/raid1/www/Hosts/bankrupt/TCREUR_Public/090921.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 21, 2009, Vol. 10, No. 186
Headlines
A U S T R I A
AVA-TRANS HOLDING: Claims Filing Deadline is September 30
FADA GMBH: Claims Filing Deadline is September 30
IMMOFINANZ AG: Immoeast Shareholders to Have Majority Control
INNENAUSBAU & REINIGUNGSUNTERNEHMEN: Claims Filing Ends Sept. 30
WIENERBERGER AG: Moody's Gives Stable Outlook on 'Ba1' Rating
F I N L A N D
DYNEA INTERNATIONAL: Moody's Cuts Corp. Family Rating to 'Caa1'
G E R M A N Y
IKB DEUTSCHE: Moody's Confirms 'Ba2' Subordinated Debt Ratings
TUI AG: Moody's Junks Corporate Family Rating From 'B3'
VAC FINANZIERUNG: Says In Talks with Lenders Following Default
VEM VERMOEGENSVERWALTUNG: Begins Ratiopharm Structured Sale
I R E L A N D
PROTIM ABRASIVES: High Court Appoints KPMG as Examiner
TIVWAY LTD: Decision on Court Protection Extension Due Today
I T A L Y
GRAZIA NERI: To Enter Into Liquidation
K A Z A K H S T A N
ASIA MERIDIAN: Creditors Must File Claims by September 24
ASTANA FINANCE: Nomura Named Coordinator of Creditors' Committee
ASYL TAL: Creditors Must File Claims by September 24
GELIOS LLP: Creditors Must File Claims by September 24
NUR-ASU LLP: Creditors Must File Claims by September 24
RAMEX LLP: Creditors Must File Claims by September 24
K Y R G Y Z S T A N
AS CONSTRUCTION: Creditors Must File Claims by September 30
R U S S I A
BORETSKIY LES: Creditors Must File Claims by September 24
BUSINESS-STROY-SERVIS: Creditors Must File Claims by September 24
GRANIT-2 LLC: Creditors Must File Claims by September 24
SOCHI-DOM LLC: Creditors Must File Claims by September 24
STROY-BUSINESS LLC: Creditors Must File Claims by September 24
STROY-KAPITAL LLC: Moscow Bankruptcy Hearing Set September 24
UC RUSAL: Seeks Fourth Extension of US$7.4 Bln Loan Repayment
S E R B I A & M O N T E N E G R O
HIP PETROHEMIJA: Resumes Output Following Debt-for-Equity Swap
S L O V A K R E P U B L I C
NOVACKE CHEMICKE: Files for Bankruptcy on EU Cartel Fine
S W E D E N
SKANDINAVISKA ENSKILDA: Launches Discounted Offer for Securities
S W I T Z E R L A N D
AESCULA PHARMA: Claims Filing Deadline is September 30
BAHNHOF-PARKING ADLISWIL: Claims Filing Deadline is September 23
BIOQUEL GMBH: Claims Filing Deadline is September 30
KIDSCO AG: Claims Filing Deadline is September 30
LAUPER GMBH: Claims Filing Deadline is September 23
MARKETING MACHINE: Claims Filing Deadline is September 23
MVM VERSICHERUNGSMAKLER: Claims Filing Deadline is September 30
RSMP CONSULTANTS: Claims Filing Deadline is September 23
RUSTOLLI MONTAGE: Claims Filing Deadline is September 23
S M GIPSEREI: Claims Filing Deadline is September 30
T.M.P. TOP: Claims Filing Deadline is September 30
UPGRADE GMBH: Claims Filing Deadline is September 23
U K R A I N E
AKSIOMA LLC: Creditors Must File Claims by September 24
NAFTOGAZ OF UKRAINE: Yushchenko Supports US$500 Mln Bond Swap
PUSTOMITY MILK: Creditors Must File Claims by September 24
SATURN LLC: Creditors Must File Claims by September 24
U N I T E D K I N G D O M
BURTON'S FOODS: Debt-for-Equity Swap Hurts Duke Street Investment
ITV PLC: Tony Ball's Incentivization Plan Talks to Continue Today
YOUR SPACE: In Talks Over Company Voluntary Arrangement
X X X X X X X X
* BOND PRICING: For the Week September 14 to September 18, 2009
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A U S T R I A
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AVA-TRANS HOLDING: Claims Filing Deadline is September 30
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Creditors of Ava-Trans Holding GmbH have until September 30, 2009,
to file their proofs of claim.
A court hearing for examination of the claims has been scheduled
for October 15, 2009 at 10:30 a.m.
For further information, contact the company's administrator:
Mag. Thomas Steiner
Weihburggasse 18-20/50
1010 Wien
Austria
Tel: 513 53 63
Fax: DW 17
E-mail: steiner.steiner@aon.at
FADA GMBH: Claims Filing Deadline is September 30
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Creditors of Fada GmbH have until September 30, 2009, to file
their proofs of claim.
A court hearing for examination of the claims has been scheduled
for October 14, 2009 at 9:15 a.m.
For further information, contact the company's administrator:
Mag. Judith Eisenberg-Mirecki
Reisnerstrasse 25
1030 Wien
Austria
Tel: 714 82 44
Fax: 714 82 44
E-mail: ra.eisenberg-mirecki@aon.at
IMMOFINANZ AG: Immoeast Shareholders to Have Majority Control
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Peter Woodifield at Bloomberg News reports that minority
shareholders in Immoeast AG, the Austrian property developer that
plans to merge with majority owner Immofinanz AG, will be offered
control of the enlarged company in return for backing the
transaction.
"There has to be a compelling commercial argument for the Immoeast
shareholders to make sure they raise their hands when they have to
vote on the merger,=94 Bloomberg quoted Eduard Zehetner, chief
executive officer of both businesses, as saying in an interview.
"The tricky part is how sweet to make the cake."
According to Bloomberg, Immofinanz's biggest asset is its 55%
stake in Immoeast, whose market value is almost three times
bigger. Bloomberg relates Mr. Zehetner said Sept. 16 in an
Amsterdam, without the stake, Immofinanz's debt exceeds its assets
by about EUR800 million (US$1.2 billion).
Mr. Zehetnerm, as cited by Bloomberg, said Immofinanz will have to
buy the rest of Immoeast because any other transaction would be
too complicated.
As reported in the Troubled Company Reporter-Europe on Sept. 18,
2009, Reuters said Immofinanz still has not found a suitable way
to execute a merger with Immoeast. Reuters disclosed Mr. Zehetner
told Austrian newspaper WirtschaftsBlatt in an interview "A
possible timeframe is from 2010 onwards. We are investigating how
this is legally and technically possible -- we haven't found a
solution yet."
Insolvency
According to Reuters, Mr. Zehetner also said the risk for
Immofinanz to become insolvent "has dropped from 90% last year to
10%" after the group slashed its development pipeline, sold assets
and restructured debt.
IMMOFINANZ AG -- http://www.immofinanz.at/-- is an Austrian real
estate company that invests in private and commercial properties.
Its core activities are the rental and overall management of its
portfolio, the identification of sound investments and the
diversification of its portfolio both geographically and across
the different sectors of the property market. The Company focuses
on operations in German-speaking countries of Austria, Germany and
Switzerland, but is also active in Central, Eastern and South-
Eastern Europe. As of April 30, 2009 the IMMOFINANZ AG managed a
portfolio of 1.711 properties, covering a usable floor area of
9,487,910 square meters. Its properties include apartments,
hotels, offices, retail outlets and garages. The Company operates
through numerous direct and indirect as well as majority owned and
wholly owned subsidiaries, including IMMOAUSTRIA Immobilien
Anlagen GmbH, IMMOEAST AG and IMMOWEST, among others.
INNENAUSBAU & REINIGUNGSUNTERNEHMEN: Claims Filing Ends Sept. 30
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Creditors of Innenausbau & Reinigungsunternehmen Gerndt KEG have
until September 30, 2009, to file their proofs of claim.
A court hearing for examination of the claims has been scheduled
for October 14, 2009 at 9:00 a.m.
For further information, contact the company's administrator:
Mag. Dominik Baurecht
Kaerntnerring 4
1010 Wien
Austria
Tel: 533 66 61-77
Fax: 533 66 61-10
E-mail: baurecht@gnbz.at
WIENERBERGER AG: Moody's Gives Stable Outlook on 'Ba1' Rating
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Moody's Investors Service has changed the outlook for
Wienerberger's Ba1 corporate family rating and the outlook on the
Ba3 hybrid bond rating to stable from negative.
The rating action was prompted by the recently announced rights
issue which is expected to provide Wienerberger with proceeds of
around EUR315 million. As Wienerberger plans to use the proceeds
to reduce its indebtedness, the company's leverage ratios should
improve to levels which would position Wienerberger somewhat more
in line with the Ba1 rating category though it might take some
time for the company to be more firmly grounded in the current
rating.
In taking this decision Moody's has assumed that despite the
continued weakness in residential construction markets,
Wienerberger would be able to turn around its operating
performance in 2010 predominantly stemming from the rigorous and
extensive cost cutting programs which the company has undertaken
in recent months.
Also supporting the rating with a stable outlook is the
comfortable liquidity situation for Wienerberger, with very
limited debt maturities in the next 24 months and the availability
of long term committed bank lines. In addition, with the rights
issue -- which will be used to pay down debt further - and the
successful renegotiation or the company's financial covenants with
its banks Moody's assumes that there is sufficient headroom under
Wienerberger's covenant tests going forward despite the weak
operating performance which is expected to remain subdued --
albeit slightly improved -- in the next financial year.
Moody's notes that a very high proportion of Wienerberger's
turnover is dependent on new residential housing construction,
which is generally highly cyclical and therefore the group is more
severely hit from an economic downturn than other companies in the
building materials industry which have a more diversified customer
base, such as infrastructure or non-residential construction.
