/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/090914.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 14, 2009, Vol. 10, No. 181 Headlines A U S T R I A ABRO GMBH: Creditors Must File Claims by September 30 FELLNER GERUESTVERLEIHER: Creditors Must File Claims by Sept. 30 HP IMMOBILIENHANDEL: Creditors Must File Claims by September 16 KM BAUMANAGEMENT: Creditors Must File Claims by September 16 KOMO GMBH: Creditors Must File Claims by September 20 REAL GMBH: Creditors Must File Claims by September 30 G E R M A N Y ARCANDOR AG: To Receive Surplus From Thomas Cook Share Sale ARCANDOR AG: Has Initial Deal on Quelle Factoring Financing HAPAG-LLOYD AG: State Aid Request Justified, Minister Says NORDDEUTSCHE LANDESBANK: German State Guarantees Extended SCHAEFFLER GROUP: Appoints Presidents to Automotive Unit I R E L A N D VEGA CONTAINERVESSEL: Moody's Cuts Rating on Class A Notes to Ba3 I T A L Y BANCA ITALEASE: 11 Bankers Involved in 2006 Insider Trading Fined L U X E M B O U R G ORCO PROPERTY: Offers Debt-for-Equity Swap to Bondholders N E T H E R L A N D S VAN DER MOOLEN: Declared Bankrupt; Creditors May Get Full Payment R U S S I A KAZANORGSINTEZ OJSC: S&P Withdraws 'D' Corporate Credit Rating MASTERCROFT LTD: S&P Withdraws 'B+' Corporate Credit Rating S W I T Z E R L A N D AJP-BERATUNGS GMBH: Claims Filing Deadline is September 16 AUTOMATION SUPPORT: Claims Filing Deadline is September 16 BORTEL TOUR: Claims Filing Deadline is September 16 BY ESTELLE: Claims Filing Deadline is September 17 CAM PRIVATE: Claims Filing Deadline is September 16 DANIA AG: Claims Filing Deadline is September 17 ELEKTRO GRUBER: Claims Filing Deadline is September 16 JASTO AG: Claims Filing Deadline is September 16 MASEFIELD ASIA-PACIFIC: Claims Filing Deadline is September 16 REISEBUERO WIEDERKEHR: Claims Filing Deadline is September 17 TOURMEDIA AG: Claims Filing Deadline is September 17 SCHNITTSTELLE PRE: Claims Filing Deadline is September 16 UBS AG: Workers Worried of Debt Securities, Wanted to Unload Them T U R K E Y DOGAN YAYIN: US$2.5 Bln Tax Fine to Threaten Survival DOGAN YAYIN: Fitch Downgrades Issuer Default Ratings to 'B' U K R A I N E ALASKA LTD: Creditors Must File Claims by September 16 ALTERA LLC: Creditors Must File Claims by September 16 BELTOUR-AGRO LLC: Creditors Must File Claims by September 16 DRUZHBA AGRICULTURAL: Creditors Must File Claims by September 16 INTER-CONSULT LLC: Creditors Must File Claims by September 16 KONOTOP AGRICULTURAL: Creditors Must File Claims by September 16 PRIKARPATYE LLC: Creditors Must File Claims by September 16 PRIKORDONNIK LLC: Creditors Must File Claims by September 16 REGIONAL PEDIGREE: Creditors Must File Claims by September 16 TRADEINVESTFINANCE LLC: Creditors Must File Claims by September 16 UKRPROMBANK: To Be Liquidated; State-Owned Bank to Assume Deposits U N I T E D K I N G D O M GLEBE TWO: Placed Into Voluntary Liquidation HIGH & MIGHTY: Sold to J.D. Williams in Pre-Pack Deal LLOYDS BANKING: Mark Collins to Help with Loan Book Restructuring LLOYDS BANKING: James Garvey Named Capital Markets Head LUPUS CAPITAL: 1H09 Pre-Tax Profit Down 48% to GBP7.5 Mln WORKSPACE GROUP: Glebe Two Placed Into Voluntary Liquidation X X X X X X X X * BOND PRICING: For the Week September 7 to September 11, 2009 ********* ============= A U S T R I A ============= ABRO GMBH: Creditors Must File Claims by September 30 ----------------------------------------------------- Creditors of ABRO GmbH 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 2:45 p.m. at: Land Court of Korneuburg Room 204 Second Floor Korneuburg Austria For further information, contact the company's administrator: Mag. Nikolaus Vogt Zeltgasse 3/13 1080 Wien Austria Tel.: 01/402 57 01 33 Fax: 01/402 57 01 57 E-mail: nikolaus.vogt@riess.co.at FELLNER GERUESTVERLEIHER: Creditors Must File Claims by Sept. 30 ---------------------------------------------------------------- Creditors of Fellner Geruestverleiher GmbH 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 9:00 a.m. at: Land Court of Korneuburg Room 204 Second Floor Korneuburg Austria For further information, contact the company's administrator: Mag. Beate Holper Gonzagagasse 15 1010 Wien Austria Tel: 01/533 28 55 Fax: 01/533 28 55 28 E-mail: office@anwaltwien.at HP IMMOBILIENHANDEL: Creditors Must File Claims by September 16 --------------------------------------------------------------- Creditors of HP Immobilienhandel GmbH 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. at: Land Court of Korneuburg Room 204 Second Floor Korneuburg Austria For further information, contact the company's administrator: Mag. Dr. Ilse Korenjak Gusshausstrasse 6 1040 Wien Austria Tel: 01/512 21 02 Fax: 01/512 21 02 20 E-mail: office@buresch-korenjak.at KM BAUMANAGEMENT: Creditors Must File Claims by September 16 ------------------------------------------------------------ Creditors of KM Baumanagement Ltd. & CO 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 11:30 a.m. at: Land Court of Korneuburg Room 204 Second Floor Korneuburg Austria For further information, contact the company's administrator: Mag. Dr. Ulla Reisch Praterstrasse 62-64 1020 Wien Austria Tel: 01/212 55 00 Fax: 01/212 55 00 5 E-mail: office.wien@ulsr.at KOMO GMBH: Creditors Must File Claims by September 20 ----------------------------------------------------- Creditors of KOMO GmbH & Co.KEG have until September 20, 2009, to file their proofs of claim. A court hearing for examination of the claims has been scheduled for October 1, 2009 at 10:40 a.m. at: Land Court of Wels Hall 101 Wels Austria For further information, contact the company's administrator: Mag. Alexandra Thomasberger Roemerstrasse 48 4800 Attnang-Puchheim Austria Tel: 07674/63320 Fax: 07674/63320-13 E-mail: attnang@vb-lex.at REAL GMBH: Creditors Must File Claims by September 30 ----------------------------------------------------- Creditors of REAL GmbH 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 11:00 a.m. at: Land Court of Korneuburg Room 204 Second Floor Korneuburg Austria For further information, contact the company's administrator: Dr. Ute Toifl Habsburgergasse 6-8/17 1010 Wien Austria Tel: 01/9535 46 11 Fax: 01/535 46 11 11 E-mail: office@thr.at ============= G E R M A N Y ============= ARCANDOR AG: To Receive Surplus From Thomas Cook Share Sale ----------------------------------------------------------- Holger Elfes at Bloomberg News reports that Thomas Schulz, a spokesman for Arcandor AG's court-appointed insolvency administrator, said the company may get some money from Thursday's sale of its former stake in tour operator Thomas Cook Group Plc. Bloomberg relates Mr. Schulz said any funds received would be used to buy back brand rights for the Karstadt department store chain and the Quelle mail- order unit. The spokesman said he didn't know how much Arcandor is likely to get. According to Bloomberg, Bayerische Landesbank said Thursday it placed 376.6 million Thomas Cook shares at 240 pence each, raising about GBP904 million (US$1.5 billion). Bloomberg notes most of the proceeds will go to BayernLB, Commerzbank AG and Royal Bank of Scotland Plc, who seized the stake as collateral for loans after the company's collapse. Citing Mr. Schulz, Bloomberg discloses Arcandor's debt to the three banks amounts to EUR940 million (US$1.37 billion). Insolvency Proceedings On September 2, 2009, the Troubled Company Reporter-Europe, citing Bloomberg News, reported that a local court in Essen formally opened insolvency proceedings for the Arcandor on Tuesday, September 1. Bloomberg disclosed the proceedings started for the Arcandor holding company and for 14 units, including the Karstadt department-store chain and Primondo mail-order division. 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. ARCANDOR AG: Has Initial Deal on Quelle Factoring Financing ----------------------------------------------------------- Mariajose Vera and Mike Gavin at Bloomberg News report that Thomas Schulz, a spokesman for Arcandor AG's insolvency administrator, said creditor banks have reached "a basic agreement" on factoring financing for the company�s Quelle unit. According to Bloomberg, Mr. Schulz said the agreement would guarantee factoring through the end of the year and must first be approved by the banks' boards. Citing the spokesman, Bloomberg discloses the financing volume is EUR438 million. Insolvency Proceedings On Sept. 2, 2009, the Troubled Company Reporter-Europe, citing Bloomberg News, reported that a local court in Essen formally opened insolvency proceedings for the Arcandor on Sept. 1. Bloomberg disclosed the proceedings started for the Arcandor holding company and for 14 units, including the Karstadt department-store chain and Primondo mail-order division. 