/raid1/www/Hosts/bankrupt/TCREUR_Public/090907.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
E U R O P E
Monday, September 7, 2009, Vol. 10, No. 176
Headlines
A U S T R I A
ABC-AUTOMATISIERUNGS: Creditors Must File Claims by September 29
NOVAPRINT GMBH: Claims Filing Deadline is September 17
GOLDADLER ELMOGHAZI: Claims Filing Deadline is September 16
HASEGG GMBH: Creditors Must File Claims by September 15
HYUNDAI MOBILE: Claims Filing Deadline is August 26
IBG GMBH: Creditors Must File Claims by September 15
IBRAHIMOGLU KERIM: Claims Filing Deadline is September 16
KIENREICH INSTALLATION: Creditors Must File Claims by Sept. 15
LENKA HELEBRANDOVA: Claims Filing Deadline is September 16
STOISITS KEG: Creditors Must File Claims by September 17
WUESTER GMBH: Creditors Must File Claims by September 15
B U L G A R I A
KREMIKOVTZI AD: Liabilities Exceed Assets, Receiver Says
E S T O N I A
* ESTONIA: Records 16 Corporate Bankruptcies in August
G E R M A N Y
ARCANDOR AG: Thomas Cook Stake to Be Sold This Week
DECO SERIES: Fitch Junks Ratings on Class H Notes From 'BBB-'
DEUTSCHE LUFTHANSA: Moody's Downgrades Issuer Ratings to 'Ba1'
GENERAL MOTORS: Germany Wants Decision on Opel Sale This Week
QUELLE BAUSPARKASSE: May Be Bought by Postbank, Handelsblatt Says
S-CORE 2007-1: Moody's Junks Ratings on Three Classes of Notes
I R E L A N D
ANGLO IRISH: Won't Pay Interest on GBP300 Mil. Subordinated Notes
ARGON CAPITAL: Moody's Junks Rating on Series 77 Notes
CLOVERIE PLC: Moody's Withdraws Ratings on Four Classes of Notes
IVORY CDO: Change in Deal Manager Won't Affect Fitch's Ratings
SALISBURY INT'L: Moody's Withdraws 'C' Rating on 2005-13 Notes
SHAMROCK CAPITAL: Moody's Lifts Rating on Class G Notes to 'B3'
THEBES CAPITAL: Moody's Downgrades Rating on 2007-2 Notes to 'C'
THEBES CAPITAL: Moody's Confirms Ratings on Two Series of Notes
I T A L Y
INTESA SANPAOLO: May Withdraw EUR4 Bil. State Aid Plan
MARIELLA BURANI: U.S. Fund Plans to Acquire EUR55 Mil. of Shares
K A Z A K H S T A N
AGRO MARKET: Creditors Must File Claims by September 11
ATYRAU TV: Creditors Must File Claims by September 11
BATYS SNUB: Creditors Must File Claims by September 11
KURYLYS AS: Creditors Must File Claims by September 11
STROY PORTAL: Creditors Must File Claims by September 11
K Y R G Y Z S T A N
VELOCITY LLC: Court Names T. Boronchiev as Insolvency Manager
N E T H E R L A N D S
ING GROEP: S&P Cuts Rating on Deferrable Sub. Instruments to 'B'
N O R W A Y
NORSKE SKOGINDUSTRIER: Moody's Affirms 'B2' Corp. Family Rating
R U S S I A
ARCHANGEL DIAMOND: Converts Case to Chapter 11, Has Plan
CHAPLYGINSKIY PLASTICS: Creditors Must File Claims by September 10
EKON-STROY LLC: Creditors Must File Claims by September 10
FIREPROOF MATERIALS: Creditors Must File Claims by September 10
ROS-LES-PROM: Creditors Must File Claims by September 10
OSKOLSKIY CANNERY: Creditors Must File Claims by September 10
S L O V A K R E P U B L I C
SKYEUROPE AIRLINES: Transportation Ministry Revokes License
S W I T Z E R L A N D
ART EDIT: Claims Filing Deadline is September 30
LEUZE ELESTA: Claims Filing Deadline is September 30
MB-ROOT AG: Claims Filing Deadline is September 30
SYNTEXTA AG: Claims Filing Deadline is September 30
TELIGARO INC.: Claims Filing Deadline is September 30
U K R A I N E
AGROTECHPROM LLC: Creditors Must File Claims by September 9
ARNIKA LLC: Creditors Must File Claims by September 9
BANK DNISTER: Central Bank Appoints New Temporary Administrator
EASTERN EUROPEAN: Creditors Must File Claims by September 9
MK FINEKO: Creditors Must File Claims by September 9
NAFTOGAZ UKRAINY: Net Loss Widens to UAH2 Billion in 2008
NOVATEKS 2000: Creditors Must File Claims by September 9
PARITET-NIKOLAYEV LLC: Creditors Must File Claims by September 9
SVITANOK LLC: Creditors Must File Claims by September 9
UKRPROMTECHSERVICE LLC: Creditors Must File Claims by September 9
UTMIS LLC: Creditors Must File Claims by September 9
U N I T E D K I N G D O M
ACORN PET: In Administration; Tenon Recovery Appointed
CHAMPION ENTERPRISES: Lenders Extend Waiver Through Oct. 12
CREW GOLD: May File for Bankruptcy After Bondholders Reject Plan
LUDGATE FUNDING: S&P Downgrades Rating on Class E Notes to 'D'
NATIONAL EXPRESS: Cosmen-Led Consortium Improves Takeover Offer
* Fitch Says UK Student Loans Unaffected by Interest Rate Reset
X X X X X X X X
* S&P Takes Credit Rating Actions on 435 European CDO Tranches
* EUROPE: EC Mulls Mandatory Bankruptcy Insurance for Airlines
* BOND PRICING: For the Week August 31 to September 4, 2009
*********
=============
A U S T R I A
=============
ABC-AUTOMATISIERUNGS: Creditors Must File Claims by September 29
----------------------------------------------------------------
Creditors of ABC-Automatisierungs GmbH have until September 29,
2009, to file their proofs of claim.
A court hearing for examination of the claims has been scheduled
for September 29, 2009 at 10:00 a.m. at:
Land Court of Linz
Hall 522
Fifth floor
Linz
Austria
For further information, contact the company's administrator:
Ing. Mag. Wilhelm Hermann Deutschmann
Stelzhamerstrasse 12/3
4020 Linz
Austria
Tel.: 0732/602080
Fax: 0732/60208020
E-mail: info@df-ra.at
NOVAPRINT GMBH: Claims Filing Deadline is September 17
------------------------------------------------------
Creditors of Novaprint GmbH have until September 17, 2009, to file
their proofs of claim.
A court hearing for examination of the claims has been scheduled
for October 1, 2009 at 9:30 a.m.
For further information, contact the company's administrator:
Mag. Sylvia Roessler
Hauptplatz 21
2700 Wiener Neustadt
Austria
Tel: 02622/25211
Fax: 02622/25310
E-mail: rechtsanwaeltin@aon.at
GOLDADLER ELMOGHAZI: Claims Filing Deadline is September 16
-----------------------------------------------------------
Creditors of Goldadler Elmoghazi Transport KEG have until
September 16, 2009, to file their proofs of claim.
A court hearing for examination of the claims has been scheduled
for September 30, 2009 at 9:50 a.m.
For further information, contact the company's administrator:
Mag. Beate Holper
Gonzagagasse 15
1010 Wien
Austria
Tel: 533 28 55
Fax: 533 28 55 28
E-mail: office@anwaltwien.at
HASEGG GMBH: Creditors Must File Claims by September 15
-------------------------------------------------------
Creditors of Hasegg GmbH have until September 15, 2009, to file
their proofs of claim.
A court hearing for examination of the claims has been scheduled
for October 6, 2009 at 10:10 a.m. at:
Land Court of the St. Pölten
Room 216
Second Floor
St. Poelten
Austria
For further information, contact the company's administrator:
Mag. Sebastian Feigl
Preinsbacherstrasse 5
3300 Amstetten
Austria
Tel: 07472/68630
Fax: 07472/63348
E-mail: rafeigl@aon.at
HYUNDAI MOBILE: Claims Filing Deadline is August 26
---------------------------------------------------
Creditors of Hyundai Mobile Europe GmbH have until August 26,
2009, to file their proofs of claim.
A court hearing for examination of the claims has been scheduled
for September 9, 2009 at 9:00 a.m.
For further information, contact the company's administrator:
Dr. Andrea Simma
Favoritenstrasse 22/12a
1040 Wien
Austria
Tel: 504 64 08
Fax: 504 64 08 22
E-mail: simma@mitrecht.com
IBG GMBH: Creditors Must File Claims by September 15
----------------------------------------------------
Creditors of IBG GmbH have until September 15, 2009, to file their
proofs of claim.
A court hearing for examination of the claims has been scheduled
for October 6, 2009 at 10:30 a.m. at:
Land Court of the St. Poelten
Room 216
Second Floor
St. Poelten
Austria
For further information, contact the company's administrator:
Dr. Georg Thum
Josefstrasse 13
3100 St. Poelten
Austria
Tel.: 02742/72 222
Fax: 02742/72222/10
E-mail: kanzlei@tws-rae.at
IBRAHIMOGLU KERIM: Claims Filing Deadline is September 16
---------------------------------------------------------
Creditors of IBRAHIMOGLU Kerim KEG have until September 16, 2009,
to file their proofs of claim.
A court hearing for examination of the claims has been scheduled
for September 30, 2009 at 9:30 a.m.
For further information, contact the company's administrator:
Dr. Katharina Widhalm-budak
Favoritenstrasse 22/12a
1040 Wien
Austria
Tel: 504 64 08
Fax: 504 64 08 22
E-mail: widhalm-budak@mitrecht.com
KIENREICH INSTALLATION: Creditors Must File Claims by Sept. 15
--------------------------------------------------------------
Creditors of Kienreich Installation GmbH have until September 15,
2009, to file their proofs of claim.
A court hearing for examination of the claims has been scheduled
for October 1, 2009 at 9:45 a.m. at:
Civil Court of the Graz
Room 227
Second Floor
Graz
Austria
For further information, contact the company's administrator:
Mag. Andreas Ulm
Kaiser-Franz-Josef-Kai 70
8010 Graz
Austria
Tel: 3016/813862
Fax: 0316/813862-2
E-mail: office@klein-wuntschek-partner.at
LENKA HELEBRANDOVA: Claims Filing Deadline is September 16
----------------------------------------------------------
Creditors of Lenka HELEBRANDOVA KG have until September 16, 2009,
to file their proofs of claim.
A court hearing for examination of the claims has been scheduled
for September 30, 2009 at 9:30 a.m.
For further information, contact the company's administrator:
Mag. Thomas Steiner
Weihburggasse 18
1010 Wien
Austria
Tel: 513 53 63
Fax: 513 53 63 17
E-Mail: steiner.steiner@aon.at
STOISITS KEG: Creditors Must File Claims by September 17
--------------------------------------------------------
Creditors of Stoisits KEG have until September 17, 2009, to file
their proofs of claim.
A court hearing for examination of the claims has been scheduled
for October 1, 2009 at 9:15 a.m.
For further information, contact the company's administrator:
Mag. Michael Ludwig Lang
Schuettelstrasse 55
Carre Rotunde
1020 Wien
Austria
Tel.: 72 577
Fax: 72 577 577
E-mail: michael.lang@blw-legal.com
WUESTER GMBH: Creditors Must File Claims by September 15
--------------------------------------------------------
Creditors of Wuester GmbH have until September 15, 2009, to file
their proofs of claim.
A court hearing for examination of the claims has been scheduled
for October 6, 2009 at 9:50 a.m. at:
Land Court of the St. Poelten
Room 216
Second Floor
St. Poelten
Austria
For further information, contact the company's administrator:
Mag. Christian Kies
Rathausplatz 8
3270 Scheibbs
Austria
Tel: 07482/44 222
Fax: 07482/44 222-4
E-mail: christian.kies@aon.at
===============
B U L G A R I A
===============
KREMIKOVTZI AD: Liabilities Exceed Assets, Receiver Says
--------------------------------------------------------
Kremikovtzi AD's assets aren't enough to cover its liabilities,
Elizabeth Konstantinova at Bloomberg News reports, citing
Tsvetan Bankov, the company's receiver.
