/raid1/www/Hosts/bankrupt/TCREUR_Public/090818.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, August 18, 2009, Vol. 10, No. 162
Headlines
A R M E N I A
VTB BANK: Fitch Downgrades Issuer Default Ratings to 'BB'
A U S T R I A
FLYERS GMBH: Claims Filing Deadline is August 27
METAFLEX METALLPROFILE: Creditors Must File Claims by August 25
VISIUM BAUUNTERNEHMEN: Claims Filing Deadline is August 25
B U L G A R I A
ALLIANZ BANK: Fitch Affirms Individual Rating at 'D'
PROCREDIT BANK: Fitch Affirms Individual Rating at 'D'
G E R M A N Y
ARCANDOR AG: Metro Open to Karstadt Takeover Discussion
CONTINENTAL AG: Moody's Downgrades Corporate Family Rating to 'B1'
ESCADA AG: Moody's Cuts Probability of Default Rating to 'D'
ESCADA AG: S&P Lowers Long-Term Corporate Credit Rating to 'D'
GENERAL MOTORS: Loan Guarantees Conditional on Opel Sale to Magna
VERSATEL AG: Moody's Downgrades Corporate Family Rating to 'B2'
WOOLWORTH GMBH: Schlecker Seeks Clearance to Buy German Outlets
I R E L A N D
EDUCATION MEDIA: Pact with Lenders Cuts Debt by More Than US$1 Bln
STARTS PLC: Moody's Downgrades Rating on 2007-31 Notes to 'B1'
ZOE GROUP: Granted Leave to Present New Examinership Petition
I T A L Y
* ITALY: Lobby Leader Sees More Business Closures in 2010
K A Z A K H S T A N
AGRO MARKET: Creditors Must File Claims by August 28
ASEL OSER: Creditors Must File Claims by August 28
ELIT MARKET: Creditors Must File Claims by August 28
ORION LLP: Creditors Must File Claims by August 28
VIP SYSTEM: Creditors Must File Claims by August 28
VOSTOK SNUB: Creditors Must File Claims by August 28
K Y R G Y Z S T A N
AUTOCOLOR LLC: Creditors Must File Claims by August 29
MARCO POLO: Creditors Must File Claims by August 29
L U X E M B O U R G
GELDILUX-TS-2008: Moody's Lifts Rating on Class D Notes From 'Ba2'
N E T H E R L A N D S
HEAD NV: S&P Downgrades Corporate Credit Rating to 'SD'
R U S S I A
22ND MECHANICAL: Creditors Must File Claims by August 24
INTEGRATED HOUSE: Creditors Must File Claims by August 24
LESNOI DOM: Creditors Must File Claims by August 24
MOSCOW REGIONAL: S&P Changes Watch on 'CC' Rating to Negative
STROY-INVEST LLC: Creditors Must File Claims by August 24
SUKHOI CIVIL: Fitch Affirms 'BB' Long-Term Issuer Default Rating
TRANSCONTAINER JSC: Moody's Reviews 'Ba2' Corporate Family Rating
S W E D E N
GENERAL MOTORS: Finalizes Deal to Sell Swedish Unit Saab
SAAB AUTOMOBILE: GM Finalizes Koenigsegg Sale Deal
SAS AB: To Shed Up to 1,500 Jobs Under Cost-Cutting Program
S W I T Z E R L A N D
ASTECO GMBH: Creditors Must File Claims by August 21
ATS VISUAL: Claims Filing Deadline is August 21
DIGA-MONTAGE GMBH: Claims Filing Deadline is August 21
EMMEL.HOFER.ERNI GMBH: Claims Filing Deadline is August 21
EYER FEUERWEHRTECHNIK: Claims Filing Deadline is August 21
LERROTEC GMBH: Creditors Have Until August 21 to File Claims
LUCKY LOTUS: Creditors Must File Claims by August 21
MS VISUAL: Claims Filing Deadline is August 21
NSD NIEDERBERGER: Claims Filing Deadline is August 21
SABELAG AG: Creditors Must File Claims by August 21
U K R A I N E
NAFTOGAZ UKRAINY: To Commence Debt Restructuring Talks This Week
U N I T E D K I N G D O M
ALLIED CARPETS: 142 Stores to Close; 850 Jobs Affected
ALTERNATIVE HOTEL: In Debt Restructuring Talks with Lloyds
ARTENIUS UK: May Get Takeover Offers Next Month; Cuts 58 Jobs
CANARGO ENERGY: Posts US$1.8 Million Net Loss for June 30 Quarter
COUNTRYROUTE PLC: S&P Downgrades Long-Term Debt Rating to 'BB+'
EMI GROUP: EMI Music May Need Cash Injections to Avoid Default
LDV GROUP: In Exclusive Sale Talks with Potential Buyer
SCOTTISH GAME: In Administration; Tenon Recovery Appointed
VESTAS WIND: Closes Isle of Wight Factory; 425 Jobs Affected
U Z B E K I S T A N
HAMKORBANK OJSCB: Fitch Affirms Issuer Default Rating at 'B-'
* Large Companies with Insolvent Balance Sheet
*********
=============
A R M E N I A
=============
VTB BANK: Fitch Downgrades Issuer Default Ratings to 'BB'
---------------------------------------------------------
Fitch Ratings has downgraded Armenia-based VTB Bank's Long-term
foreign and local currency Issuer Default ratings to 'BB' from
'BB+'. The Outlooks on the ratings are Stable. These actions
follow the downgrade of Armenia's Long-term foreign and local
currency IDRs to 'BB-' from 'BB' with Stable Outlooks and Country
Ceiling to 'BB' from 'BB+'.
The downgrade on VTBA's IDRs reflects the downgrade of Armenia's
Country Ceiling, which captures transfer and convertibility risks
and limits the extent to which support from the sole shareholder
of VTBA, Russia's state-owned VTB Bank ('BBB'/Negative), can be
factored into its Long-term IDRs.
VTBA is Armenia's fourth-largest bank in term of total assets,
with 10.4% of the banking system's loans and 6.4% of customer
deposits at end-H109. VTB acquired a 70% stake in VTBA in March
2004 and the remaining 30% in July 2007. VTBA (formerly known as
Armsberbank) has a long history of operations in Armenia and
traces its origin to a branch of Sberbank of the former USSR,
established in 1923. The bank services both corporate and retail
clients and is supported by an extensive branch network consisting
of 78 branches located across the country.
Bank VTB Bank (Armenia) CJSC
-- Long-term foreign currency IDR: downgraded to 'BB' from
'BB+'; Outlook Stable
-- Short-term foreign currency IDR: affirmed at 'B'
-- Long-term local currency IDR: downgraded to 'BB' from 'BB+';
Outlook Stable
-- Short-term local currency IDR: affirmed at 'B'
-- Individual Rating: affirmed at 'D/E'
-- Support Rating: affirmed at '3'
In Fitch's rating criteria, a bank's standalone risk is reflected
in Fitch's Individual ratings and the prospect of external support
is reflected in Fitch's Support ratings. Collectively these
ratings drive Fitch's Long- and Short-term IDRs.
=============
A U S T R I A
=============
FLYERS GMBH: Claims Filing Deadline is August 27
------------------------------------------------
Creditors of Flyers GmbH have until August 27, 2009, to file their
proofs of claim.
A court hearing for examination of the claims has been scheduled
for September 10, 2009 at 10:15 a.m.
For further information, contact the company's administrator:
Dr. Paul Wuntschek
Kaiser-Franz-Josef-Kai 70
8010 Graz
Austria
Tel: 0316/813862
Fax: 0316/813862-2
E-mail: office@klein-wuntschek-partner.at
METAFLEX METALLPROFILE: Creditors Must File Claims by August 25
---------------------------------------------------------------
Creditors of METAFLEX Metallprofile GmbH have until August 25,
2009, to file their proofs of claim.
A court hearing for examination of the claims has been scheduled
for September 15, 2009 at 11:40 a.m. at:
Land Court of St. Poelten
Room 216
Second Floor
St. Poelten
Austria
For further information, contact the company's administrator:
Dr. Friedrich Nusterer
Riemerplatz 1
3100 St. Poelten
Austria
Tel: 02742/47087
Fax: 02742/47089
E-mail: ra-nusterer@aon.at
VISIUM BAUUNTERNEHMEN: Claims Filing Deadline is August 25
----------------------------------------------------------
Creditors of VISIUM Bauunternehmen GmbH have until August 25,
2009, to file their proofs of claim.
A court hearing for examination of the claims has been scheduled
for September 8, 2009 at 10:45 a.m.
For further information, contact the company's administrator:
Dr. Stephan Riel
Landstrasser Hauptstrasse 1/2
1030 Wien
Austria
Tel: 713 44 33
Fax: 713 10 33
E-mail: kanzlei@jsr.at
===============
B U L G A R I A
===============
ALLIANZ BANK: Fitch Affirms Individual Rating at 'D'
----------------------------------------------------
Fitch Ratings has affirmed Allianz Bank Bulgaria AD's ratings at
Long-term Issuer Default 'BBB+' with Negative Outlook, Short-term
IDR 'F2', Individual 'D' and Support '2'.
ABB's IDRs and Support ratings are based on the high probability
of support from its parent, Allianz SE (Allianz;'AA-'/Negative
Outlook), a Germany-based bancassurance group, if needed. The
Negative Outlook on ABB's Long-term IDR reflects those on
Bulgaria's Long-term foreign and local currency IDRs of 'BBB-' and
'BBB', respectively, as they are capped by the Country Ceiling of
'BBB+'. Should Bulgaria's ratings be downgraded, ABB's Long-term
IDR and the '2' Support rating would also be liable to change.
ABB's Individual Rating reflects the bank's limited franchise,
reliance on parent support to maintain acceptable capitalization,
and increasing credit risk stemming from a difficult operating
environment and outlook for Bulgaria. It also reflects adequate,
albeit declining profitability, limited refinancing risk and a
sound liquidity position.
Operating profit is adequate but under pressure, on the back of
slower growth in net interest income and higher loan impairment
charges, which accounted for 25% of pre-impairment profit in H109.
Fitch expects LICs and stagnant loan book growth to be a drag on
performance, given the fragile economic climate.
Credit risk is the bank's largest source of risk as the loan book
(evenly split between retail and corporate exposures) accounts for
65% of total assets at end-H109. Non-performing loans (NPLs;
loans past due 90 days) increased to 2.7% of total gross loans at
end-H109 from a low 0.9% at end-2008, and coverage decreased to
52% of total NPLs, largely in light of changes in the regulatory
requirements. Fitch notes that while the NPL level is below the
Bulgarian banking sector average at end-H109, NPLs are expected to
worsen further in H209.
The bank has a fairly liquid balance sheet. The funding profile
benefits from a small but sound local deposit franchise, which is,
however, under some pressure from net outflows of corporate
deposits. The bank reports an adequate regulatory tier 1 capital
ratio of 12.6% at end-H109.
ABB was the 12th-largest bank in Bulgaria at end-H109. Allianz SE
controls the bank via a 66.16% stake in Allianz Bulgaria Holding,
a Bulgarian holding company, which in turns has a 79.9% stake in
ABB. It is a universal bank with 125 branches at end-H109
covering all major cities in Bulgaria.
PROCREDIT BANK: Fitch Affirms Individual Rating at 'D'
------------------------------------------------------
Fitch Ratings has affirmed ProCredit Bank's (Bulgaria) ratings:
Long-term foreign currency Issuer Default Rating 'BB+', Short-term
foreign currency IDR 'B', Long-term local currency IDR 'BB+',
Short-term local currency IDR 'B'; Individual Rating 'D' and
Support Rating '3'. The Outlooks for the bank's Long-term ratings
are Stable.
The affirmation of PCB's IDRs and Support rating is based on the
likelihood of support from its 80% owner, ProCredit Holding AG
(PCH, rated 'BBB-'/Stable Outlook), in case of need.
PCB's Individual Rating reflects heightened credit risk due to
pressures related to a worsening operating environment and slower
growth, high impairment charges, and a limited franchise.
However, the affirmation of the Individual Rating is supported by
PCB's still sound asset quality ratios, the high level of
diversification of the loan book, adequate profitability,
acceptable liquidity and increasing capital ratios.
Operating profit in H109 was adequate although under pressure from
a decline in the loan book, and constrained by high loan
impairment charges (50% of pre-impairment profit in H109). Stable
costs of funds are helping to support the bank's traditionally
wide net interest margins, given its focus on small business
lending.
Fitch believes that credit risk represents the bank's largest
source of risk. Headline asset quality ratios at end-H109
remained good with loans past due 90 days at 0.8% of total gross
loans, well below sector averages and the bank maintains ample
loan impairment allowances. However, an increase in loans in
arrears in the shorter time buckets and the increased use of
restructured loans indicate increased pressure on asset quality
from the difficult economic environment in Bulgaria.
In addition, the bank's limited franchise is under pressure from a
net outflow of customer deposits, which is primarily a retail
deposit base. PCB's tier 1 regulatory capital ratio increased to
11.3% at end-July 2009, following a capital injection by
shareholders and conversion of equity hybrid instruments by PCH.
Fitch believes capitalization should remain sound, at least in the
near term, in view of regulatory requirements and slower expected
asset growth. However, this should be viewed in the context of
deteriorating asset quality in a difficult operating environment,
and limited internal capital generation.
PCB is a member of the ProCredit Holding group of 22 banks set up
as development-oriented banks, which specialize in micro and SME-
lending in emerging economies (end-H109: total assets of
EUR4.7 billion). Commerzbank owns the remaining 20% share in the
bank.
=============
G E R M A N Y
=============
ARCANDOR AG: Metro Open to Karstadt Takeover Discussion
-------------------------------------------------------
Rainer Buergin at Bloomberg News reports that Metro AG said it is
ready to discuss a takeover of Arcandor AG's Karstadt department
stores.
Bloomberg relates Hubert Goerg told Welt am Sonntag newspaper that
Metro is "welcome" as a buyer. Mr. Goerg, as cited by Bloomberg,
said he'll take his time selling the complete pool of department
stores, possibly in a bidding process.
Separately, Bloomberg News reports Focus magazine, citing unnamed
Metro managers, said Metro is reconsidering its planned bid for
around 60 Karstadt department stores owned by Arcandor. According
to Bloomberg, in an advance copy of an article in its Aug. 17
print edition Focus magazine said some Karstadt stores may be
doing so badly that they're no longer of interest to Metro.
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.
As previously reported in the Troubled Company Reporter-Europe, on
June 9, 2009, Arcandor filed for bankruptcy protection after the
German government turned down its request for loan guarantees. On
June 8, 2009, the government rejected two applications for help by
the company, which employs 43,000 people. The retailer sought
loan guarantees of EUR650 million (US$904 million) from Germany's
Economy Fund program. It also sought a further EUR437 million
from a state-owned bank.
