/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/090714.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, July 14, 2009, Vol. 10, No. 137 Headlines A U S T R I A AUSTRIAN AIRLINES: EU Finds Lufthansa's Concessions Inferior BARTL JOHANN: Claims Filing Deadline is August 5 FRIEDRICH KARLON: Creditors Must File Claims by August 26 HUNDESALON WUFF: Claims Filing Deadline is August 11 LIEBETEGGER SVEN: Creditors Must File Claims by July 21 MUSTAFA OEZDEMIR: Creditors Must File Claims by July 21 B U L G A R I A PETROL AD: Fitch Cuts Long-Term Issuer Default Rating to 'CC' F R A N C E PEUGEOT CITROEN: Secures EUR1.5 Bln of Two-Year Loans From Banks G E R M A N Y ARCANDOR AG: Quelle to Resume Operations After Securing Loan DEUTSCHE PFANDBRIEFBANK: Moody's Takes Rating Actions on Bonds ESCADA AG: May Cease Trading; In Talks with Insolvency Experts GENERAL MOTORS: RHJ in Advance Talks to Buy Major Stake in Opel HAPAG-LLOYD AG: Tui Supervisory Board Authorizes Further Aid PORSCHE AUTOMOBIL: VW Sweetens Bid for 49.9% Stake in Porsche AG I R E L A N D KIRK SPV: Moody's Junks Ratings on Class B5 & B6 Unfunded Swaps NEWSROUND TOYCITY: In Liquidation; Murray Named as Liquidator O'BRIEN'S SANDWICH: To Close Nine Irish Stores Under Rescue Plan K A Z A K H S T A N BIOS PHARM: Creditors Must File Claims by July 17 PROM TECH: Creditors Must File Claims by July 17 L TRADE: Creditors Must File Claims by July 17 SYMBAT STROY: Creditors Must File Claims by July 17 TEMIR STROY: Creditors Must File Claims by July 17 TRISTAN OIL: Lack of Transparency Cues Fitch to Junk Ratings K Y R G Y Z S T A N AGRO CONTACT: Creditors Must File Claims by August 7 N E T H E R L A N D S E-MAC NL 2002-I: Moody's Junks Ratings on Three Classes of Notes R U S S I A B&N BANK: Fitch Changes Outlook to Negative; Affirms 'B-' Rating GALLERY MEDIA: Moody's Cuts Probability of Default Rating to 'Ca' GAZ OAO: Alfa Bank Balks at Debt Restructuring Deal MECHEL OAO: Set to Sign Debt Restructuring Deal PROBUSINESSBANK: Fitch Puts 'B-' Issuer Ratings on Negative Watch RAIFFEISENBANK ZAO: Fitch Assigns 'D' Individual Rating SHIPREPAIRING-PRIMORSKIY OJSC: Claims Filing Period Ends Aug. 10 TONOT LLC: Creditors Must File Claims by August 10 TVER-INVA-STROY LLC: Creditors Must File Claims by August 5 VLADIKAVKAZSKIY INSTRUMENT: Creditors Must File Claims by August 5 S P A I N TDA IBERCAJA: Moody's Assigns (P)'C' Rating on Series B Notes S W I T Z E R L A N D ARBIG IMMO GMBH: Claims Filing Deadline is July 20 BERNARDI EDV: Creditors Must File Claims by July 22 HRB PARKETT: Creditors Must File Claims by July 24 SWISSALP IMMO: Claims Filing Deadline is July 20 U K R A I N E COMPLEX SMV: Creditors Must File Claims by August 1 OKSANA LLC: Creditors Must File Claims by August 1 SHARM CJSC: Creditors Must File Claims by August 1 UKRAINE AUTO: Moody's Junks Ratings on US$18.7 Mln Class B Notes UKRAINE MORTGAGE: Moody's Cuts Rating on Class B Notes to 'B3' U N I T E D K I N G D O M ASTON MARTIN: To Cut 95 Jobs at Gaydon Plant BRITISH AIRWAYS: Shareholders Support GBP500 Mln Rights Issue BRITISH AIRWAYS: Spain's Iberia Wants to Close Merger Deal EMI GROUP: Terra Firm in Talks with Citigroup Over Restructuring FOCUS DIY: Ernst & Young to Submit Business Review on Friday LLOYDS BANKING: Set to Reveal GBP13 Bln of Write-Offs on Bad Debts QUADRANT HOUSING: Moody's Lifts Rating on GBP130MM Bonds from Ba3 TATA MOTORS: JLR May Extend Closure of Three UK Plants TATA STEEL: Corus to Slash Another 366 Jobs at Scunthorpe Plant VIRGIN MEDIA: S&P Raises Rating on Junior-Lien Facility to 'BB-' * Large Companies with Insolvent Balance Sheet ********* ============= A U S T R I A ============= AUSTRIAN AIRLINES: EU Finds Lufthansa's Concessions Inferior ------------------------------------------------------------ Nikki Tait and Gerrit Wiesmann at The Financial Times report that the European Commission accused Germany's Deutsche Lufthansa AG, which is eyeing a takeover of Austrian Airlines AG, of submitting new antitrust concessions that were inferior to its previous offer. According to the FT, competition officials at the Commision have concerns about the takeover deal -- in particular, in respect of routes from Vienna to Frankfurt, Munich, Stuttgart, Cologne, Zurich, Geneva and Brussels. The FT relates the German carrier acknowledged that it had presented the Commission with new proposals that were "different" from the package of remedies first proposed. The Commission, the FT says, now has until November to reach a final decision. The FT notes Commission officials however indicated that they would try to work quickly -- and meet a July deadline -- if Lufthansa came back with additional, satisfactory concessions. "Unless there's a miracle, we will not be in a position to launch a procedure for a decision later this month," the FT quoted a spokesman for Neelie Kroes, EU competition commissioner, as saying. "It is very difficult to understand why they [Lufthansa] are adopting this approach if they want a rapid decision." On July 9, 2009, the Troubled Company Reporter-Europe, citing Bloomberg News, reported Lufthansa said in February that it has the right to withdraw if the EU doesn't approve the sale by the end of July. As reported in the Troubled Company Reporter-Europe on February 9, 2009, Reuters said Austrian state holding company and key Austrian Airlines shareholder OeIAG warned the Austrian flag carrier could go insolvent if a planned takeover by Germany's Lufthansa falls through. Austrian Airlines AG -- http://www.austrianairlines.co.at/deu/-- is an Austria-based holding company of Austrian Airlines Group, operating in the air transportation sector. The Group is comprised of Austrian Airlines, an operator of scheduled passenger flights; Lauda Air, which is engaged in the charter flight sector, and Tyrolean Airways, which operates as a short-haul carrier under the consumer brand Austrian arrows. The Company divides its activities into three segments: scheduled services, charter and complementary services. The scheduled flights of the Group operate under the brands of Austrian and Austrian arrows, while charter flights are handled under the Lauda Air brand. The Company has six affiliated companies and six wholly owned subsidiaries, including Lauda Air Luftfahrt GmbH, Austrian Airlines Lease & Finance Company Ltd., AUA Beteiligungen GmbH, Austrian Airlines Technik Marketing GmbH, Austrian Airlines Technik Bratislava sro and Tyrolean Airways TirolerLuftfahrt GmbH. BARTL JOHANN: Claims Filing Deadline is August 5 ------------------------------------------------ Creditors of Bartl Johann have until August 5, 2009, to file their proofs of claim. A court hearing for examination of the claims has been scheduled for August 19, 2009 at 9:50 a.m. For further information, contact the company's administrator: Dr. Felix Stortecky Schulerstrasse 18 1010 Wien Austria Tel: 513 88 37 Fax: 5138837-37 E-mail: office@stortecky.at FRIEDRICH KARLON: Creditors Must File Claims by August 26 --------------------------------------------------------- Creditors of Friedrich Karlon GmbH have until August 26, 2009, to file their proofs of claim. A court hearing for examination of the claims has been scheduled for September 9, 2009 at noon at: Land Court of Leoben Hall 4 First Floor For further information, contact the company's administrator: Dr. Reinhard Teubl Mittergasse 28 8600 Bruck an der Mur Austria Tel: 03862/51462 Fax: 03862/51462-10 E-mail: rechtsanwaelte@bzt.at HUNDESALON WUFF: Claims Filing Deadline is August 11 ---------------------------------------------------- Creditors of Hundesalon Wuff Reichert KG have until August 11, 2009, to file their proofs of claim. A court hearing for examination of the claims has been scheduled for August 25, 2009 at 11:30 a.m. For further information, contact the company's administrator: Mag. Valentin Piskernik Hochstrasse 31 2380 Perchtoldsdorf Austria Tel.: 01/86 93 888 Fax: 01/8691660-33 E-mail: anwalt@aon.at LIEBETEGGER SVEN: Creditors Must File Claims by July 21 ------------------------------------------------------- Creditors of Liebetegger Sven have until July 21, 2009, to file their proofs of claim. A court hearing for examination of the claims has been scheduled for August 11, 2009 at 12:10 p.m. at: Land Court of St. Poelten Room 216 Second Floor St. Poelten Austria For further information, contact the company's administrator: Dr. Johannes Jaksch Schiessstattring 35/13 3100 St. Poelten Austria Tel: 02742/74 731 Fax: 02742/74 731-22 E-mail: kanzlei@jsr.at MUSTAFA OEZDEMIR: Creditors Must File Claims by July 21 ------------------------------------------------------- Creditors of Mustafa OEZDEMIR have until July 21, 2009, to file their proofs of claim. A court hearing for examination of the claims has been scheduled for August 11, 2009 at 11:30 a.m. at: Land Court of St. Poelten Room 216 Second Floor St. Poelten Austria For further information, contact the company's administrator: Mag. Alfred Schneider Klosterrotte 4 3180 Lilienfeld Austria Tel: 02762/55 280 Fax: 02762/55 280-20 E-mail: office@derschneider.at =============== B U L G A R I A =============== PETROL AD: Fitch Cuts Long-Term Issuer Default Rating to 'CC' ------------------------------------------------------------- Fitch Ratings has downgraded Bulgaria-based fuel distributor Petrol AD's Long-term Issuer Default Rating to 'CC' from 'CCC' and assigned a Negative Outlook. Its EUR100 million notes due in 2011 have also been downgraded to senior unsecured 'CC' from 'CCC' and the Recovery Rating on the notes is 'RR4.' Fitch understands from its recent discussions with management that Petrol AD assumes in its current financial plan that all the BGN294 million cash spent on share-buybacks in 2008 will be re- invested by Petrol Holding AD, the company's controlling shareholder. Petrol AD will then use the re-invested funds to meet their strategic goals via acquisitions of petrol stations and other capex by 2011. The target is to replenish lost fuel volumes and EBITDA caused by the disposal of an important part of Petrol AD's petrol station network to Lukoil Bulgaria EOOD in H108. This network accounted for about 30% of previous retail fuel volumes, and its disposal generated the proceeds used by the company for the share buy-backs mainly acquired from Petrol Holding AD in 2008. The downgrade reflects Fitch's view that Petrol Holding AD may be unable or unwilling to return cash it received in 2008 from the sale of Petrol AD shares to Naftex Petrol EOOD, a subsidiary of Petrol AD. Agency forecasts indicate that this cash will be needed to redeem the company's notes maturing in October 2011. The notes account for more than 90% of Petrol AD's debt. The downgrade also incorporates the company's weaker-than-expected funds from operations and credit metrics, in particular its tight interest coverage ratio as calculated by the agency for 2009. The downgrade also reflects delays in the implementation of the company's plan to acquire smaller petrol station networks in Bulgaria using the proceeds from the disposal to Lukoil Bulgaria (some BGN320 million in 2008), largely received in H108. This will impede the company's efforts to improve cash flow which is needed for the bond redemption in October 2011. Fitch is also concerned about Petrol AD's weak corporate governance standards, which negatively affect the position of bondholders versus shareholders, as the company is effectively controlled through Petrol Holding AD by two Bulgarian individuals. Fitch views the company's financial policy, which includes the use of hedging and derivates, as risky and aggressive following substantial losses on derivatives of BGN125 million in 2008, which were three times higher than the company's pre-disposal EBITDA. The Negative Outlook reflects the agency's expectations that the rating may be downgraded again if Petrol AD further delays its plans to improve its funds from operations and EBITDA to pre- disposal levels on the back of acquisitions and capex. In such a scenario, the company would have less time to recover FFO and EBITDA before the bond redemption date in October 2011. Petrol AD's net debt/EBITDA is weak compared to other oil refining and/or fuel marketing companies rated by Fitch. The latest 12- month (LTM) net debt/EBITDA worsened to 14.3x at end-March 2009, from 9.8x at FYE08 and 5.6x at FYE07 (Fitch's EBITDA calculation excludes gains on disposals). While the company's short-term debt is not substantial at BGN16m or 8% of total debt at end-March 2009, it was not fully covered by unrestricted cash of BGN10m at that date. As a result, the company's liquidity position is partly dependent on the improvement of FFO and the renewal of its working capital bank facility in H209. Petrol AD is the leading fuel distributor in Bulgaria. It operates a retail and wholesale distribution business with domestic market shares of 16% and 14% respectively. Post the Lukoil disposals, the retail network consisted of 445 petrol stations at end-2008. =========== F R A N C E =========== PEUGEOT CITROEN: Secures EUR1.5 Bln of Two-Year Loans From Banks ---------------------------------------------------------------- Patricia Kuo and Steve Rhinds at Bloomberg News report that PSA Peugeot Citroen obtained EUR1.5 billion (US$2.1 billion) of two-year loans from a group of 12 international banks. Bloomberg relates the company, which got the funds in the form of a revolving credit, said in a statement on Friday that it will also receive a GBP420-million (US$680 million) three-year loan from the French government's Societe de Financement de L'Economie Francaise. Bloomberg recalls the company got a EUR3-billion loan from the French government in February. "Peugeot has sufficient liquidity for 2009 but it has about 5 billion euros of refinancing needs next year," Bloomberg quoted Frank Hussing, a Frankfurt-based credit analyst with Commerzbank AG, as saying. "It makes sense for them to raise as much cash as possible from the capital markets for the possible rainy days in 2010." As reported in the Troubled Company Reporter-Europe on July 9, 2009, Bloomberg News said Peugeot's sales of cars and light trucks fell 14% in the first half of 2009 to 1.59 million, compared with 1.85 million a year earlier. PSA Peugeot Citroen S.A. -- http://www.psa-peugeot-citroen.com/-- is a France-based manufacturer of passenger cars and light commercial vehicles. It produces vehicles under the Peugeot and Citroen brands. In addition to its automobile division, the Company includes Banque PSA Finance, which supports the sale of Peugeot and Citroen vehicles by financing new vehicle and replacement parts inventory for dealers and offering financing and related services to car buyers; Faurecia, an automotive equipment manufacturer focused on four component families: seats, vehicle interior, front end and exhaust systems; Gefco, which offers logistics services covering the entire supply chain, including overland, sea and air transport, industrial logistics, container management, vehicle preparation and distribution, and customs and value added tax (VAT) representation, and Peugeot Motocycles, which manufactures scooters and motorcycles. In 2008, PSA Peugeot Citroen S.A. sold over 3.2 million vehicles in 150 countries worldwide. * * * As reported in the Troubled Company Reporter-Europe on June 25, 2009, Fitch Ratings said that Peugeot SA's launch of a minimum EUR500 million convertible bond and the announcement that it will post an operating loss of between EUR1 billion-EUR2 billion in 2009 will have no immediate impact on its 'BB+' Long-term Issuer Default rating and 'B' Short-term IDR. The Outlook on PSA's Long- term IDR is Negative. ============= G E R M A N Y ============= ARCANDOR AG: Quelle to Resume Operations After Securing Loan ------------------------------------------------------------ Patrick Donahue at Bloomberg News reports that Arcandor AG's Quelle mail-order unit secured a EUR50-million (US$70 million) loan after it finalized an agreement with banks Friday. Bloomberg relates Quelle said in an e-mailed statement all contracts for the insolvency loan were signed on Friday. According to Bloomberg, Quelle said the loan, which was backed by Germany's federal government and the states of Saxony and Bavaria, will enable the unit to deliver its main catalog, run its online business and make deliveries. Quelle, as cited by Bloomberg, said it will formulate a reorganization program in the coming weeks. On July 8, 2009, the Troubled Company Reporter-Europe, citing Dow Jones Newswires, reported Quelle said Prinovis stopped printing the mail-order unit's new catalog due to a lack of material from suppliers Schlott and Print.Forum. About Arcandor AG Germany-based Arcandor AG (FRA:ARO) -- http://www.arcandor.com/-- formerly KarstadtQuelle AG, is a tourism and retail group. Its three core business areas are tourism, mail order services and department store retail. The Company's business areas are covered by its three operating segments: Thomas Cook, Primondo and Karstadt. Thomas Cook Group plc is a tour operator with operations in Europe and North America, set