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. HAPAG-LLOYD AG: State Aid Request Justified, Minister Says ---------------------------------------------------------- Robert Wright at The Financial Times reports that Wolfgang Tiefensee, Germany's transport secretary, said Hapag-Lloyd AG's application for EUR1.2 billion (US$1.7 billion) in state- backed loan guarantees was justified. According to the FT, Mr. Tiefensee said approval for the Hapag- Lloyd application should be formalized quickly. The FT relates the federal transport minister said shareholders in Hapag-Lloyd had carried out the necessary preparations for the award of the guarantees by agreeing to put fresh capital into the company. As reported in the Troubled Company Reporter-Europe on Sept. 10, 2009, Bloomberg News said the government is expected to make its decision on the case before national elections, which will be held Sept. 27. Hapag-Lloyd AG -- http://www.hapag-lloyd.com/-- is the transportation arm of German tourism giant TUI. Subsidiary Hapag- Lloyd Container Line, which accounts for most of Hapag-Lloyd's sales, operates a fleet of about 135 containerships. Overall, Hapag-Lloyd Container Line's vessels have a capacity of more than 490,000 twenty-foot equivalent units (TEU). The unit's routes link Europe, Asia, the Americas, and Africa. In addition to freight transportation, Hapag-Lloyd offers luxury ocean and river cruises under its Hapag-Lloyd Cruises brand. TUI sold Hapag- Lloyd's container operations to a German investment group in March 2009. NORDDEUTSCHE LANDESBANK: German State Guarantees Extended --------------------------------------------------------- Bate Felix at Reuters reports that the European Commission on Thursday extended German state guarantees to Norddeutsche Landesbank Girozentrale until February 2010 to enable the bank toNorddeutsche Landesbank Girozentrale operates as a commercial bank in north Germany and internationally cover refinancing needs and continue extending loans. According to Reuters, the commission approved the prolongation of guarantees on securities used to provide financing to NordLB by the Laender Lower Saxony and Saxony Anhalt regional governments. Headquartered in Hanover, Norddeutsche Landesbank Girozentrale -- http://www.nordlb.de/-- operates as a commercial bank in north Germany and internationally. SCHAEFFLER GROUP: Appoints Presidents to Automotive Unit -------------------------------------------------------- Mike Gavin at Bloomberg News reports that Schaeffler Group said Peter Pleus and Norbert Indlekofer will take on positions as presidents of Schaeffler Group Automotive. Debt Refinacing On August 20, 2009, the Troubled Company-Reporter, reported Schaeffler reached an agreement with banks to refinance EUR12 billion (US$17 billion) in debt. According to the FT, the group's lenders gave Schaeffler more breathing space, as some of them eschewed a solution that would see them writing down any of the debt. About Schaeffler Germany-based Schaeffler Group -- http://www.schaeffler.com/-- manufactures a vast array of bearings, from cylindrical roller bearings to needle roller bearings, used in the aerospace, automotive, machine tool, and semiconductor industries. Its three main brands are INA, FAG, and LuK, and though the entities are treated separately within the company, they also work collaboratively on specific product development. The company is owned by Maria-Elisabeth Schaeffler, the widow of a co-founder, and her son, Georg F. W. Schaeffler. ============= I R E L A N D ============= VEGA CONTAINERVESSEL: Moody's Cuts Rating on Class A Notes to Ba3 ----------------------------------------------------------------- Moody's Investors Service has downgraded to Ba3 from Ba1 the rating of the US$253.7 million 5.562% Class A corporate asset- backed secured notes due 2021 issued by Vega ContainerVessel 2006- 1 Public Limited Company. The rating remains under review for further possible downgrade, where it was placed on 27 July 2009. The notes were issued for the purpose of financing ships for CMA CGM. The rating action reflects ongoing difficulties in the containership markets and Moody's view that these market conditions affect both (1) CMA CGM's credit quality at time the company's liquidity profile remains under pressure and (2) the value of the collateral. The rating of the Class A notes issued by Vega principally reflects (i) CMA CGM's credit quality, and (ii) the additional degree of protection provided by the collateral and the legal and financial arrangements of the transaction to the Class A noteholders. Moody's estimates that the value of the vessels assigned as collateral for the notes has substantially decreased due to the severity of the current economic downturn, exacerbated by a substantial excess in capacity. Moody's review will focus on assessing the potential impact of further deterioration of the current market conditions on the estimated probability and severity of a shortfall for the Class A notes in the event of a sale of the collateral following a potential CMA CGM default. Moody's expects to conclude its review in the next two months. The last rating action was implemented on 27 July 2009, when Moody's downgraded the ratings of Vega to Ba1 and placed ratings under review for possible downgrade. In assessing the notes issued by Vega ContainerVessel 2006-1 Public Limited Company, Moody's has taken into consideration the characteristics of the collateral pool, the volatility of vessel prices, the potential claims ranking in priority to the Class A Notes and the structural enhancement of the transactions. Vega ContainerVessel 2006-1 Public Limited Company is an Irish orphan special purpose vehicle, which has issued debt instruments for the purpose of financing ships for CMA CGM. ========= I T A L Y ========= BANCA ITALEASE: 11 Bankers Involved in 2006 Insider Trading Fined ----------------------------------------------------------------- Elisa Martinuzzi and Marco Bertacche at Bloomberg News report that Consob, Italy's securities watchdog, has fined 11 bankers, including Enrico Clavenna, Citigroup Inc.'s former head of Italian equities, for their role in alleged insider trading of Banca Italease SpA shares in 2006. Citing Consob statements posted on its Web site, Bloomberg discloses the bankers were fined a total of EUR3.4 million (US$4.9 million) and face suspensions of as long as 15 months. According to Bloomberg, Consob said Mr. Clavenna and Roberto Casoni, then head of European small-cap research, and two colleagues passed on privileged information on a note Mr. Casoni was due to publish on Italease, the leasing company that's being bought out by lender Banco Popolare SC. Bloomberg relates Consob said for days leading up to the publication, the bankers told seven fund managers about how Citigroup would recommend buying Italease shares and set a target price "substantially" above the market level. Consob, as cited by Bloomberg, said the asset managers allegedly bought stock on the tip. Banca Italease SpA (BIT:BIL) -- http://www.italease.it/-- is an Italy-based banking company. Banca Italease provides retail leasing services through: Italease Secondacasa, offering real estate leasing; Tiarredo, providing furniture leasing; Tiarredo Arte, specializing in art leasing; Tiguido, offering car and motorcycle leasing, and Tivaro, providing boat leasing. Banca Italease also offers corporate leasing through its subsidiaries: LeasinGomme, Real Estate Leasing, Industrial Leasing, Public Sector Leasing and Corporate Car Leasing. Other areas of Company's operations are: subsidized leasing, medium and long-term lending, insurance products, factoring, long-term car leasing, and Interest Rate Swap (IRS) contracts. * * * As reported in the Troubled Company Reporter-Europe on July 22, 2009, Moody's Investors Service upgraded the long- and short-term deposit and debt ratings of Banca Italease to Baa3 and Prime-3 from Ba1 and Not Prime respectively. All the bank's ratings, including the E+ BFSR, now carry a stable outlook. Moody's said the upgrade reflects the completion of the tender offer by Banco Popolare (rated A2/C-/Prime-1), which now owns 88% of Banca Italease's ordinary shares, and the resulting increased probability of parental support. Moody's said