Bloomberg relates Mr. Bankov told reporters in Sofia Thursday the
plant has assets worth BGN840 million (US$612.5 million) and
liabilities of BGN1.9 billion, 42% of which are owed to state-run
power and gas utilities, the State Railways and tax authorities.
Bloomberg recalls the receiver proposed a rehabilitation plan in
July offering creditors the choice of a debt swap or getting
repaid under national insolvency laws. Mr. Bankov, as cited by
Bloomberg, said the evaluation of how much each creditor is owed
will be completed by Sept. 28.
"The value of recovery via liquidation is so low," Bloomberg
quoted Angelo Moskov, a partner at bondholder QVT Financial LP in
London, saying in response to e-mailed questions. "Creditors are
much better off by converting debt into equity and restructuring
the company into a new debt-free company."
As reported in the Troubled Company Reporter-Europe on Aug. 26,
2009, Novinite.com, citing Traicho Traikov, Bulgaria's economy and
energy minister, said the government may opt to liquidate
Kremikovtzi or implement a healing plan.
On Sept. 1, 2009, the Troubled Company Reporter-Europe, citing
Novinite.com, reported Kremikovtzi's 57 largest creditors are
ready to capitalize their debts and become shareholders of the
company. Bloomberg disclosed Podkrepa union leader Lyudmil Pavlov
said that if creditors vote in favor of the recovery program as he
expects, there will be no need for the government to liquidate the
mill.
About Kremikovtzi
Headquartered in Sofia, Bulgaria, Kremikovtzi AD --
http://www.kremikovtzi.com/-- is a company principally engaged in
the steel industry. Its production capacity includes a complete
steel production cycle, from ore mining to finished products, such
as hot rolled and cold rolled products (coils, slabs, plates,
blooms and billets), different thickness wire rods and tubes. The
Company's product range also includes coke and chemical products,
ferro-alloys and metallurgical lime. The Company operates through
a number of subsidiaries, including Kremikovtzi Trans EOOD,
Nezavisima laboratoriya za analizi EOOD, Kremikovtzi rudodobiv AD,
Ferosplaven zavod EOOD, Global Trade Trans and Kremi Logistics
EOOD, among others. The Company has undergone the insolvency
process since August 6, 2008.
As reported in the Troubled Company Reporter-Europe on Aug. 8,
2008, the Sofia City Court commenced insolvency proceedings
against Kremikovtzi AD after declaring it bankrupt. The court
appointed a temporary bankruptcy administrator for the steelmaker.
The court also ruled that Kremikovtzi's insolvency started on
Dec. 31, 2005. As of Dec. 31, 2007, the company had BGN1.63
billion (US$1.3 billion) in total debts.
=============
E S T O N I A
=============
* ESTONIA: Records 16 Corporate Bankruptcies in August
------------------------------------------------------
Polish Press Agency, citing the information system of the Estonian
commercial register, reports that only 16 companies went bankrupt
in August, the smallest monthly number this year.
The report says in the recent months the number of bankruptcies
has been higher than 40.
According to the report, in the period from January to August, 315
companies have gone bankrupt compared to 136 in the same period
last year.
=============
G E R M A N Y
=============
ARCANDOR AG: Thomas Cook Stake to Be Sold This Week
---------------------------------------------------
Rachel Graham at Bloomberg News, citing the Sunday Times, reports
that Arcandor AG's 43.9% stake in Thomas Cook Group Plc is set to
be sold this week.
According to Bloomberg, the newspaper said the stake, which is
worth more than GBP800 million (US$1.3 billion), is held by
Bayerische Landesbank, Royal Bank of Scotland Group Plc and
Commerzbank AG.
Roger Blitz at The Financial Times reports that a placing of
Arcandor's Thomas stake is penciled in for Thursday after the
banking consortium headed by Royal Bank of Scotland, Commerzbank
and Bayern LB chose it as the preferred option above a sale to a
strategic buyer. According to the FT, Thomas cook insiders said
the situation was moving towards a placement, but the timetable
had not been finalized. Citing one of the company insiders, the
FT discloses the consortium received offers of a 29.9% stake from
some interested parties.
The FT recalls Arcandor pledged shares in the FTSE 100-listed
Thomas Cook to guarantee loans from its creditors but went
bankrupt after the German government rejected its plea for loan
guarantees in June and the group failed to win investor backing to
stay intact.
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 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.
DECO SERIES: Fitch Junks Ratings on Class H Notes From 'BBB-'
-------------------------------------------------------------
Fitch Ratings has downgraded three classes of DECO Series 2005 -
Pan Europe 1 plc and affirmed the transaction's other five
classes.
The rating actions are:
-- EUR51.5 million class A2 due July 2014 (XS0227107538)
affirmed at 'AAA'; Outlook Stable
-- EUR27.8 million class B due July 2014 (XS0227110326) affirmed
at 'AAA'; Outlook Stable
-- EUR45.0 million class C due July 2014 (XS0227112884) affirmed
at 'AAA'; Outlook Stable
-- EUR11.2 million class D due July 2014 (XS0235684114) affirmed
at 'AA'; Outlook revised to Negative from Stable
-- EUR28.1 million class E due July 2014 (XS0227113692) affirmed
at 'A'; Outlook revised to Negative from Stable
-- EUR22.5 million class F due July 2014 (XS0227115630)
downgraded to 'BB' from 'BBB'; Outlook Negative
-- EUR14.1 million class G due July 2014 (XS0227116950)
downgraded to 'B' from 'BBB'; Outlook Negative
-- EUR6.5 million class H due July 2014 (XS0227117503)
downgraded to 'CCC' from 'BBB-'; assigned a Recovery Rating
of RR5
The downgrade of the junior classes reflects the impact on the six
remaining loans in the portfolio of the downturn in the European
commercial real estate market and the uncertainty surrounding
upcoming loan maturities. The Project Suisse loan, the second
largest loan in the portfolio at 22.8%, matures in January 2010,
while the Hanover loan (17.1%) and the Trabrennbahn loan (6.1%)
both mature in July 2010. The Trabrennbahn loan is cross-
defaulted and cross-collateralized with the largest loan in the
portfolio (Deutsche Post, 24%). This exposes the portfolio to
significant balloon risk in the coming quarters, which is
exacerbated by the presence of B-notes in all the loans. This
loan structure increases overall leverage and is likely to
complicate potential re-financings of the affected loans.
Project Suisse is secured by three retail properties in western
Switzerland. The properties are not in prime locations, however,
the overall Swiss property market has experienced a milder decline
in property values than the rest of the continent. The dominant
tenant is Coop, the grocery retailer, which provides 38% of total
rental income. The lease profile is strong as the majority of
leases expire between 2022 and 2024 and all leases are scheduled
to be outstanding at loan maturity. The debt service coverage
ratio (DSCR) has been relatively stable and the current whole loan
DSCR of 1.18x sits above the cash trap trigger of 1.1x. Despite
the strong income performance, Fitch believes that the secondary
nature of the three properties and the substantial leverage of the
B-note (Fitch estimates a whole loan LTV of 130%) create
uncertainty surrounding the potential re-financing of the Project
Suisse loan, which has been factored into the agency's analysis.
The two loans maturing in July 2010 are secured by two office
properties (Hanover loan) and three retail properties located in
Berlin (Trabrennbahn loan). The Hanover properties are
predominantly let to government-related entities, accounting for
85.3% of rental income, with a weighted average remaining lease
length of 4.7 years. The Trabrennbahn properties are 100%
occupied and two are fully let to Getranke Hoffman, a beverage
retailer, on long leases. Fitch estimates whole loan LTVs of 108%
and 104% for Hanover and Trabrennbahn respectively. In light of
the high Fitch LTVs, the prospects of successful re-financings at
maturity could prove more difficult or complicated.
Fitch will continue to monitor the performance of the transaction.
DEUTSCHE LUFTHANSA: Moody's Downgrades Issuer Ratings to 'Ba1'
--------------------------------------------------------------
Moody's Investors Service has lowered the long-term and short-term
issuer ratings of Deutsche Lufthansa AG to Ba1/Not-prime from
Baa3/Prime-3. At the same time Moody's has withdrawn the long-
term issuer rating and assigned a Corporate Family Rating and
Probability of Default Rating at Ba1. The outlook is stable.
The rating action reflects predominantly Moody's view that the
very weak market conditions, with pressure on yields and volumes
being reflected in the decline in operating profits in both the
passenger and cargo divisions, will weaken credit metrics well
beyond the parameters that Moody's had set for the previous rating
category, notably for debt/EBITDA to remain below 3.5x and for
RCF/Net Debt to remain above 25%. Credit metrics will also be
affected to some degree by the company's recent acquisitions.
Although Moody's recognize the likelihood of stronger metrics in
FY2010 if industry conditions improve, Moody's do not believe that
this will be sufficient in the near-term to improve metrics to
levels commensurate with an investment grade rating.
Moody's note, nevertheless, the company's continued objective to
achieve an operating profit this year, albeit this will be
substantially below FY2008. In addition, while the acquisition of
Austrian Airlines will weigh negatively on the company's metrics
in the near-term, Moody's expect that over time Lufthansa will
improve performance at that airline, and note the company's track
record in returning Swiss (acquired in 2005) to profitability as
well.
Lufthansa's strong liquidity profile continues to be a supporting
factor of its rating, with cash and securities reported at
EUR4.7 billion as of June 2009, and supplemented by an
EUR750 million bond issue subsequently. Moody's believes,
however, that this level may decrease going forward due to a
combination of acquisitions and debt repayments. The company
further reports EUR1.5 billion in committed short-term bilateral
credit facilities.
The senior unsecured rating, and the rating of the senior
unsecured notes of Ba1 (LGD4, 52%), at the same level as the CFR,
reflects the limited amount of structural subordination of the
notes within the company's capital structure.
The stable outlook reflects Moody's view that although metrics at
the end of 2009 are likely to be weak for the current rating,
industry conditions will enable Lufthansa to gradually rebuild its
metrics in the course of 2010. For the stable outlook, Moody's
would expect gross leverage to trend towards 5x and for RCF/Net
Debt to be in the mid-to high teens, although Moody's do not
expect these metrics to be achieved in the current fiscal year.
Downward pressure on the rating or outlook could occur if gross
leverage were to remain above 6x on a continued basis, of if there
were a substantial deterioration in liquidity.
Lufthansa, headquartered in Cologne, Germany, is a leading
European airline. In FY 2008, the company reported
EUR24.9 billion and EUR2.4 billion in revenues and EBITDA,
respectively.
GENERAL MOTORS: Germany Wants Decision on Opel Sale This Week
-------------------------------------------------------------
Bertrand Benoit and John Reed at The Financial Times report that
Germany on Friday urged General Motors to make a final decision
this week on the sale of its European operation.
Citing two people familiar with the U.S. carmaker's plans, the FT
discloses GM's board is expected to reach a decision about the
future of Opel/Vauxhall at a meeting tomorrow and Wednesday.
"We, as a government, have done our homework . . . we expect a
decision of the board of directors [this] week," the FT quoted
Karl-Theodor zu Guttenberg, economics minister, as saying on the
ARD public sector network Friday. "We are pushing for an outside
investor scenario with long-term prospects."
Citing two people familiar with the situation, Andreas Cremer and
Chris Reiter at Bloomberg News report that if GM picks Canadian
car-parts supplier Magna International Inc., the Opel trust may
quickly approve a transaction, while a decision in favor of
investment firm RHJ International SA may spark a new round of
talks between GM and the German government on financing, delaying
the trust's decision.
Germany, which provided an emergency EUR1.5-billion (US$2.1
billion) loan to keep Opel solvent, supports a bid from Magna and
refuses to back a proposal by investment firm RHJ International SA
that's favored by GM.
According to Bloomberg, one of the people said the trust wouldn't
need to give a ruling if GM elects to keep Opel or if the German
carmaker goes insolvent.