CONTINENTAL AG: Moody's Downgrades Corporate Family Rating to 'B1'
------------------------------------------------------------------
Moody's Investors Service has downgraded Continental AG's
Corporate Family Rating to B1 from Ba3. The rating outlook
remains negative.
Falk Frey, Senior Vice President and lead analyst at Moody's for
Continental AG, commented: "The rating action reflects heightened
uncertainty around the Conti/Schaeffler relation as Schaeffler
evidently makes increasing use of its position as major
shareholder which might eventually be negative for Conti's
creditors. Moreover, there is notable uncertainty around the
equity capital increase of up to EUR1.5 billion currently in
preparation. In addition, a solution for the refinancing of
Continental's approaching 2010 debt maturity of EUR3.5 billion is
still pending and covenant headroom is still limited per Q2."
While Continental's operating performance is broadly in line with
previous expectations, increasing visibility around Continental's
future trading would certainly also impact the rating.
On August 12, Continental announced that CEO Neumann had resigned
with immediate effect. Dr. Neumann has been succeeded by Dr.
Degenhart, a former Schaeffler employee who worked for Continental
until 2004 as well. Driving force behind the change at
Continental's top management was Schaeffler group, which holds 5
out of 20 seats on Continental's supervisory board if one adds
Rolf Koerfer, the current chairman of the supervisory board, to
the Schaeffler-Group. Although the current rating continues to
assume that the financing arrangements of Continental and its
major shareholder Schaeffler will remain separate and although a
set of bank covenants protects Continental's lenders, the
resignation of Mr. Neumann demonstrates Schaeffler's ability and
willingness to make use of its position as major shareholder.
Moreover, Moody's notes that although various future scenarios for
a combination or reorganization of Continental and Schaeffler have
been discussed, a detailed plan or program is still pending.
Hence, uncertainty around the Continental/Schaeffler relation and
any possible reorganization of the group continues to weigh on the
rating and Moody's will closely monitor any developments in this
regard.
Moody's will further pay particular attention to Continental's
progress in (i) restoring adequate headroom under the financial
covenants invoked in the VDO acquisition facility agreement which
left only limited headroom per Q2 2009 with no immediate prospect
of improvement and (ii) on the refinancing of its 2010 maturity.
In this context Moody's believes the materialization of an equity
capital increase would play an important role as it would not only
help to restore covenant headroom but also support negotiations
with lenders. Although Continental's supervisory board decided to
prepare for a capital increase of up to EUR1.5 billion on
July 30, it is not yet clear if and when this capital increase
will indeed materialize. Nonetheless, Moody's indicates that such
a capital increase would alleviate pressure on the rating.
Downgrades:
Issuer: Continental AG
-- Probability of Default Rating, Downgraded to B1 from Ba3
-- Corporate Family Rating, Downgraded to B1 from Ba3
-- Senior Unsecured Medium-Term Note Program, Downgraded to B1
from Ba3
Issuer: Continental Rubber of America Corporation
-- Senior Unsecured Medium-Term Note Program, Downgraded to B1
from Ba3
Moody's last rating action on Continental was a downgrade to Ba3
(negative outlook) from Ba2 (negative outlook) on June 2, 2009.
Headquartered in Hanover, Germany, Continental AG is one of the
top automotive suppliers worldwide in the areas chassis and safety
technology, interior and infotainment and powertrain as well as
the world's fourth-largest manufacturer of passenger and
commercial vehicle tires. In 2008 Continental generated
consolidated sales of EUR24 billion.
ESCADA AG: Moody's Cuts Probability of Default Rating to 'D'
------------------------------------------------------------
Moody's Investors Service has downgraded ESCADA AG's Probability
of Default Rating to D from Ca. The Corporate Family Rating and
the senior unsecured rating on the EUR200 million notes due 2012
remain unchanged at Ca. The outlook on the ratings is stable.
The action reflects the failure of the proposed exchange offer of
the notes and subsequent company's filing for insolvency.
The PDR downgrade to D was prompted by ESCADA's filing an
insolvency petition with the competent insolvency court on 13 of
August 2009 under German law.
The filing for insolvency follows the failure to reach the 80%
minimum acceptance level of a proposed exchange offer to ESCADA's
bondholder. This minimum acceptance level was required as the
condition sine qua non to start a refinancing plan that was aimed
at the financial restructuring of the group and that comprised
both a new equity injection from existing shareholders and the
refinancing of credit lines.
The company's decision follows the operating difficulties that
company has been facing due to adverse market condition and soft
consumer spending.
Downgrades:
Issuer: Escada AG
-- Probability of Default Rating, Downgraded to D from Ca.
-- Outlook is stable.
The last rating action on ESCADA was on 29 June 2009, when Moody's
downgraded ESCADA's ratings to Ca from Caa3, following the
announcement of the Notes exchange offer.
ESCADA, headquartered in Munich, is one of the leading European
manufacturers and distributors of ready-to-wear high-end apparel
for women. In the financial year ended 31 October 2008, the
company reported consolidated sales of EUR582 million and EBITDA
of EUR8.2 million.
ESCADA AG: S&P Lowers Long-Term Corporate Credit Rating to 'D'
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its long-
term corporate credit rating on German high-end women's fashion
designer and retailer ESCADA AG to 'D' (Default) from 'CC'.
At the same time, the issue rating on ESCADA's EUR200 million
senior unsecured notes due 2012 was also lowered to 'D'. The
recovery rating of '3' on the Notes is unchanged, indicating S&P's
expectation of meaningful (50%-70%) recovery in the event of a
payment default. On April 30, 2009, ESCADA reported net debt of
EUR199 million.
The rating action follows ESCADA's announcement that on Aug. 13,
2009, it filed an insolvency petition with the insolvency court
within the Municipal Court of Munich. On the same day, the court
decreed the preliminary administration of ESCADA's assets and
appointed a preliminary insolvency administrator.
On April 24, 2009, Standard & Poor's lowered its corporate credit
rating on ESCADA to 'CC' with a negative outlook after ESCADA made
a public offer for the conversion of the Notes into new
obligations. On Aug. 11, 2009, ESCADA's management announced that
it would seek bankruptcy protection if the offer did not get at
least 80% bondholder acceptance. On expiry, the offer secured
less than 50% acceptance, prompting the action by ESCADA.
GENERAL MOTORS: Loan Guarantees Conditional on Opel Sale to Magna
-----------------------------------------------------------------
Rainer Buergin at Bloomberg News reports that Dieter Althaus,
state premier of Thuringia, told Handelsblatt Germany will only
provide state guarantees for the purchase of General Motors Co.'s
Opel division if GM sells to Magna International Inc.
According to Bloomberg, Althaus told the newspaper in an interview
Chancellor Angela Merkel's government and the four German states
where Opel factories are based want an accord between GM and any
Opel buyer before national elections on Sept. 27.
Bloomberg relates Mr. Althaus said plans for the Opel factory in
the city of Eisenach, Thuringia, are more favorable than those
presented by RHJ International.
No Agreement
Angela Cullen at Bloomberg News reports GM has not reached an
agreement with Magna and Russia's Sberbank on the sale of its Opel
unit.
According to Bloomberg, GM's chief negotiator John Smith said on
GM Europe's official blog Friday the U.S. carmaker is reviewing
Magna's revised offer and said it will update the comparisons it
made to an "attractive" proposal submitted by RHJ International on
July 20.
On Aug. 17, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported GM received a revised bid from Magna
and Sberbank. Bloomberg disclosed Siegfried Wolf, co-chief
executive officer of Magna, said Thursday the the Canadian
car-parts manufacturer and Sberbank are offering to pay about
EUR500 million (US$714 million) for a combined 55% stake in Opel.
Bloomberg says each of the partners would own 27.5%, leaving GM
with 35% and Opel workers holding the remaining 10%. Mr. Wolf, as
cited by Bloomberg said Magna's revised bid addresses cooperation
with GM's Chevrolet division and answers any intellectual property
questions. According to Bloomberg Christopher Preuss, a spokesman
for GM, said the U.S. carmaker requested an "outline of the
financing package" that Germany and other European governments are
prepared to offer under the revised proposal.
Support
Lyubov Pronina at Bloomberg News, citing a Kremlin official,
reports that Russian President Dmitry Medvedev will offer
political support for Magna's bid for GM's Opel division in talks
with German Chancellor Angela Merkel. Bloomberg relates
the two leaders met Friday at Bocharov Ruchei, or Cooper's Creek,
Medvedev's official residence in the Black Sea resort of Sochi.
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)
VERSATEL AG: Moody's Downgrades Corporate Family Rating to 'B2'
---------------------------------------------------------------
Moody's Investors Service has downgraded the Corporate Family
Rating of Versatel AG to B2 from B1 and the company's EUR525
million senior secured floating-rate notes due 2014 to B3 from B2.
The outlook on the ratings is stable.
The downgrade reflects the impact of continuing pressure from the
competitive environment, which has led to deterioration in
Versatel's revenue and profitability, as well as deterioration in
its debt protection metrics beyond Moody's initial expectations.
In light of the company's Q2 2009 results, which confirmed certain
negative operating trends notably in the residential segment,
Moody's believes it is now more likely that Versatel's Debt-to-
EBITDA ratio for 2009 (as adjusted by Moody's) will exceed the
3.5x upper limit at the B1 rating level.
Moody's notes that Versatel's residential segment remains subject
to intense competition. Residential blended DSL ARPU continues to
decline (to EUR33.6 at June 2009 from EUR38.1 at December 2008)
and subscriber acquisition costs have reached uneconomical levels.
Furthermore, uncertainties remain at this stage as to the timing
of a stabilization in the German DSL market and the company's
capacity to preserve its competitive position within this market.
However, Moody's recognizes the company's ability to market its
valuable core network infrastructure to business customers and
other telecoms carriers on a wholesale basis.
Moody's understands that Versatel has been successful in realizing
on its "30+ Efficiency Programme" and remains focused on achieving
positive free cash flow in 2009, with a target of at least
EUR40 million. However, Moody's understands that reaching this
target will be underpinned by further opex/capex optimization
initiatives and a reduction in growth-related capex investments
going forward, as the company focuses on retaining existing
profitable customers. Although Moody's views restoration of cash
flows in the short to medium term as a positive, there is
currently lack of visibility regarding the impact this strategy
will have on Versatel's longer-term competitive position, notably
in the DSL market.
The B2 rating incorporates Moody's expectations that Versatel is
likely to continue pursuing acquisitions in the cable sector as a
cost-efficient method of expanding its network reach and customer
base; it also builds in room for Versatel to use some of its
financial flexibility for this purpose. The rating also
incorporates Moody's expectations that Versatel will continue to
commit to its relatively conservative financial policy targets of
Net Financial Debt to EBITDA below 2.5x and EBITDA to Net Cash
Interest over 4.0x, even after taking into consideration the
impact of potential acquisitions. Any material and/or sustained
deviation from these targets could put pressure on the rating.
Moody's continues to take comfort from Versatel's liquidity
position, with a solid cash balance, availability under its
revolving credit facility and the absence of significant debt
repayments over the medium term.
The stable outlook for the ratings reflects Moody's expectations
that the company will continue to work towards achieving positive
free cash flow generation on a full-year basis for 2009 and
operate with leverage (as adjusted by Moody's) closer to 4.0x Debt
to EBITDA over the medium term, commensurate with a B2 rating.
However, Moody's notes at this stage the company is at a
crossroads in terms of its business strategy. Negative pressure
on the rating could develop if (i) the company significantly
deviates from its stated cash flow target, (ii) the company's
liquidity profile deteriorates, or (iii) the company undertakes
material debt-financed acquisitions.
The last rating action was implemented on 28 September 2007, when
Moody's changed the outlook for Versatel's ratings to negative
from stable.
Headquartered in Düsseldorf, Versatel is one of the leading
facilities-based alternative telecommunications operators in
Germany. In the first half of 2009, Versatel generated revenues
of EUR363 million and EBITDA (as adjusted by the company) of
EUR91 million. As of June 2009, Versatel employed around 1,300
staff and its market capitalization was around EUR315 million.
WOOLWORTH GMBH: Schlecker Seeks Clearance to Buy German Outlets
---------------------------------------------------------------
Matthias Inverardi at Reuters reports that the German drug store
chain Schlecker is eyeing to acquire outlets from Woolworth GmbH &
Co.
Reuters relates the Federal Cartel Office said on Friday Schlecker
has sought anti-trust clearance to buy as many as 71 German
Woolworth outlets.
According to Reuters, a spokesman for the insolvency
administrator, said talks were under way with a number of
retailers for smaller sites that would no longer be operated under
the Woolworth brand.
As reported in the Troubled Company Reporter-Europe, Reuters said
Woolworth ran out of cash in April after struggling with falling
sales as supermarkets, discounters and other specialist retailers
snatched away customers.
About Woolworth GmbH & Co.
Woolworth GmbH & Co. is a German department store chain. The
company is owned by British investor Argyll Partners.
=============
I R E L A N D
=============
EDUCATION MEDIA: Pact with Lenders Cuts Debt by More Than US$1 Bln
------------------------------------------------------------------
Andrew Edgecliffe at The Financial Times reports that Education
Media & Publishing Group Ltd. has reached a refinancing agreement
with its lenders.
According to the FT, the agreement will cut EMPG's long-term debt,
now standing at about US$7.6 billion, by more than US$1 billion
and reduce annual interest costs by US$100 million, in exchange
for a 45% dilution of current shareholders. Barry O'Callaghan
told the FT he would see his 40% stake cut to "the low 20s" and
give up his voting control.
The FT says the refinancing had averted any risk of a Chapter 11
filing.
Mr. O'Callaghan, as cited by the FT, said EMPG had secured more
than 90% support from lenders, and now had ample liquidity, helped
by a further US$50 million increase its working capital facility.
Based in Dublin, Ireland, Education Media & Publishing Group Ltd.
is a privately held textbook publisher.
STARTS PLC: Moody's Downgrades Rating on 2007-31 Notes to 'B1'
--------------------------------------------------------------
Moody's Investors Service has downgraded its rating of notes
issued by Starts (Ireland) PLC Series 2007-31, a managed
collateralized debt obligation transaction referencing a portfolio
of corporate entities.
Moody's explained that the rating action taken is the result of
the deterioration in the credit quality of the reference portfolio
of which the 10 year Weighted Average Rating Factor, net of the
forward looking measures adjustment, has deteriorated from 559 to
832 since the review on February 6, 2009, equivalent to an average
current portfolio rating of Ba1. The reference portfolio includes
exposures to Ambac Financial Group, Inc. and CIT Group, Inc.
which have experienced substantial credit migrations in the past
few months. The reference portfolio has not experience any credit
events since closing and has the highest industry concentration in
insurance (12.5%), banking (10.8%), and finance (10%).