the restructuring of Banca Italease is expected to go ahead as planned; however, the bank will not be de-listed, as the threshold for de-listing has not been reached. =================== L U X E M B O U R G =================== ORCO PROPERTY: Offers Debt-for-Equity Swap to Bondholders --------------------------------------------------------- Douglas Lytle and Lenka Ponikelska at Bloomberg News report that Orco Property Group SA said it will offer bondholders a mix of new debt and equity, including new convertible bonds, as part of its restructuring plan. The company, Bloomberg says, will organize a general assembly on September 24 for bondholders to vote on the proposal. Bloomberg relates Orco said in a statement the company has direct liabilities of EUR411 million of bonds in nominal value. Orco, as cited by Bloomberg, said the restructuring plan, which includes a sale of assets, or finding an equity investor, is aimed at reaching a "satisfactory" indebtedness of the company and improve its debt servicing. On September 1, 2009, the Troubled Company Reporter-Europe, citing Bloomberg News, reported Orco's net loss widened to EUR200 million (US$287 million) in the first half of 2009 from EUR14.1 million in the year-ago period as the value of its properties declined. Bloomberg disclosed the value of Orco's real-estate holdings fell 12% to EUR1.83 billion at the end of June from EUR2.13 billion at the end of December. Orco Property Group SA -- http://www.orcogroup.com-- is a Luxembourg-based real estate company, specializing in the development, rental and management of properties in Central and Eastern Europe. Through its fully consolidated subsidiaries, Orco Property Group SA operates in several countries, including the Czech Republic, Slovakia, Germany, Hungary, Poland, Croatia and Russia. The Company rents and manages real estate and hotels properties composed of office buildings, apartments with services, luxury hotels and hotel residences; it also develops real estate projects as promoter. Orco was granted creditor protection at the Paris Commercial Court on March 26 after it struggled to find buyers for its assets because of the global credit crisis. The French sauvegarde protection system is similar to Chapter 11 protection in the U.S. and calls for an "observation period" of as much as six months. ===================== N E T H E R L A N D S ===================== VAN DER MOOLEN: Declared Bankrupt; Creditors May Get Full Payment ----------------------------------------------------------------- Van der Moolen Holding NV's creditors may receive full repayment in the "best scenario," John Buckley at Bloomberg News reports, citing Jaap Gelderloos, a court-appointed receiver for the company. Bloomberg relates Mr. Gelderloos said at a press conference in Amsterdam Thursday preferred shareholders may receive partial payment under most favorable conditions. Bankruptcy On September 10, 2009, the Court in Amsterdam declared Van der Moolen insolvent. On September 9, 2009, the administrators of the company requested the court to convert the provisional suspension of payments, which was granted on August 10, into bankruptcy. The board and administrators of VDM said this became necessary since the ongoing expenses, including the salaries of the employees could no longer be paid during September. Furthermore, it became apparent during the last weeks that there are no possibilities to sell VDM or to continue as a smaller company. The administrators expect that, even with the best possible return on sale or liquidation of parts of VDM, there will be on balance insufficient means to make a payment to the holders of ordinary shares of VDM. The bankruptcy of VDM can be attributed to a combination of factors that appeared in a period of a number of years: big losses in the US, unsuccessful new initiatives like Online Trader, decreasing revenues in connection due to the financial crisis and a cost pattern that structurally exceeded the benefits. Ultimately two factors have accelerated the erosion of the liquidity position of VDM: the purchase of treasury shares, and the delay in the collection of (tax) claims of VDM. The consequence of the bankruptcy will be that VDM will be liquidated. The assets and activities of the subsidiaries will be realized into cash as much as is possible. Headquartered in Amsterdam, Netherlands, Van der Moolen Holding N.V. -- http://www.vandermoolen.com/-- is an international securities trading and brokerage firm that specializes in providing low-cost liquidity in markets worldwide. Its business is to make money on financial markets, as a broker and proprietary trader in securities, futures, derivatives indexes and exchange traded funds. =========== R U S S I A =========== KAZANORGSINTEZ OJSC: S&P Withdraws 'D' Corporate Credit Rating -------------------------------------------------------------- Standard & Poor's Ratings Services said that it has withdrawn its 'D' long-term corporate credit rating on Russian petrochemicals group Kazanorgsintez OJSC and the 'D' issue rating on the US$200 million senior unsecured loan participation notes issued by subsidiary Kazanorgsintez S.A. and guaranteed by Kazanorgsintez. The withdrawal reflects S&P's view that Kazanorgsintez still does not have in place a firm, short-term timetable for a new financing framework, three months after S&P's June 18, 2009, downgrade of the group to 'D' from 'CC' because of its nonpayment of financial debt obligations. Still, S&P understands that Kazanorgsintez is continuing its debt restructuring discussions with banks and debtholders, as well as with the government and suppliers. S&P may assign a new rating to Kazanorgsintez when discussions are finalized, depending on the degree of information available to us. MASTERCROFT LTD: S&P Withdraws 'B+' Corporate Credit Rating ----------------------------------------------------------- On Sept. 10, 2009, Standard & Poor's Ratings Services said that it withdrew its 'B+' long-term corporate credit and 'ruA' Russia national scale ratings on Mastercroft Ltd., a core subsidiary of Russia-based steelmaker Evraz Group S.A. (B+/Watch Neg/--). The ratings on Evraz are unaffected by this action. The withdrawal is at the request of Mastercroft's parent company Evraz and follows the redemption in August 2009 of a US$300 million 10.875% senior unsecured bond, issued by Evraz Securities S.A. and guaranteed by Mastercroft. Mastercroft is a wholly-owned subsidiary of Evraz and the holding company of the group's Russian operating subsidiaries. However, although Mastercroft remains a guarantor of certain bank loans and a $750 million 8.25% senior unsecured bond due 2015 issued by Evraz, S&P understand that Mastercroft is not intended to be an issuer or guarantor of new debt in the future. On Sept. 9, 2009, S&P lowered the ratings on Evraz and Mastercroft and placed them on CreditWatch with negative implications. This reflected S&P's opinion that there is heightened uncertainty about the willingness of banks to waive or amend Evraz' financial covenants and the ability of Evraz to address its currently very weak liquidity. ===================== S W I T Z E R L A N D ===================== AJP-BERATUNGS GMBH: Claims Filing Deadline is September 16 ---------------------------------------------------------- Creditors of Ajp-Beratungs GmbH are requested to file their proofs of claim by September 16, 2009, to: Alfred Jaeger Liquidator Huis am Chleinen Platz 3917 Kippel Switzerland The company is currently undergoing liquidation in Kippel. The decision about liquidation was accepted at a shareholders' meeting held on July 22, 2009. AUTOMATION SUPPORT: Claims Filing Deadline is September 16 ---------------------------------------------------------- Creditors of Automation Support Boerlin GmbH are requested to file their proofs of claim by September 16, 2009, to: Thomas Boerlin Liquidator Grendelweg 7 4314 Zeiningen Switzerland The company is currently undergoing liquidation in Zeiningen. The decision about liquidation was accepted at an extraordinary shareholders' meeting held on July 1, 2009. BORTEL TOUR: Claims Filing Deadline is September 16 --------------------------------------------------- Creditors of Bortel Tour GmbH are requested to file their proofs of claim by September 16, 2009, to: Daniel Albert Liquidator Englisch-Gruss-Strasse 44 3902 Brig-Glis Switzerland The company is currently undergoing liquidation in Brig. The decision about liquidation was accepted at a shareholders' meeting held on July 27, 