Noah Barkin at Reuters reports GM Europe head Carl-Peter Forster
told German daily Die Welt that Magna was most likely to win a
bidding battle for Opel, but that the carmaker could also thrive
under the ownership of its U.S. parent.
Influence
Rainer Buergin at Bloomberg News reports that German Finance
Minister Peer Steinbrueck said GM's decision on a possible sale of
its German Opel unit will be driven mainly by GM's business
interests.
Bloomberg relates after one-on-one talks with his U.S.
counterpart, Timothy Geithner, Mr. Steinbrueck said "It's my
impression that the U.S. government has put the decision quite
clearly in the hands of the GM board and that it's not exerting
massive influence" on the decision-making process.
Separately, Bloomberg News reports Mr. Steinbrueck said the German
government wants GM to take a decision soon, still prefers Magna
as a potential buyer and has 'focused' its readiness to provide
aid on Magna.
Fiat
Angela Cullen at Bloomberg News, citing Frankfurter Allgemeine
Zeitung, reports Fiat SpA is no longer interested in GM's Opel
unit because the U.S. carmaker has decided against a sale.
Bloomberg notes the newspaper said GM product manager Bob Lutz
made clear to German government officials during a recent visit to
Berlin that GM now wants to keep Opel.
About General Motors
Headquartered in Detroit, Michigan, General Motors Corp.
(NYSE: GM) -- http://www.gm.com/-- was founded in 1908. GM
employs about 266,000 people around the world and manufactures
cars and trucks in 35 countries. In 2007, nearly 9.37 million GM
cars and trucks were sold globally under the following brands:
Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling. GM's OnStar
subsidiary is the industry leader in vehicle safety, security and
information services.
GM Europe is based in Zurich, Switzerland, while General Motors
Latin America, Africa and Middle East is headquartered in Miramar,
Florida.
As reported by the Troubled Company Reporter, GM reported net loss
of US$6.0 billion, including special items, in the first quarter
of 2009. This compares with a reported net loss of US$3.3 billion
in the year-ago quarter. As of March 31, 2009, GM had
US$82.2 billion in total assets and US$172.8 billion in total
liabilities, resulting in US$90.5 billion in stockholders'
deficit.
General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026). The Honorable Robert E. Gerber presides over the
Chapter 11 cases. Harvey R. Miller, Esq., Stephen Karotkin, Esq.,
and Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges LLP,
assist the Debtors in their restructuring efforts. Al Koch at AP
Services, LLC, an affiliate of AlixPartners, LLP, is the Debtors'
restructuring officer. GM is also represented by Jenner & Block
LLP and Honigman Miller Schwartz and Cohn LLP as counsel.
Cravath, Swaine, & Moore LLP is providing legal advice to the GM
Board of Directors. GM's financial advisors are Morgan Stanley,
Evercore Partners and the Blackstone Group LLP.
General Motors changed its name to Motors Liquidation Co.
following the sale of its key assets to a company 60.8% owned by
the U.S. Government.
Bankruptcy Creditors' Service, Inc., publishes General Motors
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
undertaken by General Motors Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
QUELLE BAUSPARKASSE: May Be Bought by Postbank, Handelsblatt Says
-----------------------------------------------------------------
Holger Elfes at Bloomberg News, citing Handelsblatt, reports that
Deutsche Postbank AG's BHW mortgage division or a special rescue
company financed by Germany's home-loan banks could by Quelle
Bausparkasse AG.
According to Bloomberg, Quelle Bausparkasse, whose biggest
shareholder is heiress Madeleine Schickedanz, is suffering from
refinancing problems.
Quelle Bausparkasse AG is a home loan bank.
S-CORE 2007-1: Moody's Junks Ratings on Three Classes of Notes
--------------------------------------------------------------
Moody's Investors Service has downgraded its ratings of six
classes of notes issued by S-core 2007-1 GMBH.
-- EUR91M A2 Notes, Downgraded to A2; previously on Aug. 10,
2007 Assigned Aaa
-- EUR8.85M B Notes, Downgraded to Ba2; previously on March 13,
2009 Aa1 Placed Under Review for Possible Downgrade
-- EUR9.6M C Notes, Downgraded to B1; previously on March 13,
2009 Aa3 Placed Under Review for Possible Downgrade
-- EUR12.4M D Notes, Downgraded to Caa1; previously on March 13,
2009 A3 Placed Under Review for Possible Downgrade
-- EUR19.7M E Notes, Downgraded to Caa3; previously on March 13,
2009 Ba2 Placed Under Review for Possible Downgrade
-- EUR4.3M F Notes, Downgraded to Ca; previously on March 13,
2009 B3 Placed Under Review for Possible Downgrade
This transaction is a static German SME CLO referencing a
portfolio of 'schuldschein' loans. The transaction has
suffered EUR18 million in defaults, although the Principal
Deficiency Ledger has been reduced to approximately
EUR7.6 million. The Class A notes have been paid down by
approximately EUR35.4 million, 25 million of which comes from
asset repayments and the remainder from excess spread.
The outstanding portfolio totals EUR462.35 million of portfolio
assets, representing exposure to 144 loans.
The internal ratings assigned to the borrowers by the originator
Deutsche Bank are used to determine the default probabilities of
the borrowers in this transaction. These internal ratings are
converted to Moody's rating scale according to a mapping. The
internal ratings provided by Deutsche Bank exhibit sufficient
deterioration to move the average rating into sub investment grade
territory.
The rating actions follow the watchlisting of all the notes except
the Class A1 and A2 tranches on March 13, 2009 and reflect the
credit deterioration of the underlying portfolio as well as the
application of revised and updated key modelling parameter
assumptions that Moody's uses to rate and monitor ratings of CDOs
exposed to corporate assets and which are also being applied in
its analysis of SME CDOs. Moody's announced the changes to these
assumptions in two press releases titled "Moody's updates key
assumptions for rating CLOs", published on 4 February 2009 and
"Moody's Updates its Key Assumptions for Rating Corporate
Synthetic CDOs," published on January 15, 2009. The revisions
affect default probability, which has been stressed to take into
account forward looking measures, as well as correlation, which is
reflected by a 5% minimum correlation and more conservative
industry correlation assumptions. Default probability and
correlation are key parameters in Moody's model for rating CDOs
exposed to corporate assets.
Furthermore, various stress scenarios were run, including reducing
Moody's assumptions in regards to likely recoveries and stressing
by one notch those assets belonging to sectors which were viewed
as particularly vulnerable such as Automobile, Buildings and Real
Estate, Finance, Hotels, Motels, Inns and Gaming etc.
In addition to the quantitative factors that are explicitly
modeled, qualitative factors are part of the rating committee
considerations. These qualitative factors include the structural
protections in each transaction, the recent deal performance in
the current market environment, the legal environment, specific
documentation features, the collateral manager's track record, and
the potential for selection bias in the portfolio. All
information available to rating committees, including
macroeconomic forecasts, input from other Moody's analytical
groups, market factors, and judgments regarding the nature and
severity of credit stress on the transactions, may influence the
final rating decision.
=============
I R E L A N D
=============
ANGLO IRISH: Won't Pay Interest on GBP300 Mil. Subordinated Notes
-----------------------------------------------------------------
Anglo Irish Bank Corporation plc (now Anglo Irish Bank Corporation
Limited) has resolved not to elect to pay the interest on its
300,000,000 Callable Fixed to Floating Rate Undated Subordinated
Notes otherwise due on the Optional Interest Payment Date on 5th
October 2009. Such unpaid interest shall constitute "Arrears of
Interest" for the purposes of condition 2(c)(1)(C) of the terms of
the Notes as set out in the appropriate Offering Circular.
Anglo Irish Bank Corp PLC -- http://www.angloirishbank.com/--
operates in three core areas: business lending, treasury and
private banking. The Bank's non-retail business is made up of
more than 11,000 commercial depositors spanning commercial
entities, charities, public sector bodies, pension funds, credit
unions and other non-bank financial institutions. The Company's
retail deposits comprise demand, notice and fixed term deposit
accounts from personal savers with maturities of up to two years.
Non-retail deposits are sourced from commercial entities,
charities, public sector bodies, pension funds, credit unions and
other non-bank financial institutions. In addition, at September
30, 2008, its non-retail deposits included deposits from Irish
Life Assurance plc. The Private Bank offers tailored products and
solutions for high net worth clients and operates the Bank's
lending business in Ireland and the United Kingdom.
* * *
As reported in the Troubled Company Reporter-Europe, Moody's
Investors Service downgraded the Tier 1 securities of Anglo Irish
Bank Corporation Ltd (Anglo Irish, rated A3/P-1/E) to C (with the
exception of the non-cumulative preference shares with voting
rights that are already rated C). The outlook on these securities
is now stable. Previously the bank's cumulative Tier 1 securities
were rated Caa1 and the bank's non-cumulative Tier 1 securities
were rated Caa3, all on review for possible downgrade.
ARGON CAPITAL: Moody's Junks Rating on Series 77 Notes
------------------------------------------------------
Moody's Investors Service has downgraded its ratings of one class
of notes issued by Argon Capital PLC and one CDS entered into by
Merril Lynch.
Argon Capital PLC - Series 77 (Lagonda)
-- EUR10.2M EUR10,200,000 Limited Recourse Secured Variable
Rate Credit-Linked Notes due 2047, Downgraded to Caa3;
previously on Jun 17, 2009 Downgraded to Ba3
Lagonda CDO
-- EUR30M EUR30,000,000 Lagonda CDO CDS, Downgraded to Ba3;
previously on Jun 17, 2009 Downgraded to Baa1
The transactions are two synthetic resecuritizations of European
CMBS. The rating actions are a response to the negative rating
migration of some of the assets in the underlying portfolio. In
particular four of the highly rated entities have been downgraded
by multiple notches since the last review by Moody's in June 2009.
This affects the rating of the notes which have no credit
enhancement and the rating of the CDS which has a credit
enhancement of 1.70%.
Moody's monitors this transaction using primarily the methodology
and its supplements for ABS CDOs as described in Moody's Special
Reports below:
-- Moody's Approach to Rating SF CDO (March 2009)
In addition to the quantitative factors that are explicitly
modeled, qualitative factors are part of rating committee
considerations. These qualitative factors include the structural
protections in each transaction, the recent deal performance in
the current market environment, the strength of the legal
framework as well as specific documentation features, and
selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, may influence the final rating decision.
CLOVERIE PLC: Moody's Withdraws Ratings on Four Classes of Notes
----------------------------------------------------------------
Moody's Investors Servicehas withdrawn its ratings of four classes
of notes issued by Cloverie Plc.
* Cloverie Plc - Series 2005-33 (US Onyx) US$18,750,000 Class C
Secured Floating Rate Portfolio Linked Notes due 2025,
Withdrawn; previously on Apr 23, 2009 Downgraded to Ca
* Cloverie Plc - Series 2005-34 (US Onyx) US$18,750,000 Class C
Secured Floating Rate Portfolio Linked Notes due 2025,
Withdrawn; previously on Apr 23, 2009 Downgraded to Ca
* Cloverie Plc - Series 2005-35 (US Onyx) US$18,750,000 Class C
Secured Floating Rate Portfolio Linked Notes due 2025,
Withdrawn; previously on Apr 23, 2009 Downgraded to Ca
* Cloverie Plc - Series 2005-49 (US Onyx) US$15,000,000 Class C
Secured Floating Rate Portfolio Linked Notes due 2025,
Withdrawn; previously on Apr 23, 2009 Downgraded to C
The rating action follows the repurchase in full of the notes on
the August 27, 2009.
IVORY CDO: Change in Deal Manager Won't Affect Fitch's Ratings
--------------------------------------------------------------
Fitch Ratings says that it has determined that Ivory CDO Limited's
ratings will not be affected by the change of the transaction's
collateral manager.
The transaction, which has been managed by Societe Generale Asset
Management Alternative Investments S.A., is now managed by Lyxor
Asset Management since 1 September 2009.
The change of collateral manager reflects the transfer of SGAM
AI's structured credit business and other fund management business
to Lyxor Asset Management. Fitch expects the management platform
for Ivory CDO Limited to remain intact.
