be breached upon receipt of the
upcoming valuation, which would constitute a loan event of
default.
The income profile of the transaction is unchanged since the last
review. The portfolio is currently 99.9% let on long leases to 21
tenants, the majority of which are rated or considered to be of
investment grade quality. The weighted average unexpired lease
term, assuming that all break options are exercised, exceeds the
scheduled loan maturity by nine years and the final legal maturity
by six years. Despite the relatively strong in-place income, the
value of the portfolio will suffer due to negative sentiment
amongst potential investors towards the City office market, given
the reduction in occupier demand and particular concern about JP
Morgan's stated intention to relocate its operations to Canary
Wharf. JP Morgan is the largest tenant in the portfolio (40% of
passing rent), with two equally sized leases on properties in
London's Embankment and City, expiring in 2016 and 2025,
respectively. Overall, the commercial property investment market
continues to be illiquid and new debt remains scarce, particularly
in large volume.
Taking all these factors into account, Fitch expects this loan to
remain unpaid at maturity, but that the three-year tail period
should provide the servicer with sufficient time to achieve a
workout. The borrower-level hedging will also expire in October
2009, leaving the loan exposed to floating-rate interest payments;
however, this is of minor concern in the current low interest rate
environment. Assuming interest rates remain low and that payments
on the junior loan will cease following loan maturity, there is
the potential for a significant amount of excess cash flow to be
available to amortize the senior loan.
Fitch will issue further commentary once it has obtained clarity
on the likely outcome of the upcoming maturity.
* UK: Premier League Clubs' Net Debt Up to GBP3.1 Bln in 2007/08
----------------------------------------------------------------
The new television rights deal sent Premier League clubs' revenue
soaring to GBP1,932 million in 2007/08 and revenues are estimated
to have reached GBP2 billion in 2008/09 according to the latest
Annual Review of Football Finance from the Sport Business Group at
Deloitte. In a sign of football's resilience to the economic
downturn, Deloitte expects England's top clubs will continue to
grow revenues in 2009/10, albeit at a slower pace.
Dan Jones, Partner in the Sports Business Group at Deloitte,
commented: "The domestic and international popularity of the
Premier League continues to generate remarkable revenue growth.
Between 1992 and 2008, revenues for the top 20 clubs grew at a
compound annual rate of 16%, compared with 5.4% for the UK economy
as a whole. Revenue increased by 26% in 2007/08 and Premier
League clubs generated GBP800 million more revenue than their
nearest rivals from the other 'big 5' leagues.
"It will, of course, be hard to maintain this pace in the
immediate future. The new economic realities may lead to flat
matchday revenues. While attendances continue to hold up well,
many clubs have frozen or reduced ticket prices. However, the
stepped increases in the current domestic broadcast deal and the
new UEFA Champions League TV deal make it likely overall revenues
will edge up."
The majority of the incremental broadcast revenue has been spent
on player wages and transfers. Wage costs in the Premier League
increased by GBP227 million (23%) in 2007/08 to reach GBP1.2
billion, the largest annual increase recorded by the Premier
League. Spending in both the Summer 2008 and January 2009
transfer windows reached new record levels with an estimated
GBP675m investment in new players (gross spending).
Alan Switzer, Director in the Sports Business Group at Deloitte
commented: "Despite this increase in wage costs, Premier League
clubs improved their wages / revenue ratio to 62% and generated
record operating profits in 2007/08 of GBP185 million. However
lower revenue growth in forthcoming seasons means clubs will have
to focus on improving cost control -- both wages and other
operating costs -- if profits are to be maintained."
Other key findings of the Deloitte Annual Review of Football
Finance 2009 include:
* The total European football market grew by GBP1.1 billon to
GBP11.6 billion in 2007/08.
* Premier League clubs generated the highest revenue (GBP1.9
billion) of any league in Europe in 2007/08, followed by
Germany, Spain and Italy (each GBP1.1 billion), and France
(GBP0.8 billion).
* English clubs have regained their status as the most
profitable in the world having lost this title to the
Bundesliga in 2006/07.
* Total revenues for the 72 Football League clubs exceeded
GBP500 million for the first time. These will be boosted
from the coming season by an improved broadcasting deal and
the presence of Newcastle United.
* The enhanced broadcasting revenues should help Championship
clubs address record losses which reached GBP102 million in
2007/08.
* The top 92 English Clubs invested GBP187 million in
facilities in 2007/08, bringing the cumulative spending to
well above GBP2.5 billion since 1992/93. Their high quality
stadia has been a key driver of attendances which exceeded
30m from league games alone in 2008/09. The Championship is
now the 3rd best attended league in Europe.
* Net debt in respect of Premier League clubs increased to
GBP3.1 billion in 2007/08 up from GBP2.7 billion the
previous season. Serie A was the fastest growing league
with total revenues increasing by 34% to EUR1.4 billion but
posted a third year of operating losses.
* The Government's tax take from the top 92 professional
football clubs rose to GBP860 million and will exceed GBP1
billion per year with the introduction of the 50% rate for
earnings over GBP150,000.
Paul Rawnsley, Director in the Sports Business Group at Deloitte
commented: "While debt in the Premier League has risen, two-thirds
of this debt is in respect of just four clubs -- Arsenal, Chelsea,
Liverpool and Manchester United -- and around GBP1.2 billion is
non-interest bearing 'soft loans'. On the positive side of the
balance sheet, these four clubs also had GBP1 billion of assets in
respect of investment in stadia and other facilities and a further
GBP450m from investment in players. Looking forward there will be
an increased focus on clubs' business models and financial
sustainability. Debt is not necessarily a bad thing for clubs; as
long as it is manageable within a club's finances and is
sustainable and repayable."
About Deloitte
Deloitte - http://www.deloitte.com/-- provides audit, consulting,
financial advisory, risk management and tax services to selected
clients.
Deloitte & Touche LLP is the United Kingdom member firm of DTT.
* IATA Says European Carriers to Post Losses of US$1.8 Bln in 2009
------------------------------------------------------------------
The International Air Transport Association (IATA) revised its
airline financial forecast for 2009 to a global loss of US$9
billion. This is nearly double the association's March estimate
of a US$4.7 billion loss, reflecting a rapidly deteriorating
revenue environment. IATA also revised its loss estimate for 2008
to US$10.4 billion from the previous estimate of US$8.5 billion.
"There is no modern precedent for today's economic meltdown. The
ground has shifted. Our industry has been shaken. This is the
most difficult situation that the industry has faced . After
September 11, revenues fell by 7%. It took three years to recover
lost ground, even on the back of a strong economy. This time we
face a 15% drop—a loss of revenues of US$80 billion—in the middle
of a global recession. Our future depends on a drastic reshaping
by partners, governments and industry. We cannot bear the cost of
government micro-regulation, crazy taxation and partners abusing
their monopoly power," said Giovanni Bisignani, IATA's Director
General and CEO in his State of the Industry address to 500 of the
industry's top leaders gathered in Kuala Lumpur for the 65th IATA
Annual General Meeting and World Air Transport Summit.
Recession is the most significant factor impacting the industry's
bottom line. IATA's revised forecast sees revenues declining an
unprecedented 15% (US$80 billion) from US$528 billion in 2008 to
US$448 billion in 2009.