2009. BY ESTELLE: Claims Filing Deadline is September 17 -------------------------------------------------- Creditors of By Estelle GmbH are requested to file their proofs of claim by September 17, 2009, to: By Estelle GmbH Bahnhofstrasse 5 8610 Uster Switzerland The company is currently undergoing liquidation in Uster. The decision about liquidation was accepted at a shareholders' meeting held on May 28, 2009. CAM PRIVATE: Claims Filing Deadline is September 16 --------------------------------------------------- Creditors of CAM Private Equity Schwitzerland AG are requested to file their proofs of claim by September 16, 2009, to: Provida Consulting AG Thurgauerstrasse 66 8050 Zurich Switzerland The company is currently undergoing liquidation in Zurich. The decision about liquidation was accepted at an extraordinary general meeting held on July 2, 2009. DANIA AG: Claims Filing Deadline is September 17 ------------------------------------------------ Creditors of Dania AG are requested to file their proofs of claim by September 17, 2009, to: Dr. iur. Rudolf Kunz Liquidator Ottoplatz 19 7000 Chur Switzerland The company is currently undergoing liquidation in Domat/Ems. The decision about liquidation was accepted at a general meeting held on June 4, 2009. ELEKTRO GRUBER: Claims Filing Deadline is September 16 ------------------------------------------------------ Creditors of Elektro Gruber GmbH are requested to file their proofs of claim by September 16, 2009, to: Karl Eggen, liquidator Luchsernstrasse 37 3920 Zermatt Switzerland The company is currently undergoing liquidation in St. Niklaus. The decision about liquidation was accepted at a general meeting held on June 26, 2009. JASTO AG: Claims Filing Deadline is September 16 ------------------------------------------------ Creditors of Jasto AG are requested to file their proofs of claim by September 16, 2009, to: Erich Spring Rainmattstrasse 674 4717 Muemliswil Switzerland The company is currently undergoing liquidation in Balsthal. The decision about liquidation was accepted at an extraordinary general meeting held on June 18, 2009. MASEFIELD ASIA-PACIFIC: Claims Filing Deadline is September 16 -------------------------------------------------------------- Creditors of Masefield Asia-Pacific AG are requested to file their proofs of claim by September 16, 2009, to: Gestinor AG Am Schanzengraben 25 8022 Zurich Switzerland The company is currently undergoing liquidation in Zug. The decision about liquidation was accepted at an extraordinary general meeting held on June 12, 2009. REISEBUERO WIEDERKEHR: Claims Filing Deadline is September 17 ------------------------------------------------------------- Creditors of Reisebuero Wiederkehr AG are requested to file their proofs of claim by September 17, 2009, to: Bernhard Wiederkehr Hofwiesenstrasse 16 8136 Gattikon Switzerland The company is currently undergoing liquidation in Adliswil. The decision about liquidation was accepted at an extraordinary general meeting held on May 18, 2009. TOURMEDIA AG: Claims Filing Deadline is September 17 ---------------------------------------------------- Creditors of Tourmedia AG are requested to file their proofs of claim by September 17, 2009, to: SH Services GmbH Stampfenbachstrasse 52, Mail box: 1926 8021 Zurich Switzerland The company is currently undergoing liquidation in Zurich. The decision about liquidation was accepted at an extraordinary general meeting held on July 22, 2009. SCHNITTSTELLE PRE: Claims Filing Deadline is September 16 --------------------------------------------------------- Creditors of Schnittstelle Pre Press Service AG are requested to file their proofs of claim by September 16, 2009, to: Joerg Tscharner Liquidator Monbijoustrasse 61 3007 Bern Switzerland The company is currently undergoing liquidation in Bern. The decision about liquidation was accepted at a general meeting held on June 2, 2009. UBS AG: Workers Worried of Debt Securities, Wanted to Unload Them ----------------------------------------------------------------- Serena Ng and Carrick Mollenkamp at The Wall Street Journal report that e-mails presented in court show that in the summer and fall of 2007 some U.S. UBS AG employees became increasingly worried about billions of dollars of debt securities inventoried on the bank's books and wanted to find a way to unload them. As reported by the TCR on September 11, 2009, Connecticut Court Judge John F. Blawie has ruled that UBS set aside US$35.5 million to cover a potential judgment against it in a case involving debt securities that employees called "crap" and "vomit". Hedge fund Pursuit Partners LLC claimed that UBS sold investment-grade debt securities to the firm in 2007, though the Company knew that the securities were about to be downgraded by ratings agencies. Judge Blawie said that Pursuit Partners had "presented sufficient evidence to satisfy the probable cause standard with respect to their claim that UBS was in possession of superior knowledge that was not readily available" to the company. Based in Zurich, Switzerland, UBS AG (VTX:UBSN) -- http://www.ubs.com/-- is a global provider of financial services for wealthy clients. UBS's financial businesses are organized on a worldwide basis into three Business Groups and the Corporate Center. Global Wealth Management & Business Banking consists of three segments: Wealth Management International & Switzerland, Wealth Management US and Business Banking Switzerland. The Business Groups Investment Bank and Global Asset Management constitute one segment each. The Industrial Holdings segment holds all industrial operations controlled by the Group. Global Asset Management provides investment products and services to institutional investors and wholesale intermediaries around the globe. The Investment Bank operates globally as a client-driven investment banking and securities firm. The Industrial Holdings segment comprises the non-financial businesses of UBS, including the private equity business, which primarily invests UBS and third-party funds in unlisted companies. As reported in the Troubled Company Reporter-Europe, UBS has amassed more than US$53 billion in writedowns and losses since the credit crisis began. The bank expects to post a loss in the second quarter of 2009. The bank's net loss for full-year 2008 widened to CHF19.697 billion from of CHF5.247 million in the prior year. Net losses from continuing operations totaled CHF19.327 billion, compared with losses of CHF5.111 billion in the prior year. UBS attributed the losses to negative revenues in its fixed income, currencies and commodities (FICC) area. For the 2008 fourth quarter, UBS incurred a net loss of CHF8.100 billion, down from a net profit of CHF296 million. Net loss from continuing operations was CHF7.997 billion compared with a profit of CHF433 million. The Investment Bank recorded a pre-tax loss of CHF7.483 billion, compared with a pre-tax loss of CHF2.748 billion in the prior quarter. This result was primarily due to trading losses, losses on exposures to monolines and impairment charges taken against leveraged finance commitments. An own credit charge of CHF1.616 billion was recorded by the Investment Bank in fourth quarter 2008, mainly due to redemptions and repurchases of UBS debt during this period. UBS said it will further reduce its headcount to 15,000 by the end of the year. UBS's personnel numbers reduced to 77,783 on December 31, 2008, down by 1,782 from September 30, 2008, with most staff reductions at its investment banking unit. =========== T U R K E Y =========== DOGAN YAYIN: US$2.5 Bln Tax Fine to Threaten Survival ----------------------------------------------------- Delphine Strauss at The Financial Times reports that Dogan Yayin Holding AS said tax authorities wanted companies it controls to pay a total of TRY3.76 billion (US$2.5 billion) in unpaid taxes and penalties. The FT says the tax fine is equivalent to more than four-fifths of the combined market value of Dogan Holding and Dogan Yayin. The FT relates one banker expressed incredulity at the size of the fine, given it related largely to share transactions between relatively small subsidiaries of Dogan Yayin, and said it was big enough to threaten the group's survival. According to the FT, analysts said Dogan Yayin would probably have to make provisions against the fine while it pursued what could be a lengthy appeal. Given the size of the fine, that could mean a substantial capital increase or asset sales, the FT notes. Dogan Yayin Holding AS -- http://www.dyh.com.tr/-- is a Dogan Group holding company based in Istanbul, Turkey, established as a media-entertainment conglomerate, active in the newspaper, magazine and book publishing, television and radio broadcasting, printing and news media sectors through its subsidiaries. Its publishing and broadcasting products include magazines, daily newspapers, national and international television stations, thematic and interactive television channels and radio stations. DYH also runs a television production and a record label company, as well as two printing companies. It operates websites designed for various purposes, and offers a digital television platform, in addition to other online and digital services. DYH is active in the retail sector through D&R and Yaysat, which distribute the Holding�s products. It also provides foreign trade, factoring and mortgage services. DYH holds international partnerships with such companies as AOL-Time Warner, the Universal Music Group and Burda GmbH. * * * As reported in the Troubled Company Reporter-Europe on Aug. 26, 2009, Fitch Ratings maintained Turkey-based Dogan Yayin Holding's Long-term foreign and local currency Issuer Default ratings, at 'B+' respectively, on Rating Watch Negative. DOGAN YAYIN: Fitch Downgrades Issuer Default Ratings to 'B' ----------------------------------------------------------- Fitch Ratings has downgraded Turkey-based Dogan Yayin Holding's Long-term foreign and local currency Issuer Default ratings to 'B' from 'B+' respectively. Both ratings remain on Rating Watch Negative. Fitch has simultaneously downgraded Hurriyet's, DYH's newspaper subsidiary, Long-term foreign and local currency IDRs to 'B+' from 'BB-' and both these ratings also remain on RWN. Hurriyet's National Long-term rating has been downgraded to 'A(tur)' from 'AA-(tur)' and remains on RWN. The downgrades reflect Dogan TV Holding AS (74.5% owned subsidiary of DYH) and related companies' receipt of tax fine notifications of TRY3.76 billion (US$2.5 billion) from the Ministry of Finance regarding their 2005-2007 financial accounts as of September 2009. Fitch understands that DYH will not set aside any provisions for these tax fines and there will be no related cash outflows in the mid-term. Fitch also understands that DYH will apply to the Ministry of Finance for the cancellation of the tax fines claiming that the tax reports are inaccurate with material errors. Furthermore, DYH will also apply for a settlement process with the Finance Ministry that may result in a substantial reduction in the original tax fine. The Tax office may ask for collateral if the parties don't agree on the cancellation of the fine or on the settlement process. Fitch notes that the tax fine charges by the tax authorities have to be settled in court unless the tax fine on Dogan TV is cancelled or settled with the Ministry of Finance, as is common practice. In this instance, DYH's management will take the necessary legal steps against these claims. Fitch also notes that a "cautionary attachment" was already issued by the tax authorities on Dogan TV's share certificates, representing a 53% stake in Dogan TV Holding as collateral for the initial tax fine to DYH in March 2009 for TRY862 million (US$569 million). Settlement process may take up to two months while the tax Court is expected to last more than one year until the end of 2010. However, the initial tax penalty may be resolved as soon as Q409 and will shed some light on the basis of the government's claims. The RWN is based on the lack of visibility related to the tax fines at this stage and Fitch's concern that the escalating political pressure on the leading media player may result in additional tax fines that will also dent the company's capacity to manage its daily operations. The agency will continue to monitor developments on this front closely and notes that a final decision by the courts may be favorable to the company. Fitch's rating actions do not imply that the fines will be successfully levied, but reflect the scale of risk associated with such potential events. If the fines are incurred, DYH's ratings may be downgraded by several notches. Fitch is aware of other Turkish companies which have successfully contested such rulings, but also of other instances where the outcome has gone against the company. The total amount of TRY4.6 billion (US$3.1 billion) in tax fines, if paid, would place a heavy burden on DYH's financial profile, and the potential payment of such a huge fine would not be possible even with direct support from Dogan Holding (DH) which currently has US$0.85 billion net cash on its balance sheet. In such a scenario, it will be impossible for DYH to deleverage without the support of the parent company, and DYH's rating will come under further pressure if DH does not provide the required additional capital to its media business in a weak economic environment. The downgrade of Hurriyet follows the downgrade of the parent company, DYH, as per Fitch's methodology for parent and subsidiary ratings. Hurriyet is DYH's main operating subsidiary in publishing and is the key driver of DYH's creditworthiness. ============= U K R A I N E ============= ALASKA LTD: Creditors Must File Claims by September 16 ------------------------------------------------------ Creditors of LLC Alaska Ltd. (code EDRPOU 33310388) have until September 16, 2009, to submit proofs of claim to: L. Timofeyeva Insolvency Manager Post Office Box 179 54017 Nikolayev Ukraine The Economic Court of Nikolayev commenced bankruptcy proceedings against the company on August 4, 2009. The case is docketed under Case No. 5/220/09. The Court is located at: The Economic Court of Nikolayev Admiralskaya Str. 22-a 54009 Nikolayev Ukraine The Debtor can be reached at: LLC Alaska Ltd. 7th Slobodskaya Str. 70/4 Nikolayev Ukraine ALTERA LLC: Creditors Must File Claims by September 16 ------------------------------------------------------ Creditors of LLC Altera (code EDRPOU 31043374) have until September 16, 2009, to submit proofs of claim to: L. Timofeyeva Insolvency Manager Post Office Box 179 54017 Nikolayev Ukraine The Economic Court of Nikolayev commenced bankruptcy proceedings against the company on August 4, 2009. The case is docketed under Case No. 5/218/09. The Court is located at: The Economic Court of Nikolayev Admiralskaya Str. 22-a 54009 Nikolayev Ukraine The Debtor can be reached at: LLC Altera Office 37 Bolshaya Morskaya Str. 45/5 Nikolayev Ukraine BELTOUR-AGRO LLC: Creditors Must File Claims by September 16 ------------------------------------------------------------ Creditors of LLC Beltour-Agro (code EDRPOU 34565489) have until September 16, 2009, to submit proofs of claim to: L. Timofeyeva Insolvency Manager Post Office Box 179 54017 Nikolayev Ukraine The Economic Court of Nikolayev commenced bankruptcy proceedings against the company on August 11, 2009. The case is docketed under Case No. 5/227/09. The Court is located at: The Economic Court of Nikolayev Admiralskaya Str. 22-a 54009 Nikolayev Ukraine The Debtor can be reached at: LLC Beltour-Agro Sevastopolskaya Str. 185 Nikolayev Ukraine DRUZHBA AGRICULTURAL: Creditors Must File Claims by September 16 ---------------------------------------------------------------- Creditors of Agricultural LLC Druzhba (code EDRPOU 03732933) have until September 16, 2009, to submit proofs of claim to: V. Glebov Insolvency Manager Hmelnitsky highway Str. 23 Vinnitsa Ukraine The Economic Court of Vinnitsa commenced bankruptcy proceedings against the company on July 21, 2008. The case is docketed under Case No. 5/120-09. The Court is located at: The Economic Court of Vinnitsa Hmelnitsky Highway 7 21100 Vinnitsa Ukraine The Debtor can be reached at: Agricultural LLC Druzhba Karmaliukovoye Zhmerinka 23120 Vinnitsa Ukraine INTER-CONSULT LLC: Creditors Must File Claims by September 16 ------------------------------------------------------------- Creditors of LLC Inter-Consult (code EDRPOU 30985776) have until September 16, 2009, to submit proofs of claim to A. Belov, the company's insolvency manager. The Economic Court of Odessa commenced bankruptcy proceedings against the company on July 7, 2009. The case is docketed under Case No. 07-32/131-05-5890. The Court is located at: The Economic Court of Odessa Shevchenko Ave. 29 65032 Odessa Ukraine The Debtor can be reached at: LLC Inter-Consult Promishlennaya Str. 37 65000 Odessa Ukraine KONOTOP AGRICULTURAL: Creditors Must File Claims by September 16 ---------------------------------------------------------------- Creditors of LLC Konotop Agricultural Chemistry Union (code EDRPOU 31097482) have until September 16, 2009, to submit proofs of claim to: S. Poliakov Novomistenskaya Str. 10/31 40030 Sumy Ukraine The Economic Court of Sumy commenced bankruptcy proceedings against the company on August 10, 2009. The case is docketed under Case No. 7/44-09. The Court is located at: The Economic Court of Sumy Shevchenko Ave. 18/1 40477 Sumy Ukraine The Debtor can be reached at: LLC Konotop Agricultural Chemistry Union Frunze Str. 21a Konotop 41646 Sumy Ukraine PRIKARPATYE LLC: Creditors Must File Claims by September 16 ----------------------------------------------------------- Creditors of LLC Woodworking Company Prikarpatye (code EDRPOU 33484048) have until September 16, 2009, to submit proofs of claim to: R. Senik Insolvency Manager Post Office Box 26 76008 Ivano-Frankovsk Ukraine The Economic Court of Ivano-Frankovsk commenced bankruptcy proceedings against the company on July 15, 2009. The case is docketed under Case No. B-21/168. The Court is located at: The Economic Court of Ivano-Frankovsk Shevchenko Str. 16 Ivano-Frankovsk Ukraine The Debtor can be reached at: LLC Woodworking Company Prikarpatye Franko Str. 2b Broshnov Rozhniatinsky 77614 Ivano-Frankovsk Ukraine PRIKORDONNIK LLC: Creditors Must File Claims by September 16 ------------------------------------------------------------ Creditors of LLC Prikordonnik (code EDRPOU 30157236) have until September 16, 2009, to submit proofs of claim to: D. Ungurianu Insolvency Manager Golovnaya Str. 204d/5 58032 Chernovtsy Ukraine The Economic Court of Chernovtsy commenced bankruptcy proceedings against the company on March 16, 2009. The case is docketed under Case No. 9/101/b. The Court is located at: The Economic Court of Chernovtsy O. Kobilianskaya Str. 14 58000 Chernovtsy Ukraine The Debtor can be reached at: LLC Prikordonnik Ternavka Gertsayevsky Chernovtsy Ukraine REGIONAL PEDIGREE: Creditors Must File Claims by September 16 ------------------------------------------------------------- Creditors of OJSC Regional Pedigree Enterprise (code EDRPOU 00702392) have until September 16, 2009, to submit proofs of claim to: L. Timofeyeva Insolvency Manager Post Office Box 179 54017 Nikolayev Ukraine The Economic Court of Nikolayev commenced bankruptcy proceedings against the company on August 4, 2009. The case is docketed under Case No. 5/219/09. The Court is located at: The Economic Court of Nikolayev Admiralskaya Str. 22-a 54009 Nikolayev Ukraine The Debtor can be reached at: OJSC Regional Pedigree Enterprise Cosmonauts Str. 61 Nikolayev Ukraine TRADEINVESTFINANCE LLC: Creditors Must File Claims by September 16 ------------------------------------------------------------------ Creditors of LLC Tradeinvestfinance (code EDRPOU 34614127) have until September 16, 2009, to submit proofs of claim to: N. Vinichenko Insolvency Manager Office 65 Terekhin Str. 14-a 04080 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company on August 5, 2009. The case is docketed under Case No. 50/566. 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 Tradeinvestfinance Kikvidze Str. 11 01103 Kiev Ukraine UKRPROMBANK: To Be Liquidated; State-Owned Bank to Assume Deposits ------------------------------------------------------------------ The Ukrainian government and the National Bank of Ukraine plan to liquidate Ukrprombank, Astrum IM reports citing Igor Umanskyi, the country's acting minister of finance. According to the report, Ukrprombank's assets and liabilities will be transferred to a state-owned bank. In an August 25 report, Market Analysis disclosed Mr. Umanskyi said Ukrprombank depositors can be transferred to Oschadbank or Rodovid Bank. As reported in the Troubled Company Reporter-Europe, Ukraine's central bank placed Ukrprombank in receivership on Jan. 21. Ukrprombank is headquartered in Kiev, Ukraine. Ukrprombank ranked 18th place among the 182 banks operating in the country by assets. According to the NBU, at April 1, 2009, Ukrprombank has total assets of UAH9.83 billion. =========================== U N I T E D K I N G D O M =========================== GLEBE TWO: Placed Into Voluntary Liquidation -------------------------------------------- Property Week reports that Glebe Two, Glebe subsidiary company and joint venture partner with Workspace Group, has been placed into voluntary liquidation by its shareholders. According to Property Week, Glebe Two, 50% partner in Workspace Glebe, was placed into voluntary liquidation after the joint venture failed to restructure its GBP134 million debt pile in a "timescale a form satisfactory to Glebe two's shareholders". Property Week recalls Workspace Glebe admitted that the value of its portfolio as of March 31, 2009 was GBP129.6 million, and that it had therefore breached its loan to value covenant. Property Week relates Workspace Group said Wednesday that it would continue to manage the portfolio of 11 London assets, totaling 1.2m sq ft, while negotiations continue with Bank of Scotland Corporate. On June 16, 2009, the Troubled Company Reporter-Europe, citing Property Week, reported Workspace Group was in talks with Glebe and Bank of Scotland Corporate about agreeing revised terms for the debt funding "and appropriate returns for any additional equity invested". Propert Week disclosed Workspace Group, the facility was non-recourse "apart from an interest shortfall guarantee under which the joint venture partners have a maximum liability of GBP6 million, of which GBP1.6 million has been contributed to date". HIGH & MIGHTY: Sold to J.D. Williams in Pre-Pack Deal ----------------------------------------------------- Administrators from PricewaterhouseCoopers LLP have been successful in securing the sale of part of the business of High & Mighty Limited (in administration), the retailer of clothing and footwear in the tall and large menswear market, to J.D. Williams & Company Limited (part of N Brown Group plc). The sale, which involved a pre-packaged administration, will transfer around 100 jobs and 14 of the 22 retail outlets in the UK. David Bennett and David Chubb of PricewaterhouseCoopers LLP were appointed as joint administrators of the Company on September 10, 2009. David Bennett, administrator and director at PricewaterhouseCoopers LLP said: "High and Mighty has a long history as a clothing retailer in the UK. However, the Company has recently been experiencing difficult trading conditions. As a result of this, the shareholders and directors have been exploring options to try and rescue the business. This has necessitated the Company seeking the protection of administration." "The Administrators are pleased to be able to announce that they have secured the sale of a significant portion of the business of the Company to J.D. Williams & Company Limited. This should provide stability for many customers, suppliers and employees alike and means the High & Mighty brand will continue to exist on the UK high street." About J.D. Williams Operating from its base in Newbury, the company had 126 employees and 4 directors in the UK. It traded from 22 stores in the UK and 5 franchises in Europe and the Middle East. 14 of the UK stores will continue to be operated by J.D.Williams & Company Limited, as listed below: -- Edgware Road, -- Knightsbridge, -- Romford, -- Cardiff, -- Birmingham, -- Bristol, -- Southampton, -- Reading, -- Plaza (Oxford Street, London), -- Leeds, -- Manchester, -- Glasgow, -- Edinburgh, and -- Brighton. LLOYDS BANKING: Mark Collins to Help with Loan Book Restructuring ----------------------------------------------------------------- Daniel Thomas at The Financial Times reports that Lloyds Banking Group has lined up Mark Collins, a former Land Securities operational chief, to help the restructuring of its distressed property loan book. According to the FT, Mr. Collins will work with distressed borrowers to find solutions on loans that have breached covenants. The FT says Mr. Collins will have a newly created role in the business support unit for real estate headed by Richard Dakin, in what is known as the "intensive care" part of the bank. On August 10, 2009, the Troubled Company Reporter-Europe, citing Bloomberg News, reported Lloyds posted a loss of GBP3.1 billion (US$5.2 billion) in the first half of 2009 compared with a profit of GBP1.95 billion in the year-earlier period. Bloomberg disclosed the bank set aside GBP13.4 billion in the period to cover souring commercial and real estate loans. According