Ivory CDO Limited's ratings are:
-- EUR140 million class A1 (ISIN XS0309311909): 'BBB+'; Stable
Outlook
-- EUR6 million class A2 (ISIN XS0309350477): 'BBB'; Stable
Outlook
-- EUR12 million class B (ISIN XS0309352093): 'BBB-'; Stable
Outlook
-- EUR12 million class C (ISIN XS0309353653): 'BB'; Stable
Outlook
-- EUR12 million class D (ISIN XS0309357050): 'B-'; Stable
Outlook
-- EUR2.5 million class E (ISIN XS0309358298): 'CCC'
SALISBURY INT'L: Moody's Withdraws 'C' Rating on 2005-13 Notes
--------------------------------------------------------------
Moody's Investors Service announced it has withdrawn its ratings
of one class of notes issued by Salisbury International Ltd.
Salisbury International Investments Limited - Series 2005-13
* US$18.75M Series 2005- 13 - US$18,750,000 Class C Secured
Floating Rate Portfolio Linked Notes due 2025, Withdrawn;
previously on Apr 23, 2009 Downgraded to C
The rating action follows the repurchase and cancellation of all
the notes on the August 27, 2009. Following Loss Event Credit
Events, the principal amount of notes was reduced to
US$5.4 million.
SHAMROCK CAPITAL: Moody's Lifts Rating on Class G Notes to 'B3'
---------------------------------------------------------------
Moody's Investors Service has upgraded its ratings on eight
classes of notes issued by Shamrock Capital Plc.
The transaction is a synthetic CDO referencing local currency
sovereign debt linked Notes (issued by Citigroup Funding Inc.),
managed by Sydbank A/S. In addition to the credit risk of the
referenced sovereign debt issuers, all of which are emerging
market countries, Shamrock Capital Plc also transfers foreign
currency losses and gains to investors.
According to Moody's, the rating actions taken on the notes
reflect:
-- The 10% average appreciation of foreign currencies at stake
in the transaction against the US dollar since January 2009.
Moody's assessed that it would take an average appreciation
of 34% of the dollar against the relevant foreign currencies
for the first-loss piece of the transaction to be fully
eroded and the rated tranches to be hit;
-- The short time to maturity of this transaction, which is
expected to terminate in October 2009; and
-- The improvement of the credit quality of the portfolio with a
current weighted average rating factor of the portfolio of
1671 (consistent with a Ba3 rating).
The rating actions also reflect Moody's revised assumptions
incorporated in CDOROMv2.5 and described in the press release
dated January 15, 2009, titled "Moody's updates key assumptions
for rating corporate synthetic CDOs" The revisions affect default
probability and correlation, which are key parameters in Moody's
model for rating CDOs.
Furthermore, the portfolio is exposed to five countries that bear
a credit estimate. Moody's has tested the resilience of the notes
to a variation in these estimates.
In addition, FX rates were generated using a bootstrapping of the
historical FX rates for similarly diversified portfolios, based on
the full universe of potential investments:
-- Moody's analysed FX returns not on the basis of each currency
taken separately, but on portfolios comparable to that of the
transaction, in order to account for the impact of a currency
crisis in one country on currencies from other countries;
-- From this analysis, Moody's inferred a joint loss
distribution with losses linked to credit risk and losses
linked to FX risk;
-- An additional correlation factor between the default risk of
a country and the risk of currency depreciation of
neighbouring countries was taken into account.
Moody's monitors this transaction using primarily the methodology
and its supplements for Emerging Market CDOs as described in
Moody's Special Reports:
-- Moody's Approach To Rating Corporate Collateralized Synthetic
Obligations (April 2009)
-- Moody's revises its methodology for Emerging Market CDOs
(April 2007)
The action is:
Shamrock Capital Plc:
(1) US$40M Series 2006-01 Class B Floating Rate Notes due 2009-4,
Upgraded to Aa1; previously on Jan 30, 2009 downgraded to Aa2
(2) US$20M Series 2006-01 Class C Floating Rate Notes due 2009-5,
Upgraded to Aa2; previously on Jan 30, 2009 downgraded to A3
(3) EUR6M Series 2006-01 Class D1 Floating Rate Notes due 2009-6,
Upgraded to A3; previously on Jan 30, 2009 downgraded to Baa2
(4) CZK276.15M Series 2006-01 Class D2 Floating Rate Notes due
2009-7, Upgraded to A3; previously on Jan 30, 2009 downgraded
to Baa2
(5) EUR18.5M Series 2006-01 Class E1 Floating Rate Notes due 2009-
8, Upgraded to Baa2; previously on Jan 30, 2009 downgraded to
Ba1
(6) CZK104.1M Series 2006-01 Class E2 Floating Rate Notes due
2009-9, Upgraded to Baa2; previously on Jan 30, 2009
downgraded to Ba1
(7) US$20M Series 2006-01 Class F Floating Rate Notes due 2009-10,
Upgraded to Ba2; previously on Jan 30, 2009 downgraded to Ba3
(8) US$32M Series 2006-01 Class G Floating Rate Notes due 2009-11,
Upgraded to B3; previously on Jan 30, 2009 downgraded to Caa1
THEBES CAPITAL: Moody's Downgrades Rating on 2007-2 Notes to 'C'
----------------------------------------------------------------
Moody's Investors Service has downgraded its rating of one series
of static CPDO notes.
Thebes Capital Plc Series 2007-2
-- EUR4M Series 2007-2 "Artemis" DPI Notes, Downgraded to C;
previously on Oct 31, 2008 Downgraded to Caa3 and Remained On
Review for Possible Downgrade
Moody's explained that the rating action taken is the result of
the transaction being fully de-levered with the certainty that
investors will incur a substantial loss to principal, as the
Globoxx position underlying the deal was closed out at a loss and
the funds deposited in a cash account.
THEBES CAPITAL: Moody's Confirms Ratings on Two Series of Notes
---------------------------------------------------------------
Moody's Investors Service announced it has confirmed its ratings
of two series of static CPDO notes.
Thebes Capital PLC Series 2006-1
-- US$25M Thebes Capital Plc - Series 2006-1, Confirmed at Caa3;
previously on Nov 20, 2008 downgraded to Caa3 and remained
under review for possible downgrade
Thebes Capital PLC - Series 2007-1 (Artemis DPI)
-- US$25M Series 2007-1 "Artemis" DPI Notes, Confirmed at Caa1;
previously on Oct 31, 2008 downgraded to Caa1 and remained
under review for possible downgrade
Moody's explained that the rating actions taken are the result of
these factors:
-- The significant tightening of spreads over the past months --
since March 2009, the Globoxx spread dropped from its peak of
250 bps to the 100 bps range -- allowed the transactions to
stabilize their Net Asset Value and drew further away the
risk of heavy market value loss crystallization;
-- The reduction in spread volatility in the market leaves the
transactions less sensitive to the current environment.
=========
I T A L Y
=========
INTESA SANPAOLO: May Withdraw EUR4 Bil. State Aid Plan
------------------------------------------------------
Patrick Jenkins and Vincent Boland at The Financial Times report
that Intesa Sanpaolo SpA may not push through with its plan to
request for EUR4 billion (US$5.7 billion) in state aid.
Corrado Passera, Intesa's chief executive, told the FT the bank
may get by without an investment of so-called "Tremonti bonds",
which Italian banks would issue to the government in return for
injections of state cash.
"The board will take a decision at the end of the month on the
basis of how the market has developed, on our results, and
achievability of our planned disposals," the FT quoted Mr. Passera
as saying. "We might press ahead with our plan to issue EUR4
billion of them. But it is also possible that we will say no or
decide to issue only a portion."
According to the FT, shareholders would rather the bank did not
issue the bonds, which carry a coupon of 8.5%, and remained
independent of potential government influence.
Mr. Passera, as cited by the FT, said "Many investors would be
happier if we didn't issue them given their cost".
Intesa Sanpaolo SpA -- http://www.group.intesasanpaolo.com/-- is
an Italy-based banking group. It provides banking services for
private and corporate clients. The Company’s products and
services include current and saving accounts, loans, mortgages,
financing, payment and factoring services, investment and private
banking services. The Company divides its activities into six
main business units: Public Finance, Corporate and Investment
Banking, Territorial Banks, Foreign Banks, Eurizon Capital, and
Banca Fideuram. Public Finance operates through Banca
Infrastrutture Innovazione e Sviluppo; Corporate and Investment
Banking is active through Banca IMI, Intesa Sanpaolo Bank Ireland,
and Zao Banca Intesa, among others; Territorial Banks includes
Mediocredito Italiano, Intesavita, and Setefi, among others;
Foreign Banks includes CIB Bank, and KMB Bank, among others;
Eurizon Capital is a subsidiary specialized in the management of
investments funds; Banca Fideuram is a subsidiary operating in the
Private Banking sector.
MARIELLA BURANI: U.S. Fund Plans to Acquire EUR55 Mil. of Shares
----------------------------------------------------------------
Armorel Kenna at Bloomberg News, citing daily MF, reports that
U.S. investment fund Global Emerging Markets plans to acquire
EUR55 million (US$79 million) of shares in Mariella Burani Fashion
Group SpA when the Italian fashion company sells new stock.
According to Bloomberg, the company will probably be removed from
trading on the Italian exchange.
On Sept. 2, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported Burani was halted in Milan trading after
the company's auditor Mazars LLP cited "significant elements of
uncertainty" about the business as a going concern following a
decline in sales. The company posted a net loss of EUR142.1
million (US$203 million) in the first half of 2009, compared with
net income of EUR4 million a year earlier, while revenue fell 24%
to EUR246.1 million, Bloomberg said. Citing Borsa Italiana, the
manager of Italy's stock exchange, Bloomberg disclosed Burani
shares, which have fallen 75% this year, were halted for an
"undetermined period". According to Bloomberg, Burani said Mazars
couldn't express an opinion on the fashion company's accounts.
Debt Restructuring
Bloomberg recalled Burani requested a standstill agreement from
creditors in May to allow it to halt loan payments as it
restructures debt. According to Bloomberg, on Aug. 30 the company
said that it reached an agreement with some banks to postpone debt
payments by 24 months.
Mariella Burani Fashion Group SpA -- http://www.mariellaburani.it/
-- is an Italy-based company, operating in the fashion market. It
designs, produces and distributes a range of apparel, knitwear,
leather accessories, jewelry and footwear. The Company divides
its operation into four divisions: Clothing Division, Leather
Division, Digital Fashion and Fashion Jewellery. The Company’s
brand portfolio comprises the Company's own brands, such as
Mariella Burani, Rene Lezard, Amuleti J, Blossom Burani, Ter et
Bantine, Braccialini, FrancescoBiasia, Baldinini, Coccinelle,
Sebastian, Facco Gioielli, Valente, Rosato and Calgaro, among
others, and the licensed brands: Vivienne Westwood (Anglomania),
Emmanuel Ungaro (Fuchsia), Alviero Martini, Thierry Mugler
(Mugler), Patrizia Pepe (bimbo), Missoni, Warner Bros, Miss Sixty,
Sweet Years, Gherardini e John Galliano, among others. Among the
subsidiaries there are: Mariella Burani Retail Srl, Antichi
Pelletteri SpA, Coccinelle Store France SA and Mandarina Duck
Gmbh.
===================
K A Z A K H S T A N
===================
AGRO MARKET: Creditors Must File Claims by September 11
-------------------------------------------------------
Creditors of LLP Agro Market Stroy have until September 11, 2009,
to submit proofs of claim to:
308 Krasnoznamenny polk Str. 37
Petropavlovsk
North Kazakhstan
Kazakhstan
The Specialized Inter-Regional Economic Court of North Kazakhstan
commenced bankruptcy proceedings against the company on June 1,
2009, after finding it insolvent.
The Court is located at:
The Specialized Inter-Regional
Economic Court of North Kazakhstan
Brusilovsky Str. 60
Petropavlovsk
North Kazakhstan
Kazakhstan
ATYRAU TV: Creditors Must File Claims by September 11
-----------------------------------------------------
Creditors of LLP Atyrau TV Sputnik have until September 11, 2009,
to submit proofs of claim to:
The Specialized Inter-Regional
Economic Court of Atyrau
Satpaev Str. 16
Atyrau
Kazakhstan
The court commenced bankruptcy proceedings against the company on
June 19, 2009.