up as a result of a merger between MyTravel and Thomas Cook AG. It also operates the e-commerce platform, Thomas Cook, supporting travel services. Primondo has a portfolio of European universal and specialty mail order companies, including the core brand Quelle. Karstadt operates a range of department stores, such as cosmopolitan stores, including KaDeWe (Kaufhaus des Westens), Karstadt Oberpollinger and Alsterhaus; Karstadt brand department stores; Karstadt sports department stores, offering sports goods in a variety of retail outlets, and a portal, karstadt.de that offers online shopping, among others. The Troubled Company Reporter-Europe, citing Bloomberg News, reported that Arcandor on June 9 filed for bankruptcy protection after the German government turned down its request for loan guarantees. German Chancellor Angela Merkel, as cited by Bloomberg, said Arcandor's collapse was "unavoidable" after investors and banks offered too little to save the retailer. Bloomberg aid the government on June 8 rejected two applications for help by Arcandor, which employs 43,000 people. According to Bloomberg, the retailer sought loan guarantees of EUR650 million (US$904 million) from Germany's Economy Fund program as debt came due this week. It also sought a further EUR437 million from a state-owned bank, Bloomberg said. DEUTSCHE PFANDBRIEFBANK: Moody's Takes Rating Actions on Bonds -------------------------------------------------------------- Moody's has taken these rating actions on the Pfandbriefe issued by Hypo Real Estate Bank AG and Depfa Deutsche Pfandbriefbank AG: -- Public Sector Covered Bonds (Oeffentliche Pfandbriefe) originally issued by HRE; affirmed at Aaa; previously on 11 February 2009 affirmed at Aaa; -- Public Sector Covered Bonds (Oeffentliche Pfandbriefe) originally issued by Depfa affirmed at Aaa; previously on 11 February 2009 affirmed at Aaa; -- Mortgage Covered Bonds (Hypothekenpfandbriefe) originally issued by HRE affirmed at Aa3; previously on 11 February 2009 affirmed at Aa3; and -- Mortgage Covered Bonds (Hypothekenpfandbriefe) originally issued by Depfa assigned new definitive Aa3 long-term ratings. The above affirmations follow the merger of Depfa into HRE on June 29, 2009 which has resulted in the legal mergers of the respective cover pools. HRE has since been renamed Deutsche Pfandbriefbank AG (the Issuer), and continues to be rated A3/Prime-1/E+, see separate press release dated July 7, 2009. All outstanding Pfandbriefe originally issued by HRE and Depfa or their predecessors are now full recourse to the Issuer. Moody's notes that as a result of the merger, the assets included in the cover pool backing both Depfa and HRE's Public Sector Covered Bonds (rated Aaa) are now backing the public sector Covered Bonds of the Issuer on a pari passu basis. The same applies to the assets in the mortgage cover pools and the Mortgage Covered Bonds (rated Aa3). Moody's has also assigned definitive ratings to these Mortgage Covered Bonds, which were originally issued by Depfa and have been assumed by the combined Mortgage Covered Bond programme as a result of the merger: -- DEM11.2 million 6.7% Mortgage Covered Bonds due 28 February 2011 issued on 11 June 1996; -- DEM5 million 6.7% Mortgage Covered Bonds due 28 February 2011 issued on 11 June 1996; -- DEM20 million 6.7% Mortgage Covered Bonds due 30 January 2012 issued on 23 January 1997; -- DEM50 million 6.7% Mortgage Covered Bonds due 30 January 2012 issued on 24 January 1997; -- EUR5 million 5.13% Mortgage Covered Bonds due 21 July 2009 issued on 19 July 1999; and -- EUR5 million 5.13% Mortgage Covered Bonds due 21 July 2009 issued on 19 July 1999. The TPI assigned to the Public Sector Covered Bonds is "High", and "Probable-High" for the Mortgage Covered Bonds. At the Issuer's current rating level, the TPIs do not restrain the ratings of the Covered Bonds. The rating assigned by Moody's addresses 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 and/or payments to investors. Headquartered in Munich, HRE Group reported consolidated total assets of EUR420 billion and a pre-tax loss of EUR5.375 billion as of December 31, 2008. ESCADA AG: May Cease Trading; In Talks with Insolvency Experts -------------------------------------------------------------- AFP reports that Escada AG may cease trading if creditors reject its debt restructuring plan. AFP relates chairman of the board Bruno Saelzer said in an interview in Welt am Sonntag "Talks have already taken place with insolvency experts". Mr. Saelzer, as cited by AFP, said the company had enough liquidity to last until August but not beyond. Escada, AFP says, has put a debt restructuring plan to its creditors which must be approved by 80 percent of them by a July 31 deadline. According to Bloomberg News, the company wants investors to exchange EUR200 million (US$279 million) in seven- year bonds due 2012 by the end of July to shore up finances and win support from banks. Bloomberg notes according to Welt am Sonntag, Mr. Saelzer said he expects investors to decide first in the last three days on the offer. Bloomberg discloses Welt am Sonntag said if the refinancing plan is implemented, Mr. Saelzer sees a good chance for a loan from the German state-owned lender KfW-Group. As reported in the Troubled Company Reporter-Europe on June 24, 2009, Reuters said at the end of April, Escada's net debt was at EUR187.6 million (US$260.7 million), compared with EUR177.1 million at the end of October. The company's cash and cash equivalents had declined to EUR24.7 million after the first six months of its fiscal year, compared with EUR26.6 million a year earlier, Reuters disclosed. ESCADA AG -- http://www.escada.com/-- is a Germany-based fashion group engaged in women's designer fashion. The Company is structured into two segments: ESCADA and PRIMERA. Under its core brand ESCADA, the Company sells women's designer fashions for daytime, evening, business, leisure, wellness and special occasions, as well as couture. The fashion range is supplemented with accessories like handbags, shoes and small leather goods. Fragrances, eyewear, kids wear and jewelry from licensed partners are also sold under the ESCADA brand. The Company also offers the ESCADA Sport product line with clothes and accesoires. Through its wholly owned subsidiary, PRIMERA AG, the Company additionally sells the mid-priced brands apriori, BiBA, cavita and Laurel. As of October 31, 2008, ESCADA AG operated 182 own shops and 225 franchise shops in more than 60 countries. Its manufacture capacities are mainly outsourced to partner operations, located in Germany, Italy, Eastern Europe and Asia. GENERAL MOTORS: RHJ in Advance Talks to Buy Major Stake in Opel --------------------------------------------------------------- John Reed and Martin Arnold at The Financial Times report that Belgium's RHJ International confirmed on Monday that it was "at an advanced stage" of talks about acquiring a 51% to 55% stake in General Motors Corp.'s Opel unit. The FT notes it was unclear on Monday how much RHJ would offer for the stake. Citing a person with direct knowledge of its plans, the FT discloses RHJ is now preparing a final contract to buy Opel, which it plans to present to GM this week. According to the FT, as part of its offer, RHJ is promising to repay all state-backed loans for Opel by 2015 and make the unit profitable by 2011. The FT says RHJ, which has held talks with governments of most of the European countries that have GM plants, has reduced an earlier projection of job losses needed in an Opel/Vauxhall restructuring from 10,000 to 12,000 to fewer than 10,000 -� about the same as Canada's Magna International Inc., which signed a memorandum of understanding in May to buy 55 per cent of Opel with Russia�s Sberbank. RHJ, the FT notes, also retreated from a plan to close Opel�s plant in Bochum, Germany and two Vauxhall plants in the UK. Rene Wagner at Reuters reports the the state of Thuringia said on Monday that four German states with Opel plants have reservations about RHJ a stake in GM's European unit. "Magna is still the best solution, the second best would be Fiat," Reuters quotes Thuringia's Economy Minister Juergen Reinholz, as saying. The FT relates Magna, which had spoken of sealing the deal by July 15, cancelled a board meeting scheduled today, July 14, that had been due to rubber-stamp its offer. Negotiations In a July 10 report the FT said General Motors' chief executive said on Friday that the carmaker was working "round the clock" to agree the sale of a stake in its European Opel-Vauxhall arm by the end of this month. GM, as cited by the FT, said negotiations were continuing with Magna, RHJ and China's Beijing Automotive Industry Holding Company. Ray Young, GM's chief financial officer, told the FT that future arrangements on intellectual property rights remained "major issues" in talks with Magna and the two other bidders for a stake in Opel. About General Motors Headquartered in Detroit, Michigan, General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- was founded in 1908. GM employs about 266,000 people around the world and manufactures cars and trucks in 35 countries. In 2007, nearly 9.37 million GM cars and trucks were sold globally under the following brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn, Vauxhall and Wuling. GM's OnStar subsidiary is the industry leader in vehicle safety, security and information services. GM Europe is based in Zurich, Switzerland, while General Motors Latin America, Africa and Middle East is headquartered in Miramar, Florida. As reported by the Troubled Company Reporter, GM reported net loss of US$6.0 billion, including special items, in the first quarter of 2009. This compares with a reported net loss of US$3.3 billion in the year-ago quarter. As of March 31, 2009, GM had US$82.2 billion in total assets and US$172.8 billion in total liabilities, resulting in US$90.5 billion in stockholders' deficit. General Motors Corporation and three of its affiliates filed for Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case No. 09-50026). The Honorable Robert E. Gerber presides over the Chapter 11 cases. Harvey R. Miller, Esq., Stephen Karotkin, Esq., and Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges LLP, assist the Debtors in their restructuring efforts. Al Koch at AP Services, LLC, an affiliate of AlixPartners, LLP, is the Debtors' restructuring officer. GM is also represented by Jenner & Block LLP and Honigman Miller Schwartz and Cohn LLP as counsel. Cravath, Swaine, & Moore LLP is providing legal advice to the GM Board of Directors. GM's financial advisors are Morgan Stanley, Evercore Partners and the Blackstone Group LLP. General Motors changed its name to Motors Liquidation Co. following the sale of its key assets to a company 60.8% owned by the U.S. Government. Bankruptcy Creditors' Service, Inc., publishes General Motors Bankruptcy News. The newsletter tracks the Chapter 11 proceeding undertaken by General Motors Corp. and its various affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) HAPAG-LLOYD AG: Tui Supervisory Board Authorizes Further Aid ------------------------------------------------------------ Robert Wright at The Financial Times reports that Tui AG's supervisory board has agreed in principle to meet at least some of the demands for cash from Hapag-Lloyd AG. According to the FT, it remains unclear what proportion of the support for Hapag-Lloyd Tui will provide, and what proportion will come from Albert Ballin consortium of Hamburg businesses that now own 57 per cent of the company. The board, the FT discloses, authorized Tui's management to launch negotiations with the consortium over the precise amount of aid it required and how the contributions from the two shareholder groups would be structured. Tui, as cited by the FT, said a final decision on precise amounts to be paid would be made at the next supervisory board meeting at the beginning of August. The FT relates one person involved said the two groups look unlikely to grant the entire demand for EUR1.75 billion. As reported in the Troubled Company Reporter-Europe on July 10, 2009, the FT said Hapag-Lloyd asked its shareholders for EUR1.75 billion (US$2.4 billion) in fresh capital in a bid to secure its future. The FT said an application for state aid remains a possibility if the shareholders proved unable to find the money. Tui, the travel and tourism group, holds a 43 percent stake in Hapag-Lloyd, which lost EUR222 million in the first quarter of this year. Hapag-Lloyd AG -- http://www.hapag-lloyd.com/-- is the transportation arm of German tourism giant TUI. Subsidiary Hapag- Lloyd Container Line, which accounts for most of Hapag-Lloyd's sales, operates a fleet of about 135 containerships. Overall, Hapag-Lloyd Container Line's vessels have a capacity of more than 490,000 twenty-foot equivalent units (TEU). The unit's routes link Europe, Asia, the Americas, and Africa. In addition to freight transportation, Hapag-Lloyd offers luxury ocean and river cruises under its Hapag-Lloyd Cruises brand. TUI sold Hapag- Lloyd's container operations to a German investment group in March 2009. PORSCHE AUTOMOBIL: VW Sweetens Bid for 49.9% Stake in Porsche AG ---------------------------------------------------------------- Citing Germany's Der Spiegel, Christiaan Hetzner at Reuters reports that Volkwagen AG is prepared to offer considerably more than EUR4 billion for a 49.9 percent stake in Porsche AG, Porsche Automobil Holding SE's wholly-owned manufacturer of 911 Carrera coupes. Reuters relates the weekly magazine wrote on Saturday that Wendelin Wiedeking, the chief executive of parent Porsche Automobil Holding, however, still considered the amount insufficient. According to Reuters, Mr. Wiedeking prefers a rival concept to reduce debt that entails the aid of Sheikh Hamad bin Khalifa al-Thani, ruler of the natural gas-rich Gulf state of Qatar. Reuters discloses Der Spiegel wrote the sheikh has stated his willingness, via an investor agreement, to offer EUR7 billion for both a stake of just over 25 percent in the listed holding and Porsche Automobil Holding's cash-settled options in VW stock that Mr. Wiedeking used to hedge the cost of his failed takeover of VW. As reported in the Troubled Company Reporter-Europe on July 7, 2009, Bloomberg News said net debt at Porsche Automobil Holding tripled to more than EUR9 billion after the company increased its stake in Volkswagen to 50.8 percent at the beginning of this year. KfW Loan On July 3, 2009, the Troubled Company Reporter-Europe, citing Reuters, reported that the German state-controlled bank KFW officially rejected Porsche Automobil Holding's EUR1.75 billion (US$2.45 billion) loan application, prompting the company to seek alternate ways of refinancing its debt. As reported in the TCR-Europe on June 24, 2009, Bloomberg News, citing two people familiar with the negotiations, said KfW initially rejected Porsche's attempt to secure a loan as the company failed to show the economic crisis led to funding constraints. Bloomberg News a person said the company offered EUR3 billion in Volkswagen shares as collateral and wanted to pay EUR6 million interest per month. According to Bloomberg, two people familiar with the negotiations said KfW wants Porsche to be more specific about how the loan will be used and how it plans to repay it. Headquartered in Stuttgart, Germany Porsche Automobil Holding SE -- http://www.porsche-se.com/-- is a holding company engaged in the car manufacture industry. The Company's core products are sports cars and all-terrain vehicles. The Porsche sports car range includes the Boxster, the Cayman, the 911 and the Carrera GT. The Boxster and the Boxster S are contemporary reinterpretations of the Company's original roadsters, the 356/1 and the 550 Spyder. There are several varieties of the 911, representing the model's continuous evolution. The Carrera GT has the race-derived chassis construction and minimum weight. The Company's all-terrain models, Cayenne, Cayenne S, Cayenne Turbo and Cayenne Turbo S are balanced, four-wheel drive vehicles for on-road and off-road use. Porsche Automobil Holding SE also offers financing services, spare parts and accessories for new and classic models, as well as an approved used car service. ============= I R E L A N D ============= KIRK SPV: Moody's Junks Ratings on Class B5 & B6 Unfunded Swaps --------------------------------------------------------------- Moody's Investors Service has assigned these definitive ratings to six unfunded credit default swaps entered into by Kirk SPV Limited, a bankruptcy-remote vehicle incorporated in Ireland. -- Aaa to the EUR440 million Class B1 credit default swap, -- A1 to the EUR360 million Class B2 credit default swap, -- Ba1 to the EUR100 million Class B3 credit default swap, -- B1 to the EUR140 million Class B4 credit default swap, -- Caa1 to the EUR140 million Class B5 credit default swap, and -- Ca to the EUR400 million Class B6 credit default swap. These credit default swaps reference a EUR3 billion managed portfolio of corporate and structured finance reference obligations. Approximately 83% of the portfolio exposure is to corporate reference entities, 53% representing direct exposure and 30% being exposure to ten mezzanine tranches of bespoke corporate CDO's (inner CDO's). The remaining 17% of the portfolio is comprised of structured finance reference obligations. The direct corporate exposures have these characteristics (expressed as percentage of total direct corporate exposure): the major sectors are Finance, Insurance and Real Estate (38%) and Banking (8%); the underlying exposure is concentrated in North America (55%), Europe (20%) and Asia (15%); the rating composition is 2% Aa-rated, 11% A-rated, 39% Baa-rated, 27% Ba-rated, 14% B- rated and 6.3% Caa-rated. Each of the ten inner CDO's constitutes the 6.5% to 12.5% tranche of exposure to a unique corporate portfolio, and represents 3% of the total portfolio exposure. The underlying corporate portfolios are each well diversified -- both geographically and across industries. The weighted average rating factors of the inner CDO portfolios range from 970 to 1335 (representing a Ba1 to Ba2 Moody's rating range). The attachment and detachment points of the credit default swaps are: Class B1 78-100%, Class B2 60-78%, Class B3 55-60%, Class B4 48-55%, Class B5 41-48%, and Class B6 21-41%. The ratings measure the risk on an expected loss basis that the credit protection provider will be required to make payments in respect of credit events under the terms of the transaction. The ratings also address any premiums due but not paid by the protection buyer, up until an early termination date, if any. The ratings do not address potential losses resulting from an early termination of the transaction, nor any market risk associated with the transaction. The main drivers of Moody's analysis for this transaction are: 1. The credit quality of the assets in the portfolio. The average modelled default probability of the direct corporate portfolio is 15.81%. The average modelled default probability of the indirect portfolios is 12.16%. 