Nonetheless the rights issue should provide Wienerberger with some
more cushion to get through the current downturn.
The Ba1 rating assumes that the company will over the intermediate
term be able to again improve its retained cash flow/net debt
ratio sustainable above the mid teens and that Wienerberger is
able to generate positive free cash flows by prudent spending on
capital expenditures and working capital management in order to
reduce its indebtedness and to align it to the weaker earnings and
operating cash flow level. The stable outlook reflects the
expectation that Wienerberger's capital structure will improve in
2010, helped by the proceeds from the rights issue, the generation
of positive free cash flows and by the implementation of cost
cutting measures, to levels which would position Wienerberger more
solidly in the Ba1 rating category.
Moody's notes that the rating of the company's hybrid bond is
based on the assumption that the company will not make use of its
option to defer the coupon payment in the beginning of next year,
though the agency recognizes that such option is still open to the
company.
Outlook Actions:
Issuer: Wienerberger AG
-- Outlook, Changed To Stable From Negative
Moody's last rating action on Wienerberger was to downgrade the
rating to Ba1 from Baa3 on 08 June 2009.
Headquartered in Vienna, Austria, Wienerberger AG is the world's
largest brick manufacturer and Europe's second-largest producer of
clay roof tiles. The group generated revenues of EUR2.4 billion
per FY 2008.
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DYNEA INTERNATIONAL: Moody's Cuts Corp. Family Rating to 'Caa1'
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Moody's Investors Services has downgraded the Probability of
Default and Corporate Family Ratings of Dynea International Oy to
Caa1. The ratings are under review for downgrade.
The rating action was prompted by a continued deterioration of the
financial profile of Dynea International Oy since Moody's last
downgraded the group to B2 from B1 in March 2009. Despite first
signs of cost cutting measures implemented by Dynea towards the
end of fiscal year 2008 and beginning of fiscal year 2009 starting
to bear fruit, subdued demand levels and weak capacity utilization
has led to continued weak operating performance with estimated LTM
June 2009 EBITDA (as adjusted by Moody's) of EUR12 million
compared to EUR42 million for the full year 2008. Moody's notes
that the LTM EBITDA computation includes some non cash
restructuring charges booked in Q4 2008, which could not be
adjusted given limited financial disclosure on non recurring
items. Consequently debt metrics have deteriorated materially
from year end levels with RCF / Net debt estimated to have dropped
to 6.3% on an LTM June 2009 basis (14.7% for the full year 2008).
The outlook for the operations of Dynea for the second half of the
year remains subdued with a clear lack of visibility on a
potential pick-up in activity. There have been no tangible signs
of demand improvement in the second quarter of 2009
notwithstanding that a bottom in demand should have been reached.
The rapid deterioration in the debt coverage ratios of the group
since the end of last year makes a covenant breach at the end of
Q3 2009 a very likely risk to the liquidity profile of the group.
The free availability of the group's revolving credit facility is
seen as absolutely key to the group's ability to operate its
business in the future given rising raw material prices and
relatively depleted inventories. The agency notes that Dynea has
made cash drawings under its revolver during the second quarter of
fiscal year 2009. Moody's has limited visibility on whether
Dynea's banking group will continue supporting the group by
accepting to waive or reset covenants in the event of a breach.
Moody's notes that the capital structure of Dynea International
includes a high proportion of subordinated shareholder loans
(approximately 60% of the group's financial indebtedness), which
the agency believes have limited rights upon bankruptcy. The
presence of this instrument in the capital structure is expected
to enhance the recovery prospects for other third-party creditors
in the corporate family.
The review for downgrade reflects the uncertainty surrounding the
outcome of potential covenant negotiations with Dynea
International's senior lenders at a time when the operating
performance of the group is under pressure. The review process
will focus on the group's outlook for the second half of the
fiscal year 2009 and beyond as well as on the result of potential
covenant negotiations with lending banks.
The last rating action was on March 10, 2009, when Dynea
International Oy was downgraded to B2 with a negative outlook.
Dynea International Oy is a diversified specialty chemicals group
headquartered in Helsinki, Finland. The group produces industrial
and panelboard resins as well as interior and engineered wood
solutions for the construction, furniture, automotive and
machinery & equipment industry. Dynea reported 2008 revenues of
EUR864 million and an EBITDA of EUR41 million.
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IKB DEUTSCHE: Moody's Confirms 'Ba2' Subordinated Debt Ratings
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Moody's Investors Service confirmed the Baa3 long-term debt and
deposit ratings, Ba2 subordinated debt ratings and Prime-3 short-
term rating of IKB Deutsche Industriebank, reflecting Moody's
assessment of a very high probability of ongoing external support.
The outlook on the senior and junior debt ratings remains
negative. IKB's E bank financial strength rating, mapping to a
stand-alone baseline credit assessment of Caa1, was affirmed, with
a stable outlook.
Concurrently, Moody's downgraded the upper Tier 2 junior
subordinated instruments issued by IKB and its vehicle ProPart
Funding Ltd to C from Ca, the lowest level on Moody's rating
scale, and the Tier 1 instruments issued by IKB Funding Trust I &
II and Capital Raising GmbH to Ca from Caa3. The outlook on these
instruments is stable.
The rating actions conclude the review for possible downgrade
originally initiated on 21 August 2008.
Baa3/P-3 Ratings Benefit Strongly
From Expected Medium-Term Support
Moody's decision to confirm IKB's senior unsecured debt and
deposit ratings at the Baa3 level along with the rating for
subordinated debt at Ba2 follows the recent granting of
EUR7.0 billion of additional guarantees to cover new debt
issuances from the German Financial Market Stabilisation Fund
(SoFFin). The rating agency notes positively that a
EUR3.0 billion portion has been granted for a period of up to five
years, which is more accommodating than the term structure of
guarantees previously granted by the SoFFin. In Moody's view, the
decision can be seen as a continuing commitment to support the
bank with liquidity in the medium term, thus allowing for a longer
period for the bank to recover some of its earlier financial
strength, in particular on the funding side.
"The SoFFin's decision to provide the bank with further assistance
was a key factor in Moody's decision to incorporate a very high
probability of systemic support into IKB's senior unsecured long-
term debt ratings," says Katharina Barten, Senior Analyst and Vice
President in Moody's banking team in Frankfurt. "The amount and
maturity structure of the SoFFin guarantees should help IKB to
meet its financial obligations in the foreseeable future, which
also supports the short-term rating of Prime-3," adds Ms. Barten.
Moody's cautions, however, that it expects the probability of
systemic support to diminish over time, given that IKB's systemic
importance -- at least in less fragile market conditions -- is
fairly modest. To maintain its Baa3 senior unsecured ratings, IKB
will need to make swift progress in rebuilding its financial
strength, so that upward pressure on the BFSR can offset the
forecast gradual decrease in the probability of external support
in the future. Furthermore, it must be careful not to over-
stretch its liquidity in the process of rebuilding its loan book.
Moody's decision to apply a negative outlook on the senior
unsecured debt and deposit ratings reflects its view of a lower
probability of future systemic support coupled with the
uncertainties with regard to IKB's future performance.
BFSR Constrained by Profitability Issues
and IKB's Impaired Funding Franchise
The E BFSR reflects Moody's view that, notwithstanding improved
capital levels, IKB will likely continue to face substantial
challenges in its effort to rebuild some of its previous financial
strength and that it has yet to prove that its business is
economically viable and its franchise is sustainable.
Accordingly, Moody's argues that the BFSR currently continues to
remain constrained by several factors, especially (i) the poor
outlook on IKB's short- and medium-term profitability and thus its
internal capital generation capacity, (ii) its limited access to
debt and equity capital markets and (iii) continued concerns about
the long-term viability of IKB's lending-biased franchise, which
suffers from a limited product portfolio and few cross-selling
opportunities. However, Moody's stresses that it will monitor the
bank's progress closely and does not rule out positive pressure on
the BFSR in the near term.
Hybrid Ratings Downgraded on Expectation of
Possible Further Write-Downs
Moody's downgrade of IKB's junior subordinated debt instruments
("Genussscheine") to C from Ca reflect (i) the additional recent
write-down of principal, (ii) Moody's expectation that coupons may
need to be deferred for several years and (iii) the risk of yet
higher principal write-downs, as the rating agency expects further
losses in the next two to three years. Moreover, these
instruments are less likely to be written back again by the time
they mature (between 2009 and 2017).
The same applies to trust-preferred securities and silent
participations ("Stille Einlagen"), which were downgraded to Ca
from Caa3. However, these instruments are perpetual and future
cash flows are not directly affected by envisaged write-downs
(where applicable).
This rating action concludes the review for possible downgrade on
the bank's short- and long-term debt ratings that Moody's
initiated on 21 August 2008 following the sale of a 90% stake in
the bank from KfW (rated Aaa) to the private equity company, Lone
Star (unrated).
Headquartered in Duesseldorf, Germany, IKB reported total assets
of EUR44.7 billion at the end of March 2009 and a group net loss
of EUR580 million for the previous 12 months.
TUI AG: Moody's Junks Corporate Family Rating From 'B3'
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Moody's Investors Service has lowered the Corporate Family Rating
and Probability of Default Rating of TUI AG to Caa1 from B3. At
the same time, the unsecured rating and the subordinated rating
are lowered from Caa1 to Caa2 and from Caa2 to Caa3, respectively.
This concludes the review that was initiated on July 28, 2009.
The outlook is negative.