BATYS SNUB: Creditors Must File Claims by September 11
------------------------------------------------------
Creditors of LLP Batys Snub Partner have until September 11, 2009,
to submit proofs of claim to:
The Specialized Inter-Regional
Economic Court of Aktube
Satpaev Str. 16
Aktobe
Aktube
Kazakhstan
The court commenced bankruptcy proceedings against the company on
June 15, 2009.
KURYLYS AS: Creditors Must File Claims by September 11
------------------------------------------------------
Creditors of LLP Kurylys As Nar have until September 11, 2009, to
submit proofs of claim to:
Ilyaev Str. 24
Shymkent
South Kazakhstan
Kazakhstan
The Specialized Inter-Regional Economic Court of South Kazakhstan
commenced bankruptcy proceedings against the company on June 1,
2009, after finding it insolvent.
The Court is located at:
The Specialized Inter-Regional
Economic Court of South Kazakhstan
Tynybaev Str. 42
Shymkent
South Kazakhstan
Kazakhstan
STROY PORTAL: Creditors Must File Claims by September 11
--------------------------------------------------------
Creditors of LLP Stroy Portal Sever have until September 11, 2009,
to submit proofs of claim to:
308 Krasnoznamenny polk Str. 37
Petropavlovsk
North Kazakhstan
Kazakhstan
The Specialized Inter-Regional Economic Court of North Kazakhstan
commenced bankruptcy proceedings against the company on June 1,
2009, after finding it insolvent.
The Court is located at:
The Specialized Inter-Regional
Economic Court of North Kazakhstan
Brusilovsky Str. 60
Petropavlovsk
North Kazakhstan
Kazakhstan
===================
K Y R G Y Z S T A N
===================
VELOCITY LLC: Court Names T. Boronchiev as Insolvency Manager
-------------------------------------------------------------
The Inter-District Court of Bishkek for Economic Issues appointed
T. Subankulov as insolvency manager for LLC Velocity on July 10,
2009. He can be reached at:
T. Boronchiev
Moskovskaya Str. 151
Room 108
Bishkek
Kyrgyzstan
Tel: (0-543) 03-63-41
The court commenced bankruptcy proceedings against the company
after finding it insolvent. The case is docketed under Case No.
ED-676/09 M??8.
=====================
N E T H E R L A N D S
=====================
ING GROEP: S&P Cuts Rating on Deferrable Sub. Instruments to 'B'
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its long-
term counterparty credit ratings on ING Groep N.V. and ING
Verzekeringen N.V. to 'A' from 'A+' and its long- and short-term
counterparty credit ratings on ING Bank N.V. to 'A+/A-1' from
'AA-/A-1+'. At the same time, the 'A-1' short-term counterparty
credit ratings on ING Groep and ING Verzekeringen were affirmed.
The outlooks on all these entities are stable. Furthermore, the
ratings on ING Groep's and ING Verzekeringen's deferrable
subordinated instruments were lowered to 'B' from 'BBB'.
"The rating actions reflect S&P's view that the group is now
increasingly likely to post a loss in 2009 after a weaker-than-
expected first-half result," said Standard & Poor's credit analyst
Claire Curtin.
First-half performance was pressured due to impairments and write-
downs on securities and real estate, as well as the continuing
difficult operating environment. S&P expects these pressures to
continue into 2010.
S&P consider that this performance is not sufficient to support a
'AA-' rating. In S&P's view, a loss-making 2009 also makes it
more likely that the European Commission will require the group to
defer payment of the coupons on its deferrable subordinated
instruments.
The ratings on ING's core operating subsidiaries incorporate S&P's
view of the group's significant exposure to investment risk, and a
challenging operating environment. The ratings also reflect S&P's
view of the group's strong competitive positions, diversification,
and proactive risk management.
The downgrade of the group's deferrable subordinated instruments
reflects S&P's view that the EC is significantly more likely to
require banks in receipt of state aid to defer payment to hybrid
debt holders when an institution reports losses. Given S&P's
revised view that the group will likely be loss making in 2009,
S&P considers deferral risk significantly heightened. S&P
considers that a determination from the EC is likely in the coming
month at the same time as the EC determines whether the transfer
of "Alt-A" securities to the Dutch state conformed to its rules on
state aid.
"The stable outlook reflects S&P's view that the group's capital
base is sufficient to absorb these near-term earning pressures,"
added Ms. Curtin. Although S&P does not anticipate that further
extraordinary support will be required, S&P does expect that the
State of the Netherlands would provide further support to the
group in case of need.
The ratings are also predicated on S&P's expectation that ING will
maintain its capital strength, execute on derisking initiatives,
and manage down hybrid and debt leverage. S&P sees little upside
potential for the ratings in the near term. Although S&P does not
consider this a likely scenario, negative rating actions could
result if the restructuring requirements from the EC are
significantly more far-reaching than anticipated.
===========
N O R W A Y
===========
NORSKE SKOGINDUSTRIER: Moody's Affirms 'B2' Corp. Family Rating
---------------------------------------------------------------
Moody's Investors Service has changed the rating outlook on Norske
Skogindustrier ASA to negative from stable. At the same time,
Moody's affirmed Norske Skog's B2 corporate family rating and the
B2 rating on the senior unsecured notes but downgraded the
probability of default rating to B3 from B2.
"The downgrade of the probability of default rating to B3 with a
negative outlook reflects the company's weakening debt repayment
capability due to an eroding operating cash flow generation over
recent quarters with uncertain prospects of material near-term
improvements, whilst the B2 corporate family rating was affirmed
based on Moody's view of above-average asset to debt coverage
ratio which reflects the company's potential to fund debt
maturities from alternative sources" said Christian Hendker, lead
analyst for Norske Skog.
"Norske Skog's operating performance has been under pressure due
to an unprecedented cyclical contraction in demand for newsprint
and magazine paper in most geographies, and is likely to remain
depressed as prices are exposed to pressure also for contracted
volumes as the result of persistent overcapacities in the
industry," said Mr. Hendker.
"While Moody's recognizes the proactive measures the company has
undertaken in terms of capacity adjustments, cost structure
alignments and investment reductions that have supported free cash
flow generation, these activities as well as the benefits of lower
input costs have not been sufficient to fully offset the impact
from these severe cyclical market conditions in addition to
persistent structural challenges," Mr. Hendker added.
Consequently, the downgrade of Norske Skog's PDR to B3 reflects
the evidence that, unless the current level of operating cash flow
is materially improved relative to the company's financial debt,
it is not appropriate or sustainable for a rating in the mid range
of the single-'B' category. In absence of a turnaround in funds
from operations, retained cash flow to debt is likely to fall
below 5% over the coming quarters, a primary threshold for the B2
rating category. As a result, given the weakening debt repayment
capability of Norske Skog's underlying operations, the company's
dependence on asset sales is rising to fund upcoming medium-term
debt maturities.
Moody's has left the B2 CFR unchanged, as this reflects the
agency's view on the company's above-average asset substance
relative to its debt load. According to Moody's Loss-Given
Default Rating Methodology and based on a going concern assumption
of the company, the rating agency has assumed a family recovery
rate comfortably above 50%. The higher-than-average recovery
assumption is supported by the company's alternative approach to
managing its debt maturity profile in recent years and the solid
track record of disposing of assets that were no longer viewed as
core to its strategy.
The company's current liquidity profile is characterized by
NOK4.8 billion of cash as of the end of June 2009, which has
recently been supported by the issuance of debt instruments of
around NOK1.0 billion. The cash cushion is nominally sufficient
to cover debt maturities of around NOK4.0 billion over the next
two years provided the company continues to generate positive free
cash flows. However, the current cash position benefits from full
drawing of around NOK3.9 billion under a revolving credit facility
that matures in 2012 and is protected by a set of financial
covenants. Moody's notes that the company could be challenged
going forward to preserve a sufficient covenant headroom to
support its liquidity cushion.
The ratings would come under downward pressure over the coming
quarters if (i) free cash flow were to turn negative, (ii) RCF to
debt were to fall towards 3.5%, or (iii) the company's liquidity
cushion were to weaken, i.e. an inability by management to
address the intermediate-term refinancing challenges resulting
from the failure to generate sufficient cash flows and/or the
inability to raise adequate funds from any asset disposals.
Conversely, the rating outlook could be changed back to stable
based on sustainable evidence (i) of a performance stabilisation,
evidenced by a turnaround in FFO supporting RCF to debt clearly
above 5.0%, continued positive free cash flows and an EBITDA
margin of above 7%, and (ii) Norske Skog preserving a solid
financial flexibility, including an extended debt maturity profile
and the ability to fund debt repayments with cash flows from the
underlying operations as well as preservation of a sufficient
covenant headroom.
Downgrades:
Issuer: Norske Skogindustrier ASA
-- Probability of Default Rating, Downgraded to B3 from B2
Outlook Actions:
Issuer: Norske Skogindustrier ASA
-- Outlook: Changed to Negative From Stable
Affirmations:
Issuer: Norske Skogindustrier ASA
-- Corporate Family Rating at B2
-- Senior Unsecured Bond/Debenture, B2, LGD 3, 36% changed from
LGD 4, 52%
The last rating action was on 13 February 2009, when Moody's
downgraded Norske Skog to B2 with a stable outlook from B1 with a
negative outlook.
Norske Skog, headquartered in Lysaker in Norway, is among the
world's leading newsprint producers with sales activities in
Europe, the Americas and Asia, as well as Australia and New
Zealand. The company also produces magazine paper in Europe. For
the last twelve months ending June 2009, Norske Skog recorded
sales of around NOK24 billion.
===========
R U S S I A
===========
ARCHANGEL DIAMOND: Converts Case to Chapter 11, Has Plan
--------------------------------------------------------
The Board of Archangel Diamond Corporation has filed a notice to
convert a pending Chapter 7 bankruptcy proceeding to a Chapter 11
bankruptcy. The Chapter 11 bankruptcy proceeding is captioned
09-22621 HRT. The notice of conversion, a Plan, and a motion to
approve a loan to finance ADC until the effective date of the Plan
was filed after the close of business on September 3, 2009.
The Plan describes ADC's plan to protect its assets, including its
litigation against Lukoil in Colorado state court through the
operation of a liquidating trust established for the benefit of
its creditors and shareholders. This trust will be funded by exit
financing provided by Firebird Global Master Fund, Ltd., on terms
that have generally been approved by a number of ADC's major
creditors and equity holders. If the Disclosure Statement that
will be filed regarding the Plan is approved by the court,
appropriate details concerning the Plan will be timely sent to
creditors and shareholders.
Additionally, ADC is currently involved in an arbitration against
Arkhangelskgeoldobycha in Stockholm, Sweden. ADC is in the
process of making representations to the arbitral tribunal in view
of the current situation of the Company.
About Archangel Diamond
Archangel Diamond (NEX BOARD:AAD.H) is a Canadian diamond company
focused on exploration and mining in Russia. The company is
listed on the Toronto Venture Exchange (trading symbol AAD).
Three creditors filed a petition to send Archangel Diamond
Corporation to liquidation under Chapter 7 of the U.S. Bankruptcy
Code on June 26, 2009 (Bankr. D. Colo. Case No. 09-22621).
Archangel Diamond Corporation said August 27, 2009, its board
approved a proposal to negotiate with interested parties the
filing of a notice to convert its involuntary Chapter 7 proceeding
to a Chapter 11 bankruptcy.
CHAPLYGINSKIY PLASTICS: Creditors Must File Claims by September 10
------------------------------------------------------------------
Creditors of OJSC Chaplyginskiy Plastics Articles Plant (TIN
4818000329, PSRN 1024800768068) have until September 10, 2009, to
submit proofs of claims to:
M. Bredikhin
Insolvency Manager
Tulskaya Str. 6
Lebedyan
399613 Lipetskaya
Russia
The Arbitration Court of Lipetskaya commenced bankruptcy
proceedings against the company after finding it insolvent. The
case is docketed under Case No. ?36–3467/2008.