to Bloomberg, Lloyds said HBOS accounted for about 80% of the combined bank's bad loan provisions. Lloyds Chief Executive Officer Eric Daniels, as cited by Bloomberg, said about GBP10 billion of the provisions will be covered by the government's asset protection program. As reported in the Troubled Company Reporter-Europe, Lloyds sought a GBP17-billion bailout from taxpayers after it agreed to buy HBOS in September in a government- brokered deal to prevent the collapse of Britain's biggest mortgage lender. The U.K. owns 43% of Lloyds. About Lloyds Banking Group PLC Lloyds Banking Group PLC, formerly Lloyds TSB Group plc, (LON:LLOY) -- http://www.lloydsbankinggroup.com/-- is a United Kingdom-based financial services group providing a range of banking and financial services, primarily in the United Kingdom, to personal and corporate customers. The Company operates in three divisions: UK Retail Banking, Insurance and Investments, and Wholesale and International Banking. Its main business activities are retail, commercial and corporate banking, general insurance, and life, pensions and investment provision. The Company also operates an international banking business with a global footprint in 40 countries. Services are offered through a number of brands, including Lloyds TSB, Halifax, Bank of Scotland, Scottish Widows, Clerical Medical and Cheltenham & Gloucester. On January 16, 2009, Lloyds Banking Group plc acquired HBOS plc. LLOYDS BANKING: James Garvey Named Capital Markets Head ------------------------------------------------------- The Scotsman reports that Lloyds Banking Group plc on Wednesday named James Garvey Goldman Sachs banker James Garvey, head of capital markets. According to the Scotsman, Mr. Garvey will head the capital markets and advisory business. He will report to Andrew Geczy, Lloyds' managing director of wholesale markets. On August 10, 2009, the Troubled Company Reporter-Europe, citing Bloomberg News, reported Lloyds posted a loss of GBP3.1 billion (US$5.2 billion) in the first half of 2009 compared with a profit of GBP1.95 billion in the year-earlier period. Bloomberg disclosed the bank set aside GBP13.4 billion in the period to cover souring commercial and real estate loans. According to Bloomberg, Lloyds said HBOS accounted for about 80% of the combined bank's bad loan provisions. Lloyds Chief Executive Officer Eric Daniels, as cited by Bloomberg, said about GBP10 billion of the provisions will be covered by the government's asset protection program. As reported in the Troubled Company Reporter-Europe, Lloyds sought a GBP17-billion bailout from taxpayers after it agreed to buy HBOS in September in a government- brokered deal to prevent the collapse of Britain's biggest mortgage lender. The U.K. owns 43% of Lloyds. About Lloyds Banking Group PLC Lloyds Banking Group PLC, formerly Lloyds TSB Group plc, (LON:LLOY) -- http://www.lloydsbankinggroup.com/-- is a United Kingdom-based financial services group providing a range of banking and financial services, primarily in the United Kingdom, to personal and corporate customers. The Company operates in three divisions: UK Retail Banking, Insurance and Investments, and Wholesale and International Banking. Its main business activities are retail, commercial and corporate banking, general insurance, and life, pensions and investment provision. The Company also operates an international banking business with a global footprint in 40 countries. Services are offered through a number of brands, including Lloyds TSB, Halifax, Bank of Scotland, Scottish Widows, Clerical Medical and Cheltenham & Gloucester. On January 16, 2009, Lloyds Banking Group plc acquired HBOS plc. LUPUS CAPITAL: 1H09 Pre-Tax Profit Down 48% to GBP7.5 Mln --------------------------------------------------------- Reuters reports that Lupus Capital plc's adjusted pre-tax profit fell 48% to GBP7.5 million for the six months ended June 30 from GBP14.5 million a year ago. According to Reuters, revenue fell 14.6% to GBP117 million. Reuters relates the company recently renegotiated its banking facilities. "The revised banking arrangements have extended the group's facilities to mid-2012 and have significantly reduced the fixed repayment profile over the three-year term," Reuters quoted the company as saying. Breach On July 7, 2009, the Troubled Company Reporter-Europe, citing Daily Mail, reports that Lupus, which has been hit badly by the downturn in the building market, ran into problems with its lenders earlier this year after the strengthening of the dollar pushed up the size of its debt pile. Daily Mail disclosed in April the company breached a loan facility and triggered a default on part of its GBP145 million debt mountain. Lupus Capital plc -- http://www.lupuscapital.co.uk/-- is a holding company. The Company, along with its subsidiaries, is engaged in the manufacture, supply and distribution of building products, and of goods to the oil and gas industries. Its subsidiary, Gall Thomson, is an international supplier of marine breakaway couplings. Its other subsidiaries include Octroi Group Limited, an investment company; Lupus Capital Management Limited, engaged in management services; Schlegel Acquisition Holdings Limited, a holding company, and Jasper Acquisition Holdings Limited, a holding company. On April 27, 2007, the Company acquired 100% interest in Laird Security Systems Division. WORKSPACE GROUP: Glebe Two Placed Into Voluntary Liquidation ------------------------------------------------------------ Property Week reports that Glebe Two, Glebe subsidiary company and joint venture partner with Workspace Group, has been placed into voluntary liquidation by its shareholders. According to Property Week, Glebe Two, 50% partner in Workspace Glebe, was placed into voluntary liquidation after the joint venture failed to restructure its GBP134 million debt pile in a "timescale a form satisfactory to Glebe two's shareholders". Property Week recalls Workspace Glebe admitted that the value of its portfolio as of March 31, 2009 was GBP129.6 million, and that it had therefore breached its loan to value covenant. Property Week relates Workspace Group said Wednesday that it wouldcontinue to manage the portfolio of 11 London assets, totaling 1.2m sq ft, while negotiations continue with Bank of Scotland Corporate. On June 16, 2009, the Troubled Company Reporter-Europe, citing Property Week, reported Workspace Group was in talks with Glebe and Bank of Scotland Corporate about agreeing revised terms for the debt funding "and appropriate returns for any additional equity invested". Propert Week disclosed Workspace Group, the facility was non-recourse "apart from an interest shortfall guarantee under which the joint venture partners have a maximum liability of GBP6 million, of which GBP1.6 million has been contributed to date". Workspace Group PLC -- http://www.workspacegroup.co.uk/-- is a United Kingdom-based company that is engaged in property investment in the form of letting of business accommodation to small and medium-sized enterprises located in London and the South East of England. As of March 31, 2008, the Company had seven active subsidiaries, four of which are engaged in the Company's core activities. LI Property Services Limited procures insurance on behalf of Workspace Group PLC. Workspace Management Limited acts as manager for all the Company's property investment companies. Workspace Holdings Limited is an intermediate holding company. =============== X X X X X X X X =============== * BOND PRICING: For the Week September 7 to September 11, 2009 -------------------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- AUSTRIA ------- HTM SPORT FREIZE 8.500 2/1/2014 EUR 75.00 HTM SPORT FREIZE 8.500 2/1/2014 EUR 75.00 IMMOFINANZ 1.250 11/19/2017 EUR 73.56 KOMMUNALKREDIT 0.500 3/15/2019 CAD 64.59 OESTER VOLKSBK 5.450 8/2/2019 EUR 63.64 OESTER VOLKSBK 4.810 7/29/2025 EUR 38.63 OESTER VOLKSBK 5.270 2/8/2027 EUR 92.09 BELGIUM ------- FORTIS BANK 8.750 12/7/2010 EUR 24.84 CYPRUS ------ INTERPIPE LTD 8.750 8/2/2010 USD 65.45 CZECH REPUBLIC -------------- CZECH REPUBLIC 2.750 1/16/2036 JPY 60.01 FINLAND ------- MUNI FINANCE PLC 1.000 11/21/2016 NZD 69.55 MUNI FINANCE PLC 1.000 10/30/2017 AUD 62.00 MUNI FINANCE PLC 1.000 2/27/2018 AUD 60.73 MUNI FINANCE PLC 0.500 9/24/2020 CAD 52.76 MUNI FINANCE PLC 0.250 6/28/2040 CAD 21.68 FRANCE ------ AIR FRANCE-KLM 4.970 4/1/2015 EUR 14.60 ALCATEL-LUCENT 5.000 1/1/2015 EUR 3.61 ALCATEL SA 4.750 1/1/2011 EUR 16.34 CALYON 6.000 6/18/2047 EUR 49.03 