The rating action reflects Moody's view that the liquidity at TUI
AG will be significantly strained over the coming 12-18 months due
to the requirement for additional financial support for its
recently-divested Hapag-Lloyd division, in which it retains a
43.3% stake, as well as the very weak financial position of that
entity. Such support may include equity contributions from
current shareholders, as well as EUR215 million for the
acquisition of a stake in a Newco to acquire CTA (a container
shipping terminal). In addition, Moody's believes that the
financial condition of Hapag-Lloyd will make it largely unable to
service its own financial commitments to TUI AG (c.EUR1.46
billion) in a timely manner. Moody's note also that should state
support be forthcoming for Hapag-Lloyd in the form of bank
guarantees, these would rank senior to its obligations to TUI AG.
Moody's therefore believe that TUI AG may need to take alternative
measures to meet its financial obligations during 2010 and beyond,
notably close to EUR1 billion in bond redemptions and private
placements in 2010. In this regard, TUI is currently planning to
divest certain assets to increase liquidity.
In support of TUI AG's liquidity profile, Moody's note its claim
to the remaining c.EUR1 billion inter-company loan to TUI Travel
plc, which matures in January 2011, which will be significant for
TUI's own liquidity profile. The loan is subject to mandatory
prepayment in case TUI Travel plc raises alternative funding, and
as such may be repaid earlier than the final maturity. In
addition, Moody's note that EUR200 million in loans to Hapag-Lloyd
are guaranteed by the City of Hamburg and repayable in March 2010.
Apart from Moody's concerns on longer-term liquidity, however,
Moody's note also the general weakness in the group's overall
metrics in terms of adjusted leverage.
The negative outlook reflects both the weak operating environment
as well as uncertainties concerning liquidity. Given that
liquidity is currently the key driver of the rating, the outlook
could be stabilized if this were to be comfortably strengthened
beyond a twelve month horizon, together with a stable or improved
operating performance. Conversely, the rating could be lowered if
liquidity does not improve in the short-term, or if credit metrics
were to deteriorate.
TUI AG's ratings were assigned by evaluating factors Moody's
believe are relevant to the credit profile of the issuer, such as
i) the business risk and competitive position of the company
versus others within its industry, ii) the capital structure and
financial risk of the company, iii) the projected performance of
the company over the near to intermediate term, and iv)
management's track record and tolerance for risk. These
attributes were compared against other issuers both within and
outside of TUI AG's core industry and TUI AG's ratings are
believed to be comparable to those of other issuers of similar
credit risk. The last rating action for TUI AG was implemented on
28 July 2009, when the CFR was lowered to B3 and all ratings were
placed under review for possible downgrade.
TUI, headquartered in Hanover, Germany, is Europe's largest
integrated tourism group, and currently retains a 43.3% stake in
Hapag-Lloyd, which is a leading provider of container shipping
services. In 2008, the group reported revenues and underlying
EBITA of EUR24.9 billion and EUR759 million, respectively.
Tourism accounted for about 75% of revenues, and shipping and
other activities for the remainder.
VAC FINANZIERUNG: Says In Talks with Lenders Following Default
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John Glover at Bloomberg News reports that VAC Finanzierung GmbH
said it's in talks with "various lenders" after defaulting under
the terms of its senior credit facility.
According to Bloomberg, the company said in a filing with the
Luxembourg Exchange Thursday it failed to present a proposal to
reset its financial covenants that was acceptable to the lenders'
agent.
Headquartered in Hanau, Germany, Vacuumschmelze GmbH designs and
manufactures magnetic products.
* * *
As reported in the Troubled Company Reporter-Europe on June 11,
2009, Moody's Investors Service downgraded the corporate family
rating and probability of default rating of Vac Finanzierung GmbH,
the ultimate holding company of Vacuumschmelze GmbH & Co. KG, to
Caa2 from Caa1. At the same time, Moody's downgraded Vac
Finanzierung's senior secured notes to Caa3 from Caa2. Moody's
said the rating outlook is negative.
VEM VERMOEGENSVERWALTUNG: Begins Ratiopharm Structured Sale
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Aaron Kirchfeld at Bloomberg News reports that VEM
Vermoegensverwaltung GmbH, the investment vehicle that controls
Ratiopharm GmbH, on Thursday began a "structured sales process"
for the generic-drug maker.
Bloomberg relates VEM said in an e-mailed statement the trustees
are prepared to sell Ratiopharm in parts if it provides "better
prospects" for the sale, though it would prefer a divestment of
the drugmaker as a whole.
VEM, as cited by Bloomberg, said the Ratiopharm sale, which is
aimed at raising funds to pay down debt, will be completed in the
first quarter of 2010 at the earliest because of the "complexity"
of the transaction and the "high number" of interested buyers.
According to Bloomberg, people familiar with the situation said
earlier this week the Ratiopharm German drug brand, a second,
smaller German brand, the BioGenerix unit and Ratiopharm's
Canadian business may be sold individually to try to maximize the
proceeds from the sale.
As reported in the Troubled Company Reporter-Europe on Sept. 17,
2009, Bloomberg News said Germany's Merckle family seeks to raise
as much as EUR3 billion (US$4.4 billion) from the sale to pay off
bank loans.
Daniel Schafer at The Financial Times reports Merckle's banks have
recently extended a debt moratorium on VEM by 18 months, buying
time for a sale of some of its assets to reduce debt.
Headquartered in Ulm, Germany, Ratiopharm GmbH --
http://www.ratiopharm.com/-- engages in the development,
manufacture, and sale of generic products.
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PROTIM ABRASIVES: High Court Appoints KPMG as Examiner
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IrelandOn-Line reports that the High Court on Thursday approved
the appointment of an examiner to Protim Abrasives Ltd. after an
independent accountant's report showed that the company has a
reasonable prospect of survival as a going concern.
The report relates Justice John MacMenamin said he was satisfied
to appoint Kieran Wallace of KPMG as examiner to the company,
which employs 45 people.
The company, the report discloses, went into examinership because
it is insolvent and cannot pay its debts.
According to the report, its main creditors are National Irish
Bank who are owed EUR4.9 million, and the Revenue Commissioners
who are owed EUR235,000.
The report notes a statement of affairs for August 2009 showed
that the firm has assets of EUR13.2 million against liabilities of
EUR11.9 million. In a liquidation scenario there would be a
deficit of EUR6.25 million, the report states.
Headquartered in Dublin, Ireland, Protim Abrasives Ltd. --
http://www.protim.ie/-- supplies hardware, timber preservative
and bathroom products.
TIVWAY LTD: Decision on Court Protection Extension Due Today
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IrelandOn-Line reports that a High Court judge will decide today,
Sept. 21, whether to extend creditor protection to the parent
companies of Tivway Ltd., a firm within the John J. Fleming
Construction group.
According to the report Mr. Justice Daniel O'Keeffe said that he
will give his decision at 10:00 a.m. today.
The report relates the examiner of Tivway, a subsidiary of one of
the Cork-based Fleming group of companies, has applied to the High
Court to have both John J Fleming Construction and JJ Fleming
Holdings included as part of the examinership process that would
allow the companies survive.
The group employs 650 people and has overall debts of some EUR1
billion, the report discloses.
On July 22, 2009, the Troubled Company Reporter-Europe, citing The
Irish Times, reported Mr. Justice Brian McGovern made orders
appointing George Maloney of accountants Baker, Tilly, Ryan and
Glennon, as interim examiner to devise a rescue package for
Tivway. The Irish Times disclosed ACC Bank, which is owed EUR21.5
million by Tivway, had opposed examinership for the company,
arguing a receiver should be appointed instead as a cheaper and
equally effective option, while Anglo Irish Bank Corporation,
which is owed EUR268 million as a contingent creditor, supported
the examinership application.
Tivway lost EUR41 million last year due to the deteriorating
economy, particularly within the property sector.
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GRAZIA NERI: To Enter Into Liquidation
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The British Journal of Photography reports that Italian photo
agency Grazia Neri Agency is to enter into liquidation, blaming
"extreme editorial and advertising crisis".
In a letter seen by BJP Grazia Neri's executive director Michele
Neri, said "the extreme editorial and advertising crisis that has
started in the second half of 2008 and has exploded in 2009 has
brought the agency to a severe financial crisis, with a decrease
in sales of nearly 40%."
According BJP, Mr. Neri said the in the past year, the agency has
cut its staff from 31 to 18, and has "consumed all the financial
reserves accumulated in the past".
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K A Z A K H S T A N
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ASIA MERIDIAN: Creditors Must File Claims by September 24
---------------------------------------------------------
Creditors of LLP Company Asia Meridian have until September 24,
2009, to submit proofs of claim to:
The Specialized Inter-Regional
Economic Court of Almaty
Baizakov Str. 273b
Almaty
Kazakhstan
The court commenced bankruptcy proceedings against the company on
June 3, 2009.
ASTANA FINANCE: Nomura Named Coordinator of Creditors' Committee
----------------------------------------------------------------
Following the announcement by Astana Finance on May 19, 2009,
Nomura International Plc has been appointed Co-ordinator of the
newly formed Creditors' Committee.
The formation of the committee results from Astana Finance's
decision to suspend payments of interest and principal on its
international obligations and those of its subsidiary, Astana
Finance B.V., and to suspend principal payments on certain of its
domestic obligations.
An appointment letter, dated August 21, 2009, has been executed by
Astana Finance and the members of the Creditors' Committee. A
copy of the appointment letter is available to Creditors upon
request from the Co-ordinator.
The Creditors' Committee currently consists of the following
members:
-- Banco Finantia,
-- Franklin Templeton,
-- Landesbank Berlin AG,
-- Merrill Lynch International, and
-- Nomura International Plc.
Additional Creditors may be added as members of the Creditors'
Committee.
Any Creditor wishing to contact the Co-ordinator may contact
Makram Abboud or Luke Jaggar of Nomura International Plc
(makram.abboud@nomura.com or luke.jaggar@nomura.com). In
addition, questions may be raised with Michael Susslebeck of
Landesbank Berlin AG, a member of the Creditors' Committee
(michael.suesselbeck@lbb.de).
About Nomura
Nomura -- http://www.nomura.com/-- is a financial services group.