Air cargo demand is expected to decline by 17%. In 2009, airlines
are forecast to carry 33.3 million tonnes of freight, compared to
40.1 million tonnes in 2008. Passenger demand is expected to
contract by 8% to 2.06 billion travelers compared to 2.24 billion
in 2008. The revenue impact of falling demand will be further
exaggerated by large falls in yields—11% for cargo and 7% for
passenger.
Mr. Bisignani noted risks and challenges:
* Fuel bill: The industry fuel bill is forecast to decline by
US$59 billion to US$106 billion in 2009. Fuel will account
for 23% of operating costs with an average price of oil at
US$56 per barrel (Brent). By comparison, the 2008 fuel bill
was US$165 billion (31% of costs) at an average price of
US$99 per barrel. "The risk that we have seen in recent
weeks is that even the slightest glimmer of economic hope
sends oil prices higher. Greedy speculation must not hold
global economy hostage. Failure to act by governments would
be irresponsible," said Mr. Bisignani.
* Efficiency gains: Over the last decade, labor productivity
improved by 71%. Fuel efficiency increased by 20% and load
factors rose by 7 percentage points. The dramatic downturn
in demand could push non-fuel unit costs higher, which
cannot be cut in proportion.
* Stronger Cash Reserves: Cash reserves of US$70 billion (13%)
of revenues are much stronger than the 9% reserve that
airlines had in 2000. Some of this is being funded by the
US$170 billion industry debt or by asset sales. "We are in
a better cash position than when we faced the challenges of
September 11. But our pockets are not that deep. A long
L-shaped recovery could drain the industry of cash," said
Mr. Bisignani.
* Careful Capacity Management: Global load factors for the
first quarter of 2009 are down about 3 percentage points
compared to the previous year. This is less than the falls
experienced in some recent crises as a result of airlines
better matching capacity to falling demand. Nonetheless,
the 4,000 aircraft expected to enter the commercial aviation
fleet in the next three years will make this an ongoing
challenge.
* Strong Partnerships: Consolidation within political borders
(including Air France-KLM, Lufthansa-Swiss, Delta-Northwest,
Cathay Pacific-Dragonair) has created stronger players. But
archaic limitations on ownership continue to prevent broader
consolidation and partnerships across borders.
Carriers in all regions are expected to report losses in 2009.
* North American carriers are expected to show a loss of
US$1.0 billion. This is significantly better than the
US$5.1 billion loss in 2008. Limited hedging by US carriers
exposed the US industry to rising fuel prices in 2008. This
turned into an advantage in 2009 by giving US carriers
access to lower spot prices. Early capacity cuts are also
helping.
* European carriers are expected to post losses of US$1.8
billion with collapsing demand for premium services in all
major markets served by the region's carriers (intra-Europe,
North Atlantic and Europe to Asia).
* Asia-Pacific carriers will post the largest losses at US$3.3
billion. Japan, the region's largest market, is in deep
recession. The growth markets of China and India are
delivering major losses as export-driven demand slows. This
is a slightly better performance than the US$3.9 billion
that the region's carriers lost in 2008.
* Middle East carriers, despite strong traffic growth, will
see losses deepen to US$1.5 billion. The region's
intercontinental hubs are vulnerable to recessionary impacts
in both European and Asian source markets.
* Latin American carriers are expected to post a loss of
US$900 million, as the impact of the recession in the US and
China weakens demand for the region's commodities.
* African carriers are expected to see losses of US$500
million. This is the result of a loss of market share
combined with the impact of the recession.
The industry crisis is making liberalization even more critical.
"We cannot manage in these unprecedented times with one hand tied
behind our back. Airlines need the same commercial freedoms that
every other industry takes for granted—access to global markets
and capital," said Mr. Bisignani.
In a similar vein, Bisignani urged governments to avoid
protectionist policies as they stimulate economies. "The forces
of de-globalization are gathering strength. World trade is
already suffering with a 15% downturn. Protectionism is the enemy
of global prosperity. In the 1930s, it prolonged the recession.
And it will not work today. To build a strong global economy, we
must fight hard to keep the world trading," said Mr. Bisignani.
* Large Companies with Insolvent Balance Sheet
----------------------------------------------
Total
Shareholders Total
Company Ticker Equity Assets
------- ------ ------ ------
AUSTRIA
-------
SKYEUROPE HLDG SKY EU -3897543.17 213166287.14
SKYEUROPE HLDG SKYPLN EU -3897543.17 213166287.14
SKYEUROPE HLDG SKY AV -3897543.17 213166287.14
SKYEUROPE HLDG SKY EO -3897543.17 213166287.14
SKYEUROPE HLDG SKYA PZ -3897543.17 213166287.14
SKYEUROPE SKY PW -3897543.17 213166287.14
SKYEUROPE SKYP PW -3897543.17 213166287.14
SKYEUROPE HOL-RT SK1 AV -3897543.17 213166287.14
LIBRO AG LB6 GR -110486313.84 174004185.02
LIBRO AG LIBR AV -110486313.84 174004185.02
SKYEUROPE HLDG SKYPLN EO -3897543.17 213166287.14
SKYEUROPE HLDG SKURF US -3897543.17 213166287.14
SKYEUROPE HLDG SKYV IX -3897543.17 213166287.14