CAP GEMINI SA 2.500 1/1/2010 EUR 51.74 CAP GEMINI SOGET 1.000 1/1/2012 EUR 45.05 CAP GEMINI SOGET 3.500 1/1/2014 EUR 44.62 CLUB MEDITERRANE 4.375 11/1/2010 EUR 49.02 CMA CGM 5.500 5/16/2012 EUR 58.76 DEXIA MUNI AGNCY 4.680 3/9/2029 CAD 72.96 ESSILOR INT'L 1.500 7/2/2010 EUR 74.45 MAUREL & PROM 3.500 1/1/2010 EUR 22.62 MAUREL ET PROM 7.125 7/31/2014 EUR 18.47 NEXANS SA 4.000 1/1/2016 EUR 65.24 SOC AIR FRANCE 2.750 4/1/2020 EUR 20.43 WENDEL INVEST 4.375 8/9/2017 EUR 70.97 GERMANY ------- BREMER LANDESBK 3.500 1/21/2011 EUR 70.66 BREMER LANDESBK 3.250 2/17/2011 EUR 68.99 BREMER LANDESBK 3.000 3/31/2011 EUR 66.49 BREMER LANDESBK 3.500 4/1/2011 EUR 66.96 BREMER LANDESBK 3.000 4/15/2011 EUR 65.77 BREMER LANDESBK 2.500 5/5/2011 EUR 64.15 BREMER LANDESBK 2.700 5/9/2011 EUR 64.21 BREMER LANDESBK 4.250 6/1/2011 EUR 64.77 BREMER LANDESBK 5.250 6/10/2011 EUR 65.49 BREMER LANDESBK 5.625 6/24/2011 EUR 65.29 BREMER LANDESBK 4.500 7/1/2011 EUR 63.65 BREMER LANDESBK 3.750 7/15/2011 EUR 62.10 BREMER LANDESBK 3.000 1/2/2012 EUR 53.41 BREMER LANDESBK 3.500 1/2/2012 EUR 54.12 BREMER LANDESBK 3.750 1/23/2012 EUR 53.62 BREMER LANDESBK 3.620 2/27/2012 EUR 51.95 BREMER LANDESBK 3.500 3/12/2012 EUR 51.24 BREMER LANDESBK 4.000 4/13/2012 EUR 51.84 BREMER LANDESBK 3.450 4/16/2012 EUR 51.32 BREMER LANDESBK 5.250 6/19/2012 EUR 53.85 BREMER LANDESBK 3.250 6/25/2012 EUR 60.84 BREMER LANDESBK 4.500 7/2/2012 EUR 53.24 BREMER LANDESBK 3.750 1/2/2013 EUR 53.23 BREMER LANDESBK 3.875 2/26/2013 EUR 55.75 BREMER LANDESBK 4.000 3/12/2013 EUR 56.48 BREMER LANDESBK 3.610 7/10/2013 EUR 74.94 BREMER LANDESBK 5.000 10/1/2013 EUR 63.44 BREMER LANDESBK 4.000 1/2/2014 EUR 72.84 BREMER LANDESBK 4.250 1/13/2014 EUR 74.50 BREMER LANDESBK 3.250 8/21/2014 EUR 9.63 DEPFA PFANDBRIEF 5.886 2/22/2019 EUR 65.81 DEUTSCHE BK LOND 3.000 5/18/2012 CHF 75.00 DEUTSCHE BK LOND 3.250 5/18/2012 CHF 50.16 DEUTSCHE BK LOND 1.000 3/31/2027 USD 45.46 ESCADA AG 7.500 4/1/2012 EUR 35.92 GOTHAER ALLG VER 5.527 9/29/2026 EUR 62.56 GROHE HOLDING 8.625 10/1/2014 EUR 64.50 GROHE HOLDING 8.625 10/1/2014 EUR 65.96 HSH NORDBANK AG 4.375 2/14/2017 EUR 63.25 HVB REAL ESTATE 6.570 3/18/2022 EUR 67.70 HYPO REAL ESTATE 4.690 12/14/2026 EUR 56.38 HYPO REAL ESTATE 5.440 4/13/2034 EUR 57.87 HYPOREAL INTL AG 4.560 3/28/2021 EUR 56.57 HYPOREAL INTL AG 4.770 8/11/2021 EUR 64.96 HYPOREAL INTL AG 4.675 9/13/2021 EUR 64.13 IKB DEUT INDUSTR 4.500 7/9/2013 EUR 72.03 IWKA FINANCE 3.750 11/9/2011 EUR 74.17 KFW 6.588 8/10/2030 EUR 79.39 KFW 5.000 10/17/2035 EUR 73.56 WESTHYP 5.170 4/9/2018 EUR 74.78 L-BANK FOERDERBK 0.500 5/10/2027 CAD 42.12 LB BADEN-WUERTT 5.250 10/20/2015 EUR 36.21 LB BADEN-WUERTT 2.500 1/30/2034 EUR 56.86 ICELAND ------- GLITNIR BANKI HF 6.693 6/15/2016 USD 6.98 KAUPTHING BANK 5.750 10/4/2011 USD 19.50 LANDSBANKI ISLND 2.250 2/14/2011 CHF 2.50 IRELAND ------- ALLIED IRISH BKS 7.875 7/5/2023 GBP 73.72 ALLIED IRISH BKS 5.250 3/10/2025 GBP 56.53 ALLIED IRISH BKS 5.625 11/29/2030 GBP 54.82 BANESTO FINANC 6.120 11/7/2037 EUR 6.12 BANK OF IRELAND 4.875 1/22/2018 GBP 64.74 DEPFA ACS BANK 0.500 3/3/2025 CAD 34.95 DEPFA ACS BANK 5.250 3/31/2025 CAD 73.84 DEPFA ACS BANK 3.250 7/31/2031 CHF 95.74 DEPFA ACS BANK 4.900 8/24/2035 CAD 70.67 DEPFA ACS BANK 5.125 3/16/2037 USD 67.43 DEPFA ACS BANK 5.125 3/16/2037 USD 67.76 IRISH NATIONWIDE 6.250 6/26/2012 GBP 101.15 IRISH NATIONWIDE 13.000 8/12/2016 GBP 73.83 UT2 FUNDING PLC 5.321 6/30/2016 EUR 54.33 ITALY ----- CIR SPA 5.750 12/16/2024 EUR 73.48 COMUNE DI MILANO 4.019 6/29/2035 EUR 71.79 LITHUANIA --------- LITHUANIA GOVT 3.750 2/10/2016 LTL 64.70 LUXEMBOURG ---------- ARCELORMITTAL 7.250 4/1/2014 EUR 32.32 BANQUE INTL LUX 2.500 7/14/2025 JPY 74.07 BREEZE 4.524 4/19/2027 EUR 61.88 CRC BREEZE 5.290 5/8/2026 EUR 69.69 GLENCORE FINANCE 7.125 4/23/2015 EUR 99.02 HELLAS III 8.500 10/15/2013 EUR 66.13 NETHERLANDS ----------- ABN AMRO BANK NV 7.540 6/29/2035 EUR 61.42 AIR BERLIN FINAN 1.500 4/11/2027 EUR 63.80 ALB FINANCE BV 9.000 11/22/2010 USD 22.49 ALB FINANCE BV 8.750 4/20/2011 USD 20.98 ALB FINANCE BV 7.875 2/1/2012 EUR 20.97 ALB FINANCE BV 9.250 9/25/2013 USD 20.95 ASTANA FINANCE 9.000 11/16/2011 USD 17.47 BLT FINANCE BV 7.500 5/15/2014 USD 54.50 BK NED GEMEENTEN 0.500 6/27/2018 CAD 70.55 BK NED GEMEENTEN 0.500 2/24/2025 CAD 46.43 DEXIA FUNDING 7.750 11/2/2011 NZD 72.11 EM.TV FINANCE BV 5.250 5/8/2013 EUR 3.62 FINANCE & CREDIT 10.375 1/25/2010 USD 62.49 INDAH KIAT INTL 11.875 6/15/2002 USD 7.13 ING BANK NV 4.200 12/19/2035 EUR 74.59 IVG FINANCE BV 1.750 3/29/2017 EUR 53.83 KAZKOMMERTS FIN 8.625 7/27/2016 USD 56.16 KAZKOMMERTS FIN 8.500 6/13/2017 USD 61.58 KAZKOMMERTS INTL 7.625 2/13/2012 GBP 75.97 KAZKOMMERTS INTL 8.500 4/16/2013 USD 75.42 KAZKOMMERTS INTL 7.875 4/7/2014 USD 71.87 KAZKOMMERTS INTL 8.000 11/3/2015 USD 70.82 KAZKOMMERTS INTL 7.500 11/29/2016 USD 68.02 KAZKOMMERTS INTL 6.875 2/13/2017 EUR 65.98 KBC IFIMA NV 6.004 2/7/2025 USD 63.03 LEHMAN BROS TSY 8.250 3/16/2035 EUR 9.01 LEHMAN BROS TSY 7.000 5/17/2035 EUR 8.98 MONTELL FIN BV 8.100 3/15/2027 USD 56.45 NATL INVESTER BK 25.983 5/7/2029 EUR 34.34 NED WATERSCHAPBK 0.500 3/11/2025 CAD 46.99 NIB CAPITAL BANK 4.790 12/17/2043 EUR 67.62 TURANALEM FIN BV 7.875 6/2/2010 USD 19.00 TURANALEM FIN BV 6.250 9/27/2011 EUR 18.49 TURANALEM FIN BV 7.750 4/25/2013 USD 18.47 TURANALEM FIN BV 8.000 3/24/2014 USD 16.00 TURANALEM FIN BV 8.500 2/10/2015 USD 18.95 TURANALEM FIN BV 8.250 1/22/2037 USD 18.95 NORWAY ------ EKSPORTFINANS 0.500 5/9/2030 CAD 35.91 SPAIN ----- GENERAL DE ALQUI 2.750 8/20/2012 EUR 53.26 SWITZERLAND ----------- CYTOS BIOTECH 2.875 2/20/2012 CHF 52.75 UNITED KINGDOM -------------- 3I GROUP PLC 5.750 12/3/2032 GBP 75.25 ALPHA CREDIT GRP 2.940 3/4/2035 JPY 70.11 AMDOCS LIMITED 0.500 3/15/2024 USD 70.50 ANGLIAN WAT FIN 2.400 4/20/2035 GBP 57.68 BANK OF SCOTLAND 2.928 6/10/2020 USD 56.45 BANK OF SCOTLAND 2.340 12/28/2026 JPY 74.11 BANK OF SCOTLAND 2.408 2/9/2027 JPY 74.38 BANK OF SCOTLAND 2.359 3/27/2029 JPY 70.83 BANK OF SCOTLAND 6.200 2/7/2035 EUR 61.33 BARCLAYS BK PLC 7.610 6/30/2011 USD 49.91 BARCLAYS BK PLC 10.600 7/21/2011 USD 38.42 BEAZLEY GROUP LT 7.250 10/17/2026 GBP 71.83 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 5.00 BRADFORD&BIN BLD 4.910 2/1/2047 EUR 64.84 BRADFORD&BIN PLC 6.625 6/16/2023 GBP 6.98 BRIT INSURANCE 6.625 12/9/2030 GBP 66.41 BROADGATE FINANC 5.098 4/5/2033 GBP 70.12 CATTLES PLC 7.875 1/17/2014 GBP 9.75 CITY OF KIEV 8.000 11/6/2015 USD 65.57 CITY OF KYIV 8.250 11/26/2012 USD 72.94 CJSC FIRST UKRAI 9.750 2/16/2010 USD 75.97 CLERICAL MED FIN 6.450 7/5/2023 EUR 76.85 CO-OPERATIVE BNK 5.750 12/2/2024 GBP 67.36 CO-OPERATIVE BNK 5.875 3/28/2033 GBP 66.10 DAILY MAIL & GEN 6.375 6/21/2027 GBP 69.72 EFG HELLAS PLC 2.760 5/11/2035 JPY 65.48 ENTERPRISE INNS 6.500 12/6/2018 GBP 77.33 ENTERPRISE INNS 6.875 2/15/2021 GBP 73.72 ENTERPRISE INNS 6.875 5/9/2025 GBP 73.12 ENTERPRISE INNS 6.375 9/26/2031 GBP 70.40 F&C ASSET MNGMT 6.750 12/20/2026 GBP 72.36 GRAINGER PLC 3.625 5/17/2014 GBP 50.57 GREENE KING FIN 5.702 12/15/2034 GBP 63.80 HBOS PLC 6.750 5/21/2018 USD 90.76 HBOS PLC 4.500 3/18/2030 EUR 62.68 INEOS GRP HLDG 7.875 2/15/2016 EUR 46.37 INEOS GRP HLDG 7.875 2/15/2016 EUR 45.50 INEOS GRP HLDG 8.500 2/15/2016 USD 45.89 INEOS VINYLS FIN 9.125 12/1/2011 EUR 63.50 INEOS VINYLS FIN 9.125 12/1/2011 EUR 63.50 LEND LEASE EUR 6.125 10/12/2021 GBP 80.17 LONGSTONE FINANC 4.896 4/19/2031 GBP 69.07 MAX PETROLEUM 6.750 9/8/2012 USD 65.37 MITCHELLS & BUTL 6.469 9/15/2030 GBP 70.39 NATL GRID GAS 1.754 10/17/2036 GBP 48.58 NATL GRID GAS 1.771 3/30/2037 GBP 47.00 NBG FINANCE PLC 2.755 6/28/2035 JPY 73.30 NORTHERN ROCK 5.625 1/13/2015 GBP 27.75 NORTHERN ROCK 10.375 3/25/2018 GBP 33.09 NORTHERN ROCK 6.375 12/2/2019 GBP 70.06 OJSC BANK NADRA 9.250 6/28/2010 USD 19.50 PRUDENTIAL BANK 6.875 12/29/2021 GBP 74.63 UNIQUE PUB FIN 7.395 3/28/2024 GBP 73.28 UNIQUE PUB FIN 6.464 3/30/2032 GBP 59.60 ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers' public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than US$3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. A list of Meetings, Conferences and Seminars appears in each Thursday's edition of the TCR. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/booksto order any title today. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Valerie C. Udtuhan, Marites O. Claro, Rousel Elaine C. Tumanda, Joy A. Agravante and Peter A. Chapman, Editors. Copyright 2009. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$625 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Christopher Beard at 240/629-3300. * * * End of Transmission * * *