Moody's initially analyzed and continues to monitor this
transaction using primarily the methodology for Corporate
Synthetic Obligations as described in Moody's Special Report
below:
-- Moody's Approach to Rating Corporate Collateralized Synthetic
Obligations (April 2009)
The rating action is:
Class Description: Series 2007-31 US$50,000,000 Class A2-D2
Floating-Rate Credit-Linked Notes due 2017
-- Current Rating: B1
-- Prior Rating Action Date: February 6, 2009
-- Prior Rating Action: Downgrade to Baa3 from Aaa
ZOE GROUP: Granted Leave to Present New Examinership Petition
-------------------------------------------------------------
IrelandOn-Line reports High Court Mr. Justice Eamon de Valera on
Friday granted Liam Carroll's Zoe group leave to present a new
petition seeking the appointment of an examiner to the troubled
property group.
The report relates Justice de Valera said he would allow the
application to be made this week only on the strict undertakings
not to prejudice the position of the provisional liquidator and
receiver appointed to the firm at the request of ACC bank.
According to the report, the petition to have an examiner
appointed to Mr. Carroll's firms was brought by Vantive Holdings
which, with Jersey-registered Morston Investments Ltd., are the
parent companies of around 50 companies known as Zoe Developments.
The other companies include Villeer Developments, Peytor
Developments, Caragh Enterprises Ltd. and Parlez International
Ltd., the report states.
The report discloses the companies, whose appeal against the High
Court's refusal to appoint an examiner was dismissed by the
Supreme Court on Tuesday, claimed that its new petition contains
information which was not included in its previous application to
have an examiner appointed to the firms. This information, it was
argued, supported their claim that the companies, which have
borrowings of more than EUR1.1 billion, can survive as a going
concern, the report notes.
The report relates Michael Cush SC for the Zoe companies told the
court Mr. Carroll was in hospital and in no position to give
instructions, but the application was being made in the name of
his fellow directors on behalf of all the Zoe companies plus one,
Royceton Ltd.
The application, the report says, was opposed by lawyers for the
receiver and ACC bank on the grounds that the Supreme and High
Court had already refused to allow the companies go into
examinership.
Fergal O'Brien at Bloomberg News reports the High Court will hold
a hearing on Thursday, Aug. 20, on the fresh application.
On Aug. 14, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News reported Ireland's High Court appointed Declan
Taite of accounting firm Farrell Grant Sparks as provisional
liquidator to Vantive Holdings and Morston Investments Ltd., two
of Liam Carroll's companies. According to Bloomberg, the
liquidator was appointed at the request of ACC Bank, the Irish
unit of Rabobank Nederland NV. Bloomberg disclosed ACC lawyer
Rossa Fanning told the court Wednesday that the companies were
"grossly insolvent" and "unable to meet their debt as they fell
due." Citing Mr. Carroll's lawyer Michael Cush, Bloomberg said
while ACC is owed EUR136 million (US$193 million), the winding up
of six of the real-estate developer's companies would leave a
combined deficit of EUR1 billion.
=========
I T A L Y
=========
* ITALY: Lobby Leader Sees More Business Closures in 2010
---------------------------------------------------------
Armorel Kenna at Bloomberg News reports that Emma Marcegaglia,
leader of the country's employers' lobby group Confindustria said
in an interview with La Stampa Italy will see more businesses
forced to close this year.
Bloomberg relates Ms. Marcegaglia said Italy will take years to
recover its pre-crisis production.
According to Bloomberg, Marcegaglia told La Stampa Italy expects a
worse year in 2010 than Germany and France and a better year than
Spain and the U.K.
===================
K A Z A K H S T A N
===================
AGRO MARKET: Creditors Must File Claims by August 28
----------------------------------------------------
Creditors of LLP Agro Market Stroy have until August 28, 2009, to
submit proofs of claim to:
The Specialized Inter-Regional
Economic Court of North Kazakhstan
Brusilovsky Str. 60
Petropavlovsk
North Kazakhstan
Kazakhstan
The court commenced bankruptcy proceedings against the company on
May 26, 2009.
ASEL OSER: Creditors Must File Claims by August 28
--------------------------------------------------
Creditors of LLP Asel Oser have until August 28, 2009, to submit
proofs of claim to:
Gogol Str. 177a
Kostanai
Kazakhstan
The Specialized Inter-Regional Economic Court of Kostanai region
commenced bankruptcy proceedings against the company on May 26,
2009, after finding it insolvent.
The Court is located at:
The Specialized Inter-Regional
Economic Court of Kostanai
Baitursynov Str. 70
Kostanai
Kazakhstan
ELIT MARKET: Creditors Must File Claims by August 28
----------------------------------------------------
Creditors of LLP Elit Market have until August 28, 2009, to submit
proofs of claim to:
Room 217
Aimanov Str. 6
Astana
Kazakhstan
The Specialized Inter-Regional Economic Court of Astana commenced
bankruptcy proceedings against the company on May 25, 2009, after
finding it insolvent.
The Court is located at:
The Specialized Inter-Regional
Economic Court of Astana
Abai Ave. 36
Astana
Kazakhstan
ORION LLP: Creditors Must File Claims by August 28
--------------------------------------------------
Creditors of LLP Kazakh Russian Enterprise Orion have until
August 28, 2009, to submit proofs of claim to:
Office 102
Myzy Str. 1
Ust-Kamenogorsk
East Kazakhstan
Kazakhstan
The Specialized Inter-Regional Economic Court of East Kazakhstan
commenced bankruptcy proceedings against the company on
May 25, 2009, after finding it insolvent.
The Court is located at:
The Specialized Inter-Regional
Economic Court of East Kazakhstan
Bajov Str. 2
Ust-Kamenogorsk
East Kazakhstan
Kazakhstan
VIP SYSTEM: Creditors Must File Claims by August 28
---------------------------------------------------
Creditors of LLP Vip System have until August 28, 2009, to submit
proofs of claim to:
Gogol Str. 177a
Kostanai
Kazakhstan
The Specialized Inter-Regional Economic Court of Kostanai
commenced bankruptcy proceedings against the company on June 3,
2009, after finding it insolvent.
The Court is located at:
The Specialized Inter-Regional
Economic Court of Kostanai
Baitursynov Str. 70
Kostanai
Kazakhstan
VOSTOK SNUB: Creditors Must File Claims by August 28
----------------------------------------------------
Creditors of LLP Vostok Snub BazA have until August 28, 2009, to
submit proofs of claim to:
Office 102
Myzy Str. 1
Ust-Kamenogorsk
East Kazakhstan
Kazakhstan
The Specialized Inter-Regional Economic Court of East Kazakhstan
commenced bankruptcy proceedings against the company on
May 25, 2009, after finding it insolvent.
The Court is located at:
The Specialized Inter-Regional
Economic Court of East Kazakhstan
Bajov Str. 2
Ust-Kamenogorsk
East Kazakhstan
Kazakhstan
===================
K Y R G Y Z S T A N
===================
AUTOCOLOR LLC: Creditors Must File Claims by August 29
------------------------------------------------------
LLC Autocolor is currently undergoing liquidation. Creditors
have until August 29, 2009, to submit proofs of claim to:
For further information, contact (+996 312) 66-10-86.
MARCO POLO: Creditors Must File Claims by August 29
---------------------------------------------------
LLC Marco Polo Travel Agency is currently undergoing liquidation.
Creditors have until August 29, 2009, to submit proofs of claim
to:
Micro District 3-29
Bishkek
Kyrgyzstan
Tel: (+996 312) 31-61-77
===================
L U X E M B O U R G
===================
GELDILUX-TS-2008: Moody's Lifts Rating on Class D Notes From 'Ba2'
------------------------------------------------------------------
Moody's Investors Service has confirmed the ratings for all notes
rated Aaa and Aa2 and upgraded all other notes issued by Geldilux-
TS-2008 S.A.
-- Liquidity Notes confirmed to Aaa, previously, on 23 March
2009 Placed Under Review for Possible Downgrade;
-- Class A1 Notes confirmed to Aaa, previously, on 23 March 2009
Placed Under Review for Possible Downgrade;
-- Class A2 Notes confirmed to Aaa, previously, on 23 March 2009
Placed Under Review for Possible Downgrade;
-- Class A Schuldschein Loans confirmed to Aaa, previously, on
23 March 2009 Placed Under Review for Possible Downgrade;
-- Class B Notes confirmed to Aa2, previously, on 23 March 2009
Placed Under Review for Possible Downgrade;
-- Class C Notes upgraded from Baa2 to A2, previously, on 23
March 2009 Placed Under Review for Possible Downgrade;
-- Class D Notes upgraded from Ba2 to Baa1, previously, on 23
March 2009 Placed Under Review for Possible Downgrade; and
-- Class D Schuldschein Loans upgraded from Ba2 to Baa1,
previously, on 23 March 2009 Placed Under Review for Possible
Downgrade.
The rating action concludes the rating review resulting from
Moody's revision of its methodology for SME granular portfolios in
EMEA. This revised methodology was announced on March 17, 2009
and the affected transactions were placed on review on March 23,
2009. In Moody's review Moody's consider the amendments,
including an increase of credit enhancement, made on August 10,
2009, by the originator in the transaction structure.
As a result of its revised methodology, Moody's has reviewed its
assumptions for the collateral portfolio anticipating a
performance deterioration of SME loan portfolios in the current
down cycle. Moody's have reviewed the default probability of the
pool of corporate and SME debtors for Geldilux-TS-2008 to be
equivalent to a Ba1/Ba2 rating with a remaining weighted average
life of two months. Moody's also took into account the amended
portfolio replenishment criteria on industry and obligor
concentrations. As a consequence, these revised assumptions have
translated into a cumulative mean default assumption of 0.2% over
60 days and a coefficient of variation (defined as the ratio
between the standard deviation and the mean) of 190%. Moody's
original mean default assumption was 0.1% over 90 days which
corresponded to a Baa3 rating, and the coefficient of variation
was 75%. The average recovery rate assumption remains unchanged
at 25% on average. In its analysis, Moody's used a default
distribution derived from CDOROMTM (v2.5), whereas initially, a
lognormal default distribution was applied.
Amendments to the structure have been implemented on August 10,
2009, affecting positively Moody's analysis. These amendments
consist in (i) tighter replenishment criteria related to portfolio
concentrations, (ii) the issuance of additional Class E notes of
EUR 29 million, (iii) the issuance of additional Liquidity Notes
of EUR 4.6 million; as well as (vi) a mechanism to defer interest
payments on the unrated notes during the amortization period.
These material changes were made with regards to the portfolio
replenishment criteria: Maximum real estate industry concentration
of 38.0% (40.0% before the amendment), maximum single obligor
concentration of 0.5% (0.6% before the amendment), and maximum
remaining portfolio weighted average life of 60 days (90 days
before the amendment). Furthermore, the definition of the real
estate industry was amended to comprise a wider range businesses
and to be compliant with the CDOROMTM (v2.5).
In summary, Moody's concluded that the negative effects of the
revised default assumption and the use of the CDOROMTM (v2.5)
model were largely offset by the amendments to the transaction and
lead to rating confirmations on the Aaa-rated notes as well as the
Aa2-rated notes and result in upgrades on all other notes.
Geldilux-TS-2008 S.A. is a true sale German SME transaction
closed August 7, 2008. The Class A1 to Class D Notes and
Schuldschein Loans were issued to finance the purchase of
receivables arising from the portfolio of short-term loans
denominated in Euros and CHF granted by UniCredit Luxembourg S.A.
(A3/P-2/C-/Stable Outlook) to medium-sized companies, small
businesses and individuals mainly in Germany pursuant to their
Euro-Loan program. Replenishments take place on a daily basis
until the end of the replenishment period in July 2011. As of
July 2009, the main sector concentration was in the "building and
real estate" sector with approximately 37.0% of the pool using the
new industry code definition.
Moody's ratings address the expected loss posed to investors by
the legal final maturity of the notes. Moody's ratings address
only the credit risks associated with the transaction. Other non-
credit risks have not been addressed, but may have a significant
effect on yield to investors.
=====================
N E T H E R L A N D S
=====================
HEAD NV: S&P Downgrades Corporate Credit Rating to 'SD'
-------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its long-
term corporate credit rating on Netherlands-based and Austria-
managed sports equipment manufacturer Head N.V. to 'SD' (Selective
Default) from 'CC'. At the same time, S&P lowered the issue
rating on the 8.5% senior unsecured notes due February 2014 issued
by related entity HTM Sport und Freizeitgeraete AG to 'D'
(Default) from 'C'.
These rating actions follow the closure of the consent
solicitation period for the private exchange offer under which
HTM's noteholders were offered the opportunity to exchange each
EUR1,000 aggregate principal amount of their existing 8.5% senior
unsecured notes due 2014 for new 10.0% senior secured notes due
2012 at a price of EUR510.625 and 262.372 Head N.V. ordinary
shares.
S&P understands that as of the closure of the solicitation period,
EUR85.723 million in aggregate principal amount of the existing
notes (representing about 75.3% of the EUR113.825 million
outstanding notes not held in treasury) had been validly tendered
in the exchange offer and will be accepted for exchange into
approximately EUR43.738 million secured notes and 22,491,278 Head
ordinary shares. Head anticipates that the settlement date for
the exchange offer will be Aug. 19, 2009.
Interest due to existing noteholders who have not accepted the
exchange offer, which was suspended on Aug. 1, 2009, is expected
to be paid in full after settlement of the exchange offer and
within the permitted grace period of 30 calendar days.
Standard & Poor's views the exchange offer as distressed because
the exchange value offered is well below par (EUR0.511 on the
euro) and, in S&P's opinion, the noteholders had little realistic
alternative that would enable them to be repaid in full.
S&P believes that completion of the exchange offer will result in
meaningfully lower leverage for the group and lower ongoing
interest costs.
Operating conditions remain challenging, in S&P's view. S&P
anticipate that recessionary pressures and a greater consumer
preference to rent than to buy large-ticket sports equipment are
likely to result in a meaningful year-on-year decline in 2009
group sales. This is particularly the case for the group's winter
sports and diving goods businesses. The group is due to announce
delayed interim results on Aug. 21, 2009.
On completion of the exchange offer, S&P's rating analysis will
focus on trading and operating developments, and, critically, on
the availability of working capital debt facilities in the peak
autumn period.
===========
R U S S I A
===========
22ND MECHANICAL: Creditors Must File Claims by August 24
--------------------------------------------------------
Creditors of LLC 22nd Mechanical Plant have until August 24, 2009,
to submit proofs of claims to:
I. Kuvshinov
Temporary Insolvency Manager
Akhmaninova Str. 1
Penza
Russia
The Arbitration Court of Ulyanovsk will convene on September 3,
2009, to hear bankruptcy supervision procedure on the company.
The case is docketed under Case No. ?72–2977/09B.
The Debtor can be reached at:
LLC 22nd Mechanical Plant
Prospect Sozidateley 36
Ulyanovsk
Russia
INTEGRATED HOUSE: Creditors Must File Claims by August 24
---------------------------------------------------------
Creditors of OJSC Integrated House-Building Factory have until
August 24, 2009, to submit proofs of claims to:
V. Gorbunov
Insolvency Manager
Gaya Str. 23a
460000 Orenburg
Russia
Tel: 8(3532)78-38-36
The Arbitration Court of Orenburgskaya commenced bankruptcy
proceedings against the company after finding it insolvent. The
case is docketed under Case No. ?47–3217/2009–14GK.