Based in Tokyo and with regional headquarters in Hong Kong,
London, and New York, Nomura employs about 26,000 staff worldwide.
About Astana Finance
JSC Astana Finance a.k.a Astana Finans AO (KAS:ASFI) --
http://www.af.kz/-- is a Kazakhstan-based non-banking financial
institution. It provides leasing services of such goods as
agricultural machines and equipment, trucks and road construction
machines, utilities and special machines, aircraft and aeronautic
equipment, and rolling-stock. It also offers microcredits and
loans, mortgages, business credits, mutual funds, insurance,
hedging, and others. The Company has branch offices located in
Astana, Almaty and Atyrau, Kazakhstan. As of January 01, 2009, it
operated through nine wholly owned subsidiaries, one 99.97%-owned
company and one affiliated company. Astana Finans AO's activities
comprise the territories of Kazakhstan and the Russian Federation.
ASYL TAL: Creditors Must File Claims by September 24
----------------------------------------------------
Creditors of LLP Asyl Tal have until September 24, 2009, to submit
proofs of claim to:
Neusypov Str. 26/2-4
Uralsk
West Kazakhstan
Kazakhstan
The Specialized Inter-Regional Economic Court of West Kazakhstan
commenced bankruptcy proceedings against the company on June 22,
2009, after finding it insolvent.
The Court is located at:
The Specialized Inter-Regional
Economic Court of West Kazakhstan
Seifullin Str. 37
Uralsk
West Kazakhstan
Kazakhstan
GELIOS LLP: Creditors Must File Claims by September 24
------------------------------------------------------
Creditors of LLP Gelios have until September 24, 2009, to submit
proofs of claim to:
The Specialized Inter-Regional
Economic Court of Karaganda
Alalykin Str. 9
Karaganda
Kazakhstan
The court commenced bankruptcy proceedings against the company on
June 3, 2009.
NUR-ASU LLP: Creditors Must File Claims by September 24
-------------------------------------------------------
Creditors of LLP Nur-Asu have until September 24, 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 18,
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
RAMEX LLP: Creditors Must File Claims by September 24
-----------------------------------------------------
Creditors of LLP Ramex have until September 24, 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 18,
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
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K Y R G Y Z S T A N
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AS CONSTRUCTION: Creditors Must File Claims by September 30
-----------------------------------------------------------
LLC AS Construction is currently undergoing liquidation.
Creditors have until September 30, 2009, to submit proofs of claim
to:
Lev Tolstoi Str. 103a
Bishkek
Kyrgyzstan
Tel: (+996 312) 41-88-57
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R U S S I A
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BORETSKIY LES: Creditors Must File Claims by September 24
---------------------------------------------------------
Creditors of LLC Boretskiy Les-Prom-Khoz (TIN 2910003818, PSRN
102290127018) (Forestry) have until September 24, 2009, to submit
proofs of claims to:
N. Stepanov
Insolvency Manager
Office 225
Novgorodskiy Prospect 74
163000 Arkhangelsk
Russia
The Arbitration Court of Arkhangelskaya commenced bankruptcy
proceedings against the company after finding it insolvent. The
case is docketed under Case No. ?05=9614888/2008.
The Debtor can be reached at:
LLC Boretskiy Les-Prom-Khoz
Office 49
Building 1
Dobrolyubova Str. 1
163012 Arkhangelsk
Russia
BUSINESS-STROY-SERVIS: Creditors Must File Claims by September 24
-----------------------------------------------------------------
Creditors of LLC Business-Stroy-Servis (TIN 3123128038, PSRN
1053107162140) (Construction) have until September 24, 2009, to
submit proofs of claims to:
B. Krotov
Insolvency Manager
Apt. 223
Promyshlennyy Proezd 3
308033 Belgorod
Russia
Tel: (4722)34-13-74
The Arbitration Court of Belgorodskaya commenced bankruptcy
proceedings against the company after finding it insolvent. The
case is docketed under Case No. ?08=961125/2009=9624B.
The Debtor can be reached at:
LLC Business-Stroy-Servis
Prospect Slavy 18
Belgorod
Russia
GRANIT-2 LLC: Creditors Must File Claims by September 24
--------------------------------------------------------
Creditors of LLC Granit-2 (TIN 5102001588, PSRN 1025100537990)
(Construction) have until September 24, 2009, to submit proofs of
claims to:
S. Ivanov
Insolvency Manager
Z. Kosmodemyanskoy Str. 29
183008 Murmansk
Russia
The Arbitration Court of Murmanskaya commenced bankruptcy
proceedings against the company after finding it insolvent. The
case is docketed under Case No. ?42=965769/2008.
The Debtor can be reached at:
LLC Granit-2
Sovetskaya Str. 18
Kandalaksha
Russia
SOCHI-DOM LLC: Creditors Must File Claims by September 24
---------------------------------------------------------
Creditors of LLC Sochi-Dom-Stroy (TIN 2320104740) (Construction)
have until September 24, 2009, to submit proofs of claims to:
A. Sakhovskiy
Insolvency Manager
Post User Box 88
432099 Ulyanovsk
Russia
The Arbitration Court of Krasnodarskiy will convene at 2:50 p.m.
on December 15, 2009, to hear the company's bankruptcy
proceedings. The case is docketed under Case No. ?-32=9626918/2008=96
27/1538-B.
The Debtor can be reached at:
LLC Sochi-Dom-Stroy
Olimpiyskaya Str. 23
Sochi
Krasnodarskiy
Russia
STROY-BUSINESS LLC: Creditors Must File Claims by September 24
--------------------------------------------------------------
Creditors of LLC Stroy-Business (TIN 7719571373) (Construction)
have until September 24, 2009, to submit proofs of claims to:
Ya.Zhukovskaya
Insolvency Manager
Office 34
Rozhdestvenskiy Blvd. 5-7
107045 Moscow
Russia
The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent. The case is
docketed under Case No. ?41=9626718/09.
The Debtor can be reached at:
LLC Stroy-Business
Gagarina Str. 64A/39
Kolomna
Kolomenskiy
140400 Moskovskaya
Russia
STROY-KAPITAL LLC: Moscow Bankruptcy Hearing Set September 24
-------------------------------------------------------------
The Arbitration Court of Moscow will convene at 10:30 a.m. on
September 24, 2009, to hear bankruptcy supervision procedure on
LLC Stroy-Kapital (Construction). The case is docketed under Case
No. ?40=9637610/09=96124=9643B.
The Temporary Insolvency Manager is:
L. Mirabyan
Post User Box 126
117303 Moscow
Russia
The Debtor can be reached at:
LLC Stroy-Kapital
Building 5
Butyrskaya Str. 75/74
125015 Moscow
Russia
The Court is located at:
The Arbitration Court of Moscow
B. Tulskaya Str. 17
Moscow
Russia
UC RUSAL: Seeks Fourth Extension of US$7.4 Bln Loan Repayment
-------------------------------------------------------------
United Co. Rusal asked its foreign lenders to postpone the
repayment of US$7.4 billion in loans to the end of October, the
fourth extension in six months, Denis Maternovsky and Yuriy Humber
at Bloomberg News report, citing four people familiar with the
matter.
According to Bloomberg, the people, who declined to be identified
because the talks are private, said the standstill accord includes
an option to extend the repayment by another six weeks.
Rusal=92s foreign lenders include Royal Bank of Scotland Group Plc,
Deutsche Bank AG, Sumitomo Mitsui Financial Group Inc., Barclays
Bank Plc, BNP Paribas SA, Commerzbank AG and Natixis, according to
Bloomberg data.
About Rusal
Headquartered in Moscow, Russia, United Co. RUSAL --
http://www.rusal.com/-- is among the world's top aluminum
producers, along with Rio Tinto Alcan and Alcoa. Formed in 2000
from various parts of the old Soviet state apparatus, RUSAL
produces about 4 million tons of aluminum, 11 million tons of
alumina, and 6 million tons of bauxite. Its aluminum business
include packaging and foil operations in addition to a network of
smelters. Those Soviet spare parts were significantly augmented
in 2007 when the company merged with fellow Russian aluminum
producer Sual and Glencore's alumina unit. RUSAL is majority
owned by Board member Oleg Deripaska, who had owned the company
completely prior to the merger.
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S E R B I A & M O N T E N E G R O
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HIP PETROHEMIJA: Resumes Output Following Debt-for-Equity Swap
--------------------------------------------------------------
Aleksandra Nenadovic at Bloomberg News, citing the B92 Web site,
reports that HIP Petrohemija a.d. resumed output following a
three-month halt after it reached a debt-for-equity-swap deal with
suppliers.
According to Bloomberg, B92, citing Economy Minister Mladjan
Dinkic, said under the agreement, Serbian gasoline retailer Naftna
Industrija Srbije will convert EUR24 million (US$35.4 million) of
Petrohemija's debt to equity, taking a 6% stake in the company to
raise its share to 25.79%.
Bloomberg relates B92 said the Economy Ministry will also propose
that the government approve a EUR50-million debt-to-equity swap by
the end of 2010.
Bloomberg says once Petrohemija's debts are settled, the company
will receive a monthly supply of 40,000 tons of gasoline to
process into petrochemical products, polymers and lubricants.
HIP Petrohemija a.d. is Serbia's largest petrochemicals producer.
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S L O V A K R E P U B L I C
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NOVACKE CHEMICKE: Files for Bankruptcy on EU Cartel Fine
--------------------------------------------------------
Radoslav Tomek at Bloomberg News reports that Novacke Chemicke
Zavody AS said it filed for bankruptcy after the European
Commission in June fined the company EUR19.6 million (US$28.9
million) for being part of a cartel to fix the price of calcium
carbide and magnesium powder.
According to Bloomberg, Novacke, which has almost 1,700 employees,
said it filed a lawsuit to a Brussels court against the fine.