SKYEUROPE HLDG S8E GR -3897543.17 213166287.14
LIBRO AG LBROF US -110486313.84 174004185.02
LIBRO AG LIB AV -110486313.84 174004185.02
BERLGIUM
--------
SABENA SA SABA BB -85494497.66 2215341059.54
CYPRUS
------
LIBRA HOLIDAYS G LHG PZ -5044973.6 274730005.26
LIBRA HOLIDAYS G LHG EO -5044973.6 274730005.26
LIBRA HOLIDA-RTS LBR CY -5044973.6 274730005.26
LIBRA HOLIDAYS LHGCYP EO -5044973.6 274730005.26
LIBRA HOLIDA-RTS LGWR CY -5044973.6 274730005.26
LIBRA HOLIDAYS G LHG CY -5044973.6 274730005.26
LIBRA HOLIDAYS-P LBHG CY -5044973.6 274730005.26
LIBRA HOLIDAYS-P LBHG PZ -5044973.6 274730005.26
LIBRA HOLIDAYS G LHG EU -5044973.6 274730005.26
LIBRA HOLIDAY-RT 3167808Z CY -5044973.6 274730005.26
LIBRA HOLIDAYS LHGCYP EU -5044973.6 274730005.26
LIBRA HOLIDAYS LHGR CY -5044973.6 274730005.26
CZECH REPUBLIC
--------------
CKD PRAHA HLDG CKDPF US -89435858.16 192305153.03
CKD PRAHA HLDG CKDH US -89435858.16 192305153.03
SETUZA AS SETUZA PZ -61453764.17 138582273.56
SETUZA AS 2994767Q EO -61453764.17 138582273.56
SETUZA AS SETU IX -61453764.17 138582273.56
CKD PRAHA HLDG 297687Q GR -89435858.16 192305153.03
SETUZA AS 2994763Q EU -61453764.17 138582273.56
SETUZA AS SZA EX -61453764.17 138582273.56
SETUZA AS SETUZA CP -61453764.17 138582273.56
SETUZA AS 2994759Q EO -61453764.17 138582273.56
SETUZA AS SZA GR -61453764.17 138582273.56
SETUZA AS 2994755Q EU -61453764.17 138582273.56
CKD PRAHA HLDG CKDH CP -89435858.16 192305153.03
CKD PRAHA HLDG CDP EX -89435858.16 192305153.03
DENMARK
-------
ROSKILDE BAN-NEW ROSKN DC -532868894.9 7876687324.02
ROSKILDE BAN-RTS ROSKT DC -532868894.9 7876687324.02
ROSKILDE BANK RSKC IX -532868894.9 7876687324.02
ROSKILDE BANK ROSK EU -532868894.9 7876687324.02
ROSKILDE BANK-RT 916603Q DC -532868894.9 7876687324.02
ROSKILDE BANK ROSK PZ -532868894.9 7876687324.02
ELITE SHIPPING ELSP DC -27715991.74 100892900.29
ROSKILDE BANK ROSKF US -532868894.9 7876687324.02
ROSKILDE BANK ROSBF US -532868894.9 7876687324.02
ROSKILDE BANK ROSK DC -532868894.9 7876687324.02
ROSKILDE BANK ROSK EO -532868894.9 7876687324.02
ROSKILDE BANK RKI GR -532868894.9 7876687324.02
FRANCE
------
PAGESJAUNES GRP PAJP IX -3061283156.27 1202048352.1
RHODIA SA – NEW 3156011Q FP -670695098.16 5563991457.04
RHODIA SA-ADR RHA US -670695098.16 5563991457.04
RHODIA SA-RIGHTS RHADS FP -670695098.16 5563991457.04
NORTENE NORT FP -35623999.56 117566786.87
RHODIA SA – NEW 2335921Q FP -670695098.16 5563991457.04
RHODIA SA – NEW RHANV FP -670695098.16 5563991457.04
IMMOB HOTELIERE IMBHF US -66874823.95 301323804.92
PAGESJAUNES GRP PAJ EO -3061283156.27 1202048352.1
PAGESJAUNES GRP PAJ EU -3061283156.27 1202048352.1
RHODIA SA-ADR RHAYY US -670695098.16 5563991457.04
PAGESJAUNES GRP PAJGBX EO -3061283156.27 1202048352.1
PAGESJAUNES GRP PAJGBP EO -3061283156.27 1202048352.1
PAGESJAUNES GRP PAJ BQ -3061283156.27 1202048352.1
PAGESJAUNES GRP PAJUSD EO -3061283156.27 1202048352.1
THOMSON (EX-TMM) TMSGBP EO -186963510.99 7800843297.85
THOMSON (EX-TMM) TMS US -186963510.99 7800843297.85
PAGESJAUNES GRP PAJ IX -3061283156.27 1202048352.1
PAGESJAUNES GRP PAJ VX -3061283156.27 1202048352.1
THOMSON (EX-TMM) TMM VX -186963510.99 7800843297.85
PAGESJAUNES GRP PAJGBX EU -3061283156.27 1202048352.1
RHODIA SA RHA EU -670695098.16 5563991457.04
PAGESJAUNES GRP PAJ NQ -3061283156.27 1202048352.1
RHODIA SA RHA EB -670695098.16 5563991457.04
PAGESJAUNES GRP QS3 GR -3061283156.27 1202048352.1
IMMOB HOTEL BALN IMHB FP -66874823.95 301323804.92
RHODIA SA RHA IX -670695098.16 5563991457.04
RHODIA SA RHA TQ -670695098.16 5563991457.04
RHODIA SA RHA EO -670695098.16 5563991457.04
IMMOB HOTELIERE IMHO EU -66874823.95 301323804.92
RHODIA SA RHANR PZ -670695098.16 5563991457.04
RHODIA SA RHAGBX EO -670695098.16 5563991457.04
THOMSON MULTI-NE ZTM FP -186963510.99 7800843297.85
RHODIA SA RHAY IX -670695098.16 5563991457.04
RHODIA SA RHADF US -670695098.16 5563991457.04
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GERMANY
-------
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SANDER (JIL)-PRF 2916157Q EU -6153256.92 127548039.68
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SANDER (JIL)-PRF 2916161Q EO -6153256.92 127548039.68
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TA TRIUMPH-ADLER TWN EO -96966372.18 401755623.89
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TA TRIUMPH-ADLER TWN PZ -96966372.18 401755623.89
CBB HOLDING AG COB2 EO -42994732.85 904723627.84
HYPO REAL ESTATE HRXUSD EU -813565059.9 543794828675.92
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ALNO AG-RTS 2259765Z GR -28265004.17 366872263.74
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TA TRIUMPH-RTS 3158577Q GR -96966372.18 401755623.89
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TA TRIUMPH-ADLER TWNG IX -96966372.18 401755623.89
HYPO REAL ESTATE HRXCHF EU -813565059.9 543794828675.92
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EM.TV & MERCHAND ETVMF US -22067409.41 849175624.65
ALNO AG ANO EU -28265004.17 366872263.74
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TA TRIUMPH-A-RTS 1018916Z GR -96966372.18 401755623.89
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PRIMACOM AG-ADR+ PCAG ES -14233212.49 729563484.73
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HYPO REAL ES-NEW HRXA PZ -813565059.9 543794828675.92
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EM.TV & MERCHAND ETV LN -22067409.41 849175624.65