2. The average assumed Moody's recovery rate for the direct portfolio of 29.3%. The average assumed Moody's recovery rate for the indirect portfolios of 37.6%. 3. The asset correlation structure of the portfolio (weighted average asset correlation of 11% for the direct corporate portfolio). 4. The initial subordination of each credit default swap. 5. The alignment of interests between the noteholders and the portfolio manager, and the management rules (including the Moody's Metrics constraint) to be followed by the portfolio manager. Moody's analyzed this transaction primarily using the CSO methodology as described in Moody's Special Report below: -- Moody's Approach to Rating Corporate Collateralized Synthetic Obligations, April 2009 Moody's did not give any credit to the 17% structured finance reference obligations and considered them 100% defaulted with 100% severity for the purposes of analyzing the loss distribution of the portfolio. Additionally, Moody's looked at the impact of market implied ratings on the rated tranche. The analysis revealed that a substantial portion of the names included in the corporate portfolios had a negative gap (i.e. the Market Implied Rating was lower than the Moody's rating). In particular, thirty names in the direct corporate portfolio had gaps ranging from -5 to -13 notches. Moody's considered this to be reflective of a bias towards reference entities that posed a higher credit risk relative to their rating category, as a consequence, while the Market Implied Ratings are not the primary drivers of the rating methodology or model, the committee considered the potential impact of this bias in assigning the final ratings on the B5; B4; B3 & B2 credit default swaps at a level 2 notches below the model- indicated rating. Moodys has assessed a V Score of Medium-High assumption uncertainty, in line with the Medium-High score for the Corporate Synthetic CDO sector. V Scores are a relative assessment of the quality of available credit information and of the degree of dependence on various assumptions used in determining the rating. High variability in key assumptions could expose a rating to more likelihood of rating changes. Moody's tested the sensitivity of the model indicated ratings to changes in the portfolio default probabilities and portfolio recovery rates parameters. For example increasing the default probability of the portfolio by 70% generated these model indicated ratings (change in the model-indicated rating from the base case (# of notches) is noted in parentheses): * The results were Class B6 - C(1); Class B5 - Ca(5); Class B4 -- Caa3(7); Class B3 -- B2 (6); Class B2 -- A3(4); Class B1 -- Aaa (0). Likewise a 60% decrease of the recovery rates generated these model indicated ratings: * Class B6 - Ca(0); Class B5 -- Caa3(4); Class B4 --Caa1(5); Class B3 -- Ba3 (4); Class B2 -- A2(3); Class B1 -- Aaa (0). Moody's will monitor this rating. Any change in the rating will be publicly disseminated by Moody's through normal print and electronic media. NEWSROUND TOYCITY: In Liquidation; Murray Named as Liquidator ------------------------------------------------------------- Ian Kehoe at The Sunday Business Post reports that toy chain Toycity has gone into liquidation after being hit by the economic slump and the fall-off in consumer spending. The report relates Tom Murray, a partner with Friel Stafford accountants in Dublin, was appointed liquidator to the holding company behind the chain, Newsround Toycity, in recent days. Mr. Murray, the report says, is now attempting to dispose of the company's assets, which are valued at EUR617,000. The company, the report notes, had been profitable in recent years, but suffered from high rents and falling revenues over the past six months. According to the report, the company, which operated five large outlets in Leinster and Connacht, has liabilities of EUR4.5 million. The report discloses Toycity's statement of affairs shows the company owes some EUR1.2 million in outstanding rents on its five locations. O'BRIEN'S SANDWICH: To Close Nine Irish Stores Under Rescue Plan ---------------------------------------------------------------- Ian Kehoe at The Sunday Business Post reports that O'Brien's Sandwich Bars plans to shut down nine loss making stores and restructure its lease arrangements on another 10 vacant premises under its rescue plan. The report, citing High Court documents, discloses the company, which seeks to avoid liquidation, plans to radically alter the nature of its lease agreements with its franchisees to limit the financial exposure of the master franchise. The report says the company's examiner, Grant Thornton partner Paul McCann, will now attempt to restructure this arrangement and assign all the leases to the franchisees directly. Negotiations will begin this week in relation to the leases, the report notes. Mr. McCann, the report states, is also seeking to source fresh investment, which would be used to offer a dividend to creditors, who will be asked to partially write down their debts. On July 13, 2009, the Troubled Company Reporter-Europe, citing The Irish Times, reported that the High Court placed O'Brien's Sandwich Bars in examinership. According to the Irish Times, O'Brien's, which employs 800 people at its 85 Irish stores, has debts exceeding EUR4 million, including EUR3.4 million it owes Bank of Ireland. The Irish Times disclosed O'Brien's chairman Brody Sweeney said in a statement that franchisees were not subject to examinership. Mr. Sweeney, the Irish Times said, blamed the firm's troubles on the collapse of the property market. Mr. Sweeney, as cited by the Irish Times, said "A number of our franchisees are struggling to pay their rents, as footfalls in shopping centers and high streets across the country fall and consumers are spending less. This in turn puts pressure on our own company, as we hold the head leases for most of the outlets in the chain." Citing an independent accountant's report prepared by KPMG, The Sunday Business Post notes in addition to the ten vacant and nine loss-making stores, 33 of the remaining 54 O'Brien's outlets in Ireland owe rents. O'Brien's Sandwich Bars -- http://www.obriensonline.com/-- has more than 300 stores providing healthy food option in 13 countries across Europe, Asia, Australia and Africa. The company sells made-to-order hot or cold sandwiches -- ShambosTM, Tripledecker, Wrappos and Toosties. The extensive selection includes gourmet coffees, fresh soups, patisseries, deli dishes, salads, snacks and a wide range of soft drinks, including freshly made smoothies and juices from the instore juice bar offerings. =================== K A Z A K H S T A N =================== BIOS PHARM: Creditors Must File Claims by July 17 ------------------------------------------------- Creditors of LLP Bios Pharm have until July 17, 2009, to submit proofs of claim to: The Specialized Inter-Regional Economic Court of Karaganda Alalykin Str. 9 Karaganda Kazakhstan The court commenced bankruptcy proceedings against the company on April 6, 2009. PROM TECH: Creditors Must File Claims by July 17 ------------------------------------------------ Creditors of LLP Prom Tech Montage Service have until July 17, 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 court commenced bankruptcy proceedings against the company on April 7, 2009. L TRADE: Creditors Must File Claims by July 17 ---------------------------------------------- Creditors of LLP L Trade Service have until July 17, 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 court commenced bankruptcy proceedings against the company on April 17, 2009. SYMBAT STROY: Creditors Must File Claims by July 17 --------------------------------------------------- Creditors of LLP Symbat Stroy have until July 17, 2009, to submit proofs of claim to: Luxemburg Str. 1a Room 22 Astana Kazakhstan The Specialized Inter-Regional Economic Court of Astana commenced bankruptcy proceedings against the company on April 6, 2009, after finding it insolvent. The Court is located at: The Specialized Inter-Regional Economic Court of Astana Abai Ave. 36 Astana Kazakhstan TEMIR STROY: Creditors Must File Claims by July 17 -------------------------------------------------- Creditors of LLP Temir Stroy ProjecT have until July 17, 2009, to submit proofs of claim to: The Specialized Inter-Regional Economic Court of Karaganda Alalykin Str. 9 Karaganda Kazakhstan The court of Karaganda commenced bankruptcy proceedings against the company on April 6, 2009. TRISTAN OIL: Lack of Transparency Cues Fitch to Junk Ratings ------------------------------------------------------------ Fitch Ratings has downgraded Tristan Oil Ltd.'s Long-term foreign currency Issuer Default Rating to 'CC' from 'B+' and senior unsecured rating to 'C' from 'B+' with a recovery rating of RR5. The agency has simultaneously maintained the Rating Watch Negative on the Long-term foreign currency IDR and placed the senior unsecured debt class rating on Rating Watch Evolving. The downgrade reflects Fitch's concern about lack of transparency in the structure of the recent debt issuance transaction. This relates to the cash flows between the entities in the structure, the beneficiaries involved in the transaction, creditor rankings under default and sale scenarios, and the overall rationale for the structure. On the basis of information received to date Fitch has concerns that under certain scenarios there is the possibility that existing bond holders positions could be adversely affected. On June 18, 2009 Tristan placed an additional US$111.11 million of Eurobonds (on the same terms as existing bonds) with Laren Holdings Ltd., a BVI special purpose entity that is owned by a charitable trust, whose beneficiaries at present remain unclear. The bonds were placed at a significant discount to face value -- US$30 million -- but represent a further senior unsecured obligation for Tristan of the entire US$111.11 million. The stated purpose of the placing is for payment of the outstanding balance of excess profit tax owed by the operating companies, Kazpolmunai and Tolkynneftegas, and for other general corporate purposes. Laren was able to make the purchase having received a US$60m credit facility, at a very high rate of interest, from a group of lenders, secured on, amongst other assets, the equity of the holding companies which own KPM and TNG. KPM and TNG guarantee Tristan's existing Eurobonds, but according to Tristan are now also guaranteeing Laren's obligations under this credit facility on a subordinated basis. As stated above half of the funds were used to pay for the discounted bonds, but the other half of the proceeds was lent to Montvale Invest Ltd., an oil trader and affiliated company of Tristan. According to Tristan, Montvale used the proceeds to repay a portion of its accounts payable to KPM and TNG, and the latter two entities applied the received proceeds for payment of excess profit tax and other general corporate purposes. At present Fitch does not have access to the credit facility documentation, or inter-creditor agreements relating to the new guaranteed facility or the arrangements with the charitable trust. The agency is concerned that the additional short-term maturity (6 months) of the US$60 million guaranteed Laren facility places Tristan in a position whereby it may be unable to repay the amount from internally generated funds (FYE08 cash position US$9.3 million), at maturity. At this point in time the creditor implications for such a default are not known, due to the lack of information currently available to the agency, leading Fitch to conclude that the funding arrangement is unsustainable under current operating conditions. A material increase in Tristan's leverage has occurred as a result of this transaction with forecast gross leverage now of about 2.6x at year end 2009, based on Fitch's oil price deck (base case) of US$55/bbl, compared with gross leverage of 1.4x at year end 2008 (all based on the nominal value of the Eurobonds outstanding). Overall, the opaque nature of this transaction has also further exacerbated the agency's concerns regarding weak corporate governance standards at Tristan. The worsened recovery prospects have led to a notching down of the senior unsecured debt class rating from the Long-term foreign currency IDR. In order to resolve the RWE placed on the senior unsecured rating, Fitch anticipates receiving further information in the near term from the company to clarify issues related to the transaction (summarised above). The receipt of adequate information, to allow the RWE to be resolved in the near term, should enable Fitch to maintain its rating and thereby not lead to an event risk occurring under the existing bond documentation. The RWN on the Long-term foreign currency IDR has been maintained pending the resolution of the Kazakh authorities' actions related to the potential license revocation at the TNG operating company, and pending criminal charges against the KPM operating company. =================== K Y R G Y Z S T A N =================== AGRO CONTACT: Creditors Must File Claims by August 7 ---------------------------------------------------- LLC Agro Contact is currently undergoing liquidation. Creditors have until August 7, 2009, to submit proofs of claim. Inquiries can be addressed to (0-555) 51-79-79. ===================== N E T H E R L A N D S ===================== E-MAC NL 2002-I: Moody's Junks Ratings on Three Classes of Notes ---------------------------------------------------------------- Moody's Investors Service said that following the execution of transaction amendments that introduced a back-up cash manager in all the Dutch E-MAC residential mortgage-backed securities transactions, it has concluded its review and confirmed the ratings of all the notes in the non-NHG transactions, except those of the E-MAC NL 2002-I, E-MAC NL 2003-I, and E-MAC NL 2003-II transactions. Moody's has downgraded its ratings on all the notes in the E-MAC NL 2002-I transaction, following the July 7, 2009 announcement that as a result of the failure to obtain rating confirmations, the notes are due to be redeemed in full on July 27, 2009 and the publication of the step-up margins payable on the notes as from July 27, 2009, if they are not redeemed on that date. Moody's ratings do not address the likelihood of timely payments under this mandatory redemption. However, the rating agency believes that given the uncertainty regarding the obligation and ability of GMAC RFC Nederland B.V. (GMAC RFC NL) to provide funds for the notes to be redeemed on July 27, 2009, the transaction is now much likelier to move into enforcement, which will change the priority of payments and subordinate payments on each class of notes to the payments of the step up margins on higher ranking notes. As the ratings now incorporate the full probability of this scenario, as well as the execution of the back up cash management agreement, Moody's does not expect to further downgrade its ratings if the notes failed to be redeemed on July 27, 2009 and has therefore