The management "believes" it will be able to continue production
during the bankruptcy procedure, Bloomberg discloses.
Based in Novaky, Slovak Republic, Novacke Chemicke Zavody AS --
http://www.nchz.sk/-- is a chemical manufacturer. Its products
include: inorganic chemicals, organic chemicals, polymers and PVC
processing products.
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S W E D E N
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SKANDINAVISKA ENSKILDA: Launches Discounted Offer for Securities
----------------------------------------------------------------
Stockholm, Sweden-based Skandinaviska Enskilda Banken AB unveiled
its offer to the holders of its outstanding US$500,000,000 Capital
Contribution Securities, currently bearing an interest rate of
4.958% per annum and US$600,000,000 Capital Contribution
Securities, currently bearing an interest rate of 5.471% per annum
to purchase their Securities for cash.
The Tender Offer is made pursuant to a modified "Dutch Auction" on
the terms and subject to the conditions set out in the Offer to
Purchase dated September 18, 2009.
The purpose of the Tender Offer is to create additional Core
Tier 1 capital in the capital structure of the Bank in order to
improve and to strengthen the quality of its capital base.
Information with respect to the Securities:
Total
Consideration
Outstanding Early (Acceptable
Series of Principal Participation Bid Price
Securities Amount Payment Range)
---------- ----------- ------------- -------------
US$500,000,000 US$500,000,000 US$40 US$780
Capital - US$850
Contribution
Securities,
currently
bearing
interest at a
rate of 4.958%
per annum
ISINs -- US830505AL70
-- USW25381DLO7
US$600,000,000 US$600,000,000 US$40 US$780
Capital - US$850
Contribution
Securities,
currently
bearing
interest at a
rate of 5.471%
per annum
ISINs -- US830505AM53
-- USW25381DM89
-- Per US$1,000 principal amount of Securities that are
accepted for purchase.
Details of the Offers
The Bank is offering to purchase for cash, upon the terms and
subject to the conditions set forth in the Offer to Purchase, the
maximum aggregate principal amount of the 4.958% Securities and
the 5.471% Securities that it can purchase for US$400,000,000
(excluding Accrued Interest) and subject to amendment as described
in the Offer to Purchase, which amendment may be significant, the
Maximum Payment Amount), at a purchase price per US$1,000 in
principal amount determined in accordance with the procedures set
forth in the Offer to Purchase. The Bank reserves the right, but
is not obligated, to amend the Maximum Payment Amount in the
circumstances described in the Offer to Purchase, which amendment
may be significant, without, in the event of any increase in the
Maximum Payment Amount, extending the Withdrawal Date or otherwise
reinstating withdrawal rights. The Tender Offer is conditioned
upon the Replacement Regulatory Capital Condition and certain
other conditions. The Tender Offer is not conditioned on any
minimum amount of Securities being tendered. The Bank expressly
reserves its right to terminate the Tender Offer at any time prior
to the Expiration Time.
The Total Consideration payable for each series of Securities is
determined based on a formula consisting of a "base" price plus a
Clearing Premium applicable to both series of Securities to be
determined pursuant to a modified "Dutch Auction" process
described in full in the Offer to Purchase. Holders validly
tendering their Securities after the Early Participation Date and
at or prior to the Expiration Time will only be eligible to
receive the Tender Offer Consideration, which is equal to the
Total Consideration less the Early Participation Payment. The
Total Consideration and the Tender Offer Consideration will be
payable in cash. Acceptance of tendered Securities may be subject
to proration as described in the Offer to Purchase. In addition,
holders who tender Securities that are accepted for purchase by
the Bank will receive a cash payment representing the accrued and
unpaid interest on those Securities from the last interest payment
date to, but not including, the settlement date for Securities
purchased by the Bank pursuant to the Tender Offer (Accrued
Interest).
The Total Consideration for each US$1,000 principal amount of
either series of Securities validly tendered (and not withdrawn)
pursuant to the Tender Offer on or prior to the Early
Participation Date and accepted for purchase by the Bank will be
equal to the sum of: (i) the Base Price (equal to (a) US$780 for
the 4.958% Securities and (b) US$780 for the 5.471% Securities)
for that series of Securities and (ii) the Clearing Premium, which
Clearing Premium will be determined pursuant to a modified "Dutch
Auction".
The Tender Offer Consideration for each US$1,000 principal amount
of either series of Securities validly tendered pursuant to the
Tender Offer after the Early Participation Date and at or prior to
the Expiration Time and accepted for purchase by the Bank will
consist of the Total Consideration for that series of Securities
less the Early Participation Payment for each US$1,000 principal
amount of Securities accepted for purchase.
Replacement Regulatory Capital Condition
and Maximum Payment Amount
The consummation of the Tender Offer is subject to satisfaction or
waiver of certain conditions, including the Replacement Regulatory
Capital Condition. The purchase by the Bank of any Securities
validly tendered is subject to the requirement of the Swedish
Financial Supervisory Authority that before such purchase the Bank
must have issued a further aggregate nominal amount of capital
contribution securities with no less favorable regulatory capital
treatment to the Securities at least equal to the Maximum Payment
Amount (or its equivalent in the currency of the further capital
contribution security issue).
The Bank also intends to issue outside the United States a new
series of euro-denominated Tier 1 capital contribution securities
(the New Euro Tier 1 Securities), which will have no less
favorable regulatory capital treatment to the Securities. If the
Bank is able to successfully issue an aggregate nominal amount of
New Euro Tier 1 Securities at least equal to the Maximum Payment
Amount then the Replacement Regulatory Capital Condition will be
satisfied.
However, to the extent the aggregate nominal amount of any New
Euro Tier 1 Securities is less than the Maximum Payment Amount,
the Bank will need to make a corresponding reduction to the
Maximum Payment Amount in order to be able to consummate the
Tender Offer (although the ability to make such amendment is
without prejudice to its right to otherwise terminate the Tender
Offer at any time prior to the Expiration Time). To the extent the
aggregate nominal amount of the New Euro Tier 1 Securities is more
than the Maximum Payment Amount this will enable the Bank to
similarly increase the Maximum Payment Amount if it wishes to do
so.
Indicative Tender Offer Timetable
Events Times and Dates
------ ---------------
Tender Offer announced Friday, Sept. 18, 2009
Early Participation Date 5:00 p.m. (New York
City time) on Thursday,
October 1, 2009
Final deadline by which holders of
Securities must have tendered (and
not withdrawn) such holder's
Securities in the Tender Offer
to be eligible to receive the Early
Participation Payment
Withdrawal Date 5:00 p.m. (New York
City time) on Thursday,
October 1, 2009
The latest time and date at which
a holder of Securities can withdraw
its tender (subject to such date
being extended in accordance with
the terms of the Tender Offer)
Announcement of Early Participation 9:00 a.m. (New York
City time) on Friday,
October 2, 2009
Announcement of Securities tendered
by the Early Participation Date
Expiration Time
Final deadline for receipt of valid
Tender Instructions by the Depositary 12:00 midnight (New
York City time) on
Monday, October 19,
2009
Announcement of Tender Offer Results
Announcement of whether the Bank will Tuesday, October 20,
accept valid tenders of Securities 2009
for purchase pursuant to the Tender
Offer and, if so accepted, the Total
Consideration relating to such
Securities.
Payment Date
Expected payment date for the Thursday, October 22,
Tender Offer 2009
Holders of Securities are advised to read carefully the Offer to
Purchase for full details of and information on the procedures for
participating in the Tender Offer.
Goldman, Sachs & Co. and Banc of America Securities LLC are acting
as Dealer Managers and Global Bondholder Services Corporation is
acting as the Depositary and Information Agent. The Depositary
and Information Agent are the agents of the Bank and owe no duty
to any holder of Securities.
Questions and requests for assistance in connection with the
Tender Offer may be directed to any Dealer Manager.
The Dealer Managers are:
Goldman, Sachs & Co. BofA Merrill Lynch
Liability Management Group Debt Advisory Services
One New York Plaza One Bryant Park
New York, New York 10004 New York, NY 10036
Attn: Liability Management Attn: Debt Advisory Services
Tel: (800) 828-3182 (toll free) Tel: (888) 292-0070 (toll
free)
(212) 902 5183 (collect) (646) 855-3401 (collect)
Email: tom.healy@gs.com
Questions and requests for assistance in connection with the
delivery of Tender Instructions may be directed to the Information
Agent.
Depositary and Information Agent
Global Bondholder Services Corporation
65 Broadway - Suite 723
New York, New York 10006
Attn: Corporate Actions
Banks and Brokers call: (212) 430-3774
Toll free (866)-873-7700
Offer and Distribution Restrictions
France
The Tender Offer is not being made, directly or indirectly, to the
public in the Republic of France. Neither the Offer to Purchase
nor any other document or material relating to the Tender Offer
has been or shall be distributed to the public in France and only
(i) providers of investment services relating to portfolio
management for the account of third parties (personnes fournissant
le service d'investissement de gestion de portefeuille pour compte
de tiers) and/or (ii) qualified investors (investisseurs
qualifies) other than individuals, all as defined in and in
accordance with Articles L.411-1. L.411-2 and D.411-1 to D.411-3
of the French Code monetaire et financier, are eligible to
participate in the Tender Offer. The Offer to Purchase has not
been and will not be submitted for clearance to nor approved by
the Autorite des Marches Financiers.
Italy
The Tender Offer is not being made, directly or indirectly, in the
Republic of Italy (Italy). The Tender Offer and the Offer to
Purchase have not been submitted to the clearance procedures of
the Commissione Nazionale per le Societe e la Borsa (CONSOB)
pursuant to Italian laws and regulations. Accordingly, holders of
Securities are notified that, to the extent such holders are
located or resident in Italy, the Tender Offer is not available to
them and they may not tender Securities for purchase pursuant to
the Tender Offer and, as such, any Tender Instructions received
from or on behalf of such persons shall be ineffective and void,
and neither the Offer to Purchase nor any other documents or
materials relating to the Tender Offer or the Securities may be
distributed or made available in Italy.