SPAR HANDELS-AG SPHFF US -442426199.47 1433020960.55
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VIVANCO GRUPPE VVA1 GR -16648688.57 131276010.89
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RINOL AG RNLAF US -2.71 168095049.11
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RINOL AG RILB EO -2.71 168095049.11
HYPO REAL ESTATE HRX EU -813565059.9 543794828675.92
HYPO REAL ESTATE HRX TQ -813565059.9 543794828675.92
PRIMACOM AG PCAGF US -14233212.49 729563484.73
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RINOL AG RILB EU -2.71 168095049.11
HYPO REAL ESTATE HREHF US -813565059.9 543794828675.92
MATERNUS-KLINIKE MAK EU -17014754.15 172786677.74
NORDAG AG-PFD DOO3 GR -482446.63 144432986.17
RINOL AG RILB IX -2.71 168095049.11
HYPO REAL ESTATE HRXGBX EU -813565059.9 543794828675.92
SPAR HAND-PFD NV SPA3 GR -442426199.47 1433020960.55
HYPO REAL ESTATE HRXGBP EO -813565059.9 543794828675.92
HYPO REAL ESTATE HRXAUD EO -813565059.9 543794828675.92
GREECE
------
HELLAS ONLINE SA BRAIN EO -18667491.57 432785331.49
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ALMA-ATERMON SA ATERM EU -5395432.07 106400376
PETZETAKIS-PFD PTZ3 GR -28368224.67 235628427.44
HUNGARY
-------
BRODOGRADE INDUS 3MAJRA CZ -322247407.73 263945276.33
IPK OSIJEK DD OS IPKORA CZ -12114019.44 135803427.79
OT OPTIMA TELEKO 2299892Z CZ -46364581.24 128095158.43
OT OPTIMA TELEKO OPTERA CZ -46364581.24 128095158.43
ICELAND
-------
EIMSKIPAFELAG HF HFEIM EO -223771648 2277793536
EIMSKIPAFELAG HF HFEIM PZ -223771648 2277793536
EIMSKIPAFELAG HF AVION IR -223771648 2277793536
EIMSKIPAFELAG HF HFEIMEUR EO -223771648 2277793536
EIMSKIPAFELAG HF HFEIMEUR EU -223771648 2277793536
EIMSKIPAFELAG HF HFEIM IR -223771648 2277793536
EIMSKIPAFELAG HF HFEIM EU -223771648 2277793536
AVION GROUP B1Q GR -223771648 2277793536
IRELAND
-------
ELAN CORP PLC ELN EU -223400000 1844599936
ELAN CORP-ADR ELAD LN -223400000 1844599936
ELAN CORP PLC ELNUSD EO -223400000 1844599936
ELAN CORP PLC ELA IX -223400000 1844599936
WATERFORD WE-RTS WTFF ID -505729895.23 820803256.03
ELAN CORP-ADR ELN US -223400000 1844599936
ELAN CORP-ADR UT ELN/E US -223400000 1844599936
WATERFORD WED-UT WWW GR -505729895.23 820803256.03
ELAN CORP-ADR EAN GR -223400000 1844599936
ELAN CORP PLC DRX1 PZ -223400000 1844599936
WATERFORD – RTS WWWA GR -505729895.23 820803256.03
WATERFORD WED-UT WTFUGBX EO -505729895.23 820803256.03
WATERFORD WED-UT WTFU EO -505729895.23 820803256.03
ELAN CORP PLC ELN NR -223400000 1844599936
ELAN CORP PLC ELN IX -223400000 1844599936
WATERFORD WED-UT WWWD PZ -505729895.23 820803256.03
WATERFORD WE-RTS WTFN ID -505729895.23 820803256.03
ELAN CORP PLC ELA LN -223400000 1844599936
ELAN CORP PLC ELA PO -223400000 1844599936
WATERFORD WED-UT WTFU LN -505729895.23 820803256.03
WATERFORD – RTS WWWB ID -505729895.23 820803256.03
WATERFORD-SUB 3001875Z ID -505729895.23 820803256.03
WATERFORD WED-RT WWWD GR -505729895.23 820803256.03
WATERFORD WED-UT WTFU VX -505729895.23 820803256.03
WATERFORD WED-UT WTFU PO -505729895.23 820803256.03
WATERFORD-ADR UT WATFZ US -505729895.23 820803256.03
ELAN CORP PLC ELN TQ -223400000 1844599936
WATERFORD WED-RT 586556Q LN -505729895.23 820803256.03
WATERFORD WED-RT 586552Q LN -505729895.23 820803256.03
WATERFORD WED-RT WWWC ID -505729895.23 820803256.03
WATERFORD – RTS WWWA ID -505729895.23 820803256.03
ELAN CORP PLC DRX GR -223400000 1844599936
ELAN CORP-CVR LCVRZ US -223400000 1844599936
WATERFORD-ADR UT WFWA GR -505729895.23 820803256.03
WATERFORD WED-RT WWWC GR -505729895.23 820803256.03
ELAN CORP PLC ELN LN -223400000 1844599936
WATERFORD – RTS 508519Q LN -505729895.23 820803256.03
ELAN CORP-CVR ELNZV US -223400000 1844599936
WATERFORD WED-RT WTFR LN -505729895.23 820803256.03
WATERFORD – RTS WWWB GR -505729895.23 820803256.03
WATERFORD WED-UT WTFU IX -505729895.23 820803256.03
WATERFORD WE-RTS WTFF LN -505729895.23 820803256.03
ELAN CORP PLC ELNGBX EO -223400000 1844599936
WATERFORD WE-RTS WTFN VX -505729895.23 820803256.03
ELAN CORP PLC ELN ID -223400000 1844599936
ELAN CORP PLC ELN EO -223400000 1844599936
WATERFORD WE-RTS WTFN LN -505729895.23 820803256.03
ELAN CORP PLC DRXG IX -223400000 1844599936
WATERFORD WED-UT WTFUGBX EU -505729895.23 820803256.03
ELAN CORP-ADR EANG IX -223400000 1844599936
ELAN CORP PLC ELNGBP EO -223400000 1844599936
ELAN CORP PLC ELNUSD EU -223400000 1844599936
ELAN CORP PLC ECN VX -223400000 1844599936
WATERFORD WDGEWD WATFF US -505729895.23 820803256.03
WATERFORD – RTS 508523Q LN -505729895.23 820803256.03
WATERFORD WED-RT WWWD ID -505729895.23 820803256.03
WATERFORD WED-UT WWW PO -505729895.23 820803256.03
ELAN CORP-ADR QUNELN AU -223400000 1844599936
ELAN CORP/OLD 1295Z ID -323100000 1737800064
WATERFORD WDGEWD WATWF US -505729895.23 820803256.03
ELAN CORP PLC ELNCF US -223400000 1844599936
WATERFORD WED-UT WTFU EU -505729895.23 820803256.03
WATERFORD WED-UT WTFU ID -505729895.23 820803256.03
WATERFORD W-ADR WATWY US -505729895.23 820803256.03
ITALY
-----
SNIA SPA-RTS SNAA IM -25149276.06 487726334.06
FULLSIX FUL IM -11045098.78 109413985.34
COIN SPA GC IX -151690764.75 791310848.67
PARMALAT FINANZI PMLFF US -18419390028.95 4120687886.18
LAZIO SPA SSLI PZ -15482934.18 260633690.01
PARMALAT FINANZI PRFI VX -18419390028.95 4120687886.18
COIN SPA-RTS GCAA IM -151690764.75 791310848.67
LAZIO SPA LZO1 GR -15482934.18 260633690.01
FULLSIX FUL1 IX -11045098.78 109413985.34