The Debtor can be reached at:
OJSC Integrated House-Building Factory
Konstitutsii Str. 27
460052 Orenburg
Russia
LESNOI DOM: Creditors Must File Claims by August 24
---------------------------------------------------
Creditors of LLC Lesnoi Dom (TIN 161655092029) (Construction) have
until August 24, 2009, to submit proofs of claims to:
A. Khayrutdinov
Temporary Insolvency Manager
Post User Box 70
420111 Kazan
Tatarstan
Russia
Tel: (843)238-51-73
The Arbitration Court of Tatarstan will convene at 1:20 p.m. on
November 2, 2009, to hear bankruptcy supervision procedure on the
company. The case is docketed under Case No. ?65–13092/2009-SG4–
35.
MOSCOW REGIONAL: S&P Changes Watch on 'CC' Rating to Negative
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised the
implications on its CreditWatch on its 'CC' long-term issuer
credit and 'ruCC' Russia national scale ratings on Russia-based
Moscow Regional Investment Trust Co. (OJSC) to negative from
developing following the Moscow Oblast's decision to liquidate the
company.
On Aug. 12, 2009, the Moscow Oblast government announced its
decision to file for liquidation of MRITC. A liquidation
commission headed by a Moscow Oblast deputy minister of finance
has already been set up. This may eventually lead to the
company's default.
"This decision signals a shift in the Moscow Oblast's policy
toward the company, from the almost full-scale, although not
timely, support S&P has observed in recent months, to the closure
of the investment financing scheme implemented through MRITC,"
said Standard & Poor's credit analyst Felix Ejgel.
S&P understands the liquidation process could also freeze the
company's debt service for at least the next two months, when two
bank loans guaranteed by the oblast and unguaranteed bond payments
are falling due. Moreover, taking into account the company's weak
cash position and the long-term investments in construction
projects that dominate its assets, there is a high risk that some
creditors' claims will not be met in the liquidation process.
At the same time, S&P assumes that MRITC has no nonperforming
debts outstanding.
The negative implications of the CreditWatch placement indicate
that the ratings could be lowered within the next 90 days, because
the company runs a high risk of ceasing to service its debts in
the short term.
S&P plans to resolve the CreditWatch status within the next 90
days, after S&P gains more visibility on how the Moscow Oblast's
decision will effect the timely repayment of MRITC's debt.
"The ratings will come under pressure -- and eventually fall to
'D' -- if the company stops servicing debts," said Mr. Ejgel.
STROY-INVEST LLC: Creditors Must File Claims by August 24
---------------------------------------------------------
Creditors of LLC Stroy-Invest (TIN 0278092854) (Construction) have
until August 24, 2009, to submit proofs of claims to:
O. Vlasenko
Temporary Insolvency Manager
Post User Box 191
450097 Ufa
Bashkortostan
Russia
The Arbitration Court of Bashkortostan commenced bankruptcy
supervision procedure. The case is docketed under Case No. ?07–
5637/2009-G-ShAB.
The Court is located at:
The Arbitration Court of Bashkortostan
Oktyabrskoy Revolutsii Str. 63A
Ufa
450078
Russia
The Debtor can be reached at:
LLC Stroy-Invest
Pushkina Str. 85/1
450000 Ufa
Bashkortostan
Russia
SUKHOI CIVIL: Fitch Affirms 'BB' Long-Term Issuer Default Rating
----------------------------------------------------------------
Fitch Ratings has affirmed Sukhoi Civil Aircraft JSC's Issuer
Default Ratings and outstanding debt rating:
-- Long-term IDR affirmed at 'BB'; Outlook Negative
-- Short-term IDR affirmed at 'B'
-- Long-term local currency IDR affirmed at 'BB'; Outlook
Negative
-- Short-term local currency IDR affirmed at 'B'
-- Foreign currency senior unsecured rating affirmed at 'BB'
-- Local currency senior unsecured rating affirmed at 'BB'
-- National Long-term rating affirmed at 'AA-(rus)'; Outlook
Negative
-- National Short-term rating affirmed at 'F1+(rus)'
Approximately RUB5 billion of public debt is outstanding.
In line with Fitch's parent subsidiary linkage methodology, SCAC's
ratings are driven by its strong links to its ultimate majority
shareholder, the Russian government ('BBB'/Negative). (The
Negative Outlook reflects Fitch's negative outlook on the
sovereign ratings of the Russian Federation.) Through the
shareholding, Fitch expects SCAC to rely on the support of the
Russian state for additional equity injections over and above what
has already been contributed.
Other factors influencing SCAC's ratings include the likely strong
local demand for the company's product, the presence of French-
based engine manufacturer SNECMA as a risk-sharing partner on the
Sukhoi Super Jet 100 (SSJ 100) program and the long-term positive
cash flow generation capabilities of the company's business model.
As of December 31, 2008, SCAC had gross debt of approximately
US$820 million, of which US$377 million was short-term.
Unrestricted cash and cash equivalents were US$34 million. SCAC's
2017 RUB5 billion bond has a September 2009 put option, which
Fitch expects to be exercised. The company is in the process of
procuring a credit line to cover the bonds put to it, and Fitch
understands that such an agreement is to be signed shortly. Any
failure to obtain this funding could have a rating impact.
Established in 2000, SCAC is engaged in the development and
production of civil aviation aircraft. At present, the Russian
state controls 75% -- 1 share of SCAC, following a 25% plus one
share stake sale to Alenia Aeronautica (a 100% subsidiary of
Finmeccanica, rated 'BBB+'/Stable) in Q209. The company's product
range currently consists solely of the SSJ 100 aircraft, a
regional jet which will initially be available in two sizes,
offering 78 and 98 seats. Work on the SSJ 100 began in 2001, the
first test flight took place in May 2008 and the first commercial
delivery is expected in Q409. Given the start-up nature of the
company, SCAC's stand-alone credit profile is, and will continue
to be in the medium term, very weak. As production ramps-up over
the coming three years, Fitch does not expect SCAC to be EBITDA
positive or generate free cash flow in that period, and the
company will continue to remain reliant on state support to fund
its operations.
TRANSCONTAINER JSC: Moody's Reviews 'Ba2' Corporate Family Rating
-----------------------------------------------------------------
Moody's Investors Service has placed on review for possible
downgrade the Ba2 corporate family rating of JSC TransContainer, a
Russian rail-based container transportation business. At the same
time, Moody's Interfax Rating Agency, which is majority owned by
Moody's, has similarly placed on review for possible downgrade the
company's Aa2.ru national scale credit rating.
The review action reflects Moody's view that the company's ability
to sustain credit metrics at levels commensurate with its current
rating is under pressure due to weaker than previously expected
operating conditions. Moody's also notes that the company has
currently no committed backup facilities to support liquidity
needs over the next 12 months, which might indicate a shift in the
liquidity management. Moody's also indicates that
TransContainer's rating currently incorporates an approximately
one-notch support derived from its majority ownership by Russian
Railways.
Driven by the challenging demand and price conditions in the
container transportation sector, TransContainer's margins and
interest coverage ratios are trending to levels significantly
below previous expectations incorporated at first rating
assignment in February 2009. Moody's is particularly concerned
that the company's EBITA/Interest ratio might fall short of the 3x
trigger for the Ba category for the next 24 months even if an
economic recovery were to start next year. The agency recognizes
that TransContainer is implementing measures to mitigate the
impact of the difficult market conditions, including adjusted
pricing offering, tight cost control and some reduction of the
capex program. However, the plan is yet to be proved effective.
At the same time, Moody's notes uncertainty regarding an economic
recovery, which should precede that of the domestic transportation
market.
Simultaneously, Moody's notes that TransContainer's liquidity over
the next 12 months is currently under pressure as the company has
chosen to have some significant committed backup credit facilities
terminated, while it continues to maintain a short-term debt
maturity profile. In Moody's view, though TransContainer remains
a relatively low leveraged company, this liquidity management
pressures its current rating, especially taking into account the
company's deteriorated cash generation ability in the weak market.
Moody's understands that TransContainer's revised liquidity
management policy incorporates (i) established relationship with
Russian state-owned banks as reflected in a significant amount of
long-term bank funding limits approved for the company and (ii)
progress in negotiations with EBRD, a minority shareholder of the
company, about a long-term facility to finance TransContainer's
investment projects. However, until transformed into committed
facilities, the approved funding limits or advanced negotiations
may not fully mitigate the company's short refinancing profile.
Moody's review will focus on: (i) TransContainer's operating
perspectives for the next 12/24 months as well as its action plan,
including its potential near term effect, to improve margins and
cash flow generation ability in the next 12-18 months; (ii) its
ability to return its financial metrics to levels commensurate
with a Ba2 rating in the next year; (iii) the company's progress
with attracting long-term funds to finance its investment program;
(iv) its liquidity management and liquidity position, including
within the context of its majority shareholder.
The previous rating action on TransContainer was implemented on 18
February 2009, when TransContainer was initially assigned a Ba2
CFR with stable outlook and Aa2.ru NSR.
TransContainer's rating is assigned by evaluating factors Moody's
believe relevant to its credit profile, including i) the business
risk and market position within key business segments; ii)
management's strategy, iii) the financial profile, and iv) the 1H
2009 performance assessment and projections over the near to
intermediate term. These attributes were compared against other
companies both within and outside of TransContainer's key business
segments and TransContainer's ratings are believed to be
comparable to those of other issuers of similar credit risk.
Headquartered in Moscow, TransContainer, an 85%-owned subsidiary
of Russian Railways, is Russia's dominant rail-based container
transportation business with RUB20.5 billion (US$823.9 million) in
revenues in 2008.
===========
S W E D E N
===========
GENERAL MOTORS: Finalizes Deal to Sell Swedish Unit Saab
--------------------------------------------------------
Andrew Ward at The Financial Times reports that General Motors Co.
has finalized an agreement to sell its Swedish unit Saab
Automobile to Koenigsegg Automotive.
Citing people close to the deal, the FT discloses GM and
Koenigsegg are expected to announce the signing of a binding
agreement today, subject to approval of a loan guarantee from the
Swedish government and other financing. The FT says the
memorandum of understanding agreed in June was conditional on
US$600 million of funding from the European Investment Bank,
underwritten by Sweden.
As reported in the Troubled Company Reporter-Europe on Aug. 13,
2009, Bloomberg News said Saab may be able to get state
guarantees for loans from the EIB that exceed the US$600 million
originally sought.
Creditor Protection
The Troubled Company Reporter Europe, citing Bloomberg News,
reported on Feb. 23, 2009, Saab filed for protection from
creditors after parent GM said it will cut ties with the Swedish
carmaker following two decades of losses. The Trollhaettan,
Sweden-based company filed for reorganization with a Swedish
district court to separate itself from GM and bring resources back
to Sweden.
On June 25, 2009, Troubled Company Reporter, citing The Wall
Street Journal, reported creditors of Saab approved the
automakers' proposal for settling its debts by paying a quarter of
what it originally owed. Saab proposed to settle its debts by
paying 25% of about US$1.34 billion it owed to more than 600
creditors, including auto suppliers and the Swedish government.
The vast majority of the debt, almost SEK10 billion, was owed to
GM.
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)
SAAB AUTOMOBILE: GM Finalizes Koenigsegg Sale Deal
--------------------------------------------------
Andrew Ward at The Financial Times reports that General Motors Co.
has finalized an agreement to sell its Swedish unit Saab
Automobile to Koenigsegg Automotive.
Citing people close to the deal, the FT discloses GM and
Koenigsegg are expected to announce the signing of a binding
agreement today, subject to approval of a loan guarantee from the
Swedish government and other financing. The FT says the
memorandum of understanding agreed in June was conditional on
US$600 million of funding from the European Investment Bank,
underwritten by Sweden.
As reported in the Troubled Company Reporter-Europe on Aug. 13,
2009, Bloomberg News said Saab may be able to get state guarantees
for loans from the EIB that exceed the US$600 million originally
sought.
Creditor Protection
The Troubled Company Reporter Europe, citing Bloomberg News,
reported on Feb. 23, 2009, Saab filed for protection from
creditors after parent GM said it will cut ties with the Swedish
carmaker following two decades of losses. The Trollhaettan,
Sweden-based company filed for reorganization with a Swedish
district court to separate itself from GM and bring resources back
to Sweden.
On June 25, 2009, Troubled Company Reporter, citing The Wall
Street Journal, reported creditors of Saab approved the
automakers' proposal for settling its debts by paying a quarter of
what it originally owed. Saab proposed to settle its debts by
paying 25% of about US$1.34 billion it owed to more than 600
creditors, including auto suppliers and the Swedish government.
The vast majority of the debt, almost SEK10 billion, was owed to
GM.
Saab Automobile AB -- http://www.saab.com-- is a wholly owned
subsidiary of General Motors. With an annual production of up to
126,000 cars, Saab's current models include the 9-3 (available as
a convertible or sport sedan), the luxury 9-5 sedan (also
available in a sport wagon), and the seven-passenger 9-7X SUV.
Offered only through Saab Expressions dealerships, Saab cars woo
enthusiasts with merchandising that includes pen and pencil sets,
martini glasses, toys, and watches.
SAS AB: To Shed Up to 1,500 Jobs Under Cost-Cutting Program
-----------------------------------------------------------
BBC News reports that SAS AB said it will cut another 1,000 to
1,500 jobs as part of a fresh cost-cutting program.
According to the report, the cuts aim to save SEK2 billion (US$276
million; GBP166 million), with SAS also seeking a 10-20% cut in
pay and pensions for cabin crew and pilots.
The latest round of job cuts at SAS will trim the size of
company's workforce by between 5% and 8%, the report says.
Loss
SAS, the report discloses, made a net loss of SEK1.05 billion in
the second quarter of 2009. The report relates the airline said
its second-quarter results had been hit by falling demand, with
sales for the period down to SEK12.2 billion from SEK14.4 billion
in the same period last year.
Restructuring
The report recalls in February this year, SAS -- 50% of which is
jointly owned by the governments of Sweden, Denmark and Norway --
announced a major restructuring package, called Core SAS, which
involved shedding about 40% of the airline's 23,000 workforce,
selling off stakes held in other carriers and raising SEK6 billion
kronor though a share sale.
Headquartered in Solna, Sweden, SAS AB --
http://www.sasgroup.net/-- is engaged in the air transport
services. It is a parent company within SAS Group, which operates
within two business areas. The Core SAS segment encompasses
airline services in the Nordic countries, as well as
intercontinental flights through SAS Scandinavian Airlines, as
well regional airlines in Norway through Wideroe and in Finland
through Blue1. The SAS Individual Holdings segment comprises
operations of Estonian Air, bmi, All Cargo, Skyways, Air
Greenland, Spirit and Trust. SAS AB's fleet encompasses ten
planes. In addition, the Company offers ground handling services
and technical maintenance for the aircraft, as well as air freight
solutions and cargo capacity on passenger aircraft, purely cargo
aircraft and cargo handling. The Group is also involved in the
trainings within the technical aviation field.