United Kingdom
The communication of the Offer to Purchase and any other documents
or materials relating to the Tender Offer is not being made and
such documents or materials have not been approved by an
authorized person for the purpose of Section 21 of the Financial
Services and Markets Act 2000 (FSMA). Accordingly such documents
or materials are not being distributed to, and must not be passed
on to, the general public in the United Kingdom. The communication
of such documents or materials as a financial promotion is only
being made to those persons in the United Kingdom falling within
the definition of Investment Professionals (as defined in Article
19(5) of the FSMA (Financial Promotion) Order 2005 (the Financial
Promotion Order) or persons who are within Article 43 of the
Financial Promotion Order or any other persons to whom it may
otherwise lawfully be made under the Financial Promotion Order.
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S W I T Z E R L A N D
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AESCULA PHARMA: Claims Filing Deadline is September 30
------------------------------------------------------
Creditors of Aescula Pharma GmbH are requested to file their
proofs of claim by September 30, 2009, to:
Aescula Pharma GmbH
Bloezenweg 4
4133 Pratteln
Switzerland
The company is currently undergoing liquidation in Pratteln. The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on June 9, 2009.
BAHNHOF-PARKING ADLISWIL: Claims Filing Deadline is September 23
----------------------------------------------------------------
Creditors of Bahnhof-Parking Adliswil AG are requested to file
their proofs of claim by September 23, 2009, to:
Hans Scherrer
Rietstrasse 17
8307 Effretikon
Switzerland
The company is currently undergoing liquidation in Adliswil. The
decision about liquidation was accepted at an extraordinary
general meeting held on July 23, 2009.
BIOQUEL GMBH: Claims Filing Deadline is September 30
----------------------------------------------------
Creditors of BioQuel GmbH are requested to file their proofs of
claim by September 30, 2009, to:
Treuhand AG Gossau
Lagerstrasse 4
9201 Gossau
Switzerland
The company is currently undergoing liquidation in Niederdorf.
The decision about liquidation was accepted at a general meeting
held on July 17, 2009.
KIDSCO AG: Claims Filing Deadline is September 30
-------------------------------------------------
Creditors of KidsCo AG are requested to file their proofs of claim
by September 30, 2009, to:
Werner Edelmann
Ebnetstrasse 47
8474 Dinhard
Switzerland
The company is currently undergoing liquidation in Dinhard ZH.
The decision about liquidation was accepted at an extraordinary
general meeting held on July 22, 2009.
LAUPER GMBH: Claims Filing Deadline is September 23
---------------------------------------------------
Creditors of Lauper GmbH are requested to file their proofs of
claim by September 23, 2009, to:
Schaerer Treuhand AG
Felli 4
4853 Riken
Switzerland
The company is currently undergoing liquidation in Rothrist. The
decision about liquidation was accepted at a shareholders' meeting
held on June 18, 2009.
MARKETING MACHINE: Claims Filing Deadline is September 23
---------------------------------------------------------
Creditors of marketing machine GmbH are requested to file their
proofs of claim by September 23, 2009, to:
Peter Haller Treuhand AG
Liquidator
Wintersingerstrasse 26A
4312 Magden
Switzerland
The company is currently undergoing liquidation in Moehlin. The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on July 16, 2009.
MVM VERSICHERUNGSMAKLER: Claims Filing Deadline is September 30
---------------------------------------------------------------
Creditors of MVM Versicherungsmakler AG are requested to file
their proofs of claim by September 30, 2009, to:
Rossi Luigi Raimondo
Oberer Graben 3
9000 St. Gallen
Switzerland
The company is currently undergoing liquidation in St. Gallen.
The decision about liquidation was accepted at a general meeting
held on June 15, 2009.
RSMP CONSULTANTS: Claims Filing Deadline is September 23
--------------------------------------------------------
Creditors of RSMP Consultants GmbH are requested to file their
proofs of claim by September 23, 2009, to:
Fiduria AG
Zieglerstrasse 43b
3000 Bern 14
Switzerland
The company is currently undergoing liquidation in Bern. The
decision about liquidation was accepted at a extraordinary
shareholders' meeting held on June 25, 2009.
RUSTOLLI MONTAGE: Claims Filing Deadline is September 23
--------------------------------------------------------
Creditors of Rustolli Montage GmbH are requested to file their
proofs of claim by September 23, 2009, to:
Marija Rustolli-Karaqi
Liquidator
Rosenweg 8
4313 Moehlin
Switzerland
The company is currently undergoing liquidation in Basel. The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on July 23, 2009.
S M GIPSEREI: Claims Filing Deadline is September 30
----------------------------------------------------
Creditors of S M Gipserei & Malerei GmbH are requested to file
their proofs of claim by September 30, 2009, to:
Etemi Spendim
Liquidator
Industriestrasse 9
3175 Flamatt
Switzerland
The company is currently undergoing liquidation in Wuennewil-
Flamatt. The decision about liquidation was accepted at a
shareholders' meeting held on July 25, 2009.
T.M.P. TOP: Claims Filing Deadline is September 30
--------------------------------------------------
Creditors of t.m.p. top.media.production AG are requested to file
their proofs of claim by September 30, 2009, to:
Andrey-Treuhand AG
Zimmergasse 16
Mail Box 2066
8032 Zurich
Switzerland
The company is currently undergoing liquidation in Opfikon. The
decision about liquidation was accepted at an extraordinary
general meeting held on July 21, 2009.
UPGRADE GMBH: Claims Filing Deadline is September 23
----------------------------------------------------
Creditors of Upgrade GmbH are requested to file their proofs of
claim by September 23, 2009, to:
BDS Treuhand AG
Liquidator
Vordergasse 3
8200 Schaffhausen
Switzerland
The company is currently undergoing liquidation in Doerflingen.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on July 3, 2009.
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U K R A I N E
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AKSIOMA LLC: Creditors Must File Claims by September 24
-------------------------------------------------------
Creditors of LLC Aksioma Firm (code EDRPOU 32413463) have until
September 24, 2009, to submit proofs of claim to:
P. Duplika
Insolvency Manager
Post Office Box 27
33023 Rovno
Ukraine
The Economic Court of Rovno region commenced bankruptcy
proceedings against the company on August 7, 2009. The case is
docketed under Case No. 8/18.
The Court is located at:
The Economic Court of Rovno
Yavornitsky Str. 59
33001 Rovno
Ukraine
The Debtor can be reached at:
LLC Aksioma Firm
Office 137
Makarov Str. 26
33000 Rovno
Ukraine
NAFTOGAZ OF UKRAINE: Yushchenko Supports US$500 Mln Bond Swap
-------------------------------------------------------------
Halia Pavliva, Daryna Krasnolutska and James M. Gomez at Bloomberg
News report that President Ukrainian Viktor Yushchenko backed NJSC
Naftogaz of Ukraine's plan to repay or swap US$500 million of
Eurobonds.
"It's the Cabinet's policy that led the company to its current
problems, including lousy gas agreements between Ukraine and
Russia signed in January," Mr. Yushchenko said in an interview in
Kiev Thursday. "The agreement can be revised at any moment."
According to Bloomberg, Naftogaz faces a deficit this year because
the government delayed increasing gas prices on Ukraine's domestic
market and the company gets less money for gas shipments through
its territory to Europe than any other European country. The
company is currently in loan talks with the EU to secure funds for
gas purchases.
Bloomberg relates Naftogaz First Deputy Chief Executive Officer
Igor Didenko said the company has asked OAO Gazprom, Russia's
gas exporter, to contract for 33.75 billion cubic meters of gas
for 2010.
Debt Restructuring
As reported in the Troubled Company Reporter-Europe on Sept. 4,
2009, The Financial Times said Naftogaz hired Credit Suisse as an
adviser to help restructure more than US$1.7 billion in debts,
including a US$500 million eurobond issue, due to mature on
September 30.
About NJSC Naftogaz of Ukraine
Headquartered in Kiev, Ukraine, NJSC Naftogaz of Ukraine --
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.
PUSTOMITY MILK: Creditors Must File Claims by September 24
----------------------------------------------------------
Creditors of LLC Pustomity Milk (code EDRPOU 22557520) have until
September 24, 2009, to submit proofs of claim to:
P. Duplika
Insolvency Manager
Post Office Box 27
33023 Rovno
Ukraine
The Economic Court of Rovno commenced bankruptcy proceedings
against the company on July 3, 2009. The case is docketed under
Case No. 9/26.
The Court is located at:
The Economic Court of Rovno
Yavornitsky Str. 59
33001 Rovno
Ukraine
The Debtor can be reached at:
LLC Pustomity Milk
Pustomity
Goschansky
35414 Rovno
Ukraine
SATURN LLC: Creditors Must File Claims by September 24
------------------------------------------------------
Creditors of LLC Saturn (code EDRPOU 13992279) have until
September 24, 2009, to submit proofs of claim to:
P. Duplika
Insolvency Manager
Post Office Box 27
33023 Rovno
Ukraine
The Economic Court of Rovno commenced bankruptcy proceedings
against the company on August 6, 2009. The case is docketed under
Case No. 8/17.
The Court is located at:
The Economic Court of Rovno
Yavornitsky Str. 59
33001 Rovno
Ukraine
The Debtor can be reached at:
LLC Saturn
Gagarin Str. 6
33000 Rovno
Ukraine
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U N I T E D K I N G D O M
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BURTON'S FOODS: Debt-for-Equity Swap Hurts Duke Street Investment
-----------------------------------------------------------------
Martin Arnold at The Financial Times reports that Burton's Foods
Ltd., owned by private equity group Duke Street Capital, has been
taken over by its lenders in a debt restructuring.