SNIA SPA-DRC SNR00 IM -25149276.06 487726334.06
LAZIO SPA 571260Q US -15482934.18 260633690.01
CART SOTTRI-BIND DEM IM -11146475.29 128859802.94
I VIAGGI DEL VEN VVE PZ -73353723.87 448043832.77
CREDITO FONDIARI CRF IM -200209050.26 4213063202.32
CREDITO FOND-RTS CRFSA IM -200209050.26 4213063202.32
SNIA SPA-NON CON SPBNF US -25149276.06 487726334.06
BINDA SPA BNDAF US -11146475.29 128859802.94
SNIA SPA-RNC SNRNC IM -25149276.06 487726334.06
I VIAGGI DEL VEN VVE EO -73353723.87 448043832.77
FULLSIX IFASF US -11045098.78 109413985.34
SNIA SPA-RTS SNSO IM -25149276.06 487726334.06
TECNODIFF ITALIA TEF GR -89894162.82 152045757.48
TECNODIFF ITALIA TDIFF US -89894162.82 152045757.48
TECNODIFF-RTS TDIAOW NM -89894162.82 152045757.48
PARMALAT FINANZI PAF GR -18419390028.95 4120687886.18
I VIAGGI DEL VEN VVE IX -73353723.87 448043832.77
PARMALAT FINANZI PMT LI -18419390028.95 4120687886.18
I VIAGGI DEL VEN VVE EU -73353723.87 448043832.77
I VIAGGI DEL VEN VVE IM -73353723.87 448043832.77
SNIA SPA SNIA GR -25149276.06 487726334.06
SNIA SPA SN IM -25149276.06 487726334.06
OLCESE SPA-RTS OAA IM -12846689.89 179691572.79
TECNODIFF ITALIA TDI NM -89894162.82 152045757.48
FULLSIX IA6 GR -11045098.78 109413985.34
FULLSIX INF NM -11045098.78 109413985.34
FULLSIX-RNC 160135Z IM -11045098.78 109413985.34
FULLSIX FUL EU -11045098.78 109413985.34
SNIA SPA SBPDF US -25149276.06 487726334.06
FULLSIX -RIGHTS INFAA IM -11045098.78 109413985.34
LAZIO SPA SSL1 IX -15482934.18 260633690.01
FULLSIX FUL EO -11045098.78 109413985.34
FULLSIX FULI PZ -11045098.78 109413985.34
SNIA SPA SSMLF US -25149276.06 487726334.06
PARMALAT FINANZI FICN AV -18419390028.95 4120687886.18
OLCESE SPA O IM -12846689.89 179691572.79
LAZIO SPA SSL IM -15482934.18 260633690.01
LAZIO SPA SSL1 EO -15482934.18 260633690.01
LAZIO SPA SSLZF US -15482934.18 260633690.01
LAZIO SPA SSL1 EU -15482934.18 260633690.01
TECNODIFFUSIONE TDIAAW IM -89894162.82 152045757.48
CIRIO FINANZIARI CRO IM -422095869.5 1583083044.16
SNIA SPA-RCV SNIVF US -25149276.06 487726334.06
LAZIO SPA LZO GR -15482934.18 260633690.01
OLCESE VENEZIANO OLVE IM -12846689.89 179691572.79
FULLSIX INF IM -11045098.78 109413985.34
LAZIO SPA-RTS SSLAA IM -15482934.18 260633690.01
COMPAGNIA ITALIA CGLUF US -137726596.25 527372691.43
I VIAGGI DEL VEN IV7 GR -73353723.87 448043832.77
SNIA SPA-2003 SH SN03 IM -25149276.06 487726334.06
SNIA SPA SN TQ -25149276.06 487726334.06
PARMALAT FINA-RT PRFR AV -18419390028.95 4120687886.18
SNIA SPA SN EO -25149276.06 487726334.06
SNIA BPD-ADR SBPDY US -25149276.06 487726334.06
SNIA SPA-RNC SNIWF US -25149276.06 487726334.06
SNIA BPD SN GR -25149276.06 487726334.06
SNIA SPA SIAI PZ -25149276.06 487726334.06
SNIA SPA SNIXF US -25149276.06 487726334.06
SNIA SPA – RTS SNAAW IM -25149276.06 487726334.06
SNIA SPA SNIB GR -25149276.06 487726334.06
SNIA SPA SN EU -25149276.06 487726334.06
SNIA SPA SIAI IX -25149276.06 487726334.06
COIN SPA GUCIF US -151690764.75 791310848.67
COIN SPA 965089Q GR -151690764.75 791310848.67
BINDA SPA BND IM -11146475.29 128859802.94
I VIAGGI-RTS VVEAA IM -73353723.87 448043832.77
LAZIO SPA-RTS SSLAZ IM -15482934.18 260633690.01
PARMALAT FINANZI PRF IM -18419390028.95 4120687886.18
COMPAGNIA ITALIA ICT IM -137726596.25 527372691.43
CIRIO FINANZIARI FIY GR -422095869.5 1583083044.16
PARMALAT FINANZI PARAF US -18419390028.95 4120687886.18
COIN SPA/OLD GC IM -151690764.75 791310848.67
TECNODIFF ITALIA TDI IM -89894162.82 152045757.48
COMPAGNIA ITALIA CITU IX -137726596.25 527372691.43
SNIA SPA-RCV SNR IM -25149276.06 487726334.06
I VIAGGI DEL VEN VVE TQ -73353723.87 448043832.77
SNIA SPA- RTS SNAXW IM -25149276.06 487726334.06
I VIAGGI DEL VEN IVGIF US -73353723.87 448043832.77
SNIA SPA-RIGHTS SNAW IM -25149276.06 487726334.06
SNIA SPA-CONV SA SPBDF US -25149276.06 487726334.06
SNIA SPA-NEW SN00 IM -25149276.06 487726334.06
LUXEMBOURG
----------
CARRIER1 INTL CJN GR -94729000 472360992
CARRIER1 INTL CJN NM -94729000 472360992
CARRIER1 INTL SA CONEF US -94729000 472360992
CARRIER1 INT-AD+ CONE ES -94729000 472360992
CARRIER1 INTL SA 1253Z SW -94729000 472360992
CARRIER1 INT-ADR CONEQ US -94729000 472360992
CARRIER1 INTL CJNA GR -94729000 472360992
CARRIER1 INT-ADR CONEE US -94729000 472360992
CARRIER1 INT-ADR CONE US -94729000 472360992
NETHERLANDS
-----------
JAMES HARDIE IND 600241Q GR -37500000 1827000064
UNITED PAN-EUROP UPCEF US -5505478849.55 5112616630.06
UNITED PAN-EUROP UPE GR -5505478849.55 5112616630.06
JAMES HARDIE IND 726824Z NA -37500000 1827000064
JAMES HARDIE-CDI JHIUF US -37500000 1827000064
UNITED PAN-EUR-A UPC LN -5505478849.55 5112616630.06
UNITED PAN-EUR-A UPC NA -5505478849.55 5112616630.06
UNITED PAN-EUR-A UPC LI -5505478849.55 5112616630.06
UNITED PAN-A ADR UPCOY US -5505478849.55 5112616630.06
JAMES HARDIE-CDI JHX AU -37500000 1827000064
UNITED PAN -ADR UPEA GR -5505478849.55 5112616630.06
JAMES HARDIE-ADR JHINY US -37500000 1827000064
JAMES HARDIE NV JHXCC AU -37500000 1827000064
JAMES HARDIE IND HAH NZ -37500000 1827000064
JAMES HARDIE-ADR JHX US -37500000 1827000064
UNITED PAN-EUROP UPC VX -5505478849.55 5112616630.06
BAAN COMPANY NV BAAN IX -7854741.41 609871188.88
JAMES HARDIE-CDI JHA GR -37500000 1827000064
JAMES HARDIE IND HAH AU -37500000 1827000064
BAAN COMPANY NV BAAN NA -7854741.41 609871188.88
BAAN COMPANY NV BAAN GR -7854741.41 609871188.88
BAAN COMPANY NV BNCG IX -7854741.41 609871188.88
BAAN COMPANY NV BAAN EU -7854741.41 609871188.88