The Debtor can be reached at:
OJSC Chaplyginskiy Plastics Articles Plant
Moskovskiy Pereulok 1
Chaplygin
399900 Lipetskaya
Russia
EKON-STROY LLC: Creditors Must File Claims by September 10
----------------------------------------------------------
Creditors of LLC Ekon-Stroy-Montazh (TIN 7722210730, PSRN
1035004251765) (Metal Structures Manufacturing) have until
September 10, 2009, to submit proofs of claims to:
L. Serdyuk
Insolvency Manager
Apt. 6
Building 3
Moldagulovoy Str. 16
111395 Moscow
Russia
The Arbitration Court of Moskovskaya commenced bankruptcy
proceedings against the company after finding it insolvent. The
case is docketed under Case No. ?41–26710/08.
The Debtor can be reached at:
LLC Ekon-Stroy-Montazh
Ozerskiy Prospect 18
Kolomna
140400 Moskovskaya
Russia
FIREPROOF MATERIALS: Creditors Must File Claims by September 10
---------------------------------------------------------------
Creditors of LLC Fireproof Materials Plant have until
September 10, 2009, to submit proofs of claims to:
S. Khizhnenko
Insolvency Manager
Sovetskaya Str.77
Partizanskoe
Partizanskiy
663540 Krasnoyarskiy
Russia
The Arbitration Court of Krasnoyarskiy commenced bankruptcy
proceedings against the company after finding it insolvent. The
case is docketed under Case No. ?33–12700/2008.
The Debtor can be reached at:
LLC Fireproof Materials Plant
Gorkogo Str. 33
Uyar
663520 Krasnoyarskiy
Russia
ROS-LES-PROM: Creditors Must File Claims by September 10
--------------------------------------------------------
Creditors of LLC Ros-Les-Prom (TIN 4109004025, PSRN 1024101214851)
(Forestry) have until September 10, 2009, to submit proofs of
claims to:
N. Kurganova
Insolvency Manager
Office 500
Leningradskaya Str. 33a
683003 Petropavlovsk-Kamchatskiy
Russia
The Arbitration Court of Kamchatskiy commenced bankruptcy
proceedings against the company after finding it insolvent. The
case is docketed under Case No. ?24-5794/2008.
The Debtor can be reached at:
LLC Ros-Les-Prom
Kirova Str. 87
Klyuchi
Ust-Kamchatskiy
Kamchatskiy
Russia
OSKOLSKIY CANNERY: Creditors Must File Claims by September 10
-------------------------------------------------------------
Creditors of CJSC Oskolskiy Cannery (TIN 3114007291, PSRN
1033102001151) have until September 10, 2009, to submit proofs of
claims to:
A. Zapryagaev
Insolvency Manager
Post User Box 36
394055 Voronezh
Russia
The Arbitration Court of Belgorodskaya commenced bankruptcy
proceedings against the company after finding it insolvent. The
case is docketed under Case No. ?08-54/2009-2B.
The Debtor can be reached at:
CJSC Oskolskiy Cannery
Grazhdanskaya Str. 26
Novyy Oskol
309640 Belgorodskaya
Russia
=============================
S L O V A K R E P U B L I C
=============================
SKYEUROPE AIRLINES: Transportation Ministry Revokes License
-----------------------------------------------------------
Radoslav Tomek at Bloomberg News reports that the Slovak
Transportation Ministry on Wednesday revoked an operating license
of SkyEurope Airlines after the low-cost carrier filed for
bankruptcy.
Bloomberg recalls the carrier stopped service on Aug. 31.
As reported in The Troubled Company Reporter-Europe, Reuters,
citing the Vienna bourse Web site, disclosed on Aug. 31 the Slovak
court-appointed restructuring trustee of SkyEurope Airlines
commenced bankruptcy proceedings for the carrier, the operating
subsidiary of SkyEurope Holding AG, due to the lack of sufficient
interim funding to finance ongoing operations.
On June 24, 2009, the Troubled Company Reporter-Europe, citing the
Financial Times, reported that SkyEurope said it had been granted
protection from its creditors by the district court in Bratislava.
The FT disclosed the low-cost airline was forced to seek court-
administered protection from its creditors following several years
of heavy losses.
SkyEurope Airlines -- http://www.skyeurope.com/-- was a low-cost
airline headquartered in Bratislava. The airline operated short-
haul scheduled and charter passenger services.
=====================
S W I T Z E R L A N D
=====================
ART EDIT: Claims Filing Deadline is September 30
------------------------------------------------
Creditors of Art Edit GmbH are requested to file their proofs of
claim by September 30, 2009, to:
Trescor Treuhand Kt. Schwyz AG
Genossenshausstrasse 2
8842 Unteriberg
Switzerland
The company is currently undergoing liquidation in Einsiedeln.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on April 15, 2009.
LEUZE ELESTA: Claims Filing Deadline is September 30
----------------------------------------------------
Creditors of Leuze elesta AG are requested to file their proofs of
claim by September 30, 2009, to:
Dr. Leo Granziol
Bahnhofstrasse 32
6301 Zug
Switzerland
The company is currently undergoing liquidation in Zug. The
decision about liquidation was accepted at an extraordinary
general meeting held on June 10, 2009.
MB-ROOT AG: Claims Filing Deadline is September 30
--------------------------------------------------
Creditors of MB-Root (Schweiz) AG are requested to file their
proofs of claim by September 30, 2009, to:
BTH Treuhand AG
Erlenstrasse 2
6343 Rotkreuz
Switzerland
The company is currently undergoing liquidation in Herrliberg.
The decision about liquidation was accepted at a shareholders'
meeting held on October 28, 2008.
SYNTEXTA AG: Claims Filing Deadline is September 30
---------------------------------------------------
Creditors of Syntexta AG are requested to file their proofs of
claim by September 30, 2009, to:
Bolzern Emanuel
Liquidator
Zumhofhalde 20
6010 Kriens
Switzerland
The company is currently undergoing liquidation in Ennetmoos NW.
The decision about liquidation was accepted at a general meeting
held on March 12, 2009.
TELIGARO INC.: Claims Filing Deadline is September 30
------------------------------------------------------
Creditors of Teligaro Inc. are requested to file their proofs of
claim by September 30, 2009, to:
Jean-Pierre Moerlen
Brendlistrasse 41
6074 Giswil
Switzerland
The company is currently undergoing liquidation in Basel. The
decision about liquidation was accepted at an extraordinary
general meeting held on June 3, 2009.
=============
U K R A I N E
=============
AGROTECHPROM LLC: Creditors Must File Claims by September 9
-----------------------------------------------------------
Creditors of LLC Agrotechprom (code EDRPOU 25111976) have until
September 9, 2009, to submit proofs of claim to:
A. Grinko
Insolvency Manager
E. Zhukov Str. 56/11
83049 Donetsk
Ukraine
The Economic Court of Donetsk commenced bankruptcy proceedings
against the company on June 17, 2009. The case is docketed under
Case No. 45/39B.
The Court is located at:
The Economic Court of Donetsk
Artem Str. 157
Donetsk
Ukraine
The Debtor can be reached at:
LLC Agrotechprom
100 Years of Red Cross Str. 28
Volnovakha
85700 Donetsk
Ukraine
ARNIKA LLC: Creditors Must File Claims by September 9
----------------------------------------------------
Creditors of LLC Arnika (code EDRPOU 21564126) have until
September 9, 2009, to submit proofs of claim to:
State Tax Inspection in Sviatoshynsky District of Kiev
Insolvency Manager
Verkhovinnaya Str. 9
03115 Kiev
Ukraine
The Economic Court of Kiev commenced bankruptcy proceedings
against the company on June 5, 2009. The case is docketed under
Case No. 50/435.
The Court is located at:
The Economic Court of Kiev
B. Hmelnitskiy Str. 44-b
01030 Kiev
Ukraine
The Debtor can be reached at:
LLC Arnika
Y. Kolas Str. 25
03146 Kiev
Ukraine
BANK DNISTER: Central Bank Appoints New Temporary Administrator
---------------------------------------------------------------
Daryna Krasnolutska at Bloomberg News report that the Natsionalnyi
Bank Ukrainy, Ukraine's central bank, replaced Maria Mazurkevych
as temporary administrator in VAT Selyanskyi Komertsiynyi Bank
Dnister for an undisclosed reason.
Bloomberg relates the central bank appointed the administrator for
one year and introduced a six-month moratorium for creditors in
April as the lender ran out of money.
The central bank appointed Ihor Yaremchyshyn as new temporary
administrator, Bloomberg discloses.
EASTERN EUROPEAN: Creditors Must File Claims by September 9
-----------------------------------------------------------
Creditors of LLC Eastern European Agrarian Company (code EDRPOU
32252362) have until September 9, 2009, to submit proofs of claim
to:
State Tax Tnspection in Sviatoshynsky District of Kiev
Insolvency Manager
Verkhovinnaya Str. 9
03115 Kiev
Ukraine
The Economic Court of Kiev commenced bankruptcy proceedings
against the company on June 5, 2009. The case is docketed under
Case No 50/392.
The Court is located at:
The Economic Court of Kiev
B. Hmelnitskiy Str. 44-b
01030 Kiev
Ukraine
The Debtor can be reached at:
LLC Eastern European Agrarian Company
Tupolev Str. 17
04128 Kiev
Ukraine
MK FINEKO: Creditors Must File Claims by September 9
----------------------------------------------------
Creditors of LLC MK Fineko (code EDRPOU 32210888) have until
September 9, 2009, to submit proofs of claim to:
State Tax Inspection in Sviatoshynsky District of Kiev
Insolvency Manager
Verkhovinnaya Str. 9
03115 Kiev
Ukraine
The Economic Court of Kiev commenced bankruptcy proceedings
against the company on June 5, 2009. The case is docketed under
Case No. 50/437.
The Court is located at:
The Economic Court of Kiev
B. Hmelnitskiy Str. 44-b
01030 Kiev
Ukraine
The Debtor can be reached at:
LLC MK Fineko
Office 36
Chernobilskaya Str. 24/26
03179 Kiev
Ukraine
NAFTOGAZ UKRAINY: Net Loss Widens to UAH2 Billion in 2008
---------------------------------------------------------
Daryna Krasnolutska at Bloomberg News reports that NAK Naftogaz
Ukrainy's net loss widened to UAH2 billion (US$240 million) in
2008 from UAH66 million a year earlier after Russia increased
natural-gas prices and the hryvnia depreciated.
According to Bloomberg, auditor Ernst & Young said the results
"may negatively influence the ability of Naftogaz to obtain
sufficient cash flow" to repay bank loans, interest and other
liabilities. Ernst & Young, as cited by Bloomberg, said the
company is in talks with lenders to restructure US$1.6 billion of
debts to foreign banks.
Separately, Bloomberg News reports Kommersant, citing First Deputy
Chief Executive Officer Ihor Didenko, said Naftogaz is seeking to
delay payments on a US$500 million Eurobond issue.
On Sept. 4, 2009, the Troubled Company Reporter-Europe, citing The
Financial Times, reported Naftogaz said it had hired Credit Suisse
as an adviser to help restructure its debt, including the US$500
million eurobond issue, due to mature on September 30.
About NJSC Naftogaz of Ukraine
Headquartered in Kiev, Ukraine, NJSC Naftogaz of Ukraine (also
known as NAK Naftogaz Ukrainy) -- http://www.naftogaz.com/-- is a
vertically integrated oil and gas company engaged in full cycle of
operations in gas and oil field exploration and development,
production and exploratory drilling, gas and oil transport and
storage, supply of natural gas and LPG to consumers.
* * *
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.
NOVATEKS 2000: Creditors Must File Claims by September 9
--------------------------------------------------------
Creditors of LLC Novateks 2000 (code EDRPOU 35467202) have until
September 9, 2009, to submit proofs of claim to:
I. Sakhnenko
Insolvency Manager
Office 121
Lunacharsky Str. 95
Lugansk
Ukraine
The Economic Court of Lugansk commenced bankruptcy proceedings
against the company on July 28, 2009. The case is docketed under
Case No. 22/34b.