According to the FT, the Burton's debt-forequity swap, which is
still being finalized, would hand control of the company to
Canadian Imperial Bank of Commerce and Apollo Global Management,
which financed Duke Street's GBP220 million buy-out in March 2007.
Duke Street, which has already written its GBP60 million equity
investment in Burton's down to zero, is expected to end up with a
small minority stake in the company, which was hit by a surge in
the price of commodities, including cocoa, skimmed milk and wheat,
the FT notes.
The FT recalls the private equity group has been in talks with
Burton's lenders for almost a year after the biscuit group
breached its banking covenants, which set minimum limits for
profits and indebtedness. Riverhill advised Burton's.
Burton's Foods Ltd. -- http://www.burtonsfoods.com/-- is one of
the largest sweet biscuit companies in the UK. The company makes
such childhood favorites as Jammie Dodgers and Wagon Wheels. Its
other brand names include Viscount and Maryland (a favorite in the
UK). The company also makes private-label biscuits, confectionery,
and snack foods. Its products are available in Europe and North
America. The company was founded in 2001 as the result of the
merger of Burton's Gold Medal Biscuits and Horizon Biscuits
Company. In 2007 Burton's was acquired by Duke Street Capital.
ITV PLC: Tony Ball's Incentivization Plan Talks to Continue Today
-----------------------------------------------------------------
Ben Fenton at The Financial Times reports that negotiations
between the board of ITV plc and representatives of Tony Ball, the
man it wants as its next chief executive, over his incentivization
plan will begin again today, Sept. 21.
The FT says the sides agree about his basic salary and bonuses,
but Mr. Ball is adamant he should have a deal involving share
options that could bring him about GBP20 million during five
years, if he were to attain performance targets.
According to the FT, the board is divided about how much it will
agree to pay in incentives.
About ITV plc
ITV plc -- http://www.itvplc.com/-- is a United Kingdom-based
advertising funded broadcaster. The Company also operates as an
advertising funded media owner in the United Kingdom across all
media, including television, radio, press, cinema, outdoor and the
Internet. As a producer, ITV makes hours of network television.
Its digital channels include ITV2, ITV3, ITV4 and Citv. ITV also
makes programs for the BBC, Channel 4, five, Sky and other
broadcasters. ITV produces programs watched on screens from San
Francisco to Sydney. In addition, it produces a range of products
related to ITV programs, such as digital video disks (DVDs) and
computer games. Its online properties include itv.com,
itvlocal.com and Friends Reunited
* * *
As reported in the Troubled Company Reporter-Europe on Sept. 18,
2009, Standard & Poor's Ratings Services said that it has lowered
its long-term corporate credit and senior unsecured debt ratings
on U.K. private TV broadcaster ITV PLC to 'B+' from 'BB-'. S&P
said the outlook is negative. At the same time, S&P affirmed its
'B' short-term corporate credit rating on ITV.
YOUR SPACE: In Talks Over Company Voluntary Arrangement
-------------------------------------------------------
Your Space plc on Thursday said that it is currently in talks with
insolvency practitioners regarding the implementation of a Company
Voluntary Arrangement, to be proposed to the creditors of the
Company.
A CVA is a formal procedure under Part I of the Insolvency Act
1986 that allows a company to agree a composition or arrangement
with its creditors in satisfaction of some, or all, of its debts.
A letter has been sent to creditors informing them of these
proposals.
A further announcement will be made as soon as the terms of the
CVA have been finalized.
On Sept. 15, the company said negotiations regarding the disposal
of certain parts of its business, which were to raise additional
finance, were terminated. It requested a suspension, with
immediate effect, of trading of its shares on AIM, pending
clarification of its financial position.
Your Space plc -- http://www.yourspaceplc.com/-- provides
serviced offices, virtual offices and meeting rooms.
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X X X X X X X X
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* BOND PRICING: For the Week September 14 to September 18, 2009
---------------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRIA
-------
IMMOFINANZ 1.250 11/19/2017 EUR 74.49
KOMMUNALKREDIT 0.500 3/15/2019 CAD 64.17
OESTER VOLKSBK 5.450 8/2/2019 EUR 63.64
OESTER VOLKSBK 4.810 7/29/2025 EUR 41.00
OESTER VOLKSBK 5.270 2/8/2027 EUR 92.72
BELGIUM
-------
FORTIS BANK 8.750 12/7/2010 EUR 24.09
BULGARIA
--------
PETROL AD-SOFIA 8.375 10/26/2011 EUR 50.31
CYPRUS
------
INTERPIPE LTD 8.750 8/2/2010 USD 67.45
CZECH REPUBLIC
--------------
CZECH REPUBLIC 2.750 1/16/2036 JPY 60.02
FINLAND
-------
MUNI FINANCE PLC 1.000 11/21/2016 NZD 69.26
MUNI FINANCE PLC 1.000 10/30/2017 AUD 61.03
MUNI FINANCE PLC 1.000 2/27/2018 AUD 59.76
MUNI FINANCE PLC 0.500 9/24/2020 CAD 52.56
MUNI FINANCE PLC 0.250 6/28/2040 CAD 21.54
FRANCE
------
AIR FRANCE-KLM 4.970 4/1/2015 EUR 15.46
ALCATEL-LUCENT 5.000 1/1/2015 EUR 3.81
ALCATEL SA 4.750 1/1/2011 EUR 16.49
ATARI SA 4.000 4/1/2020 EUR 0.65
CALYON 6.000 6/18/2047 EUR 46.94
CAP GEMINI SA 2.500 1/1/2010 EUR 51.74
CAP GEMINI SOGET 1.000 1/1/2012 EUR 45.12
CAP GEMINI SOGET 3.500 1/1/2014 EUR 45.04
CLUB MEDITERRANE 4.375 11/1/2010 EUR 49.12
CMA CGM 5.500 5/16/2012 EUR 59.26
DEXIA MUNI AGNCY 4.680 3/9/2029 CAD 74.43
MAUREL & PROM 3.500 1/1/2010 EUR 22.66
MAUREL ET PROM 7.125 7/31/2014 EUR 18.96
NEXANS SA 4.000 1/1/2016 EUR 66.42
PEUGEOT SA 4.450 1/1/2016 EUR 28.74
PUBLICIS GROUPE 3.125 7/30/2014 EUR 33.90
PUBLICIS GROUPE 1.000 1/18/2018 EUR 44.69
SOC AIR FRANCE 2.750 4/1/2020 EUR 20.78
WENDEL INVEST 4.375 8/9/2017 EUR 71.88
GERMANY
-------
DEPFA PFANDBRIEF 5.886 2/22/2019 EUR 65.81
DEUTSCHE BK LOND 3.250 5/18/2012 CHF 50.13
DEUTSCHE BK LOND 1.000 3/31/2027 USD 46.05
ESCADA AG 7.500 4/1/2012 EUR 34.52
GOTHAER ALLG VER 5.527 9/29/2026 EUR 65.71
GROHE HOLDING 8.625 10/1/2014 EUR 70.45
GROHE HOLDING 8.625 10/1/2014 EUR 69.00
HSH NORDBANK AG 4.375 2/14/2017 EUR 63.49
HVB REAL ESTATE 6.570 3/18/2022 EUR 69.96
HYPO REAL ESTATE 4.690 12/14/2026 EUR 60.03
HYPO REAL ESTATE 5.440 4/13/2034 EUR 61.84
HYPOREAL INTL AG 4.560 3/28/2021 EUR 58.43
HYPOREAL INTL AG 4.770 8/11/2021 EUR 68.45
HYPOREAL INTL AG 4.675 9/13/2021 EUR 67.60
IKB DEUT INDUSTR 4.500 7/9/2013 EUR 72.53
IWKA FINANCE 3.750 11/9/2011 EUR 73.94
KFW 6.588 8/10/2030 EUR 79.80
KFW 5.000 10/17/2035 EUR 73.56
