/raid1/www/Hosts/bankrupt/TCREUR_Public/090922.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
E U R O P E
Tuesday, September 22, 2009, Vol. 10, No. 187
Headlines
A U S T R I A
DS STEVANOVIC: Claims Filing Deadline is October 1
EORY & CO: Claims Filing Deadline is October 1
EHK GMBH: Claims Filing Deadline is October 1
KELLER-PROFI ALTMANN: Claims Filing Deadline is October 1
WACHEK GMBH: Claims Filing Deadline is October 1
Z & W ENERGY: Claims Filing Deadline is October 1
B E L G I U M
DEXIA SA: Seeks to Return to Profitability in 2009
E S T O N I A
GILD ARBITRAGE: Lenders Back Bond Issue to Restructure Debts
F R A N C E
MECACHROME INTERNATIONAL: Stay Orders Extended Until December
G E R M A N Y
ARCANDOR AG: Administrator In Talks with Quelle Potential Buyers
GELDILUX-TS-2007 SA: Fitch Cuts Rating on Class D Notes to 'BB'
GELDILUX-TS-2005 SA: Fitch Cuts Rating on Class D Notes to 'B'
KRONOS INT'L: Deutsche Bank Amends Loan, Sets New Covenants
VAC FINANZIERUNG: Moody's Cuts Corporate Family Rating to 'Ca'
G R E E C E
WIND HELLAS: Subordinated Investors Form Bondholder Committee
H U N G A R Y
CIB BANK: Moody's Withdraws 'D' Bank Financial Strength Rating
I R E L A N D
CAPITAL BARS: In Refinancing Talks with Allied Irish Bank
ELAN CORPORATION: Completes AIP Deal with Johnson & Johnson
LINEN SUPPLY: Court Appoints KPMG as Interim Examiner
I T A L Y
ITTIERRE SPA: Creditors Eyes Takeover, MF Says
RISANAMENTO SPA: Milan Prosecutor Rejects Restructuring Plan
TISCALI SPA: To Begin Capital Increase by Christmas, Soru Says
K A Z A K H S T A N
ALEM LLP: Creditors Must File Claims by September 24
HOLIDAY MEDIA: Creditors Must File Claims by September 24
KELES MAKTA: Creditors Must File Claims by September 24
NEON EXPO: Creditors Must File Claims by September 24
NURTAS LLP: Creditors Must File Claims by September 24
PAVLODARSKAYA SHVEINAYA: Creditors Must File Claims by Sept. 24
PHOENIX CONSTRUCTION: Creditors Must File Claims by September 24
SARYAGASH KESHET: Creditors Must File Claims by September 24
STROY ART: Creditors Must File Claims by September 24
TAUJAN LLP: Creditors Must File Claims by September 24
K Y R G Y Z S T A N
WEIDESAI II: Creditors Must File Claims by September 30
N E T H E R L A N D S
ABN AMRO: Moody's Downgrades Ratings on Various Securities to 'B3'
GROSVENOR PLACE: Moody's Junks Ratings on Four Classes of Notes
ZOO ABS: S&P Lowers Rating on Class D Notes to 'BB+' From 'BBB'
R U S S I A
BIO-FARM LLC: Creditors Must File Claims by September 24
KREATIV-STROY LLC: Creditors Must File Claims by September 24
MAGNITOGORSK IRON: Expects 50% Increase in Third-Quarter Sales
MONZENSKIY HOUSE: Creditors Must File Claims by September 24
SAMARA AIRLINE: Creditors Must File Claims by September 24
SPETS-STROY LLC: Creditors Must File Claims by September 24
STROY-KA LLC: Creditors Must File Claims by September 24
STROY-MONOLIT LLC: Creditors Must File Claims by September 24
URAL-LES LLC: Creditors Must File Claims by September 24
VIMPELCOM OAO: Court Rejects Telenor's Appeal on US$121 Mln Fine
S P A I N
FTPYME BANCAJA 3: S&P Lowers Rating on Class D Notes to 'B+'
REYAL URBIS: Puts Madrid Property Assets Up for Sale
S L O V A K R E P U B L I C
MATADOR AUTOMOTIVE: Moody's Cuts National Scale Rating to 'Ba1'
S W I T Z E R L A N D
ARBUM GMBH: Claims Filing Deadline is September 24
BOBAG AG: Claims Filing Deadline is September 24
CORAY GMBH: Claims Filing Deadline is September 25
ELITE AG: Claims Filing Deadline is September 24
FUTURA.CH GMBH: Claims Filing Deadline is September 25
GEORGES ULRICH: Claims Filing Deadline is September 24
HILL AG: Claims Filing Deadline is September 25
STRACOM CONSULTING: Claims Filing Deadline is September 24
SYSTECH IT-SERVICES: Claims Filing Deadline is September 25
UBS AG: Warns US Clients of Accounts Disclosure to Tax Authorities
VILA AG: Claims Filing Deadline is September 25
T U R K E Y
* ISTANBUL: Moody's Changes Outlook on 'Ba3' Rating to Positive
* TURKEY: Moody's Changes Outlook on 'Ba3' Ratings to Positive
U K R A I N E
DUNE LLC: Creditors Must File Claims by September 24
UKRPRODUCT K LLC: Creditors Must File Claims by September 24
U N I T E D K I N G D O M
EUROSAIL PLC: Moody's Junks Ratings on Twelve Classes of Notes
ITV PLC: Nears Agreement with Tony Ball on Incentivization Plan
LLOYDS BANKING: Mulls Reducing Assets Covered by GAPS
MANSARD 2007-2: Error in Calculations Won't Affect Fitch's Ratings
NATIONAL EXPRESS: Ex-Chair Blames Woes on DfT Fall-Out
NORTEL NETWORKS: U.S. Court Okays Benefits for Foreign Employees
ROYAL BANK: In Talks with Investors Over US$8.1 Bln Share Sale
SONGBIRD ESTATES: Paul Reichmann Sells 8.45% Canary Wharf Stake
SONGBIRD ESTATES: Qatar Increases in Participation in Share Issue
STICHTING PROFILE: NIBC Downgrade Won't Affect Fitch's Ratings
X X X X X X X X
* UK: Business Failure Rate Falls to Lowest Level in August 2009
* S&P Puts Ratings on 1,626 European CDOs on CreditWatch Negative
* Large Companies with Insolvent Balance Sheet
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A U S T R I A
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DS STEVANOVIC: Claims Filing Deadline is October 1
--------------------------------------------------
Creditors DS Stevanovic GmbH have until October 1, 2009, to file
their proofs of claim.