* * *
As reported in the Troubled Company Reporter-Europe on Aug. 17,
2009, Standard & Poor's Ratings Services said that it revised its
outlook on Scandinavian airline group SAS AB to negative from
stable. At the same time, the 'B' long-term corporate credit
rating on SAS was affirmed.
=====================
S W I T Z E R L A N D
=====================
ASTECO GMBH: Creditors Must File Claims by August 21
----------------------------------------------------
Creditors of ASTECO GmbH are requested to file their proofs of
claim by August 21, 2009, to:
Frank Loacker
Liquidator
Dorfstrasse 51
8427 Freienstein
Switzerland
The company is currently undergoing liquidation in Freienstein-
Teufen. The decision about liquidation was accepted at a
shareholders' meeting held on January 9, 2008.
ATS VISUAL: Claims Filing Deadline is August 21
-----------------------------------------------
Creditors of ats visual AG are requested to file their proofs of
claim by August 21, 2009, to:
Christoph Seiler
Liquidator
Bueelstrasse 76
8143 Stallikon
Switzerland
The company is currently undergoing liquidation in Dietikon. The
decision about liquidation was accepted at an extraordinary
general meeting held on June 12, 2009.
DIGA-MONTAGE GMBH: Claims Filing Deadline is August 21
------------------------------------------------------
Creditors of DIGA-Montage GmbH are requested to file their proofs
of claim by August 21, 2009, to:
Hans Dieter Ebmeyer
Liquidator
Olsbergerstrasse 2
4310 Rheinfelden
Switzerland
The company is currently undergoing liquidation in Basel. The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on May 19, 2009.
EMMEL.HOFER.ERNI GMBH: Claims Filing Deadline is August 21
----------------------------------------------------------
Creditors of emmel.hofer.erni GmbH are requested to file their
proofs of claim by August 21, 2009, to:
Emmel Philipp, Erni Daniel and Hofer Peter
Liquidators
Neubadstr. 140
4054 Basel
Switzerland
The company is currently undergoing liquidation in Basel. The
decision about liquidation was accepted at a shareholders' meeting
held on March 10, 2009.
EYER FEUERWEHRTECHNIK: Claims Filing Deadline is August 21
----------------------------------------------------------
Creditors of Eyer Feuerwehrtechnik GmbH are requested to file
their proofs of claim by August 21, 2009, to:
Eyer-Kalbermatten Agatha
Liquidator
Kettelerstrasse 22
3900 Brig
Switzerland
The company is currently undergoing liquidation in Brig-Glis. The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on June 10, 2009.
LERROTEC GMBH: Creditors Have Until August 21 to File Claims
------------------------------------------------------------
Creditors of Lerrotec GmbH are requested to file their proofs of
claim by August 21, 2009, to:
Alfredo Lerro
Roosstrasse 61
8832 Wollerau
Switzerland
The company is currently undergoing liquidation in Freienbach.
The decision about liquidation was accepted at a shareholders'
meeting held on August 29, 2008.
LUCKY LOTUS: Creditors Must File Claims by August 21
----------------------------------------------------
Creditors of Lucky Lotus GmbH are requested to file their proofs
of claim by August 21, 2009, to:
Chi Meng Un
Liquidator
Beatenbergstrasse 35A
3800 Unterseen
Switzerland
The company is currently undergoing liquidation in Unterseen. The
decision about liquidation was accepted at a shareholders' meeting
held on April 22, 2009.
MS VISUAL: Claims Filing Deadline is August 21
----------------------------------------------
Creditors of MS Visual AG are requested to file their proofs of
claim by August 21, 2009, to:
Truvag Treuhand AG
Chruezhof
6130 Willisau
Switzerland
The company is currently undergoing liquidation in Zofingen. The
decision about liquidation was accepted at a general meeting held
on July 8, 2009.
NSD NIEDERBERGER: Claims Filing Deadline is August 21
-----------------------------------------------------
Creditors of NSD Niederberger AG are requested to file their
proofs of claim by August 21, 2009, to:
Richard Niederberger
Brandbodenstrasse 6
6383 Dallenwil
Switzerland
The company is currently undergoing liquidation in Dallenwil. The
decision about liquidation was accepted at a general meeting held
on June 10, 2009.
SABELAG AG: Creditors Must File Claims by August 21
---------------------------------------------------
Creditors of Sabelag AG are requested to file their proofs of
claim by August 21, 2009, to:
SAM'S & HAN Holding AG
Mail Box: 2026
8021 Zurich
Switzerland
The company is currently undergoing liquidation in Zurich. The
decision about liquidation was accepted at an extraordinary
general meeting held on July 2, 2009.
=============
U K R A I N E
=============
NAFTOGAZ UKRAINY: To Commence Debt Restructuring Talks This Week
----------------------------------------------------------------
Interfax, citing Ukraine's Ministry of Finance, reports that
Naftogaz Ukrainy is planning to start negotiations on
restructuring the company's debt with holders of its US$500
million issue of Eurobonds this week.
Citing the head of the ministry, Interfax says negotiations are
likely to be not only to the holders of Eurobonds, but also to
other external creditors of NAC, in particular, with Deutsche
Bank.
On July 31, 2009, the Troubled Company Reporter-Europe, citing the
Associated Press, reported experts said the Ukrainian government
was likely to come to Naftogaz' rescue in case the company fails
to come to an agreement with its lenders, after the International
Monetary Fund approved a third US$3.3 billion instalment of a
US$16.4 billion rescue loan.
About NJSC Naftogaz of Ukraine
Headquartered in Kiev, Ukraine, NJSC Naftogaz of Ukraine --
http://www.naftogaz.com/-- processes gas, oil and condensate at
the Company's five gas processing plants, which produce LPG,
motor fuels and other types of petroleum products. Over 97% of
the oil and gas in Ukraine is produced by the enterprises of the
Company.
* * *
As reported in the Troubled Company Reporter-Europe on June 2,
2009, Moody's Investors Service downgraded to Caa1 from B2, the
foreign currency corporate family rating, and probability of
default and debt ratings of NJSC Naftogaz of Ukraine. Moody's
said the outlook on the ratings was changed to negative.
===========================
U N I T E D K I N G D O M
===========================
ALLIED CARPETS: 142 Stores to Close; 850 Jobs Affected
------------------------------------------------------
Andrea Felsted at The Financial Times reports that about 850 jobs
are to be lost with the closure of 142 Allied Carpets stores.
The FT relates BDO Stoy Hayward, the administrator, said on Friday
that it had failed to find a buyer.
"Although we have had a strong level of initial interest in the
portfolio, the common concern has been around the lack of
visibility of future turnover. In addition, many of those who
operate in the same industry haven't been comfortable taking the
step to extend their current portfolio in such a tough trading
climate," the FT quoted Dermot Power, BDO business restructuring
partner, as saying.
Mr. Power, as cited by the FT, said although the stores were
closed, BDO was still in discussions with interested parties.
On July 21, 2009, the Troubled Company Reporter-Europe, citing the
FT, reported that Allied Carpets went into administration after
being hit by the decline in consumer spending and the frozen
housing market. The FT disclosed in a process known as pre-pack
administration, 51 of the company's 217 stores were sold
immediately to Allied Carpets Retail, a new company set up in
partnership with the collapsed retailer's management.
According to the FT, Allied Carpets Retail, funded by Valco
Capital Partners, Hilco's private equity arm, will acquire a
further four stores in Wimbledon, Gillingham, Ipswich and Cribbs
Causeway near Bristol, protecting 25 jobs. The FT states it is
also expected that more stores will transfer across to Allied
Carpets Retail, where it reaches agreement with landlords,
protecting further jobs. It is anticipated that Allied Carpets
Retail could eventually own up to 70 Allied Carpets outlets, the
FT notes.
Headquartered in Orpington, United Kingdom, Allied Carpets Group
plc -- http://www.alliedcarpets.com/-- operates as a home
furnishing retailer specializing in curtains, beds and carpets.
It also sells rugs, real wood flooring and laminate flooring.
Allied Carpets Group Plc also provides a home sales service and
has a separate contracts division to serve its large clients. The
company was formerly known as Carpetland Carpet Centres Ltd.
Allied Carpets Group Plc operates as a subsidiary of Saint Maclou
S.C.A. As of November 24, 1999, Allied Carpets Group Plc operates
as a subsidiary of Saint Maclou S.C.A.
ALTERNATIVE HOTEL: In Debt Restructuring Talks with Lloyds
----------------------------------------------------------
Ben Marlow and Matthew Goodman at The Sunday Times report that
Alternative Hotel Group is set to open talks with Lloyds Banking
Group about a restructuring of its GBP1.4 billion debt pile.
According to the report, AHG is to begin negotiations with Lloyds
after the bank appointed Deloitte to carry out an independent
review of the business.
The report relates Lloyds, which also has equity in the business,
brought in the accountancy firm a few weeks ago amid concerns that
AHG would be unable to meet its debt terms. Lloyds, the report
says, is considering a huge debt-for-equity swap, which will wipe
out existing investors. The firm’s banking covenants are also
likely to be reset, the report states.
Based in London, United Kingdom, Alternative Hotel Group Ltd.
engages in hotel services. AHG owns properties such as Cameron
House in Scotland and Slaley Hall in Northumberland through its De
Vere chain. It also owns Village Hotels & Leisure Clubs and the
Greens gym chain.
ARTENIUS UK: May Get Takeover Offers Next Month; Cuts 58 Jobs
-------------------------------------------------------------
Claudia Carpenter at Bloomberg News, citing the Sunday Times,
reports Artenius UK Ltd. may get takeover bids next month from
International Process Plants of the U.S. or Indonesia's Indorama
Group.
Bloomberg News relates the Times said both possible buyers are in
"advanced talks" with administrator Deloitte & Touch LLP.
On July 31, 2009, the Troubled Company Reporter-Europe, citing BBC
News, reported Artenius UK Ltd. went into administration. The
report said 137 jobs were affected. BBC disclosed Deloitte said
the company, which has 242 employees, was continuing to trade as
bidders were sought. According to BBC, the administrator said a
separate division of the company's business had already closed
after a restructuring and the company had been under increased
costs pressure.
Redundancies
BBC News reports 58 workers at Artenius UK were told they had lost
their jobs at a meeting with administrator Deloitte on Friday.
According to BBC, a Deloitte spokeswoman said the decision to make
further redundancies was made following an earlier announcement
that the production facility was to be mothballed.
Headquartered at Redcar, Artenius UK Ltd. makes a chemical used in
the food and drink packaging industry. It is a subsidiary of
Spanish company La Seda de Barcelona.
CANARGO ENERGY: Posts US$1.8 Million Net Loss for June 30 Quarter
-----------------------------------------------------------------
CanArgo Energy Corporation reported a net loss of US$1,808,395 for
the three months ended June 30, 2009, from a net loss of
US$970,934 for the same period last year. For the six months
ended June 30, 2009, CanArgo posted net income of US$98,744 from a
US$2,175,815 net loss for the same half-year period in 2008.
The Company said Operating Revenues from Continuing Operations for
the three month period ended June 30, 2009, deteriorated to
US$800,000 from US$2.6 million for the corresponding period for
2008. This deterioration was attributable to both a decrease in
the realized price for oil sold and lower volumes of oil sold at
the Ninotsminda Field in Georgia.
The Company said the increase in Net Loss for the three month
period ended June 30, 2009, was attributable to both increases in
Operating Loss from Continuing Operations and Total Other Expense
compared to the corresponding period for 2008.
Operating Loss from Continuing Operations for the three month
period ended June 30, 2009 increased to US$700,000 compared to a
small Operating Loss of US$3,100 in the corresponding period for
2008. This was due to lower Operating revenues from Continuing
Operations, despite being offset partially by reduced Field
Operating Expenses, Direct Project Costs, Selling, General and
Administrative Expenses and Depreciation, Depletion and
Amortization.
As of June 30, 2009, the Company had US$2,649,189 in total assets;
US$19,833,265 in total liabilities and US$2,119,530 in temporary
equity. As of June 30, 2009, the Company had an accumulated
deficit of US$289,204,482 and stockholders' deficit of
US$19,303,606.
CanArgo is currently in default in making interest payments under
its outstanding Senior Subordinated Convertible Guaranteed Notes,
due September 1, 2009 and its 12% Subordinated Convertible
Guaranteed Notes, due June 28, 2010. The Company is also
currently in default under the terms of its Settlement Agreement
with WEUS Holding Inc., a subsidiary of Weatherford International
Ltd.
The Company is continuing its negotiations with its Note holders
and WEUS among other creditors in respect of its defaulted
obligations with a view to arriving at a restructuring plan which,
under current expectations, will involve a possible debtor in
possession restructuring in Chapter 11 of the United States
Bankruptcy Code. There can be no assurance, however, that such
negotiations and discussions will be successfully concluded.
Based in Guernsey, British Isles, CanArgo Energy Corporation
(OSLO: CNR) (PINK SHEETS: CANR) -- http://www.canargo.com-- is an
independent oil and gas exploration and production company with
its oil and gas operations currently located in Georgia.
COUNTRYROUTE PLC: S&P Downgrades Long-Term Debt Rating to 'BB+'
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its long-
term debt rating to 'BB+' from 'BBB-' on the GBP88 million senior
secured bank loan due 2026 issued by U.K.-based concessionaire
CountyRoute (A130) PLC (ProjectCo). At the same time, the long-
term debt rating on the GBP5.5 million subordinated secured
mezzanine bank loan also due 2026 was lowered to 'B-' from 'BB-'.
The outlook on both ratings is negative.
"The downgrades follow Standard & Poor's expectation that the
project is unlikely to generate its forecast revenue in financial
2010 through 2013 due to weaker-than-anticipated traffic numbers
and lower interest income on cash balances," said Standard &
Poor's credit analyst Beata Sperling-Tyler.
"This underperformance will coincide with the period when the
project will be reserving cash for the first phase of works to the
road pavement, which are required to increase the road's residual
life," said Ms. Sperling-Tyler.
In combination, these two factors are likely to lead to a
deterioration of both the senior and total annual debt service
coverage ratios, in particular between financial 2011 and 2013
(years ending March 31). S&P anticipates that the backward-
looking senior ADSCR may decline to about 1.08x in March 2012--
below the equity distribution lockup level of 1.15x. This would
also result in a mezzanine debt service lockup, which is triggered
at the senior ADSCR level of 1.125x.
In addition, S&P consider it likely that the full cash payment of
mezzanine interest and/or principal debt service may be missed on
other payment dates between March 2011 and March 2013, thus
leading to a mezzanine payment default. Under the facility
agreement in such circumstances, the mezzanine principal
repayments would be delayed and interest on the outstanding amount
accrued, resulting in higher total debt service in later periods.