BAAN COMPANY NV BAAVF US -7854741.41 609871188.88
BAAN CO NV-ASSEN BAANA NA -7854741.41 609871188.88
UNITED PAN-EUROP UPCOF US -5505478849.55 5112616630.06
UNITED PAN-EUROP UPE1 GR -5505478849.55 5112616630.06
BAAN COMPANY NV BAAN PZ -7854741.41 609871188.88
BAAN COMPANY NV BAAN EO -7854741.41 609871188.88
BAAN COMPANY-NY BAANF US -7854741.41 609871188.88
NORWAY
------
PETRO GEO-SERV-N PGSN NO -18066142.21 399710323.59
PETRO GEO-SERV 265143Q NO -18066142.21 399710323.59
PETRO GEO-SERV PGS VX -18066142.21 399710323.59
PETRO GEO-SV-ADR PGOGY US -18066142.21 99710323.59
PETRO GEO-SERV PGS GR -18066142.21 399710323.59
PETRO GEO-SV-ADR PGSA GR -18066142.21 399710323.59
POLAND
------
TOORA 2916661Q EO -288818.39 147004954.18
TOORA TOR PZ -288818.39 147004954.18
TOORA TOR PW -288818.39 147004954.18
TOORA 2916665Q EU -288818.39 147004954.18
TOORA-ALLOT CERT TORA PW -288818.39 147004954.18
PORTUGAL
--------
COFINA CFN PL -17427901.34 340046487.94
COFINA COFI PL -17427901.34 340046487.94
SPORTING-SOC DES SCP PL -6889744.9 191103206.82
SPORTING-SOC DES SCDF PL -6889744.9 191103206.82
COFINA COFSI IX -17427901.34 340046487.94
COFINA COFI EO -17427901.34 340046487.94
COFINA CFNX PX -17427901.34 340046487.94
LISGRAFICA IMPRE LIAG EU -1293754.01 104525863.1
COFINA CFASF US -17427901.34 340046487.94
SPORTING-SOC DES SCDF EU -6889744.9 191103206.82
SPORTING-SOC DES SCDF EO -6889744.9 191103206.82
LISGRAFICA-RTS LIGDS PL -1293754.01 104525863.1
LISGRAFICA IMPRE LIAG EO -1293754.01 104525863.1
LISGRAFICA IMPRE LIG EO -1293754.01 104525863.1
SPORTING-SOC DES SCP1 PZ -6889744.9 191103206.82
LISGRAFICA IMPRE LIAG PL -1293754.01 104525863.1
SPORTING-SOC DES SCG GR -6889744.9 191103206.82
COFINA CFN1 PZ -17427901.34 340046487.94
SPORTING-SOC DES SCPL IX -6889744.9 191103206.82
LISGRAFICA IMPRE LIG EU -1293754.01 104525863.1
COFINA COFI EU -17427901.34 340046487.94
SPORTING-SOC DES SCPX PX -6889744.9 191103206.82
LISGRAFICA IMPRE LIG PL -1293754.01 104525863.1
LISGRAFICA IMPRE LIG PZ -1293754.01 104525863.1
COFINA COFI TQ -17427901.34 340046487.94
ROMANIA
-------
OLTCHIM RM VALCE OLT RO -16862370.58 614340383.91
OLTCHIM RM VALCE OLT EU -16862370.58 614340383.91
OLTCHIM RM VALCE OLT PZ -16862370.58 614340383.91
OLTCHIM RM VALCE OLTEUR EO -16862370.58 614340383.91
RAFO SA RAF RO -457922636.25 356796459.26
OLTCHIM RM VALCE OLTCF US -16862370.58 614340383.91
OLTCHIM RM VALCE OLTEUR EU -16862370.58 614340383.91
UZINELE SODICE G UZIM RO -35878364.71 104942905.83
OLTCHIM RM VALCE OLT EO -16862370.58 614340383.91
RUSSIA
------
DAGESTAN ENERGY DASB* RU -42846850.4 123618648.06
AMO ZIL-CLS ZILL* RU -165713442.78 328106800.85
URGALUGOL-BRD YRGL RU -14863411.56 135736934.02
ZIL AUTO PLANT-P ZILLP RM -233159478.39 443253297.59
DAGESTAN ENERGY DASB RM -42846850.4 123618648.06
ZIL AUTO PLANT-P ZILLP* RU -233159478.39 443253297.59
DAGESTAN ENERGY DASB RU -42846850.4 123618648.06
ZIL AUTO PLANT ZILL$ RU -233159478.39 443253297.59
AMO ZIL ZILL RM -233159478.39 443253297.59
KOMPANIYA GL-BRD GMST RU -7218941.93 1603534830.61
SAMARANEFTEGAS-P SMNGP* RU -331600428.45 891998590.74
TERNEYLES-BRD TERL* RU -15178937.2 182115156.77
SAMARANEFTEGAS-$ SMNG RU -331600428.45 891998590.74
SAMARANEFTEGAS-P SMNGP RM -331600428.45 891998590.74
TERNEYLES-BRD TERL RU -15178937.2 182115156.77
SAMARANEFTEGAS SVYOF US -331600428.45 891998590.74
SAMARANEFTEGAS-P SMNGP$ RU -331600428.45 891998590.74
KOMPANIYA GL-BRD GMST* RU -7218941.93 1603534830.61
ZIL AUTO PLANT-P ZILLP RU -233159478.39 443253297.59
GUKOVUGOL GUUG* RU -57835245.31 143665227.24
AKCIONERNOE-BRD SOVP$ RU -110204703.34 120620770.43
GUKOVUGOL GUUG RU -57835245.31 143665227.24
SAMARANEFTEGA-P$ SMNGP RU -331600428.45 891998590.74
URGALUGOL-BRD-PF YRGLP RU -14863411.56 135736934.02
EAST-SIBERIA-BRD VSNK RU -100985377.37 116491783.13
GUKOVUGOL-PFD GUUGP RU -57835245.31 143665227.24
SAMARANEFTEGAS SMNG* RU -331600428.45 891998590.74
SAMARANEFTEGAS SMNG RM -331600428.45 891998590.74
GUKOVUGOL-PFD GUUGP* RU -57835245.31 143665227.24
EAST-SIBERIA-BRD VSNK* RU -100985377.37 116491783.13
VIMPEL SHIP-BRD SOVP RU -110204703.34 120620770.43
AMO ZIL-CLS ZILL RU -233159478.39 443253297.59
SAMARANEFTEGAS SMNG$ RU -331600428.45 891998590.74
EAST-SIBERIAN-BD VSNK$ RU -100985377.37 116491783.13
VIMPEL SHIP-BRD SOVP* RU -110204703.34 120620770.43
URGALUGOL-BRD YRGL* RU -14863411.56 135736934.02
SERBIA
------
METANOLSKO SIRCE MSKK SG -152438442.69 135641001.94
DUVANSKA DIVR SG -7729350.78 109207260.53
ZASTAVA AUTOMOBI ZAKG SG -353794358.88 222041784.93
SPAIN
-----
PROMOCIONES Y UR MTF EO -936423454.31 10696164113.42
PROMOCIONES Y UR MTF SM -936423454.31 10696164113.42
PROMOCIONES Y UR 4PU GR -936423454.31 10696164113.42
MARTINSA-FADESA MTF NR -936423454.31 10696164113.42
PROMOCIONES Y UR MTF EU -936423454.31 10696164113.42
PROMOCIONES Y UR MFAD PZ -936423454.31 10696164113.42
SWITZERLAND
-----------
FORTUNE MANAGEME FMIG IX -119470863.28 265021012.85
FORTUNE MANAGEME FMI1 EO -119470863.28 265021012.85
FORTUNE MANAGEME FMI1 PZ -119470863.28 265021012.85
FORTUNE MANAGEME FMI1 EU -119470863.28 265021012.85
FORTUNE MANAGEME FMI1 GR -119470863.28 265021012.85
FORTUNE MANAGEME FMI1 DU -119470863.28 265021012.85
FORTUNE MANA-NEW FMI5 GR -119470863.28 265021012.85
FORTUNE MANAGEME FMI GR -119470863.28 265021012.85
FORTUNE MGMT-REG CTLI US -119470863.28 265021012.85
FORTUNE MANAGEME FMI3 GR -119470863.28 265021012.85
FORTUNE MANAG-NE FMI7 GR -119470863.28 265021012.85