The Court is located at:
The Economic Court of Lugansk
Heroes of GPW Square 3-a
91000 Lugansk
Ukraine
The Debtor can be reached at:
LLC Novateks 2000
Gagarin Str. 13
Lutugino
Lugansk
Ukraine
PARITET-NIKOLAYEV LLC: Creditors Must File Claims by September 9
----------------------------------------------------------------
Creditors of LLC Paritet-Nikolayev (code EDRPOU 31388452) have
until September 9, 2009, to submit proofs of claim to:
A. Spiridonov
Insolvency Manager
Post Office Box 83
54015 Nikolayev
Ukraine
The Economic Court of Nikolayev commenced bankruptcy proceedings
against the company on July 28, 2009. The case is docketed under
Case No. 5/193/09.
The Court is located at:
The Economic Court of Nikolayev
Admiralskaya Str. 22-a
54009 Nikolayev
Ukraine
The Debtor can be reached at:
LLC Paritet-Nikolayev
Dunayev Str. 55
Nikolayev
Ukraine
SVITANOK LLC: Creditors Must File Claims by September 9
-------------------------------------------------------
Creditors of LLC Svitanok (code EDRPOU 25232361) have until
September 9, 2009, to submit proofs of claim to:
Y. Kachmarik
Insolvency Manager
Post Office Box 3319
70021 Lvov
Ukraine
The Economic Court of Lvov commenced bankruptcy proceedings
against the company on Nov. 11, 2008.
The Court is located at:
The Economic Court of Lvov
Lichakovskaya Str. 128
79010 Lvov
Ukraine
The Debtor can be reached at:
LLC Svitanok
Olkhovtsy
Zhydachev
81733 Lvov
Ukraine
UKRPROMTECHSERVICE LLC: Creditors Must File Claims by September 9
-----------------------------------------------------------------
Creditors of LLC Ukrpromtechservice (code EDRPOU 31758493) have
until September 9, 2009, to submit proofs of claim to:
N. Kuprienko
Insolvency Manager
Office 18
Independency Square 1-B
36003 Poltava
Ukraine
The Economic Court of Poltava commenced bankruptcy proceedings
against the company on July 21, 2009. The case is docketed under
Case No. 18/11.
The Court is located at:
The Economic Court of Poltava
Zigin Str. 1
36000 Poltava
Ukraine
The Debtor can be reached at:
LLC Ukrpromtechservice
Office 61
Golovko Str. 10
Poltava
Ukraine
UTMIS LLC: Creditors Must File Claims by September 9
----------------------------------------------------
Creditors of LLC Trading and Industrial Company Utmis (code EDRPOU
31504423) have until September 9, 2009, to submit proofs of claim
to:
K. Romanov
Insolvency Manager
Post Office Box 3740
49064 Dnepropetrovsk
Ukraine
The Economic Court of Dnepropetrovsk commenced bankruptcy
proceedings against the company on July 23, 2009. The case is
docketed under Case No. B29/275-08.
The Court is located at:
The Economic Court of Dnepropetrovsk
Kujbishev Str. 1a
49600 Dnepropetrovsk
Ukraine
The Debtor can be reached at:
LLC Trading and Industrial Company Utmis
Uritsky Lane 11/1
49027 Dnepropetrovsk
Ukraine
===========================
U N I T E D K I N G D O M
===========================
ACORN PET: In Administration; Tenon Recovery Appointed
------------------------------------------------------
Acorn Pet Centres Ltd., a leading Scottish retail chain, is in
administration.
The family run company, which was established in 1984 and is
headquartered in Rosyth, has 36 stores and employed 243 staff.
With a turnover of GBP10 million, the business sold pets and pet
supplies from stores throughout Scotland.
The company which had generated significant profits in the years
up to January 2008 had suffered losses over the last 18 months
following expansion into a number of new locations.
Tom MacLennan, Kenny Craig and Iain Fraser of Tenon Recovery were
appointed Joint Administrators on Wednesday, September 2, 2009.
Joint Administrator, Tom MacLennan, head of Corporate Recovery in
Scotland, will continue to trade the business while searching for
a buyer.
Mr. MacLennan commented: "This is a business with an excellent
brand and reputation. We have closed a number of the under
performing stores and we are confident that the stores that remain
can provide a business with an positive future".
He continued: "We will be actively searching for a buyer for the
business and will continue to trade. However, we will be closing
11 stores and announcing 73 redundancies with immediate effect.
We will work closely with appropriate agencies to minimize the
impact on those affected and have already begun to market the
business for sale. We would urge interested parties to make
contact with us as soon as possible".
The stores being closed immediately are located in: Troon, Perth,
Cumbernauld, Hamilton, Greenock, Airdrie, Kirkcaldy, Alloa,
Robroyston, Dundee and Stenhousemuir.
CHAMPION ENTERPRISES: Lenders Extend Waiver Through Oct. 12
-----------------------------------------------------------
Champion Home Builders Co., a wholly owned subsidiary of Champion
Enterprises, Inc., the Company and certain additional subsidiaries
of the Company on September 2, 2009, entered into a Seventh
Amendment and Waiver to Amended and Restated Credit Agreement with
certain financial institutions and other parties thereto as
lenders and Credit Suisse, Cayman Islands Branch, as
Administrative Agent, which modifies the Amended and Restated
Credit Agreement, dated as of April 7, 2006, as amended, among
Champion Homes, the Company, the Lenders and Credit Suisse, as
Administrative Agent.
On August 12, 2009, the Company entered a Sixth Amendment to the
Amended and Restated Credit Agreement that provided, among other
things, for an initial 30-day waiver of certain covenants through
September 11, 2009.
On September 2, 2009, the Company entered the Seventh Amendment
that provides, among other things, for an additional 30-day
extension of the waiver of certain covenants through October 12,
2009. During the period of the Seventh Amendment, the Credit
Agreement debt continues to be subject to the additional 2% per
annum of interest, payable in kind, which was instituted with the
Sixth Amendment.
Other than the Credit Agreement, as amended, there are no material
relationships between Credit Suisse or the Lenders and the Company
or any of their respective affiliates, other than as follows:
(i) the Company and its affiliates may have customary banking
relationships with one or more of the Lenders and
(ii) affiliates of Credit Suisse have in the past provided
investment banking and investment banking-related
services to the Company and certain of its subsidiaries,
and these entities may continue to do so in the future.
Willkie Farr & Gallagher LLP serves as special New York
restructuring counsel to the Administrative Agent.
About Champion Enterprises
Troy, Michigan-based Champion Enterprises, Inc. --
http://www.championhomes.com/-- operates 27 manufacturing
facilities in North America and the United Kingdom distributing
its products through independent retailers, builders and
developers. The Champion family of builders produces manufactured
and modular homes, as well as modular buildings for government and
commercial applications.
As of July 4, 2009, the Company had US$596.4 million in total
assets; and total current liabilities of US$269.6 million, long-
term debt of US$193.5 million, deferred tax liabilities of US$38.1
million, and other long-term liabilities of US$31.4 million;
resulting in shareholders' equity of US$63.6 million.
In August 2009, Standard & Poor's Ratings Services lowered its
ratings, including its corporate credit ratings, on Champion
Enterprises and Champion Home Builders. S&P lowered the corporate
credit ratings to 'CC' from 'CCC-'. The outlook is negative.
"The rating action reflects the increased likelihood of a debt
restructuring, which S&P would view as distressed and tantamount
to default," said Standard & Poor's credit analyst George Skoufis.
At the end of the second quarter, the company was not in
compliance with the amended financial covenants contained in its
bank credit facility. In addition to seeking an amendment to the
credit facility, Champion is exploring other alternatives, which
could include a debt restructuring.
CREW GOLD: May File for Bankruptcy After Bondholders Reject Plan
----------------------------------------------------------------
Josiane Kremer at Bloomberg News reports that Crew Gold Corp.
Chairman Jens Ulltveit-Moe told Dagens Naeringsliv that the
company may have to file for bankruptcy after bondholders rejected
a restructuring plan.
Bloomberg relates Mr. Ulltveit-Moe told DN the company can't meet
its debt payments. Citing the Oslo-based newspaper, Bloomberg
discloses the company has bond debt worth NOK1.9 billion (US$313
million), most of which mature this and next year.
Headquartered in the United Kingdom, Crew Gold Corporation --
http://www.crewgold.com/-- is an international mining company,
focused on restructuring its gold resource projects. The Company’s
project consists of LEFA Gold Mine, Maco Mine and Nalunaq Gold
Mine and Nugget Pond Processing Facility. The Nalunaq Gold Mine,
is located in a remote part of southern Greenland. Mining
operations were conducted using contract mining. In addition, the
Company also undertook two exploration projects, which include Wa,
Ghana and Glover Island, Newfoundland.
LUDGATE FUNDING: S&P Downgrades Rating on Class E Notes to 'D'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D' its credit
rating on the class E notes series 2006-FF1 issued by Ludgate
Funding PLC. All other notes in this transaction are unaffected.
S&P rate the class E notes to timely payment of interest and their
downgrade is due to the GBP23,679 missed interest payment on the
September interest payment date. S&P kept its rating on the class
S notes at 'CCC-' because, unlike the class E notes, S&P rates
them to payment of ultimate interest and principal.
The missed interest payment was not unexpected. On Aug. 18, S&P
noted that interest shortfalls on the class E notes were likely
over the next two quarters, in S&P's view.
The reserve fund in this transaction was fully depleted on the
December 2008 IPD. Consequently, over the past four quarters the
issuer has had to use the liquidity facility to pay interest on
the notes, under certain conditions. For the class E notes, one
of the conditions for using the liquidity facility is that the
principal deficiency ledger balance is less than 50% of the
outstanding note balance. The uncleared PDL for the class E notes
is currently GBP1.71 million (76% of the class E note balance) and
therefore the liquidity facility is currently unavailable to cover
interest payments on these notes.
The class A2a and A2b notes are currently on CreditWatch negative.
S&P will resolve these placements when S&P has received updated
loan-level data and performed an updated credit and cash flow
analysis.
Ludgate Funding series 2006-FF1 is a U.K. nonconforming
residential mortgage-backed securities transaction. It is backed
by a pool of first-ranking mortgages secured over freehold and
leasehold, owner-occupied, and buy-to-let properties in the U.K.
originated by Wave Lending (formerly Freedom Funding).
NATIONAL EXPRESS: Cosmen-Led Consortium Improves Takeover Offer
---------------------------------------------------------------
Robert Wright, Lina Saigol and Martin Arnold at The Financial
Times report that Spain's Cosmen family and CVC Capital Partners
increased its cash offer for National Express Group plc by 11%.
According to the FT, the higher cash offer of 500p a share values
the equity at GBP765 million. The company rejected the Cosmen-led
consortium's 450p a share offer.
The FT relates National Express said in a statement on Thursday
that it was evaluating the latest proposal. The offer is now
subject to due diligence and arranging the re-financing of
National Express's debt, the FT states.
Going Concern
On Aug. 4, 2009, the Troubled Company Reporter-Europe, citing
Telegraph.co.uk, said National Express made a pre-tax loss of
GBP48.1 million in the first six months of 2009, down from a
profit of GBP52.4 million last year, after taking a GBP54.7
million hit from its forced exit from the East Coast mainline
franchise, which is being taken back into government hands.
According Telegraph.co.uk, the accounts declared that while the
directors are confident of renegotiating covenant obligations with
lenders, "covenant compliance remains dependent on actions which
are yet to be delivered". In light of this the accounts warned
that "underlying implementation risks represent a material
uncertainty that may cast significant doubt upon the group's
ability to continue as a going concern".
National Express Group PLC -- http://www.nationalexpressgroup.com/
-- is the holding company of the National Express Group of
companies. Its subsidiary companies provide mass passenger
transport services in the United Kingdom and overseas. The
Company's segments comprise: UK Bus; UK Coach; UK Trains; North
American Bus; European Coach and Bus, and Central functions. Its
subsidiaries include Tayside Public Transport Co. Limited, Durham
School Services LP, Stock Transportation Limited, Dabliu
Consulting SLU, Tury Express SA, General Tecnica Industrial SLU
and Continental Auto SLU. In June 2009, the Company announced the
completion of the sale of Travel London, its London bus business,
to NedRailways Limited, a subsidiary of NS Dutch Railways.