Under the facility agreement, an event of default would be
triggered if the senior ADSCR decreased to 1.05x.
In S&P's view, the project is unlikely to experience its
anticipated traffic growth of 1.57% in financial 2010, followed by
1.55% in financial 2011, and 1.47% in financial 2012. Although
traffic levels have been above expectations since the refinancing
financial close in 2004 until 2008 and S&P consider the medium-
term forecast growth rate of about 1.5% per year as reasonable,
the actual traffic numbers in financial 2009 were 1.7% below those
in financial 2008. In April, May, and June 2009, the year-on-year
traffic decline was respectively 2.06%, 2.25%, and 1.96%.
Although the traffic deterioration may have stabilized, in S&P's
view a mildly negative or flat traffic growth remains likely in
financial 2010 and 2011.
In addition, the project depends somewhat on generation of
interest income on its cash balances, which is incorporated into
the calculation of the cash available for debt service in the
nominator of the ADSCR formula. In S&P's view, it is unlikely the
project will be able to obtain the interest rates on cash balances
that it currently assumes, in particular the rates on deposits
of 2.23% in the quarter to September 2009, increasing to 4% in the
quarter to June 2010; and the rates on the cash balances of 1.23%
and 1.38% respectively in these periods. The actual rates
currently available to the project are 1.0% for the deposits and
slightly above 0% for cash balances. When excluding interest
earned on cash balances, as per Standard & Poor's definition of
ADSCR set out in its project finance criteria, the backward-
looking senior ADSCR may fall further, to 1.05x, in March 2012.
CountyRoute is a special-purpose, bankruptcy-remote entity wholly
owned by John Laing Infrastructure Ltd. Under a 30-year concession
granted by Essex County Council in 1999, CountyRoute operates the
A130, a 15-kilometer road from Chelmsford to Basildon in south-
eastern England. The road's construction was completed in 2003.
The present financing was executed in 2004 to refinance the
original debt package after the actual traffic use was 25% lower
than the original forecast.
The ratings reflect the exposure of half of the project's revenue
to traffic risk through a shadow toll payment mechanism; the
uncertainty related to the risk that the actual major maintenance
costs over the 30-year concession may exceed those forecast
currently; and the aggressive financial structure, demonstrated by
the relatively low senior ADSCRs. Certain protections available
to senior debt, such as a mezzanine lockup, increase the risk of
timely debt service of the mezzanine debt.
However, the ratings are supported by the successful operation of
the road to date, with no penalty points or unavailability
deductions; the positive relationship with the council as
offtaker; and the experience of its sponsor, John Laing
Infrastructure Ltd. Furthermore, both tranches of debt benefit
from typical protections such as debt service reserve accounts and
distribution restrictions.
The negative outlook reflects Standard & Poor's expectation that
the project's traffic revenue and financial income are likely to
result in a further weakening of the financial profile through
financial 2013.
Further downward pressure on the ratings may arise if the revenues
were lower than currently expected. The rating on mezzanine debt
would be lowered to 'CCC' if there were a likelihood of the
project missing full debt service on any payment date within a 12-
month period.
The outlook could be revised to stable or the ratings raised if
the project demonstrates a sustained revenue performance in line
with forecasts and maintains the minimum senior ADSCR above 1.18x.
EMI GROUP: EMI Music May Need Cash Injections to Avoid Default
--------------------------------------------------------------
Aaron O. Patrick at The Wall Street Journal, citing people
familiar with the situation, reports that EMI Group Ltd. is
working to prevent its recorded-music unit from going into default
or requiring further cash injections.
The Journal relates people familiar with the matter said these
days, EMI's recorded-music division, EMI Music, isn't generating
enough profit to comply with a GBP950 million loan from Citigroup.
According to the Journal, people familiar with the situation said
EMI Music will need cash injections over the next eight months to
avoid defaulting on the loan -- and it is unclear how much more
cash Mr. Hands is willing to invest. The Journal says if Mr.
Hands, who has injected about GBP80 million into EMI Music through
its parent company, Maltby Capital Ltd., doesn't come up with the
money, Citigroup could seek to take control of the business and
sell it.
The Citigroup loan requires increases in EMI Music's earnings
before interest, tax, depreciation, and amortization relative to
the size of its debt, the Journal discloses. The Journal recalls
since September, EMI Music has been subjected to three "covenant
tests" to see if it meets the ratio -- and failed each one.
Citing a person familiar with the situation, the Journal notes EMI
Group's other pillar, EMI Music Publishing, which sells rights to
perform songs or use lyrics, remains healthy and won't have to
make extra interest payments if EMI Music defaults.
Debt Refinancing
On July 31, 2009, the Troubled Company Reporter-Europe, citing the
Financial Times, reported that investors in Terra Firma backed
plans for the private equity firm to inject GBP300 million of
equity into EMI Group as part of a potential refinancing of the
music group's GBP2.6 billion debts.
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.
LDV GROUP: In Exclusive Sale Talks with Potential Buyer
-------------------------------------------------------
BBC News reports that administrators for LDV Group Ltd. and
Birmingham Pressing Ltd., both part of LDV Holdings Ltd., are in
exclusive talks with a potential buyer.
The report relates PricewaterhouseCoopers said the party has
indicated it was studying options for "recommencing some
production, at the Washwood Heath site".
Administrators declined to give any other details of the talks.
"It would not be appropriate to comment further on the identity of
the proposed purchaser at this time, given the confidentiality
agreements in place," the report quoted the administrators as
saying.
The report recalls the administrators said in June at least six
organizations were considering whether to invest in the company.
As reported in the Troubled Company Reporter-Europe, Rob Hunt,
Mark Hopkins and Matthew Hammond of PricewaterhouseCoopers LLP
were appointed joint administrators of LDV Group and Birmingham
Pressings on June 8, 2009. Mr. Hunt said the companies' financial
difficulties culminated in the cessation of production at the
Drews Lane plant in December 2008 and an application to court to
place the companies into administration in May 2009. The
application was withdrawn as the directors pursued a potential
sale of the business to the Malaysian firm, Weststar. Weststar
withdrew from the proposed purchase which left the directors with
little option other than to reapply for administration.
LDV is a manufacturer of light commercial vehicles, while BPL
manufactures pressings solely utilized by LDV. LDV and BPL employ
circa 850 people at their offices and plant at Drews Lane,
Birmingham. Mr. Hunt said it had been necessary to make majority
of the workforce redundant.
SCOTTISH GAME: In Administration; Tenon Recovery Appointed
----------------------------------------------------------
One of Scotlands leading activity centers, the Scottish Tourist
Board four-star Scottish Game Book Limited, trading as Kingscliff
Sporting Lodge near Ellon in Aberdeenshire, has been placed in
administration.
Based in a scenic 50 acre estate, the award-winning center runs an
extensive range of indoor and outdoor activities, including clay
pigeon shooting, quad biking, mountain biking, fishing, archery,
off-road driving and golf.
Clients include businesses seeking specialist corporate and team-
building packages, and groups booking parties, celebrations and
bespoke packages. Kingscliff also has a bar and restaurant on
site, a golf academy, its own fishing ponds and conference
facilities. The company recently filed an application to build a
number of timber lodges for guest accommodation.
Joint administrator Iain Fraser, a Director with Tenon Recovery in
Aberdeen said: "Kingscliff is well-known for providing high
quality activities and team-building events for the business and
consumer markets. The company has grown steadily in recent years,
building a good client base in the North East of Scotland and
increasingly attracting business from further afield. The
business has good growth potential and is well-placed to
capitalize on the economic recovery as and when it comes."
"We believe Kingscliff will prove attractive to other activity
operators or to entrepreneurs keen to enter the market by
acquiring an established brand with the necessary infrastructure
already in place."
Tenon is urging interested parties to make contact as soon as
possible by calling Tenon's Aberdeen office on 01224 562280.
VESTAS WIND: Closes Isle of Wight Factory; 425 Jobs Affected
------------------------------------------------------------
BBC News reports that Vestas Wind Systems A/S has confirmed its
wind turbine blade factory on the Isle of Wight has closed. The
report says 425 jobs were affected.
According to the report, the Danish firm blamed the lack of demand
for wind turbines in the UK.
The report relates Vestas said as of Wednesday production had
ceased at its sites and staff had been made redundant.
Vestas Wind Systems A/S -- http://www.vestas.com/-- is a Denmark-
based company active within the wind power industry. The Company
is engaged primarily in the development, manufacturing, marketing
and maintenance of wind power systems that utilize wind energy to
generate electricity. Vestas Wind Systems offerings comprises:
wind power projects planning, land and offshore wind turbine
installation, service and maintenance, as well as the supervisory
control and data acquisition (SCADA) system, which includes a
range of monitoring and control functions for the wind power
plants. The Company is operational through a number of
subsidiaries in Denmark, Italy, Germany, Spain, Norway, Sweden,
England, Australia, China, the United States, Canada, the
Netherlands, Austria, the Czech Republic, Hungary, Bulgaria,
Romania, Croatia, Poland, Singapore, South Korea, New Zealand,
Taiwan, India, Japan, Greece, France, Portugal, Mexico, Brazil and
Argentina. Vestas Wind Systems A/S is headquartered in Randers,
Denmark.
===================
U Z B E K I S T A N
===================
HAMKORBANK OJSCB: Fitch Affirms Issuer Default Rating at 'B-'
-------------------------------------------------------------
Fitch Ratings has affirmed the ratings of Uzbekistan-based OJSCB
"Hamkorbank", including its Long-term Issuer Default Rating of
'B-' with a Stable Outlook.
HB's ratings reflect its relatively small franchise, high credit
risks from the recent rapid growth of its loan portfolio (56% in
2008 and 7% in H109) as well as some weaknesses in the operating
environment. They also take into consideration its solid
profitability, low loan losses to date, reasonable capital
adequacy (regulatory total capital adequacy ratio stood at 17.6%
at end-H109) and cooperation with international financial
institutions. HB's liquidity gaps have widened, although the
immediate liquidity position at end-H109 was reasonable, with
highly liquid assets covering customer accounts by 32%.
Upside potential for HB's ratings is currently limited. However,
further expansion and diversification of the bank's franchise and
improvements in the operating environment would be positive for
its credit profile. Significant credit losses or a marked
liquidity tightening could put downward pressure on the ratings.
HB is located in Andijan, Uzbekistan's fourth-largest city and was
ranked 13th by assets among Uzbek banks at end-Q109, with a market
share of approximately 1.6%. The bank has a significant presence
in its home region and a network of branches and outlets covering
10 out of Uzbekistan's 14 administrative districts. The bank's
business is focused on lending to small and medium-sized
enterprises and individual entrepreneurs. HB actively cooperates
with IFIs, such as the European Bank for Reconstruction and
Development, International Finance Corporation and International
Bank for Reconstruction and Development, which provide finance as
well as technical assistance to the bank.
In Fitch's rating criteria, a bank's standalone risk is reflected
in Fitch's Individual ratings and the prospect of external support
is reflected in Fitch's Support ratings. Collectively these
ratings drive Fitch's Long- and Short-term IDRs.