FORTUNE MANAGEME FMGT US -119470863.28 265021012.85
TURKEY
------
ZORLU ENERJI ELE ZRLUF US -91603977.68 1725908124.2
TUTUNBANK TUT TI -4024959601.58 2643810456.86
ZORLU ENERJI-ADR ZRLUY US -91603977.68 1725908124.2
ZORLU ENERJI ELE ZORENM TI -91603977.68 1725908124.2
YASARBANK YABNK TI -4024959601.58 2643810456.86
IKTISAT FINAN-RT IKTFNR TI -46900661.12 108228233.63
ZORLU ENERJI ELE ZOREN TI -91603977.68 1725908124.2
EGS EGE GIYIM-RT EGDISR TI -7732138.55 147075066.65
EGS EGE GIYIM VE EGDIS TI -7732138.55 147075066.65
IKTISAT FINANSAL IKTFN TI -46900661.12 108228233.63
MUDURNU TAVUKC-N MDRNUN TI -64930189.62 160408172.1
SIFAS SIFAS TI -15439198.6 130608103.96
MUDURNU TAVUKCUL MDRNU TI -64930189.62 160408172.1
NERGIS HOLDING NERGS TI -76515062.59 399425760.39
UKRAINE
-------
LUGANSKOBLENERGO LOEN UZ -25962109.73 198804344.57
ZAPORIZHOBLENERG ZAON UZ -9405838.12 126687446.19
DNIPROOBLENERGO DNON UZ -20762857.28 271459240.45
DONETSKOBLENERGO DOON UZ -215120607.25 374165068.75
UNITED KINGDOM
--------------
PARK GROUP PLC PKG EU -61525595.88 223674903.79
ANKER PLC ANK PO -21861359.81 115463159
SCOTTISH MEDIA 1442Q GR -24923249.67 194430485.8
PARK GROUP PLC PKG PO -61525595.88 223674903.79
PARK GROUP PLC PKG EO -61525595.88 223674903.79
PATIENTLINE PLC PTL PZ -54677284.64 124948245.8
DANKA BUS SYSTEM DNK PZ -497127008 121439000
PARK FOOD GROUP PKFD LN -61525595.88 223674903.79
PATIENTLINE PLC PTL PO -54677284.64 124948245.8
PATIENTLINE PLC 2928907Q EO -54677284.64 124948245.8
PARK GROUP PLC PRKGF US -61525595.88 223674903.79
PARK GROUP PLC PKG PZ -61525595.88 223674903.79
DANKA BUS SYSTEM DNK PO -497127008 121439000
SMITHS NEWS PLC NWS PZ -124124656.94 201361815.36
PARK GROUP PLC PKG VX -61525595.88 223674903.79
AIRTOURS PLC ATORF US -379721841.57 1817512773.61
MYTRAVEL GROUP P MT/ VX -379721841.57 1817512773.61
MYTRAVEL GROUP P 1018144Q GR -379721841.57 1817512773.61
NEW STAR ASSET NSAM IX -397718038.04 292972732.12
SKYEPHARMA PLC SK8C GR -130883498.29 153620497.99
MYTRAVEL GROUP ARO2 GR -379721841.57 1817512773.61
MYTRAVEL GROUP MT IX -379721841.57 1817512773.61
MYTRAVEL GROUP MT/S PO -379721841.57 1817512773.61
NEW STAR ASSET N6S GR -397718038.04 292972732.12
ATKINS (WS) PLC ATK PO -36314039.75 1257996718.47
PARK GROUP PLC PKGGBP EO -61525595.88 223674903.79
MYTRAVEL GROUP-A MYTVF US -379721841.57 1817512773.61
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PATIENTLINE PLC 2928899Q EO -54677284.64 124948245.8
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STV GROUP PLC STVG EU -24923249.67 194430485.8
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ABBOTT MEAD VICK 648824Q LN -1685852.9 168258996.33
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SETON HEALTHCARE 2290Z LN -10585179.82 156822902.77
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FAREPAK PLC FPK LN -14328735.16 110864081.39
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JESSOPS PLC JSP VX -27246210.42 167576832.77
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SMITHS NEWS PLC NWS IX -124124656.94 201361815.36
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RANK GROUP-ADR 935543Q GR -6412999.92 835001785.71
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EMI GROUP PLC EMI IX -2265916256.89 2950021937.14
EMI GROUP LTD EMI LN -2265916256.89 2950021937.14
EMI GROUP-ADR 38IS LN -2265916256.89 2950021937.14
EMI GROUP PLC-B 1019425Q LN -2265916256.89 2950021937.14
EMI GROUP PLC EMI VX -2265916256.89 2950021937.14
JESSOPS PLC JSP EO -27246210.42 167576832.77
REGUS PLC-ADS RGUA GR -46111835.37 367181111
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TOPPS TILES PLC TPT LN -101299352.89 170960693.68
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RENTOKIL INITIAL RTO VX -90219248.82 3493481471.08
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ANKER PLC DW14 GR -21861359.81 115463159
HILTON G-CRT OLD HIGT BB -478059993.74 1887316678.66
ANKER PLC – ASSD ANKC LN -21861359.81 115463159
ANKER PLC – ASSD ANKB LN -21861359.81 115463159
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AMEY PLC AMEYF US -48862569.33 931527720.46
REGUS PLC RGU GR -46111835.37 367181111
AEA TECHNOLOGY EAETF US -98795549.33 133685509.1
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ALLDAYS PLC ALDYF US -120493900.04 252232072.87
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AMEY PLC AMY VX -48862569.33 931527720.46
PATIENTLINE PLC 2928903Q EU -54677284.64 124948245.8
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ALLDAYS PLC 317056Q LN -120493900.04 252232072.87
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TOPPS TILES PLC TPTJF US -101299352.89 170960693.68
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BRITISH ENER-BLK BGYB AR -5822867500.78 4921095749.61
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BRITISH SKY BROA BSY LN -30607499.6 8332527670.8
BRITISH SKY BROA BSY EU -30607499.6 8332527670.8
SMITHS NEWS PLC SMWPF US -124124656.94 201361815.36
BRITISH SKY BROA BSY TQ -30607499.6 8332527670.8
GALIFORM PLC GFRM TQ -84844622.18 585251745.06
BRITISH SKY BROA BSY IX -30607499.6 8332527670.8
CLIPPER WINDPOWE CWP LN -99360000 989187968
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STV GROUP PLC SMG VX -24923249.67 194430485.8
BRITISH SKY BROA BSY PZ -30607499.6 8332527670.8
BNB RECRUITMENT BNB LN -10242627.53 103637704.96
BLACK & EDGINGTO BLE LN -130883498.29 153620497.99