concluded its rating review. Moody's has kept the ratings of the E-MAC 2003-I and E-MAC 2003-II transactions on review for possible downgrade, reflecting their exposure to a similar risk of a change in the priority of payments upon enforcement if they became subject to a mandatory redemption, as in the E-MAC NL 2002-I transaction. As the two E-MAC NL 2003 transactions now benefit from a back-up cash manager, Moody's rating review no longer reflects cash management related risks. Moody's expects to conclude its review after revising its assessment of the probability of a mandatory redemption of the notes and a subsequent enforcement scenario. Moody's has also maintained the ratings of the four E-MAC NL NHG transactions on review for possible downgrade while it completes its analysis of transaction-specific features unrelated to cash management. The conclusion of this review will reflect methodology updates detailed in "Moody's Updated Approach to NHG Mortgages in Rating Dutch RMBS" published on 17 March 2009. Moody's placed the ratings of all the notes in the E-MAC NL non- NHG transactions issued prior to April 2008 on review for possible downgrade on December 3, 2008 and those of the four Dutch E-MAC NHG transactions on July 10, 2008. As detailed in press releases issued then, Moody's rating review reflected the exposure of the affected transactions to the ability of GMAC RFC NL to fulfil its role as cash manager in these transactions, if it were to become insolvent. GMAC RFC NL is an indirect wholly-owned subsidiary of Residential Capital, LLC, which was downgraded to Moody's lowest rating of C, on November 20, 2008. Moody's rating review of the 4 E-MAC NL NHG transactions was also prompted by NHG guarantee- related concerns. In addition, on June 16, 2009, Moody's downgraded the ratings of all the notes in the E-MAC NL 2002-I and those of the non-senior classes of notes in the E-MAC NL 2003-I and 2003-II transactions, due to structural features that Moody's believed might affect the likelihood of an event of default (E-MAC 2002-I) and the severity of potential losses to noteholders after the notes are subject to a step-up of interest. A step-up of interest occurs if the notes remain outstanding after the relevant put option date. All the Dutch E-MAC NL transactions are subject to a similar put option process and interest step-up mechanism but Moody's believes that not all of them are exposed to the same credit risks as the affected transactions, due to different structural features. On July 10 back-up agreements for the role of issuer administrator (performing the tasks generally associated with a cash manager), were entered into by the relevant parties in all the E-MAC NL transactions that closed prior to April 2008. Under these agreements, ATC Financial Services B.V. must step in as third- party cash manager, within a short time from the termination of GMAC RFC NL's role as cash manager. In particular, ATC has committed that within two business days from termination of GMAC RFC NL's role as cash manager, it would take over GMAC RFC NL's obligations with respect to payments to be made under the swap and interest payments under the notes. As the E-MAC NL 2003-I and E- MAC NL 2003-II and the four E-MAC NL NHG transactions are also subject to the back-up agreements, Moody's continued review is no longer driven by the risk of a cash management disruption. Moody's notes that in the two most recent Dutch E-MAC transactions issued in 2008 (E-MAC NL 2008-II and E-MAC NL 2008-IV), ATC is the appointed third-party issuer administrator performing most of the cash management functions, although GMAC RFC NL still performs administrative activities at the programme level. Despite their residual exposure to GMAC RFC NL, the ratings of these transactions have not been downgraded or placed on review due to the limited scope of GMAC RFC NL's role. In all of the E-MAC NL transactions, the interest rate on any notes not redeemed at the put option date is subject to a step up. Because this step-up interest (referred to as the "extension margin") is calculated with reference to market prevailing rates, it can be significantly higher than the current interest rate level. This was evidenced by the extension margins published on July 7, 2009 for E-MAC NL 2002-I (for instance, for Class A, the extension margin is 6.87% per annum). The step-up component of the interest on the notes, which is unrated by Moody's, is generally deeply subordinated in the waterfall. In E-MAC NL 2002- I and the EMAC NL 2003-I and 2003-II transactions, in a post- enforcement scenario, the step-up component of the interest on each class of notes would rank higher in the priority of payments than the interest and principal on more junior notes, which could significantly affect the severity of losses on the less senior notes in the transaction. In addition, in that scenario, the step-up component of the interest on each class of notes -- including the senior notes -- would also rank higher than principal payments on the same class of notes, which would affect the severity of principal losses for that class. While Moody's rating downgrades for E-MAC NL 2002-I on June 16, 2009 incorporated the uncertainty as to the outcome of the credit agency confirmation process and the potential consequences of a mandatory redemption, the downgrades incorporate the much higher likelihood of an enforcement process actually occurring after June 27, 2009, given the uncertainty of whether GMAC RFC NL will provide funds to redeem the notes on that date under the mandatory redemption announced on June 7, 2009. However, it should be noted that with respect to principal payments, Moody's ratings address the ultimate payment at par on or before the rated final legal maturity date and not the likelihood of timely payments under a mandatory redemption. Moody's ratings address only the credit risks associated with the transaction. Other risks have not been addressed, but may have a significant effect on yield to investors. Detailed List of Rating Actions E-MAC NL 2002-I B.V. -- Class A, downgraded to Baa1; previously on 18 June 2009 Aa3 placed under review for possible downgrade -- Class B, downgraded to Ca; previously on 18 June 2009 downgraded to Ba1 and maintained under review for possible downgrade -- Class C, downgraded to C; previously on 18 June 2009 downgraded to Ba2 and maintained under review for possible downgrade -- Class D, downgraded to C; previously on 18 June 2009 downgraded to B2 and maintained under review for possible downgrade E-MAC NL 2004-I B.V. -- Class A, confirmed at Aaa; previously on 03 December 2008 Aaa placed under review for possible downgrade -- Class B, confirmed at A2; previously on 03 December 2008 A2 placed under review for possible downgrade -- Class C, confirmed at Baa2; previously on 03 December 2008 Baa2 placed under review for possible downgrade E-MAC NL 2004-II B.V. -- Class A, confirmed at Aaa; previously on 03 December 2008 Aaa placed under review for possible downgrade -- Class B, confirmed at Aa3; previously on 03 December 2008 Aa3 placed under review for possible downgrade -- Class C, confirmed at Baa1; previously on 03 December 2008 Baa1 placed under review for possible downgrade E-MAC NL 2005-I B.V. -- Class A, confirmed at Aaa; previously on 03 December 2008 Aaa placed under review for possible downgrade -- Class B, confirmed at Aa3; previously on 03 December 2008 Aa3 placed under review for possible downgrade -- Class C, confirmed at Baa1; previously on 03 December 2008 Baa1 placed under review for possible downgrade E-MAC NL 2005-III B.V. -- Class A, confirmed at Aaa; previously on 03 December 2008 Aaa placed under review for possible downgrade -- Class B, confirmed at Aa3; previously on 03 December 2008 Aa3 placed under review for possible downgrade -- Class C, confirmed at Baa1; previously on 03 December 2008 Baa1 placed under review for possible downgrade E-MAC NL 2006-II B.V. -- Class A, confirmed at Aaa; previously on 03 December 2008 Aaa placed under review for possible downgrade -- Class B, confirmed at Aa3; previously on 03 December 2008 Aa3 placed under review for possible downgrade -- Class C, confirmed at Baa1; previously on 03 December 2008 Baa1 placed under review for possible downgrade E-MAC Program B.V./ Compartment NL 2006-III -- Class A1, confirmed at Aaa; previously on 03 December 2008 Aaa placed under review for possible downgrade -- Class A2, confirmed at Aaa; previously on 03 December 2008 Aaa placed under review for possible downgrade -- Class B, confirmed at Aa3; previously on 03 December 2008 Aa3 placed under review for possible downgrade E-MAC Program B.V./ Compartment NL 2007-I -- Class A1, confirmed at Aaa; previously on 03 December 2008 Aaa placed under review for possible downgrade -- Class A2, confirmed at Aaa; previously on 03 December 2008 Aaa placed under review for possible downgrade -- Class B, confirmed at Aa3; previously on 03 December 2008 Aa3 placed under review for possible downgrade E-MAC Program B.V. / Compartment NL 2007-III -- Class A1, confirmed at Aaa; previously on 03 December 2008 Aaa placed under review for possible downgrade -- Class A2, confirmed at Aaa; previously on 03 December 2008 Aaa placed under review for possible downgrade -- Class B, confirmed at Aa2; previously on 03 December 2008 Aa2 placed under review for possible downgrade -- Class C, confirmed at A2; previously on 03 December 2008 A2 placed under review for possible downgrade E-MAC Program II B.V. / Compartment NL 2007-IV -- Class A, confirmed at Aaa; previously on 03 December 2008 Aaa placed under review for possible downgrade -- Class B, confirmed at Aa3; previously on 03 December 2008 Aa3 placed under review for possible downgrade -- Class C, confirmed at A2; previously on 03 December 2008 A2 placed under review for possible downgrade -- Class D, confirmed at Baa3; previously on 03 December 2008 Baa3 placed under review for possible downgrade E-MAC Program III B.V. / Compartment NL 2008-I -- Class A1, confirmed at Aaa; previously on 03 December 2008 Aaa placed under review for possible downgrade -- Class A2, confirmed at Aaa; previously on 03 December 2008 Aaa placed under review for possible downgrade -- Class B, confirmed at Aa2; previously on 03 December 2008 Aa2 placed under review for possible downgrade -- Class C, confirmed at A2; previously on 03 December 2008 A2 placed under review for possible downgrade =========== R U S S I A =========== B&N BANK: Fitch Changes Outlook to Negative; Affirms 'B-' Rating ---------------------------------------------------------------- Fitch Ratings has revised Russia-based B&N Bank's Outlook to Negative from Stable, while affirming the Long-term Issuer Default Rating at 'B-'. Simultaneously, Fitch has downgraded the bank's National Long-term rating to 'BB-(rus)' from BB(rus)' and changed the Outlook to Negative from Stable. A full list of rating actions follows at the end of this release. The rating actions reflect the sharp deterioration in the bank's asset quality over the last few months and uncertainty surrounding the extent of further losses which the bank will need to recognize on its loan portfolio. Non-performing loans have risen considerably since the onset of the crisis in Russia, with 10.8% of loans at least three months in arrears at end-May 2009, driven primarily by increasing retail NPLs (23% at end-May 2009). Corporate NPLs were at a more modest 5%, although corporate loan restructuring increased sharply to about 27% of the corporate portfolio, according to management data. Loan impairment has been greatest in retail and corporate portfolios most exposed to the real estate downturn, and Fitch expects non-performing assets to continue to climb through the rest of 2009 as the bank's retail and corporate clients continue to face growing economic pressures. Fitch expects elevated credit costs to significantly strain earnings in 2009. B&N recorded a sizeable net loss in January-May under National GAAP (equal to 23% of end-2008 equity), as management continued to provide to loan loss reserves in recognition of increasing impairment. If asset quality continues to deteriorate rapidly and is accompanied by a significant weakening in the bank's capital position, this could result in a downgrade of the ratings. At the same time, Fitch notes that the bank's current capital position continues to offer material loss absorption capacity; the agency estimates that the ratio of impairment reserves to loans could have risen to 19.6% at end-May 2009 before the regulatory capital ratio (15.8% at end-May) would have fallen to the minimum 10%. B&N's ratings are also supported by the fact that the bank has little wholesale debt outstanding following the maturity of the bank's US$200 million eurobond in May 2009 (part of the issue had earlier been bought back by the bank). The recent relative stability of the deposit base (which now accounts for 81% of liabilities), combined with a currently solid liquidity buffer about 13% of assets in cash and repoable securities, plus 20% in short-term interbank placements), provides the bank with some flexibility to navigate through the ongoing crisis. B&N is a medium-sized Russian bank. Its core focus is on lending to medium-sized local corporates, although it has been expanding its operations quite aggressively into the retail market and undertaking regional expansion. B&N is controlled by Russian businessman, Mikhail Shishkhanov, who is, as the bank's CEO, closely involved in operational management. Rating actions: -- Long-term IDR: affirmed at 'B-'; Outlook changed to Negative from Stable -- Short-term IDR: affirmed at 'B' -- National Long-term Rating: downgraded to 'BB-(rus)'from 'BB(rus)'; Outlook changed to Negative from Stable -- Individual rating: affirmed at 'D/E' -- Support rating: affirmed at '5' -- Support Rating Floor: affirmed at 'No Floor' GALLERY MEDIA: Moody's Cuts Probability of Default Rating to 'Ca' ----------------------------------------------------------------- Moody's Investors Service has downgraded the probability of default rating of Gallery Media Group Ltd. to Ca from Caa3. The corporate family rating of Gallery and the existing bond rating of Gallery Capital SA remain at Caa3, on review for downgrade. The action was prompted by the expiry of the grace period which commenced on May 15, 2009, triggered by the company's failure to pay interest on its US$175 million Senior Secured Notes issued by Gallery Capital S.A. Moody's understands that the company is in negotiations with the creditors. The CFR and the bond rating remain on review for downgrade given limited visibility on the probable outcome of the restructuring and the recoveries. The last rating action on Gallery was on May 13, 2009 when Moody's downgraded the corporate family rating of Gallery Media Group Ltd., the existing bond rating of Gallery Capital SA, and probability of default rating from Caa2 to Caa3, and placed all ratings on review for downgrade. Gallery's ratings were assigned by evaluating factors Moody's believe are relevant to the credit profile of the issuer, such as i) the business risk and competitive position of the company versus others within its industry; ii) the capital structure and financial risk of the company; iii) the projected performance of the company over the near to intermediate term; and iv) management's track record and tolerance for risk. These attributes were compared against other issuers both within and outside of Gallery's core industry and Gallery's ratings are believed to be comparable to those of other issuers of similar credit risk. Headquartered in Moscow, Russia, Gallery currently operates the second-largest outdoor advertising network after News Outdoor in Russia and Ukraine (based on revenues and the number of advertising faces owned). During the year of 2008, Gallery reported revenues of US$212 million and adjusted for imputed tax EBITDA of US$59.6 million. Net loss for the year 2008 amounted to US$156.2 million, reflecting significant impairment losses on the Russian and Ukrainian assets, and foreign exchange losses. GAZ OAO: Alfa Bank Balks at Debt Restructuring Deal --------------------------------------------------- Toni Vorobyova at Reuters reports that GAZ OAO has agreed to the restructuring of RUR40 billion (US$1.25 billion) of debt with most creditors. Reuters relates Valeri Lukin, managing director of 60 percent shareholder Russian Machines, told Vedomosti that GAZ hopes to sign the agreements by August 1. According to Reuters, Vedomosti said Alfa Bank is unhappy with the terms and could jeopardize the deal. Reuters says the agreement with all 18 creditors is needed but the bank does not want to sign. Reuters discloses a bank representative told the business daily that the business model presented by the management of GAZ is ineffective. GAZ, controlled by indebted Russian tycoon Oleg Deripaska through Russian Machines, has secured state guarantees worth EUR20 billion for its loan, Reuters notes. The money, Reuters states, will be used as collateral for half the planned debt