Rating actions are:
-- Long-term IDR: affirmed at 'B-'; Outlook Stable
-- Short-term IDR: affirmed at 'B'
-- Individual rating: affirmed at 'D/E'
-- Support rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'No Floor'
* Large Companies with Insolvent Balance Sheet
----------------------------------------------
Total
Shareholders Total
Company Ticker Equity (US$) Assets (US$)
------- ------ ------ ------
AUSTRIA
-------
LIBRO AG LIBR AV -110486313.84 174004185.02
LIBRO AG LBROF US -110486313.84 174004185.02
LIBRO AG LB6 GR -110486313.84 174004185.02
LIBRO AG LIB AV -110486313.84 174004185.02
SKYEUROPE SKY PW -3897543.17 213166287.14
SKYEUROPE SKYP PW -3897543.17 213166287.14
SKYEUROPE HLDG SKYV IX -3897543.17 213166287.14
SKYEUROPE HLDG SKY EO -3897543.17 213166287.14
SKYEUROPE HLDG SKY EU -3897543.17 213166287.14
SKYEUROPE HLDG SKYA PZ -3897543.17 213166287.14
SKYEUROPE HLDG S8E GR -3897543.17 213166287.14
SKYEUROPE HLDG SKYPLN EO -3897543.17 213166287.14
SKYEUROPE HLDG SKYPLN EU -3897543.17 213166287.14
SKYEUROPE HLDG SKURF US -3897543.17 213166287.14
SKYEUROPE HLDG SKY AV -3897543.17 213166287.14
SKYEUROPE HOL-RT SK1 AV -3897543.17 213166287.14
BELGIUM
-------
SABENA SA SABA BB -85494497.66 2215341059.54
SWITZERLAND
-----------
FORTUNE MANA-NEW FMI5 GR -57223391.61 186057993.69
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FORTUNE MANAGEME FMI GR -57223391.61 186057993.69
FORTUNE MANAGEME FMIG IX -57223391.61 186057993.69
FORTUNE MANAGEME FMI1 EO -57223391.61 186057993.69
FORTUNE MANAGEME FMI1 EU -57223391.61 186057993.69
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CYPRUS
------
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LIBRA HOLIDAYS-P LBHG PZ -5044973.6 274730005.26
CZECH REPUBLIC
--------------
CKD PRAHA HLDG CKDPF US -89435858.16 192305153.03
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SETUZA AS 2994763Q EU -61453764.17 138582273.56
GERMANY
-------
AGOR AG DOO EU -482446.63 144432986.17
AGOR AG NDAGF US -482446.63 144432986.17
AGOR AG DOO EO -482446.63 144432986.17
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CBB HOLD-NEW 97 COB2 GR -42994732.85 904723627.84
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CINEMAXX AG CNEMF US -42015165.72 146572416.37
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DEVELICA DEUTSCH DDE IX -41866600.36 1178479579.31
DEVELICA DEUTSCH DDE PZ -41866600.36 1178479579.31
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DORT ACTIEN-BRAU 944167Q GR -12689156.29 117537053.71
DORT ACTIEN-RTS DAB8 GR -12689156.29 117537053.71
EM.TV & MERC-NEW ETV1 NM -22067409.41 849175624.65
EM.TV & MERC-NEW ETV1 GR -22067409.41 849175624.65
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KAUFRING AG KFR EU -19296489.56 150995473.81
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MANIA TECHNOLOGI MNI1 EU -35060806.5 107465713.61
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MANIA TECHNOLOGI MNI NM -35060806.5 107465713.61
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MANIA TECHNOLOGI 2260970Z GR -35060806.5 107465713.61
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MATERNUS KLINI-N MAK1 GR -18996733.83 183928734.46
MATERNUS-KLINIKE MAKG IX -18996733.83 183928734.46
MATERNUS-KLINIKE MAK EO -18996733.83 183928734.46
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MATERNUS-KLINIKE MNUKF US -18996733.83 183928734.46
MATERNUS-KLINIKE MAK PZ -18996733.83 183928734.46
MATERNUS-KLINIKE MAK EU -18996733.83 183928734.46
NORDAG AG DOO1 GR -482446.63 144432986.17
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NORDSEE AG 533061Q GR -8200552.05 194616922.62
O TWELVE ESTATES O2T GR -10555410.41 267391338.05
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O TWELVE ESTATES OTE EU -10555410.41 267391338.05
O TWELVE ESTATES OTE LN -10555410.41 267391338.05
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PRIMACOM AG PRC2 GR -14233212.49 729563484.73
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RINOL AG RILB EO -2.71 168095049.11
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RINOL AG RILB GR -2.71 168095049.11
RINOL AG RILB PZ -2.71 168095049.11
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RINOL AG RIL GR -2.71 168095049.11
ROSENTHAL AG 2644179Q GR -1744121.91 217776125.75
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SANDER (JIL) AG SAD GR -6153256.92 127548039.68
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SANDER (JIL)-PRF 2916157Q EU -6153256.92 127548039.68
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TA TRIUMPH-ACQ TWNA EU -106778475.76 427535397.03
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TA TRIUMPH-ADLER TWN PZ -106778475.76 427535397.03
TA TRIUMPH-ADLER TWNG IX -106778475.76 427535397.03
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TA TRIUMPH-RTS 3158577Q GR -106778475.76 427535397.03
VIVANCO GRUPPE VVA1 EO -16648688.57 131276010.89
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VIVANCO GRUPPE VIVGF US -16648688.57 131276010.89
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VIVANCO GRUPPE VVA GR -16648688.57 131276010.89
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DENMARK
-------
ELITE SHIPPING ELSP DC -27715991.74 100892900.29
ROSKILDE BAN-NEW ROSKN DC -532868894.9 7876687324.02
ROSKILDE BAN-RTS ROSKT DC -532868894.9 7876687324.02
ROSKILDE BANK ROSK EO -532868894.9 7876687324.02
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ROSKILDE BANK RKI GR -532868894.9 7876687324.02
ROSKILDE BANK ROSBF US -532868894.9 7876687324.02
ROSKILDE BANK ROSK DC -532868894.9 7876687324.02
ROSKILDE BANK ROSK EU -532868894.9 7876687324.02
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ROSKILDE BANK ROSKF US -532868894.9 7876687324.02
ROSKILDE BANK-RT 916603Q DC -532868894.9 7876687324.02
SPAIN
-----
ACTUACIONES ACTI AISA PZ -90795223.79 864395242.67
ACTUACIONES ACTI AGR SM -90795223.79 864395242.67
ACTUACIONES ACTI AISA EU -90795223.79 864395242.67
ACTUACIONES ACTI AISA SM -90795223.79 864395242.67
ACTUACIONES ACTI AISA EO -90795223.79 864395242.67
AGRUPACIO - RT AGR/D SM -90795223.79 864395242.67
MARTINSA FADESA MTF EO -968340851.78 8951861483.6
MARTINSA FADESA MFAD PZ -968340851.78 8951861483.6
MARTINSA FADESA MTF EU -968340851.78 8951861483.6
MARTINSA FADESA 4PU GR -968340851.78 8951861483.6
MARTINSA FADESA MTF SM -968340851.78 8951861483.6
MARTINSA-FADESA MTF NR -968340851.78 8951861483.6
FRANCE
------
CARRERE GROUP CAR2 EO -23319835.34 364475420.31
CARRERE GROUP CAR2 EU -23319835.34 364475420.31
CARRERE GROUP CARF PZ -23319835.34 364475420.31
CARRERE GROUP CAR FP -23319835.34 364475420.31
CARRERE GROUP XRR GR -23319835.34 364475420.31
CARRERE GROUP CRGP IX -23319835.34 364475420.31
CARRERE GROUP CARG FP -23319835.34 364475420.31
CARRERE GROUP CRRHF US -23319835.34 364475420.31
CHAINE ET TRAME CTRM FP -46169771.5 134467847.56
CHAINE ET TRAME CHTR FP -46169771.5 134467847.56
GRANDE PAROISSE GDPA FP -927267926.9 629287290
GRANDE PAROISSE GDPXF US -927267926.9 629287290
GRANDE PAROISSE GAPA FP -927267926.9 629287290
IMMOB HOTEL BALN IMHB FP -66874823.95 301323804.92
IMMOB HOTELIERE IMH GR -66874823.95 301323804.92
IMMOB HOTELIERE IMHO EO -66874823.95 301323804.92
IMMOB HOTELIERE IMHO EU -66874823.95 301323804.92
IMMOB HOTELIERE SIH FP -66874823.95 301323804.92
IMMOB HOTELIERE IMBHF US -66874823.95 301323804.92
IMMOB HOTELIERE IMHO FP -66874823.95 301323804.92
IMMOB HOTELIERE IMHO PZ -66874823.95 301323804.92
IMMOB HOTELIERE IMMH IX -66874823.95 301323804.92
LAB DOLISOS DOLI FP -27752176.19 110485462.44
LAB DOLISOS LADL FP -27752176.19 110485462.44
MATUSSIERE & FOR 1007765Q FP -77896683.67 293868350.79
MATUSSIERE & FOR MTUSF US -77896683.67 293868350.79
MB RETAIL EUROPE MBRE PZ -46169771.5 134467847.56
MB RETAIL EUROPE MBRE EU -46169771.5 134467847.56
MB RETAIL EUROPE CTRF IX -46169771.5 134467847.56
MB RETAIL EUROPE MBRE EO -46169771.5 134467847.56
MB RETAIL EUROPE MBRE FP -46169771.5 134467847.56
NORTENE NORT FP -35623999.56 117566786.87
NORTENE NRTN FP -35623999.56 117566786.87
NORTENE NRTP IX -35623999.56 117566786.87
OROSDI OROS FP -7291.55 131233317.62
OROSDI-BACK BACK IX -7291.55 131233317.62
OROSDI-BACK OROS EO -7291.55 131233317.62
OROSDI-BACK OROS PZ -7291.55 131233317.62
OROSDI-BACK ORBA FP -7291.55 131233317.62
OROSDI-BACK OROS EU -7291.55 131233317.62
OUTSIDE LIVING I OLIN FP -35623999.56 117566786.87
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EMI GROUP PLC EMI VX -2265916256.89 2950021937.14
EMI GROUP PLC EMI IX -2265916256.89 2950021937.14
EMI GROUP PLC-B 1019425Q LN -2265916256.89 2950021937.14
EMI GROUP-ADR 38IS LN -2265916256.89 2950021937.14
EMI GROUP-ADR EMI$ LN -2265916256.89 2950021937.14
EMI GROUP-ADR EMIPY US -2265916256.89 2950021937.14
EUROPEAN HOME EHR LN -14328735.16 110864081.39
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FAREPAK PLC FPK LN -14328735.16 110864081.39
GALIFORM PLC GFRM EO -116415877.06 612420067.12
GALIFORM PLC GFRM NR -116415877.06 612420067.12
GALIFORM PLC GLFMF US -116415877.06 612420067.12
GALIFORM PLC GFRM TQ -116415877.06 612420067.12
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GALIFORM PLC GFRM PZ -116415877.06 612420067.12
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GALIFORM PLC GFRM LN -116415877.06 612420067.12
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GALIFORM PLC GFRMNOK EU -116415877.06 612420067.12
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GALIFORM PLC GFRM PO -116415877.06 612420067.12
GALIFORM PLC GFRM EU -116415877.06 612420067.12
GALIFORM PLC MFI IX -116415877.06 612420067.12
GALIFORM PLC GFRM NQ -116415877.06 612420067.12
GALIFORM PLC GFRM BQ -116415877.06 612420067.12
GALIFORM PLC GFRMEUR EO -116415877.06 612420067.12
GALIFORM PLC GFRM EB -116415877.06 612420067.12
GALIFORM PLC GFRM IX -116415877.06 612420067.12
GARTLAND WHALLEY GWB LN -10986769.42 145352034.49
HILTON G-CRT OLD HIGT BB -547740614.03 1922113569.01
HILTON GROUP PLC HG PO -547740614.03 1922113569.01
HILTON GROUP PLC HLTGF US -547740614.03 1922113569.01
HILTON GROUP PLC HG/ LN -547740614.03 1922113569.01
HILTON GROUP-ADR HLTGY US -547740614.03 1922113569.01
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JARVIS PLC JRVS PZ -48330109.98 155571478.27
JARVIS PLC JRVS IX -48330109.98 155571478.27
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JARVIS PLC JRVS LN -48330109.98 155571478.27
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JARVIS PLC JRVSGBP EO -48330109.98 155571478.27
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JESSOPS PLC JSPGBP EO -42702021.2 112964060.38
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JESSOPS PLC JSP LN -42702021.2 112964060.38
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KAZAKHSTAN MNRLS KMCO/U CN -103725000 149477216
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KLEENEZE PLC KLZ LN -14328735.16 110864081.39
LADBROKE GROUP LADB LN -547740614.03 1922113569.01
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LADBROKES PLC LAD TQ -547740614.03 1922113569.01
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LADBROKES PLC LAD IX -547740614.03 1922113569.01
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LADBROKES PLC LADEUR EU -547740614.03 1922113569.01
LADBROKES PLC LAD GR -547740614.03 1922113569.01
LADBROKES PLC LAD LN -547740614.03 1922113569.01
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LADBROKES PLC LAD NR -547740614.03 1922113569.01
LADBROKES PLC LADNZD EU -547740614.03 1922113569.01
LADBROKES PLC LADNZD EO -547740614.03 1922113569.01
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LAMBERT FENCHURC LMF LN -1453050.04 1826806853.46
LEEDS SPORTING LEDPF US -73166148.8 143762193.66
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LEEDS UNITED PLC LDSUF US -73166148.8 143762193.66
LEEDS UNITED PLC LUFC LN -73166148.8 143762193.66
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LONDON TOWN PLC LTW PG -15549465.1 160165508.92
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M 2003 PLC 203055Q LN -2203513803.24 7204891601.83
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STV GROUP PLC STVGEUR EU -24923249.67 194430485.8
STV GROUP PLC SMG IX -24923249.67 194430485.8
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STV GROUP PLC STVG EU -24923249.67 194430485.8
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STV GROUP PLC STVG VX -24923249.67 194430485.8
TELASI JSC AEST GG -38496626.3 121421179.22
TELEWEST COM-ADR 940767Q GR -3702234580.99 7581020925.22
TELEWEST COM-ADR TWSTY US -3702234580.99 7581020925.22
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TELEWEST COMM 604296Q GR -3702234580.99 7581020925.22
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THORN EMI PLC THNE FP -2265916256.89 2950021937.14
THORN EMI-ADR THN$ LN -2265916256.89 2950021937.14
THORN EMI-ADR TORNY US -2265916256.89 2950021937.14
THORN EMI-CDR THN NA -2265916256.89 2950021937.14
THORN EMI-REGD 1772Q GR -2265916256.89 2950021937.14
TOPPS TILES PLC TPTGBP EO -78172467.48 131014414.4
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TOPPS TILES PLC TPTJY US -78172467.48 131014414.4
TOPPS TILES PLC TPTEUR EO -78172467.48 131014414.4
TOPPS TILES PLC TPT VX -78172467.48 131014414.4
TOPPS TILES PLC TPT PO -78172467.48 131014414.4
TOPPS TILES PLC TPT BQ -78172467.48 131014414.4
TOPPS TILES PLC TPT PZ -78172467.48 131014414.4
TOPPS TILES PLC TPT IX -78172467.48 131014414.4
TOPPS TILES PLC TPTEUR EU -78172467.48 131014414.4
TOPPS TILES PLC TPT EU -78172467.48 131014414.4
TOPPS TILES PLC TPT EO -78172467.48 131014414.4
TOPPS TILES PLC TPTJF US -78172467.48 131014414.4
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UTC GROUP UGR LN -11904426.45 203548565.03
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WATSON & PHILIP WTSN LN -120493900.04 252232072.87
WINCANTON PL-ADR WNCNY US -47615167.52 1316638025.67