BOOKER PLC BKERF US -59832880.4 1298182548.71
BNB RECRUITMENT BQX GR -10242627.53 103637704.96
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ATKINS (WS) PLC ATKEUR EU -36314039.75 1257996718.47
ATKINS (WS) PLC ATK EU -36314039.75 1257996718.47
ATKINS (WS) PLC ATK TQ -36314039.75 1257996718.47
RANK GROUP PLC RNK EO -6412999.92 835001785.71
BCH GROUP PLC BCH LN -5728274.38 187993198.22
LAMBERT FENCHURC LMF LN -1453050.04 1826806853.46
BRIT ENERGY PLC BEN1 GR -5822867500.78 4921095749.61
BRIT ENERGY PLC BGYEF US -5822867500.78 4921095749.61
BRIT ENERGY PLC BHEGF US -5822867500.78 4921095749.61
SKYEPHARMA PLC SKP LN -130883498.29 153620497.99
BRIT NUCLEAR 1046Z LN -4247644149.6 40325778907.11
BRIT ENERGY-ADR BHEFF US -5822867500.78 4921095749.61
BRADSTOCK GROUP BSKGF US -1855444.44 268563822.49
STV GROUP PLC STVGEUR EU -24923249.67 194430485.8
BOOKER PLC 1330Q GR -59832880.4 1298182548.71
NEW STAR ASSET NSAM TQ -397718038.04 292972732.12
BRIT ENERGY LTD 523362Q LN -5822867500.78 4921095749.61
BRADSTOCK GROUP BDK LN -1855444.44 268563822.49
GALIFORM PLC GFRMNOK EU -84844622.18 585251745.06
FARNELL ELEC-RFD FRNR LN -7994895.94 689988072.4
BRITISH ENER-CED BGY AR -5822867500.78 4921095749.61
SKYEPHAR-RTS F/P SKPF VX -130883498.29 153620497.99
GARTLAND WHALLEY GWB LN -10986769.42 45352034.49
RENTOKIL INITIAL RTO NQ -90219248.82 3493481471.08
PREMIER FARN-ADR PIFLY US -7994895.94 689988072.4
GALIFORM PLC GFRM EU -84844622.18 585251745.06
SMITHS NEWS PLC NWS2GBP EO -124124656.94 201361815.36
SAATCHI & SAATCH SSATF US -119260804.15 705060824.55
PREMIER FARNELL PFLGBP EO -7994895.94 689988072.4
JESSOPS PLC JSPEUR EU -27246210.42 167576832.77
JESSOPS PLC JSPEUR EO -27246210.42 167576832.77
NEW STAR ASSET 3226435Q EO -397718038.04 292972732.12
JESSOPS PLC JS4 GR -27246210.42 167576832.77
DAWSON HOLDINGS DWHGF US -18157019.88 210051798.58
JESSOPS PLC JSP EU -27246210.42 167576832.77
DANKA BUS-C/E CE DANKC AR -497127008 121439000
PREMIER FARNELL PML GR -7994895.94 689988072.4
HILTON GROUP PLC HLTGF US -478059993.74 1887316678.66
MARCONI PLC MNI BB -2203513803.24 7204891601.83
HILTON GROUP PLC HG/ LN -478059993.74 1887316678.66
HILTON GROUP PLC HG PO -478059993.74 1887316678.66
GALIFORM PLC GFRM EO -84844622.18 585251745.06
GALIFORM PLC GFRMNOK EO -84844622.18 585251745.06
NORTHERN ROCK NRK IX -586206492.33 152084295061.92
GGT GROUP-ADR GGTRY US -156372271.99 408211200.87
SMITHS NEWS PLC NWS1 EU -124124656.94 201361815.36
RENTOKIL INITIAL RKLIF US -90219248.82 3493481471.08
PREMIER FARNELL PFL BQ -7994895.94 689988072.4
EUROPEAN HOME EHR EU -14328735.16 110864081.39
LADBROKES PLC LAD IX -478059993.74 1887316678.66
HILTON GROUP-CRT HIG BB -478059993.74 1887316678.66
HILTON GROUP-CER HG BB -478059993.74 1887316678.66
RENTOKIL-SP ADR AP76 LI -90219248.82 3493481471.08
SKYEPHARMA PLC SKPEUR EU -130883498.29 153620497.99
KLEENEZE PLC KLZ LN -14328735.16 110864081.39
LEEDS SPORTING LEDPF US -73166148.8 143762193.66
LEEDS UNITED PLC LDSUF US -73166148.8 143762193.66
LEEDS UNITED PLC LUFC LN -73166148.8 143762193.66
LEEDS UNITED PLC 889687Q GR -73166148.8 143762193.66
LADBROKES PLC-AD LDBKY LN -478059993.74 1887316678.66
LADBROKES PLC LAD EU -478059993.74 1887316678.66
LADBROKES PLC-CE LAD BB -478059993.74 1887316678.66
GALIFORM PLC GFRM VX -84844622.18 585251745.06
GALIFORM PLC GLFMF US -84844622.18 585251745.06
LADBROKES PLC LADEUR EU -478059993.74 1887316678.66
EMI GROUP-ADR EMIPY US -2265916256.89 2950021937.14
M 2003 PLC 203055Q LN -2203513803.24 7204891601.83
M 2003 PLC MTWOF US -2203513803.24 7204891601.83
SMITHS NEWS PLC NWS VX -124124656.94 201361815.36
BOOKER PLC 987188Q LN -59832880.4 1298182548.71
LADBROKES PLC LAD GR -478059993.74 1887316678.66
PREMIER FARNELL PFLSEK EO -7994895.94 689988072.4
LADBROKES PLC LADNZD EO -478059993.74 1887316678.66
LADBROKES PLC LAD VX -478059993.74 1887316678.66
LADBROKES PLC LADNZD EU -478059993.74 1887316678.66
RANK GROUP PLC RNK TQ -6412999.92 835001785.71
LADBROKE GRP-IDR 695767Q BB -478059993.74 1887316678.66
LADBROKE GROUP LADB LN -478059993.74 1887316678.66
LADBROKES PLC LAD LN -478059993.74 1887316678.66
LADBROKE GRP-OLD LADB BB -478059993.74 1887316678.66
PREMIER FARNELL PFL IX 7994895.94 689988072.4
LADBROKES PLC LAD PO -478059993.74 1887316678.66
LADBROKES PLC LAD EO -478059993.74 1887316678.66
ATKINS (WS) PLC ATKEUR EO -36314039.75 1257996718.47
ANKER PLC ANK LN -21861359.81 115463159
LADBROKES PLC LAD NR -478059993.74 1887316678.66
TELEWEST COM-ADR TWSTD US -3702234580.99 7581020925.22
LADBROKES PLC LDBKF US -478059993.74 1887316678.66
LADBROKES PLC LADGBP EO -478059993.74 1887316678.66
RENTOKIL INITIAL RTOUSD EU -90219248.82 3493481471.08
GALIFORM PLC MFIFF US -84844622.18 585251745.06
RANK GROUP PLC RNK EU -6412999.92 835001785.71
GALIFORM PLC MFI PO -84844622.18 585251745.06
GALIFORM PLC GFRMGBP EO -84844622.18 585251745.06
GALIFORM PLC GFRM NQ -84844622.18 585251745.06
BRITISH SKY BROA BSYUSD EU -30607499.6 8332527670.8
LADBROKES PLC-AD LDBKY US -478059993.74 1887316678.66
GALIFORM PLC MFI VX -84844622.18 585251745.06
GALIFORM PLC GFRMEUR EU -84844622.18 585251745.06
GALIFORM PLC GFRM BQ -84844622.18 585251745.06
GALIFORM PLC GFRM IX -84844622.18 585251745.06
GALIFORM PLC GFRM PO -84844622.18 585251745.06
GALIFORM PLC GFRM EB -84844622.18 585251745.06
BRITISH ENERGY-A 3012442Q LN -5822867500.78 4921095749.61
*********
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 * * *