restructuring. GAZ OAO (GAZ OJSC) -- http://www.gazgroup.ru/-- is a Russia-based automotive manufacturer. The Company produces light commercial vehicles, trucks, buses, diesel engines, cars, power-train components, road construction equipment, as well as spare parts for produced vehicles. The Company's sales markets include Eastern Europe, South-East Asia, South America, the Middle East, Africa and the Commonw ealth of Independent States countries. GAZ OAO has five manufacturing plants Commercial Vehicle Plant in Nizhny Novgorod, Pavlovo Bus Plant, Linkino Bus Plant, Avtodizel on Yaroslavl and Ural Truck Plant. The Company operates through one representative office located in Hungary and 49 subsidiaries and two affiliated companies. It is 61.34%-owned by Sberbank Rossii OAO. MECHEL OAO: Set to Sign Debt Restructuring Deal ----------------------------------------------- Alexander Kolyandr at Dow Jones Newswires reports that OAO Mechel said it plans to sign a deal in coming days to restructure US$3.5 billion of its US$5.8 billion in debt. Dow Jones relates Mechel in June said it wouldn't be able to survive unless its creditors agreed to restructure its loans. Mechel, Dow Jones discloses, posted a first-quarter net loss of US$690.1 million, compared with a net profit of US$500 million a year earlier. The company attributed the loss to lower demand for steel and coal and a loss of US$592 million caused by the ruble's sharp drop against the dollar, Dow Jones notes. Mechel OAO (Mechel Steel Group OAO) -- http://www.mechel.com/-- is a Russia-based vertically integrated mining and metals company. The Company's business comprises two segments, mining and steel. The mining segment includes the production and sale of coal, iron ore and nickel, while the steel business covers the production and sale of semi-finished steel products, carbon and stainless flat products as well as value added downstream metal products, such as hardware, stampings and forgings. In addition, Mechel OAO owns and operates two trade ports, a railway and an energy company. It has production facilities located in Russia, Romania and Lithuania. The Company has 22 subsidiaries, of which 12 are wholly owned. Numerous representative offices located worldwide, allow the Company to offer its products on both domestic and international markets. PROBUSINESSBANK: Fitch Puts 'B-' Issuer Ratings on Negative Watch ----------------------------------------------------------------- Fitch Ratings has placed ratings of Russia-based Probusinessbank, including its 'B-' Long-term Issuer Default Ratings, on Rating Watch Negative, reflecting asset quality and capital concerns. The RWN on the Long-term IDRs replaces the Negative Outlook assigned earlier, and indicates the heightened probability of a downgrade in the near-term following a full review of the bank. A list of rating actions is detailed at the end of this announcement. The RWN reflects continued deterioration of asset quality at both PBB and its subsidiary banks, combined with the limited ability offered by the banks' capital to absorb any future losses. Non- performing loans (those 90 days or more overdue), as reported by management, stood at 8.6% in PBB (unconsolidated) at end-May 2009, and 11.9% on a consolidated basis. PBB's regulatory capital adequacy ratio was 11% at end-H109, with the regulatory minimum at 10%, and ratios at VUZ Bank and Express Volga, the two largest subsidiaries, were in the 11%-12% range. Impairment reserve coverage of reported NPLs was 115% at PBB (stand-alone) at end-May 2009, but closer to 100% on a consolidated basis. The capital ratio of PBB's third-largest subsidiary, the recently acquired Bank24.ru, was just 2% at end-May, reflecting a waiver received from the Central Bank of Russia in respect to compliance with minimum capital adequacy requirements. Although PBB has applied for a RUB665 million subordinated loan from Vnesheconombank (equal to 13% of end-H109 regulatory capital), Fitch believes this will not by itself be sufficient to strengthen the bank's capital position, given the already high proportion of tier 2 in the bank's capital and the negative trend in asset quality. At the same time, Fitch notes PBB's solid reported pre-impairment profit in 2009 to date (RUB1.4 billion in H109, equal to 28% of end-H109 regulatory capital). Given its balance sheet size (just over RUB50 billion stand-alone at end- H109), PBB could also be a potential beneficiary of any Russian government bank recapitalization plan, while long-standing relationships with international financial institutions may feasibly offer another source of new capital. The liquidity position is currently comfortable given the stability of the deposit base, limited refinancing risk and substantial long-term funding received from the Deposit Insurance Agency to restructure Bank24.ru and Gazenergobank, another distressed bank acquired by PBB in Q408. Potential big ticket wholesale borrowing repayments in H209 are equal to only 4% of total assets, represented by the still outstanding part of an US$80 million Eurobond which has a put option in August. Highly liquid assets (cash and equivalents and unpledged securities eligible for refinancing with the Central Bank of Russia (repo) amounted to 14% of total assets at PBB (stand-alone) at end-H109, albeit in part these represented balances held at subsidiary banks, while an unsecured line from the CBR was unutilised at end- H109. Fitch's review of PBB, and its resolution of the RWN, will focus primarily on asset quality trends in the bank and its subsidiaries and group recapitalisation plans. Given the complexity of the group, the high level of integration between the group's banks and the limitations of analysis of PBB on a standalone basis, Fitch will seek to utilize consolidated data in its review. The ratings could be downgraded if PBB's capital position does not improve and/or if a review of the bank's asset quality suggests that further impairment will likely need to be recognized. PBB is the parent of a banking group which at present includes five other Russian banks. PBB's stand-alone balance sheet of RUB55 billion made it one of the largest 60 banks in Russia, Fitch estimates, at end-H109. The subsidiaries have combined balance sheets of c.RUB36 billion, meaning that on a consolidated basis the group would probably rank among the 40 largest banking groups in the country. Group banks provide services to corporate, retail and SME clients under the common "Life" brand, but have retained their original names. Four individuals, who are also senior managers of the bank, own 58.4% of PBB, while four private equity funds hold the remaining 41.6%. The rating actions are: -- Long-term foreign currency IDR: 'B-'; placed on RWN -- Senior unsecured debt; 'B-' placed on RWN; Recovery Rating at 'RR4' -- Long-term local currency IDR: 'B-' placed on RWN -- Short-term IDR: 'B'; placed on RWN -- National Long-term rating: 'BB-(rus)'; placed on RWN -- Individual rating: 'D/E', placed on RWN -- Support rating: affirmed at '5' -- Support rating floor: affirmed at 'No Floor' RAIFFEISENBANK ZAO: Fitch Assigns 'D' Individual Rating ------------------------------------------------------- Fitch Ratings has assigned ZAO Raiffeisenbank's upcoming issues of fixed-rate RUB-denominated bonds (Series 7-9) expected National Long-term ratings of 'AAA(rus)'. The 5-year bonds are to be issued in three series of RUB5 billion, RUB5 billion and RUB10 billion each. The final ratings are contingent upon the receipt of final documents conforming to information already received. * ZAO Raiffeisenbank's ratings are: Long-term Issuer Default rating 'BBB+', Short-term IDR 'F2', Support Rating '2', Individual Rating 'D', National Long-term rating 'AAA(rus)'. The Outlook for the Long-term IDR is Negative, and the Outlook for the National Long-term rating is Stable. The bank's obligations under the issues will rank at least equally with all its other unsecured and unsubordinated creditors, except those preferred by any bankruptcy, employment, insolvency, liquidation or similar laws of general application. Under Russian law, the claims of retail depositors rank above those of other senior unsecured creditors. Established in Moscow in 1996, ZAO Raiffeisenbank is 99.97%-owned by Raiffeisen International Bank-Holding AG, which in turn is 68.5%-owned by Austria's Raiffeisen Zentralbank Osterreich AG (RZB; Support Rating '1'). Raiffeisen International is a management holding company for RZB's banking and leasing subsidiaries operating in 17 central and eastern European countries. At end-2008, ZAO Raiffeisenbank was the ninth-largest bank by asset size in Russia, with a broad corporate, investment and retail banking franchise. At end-May, 2009, the bank's network included 222 branches and banking outlets and about 1,400 ATMs in 45 regions across Russia. SHIPREPAIRING-PRIMORSKIY OJSC: Claims Filing Period Ends Aug. 10 ---------------------------------------------------------------- The Arbitration Court of Primorskiy commenced bankruptcy proceedings against OJSC Shiprepairing-Primorskiy Plant after finding the company insolvent. The case is docketed under Case No. ?51�10942/2008 15�56B. Creditors have until Aug. 10, 2009, to submit proofs of claims to: Ye.Novochikhin Insolvency Manager Sudoremontnaya Str. 32 Nakhodka 692911 Primorskiy Russia The Debtor can be reached at: OJSC Shiprepairing-Primorskiy Plant Sudoremontnaya Str. 32 Nakhodka 692911 Primorskiy Russia TONOT LLC: Creditors Must File Claims by August 10 -------------------------------------------------- The Arbitration Court of Moskovskaya commenced bankruptcy proceedings against LLC Tonot (Construction) after finding the company insolvent. The case is docketed under Case No. ?41�1120/09 Creditors have until Aug. 10, 2009, to submit proofs of claims to: Yu.Zmievets Insolvency Manager Office 13 Sadovnicheskaya Str. 21 115035 Moscow Russia The Debtor can be reached at: LLC Tonot Proezd Zavodskoy 16 Protvino Moskovskaya Russia TVER-INVA-STROY LLC: Creditors Must File Claims by August 5 ----------------------------------------------------------- The Arbitration Court of Tverskaya commenced bankruptcy proceedings against LLC Tver-Inva-Stroy (TIN 6905063417, PSRN 1026900571026) (Construction) after finding the company insolvent. The case is docketed under Case No. ?66�6703/2007. Creditors have until Aug. 5, 2009, to submit proofs of claims to: A. Gulyaev Insolvency Manager Post User Box 266 Postal Office 100 170100 Tver Russia The Debtor can be reached at: LLC Tver-Inva-Stroy Pushkinskaya Str. 9 Tver Russia VLADIKAVKAZSKIY INSTRUMENT: Creditors Must File Claims by August 5 ------------------------------------------------------------------ Creditors of OJSC Vladikavkazskiy Instrument-Making Plant (TIN 1504001862, PSRN 1021500507214) have until Aug. 5, 2009, to submit proofs of claims to: S. Shevchenko Insolvency Manager Office 4 Lermontova Str. 343 355029 Stavropol Russia The Arbitration Court of North Osetia will convene at 10:00 a.m. on Oct. 26, 2009, to hear bankruptcy proceedings on the company. The case is docketed under Case No. ?61�1157/08. The Debtor can be reached at: OJSC Vladikavkazskiy Instrument-Making Plant Bratyev Gazdanovykh Str. 64 Vladikavkaz Russia ========= S P A I N ========= TDA IBERCAJA: Moody's Assigns (P)'C' Rating on Series B Notes ------------------------------------------------------------- Moody's Investors Service assigned provisional credit ratings to these classes of Notes issued by TDA IBERCAJA ICO-FTVPO FTH: -- (P)Aaa to the EUR409.5 million Series A(G) notes -- (P)C to the EUR37.7 million Series B notes The transaction represents the securitization of Spanish residential mortgage loans originated by Caja de Ahorros y Monte de Piedad de Zaragoza, Aragon Y Rioga. The assets being securitized are all backed by VPO properties. VPO properties are residential properties that are offered at a lower price than the market value as a result of various forms of government aid. Moody's based the provisional ratings primarily on: (i) an evaluation of the underlying portfolio of loans; (ii) an analysis of the collateral historical performance; (iii) the swap agreements hedging the interest rate risk; (iv) the credit enhancement provided by the reserve fund, the subordination of the notes, and the excess spread; and (v) the legal and structural integrity of the transaction. The key parameters used to calibrate the loss distribution curve for this portfolio include a Milan Aaa CE of 7.7% and an expected loss of 2.4%. In the structure, penalty interest is not transferred to the Fund, which drove to a Milan Aaa CE in excess of the standard Milan model outcome. The V Score for this transaction is Medium/High, which is higher than the Medium V Score assigned for the Spanish RMBS sector. This is due to the limited historical data for VPO, the limited historical information provided by the originator which doesn't cover a severe stress scenario, and the complexity of the analysis resulting from the specific characteristics of this collateral as well as this transaction's penalty interest mechanics. V Scores are a relative assessment of the quality of available credit information and of the degree of dependence on various assumptions used in determining the rating. High variability in key assumptions could expose a rating to more likelihood of rating changes. The V-Score has been assigned accordingly to the report "V-Scores and Parameter Sensitivities in the Major EMEA RMBS Sectors" published in April 2009. The Spanish Government announced on November 4, 2008 a package of aid to assist unemployed, self employed and pensioner borrowers through a form of mortgage subsidy aid. It is unclear how the transaction will be affected, although both liquidity and credit implications are possible on this portfolio. However, any implications on the ratings will ultimately depend on the actual financial aid conditions which will be approved. The provisional ratings address the expected loss posed to investors by the legal final maturity. In Moody's opinion, the structure allows for timely payment of interest and ultimate payment of principal at par on or before the rated final legal maturity date in May 2036 for the Series A(G) note, and ultimate payment of principal at par on or before the rated final legal maturity date for the Series B note. 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 the yield to investors. Moody's issues provisional ratings in advance of the final sale of securities and these ratings represent Moody's preliminary opinion. Upon a conclusive review of the transaction and associated documentation, Moody's will endeavor to assign definitive rating to the Notes. A definitive rating may differ from a provisional rating. ===================== S W I T Z E R L A N D ===================== ARBIG IMMO GMBH: Claims Filing Deadline is July 20 -------------------------------------------------- Creditors of ARBIG Immo GmbH are requested to file their proofs of claim by July 20, 2009, to: Christine Augsburger Im Feld 1 4663 Aarburg Switzerland The company is currently undergoing liquidation in Aarburg. The decision about liquidation was accepted at an extraordinary shareholders' meeting held on April 23, 2009. BERNARDI EDV: Creditors Must File Claims by July 22 --------------------------------------------------- Creditors of Bernardi EDV AG are requested to file their proofs of claim by July 22, 2009, to: Heimo Treuhand AG Im Zentrum 1 9300 Wittenbach Switzerland The company is currently undergoing liquidation in Wittenbach. The decision about liquidation was accepted at a general meeting held on May 12, 2009. HRB PARKETT: Creditors Must File Claims by July 24 --------------------------------------------------- Creditors of HRB Parkett GmbH are requested to file their proofs of claim by July 24, 2009, to: Raphael Buerki Liquidator Rainstrasse 39 8645 Jona SG Switzerland The Company is currently undergoing liquidation in Rapperswil- Jona. The decision about liquidation was accepted at a shareholders' meeting held on September 11, 2008. SWISSALP IMMO: Claims Filing Deadline is July 20 ------------------------------------------------ Creditors of Swissalp Immo Chur AG are requested to file their proofs of claim by July 20, 2009, to: Dr.iur. Juerg Riedi Hartbertstrasse 11 Mail Box 180 7002 Chur Switzerland The company is currently undergoing liquidation in Chur. The decision about liquidation was accepted at an extraordinary general meeting held on May 27, 2009. ============= U K R A I N E ============= COMPLEX SMV: Creditors Must File Claims by August 1 --------------------------------------------------- Creditors of LLC Complex SMV (code EDRPOU 31451356) have until August 1, 2009, to submit proofs of claim to: V. Shelupets Insolvency Manager F. Kon Str. 5 Donetsk Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company on June 25, 2009. The case is docketed under Case No. 43/223. The Court is located at: The Economic Court of Kiev B. Hmelnitskiy street 44-b 01030 Kiev Ukraine The Debtor can be reached at: LLC Complex SMV Kerchenskaya Str. 