L-BANK FOERDERBK 0.500 5/10/2027 CAD 41.67
LB BADEN-WUERTT 5.250 10/20/2015 EUR 36.00
LB BADEN-WUERTT 2.500 1/30/2034 EUR 56.07
LB BADEN-WUERTT 2.935 7/14/2036 JPY 72.29
HUNGARY
-------
OTP BANK 5.270 9/19/2016 EUR 74.75
ICELAND
-------
GLITNIR BANKI HF 6.693 6/15/2016 USD 6.98
IRELAND
-------
ALLIED IRISH BKS 7.875 7/5/2023 GBP 77.33
ALLIED IRISH BKS 5.250 3/10/2025 GBP 63.77
ALLIED IRISH BKS 5.625 11/29/2030 GBP 64.14
BANESTO FINANC 6.120 11/7/2037 EUR 6.12
BANK OF IRELAND 4.875 1/22/2018 GBP 71.72
DEPFA ACS BANK 0.500 3/3/2025 CAD 34.75
DEPFA ACS BANK 5.250 3/31/2025 CAD 73.56
DEPFA ACS BANK 3.250 7/31/2031 CHF 95.76
DEPFA ACS BANK 4.900 8/24/2035 CAD 70.09
DEPFA ACS BANK 5.125 3/16/2037 USD 68.63
DEPFA ACS BANK 5.125 3/16/2037 USD 68.63
DEPFA BANK PLC 11.000 2/7/2011 BRL 71.40
IRISH LIFE & PER 4.625 5/9/2017 EUR 67.66
IRISH NATIONWIDE 6.250 6/26/2012 GBP 102.32
IRISH NATIONWIDE 5.500 1/10/2018 GBP 42.41
ONO FINANCE II 8.000 5/16/2014 EUR 62.06
ONO FINANCE II 8.000 5/16/2014 EUR 62.13
UT2 FUNDING PLC 5.321 6/30/2016 EUR 63.91
ITALY
-----
CIR SPA 5.750 12/16/2024 EUR 72.61
COMUNE DI MILANO 4.019 6/29/2035 EUR 69.60
LITHUANIA
---------
LITHUANIA GOVT 3.750 2/10/2016 LTL 66.23
LUXEMBOURG
----------
ARCELORMITTAL 7.250 4/1/2014 EUR 32.80
BREEZE 4.524 4/19/2027 EUR 61.87
CRC BREEZE 5.290 5/8/2026 EUR 69.15
GLENCORE FINANCE 7.125 4/23/2015 EUR 101.15
HELLAS III 8.500 10/15/2013 EUR 70.45
NETHERLANDS
-----------
ABN AMRO BANK NV 6.000 3/16/2035 EUR 67.40
ABN AMRO BANK NV 7.540 6/29/2035 EUR 60.10
AI FINANCE B.V. 10.875 7/15/2012 USD 30.00
AIR BERLIN FINAN 1.500 4/11/2027 EUR 62.16
ALB FINANCE BV 9.000 11/22/2010 USD 22.49
ALB FINANCE BV 8.750 4/20/2011 USD 22.48
ALB FINANCE BV 7.875 2/1/2012 EUR 20.97
ALB FINANCE BV 9.250 9/25/2013 USD 22.95
ARPENI PR INVEST 8.750 5/3/2013 USD 66.13
ARPENI PR INVEST 8.750 5/3/2013 USD 66.13
ASTANA FINANCE 9.000 11/16/2011 USD 18.48
BLT FINANCE BV 7.500 5/15/2014 USD 54.50
BLT FINANCE BV 7.500 5/15/2014 USD 54.50
BK NED GEMEENTEN 0.500 6/27/2018 CAD 70.09
BK NED GEMEENTEN 0.500 2/24/2025 CAD 45.46
ELEC DE CAR FIN 8.500 4/10/2018 USD 69.75
EM.TV FINANCE BV 5.250 5/8/2013 EUR 3.70
FINANCE & CREDIT 10.375 1/25/2010 USD 69.49
INDAH KIAT INTL 11.875 6/15/2002 USD 7.13
ING BANK NV 4.200 12/19/2035 EUR 73.36
IVG FINANCE BV 1.750 3/29/2017 EUR 58.30
KAZKOMMERTS FIN 8.625 7/27/2016 USD 67.47
KAZKOMMERTS FIN 8.500 6/13/2017 USD 67.25
KBC IFIMA NV 6.004 2/7/2025 USD 64.88
MONTELL FIN BV 8.100 3/15/2027 USD 64.88
NATL INVESTER BK 25.983 5/7/2029 EUR 34.87
NED WATERSCHAPBK 0.500 3/11/2025 CAD 46.44
NIB CAPITAL BANK 4.790 12/17/2043 EUR 72.55
NURFINANCE 9.375 10/17/2011 USD 83.92
NXP BV/NXP FUNDI 10.000 7/15/2013 EUR 71.00
NXP BV/NXP FUNDI 10.000 7/15/2013 EUR 71.00
NXP BV/NXP FUNDI 8.625 10/15/2015 EUR 57.18
NXP BV/NXP FUNDI 8.625 10/15/2015 EUR 58.38
NXP BV/NXP FUNDI 8.625 10/15/2015 EUR 58.38
NXP BV/NXP FUNDI 9.500 10/15/2015 USD 66.50
NXP BV/NXP FUNDI 9.500 10/15/2015 USD 66.50
NXP BV/NXP FUNDI 9.500 10/15/2015 USD 66.00
Q-CELLS INTERNAT 1.375 2/28/2012 EUR 66.09
TURANALEM FIN BV 7.875 6/2/2010 USD 18.50
TURANALEM FIN BV 6.250 9/27/2011 EUR 17.74
TURANALEM FIN BV 7.750 4/25/2013 USD 18.22
TURANALEM FIN BV 8.000 3/24/2014 USD 16.00
TURANALEM FIN BV 8.500 2/10/2015 USD 18.54
TURANALEM FIN BV 8.250 1/22/2037 USD 18.83
TURANALEM FIN BV 8.250 1/22/2037 USD 18.96
NORWAY
------
EKSPORTFINANS 0.500 5/9/2030 CAD 35.43
NORSKE SKOGIND 7.000 6/26/2017 EUR 63.44
POLAND
------
POLAND-REGD-RSTA 2.810 11/16/2037 JPY 61.51
POLAND GOVT BOND 3.300 6/16/2038 JPY 64.27
REP OF POLAND 2.620 11/13/2026 JPY 69.46
REP OF POLAND 2.648 3/29/2034 JPY 57.94
REP OF POLAND 3.220 8/4/2034 JPY 65.61
REP OF POLAND 4.250 7/20/2055 EUR 64.11
SWITZERLAND
-----------
CYTOS BIOTECH 2.875 2/20/2012 CHF 52.00
UNITED KINGDOM
--------------
3I GROUP PLC 5.750 12/3/2032 GBP 75.23
ALPHA CREDIT GRP 2.940 3/4/2035 JPY 67.06
AMDOCS LIMITED 0.500 3/15/2024 USD 70.00
ANGLIAN WAT FIN 2.400 4/20/2035 GBP 57.20
BANK OF SCOTLAND 2.928 6/10/2020 USD 54.52
BANK OF SCOTLAND 2.340 12/28/2026 JPY 71.29
BANK OF SCOTLAND 2.408 2/9/2027 JPY 71.61
BANK OF SCOTLAND 2.359 3/27/2029 JPY 67.79
BANK OF SCOTLAND 6.200 2/7/2035 EUR 61.42
BARCLAYS BK PLC 10.600 7/21/2011 USD 39.37
BEAZLEY GROUP LT 7.250 10/17/2026 GBP 78.93
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 5.46
BRADFORD&BIN PLC 6.625 6/16/2023 GBP 5.98
BRADFORD&BIN BLD 4.910 2/1/2047 EUR 67.19
BRIT INSURANCE 6.625 12/9/2030 GBP 67.16
BROADGATE FINANC 5.098 4/5/2033 GBP 68.23
CATTLES PLC 7.875 1/17/2014 GBP 9.75
CITY OF KIEV 8.000 11/6/2015 USD 65.85
CITY OF KYIV 8.250 11/26/2012 USD 76.01
CJSC FIRST UKRAI 9.750 2/16/2010 USD 75.97
CO-OPERATIVE BNK 5.750 12/2/2024 GBP 72.11
CO-OPERATIVE BNK 5.875 3/28/2033 GBP 69.12
DAILY MAIL & GEN 6.375 6/21/2027 GBP 72.20
EFG HELLAS PLC 2.760 5/11/2035 JPY 64.19
ENTERPRISE INNS 6.500 12/6/2018 GBP 78.78
ENTERPRISE INNS 6.875 2/15/2021 GBP 73.31
ENTERPRISE INNS 6.875 5/9/2025 GBP 73.14
ENTERPRISE INNS 6.375 9/26/2031 GBP 70.43
F&C ASSET MNGMT 6.750 12/20/2026 GBP 70.84
GRAINGER PLC 3.625 5/17/2014 GBP 50.84
GREENE KING FIN 5.702 12/15/2034 GBP 62.18
HBOS PLC 4.500 3/18/2030 EUR 62.43
HBOS PLC 6.000 11/1/2033 USD 72.35
HBOS PLC 6.000 11/1/2033 USD 72.35
INEOS GRP HLDG 7.875 2/15/2016 EUR 44.03
INEOS GRP HLDG 7.875 2/15/2016 EUR 43.25
INEOS GRP HLDG 8.500 2/15/2016 USD 45.52
INEOS VINYLS FIN 9.125 12/1/2011 EUR 65.38
INEOS VINYLS FIN 9.125 12/1/2011 EUR 65.38
LEND LEASE EUR 6.125 10/12/2021 GBP 81.03
LONGSTONE FINANC 4.774 4/19/2031 GBP 74.64
LONGSTONE FINANC 4.896 4/19/2031 GBP 72.66
MARSTONS ISSUER 5.641 7/15/2035 GBP 69.67
MAX PETROLEUM 6.750 9/8/2012 USD 64.53
MITCHELLS & BUTL 6.469 9/15/2030 GBP 70.56
NATL GRID GAS 1.754 10/17/2036 GBP 48.06
NATL GRID GAS 1.771 3/30/2037 GBP 46.69
NBG FINANCE PLC 2.755 6/28/2035 JPY 73.57
NORTHERN ROCK 5.625 1/13/2015 GBP 29.67
NORTHERN ROCK 10.375 3/25/2018 GBP 36.19
NORTHERN ROCK 6.375 12/2/2019 GBP 72.54
NORTHERN ROCK 9.375 10/17/2021 GBP 36.24
OJSC BANK NADRA 9.250 6/28/2010 USD 18.50
OLD MUTUAL PLC 4.500 1/18/2017 EUR 75.72
ONO FINANCE PLC 10.500 5/15/2014 EUR 65.50
ONO FINANCE PLC 10.500 5/15/2014 EUR 65.50
PARAGON GROUP 7.000 4/20/2017 GBP 54.50
PIPE HOLDINGS PL 9.750 11/1/2013 GBP 60.13
PIPE HOLDINGS PL 9.750 11/1/2013 GBP 60.13
PRIVATBANK 8.000 2/6/2012 USD 74.38
PRIVATBANK 8.750 2/9/2016 USD 65.13
PUNCH TAVERNS 7.567 4/15/2026 GBP 67.52
PUNCH TAVERNS 8.374 7/15/2029 GBP 72.55
PUNCH TAVERNS 6.468 4/15/2033 GBP 61.66
UNIQUE PUB FIN 6.464 3/30/2032 GBP 59.35
UNIQUE PUB FIN 7.395 3/28/2024 GBP 72.54
*********
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.
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