WINCANTON PLC WIN1EUR EU -47615167.52 1316638025.67
WINCANTON PLC WIN1 TQ -47615167.52 1316638025.67
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WINCANTON PLC WIN LN -47615167.52 1316638025.67
WINCANTON PLC WIN1 EU -47615167.52 1316638025.67
WINCANTON PLC WIN1USD EU -47615167.52 1316638025.67
XXPERT RENTAL XPRT CN -103725000 149477216
GREECE
------
AG PETZETAKIS SA PTZ GR -29943162.81 218449483.79
AG PETZETAKIS SA PZETF US -29943162.81 218449483.79
AG PETZETAKIS SA PETZK PZ -29943162.81 218449483.79
AG PETZETAKIS SA PETZK EO -29943162.81 218449483.79
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AG PETZETAKIS SA PETZK GA -29943162.81 218449483.79
AG PETZETAKIS SA PTZ1 GR -29943162.81 218449483.79
ALTEC SA -AUCT ALTECE GA -113800496.36 212288486.55
ALTEC SA INFO ALTEC EU -113800496.36 212288486.55
ALTEC SA INFO ATCQF US -113800496.36 212288486.55
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EMPEDOS SA EMPED GA -33637669.62 174742646.9
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KOUMBAS RTS KOUMR GA -47073006.65 212483361.18
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PETZETAKIS-PFD PETZP GA -29943162.81 218449483.79
RADIO KORASS-RTS KORAR GA -100972173.86 180679253.63
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THEMELIODOMI-AUC THEMEE GA -55751178.85 232036822.56
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UNITED TEXTILES UTEX GA -44175513.67 341686153.14
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UNITED TEXTILES NAOYK GA -44175513.67 341686153.14
UNITED TEXTILES NAOSF US -44175513.67 341686153.14
UNITED TEXTILES UTEX EU -44175513.67 341686153.14
CROATIA
-------
BRODOGRADE INDUS 3MAJRA CZ -351617348.75 237471555.63
IPK OSIJEK DD OS IPKORA CZ -20548292.01 131206123.83
OT OPTIMA TELEKO 2299892Z CZ -48565065 119632635.47
OT-OPTIMA TELEKO OPTERA CZ -48565065 119632635.47
HUNGARY
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HUNGARIAN TELEPH HUC EX -41577000 1251297920
HUNGARIAN TELEPH HUC GR -41577000 1251297920
HUNGARIAN TELEPH HUGC IX -41577000 1251297920
INVITEL HOLD-ADR 0IN GR -41577000 1251297920
INVITEL HOLD-ADR IHO US -41577000 1251297920
INVITEL HOLDINGS 3212873Z HB -41577000 1251297920
IRELAND
-------
BOUNDARY CAPITAL BCP1 EO -10192301.85 119787800.54
BOUNDARY CAPITAL BCP IX -10192301.85 119787800.54
BOUNDARY CAPITAL BCPI IX -10192301.85 119787800.54
BOUNDARY CAPITAL BCP LN -10192301.85 119787800.54
BOUNDARY CAPITAL BCM GR -10192301.85 119787800.54
BOUNDARY CAPITAL BCP1 EU -10192301.85 119787800.54
BOUNDARY CAPITAL BCP ID -10192301.85 119787800.54
BOUNDARY CAPITAL BCP1 PZ -10192301.85 119787800.54
BOUNDARY CAPITAL BCP1 PG -10192301.85 119787800.54
ELAN CORP PLC ECN VX -223400000 1844599936
ELAN CORP PLC ELN LN -223400000 1844599936
ELAN CORP PLC ELA PO -223400000 1844599936
ELAN CORP PLC ELN TQ -223400000 1844599936
ELAN CORP PLC ELNUSD EU -223400000 1844599936
ELAN CORP PLC DRX GR -223400000 1844599936
ELAN CORP PLC ELNCF US -223400000 1844599936
ELAN CORP PLC DRXG IX -223400000 1844599936
ELAN CORP PLC DRX1 PZ -223400000 1844599936
ELAN CORP PLC ELN EU -223400000 1844599936
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ELAN CORP PLC ELNGBP EO -223400000 1844599936
ELAN CORP PLC ELNGBX EO -223400000 1844599936
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ELAN CORP PLC ELN EO -223400000 1844599936
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ELAN CORP PLC ELN NR -223400000 1844599936
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ELAN CORP-CVR LCVRZ US -223400000 1844599936
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WATERFORD - RTS 508519Q LN -505729895.23 820803256.03
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ICELAND
-------
AVION GROUP B1Q GR -223771648 2277793536
EIMSKIPAFELAG HF HFEIM EU -223771648 2277793536
EIMSKIPAFELAG HF HFEIM EO -223771648 2277793536
EIMSKIPAFELAG HF HFEIMEUR EU -223771648 2277793536
EIMSKIPAFELAG HF HFEIM PZ -223771648 2277793536
EIMSKIPAFELAG HF HFEIMEUR EO -223771648 2277793536
EIMSKIPAFELAG HF AVION IR -223771648 2277793536
EIMSKIPAFELAG HF HFEIM IR -223771648 2277793536
ITALY
-----
AEDES AXA+W AEAXAW IM -24405906.61 1350851664.42
AEDES SPA AE PZ -24405906.61 1350851664.42
AEDES SPA AE IM -24405906.61 1350851664.42
AEDES SPA AE EO -24405906.61 1350851664.42
AEDES SPA AE EU -24405906.61 1350851664.42
AEDES SPA AE TQ -24405906.61 1350851664.42
AEDES SPA AEDSF US -24405906.61 1350851664.42
AEDES SPA AEDI IX -24405906.61 1350851664.42
AEDES SPA LLB GR -24405906.61 1350851664.42
AEDES SPA RNC AEDE IM -24405906.61 1350851664.42
AEDES SPA-OPA AEDROP IM -24405906.61 1350851664.42
AEDES SPA-OPA AEOPA IM -24405906.61 1350851664.42
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ARENA SPA RNCNF US -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
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COIN SPA/OLD GC IM -151690764.75 791310848.67
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CREDITO FOND-RTS CRFSA IM -200209050.26 4213063202.32
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LAZIO SPA SSL IM -15482934.18 260633690.01
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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
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OMNIA NETWORK SP ONT PZ -14203645.83 330093845.4
OMNIA NETWORK SP ONT TQ -14203645.83 330093845.4
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RONCADIN SPA-RT RONAA IM -26843216.33 117951651.43
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SNIA BPD SN GR -97720525.24 339401569.86
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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 SNR IM -97720525.24 339401569.86
SNIA SPA-RCV SNIVF US -97720525.24 339401569.86
SNIA SPA-RIGHTS SNAW IM -97720525.24 339401569.86
SNIA SPA-RNC SNRNC IM -97720525.24 339401569.86
SNIA SPA-RNC SNIWF US -97720525.24 339401569.86
SNIA SPA-RTS SNAA IM -97720525.24 339401569.86
SNIA SPA-RTS SNSO IM -97720525.24 339401569.86
SOCOTHERM SPA SOCEF US -28370270.37 537950362.36
SOCOTHERM SPA SCT IM -28370270.37 537950362.36
SOCOTHERM SPA SCT EU -28370270.37 537950362.36
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SOCOTHERM SPA SCTM IX -28370270.37 537950362.36
SOCOTHERM SPA SCT TQ -28370270.37 537950362.36
SOCOTHERM SPA SCT EO -28370270.37 537950362.36
TECNODIFF ITALIA TDIFF US -89894162.82 152045757.48
TECNODIFF ITALIA TDI IM -89894162.82 152045757.48
TECNODIFF ITALIA TEF GR -89894162.82 152045757.48
TECNODIFF ITALIA TDI NM -89894162.82 152045757.48
TECNODIFF-RTS TDIAOW NM -89894162.82 152045757.48
TECNODIFFUSIONE TDIAAW IM -89894162.82 152045757.48
TISCALI SPA TIQ GR -24638454.05 1569205599.82
TISCALI SPA TIQG IX -24638454.05 1569205599.82
TISCALI SPA TISGBX EU -24638454.05 1569205599.82
TISCALI SPA TISN FP -24638454.05 1569205599.82
TISCALI SPA TIS VX -24638454.05 1569205599.82
TISCALI SPA TIS PZ -24638454.05 1569205599.82
TISCALI SPA TIS NR -24638454.05 1569205599.82
TISCALI SPA TISN NA -24638454.05 1569205599.82
TISCALI SPA TISGBP EO -24638454.05 1569205599.82
TISCALI SPA TIS EU -24638454.05 1569205599.82
TISCALI SPA TIS EO -24638454.05 1569205599.82
TISCALI SPA TIS FP -24638454.05 1569205599.82
TISCALI SPA TIS TQ -24638454.05 1569205599.82
TISCALI SPA TISGBX EO -24638454.05 1569205599.82
TISCALI SPA TIS NA -24638454.05 1569205599.82
TISCALI SPA TISN IM -24638454.05 1569205599.82
TISCALI SPA TISN VX -24638454.05 1569205599.82
TISCALI SPA TSCXF US -24638454.05 1569205599.82
TISCALI SPA TISN IX -24638454.05 1569205599.82
TISCALI SPA TIS IX -24638454.05 1569205599.82
TISCALI SPA TIS IM -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 CONEQ US -94729000 472360992
CARRIER1 INT-ADR CONEE US -94729000 472360992
CARRIER1 INTL CJNA GR -94729000 472360992
CARRIER1 INTL CJN NM -94729000 472360992
CARRIER1 INTL CJN GR -94729000 472360992
CARRIER1 INTL SA 1253Z SW -94729000 472360992
CARRIER1 INTL SA CONEF US -94729000 472360992
NETHERLANDS
-----------
BAAN CO NV-ASSEN BAANA NA -7854741.41 609871188.88
BAAN COMPANY NV BAAVF US -7854741.41 609871188.88
BAAN COMPANY NV BNCG IX -7854741.41 609871188.88
BAAN COMPANY NV BAAN EU -7854741.41 609871188.88
BAAN COMPANY NV BAAN PZ -7854741.41 609871188.88
BAAN COMPANY NV BAAN EO -7854741.41 609871188.88
BAAN COMPANY NV BAAN IX -7854741.41 609871188.88
BAAN COMPANY NV BAAN GR -7854741.41 609871188.88
BAAN COMPANY NV BAAN NA -7854741.41 609871188.88
BAAN COMPANY-NY BAANF US -7854741.41 609871188.88
BUSINESSWAY INTL BITLE US -69320 127631096
BUSINESSWAY INTL BITL US -69320 127631096
CNW ORLANDO INC CNWD US -69320 127631096
GLOBALNETCARE GBCR US -69320 127631096
GLOBALNETCARE GBCRE US -69320 127631096
ICBS INTERNATION ICBO US -69320 127631096
ICBS INTERNATION ICBOE US -69320 127631096
JAMES HARDIE IND 726824Z NA -108700000 1898699904
JAMES HARDIE IND HAH NZ -108700000 1898699904
JAMES HARDIE IND HAH AU -108700000 1898699904
JAMES HARDIE IND 600241Q GR -108700000 1898699904
JAMES HARDIE NV JHXCC AU -108700000 1898699904
JAMES HARDIE-ADR JHX US -108700000 1898699904
JAMES HARDIE-ADR JHINY US -108700000 1898699904
JAMES HARDIE-CDI JHX AU -108700000 1898699904
JAMES HARDIE-CDI JHA GR -108700000 1898699904
JAMES HARDIE-CDI JHIUF US -108700000 1898699904
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 UPE1 GR -5505478849.55 5112616630.06
UNITED PAN-EUROP UPE GR -5505478849.55 5112616630.06
UNITED PAN-EUROP UPCOF US -5505478849.55 5112616630.06
UNITED PAN-EUROP UPCEF US -5505478849.55 5112616630.06
WAH KING INVEST WAHKE US -69320 127631096
WAH KING INVEST WAHK US -69320 127631096
NORWAY
------
PETRO GEO-SERV 265143Q NO -18066142.21 399710323.59
PETRO GEO-SERV PGS VX -18066142.21 399710323.59
PETRO GEO-SERV PGS GR -18066142.21 399710323.59
PETRO GEO-SERV-N PGSN NO -18066142.21 399710323.59
PETRO GEO-SV-ADR PGSA GR -18066142.21 399710323.59
PETRO GEO-SV-ADR PGOGY US -18066142.21 399710323.59
POLAND
------
KROSNO KRS PW -2241614.77 111838141.19
KROSNO KROS IX -2241614.77 111838141.19
KROSNO KRS1EUR EO -2241614.77 111838141.19
KROSNO KRS1EUR EU -2241614.77 111838141.19
KROSNO SA KRNFF US -2241614.77 111838141.19
KROSNO SA KROSNO PW -2241614.77 111838141.19
KROSNO SA KRS PZ -2241614.77 111838141.19
KROSNO SA KRS1 EU -2241614.77 111838141.19
KROSNO SA KRS1 EO -2241614.77 111838141.19
KROSNO SA-RTS KRSP PW -2241614.77 111838141.19
KROSNO-PDA-ALLT KRSA PW -2241614.77 111838141.19
TOORA TOR PW -288818.39 147004954.18
TOORA TOR PZ -288818.39 147004954.18
TOORA 2916661Q EO -288818.39 147004954.18
TOORA 2916665Q EU -288818.39 147004954.18
TOORA-ALLOT CERT TORA PW -288818.39 147004954.18
PORTUGAL
--------
COFINA COFI TQ -9882836.46 319233214.35
COFINA COFI EO -9882836.46 319233214.35
COFINA CFASF US -9882836.46 319233214.35
COFINA CFN PL -9882836.46 319233214.35
COFINA COFI EU -9882836.46 319233214.35
COFINA COFSI IX -9882836.46 319233214.35
COFINA COFI PL -9882836.46 319233214.35
COFINA CFN1 PZ -9882836.46 319233214.35
COFINA CFNX PX -9882836.46 319233214.35
PORCELANA VISTA PVAL PL -44208990.42 143765544.74
SPORTING-SOC DES SCPX PX -4083492.14 225687305.9
SPORTING-SOC DES SCG GR -4083492.14 225687305.9
SPORTING-SOC DES SCDF PL -4083492.14 225687305.9
SPORTING-SOC DES SCPL IX -4083492.14 225687305.9
SPORTING-SOC DES SCDF EO -4083492.14 225687305.9
SPORTING-SOC DES SCP PL -4083492.14 225687305.9
SPORTING-SOC DES SCDF EU -4083492.14 225687305.9
SPORTING-SOC DES SCP1 PZ -4083492.14 225687305.9
VAA VISTA ALEGRE VAF PZ -44208990.42 143765544.74
VAA VISTA ALEGRE VAF PL -44208990.42 143765544.74
VAA VISTA ALEGRE VAF EU -44208990.42 143765544.74
VAA VISTA ALEGRE VAF EO -44208990.42 143765544.74
VAA VISTA ALEGRE VAFX PX -44208990.42 143765544.74
VAA VISTA ALTAN VAFK PZ -44208990.42 143765544.74
VAA VISTA ALTAN VAFK EU -44208990.42 143765544.74
VAA VISTA ALTAN VAFK EO -44208990.42 143765544.74
VAA VISTA ALTAN VAFKX PX -44208990.42 143765544.74
VAA VISTA ALTAN VAFK PL -44208990.42 143765544.74
ROMANIA
-------
OLTCHIM RM VALCE OLT RO -16862370.58 614340383.91
OLTCHIM RM VALCE OLTEUR EO -16862370.58 614340383.91
OLTCHIM RM VALCE OLTCF US -16862370.58 614340383.91
OLTCHIM RM VALCE OLTEUR EU -16862370.58 614340383.91
OLTCHIM RM VALCE OLT EO -16862370.58 614340383.91
OLTCHIM RM VALCE OLT EU -16862370.58 614340383.91
OLTCHIM RM VALCE OLT PZ -16862370.58 614340383.91
RAFO SA RAF RO -457922636.25 356796459.26
UZINELE SODICE G UZIM RO -35878364.71 104942905.83
DUVANSKA DIVR SG -7729350.78 109207260.53
IMK 14 OKTOBAR A IMKO SG -5175836.42 110102264.18
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 ALCE RU -672832.37 105454563.92
ALFA CEMENT-BRD AFMTF US -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* RU -24834103.03 105689368.23
DAGESTAN ENERGY DASB RM -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 SVYOF US -331600428.45 891998590.74
SAMARANEFTEGAS SMNG$ RU -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* RU -331600428.45 891998590.74
SAMARANEFTEGAS-P SMNGP$ RU -331600428.45 891998590.74
SAMARANEFTEGAS-P SMNGP RM -331600428.45 891998590.74
TERNEYLES-BRD TERL* RU -15178937.2 182115156.77
TERNEYLES-BRD TERL RU -15178937.2 182115156.77
URGALUGOL-BRD YRGL RU -15706613.04 105440541.07
URGALUGOL-BRD YRGL* RU -15706613.04 105440541.07
URGALUGOL-BRD-PF YRGLP RU -15706613.04 105440541.07
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* 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
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 ZRLUF US -91603977.68 1725908124.2
ZORLU ENERJI ELE ZOREN TI -91603977.68 1725908124.2
ZORLU ENERJI ELE ZORENM TI -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 -8466062.15 297261661.11
DONETSKOBLENERGO DOON UZ -222373172.26 391097664.92
LUGANSKOBLENERGO LOEN UZ -27999610.26 206103874.91
NAFTOKHIMIK PRIC NAFP UZ -18319042.42 308665797.86
NAFTOKHIMIK-GDR N3ZA GR -18319042.42 308665797.86
ZAPORIZHOBLENERG ZAON UZ -5929792.72 132397404.71
*********
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 * * *