7/7 03151 Kiev Ukraine OKSANA LLC: Creditors Must File Claims by August 1 -------------------------------------------------- Creditors of LLC Oksana (code EDRPOU 23978085) have until August 1, 2009, to submit proofs of claim to: D. Goncharov Insolvency Manager Shevchenko Boulevard 31/307 83017 Donetsk Ukraine The Economic Court of Donetsk commenced bankruptcy proceedings against the company on June 4, 2004. The case is docketed under Case No. 5/167b. The Court is located at: The Economic Court of Donetsk Artem Str. 157 Donetsk Ukraine The Debtor can be reached at: LLC Oksana Cosmonauts Str. 56 Druzhkovka 84200 Donetsk Ukraine SHARM CJSC: Creditors Must File Claims by August 1 ---------------------------------------------------- Creditors of CJSC Sharm (code EDRPOU 19139350) have until August 1, 2009, to submit proofs of claim to: S. Liaschenko Insolvency Manager Post Office Box 1784 49027 Dnepropetrovsk Ukraine The Economic Court of Dnepropetrovsk commenced bankruptcy proceedings against the company on June 23, 2009. The case is docketed under Case No. B24/101-09. The Court is located at: The Economic Court of Dnepropetrovsk Kujbishev Str. 1a 49600 Dnepropetrovsk Ukraine The Debtor can be reached at: CJSC Sharm Novokrimskaya Str. 1 49000 Dnepropetrovsk Ukraine UKRAINE AUTO: Moody's Junks Ratings on US$18.7 Mln Class B Notes ---------------------------------------------------------------- Moody's Investors Service has downgraded and left on review for further downgrade these classes of Notes of certain Ukrainian ABS and RMBS Transactions backed by US$-denominated collateral originated in Ukraine. Issuer: Ukraine Mortgage Loan Finance No. 1 PLC -- Class B US$36,900,000 Residential Mortgage Backed Floating Rate Notes due 2031, Downgraded to B3 from B1, on review for possible downgrade. Previously on 22 May 2009 ratings were downgraded from Ba3 to B1 following the downgrade of the Foreign Currency Ceiling of Ukraine. The Class A US$134,100,000 Residential Mortgage Backed Floating Rate Notes due 2031 issued by Ukraine Mortgage Loan Finance No. 1 Plc remains on review for possible downgrade. Issuer: Ukraine Auto Loan Finance No.1 PLC -- Class A US$85,800,000 Floating Rate Notes due 2018, Downgraded to B1 from Ba1, on review for possible downgrade. Previously on 22 May 2009 ratings were downgraded from Baa3 to Ba1 following the downgrade of the Local Currency Ceiling of Ukraine. -- Class B US$18,700,000 Floating Rate Notes due 2018, Downgraded to Caa1 from B1, on review for possible downgrade. Previously on 22 May 2009 ratings were downgraded from Ba3 to B1 following the downgrade of the Foreign Currency Ceiling of Ukraine. These actions result from the increased risk of redenomination in Ukraine due to the general adverse economic conditions in Ukraine combined with the potential risk of government intervention. For instance Moody's notes a recent proposal by the President of Ukraine for a change to the Law on Banks and Banking, which would allow borrowers to repay foreign currency loans using domestic currency (the hryvnia) at the exchange rate set by the National Bank of Ukraine on the date of repayment. Although the law remains to be voted in parliament, if adopted, it could provide the tools to support borrowers at the expense of Noteholders if the exchange rate set by the NBU was set at a rate different from the market rate. In addition, general adverse economic conditions that Ukraine is currently experiencing combined with recent depreciation of hryvnia lead to an increased pressure on the borrowers who may suffer as a result of increased unemployment rate in the country and have to repay their loans in US Dollars. This, in turn, puts an increased pressure on the government of Ukraine to redenominate these loans into hryvnia at the exchange rate, which would be more affordable for consumers. These factors resulted in an increase in the probability of redenomination assumed in the analysis, which led to the downgrade of the above mentioned notes. The Class A note of the Ukraine Mortgage Loan Finance No. 1 PLC transaction was not downgraded because the high degree of subordination available for this note (over 60% including 9.5% reserve fund) limited the impact of the revised redenomination probability assumption on this note. In addition, these transactions are impacted by the downgrade of PrivatBank's long-term global local currency deposit rating to Ba3 from Ba1. PrivatBank is the originator and servicer for these transactions, and, as a result, the ratings of the notes issued by these transactions are linked to the ratings of PrivatBank due to the true sale concerns resulting from the untested legal system in Ukraine. Due to the remaining risk associated with redenomination, all notes of these transactions will remain on review for possible downgrade. During the review process, Moody's will monitor any further developments with regards to the law proposal described above, and, if necessary, re-model the redenomination risk with updated assumptions. UKRAINE MORTGAGE: Moody's Cuts Rating on Class B Notes to 'B3' -------------------------------------------------------------- Moody's Investors Service has downgraded and left on review for further downgrade these classes of Notes of certain Ukrainian ABS and RMBS Transactions backed by US$-denominated collateral originated in Ukraine. Issuer: Ukraine Mortgage Loan Finance No. 1 PLC -- Class B US$36,900,000 Residential Mortgage Backed Floating Rate Notes due 2031, Downgraded to B3 from B1, on review for possible downgrade. Previously on 22 May 2009 ratings were downgraded from Ba3 to B1 following the downgrade of the Foreign Currency Ceiling of Ukraine. The Class A US$134,100,000 Residential Mortgage Backed Floating Rate Notes due 2031 issued by Ukraine Mortgage Loan Finance No. 1 Plc remains on review for possible downgrade. Issuer: Ukraine Auto Loan Finance No.1 PLC -- Class A US$85,800,000 Floating Rate Notes due 2018, Downgraded to B1 from Ba1, on review for possible downgrade. Previously on 22 May 2009 ratings were downgraded from Baa3 to Ba1 following the downgrade of the Local Currency Ceiling of Ukraine. -- Class B US$18,700,000 Floating Rate Notes due 2018, Downgraded to Caa1 from B1, on review for possible downgrade. Previously on 22 May 2009 ratings were downgraded from Ba3 to B1 following the downgrade of the Foreign Currency Ceiling of Ukraine. These actions result from the increased risk of redenomination in Ukraine due to the general adverse economic conditions in Ukraine combined with the potential risk of government intervention. For instance Moody's notes a recent proposal by the President of Ukraine for a change to the Law on Banks and Banking, which would allow borrowers to repay foreign currency loans using domestic currency (the hryvnia) at the exchange rate set by the National Bank of Ukraine on the date of repayment. Although the law remains to be voted in parliament, if adopted, it could provide the tools to support borrowers at the expense of Noteholders if the exchange rate set by the NBU was set at a rate different from the market rate. In addition, general adverse economic conditions that Ukraine is currently experiencing combined with recent depreciation of hryvnia lead to an increased pressure on the borrowers who may suffer as a result of increased unemployment rate in the country and have to repay their loans in US Dollars. This, in turn, puts an increased pressure on the government of Ukraine to redenominate these loans into hryvnia at the exchange rate, which would be more affordable for consumers. These factors resulted in an increase in the probability of redenomination assumed in the analysis, which led to the downgrade of the above mentioned notes. The Class A note of the Ukraine Mortgage Loan Finance No. 1 PLC transaction was not downgraded because the high degree of subordination available for this note (over 60% including 9.5% reserve fund) limited the impact of the revised redenomination probability assumption on this note. In addition, these transactions are impacted by the downgrade of PrivatBank's long-term global local currency deposit rating to Ba3 from Ba1. PrivatBank is the originator and servicer for these transactions, and, as a result, the ratings of the notes issued by these transactions are linked to the ratings of PrivatBank due to the true sale concerns resulting from the untested legal system in Ukraine. Due to the remaining risk associated with redenomination, all notes of these transactions will remain on review for possible downgrade. During the review process, Moody's will monitor any further developments with regards to the law proposal described above, and, if necessary, re-model the redenomination risk with updated assumptions. =========================== U N I T E D K I N G D O M =========================== ASTON MARTIN: To Cut 95 Jobs at Gaydon Plant -------------------------------------------- BBC News reports that up to 95 of the 1,200 workers at Aston Martin's plant in Gaydon in Warwickshire are to lose their jobs. According to BBC, a company spokesman said the redundancies were part of 600 jobs cuts -- a third of the workforce -- announced in December. Des Quinn, The Transport and General Workers' Union's regional organizer, as cited by BBC, said he was concerned at the number of cuts but discussions with management were on-going. BBC recalls production line staff were put on a three-day week in January. As reported in the Troubled Company Reporter-Europe on January 20, 2009, The Daily Telegraph said Aston warned it could breach its banking covenants later this year amid the economic downturn. The Daily Telegraph said David Richards, chairman of Aston, admitted in an interview that the current turmoil could force the company into a technical breach of its covenants. The company, the Daily Telegraph disclosed, had been forced to make a series of cutbacks after it was left with a huge overhang of unsold stock as buyers of its cars, which start at about GBP83,000, have proved to be scarce. Based in Gaydon, Warwickshire, Aston Martin Lagonda Limited -- http://www.astonmartin.com/-- manufactures luxury sports cars. BRITISH AIRWAYS: Shareholders Support GBP500 Mln Rights Issue ------------------------------------------------------------- Tim Webb at The Observer reports that British Airways plc has secured shareholder backing for an emergency rights issue to secure the airline's survival. According to the Observer, BA chief executive Willie Walsh sounded out a dozen of BA's largest institutional investors about raising capital at a meeting held at the offices of its broker, Merrill Lynch, at the end of last month. The Observer discloses analysts said that BA could be forced to tap the market for GBP500 million unless passenger numbers recover soon to shore up its creaking balance sheet. "If the economy limps on for another six months and if oil prices stay high, BA might as well get on with it now," a fund manager present at the meeting told the Observer. The Observer relates one top 10 shareholder who was also present added that there was "unanimous support" from institutions for a rights issue. BA declined to comment on reports of the rights issue. About British Airways Headquartered in Harmondsworth, England, British Airways Plc (LON:BAY) -- http://www.ba.com/-- is engaged in the operation of international and domestic scheduled air services for the carriage of passengers, freight and mail, and the provision of ancillary services. The Company's principal place of business is Heathrow. The Company also operates a worldwide air cargo business with its scheduled passenger services. The Company operates international scheduled airline route networks, comprising some 300 destinations at March 31, 2008. During the fiscal year ended March 31, 2008 (fiscal 2008), British Airways carried more than 33 million passengers. It carried 805,000 tons of cargo to destinations in Europe, the Americas and worldwide. At March 31, 2008, it had 245 aircraft in service. In July 2008, British Airways plc completed the purchase of French airline L'Avion. * * * As reported in the Troubled Company Reporter-Europe on July 13, 2009, Moody's lowered the Corporate Family and Probability of Default Ratings of British Airways plc to Ba3; the senior unsecured and subordinate ratings have been lowered to B1 and B2, respectively. Moody's said the outlook is stable. BRITISH AIRWAYS: Spain's Iberia Wants to Close Merger Deal ---------------------------------------------------------- Graham Keeley at The Times reports that Spain's Iberia Lineas Aereas de Espana SA is eyeing to seal a merger deal with British Airways plc. The report relates Antonio Vazquez Romero, the executive chairman, told Cinco Dias, the Spanish newspaper, "I've come here with the object of closing a deal with our British partners. Negotiations cannot drag on much longer, but this isn't to say that we are in a rush to seal a deal at any price." The report discloses Mr. Vazquez said that any fusion between BA and Iberia had to bring positive results for the Spanish airline. Mr. Vazquez, the report notes, was replacing Fernando Conte, 59, who had run Iberia for seven years. According to the report, analysts said that BA's deficit of more than GBP1.7 billion was a major hurdle to the merger with Iberia, which is without debt and holds about EUR2 billion (GBP1.7 billion) in cash. The report states Iberia's market capitalization is about EUR1.4 billion, while BA is worth about GBP1.38 billion. About British Airways Headquartered in Harmondsworth, England, British Airways Plc (LON:BAY) -- http://www.ba.com/-- is engaged in the operation of international and domestic scheduled air services for the carriage of passengers, freight and mail, and the provision of ancillary services. The Company's principal place of business is Heathrow. The Company also operates a worldwide air cargo business with its scheduled passenger services. The Company operates international scheduled airline route networks, comprising some 300 destinations at March 31, 2008. During the fiscal year ended March 31, 2008 (fiscal 2008), British Airways carried more than 33 million passengers. It carried 805,000 tons of cargo to destinations in Europe, the Americas and worldwide. At March 31, 2008, it had 245 aircraft in service. In July 2008, British Airways plc completed the purchase of French airline L'Avion. * * * As reported in the Troubled Company Reporter-Europe on July 13, 2009, Moody's lowered the Corporate Family and Probability of Default Ratings of British Airways plc to Ba3; the senior unsecured and subordinate ratings have been lowered to B1 and B2, respectively. Moody's said the outlook is stable. EMI GROUP: Terra Firm in Talks with Citigroup Over Restructuring ---------------------------------------------------------------- Salamander Davoudi and Martin Arnold at The Financial Times report that Terra Firma, the private equity firm, is in the early stages of talks with Citigroup over a restructuring of EMI Group Ltd. Proposal According to the FT, a formal proposal has yet to be submitted but Guy Hands, head of Terra Firma, is offering to inject up to GBP300 million of fresh equity in EMI, while negotiating with Citigroup to write down a large chunk of the music label's debt. Mr. Hands, the Sunday Times discloses, is attempting to negotiate a big writedown of EMI's GBP2.5 billion debt pile as well as a new set of financing arrangements. The Sunday Times discloses the main terms are that the debt must stay within a certain multiple of earnings, which is tested every six months. If it does not, Terra Firma can inject new equity to "cure" the difference, the Sunday Times states. Mr. Hands' debt proposal, as well as requiring the agreement of Citigroup, needs the approval of 75% of his investors, the Sunday Times says. The FT notes one person close to the talks said Citigroup was not close to agreeing to write off a large chunk of EMI's debt and that a deal remained highly uncertain. Write-offs The FT recalls in March Terra Firma disclosed it had written off half of GBP2.3 billion investment in EMI. Citigroup has also partly written down some debt, the FT states. Equity Injections Terra Firma, the FT says, has carried out a series of equity injections into EMI, including GBP28 million in March. Terra Firma was forced in May to inject more cash into EMI for the second time in six months, after it missed targets imposed in banking covenants, the FT recounts. London-based EMI Group Limited -- http://www.emigroup.com/-- houses recorded music segment EMI Music and EMI Music Publishing. EMI Music distributes CDs, videos, and other formats primarily through imprints Capitol Music Group, EMI Records, and Virgin, and sports a roster of artists such as The Beastie Boys, Norah Jones, and Lenny Kravitz. EMI Music Publishing, the world's largest music publisher, handles the rights to more than a million songs. Private equity firm Terra Firma bought EMI for US$4.9 billion in 2007. FOCUS DIY: Ernst & Young to Submit Business Review on Friday ------------------------------------------------------------ Helia Ebrahimi at Telegraph.co.uk reports that Ernst & Young is expected to submit its review of Focus DIY Ltd.'s financial position to group's lenders this Friday. According to Telegraph.co.uk, the review will help the lenders decide whether to continue backing Focus, which is considering seeking a company voluntary arrangement. Telegraph.co.uk says the use of a CVA would enable Focus, owned by US private equity firm Cerberus, to shed a group of costly legacy property leases. Telegraph.co.uk relates Focus chief executive Bill Grimsey said that this remained only one option among a range of strategies and that the company was currently in talks with landlords regarding those problem stores. Telegraph discloses lenders, GMAC and HBOS, have agreed in principle to renew a two-year credit facility which expires in December. Telegraph.co.uk however notes even if Ernst & Young's report is favorable and a new facility is granted it is likely to be on much more onerous terms. Headquartered in Crewe, Focus (DIY) Limited -- http://www.focusdiy.co.uk-- markets a range of products for do- it-yourselfers engaged in light home improvement and gardening projects, including power tools, hardware, appliances, decking and flooring, contemporary home and patio furniture, garden buildings, and plants and seeds. Focus sells its merchandise through about 180 stores in the UK and Ireland, as well as through its Web site. The site also offers guides, price lists, and calculators for DIY projects. The company is owned by US investment firm Cerberus Capital Management. LLOYDS BANKING: Set to Reveal GBP13 Bln of Write-Offs on Bad Debts ------------------------------------------------------------------ Erikka Askeland at The Scotsman reports that Lloyds Banking Group plc is set to reveal GBP13 billion worth of write-offs on bad debts when it releases results for the first six months of 2009 in August. According to the report, analysts at UBS calculated Lloyds -� 43 per cent owned by the taxpayer -� will see pre-tax losses of more than GBP6 billion for the first half of the year alone, while total write-offs at the bank could top GBP20 billion this year. Insurance Scheme Lloyds, the report notes, is still in talks with the government about placing GBP260 billion in toxic debt -� mostly from HBOS -� into a taxpayer-backed insurance scheme to strengthen its balance sheet. About Lloyds Banking Group PLC Lloyds Banking Group PLC (LON:LLOY) -- http://www.lloydsbankinggroup.com/-- formerly Lloyds TSB Group plc, is United Kingdom-based financial services company, whose businesses provide a range of banking and financial services in the United Kingdom and a limited number of locations overseas. The operations of Lloyds TSB Group in the United Kingdom were conducted through over 2,000 branches of Lloyds TSB Bank, Lloyds TSB Scotland plc and Cheltenham & Gloucester plc during the year ended December 31, 2007. Cheltenham & Gloucester plc (C&G) is the Company's specialist mortgage arranger. Following the transfer of its mortgage lending and deposits to Lloyds TSB Bank, during 2007, C&G arranges mortgages for Lloyds TSB Bank rather than for its own account. International business is conducted mainly in the United States and continental Europe. Lloyds TSB Group's services in these countries are offered through branches of Lloyds TSB Bank. In January 2009, the Company acquired HBOS plc. QUADRANT HOUSING: Moody's Lifts Rating on GBP130MM Bonds from Ba3 ----------------------------------------------------------------- Moody's Investors Service has upgraded and kept on review for possible upgrade these Bonds issued by Quadrant Housing Finance Limited (amounts reflect initial outstandings): -- GBP130,000,000 Guaranteed Secured Stepped Coupon Bonds due 2033 to Aa2 on review for possible upgrade from Ba3, previously placed on review for possible upgrade on 17 June 2009, and previously downgraded to Ba3 from Baa1 on 13 April 2009. The ratings of the above referenced bonds have, up until the rating action, matched the ratings assigned to AMBAC Insurance UK Limited. At the February 1998 closing date, Ambac entered into a financial guarantee insurance policy with the Bond Trustee as main beneficiary on behalf of the Bondholders. Under that policy, Ambac guarantees the obligations of the Issuer to the Bondholders over the full legal term of the Bonds, which covers the Issuer's promise to pay interest and principal on specific dates, as set out in the terms and conditions of the Bonds. Until very recently, the rating of the Bonds was following the rating of Ambac's insurance financial strength since Moody's was not able to assign or to monitor a stand-alone (in other words, un-guaranteed) rating. The Bonds, which were initially rated Aaa were downgraded in June 2008 to Aa3 following Ambac's downgrade to Aa3. Since that date until April 13, 2009, Ambac's ratings were further downgraded to Ba3 over several rating actions, and hence, the Bond rating has been moving in line with Ambac's outstanding rating. The Bonds represent a securitization of a single loan, advanced by the Issuer to London & Quadrant Housing Trust as the "Borrower". Both the Issuer and the Borrower are subsidiaries of the L&Q Group, rated Aa2 since July 12, 2009. The Borrower is the main operating entity and the principal provider of social housing within the Group, and currently holds 98% of the Groups assets and liabilities. Given the Borrower's dominating position within the Group, it's implied probability of default matches that of the Group, in other words, commensurate with a Aa2 rating." Moody's rating review concentrated on two key aspects: (i) a close review of the degree of recourse which Bondholders have to the Borrower, and (ii) a review of the quality of the portfolio which is secured for the benefit of the Issuer as lender, by way of first ranking mortgage. The Bonds' source of income are payments under the Loan, as well as a general covenant to pay which is given by the Borrower. The loan cash-flows are exactly sufficient to pay for the Bond debt service, and all other costs and expenses are indemnified for by the Borrower. Therefore, the probability of default of the Loan is highly correlated to the Borrower's overall credit-worthiness. However, should the Group and the Borrower's structure and strategy diverge over time, there is a possibility of future rating sensitivity should Moody's assess that the credit- worthiness of the Borrower and of the Group have become less linked to each other. Secondly, Moody's has assessed the information provided so far regarding the properties backing the loan. Moody's was provided with the latest valuation report, dated April 2008. The portfolio, which is revalued every five years, consisted in April 2008 of 5684 residential housing units, mainly 2 and 3 bedroom flats and houses, located in the south-east of England,: Kent 49.7%, Greater London 42.8% and Surrey 3.7% (percentages were calculated over the market value). As is usual in this sector, the Borrower has considerable flexibility in deciding how the portfolio will be managed over time. In particular, the Borrower has the ability to remove properties from the security as long as the minimum asset cover test is met. The asset cover test for the Loan is set such that the ratio of the aggregate properties' MV-T value versus debt outstanding must not drop below 115%, where the MV-T value is the market value subject to existing tenancy agreements. The portfolio is also valued according to other methodologies, including the EU-V value, which is the value of the portfolio subject to its existing use. The ratio between the MV-T value and the EU-V value as of April 2008 was approximately 1:0.47. As a result of the consideration of credit factors outlined above, Moody's was able to upgrade the rating of the secured Bonds to the rating level of the Group. Moody's ongoing review for possible upgrade will now concentrate on an analysis of additional information to be provided by the Borrower, principally in relation to the underlying portfolio quality and historic performance. It is currently Moody's expectation that, following the rating review, there will remain a high degree of linkage between the Bonds' ratings and the credit-worthiness of the Borrower. Once Moody's has concluded on its analysis, a further press release will be disseminated containing the rating review conclusion. The last Performance Overview for this transaction was published on March 17, 2009. TATA MOTORS: JLR May Extend Closure of Three UK Plants ------------------------------------------------------ Dominic O'Connell at The Sunday Times reports that Tata Motors Ltd.'s Jaguar Land Rover may extend the closure of its three UK plants over the summer and implement another round of jobs cuts as it struggles to cope with the slump in the world car market. According to the report, the company, which employs roughly 15,000 people in the UK, however explained that there was no concrete plan. "We have always said there may be a need in the future to take further action, but there are no plans at present," the report quoted a spokesman as saying. The report recalls the company extended its Christmas break to two weeks, moving to a four-day week and laid off around 2,000 temporary staff. Loan Guarantee Jaguar Land Rover, the report discloses, is still trying to convince the government to provide a loan guarantee that would unlock a GBP340 million advance from the European Investment Bank. The report notes the EIB gave the green light two months ago, but cannot dispense the cash until Britain agrees to repay it if Jaguar Land Rover goes under. About Tata Motors India's largest automobile company, Tata Motors Limited -- http://www.tatamotors.com/-- is mainly engaged in the business of automobile products consisting of all types of commercial and passenger vehicles, including financing of the vehicles sold by the company. The company's operating segments consists of Automotive and Others. In addition to its automotive products, it offers construction equipment, engineering solutions and software operations. TML is listed on the Bombay Stock Exchange, the National Stock Exchange of India and New York Stock Exchange. It was ultimately 33.4% owned by the Tata Group as of December 2007. Tata Motors has operations in Russia and the United Kingdom. * * * As reported in the Troubled Company Reporter-Asia Pacific on March 27, 2009, Standard & Poor's Ratings Services lowered its corporate credit rating on India-based automaker Tata Motors Ltd. to 'B+' from 'BB-'. The rating remains on CreditWatch with negative implications, where it was placed on Dec. 12, 2008. At the same time, S&P lowered its issue rating on the company's senior unsecured notes to 'B+' from 'BB-' and also kept the rating on CreditWatch with negative implications. S&P said the rating action follows material deterioration in Tata Motors' cash flows and related metrics on a consolidated basis, derived from an adverse operating environment, which, combined with significantly high debt levels, will affect its credit protection measures beyond those consistent with a 'BB' rating category. On June 4, 2009, Moody's Investors Service affirmed the B3 corporate family rating of Tata Motors Ltd. The outlook on the rating is changed to stable from negative. TATA STEEL: Corus to Slash Another 366 Jobs at Scunthorpe Plant --------------------------------------------------------------- BBC News reports that Corus, a unit of India's Tata Steel Ltd., has confirmed plans to cut a further 366 jobs at its plant in Scunthorpe, North Lincolnshire. According to BBC, the proposed job cuts are expected to affect staff in the company's manufacturing department. BBC relates Corus said consultations had begun with workers and it would seek voluntary redundancies wherever possible. "The business still needs to make significant savings to secure a viable future for the site so we have had to take this urgent action to align our employment costs to current and forecast demand for our products," BBC quoted Corus site director Sean Lyons as saying. About Tata Steel Limited Headquartered in Mumbai, India, Tata Steel Limited -- http://www.tatasteel.com/-- is a diversified steel producer. It has operations in 24 countries and commercial presence in over 50 countries. Its operations predominantly relate to manufacture of steel and ferro alloys and minerals business. Other business segments comprises of tubes and bearings. On April 2, 2007, Tata Steel UK Limited (TSUK), a subsidiary of Tulip UK Holding No.1, which in turn is a subsidiary of Tata Steel completed the acquisition of Corus Group plc. Tata Metaliks Limited, which is engaged in the business of manufacturing and selling pig iron, became a subsidiary of the Company with effect from February 1, 2008. In September 2008, the Company acquired a 7.3% interest in Riversdale Mining Ltd. * * * As reported in the Troubled Company Reporter-Asia on June 10, 2009, Moody's Investors Service downgraded the corporate family rating of Tata Steel Ltd to Ba3 from Ba2. Moody's said the rating outlook is stable. VIRGIN MEDIA: S&P Raises Rating on Junior-Lien Facility to 'BB-' ---------------------------------------------------------------- Standard & Poor's Ratings Services said that it raised to 'BB-' from 'B+' its issue rating on the junior-lien facility issued by Virgin Media Investment Holdings Ltd., a subsidiary of U.K.-based telecommunications provider Virgin Media Inc. (B+/Stable/--), whose rating remains unchanged. The recovery rating on this debt was revised to '2' from '3', indicating S&P's expectation of substantial (70%-90%) recovery in the event of a payment default. At the same time, the issue ratings on the senior unsecured notes maturing in 2014 and 2016, and new US$1 billion equivalent notes maturing 2016, issued by Virgin Media Finance PLC (B+/Stable/--), were raised to 'B' from 'B-'. The recovery ratings on this debt were revised to '5' from '6', indicating S&P's expectation of modest (10%-30%) recovery in the event of a payment default. All the above-mentioned issue ratings were removed from CreditWatch, where they were placed with positive implications on May 28, 2009, following an announcement by the VMI group of its intention to issue bonds to fund a partial prepayment of its senior facilities. In addition, the issue ratings on the senior secured facilities issued by VMIH were affirmed at 'BB', two notches higher than the corporate credit rating on VMI. The recovery rating on these facilities is unchanged at '1', indicating S&P's expectation of very high recovery (90%-100%) for senior secured lenders in the event of a payment default. The 'B-' issue rating on VMI's unsecured convertible bond was also affirmed. The recovery rating on this debt issue is unchanged at '6', indicating S&P's expectation of negligible (0%-10%) recovery for creditors in the event of a payment default. The convertible bond issued at the parent company level does not benefit from any operating companies' guarantees and is therefore subordinated to the claims of the secured facilities and speculative-grade notes. The upgrade and resolution of the CreditWatch on the junior-lien and unsecured debt instruments follows the partial repayment of the senior secured bank loans. This repayment forms part of the amendment process agreed between VMI management and senior bank lenders in November 2008, and reflects improved recovery prospects for both unsecured noteholders at VMF and junior-lien debtholders at VMIH as a result of lower projected senior secured debt outstanding at the point of default. In line with the amendment of the senior facility (following the full 20% repayment of the outstanding A tranches), VMI has rolled over about GBP1.2 billion of the 2010-2011 bank amortization payments to June 2012. Recovery Analysis For recovery prospects, and hence issue ratings, the amendment and bond issuance have offsetting effects. The deferral of the remaining amortization payments and the final maturity date of the A tranches and revolving credit facility, combined with new debt issuance, lead to a later default date in S&P's hypothetical scenario. This, along with less stringent covenants, means that VMI's core business might need to deteriorate further before reaching a payment default, leading to lower overall enterprise value at default. S&P's projected EBITDA at the point of default is about GBP800 million (about 10% lower than in S&P's previous analysis). As a result, S&P has revised the stressed valuation of the group at GBP4.42 billion (versus GBP5.05 billion in S&P's previous analysis). However, S&P believes that this negative effect is more than offset by a slightly lower gross leverage and different mix of outstanding liabilities at default. This is because partial repayment of the senior debt has been funded through the available liquidity (an initial GBP300 million prepayment of Term loan A) and proceeds from the unsecured debt issuance (about GBP600 million). S&P assumes a lower amount of priority debt at the point of default (representing