* Fitch Says UK Student Loans Unaffected by Interest Rate Reset
---------------------------------------------------------------
Fitch Ratings said that ratings on UK student loan Asset-Backed
Securities will not be affected by the latest interest rate reset.
Effective from this month, the rate at which interest is earned on
the loans has fallen into negative territory for the first time.
The interest rate on the loans is reset each September, being
equal to the annual rate of change in the Retail Price Index as at
the previous March.
During March 2009, the RPI reported its first annual reduction
since 1960, falling by 0.4%. Consequently, the outstanding
principal balance of the student loan receivables will be reduced
by 0.4% between September 2009 and August 2010, and obligors will
accordingly benefit from slightly reduced monthly loan repayments.
"The reduced monthly loan repayments and the slightly accelerated
amortization of the notes, leading to increased credit
enhancement, will in fact be credit positive factors," said Grant
England, Director in the European consumer ABS team at Fitch
Ratings. "However given the small scale of the negative RPI rate,
no significant changes are expected to the transactions'
performance."
The Honours and Thesis transactions, rated by Fitch are
collateralized by pools of UK student loans to individuals who
commenced higher education courses prior to September 1998. The
loans were intended to provide funding to students at a real
interest rate close to zero.
Under the securitization structures, the rated notes accrue
interest based upon floating Libor indexed rates. To compensate
for this mismatch, the UK Government provides an interest rate
subsidy payment to the Issuer to cover the difference between
Libor rates and the annual RPI linked interest rate applicable to
the underlying receivables.
As a result of the above subsidy, the Issuers will be compensated
for the reduction to the principal balance of receivables by
increased amounts received from the UK Government under the
existing interest rate subsidy mechanism. Therefore, Fitch does
not anticipate the negative RPI rate to have any detrimental
impact upon the ratings of UK Student Loan ABS.
The rated notes and their current outstanding balances are listed
below:
The Higher Education Securitized Investments Series No.1 PLC
(Thesis)
-- Class A2, GBP32.26 million rated 'AAA' stable outlook
-- Class A3, GBP29.44 million rated 'BB' negative outlook
-- Class A4, GBP7.94 million rated 'BB' negative outlook
Honours PLC
-- Class A1, GBP162.47 million rated 'AAA' stable outlook
-- Class A2, GBP54.2 million rated 'AAA' stable outlook
-- Class B, GBP33.35 million rated 'A' stable outlook
-- Class C, GBP18 million rated 'BBB' stable outlook
-- Class D, GBP11.95 million rated 'BB' stable outlook
===============
X X X X X X X X
===============
* S&P Takes Credit Rating Actions on 435 European CDO Tranches
--------------------------------------------------------------
Standard & Poor's Ratings Services took credit rating actions on
453 European synthetic collateralized debt obligation tranches.
Specifically, the ratings on:
* 312 tranches were lowered and removed from CreditWatch negative;
And 141 tranches were lowered and remain on CreditWatch
negative.
Of the 453 tranches lowered:
* 23 references U.S. residential mortgage-backed securities and
U.S. CDOs that are exposed to U.S. RMBS, which have experienced
negative rating actions; and
* 430 have experienced corporate downgrades in their portfolio.
The rating actions are part of S&P's regular monthly review of
synthetic CDOs. These actions incorporate, among other things,
the effect of recent rating migration within reference portfolios
and recent credit events on several corporate entities.
This table provides a summary of the rating actions S&P has taken
on European synthetic CDO tranches since March 2009.
Downgrades Upgrades
(no. of (no. of Key corporate
tranches) tranches) downgrades*
---------- --------- -------------
Mar-09 208 4 MGIC Investment Corp.
(BB+/Watch Neg to CCC/Negative)
March 13, 2009
MGM MIRAGE
(B/Watch Neg to CCC/Negative)
March 19, 2009
Idearc Inc.
(CCC/Negative to D)
March 31, 2009
Apr-09 352 0 PMI Group Inc.
(BBB-/Watch Neg to CCC/Watch Dev)
April 8, 2009
May-09 283 17 Donnelley (R.H.) Corp.
(CCC+/Negative to D)
April 16, 2009
Jun-09 170 3 CIT Group Inc.
(BBB- to BB-/Watch Neg)
June 12, 2009
Sabre Holdings Corp.
(B/Negative to SD)
June 16, 2009
Jul-09 240 0 CIT Group Inc.
(BB-/Watch Neg to CCC+/Watch Neg)
July 13, 2009
(CCC+/Watch Neg to CC/Watch Neg)
July 16, 2009
Aug-09 453 0 Clear Channel Communications Inc.
(CCC/Negative to CC/Negative)
Aug. 4, 2009
Continental AG
(BB/Watch Neg to B+/Watch Neg)
Aug. 13, 2009
* Corporate names that have experienced a significant notch
downgrade, as well as being highly referenced within European
synthetic CDOs.
These rating actions and the CreditWatch updates follow two
reviews. The first review was of the CreditWatch placements made
on Aug. 14, 2009.
For the second review, SROC (synthetic rated
overcollateralization) is run for scenarios that project the
current portfolio 90 days into the future, assuming no asset
rating migration.
For those transactions that have been on CreditWatch negative for
longer than 90 days, where S&P has either not received material
levels of information or relative portfolio credit quality has not
improved since the CreditWatch placement to a level sufficient to
affirm the rating, S&P has assessed portfolio credit quality and
not run scenarios 90 days into the future.
What Is SROC?
One of the main steps in S&P's rating analysis is the review of
the credit quality of the securitized assets. SROC is one of the
tools S&P use for this purpose when rating and surveilling ratings
assigned to most synthetic CDO tranches. SROC is a measure of the
degree by which the credit enhancement (or attachment point) of a
tranche exceeds the stressed loss rate assumed for a given rating
scenario. It is comparable across different tranches of the same
rating.
Changes in SROC capture any developments in the major influences
on a tranche's creditworthiness: the credit quality of a reference
portfolio, improvement or deterioration of ratings in the
reference portfolio, credit events, and time decay. When SROC is
100%, there is exactly sufficient credit enhancement to maintain
the rating on a tranche.
When SROC is less than 100%, it indicates that the current credit
enhancement may not be sufficient to maintain the current tranche
rating. If the SROC is less than 100%, but the 90 day projection
indicates that the SROC would return to a level above 100% at that
time, S&P usually maintain the rating at its current level and it
remains on CreditWatch negative. However, where there is a
difference of several notches in the rating level at which the
SROC is passing and the level at which SROC passes in 90 days,
rather than maintaining its current rating and keeping the
CreditWatch negative placement, S&P may decide to lower the rating
and keep it on CreditWatch negative. If, on the other hand, the
projection indicates that the SROC would remain below 100%, S&P
may lower the rating subject to S&P's criteria.
If the current SROC of a tranche would be greater than 100% at a
higher rating level than the current rating, S&P may upgrade
subject to S&P's criteria.
* EUROPE: EC Mulls Mandatory Bankruptcy Insurance for Airlines
--------------------------------------------------------------
CTK reports the European Commission is considering an introduction
of a proposal for mandatory insurance against bankruptcy for
European air carriers.
According to CTK, unlike travel agencies, air carriers are not
obliged to be insured against bankruptcy and their clients must
demand a possible refund at a court if a company goes bankrupt.
CTK relates European Commissioner Meglena Kuneva told Czech
reporters Thursday she will start consultations about changes of
the existing rules concerning travel in October, but she admitted
it may last many months or even a year before the EC is able to
submit a specific legislative proposal. Ms. Kuneva, as cited by
CTK, said the document would have to be approved by EU member
countries and the European Parliament.
* BOND PRICING: For the Week August 31 to September 4, 2009
-----------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRIA
-------
OESTER VOLKSBK 5.450 8/2/2019 EUR 63.39
OESTER VOLKSBK 4.810 7/29/2025 EUR 48.13
OESTER VOLKSBK 5.270 2/8/2027 EUR 91.79
FRANCE
------
AIR FRANCE-KLM 4.970 4/1/2015 EUR 14.02
ALCATEL SA 4.750 1/1/2011 EUR 16.10
CALYON 6.000 6/18/2047 EUR 48.23
CAP GEMINI SA 2.500 1/1/2010 EUR 51.73
CAP GEMINI SOGET 1.000 1/1/2012 EUR 44.62
CAP GEMINI SOGET 3.500 1/1/2014 EUR 43.95
CLUB MEDITERRANE 4.375 11/1/2010 EUR 48.77
SOC AIR FRANCE 2.750 4/1/2020 EUR 20.20
GERMANY
-------
BREMER LANDESBK 3.250 8/21/2014 EUR 9.48
IRELAND
-------
ALLIED IRISH BKS 7.875 7/5/2023 GBP 71.88
ALLIED IRISH BKS 5.250 3/10/2025 GBP 54.81
ALLIED IRISH BKS 5.625 11/29/2030 GBP 52.80
BANESTO FINANC 6.120 11/7/2037 EUR 6.12
BANK OF IRELAND 4.875 1/22/2018 GBP 68.56
ITALY
-----
CIR SPA 5.750 12/16/2024 EUR 74.62
LUXEMBOURG
----------
BREEZE 4.524 4/19/2027 EUR 91.99
CRC BREEZE 5.290 5/8/2026 EUR 68.15
NETHERLANDS
-----------
ABN AMRO BANK NV 6.000 3/16/2035 EUR 67.51
ABN AMRO BANK NV 7.540 6/29/2035 EUR 60.80
AIR BERLIN FINAN 1.500 4/11/2027 EUR 66.23
ALB FINANCE BV 9.000 11/22/2010 USD 21.98
ALB FINANCE BV 8.750 4/20/2011 USD 21.98
ALB FINANCE BV 7.875 2/1/2012 EUR 22.47
ALB FINANCE BV 9.250 9/25/2013 USD 21.95
ASTANA FINANCE 9.000 11/16/2011 USD 18.98
BK NED GEMEENTEN 0.500 6/27/2018 CAD 70.05
BK NED GEMEENTEN 0.500 2/24/2025 CAD 45.35
BLT FINANCE BV 7.500 5/15/2014 USD 61.00
TURANALEM FIN BV 7.125 12/21/2009 GBP 16.50
TURANALEM FIN BV 7.875 6/2/2010 USD 17.50
TURANALEM FIN BV 6.250 9/27/2011 EUR 17.49
TURANALEM FIN BV 7.750 4/25/2013 USD 16.47
TURANALEM FIN BV 8.000 3/24/2014 USD 16.00
TURANALEM FIN BV 8.500 2/10/2015 USD 16.46
TURANALEM FIN BV 8.250 1/22/2037 USD 15.46
SPAIN
------
BANCAJA 4.375 2/14/2017 EUR 73.13
COMUN AUTO CANAR 3.900 11/30/2035 EUR 73.68
UNITED KINGDOM
--------------
ALPHA CREDIT GRP 2.940 3/4/2035 JPY 68.70
ANGLIAN WAT FIN 2.400 4/20/2035 GBP 57.68
BARCLAYS BK PLC 7.610 6/30/2011 USD 49.91
BEAZLEY GROUP LT 7.250 10/17/2026 GBP 72.70
BRADFORD&BIN BLD 7.625 2/16/2010 GBP 6.00
BRADFORD&BIN BLD 5.500 1/15/2018 GBP 5.99
BRADFORD&BIN BLD 5.750 12/12/2022 GBP 4.75
BRADFORD&BIN BLD 4.910 2/1/2047 EUR 67.89
BRADFORD&BIN PLC 6.625 6/16/2023 GBP 6.98
BRIT INSURANCE 6.625 12/9/2030 GBP 63.71
BROADGATE FINANC 5.098 4/5/2033 GBP 67.72
CATTLES PLC 7.875 1/17/2014 GBP 7.98
CATTLES PLC 7.125 7/5/2017 GBP 7.97
CITY OF KIEV 8.000 11/6/2015 USD 71.35
CITY OF KYIV 8.250 11/26/2012 USD 74.95
CLERICAL MED FIN 6.450 7/5/2023 EUR 72.33
PRUDENTIAL BANK 6.875 12/29/2021 GBP 72.36
*********
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
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Information contained herein is obtained from sources believed to
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