about 50% of the total projected indebtedness, which compares with about 65% proportion of senior debt over total debt in the preamendment structure). The issue-level and recovery ratings on the secured debt take into account the nature of VMI's assets, the probability of a restructuring or going-concern sale, and the level of expected prior-ranking liabilities. The slightly improved recovery prospects for the junior-lien facility reflect the partial redemption of the structurally and contractually senior A and B facilities as part of the amendment process. The issue-level and recovery ratings on VMF's unsecured debt take into consideration the same factors that affect the senior secured debt. They also reflect the structural and contractual subordination of the notes. Ratings List CreditWatch/Outlook Action; Ratings Affirmed Virgin Media Investment Holdings Ltd. To From -- ---- GBP300 million junior-lien bank loan* BB- B+/Watch Pos Recovery rating 2 3 Virgin Media Finance PLC GBP375 million 9.75% senior unsecured notes** $425 million 8.75% senior unsecured notes** EUR225 million 8.75% senior unsecured notes** $550 million 9.125% senior unsecured notes** $750 million 9.5% senior unsecured notes** EUR180 million 9.5% senior unsecured notes*** To From -- ---- Senior Unsecured B B-/Watch Pos Recovery rating 5 6 Ratings Affirmed Virgin Media Investment Holdings Ltd. Senior secured BB Recovery rating 1 Virgin Media Inc. Snr unsecd convertible bond B- Recovery rating 6 * Guaranteed by Virgin Media Finance PLC. ** Guaranteed by Virgin Media Holdings Inc. and Virgin Media Investment Holdings Ltd. *** Guaranteed by Virgin Media Investment Holdings Ltd. and Virgin Media Inc. * Large Companies with Insolvent Balance Sheet ---------------------------------------------- Total Shareholders Total Company Ticker Equity Assets ------- ------ ------ ------ AUSTRIA ------- LIBRO AG LBROF US -110486313.84 174004185.02 LIBRO AG LIB AV -110486313.84 174004185.02 LIBRO AG LB6 GR -110486313.84 174004185.02 LIBRO AG LIBR AV -110486313.84 174004185.02 SKYEUROPE SKYP PW -3897543.17 213166287.14 SKYEUROPE SKY PW -3897543.17 213166287.14 SKYEUROPE HLDG SKYPLN EU -3897543.17 213166287.14 SKYEUROPE HLDG SKYV IX -3897543.17 213166287.14 SKYEUROPE HLDG SKY AV -3897543.17 213166287.14 SKYEUROPE HLDG S8E GR -3897543.17 213166287.14 SKYEUROPE HLDG SKYPLN EO -3897543.17 213166287.14 SKYEUROPE HLDG SKYA PZ -3897543.17 213166287.14 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-223771648 2277793536 EIMSKIPAFELAG HF AVION IR -223771648 2277793536 EIMSKIPAFELAG HF HFEIM IR -223771648 2277793536 EIMSKIPAFELAG HF HFEIM EO -223771648 2277793536 EIMSKIPAFELAG HF HFEIMEUR EU -223771648 2277793536 EIMSKIPAFELAG HF HFEIM PZ -223771648 2277793536 ITALY ----- ARENA SPA ARE IM -26843216.33 117951651.43 ARENA SPA RON GR -26843216.33 117951651.43 ARENA SPA RNCNF US -26843216.33 117951651.43 ARENA SPA AREI PZ -26843216.33 117951651.43 ARENA SPA ARE2 EU -26843216.33 117951651.43 ARENA SPA ARE2 TQ -26843216.33 117951651.43 ARENA SPA RON IX -26843216.33 117951651.43 ARENA SPA ARE2 EO -26843216.33 117951651.43 BINDA SPA BND IM -11146475.29 128859802.94 BINDA SPA BNDAF US -11146475.29 128859802.94 CART SOTTRI-BIND DEM IM -11146475.29 128859802.94 CIRIO FINANZIARI FIY GR -422095869.5 1583083044.16 CIRIO FINANZIARI CRO IM -422095869.5 1583083044.16 COIN SPA GUCIF US -151690764.75 791310848.67 COIN SPA GC IX -151690764.75 791310848.67 COIN SPA 965089Q GR -151690764.75 791310848.67 COIN SPA-RTS GCAA IM -151690764.75 791310848.67 COIN SPA/OLD GC IM -151690764.75 791310848.67 COMPAGNIA ITALIA ICT IM -137726596.25 527372691.43 COMPAGNIA ITALIA CITU IX -137726596.25 527372691.43 COMPAGNIA ITALIA CGLUF US -137726596.25 527372691.43 CREDITO FOND-RTS CRFSA IM -200209050.26 4213063202.32 CREDITO FONDIARI CRF IM -200209050.26 4213063202.32 I VIAGGI DEL VEN VVE PZ -73353723.87 448043832.77 I VIAGGI DEL VEN VVE EO -73353723.87 448043832.77 I VIAGGI DEL VEN VVE TQ -73353723.87 448043832.77 I VIAGGI DEL VEN VVE IX -73353723.87 448043832.77 I VIAGGI DEL VEN IVGIF US -73353723.87 448043832.77 I VIAGGI DEL VEN IV7 GR -73353723.87 448043832.77 I VIAGGI DEL VEN VVE IM -73353723.87 448043832.77 I VIAGGI DEL VEN VVE EU -73353723.87 448043832.77 I VIAGGI-RTS VVEAA IM -73353723.87 448043832.77 LAZIO SPA SSL1 EU -15482934.18 260633690.01 LAZIO SPA LZO1 GR -15482934.18 260633690.01 LAZIO SPA SSL1 IX -15482934.18 260633690.01 LAZIO SPA SSLZF US -15482934.18 260633690.01 LAZIO SPA SSL IM -15482934.18 260633690.01 LAZIO SPA SSL1 EO -15482934.18 260633690.01 LAZIO SPA 571260Q US -15482934.18 260633690.01 LAZIO SPA SSLI PZ -15482934.18 260633690.01 LAZIO SPA LZO GR -15482934.18 260633690.01 LAZIO SPA-RTS SSLAA IM -15482934.18 260633690.01 LAZIO SPA-RTS SSLAZ IM -15482934.18 260633690.01 OLCESE SPA O IM -12846689.89 179691572.79 OLCESE SPA-RTS OAA IM -12846689.89 179691572.79 OLCESE VENEZIANO OLVE IM -12846689.89 179691572.79 OMNIA NETWORK SP ONT EU -14203645.83 330093845.4 OMNIA NETWORK SP ONT TQ -14203645.83 330093845.4 OMNIA NETWORK SP ONT PZ -14203645.83 330093845.4 OMNIA NETWORK SP ONT IM -14203645.83 330093845.4 OMNIA NETWORK SP ONTI IX -14203645.83 330093845.4 OMNIA NETWORK SP ONT EO -14203645.83 330093845.4 PARMALAT FINA-RT PRFR AV -18419390028.95 4120687886.18 PARMALAT FINANZI PRFI VX -18419390028.95 4120687886.18 PARMALAT FINANZI PMT LI -18419390028.95 4120687886.18 PARMALAT FINANZI PARAF US -18419390028.95 4120687886.18 PARMALAT FINANZI PRF IM -18419390028.95 4120687886.18 PARMALAT FINANZI FICN AV -18419390028.95 4120687886.18 PARMALAT FINANZI PAF GR -18419390028.95 4120687886.18 PARMALAT FINANZI PMLFF US -18419390028.95 4120687886.18 RONCADIN SPA RON IM -26843216.33 117951651.43 RONCADIN SPA-RT RONAA IM -26843216.33 117951651.43 RONCADIN SPA-RTS RONAAW IM -26843216.33 117951651.43 SNIA BPD SN GR -97720525.24 339401569.86 SNIA BPD-ADR SBPDY US -97720525.24 339401569.86 SNIA SPA SN IM -97720525.24 339401569.86 SNIA SPA SSMLF US -97720525.24 339401569.86 SNIA SPA SNIXF US -97720525.24 339401569.86 SNIA SPA SNIA GR -97720525.24 339401569.86 SNIA SPA SN TQ -97720525.24 339401569.86 SNIA SPA SIAI IX -97720525.24 339401569.86 SNIA SPA SBPDF US -97720525.24 339401569.86 SNIA SPA SNIB GR -97720525.24 339401569.86 SNIA SPA SN EO -97720525.24 339401569.86 SNIA SPA SIAI PZ -97720525.24 339401569.86 SNIA SPA SN EU -97720525.24 339401569.86 SNIA SPA - RTS SNAAW IM -97720525.24 339401569.86 SNIA SPA- RTS SNAXW IM -97720525.24 339401569.86 SNIA SPA-2003 SH SN03 IM -97720525.24 339401569.86 SNIA SPA-CONV SA SPBDF US -97720525.24 339401569.86 SNIA SPA-DRC SNR00 IM -97720525.24 339401569.86 SNIA SPA-NEW SN00 IM -97720525.24 339401569.86 SNIA SPA-NON CON SPBNF US -97720525.24 339401569.86 SNIA SPA-RCV SNIVF US -97720525.24 339401569.86 SNIA SPA-RCV SNR IM -97720525.24 339401569.86 SNIA SPA-RIGHTS SNAW IM -97720525.24 339401569.86 SNIA SPA-RNC SNIWF US -97720525.24 339401569.86 SNIA SPA-RNC SNRNC IM -97720525.24 339401569.86 SNIA SPA-RTS SNSO IM -97720525.24 339401569.86 SNIA SPA-RTS SNAA IM -97720525.24 339401569.86 SOCOTHERM SPA SCT EO -28370270.37 537950362.36 SOCOTHERM SPA SOCEF US -28370270.37 537950362.36 SOCOTHERM SPA SCT EU -28370270.37 537950362.36 SOCOTHERM SPA SCTM IX -28370270.37 537950362.36 SOCOTHERM SPA SCTI PZ -28370270.37 537950362.36 SOCOTHERM SPA SCT IM -28370270.37 537950362.36 SOCOTHERM SPA SCT TQ -28370270.37 537950362.36 TECNODIFF ITALIA TDIFF US -89894162.82 152045757.48 TECNODIFF ITALIA TDI IM -89894162.82 152045757.48 TECNODIFF ITALIA TDI NM -89894162.82 152045757.48 TECNODIFF ITALIA TEF GR -89894162.82 152045757.48 TECNODIFF-RTS TDIAOW NM -89894162.82 152045757.48 TECNODIFFUSIONE TDIAAW IM -89894162.82 152045757.48 TISCALI SPA TIQG IX -24638454.05 1569205599.82 TISCALI SPA TIS EO -24638454.05 1569205599.82 TISCALI SPA TIS IX -24638454.05 1569205599.82 TISCALI SPA TIS EU -24638454.05 1569205599.82 TISCALI SPA TIS FP -24638454.05 1569205599.82 TISCALI SPA TIQ GR -24638454.05 1569205599.82 TISCALI SPA TIS PZ -24638454.05 1569205599.82 TISCALI SPA TIS TQ -24638454.05 1569205599.82 TISCALI SPA TISN VX -24638454.05 1569205599.82 TISCALI SPA TIS NR -24638454.05 1569205599.82 TISCALI SPA TIS IM -24638454.05 1569205599.82 TISCALI SPA TISGBX EU -24638454.05 1569205599.82 TISCALI SPA TISN FP -24638454.05 1569205599.82 TISCALI SPA TISN IM -24638454.05 1569205599.82 TISCALI SPA TSCXF US -24638454.05 1569205599.82 TISCALI SPA TIS VX -24638454.05 1569205599.82 TISCALI SPA TIS NA -24638454.05 1569205599.82 TISCALI SPA TISN IX -24638454.05 1569205599.82 TISCALI SPA TISN NA -24638454.05 1569205599.82 TISCALI SPA TISGBP EO -24638454.05 1569205599.82 TISCALI SPA TISGBX EO -24638454.05 1569205599.82 TISCALI SPA- RTS TISAXA IM -24638454.05 1569205599.82 TISCALI SPA- RTS TIQ1 GR -24638454.05 1569205599.82 LUXEMBOURG ---------- CARRIER1 INT-AD+ CONE ES -94729000 472360992 CARRIER1 INT-ADR CONE US -94729000 472360992 CARRIER1 INT-ADR CONEE US -94729000 472360992 CARRIER1 INT-ADR CONEQ US -94729000 472360992 CARRIER1 INTL CJNA GR -94729000 472360992 CARRIER1 INTL CJN NM -94729000 472360992 CARRIER1 INTL CJN GR -94729000 472360992 CARRIER1 INTL SA CONEF US -94729000 472360992 CARRIER1 INTL SA 1253Z SW -94729000 472360992 NETHERLANDS ----------- BAAN CO NV-ASSEN BAANA NA -7854741.41 609871188.88 BAAN COMPANY NV BAAN NA -7854741.41 609871188.88 BAAN COMPANY NV BAAVF US -7854741.41 609871188.88 BAAN COMPANY NV BAAN GR -7854741.41 609871188.88 BAAN COMPANY NV BAAN EU -7854741.41 609871188.88 BAAN COMPANY NV BNCG IX -7854741.41 609871188.88 BAAN COMPANY NV BAAN EO -7854741.41 609871188.88 BAAN COMPANY NV BAAN PZ -7854741.41 609871188.88 BAAN COMPANY NV BAAN IX -7854741.41 609871188.88 BAAN COMPANY-NY BAANF US -7854741.41 609871188.88 BUSINESSWAY INTL BITL US -69320 127631096 BUSINESSWAY INTL BITLE US -69320 127631096 CNW ORLANDO INC CNWD US -69320 127631096 GLOBALNETCARE GBCRE US -69320 127631096 GLOBALNETCARE GBCR US -69320 127631096 ICBS INTERNATION ICBO US -69320 127631096 ICBS INTERNATION ICBOE US -69320 127631096 JAMES HARDIE IND HAH NZ -37500000 1827000064 JAMES HARDIE IND HAH AU -37500000 1827000064 JAMES HARDIE IND 600241Q GR -37500000 1827000064 JAMES HARDIE IND 726824Z NA -37500000 1827000064 JAMES HARDIE NV JHXCC AU -37500000 1827000064 JAMES HARDIE-ADR JHX US -37500000 1827000064 JAMES HARDIE-ADR JHINY US -37500000 1827000064 JAMES HARDIE-CDI JHX AU -37500000 1827000064 JAMES HARDIE-CDI JHA GR -37500000 1827000064 JAMES HARDIE-CDI JHIUF US -37500000 1827000064 ROYAL INVEST INT RIIC US -69320 127631096 UNITED PAN -ADR UPEA GR -5505478849.55 5112616630.06 UNITED PAN-A ADR UPCOY US -5505478849.55 5112616630.06 UNITED PAN-EUR-A UPC LI -5505478849.55 5112616630.06 UNITED PAN-EUR-A UPC NA -5505478849.55 5112616630.06 UNITED PAN-EUR-A UPC LN -5505478849.55 5112616630.06 UNITED PAN-EUROP UPC VX -5505478849.55 5112616630.06 UNITED PAN-EUROP UPCEF US -5505478849.55 5112616630.06 UNITED PAN-EUROP UPE1 GR -5505478849.55 5112616630.06 UNITED PAN-EUROP UPCOF US -5505478849.55 5112616630.06 UNITED PAN-EUROP UPE GR -5505478849.55 5112616630.06 WAH KING INVEST WAHK US -69320 127631096 WAH KING INVEST WAHKE US -69320 127631096 NORWAY ------ PETRO GEO-SERV PGS VX -18066142.21 399710323.59 PETRO GEO-SERV PGS GR -18066142.21 399710323.59 PETRO GEO-SERV 265143Q NO -18066142.21 399710323.59 PETRO GEO-SERV-N PGSN NO -18066142.21 399710323.59 PETRO GEO-SV-ADR PGOGY US -18066142.21 399710323.59 PETRO GEO-SV-ADR PGSA GR -18066142.21 399710323.59 POLAND ------ KROSNO KRS1EUR EU -2241614.77 111838141.19 KROSNO KRS PW -2241614.77 111838141.19 KROSNO KROS IX -2241614.77 111838141.19 KROSNO KRS1EUR EO -2241614.77 111838141.19 KROSNO SA KRNFF US -2241614.77 111838141.19 KROSNO SA KRS PZ -2241614.77 111838141.19 KROSNO SA KROSNO PW -2241614.77 111838141.19 KROSNO SA KRS1 EO -2241614.77 111838141.19 KROSNO SA KRS1 EU -2241614.77 111838141.19 KROSNO SA-RTS KRSP PW -2241614.77 111838141.19 KROSNO-PDA-ALLT KRSA PW -2241614.77 111838141.19 TOORA 2916661Q EO -288818.39 147004954.18 TOORA TOR PZ -288818.39 147004954.18 TOORA 2916665Q EU -288818.39 147004954.18 TOORA TOR PW -288818.39 147004954.18 TOORA-ALLOT CERT TORA PW -288818.39 147004954.18 PORTUGAL -------- COFINA CFN PL -9882836.46 319233214.35 COFINA CFASF US -9882836.46 319233214.35 COFINA COFI PL -9882836.46 319233214.35 COFINA COFSI IX -9882836.46 319233214.35 COFINA CFN1 PZ -9882836.46 319233214.35 COFINA COFI EO -9882836.46 319233214.35 COFINA COFI EU -9882836.46 319233214.35 COFINA CFNX PX -9882836.46 319233214.35 COFINA COFI TQ -9882836.46 319233214.35 PORCELANA VISTA PVAL PL -39167460.3 153384027.27 SPORTING-SOC DES SCP1 PZ -6889744.9 191103206.82 SPORTING-SOC DES SCP PL -6889744.9 191103206.82 SPORTING-SOC DES SCDF PL -6889744.9 191103206.82 SPORTING-SOC DES SCPX PX -6889744.9 191103206.82 SPORTING-SOC DES SCG GR -6889744.9 191103206.82 SPORTING-SOC DES SCDF EU -6889744.9 191103206.82 SPORTING-SOC DES SCDF EO -6889744.9 191103206.82 SPORTING-SOC DES SCPL IX -6889744.9 191103206.82 VAA VISTA ALEGRE VAF PL -39167460.3 153384027.27 VAA VISTA ALEGRE VAF EU -39167460.3 153384027.27 VAA VISTA ALEGRE VAFX PX -39167460.3 153384027.27 VAA VISTA ALEGRE VAF EO -39167460.3 153384027.27 VAA VISTA ALEGRE VAF PZ -39167460.3 153384027.27 VAA VISTA ALTAN VAFK EO -39167460.3 153384027.27 VAA VISTA ALTAN VAFKX PX -39167460.3 153384027.27 VAA VISTA ALTAN VAFK PL -39167460.3 153384027.27 VAA VISTA ALTAN VAFK PZ -39167460.3 153384027.27 VAA VISTA ALTAN VAFK EU -39167460.3 153384027.27 ROMANIA ------- ARDAF ARDF RO -42156432.94 108310369.33 DUVANSKA DIVR SG -7729350.78 109207260.53 METANOLSKO SIRCE MSKK SG -152438442.69 135641001.94 OLTCHIM RM VALCE OLTEUR EO -16862370.58 614340383.91 OLTCHIM RM VALCE OLT EU -16862370.58 614340383.91 OLTCHIM RM VALCE OLT EO -16862370.58 614340383.91 OLTCHIM RM VALCE OLTEUR EU -16862370.58 614340383.91 OLTCHIM RM VALCE OLT RO -16862370.58 614340383.91 OLTCHIM RM VALCE OLT PZ -16862370.58 614340383.91 OLTCHIM RM VALCE OLTCF US -16862370.58 614340383.91 RAFO SA RAF RO -457922636.25 356796459.26 UZINELE SODICE G UZIM RO -35878364.71 104942905.83 ZASTAVA AUTOMOBI ZAKG SG -396504649.08 174692011.08 RUSSIA ------ AKCIONERNOE-BRD SOVP$ RU -110204703.34 120620770.43 ALFA CEMENT-BRD ALCE* RU -672832.37 105454563.92 ALFA CEMENT-BRD AFMTF US -672832.37 105454563.92 ALFA CEMENT-BRD ALCE RU -672832.37 105454563.92 AMO ZIL ZILL RM -165713442.78 328106800.85 AMO ZIL-CLS ZILL RU -165713442.78 328106800.85 AMO ZIL-CLS ZILL* RU -165713442.78 328106800.85 DAGESTAN ENERGY DASB* RU -24834103.03 105689368.23 DAGESTAN ENERGY DASB RM -24834103.03 105689368.23 DAGESTAN ENERGY DASB RU -24834103.03 105689368.23 EAST-SIBERIA-BRD VSNK RU -100985377.37 116491783.13 EAST-SIBERIA-BRD VSNK* RU -100985377.37 116491783.13 EAST-SIBERIAN-BD VSNK$ RU -100985377.37 116491783.13 GUKOVUGOL GUUG RU -57835245.31 143665227.24 GUKOVUGOL GUUG* RU -57835245.31 143665227.24 GUKOVUGOL-PFD GUUGP RU -57835245.31 143665227.24 GUKOVUGOL-PFD GUUGP* RU -57835245.31 143665227.24 KOMPANIYA GL-BRD GMST RU -72805537.11 1148203682.9 KOMPANIYA GL-BRD GMST* RU -72805537.11 1148203682.9 SAMARANEFTEGA-P$ SMNGP RU -331600428.45 891998590.74 SAMARANEFTEGAS SMNG* RU -331600428.45 891998590.74 SAMARANEFTEGAS SVYOF US -331600428.45 891998590.74 SAMARANEFTEGAS SMNG RM -331600428.45 891998590.74 SAMARANEFTEGAS SMNG$ RU -331600428.45 891998590.74 SAMARANEFTEGAS-$ SMNG RU -331600428.45 891998590.74 SAMARANEFTEGAS-P SMNGP RM -331600428.45 891998590.74 SAMARANEFTEGAS-P SMNGP* RU -331600428.45 891998590.74 SAMARANEFTEGAS-P SMNGP$ RU -331600428.45 891998590.74 TERNEYLES-BRD TERL* RU -15178937.2 182115156.77 TERNEYLES-BRD TERL RU -15178937.2 182115156.77 URGALUGOL-BRD YRGL* RU -14863411.56 135736934.02 URGALUGOL-BRD YRGL RU -14863411.56 135736934.02 URGALUGOL-BRD-PF YRGLP RU -14863411.56 135736934.02 VIMPEL SHIP-BRD SOVP* RU -110204703.34 120620770.43 VIMPEL SHIP-BRD SOVP RU -110204703.34 120620770.43 ZIL AUTO PLANT ZILL$ RU -165713442.78 328106800.85 ZIL AUTO PLANT-P ZILLP RM -165713442.78 328106800.85 ZIL AUTO PLANT-P ZILLP* RU -165713442.78 328106800.85 ZIL AUTO PLANT-P ZILLP RU -165713442.78 328106800.85 TURKEY ------ EGS EGE GIYIM VE EGDIS TI -7732138.55 147075066.65 EGS EGE GIYIM-RT EGDISR TI -7732138.55 147075066.65 IKTISAT FINAN-RT IKTFNR TI -46900661.12 108228233.63 IKTISAT FINANSAL IKTFN TI -46900661.12 108228233.63 MUDURNU TAVUKC-N MDRNUN TI -64930189.62 160408172.1 MUDURNU TAVUKCUL MDRNU TI -64930189.62 160408172.1 SIFAS SIFAS TI -15439198.6 130608103.96 TUTUNBANK TUT TI -4024959601.58 2643810456.86 YASARBANK YABNK TI -4024959601.58 2643810456.86 ZORLU ENERJI ELE ZORENM TI -91603977.68 1725908124.2 ZORLU ENERJI ELE ZOREN TI -91603977.68 1725908124.2 ZORLU ENERJI ELE ZRLUF US -91603977.68 1725908124.2 ZORLU ENERJI-ADR ZRLUY US -91603977.68 1725908124.2 UKRAINE ------- AZOVZAGALMASH MA AZGM UZ -16212049.02 277693905.54 DNEPROPETROVSK DMZP UZ -15926384.43 424303604.81 DNIPROOBLENERGO DNON UZ -20762857.28 271459240.45 DONETSKOBLENERGO DOON UZ -215120607.25 374165068.75 LUGANSKOBLENERGO LOEN UZ -25962109.73 198804344.57 ZAPORIZHOBLENERG ZAON UZ -9405838.12 126687446.19 ********* 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, Joy A. Agravante, 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 * * *