A court hearing for examination of the claims has been scheduled
for October 15, 2009 at 11:00 a.m.
For further information, contact the company's administrator:
Dr. Michael Lesigang
Landstrasser Hauptstrasse 14-16/8
1030 Wien
Austria
Tel: 715 25 26
Fax: 715 25 26 27
E-mail: michael@lesigang.at
EORY & CO: Claims Filing Deadline is October 1
----------------------------------------------
Creditors of EORY & Co GmbH have until October 1, 2009, to file
their proofs of claim.
A court hearing for examination of the claims has been scheduled
for October 15, 2009 at 11:10 a.m.
For further information, contact the company's administrator:
Mag. Gerhard Bauer
Mahlerstrasse 7
1010 Wien
Austria
Tel: 512 97 06
Fax: DW 20
E-mail: ra-g.bauer@aon.at
EHK GMBH: Claims Filing Deadline is October 1
---------------------------------------------
Creditors of EHK GmbH have until October 1, 2009, to file their
proofs of claim.
A court hearing for examination of the claims has been scheduled
for October 15, 2009 at 9:50 a.m.
For further information, contact the company's administrator:
Dr. Klemens Dallinger
Schulerstrase 18
1010 Wien
Austria
Tel: 513 28 33
Fax: DW 22
E-mail: dallinger@anwaltsteam.at
KELLER-PROFI ALTMANN: Claims Filing Deadline is October 1
---------------------------------------------------------
Creditors of KELLER-PROFI Altmann GmbH have until October 1, 2009,
to file their proofs of claim.
A court hearing for examination of the claims has been scheduled
for October 15, 2009 at 9:30 a.m.
For further information, contact the company's administrator:
Dr. Michael Lesigang
Landstrasser Hauptstrasse 14-16/8
1030 Wien
Austria
Tel.: 715 25 26
Fax: DW 27
E-Mail: michael@lesigang.at
WACHEK GMBH: Claims Filing Deadline is October 1
------------------------------------------------
Creditors of Wachek GmbH have until October 1, 2009, to file their
proofs of claim.
A court hearing for examination of the claims has been scheduled
for October 15, 2009 at 10:45 a.m.
For further information, contact the company's administrator:
Dr. Walter Kainz
Gusshausstrasse 23
1040 Wien
Austria
Tel: 505 88 31
Fax: 505 94 64
E-mail: kanzlei@kainz-wexberg.at
Z & W ENERGY: Claims Filing Deadline is October 1
-------------------------------------------------
Creditors of Z & W energy GmbH have until October 1, 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:
Dr. Helmut Platzgummer
Kohlmarkt 14
1010 Wien
Austria
Tel: 533 19 39 Serie
Fax: 533 19 39 39
E-mail: helmut.platzgummer@lp-law.at
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B E L G I U M
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DEXIA SA: Seeks to Return to Profitability in 2009
--------------------------------------------------
Fabio Benedetti-Valentini at Bloomberg News reports that Dexia SA
on Sept. 10 said it aims to post a profit in 2009 as it reduces
funding costs and cuts risk-taking.
The company aims to have a "profitability and balance- sheet
structure at the end of 2010 that will allow it to maintain its
autonomy," Bloomberg quoted Dexia Chief Executive Officer Pierre
Mariani Mariani as saying, ruling out a link-up with other banks.
Mr. Mariani, as cited by Bloomberg, said Dexia has cut 900 jobs
worldwide and is reducing costs by EUR200 million this year as the
bank focuses on its public-finance business to lending to local
governments and public projects such as hospitals in its main
markets, France and Belgium.
As reported in the Troubled Company Reporter-Europe on Aug. 31,
2009, Dexia's net income fell to EUR283 million (US$402 million)
in the second quarter of 2009 from EUR532 million a year earlier
on provisions for risky loans. Bloomberg disclosed provisions for
bad loans amounted to EUR361 million in the quarter.
Dexia received EUR6.4 billion from France, Belgium and Luxembourg
in September to avert a collapse. The bank was among the European
lenders hit hardest after Lehman Brothers Holdings Inc.'s
bankruptcy on Sept. 15 froze credit markets. Dexia's salvage plan
also includes a EUR150-billion guarantee granted jointly by
Belgium, France and Luxembourg on its bonds, according to
Bloomberg.
About Dexia SA
Dexia SA -- http://www.dexia.com/-- is a Belgian bank specialized
in retail banking and local public finance. The Bank offers a
range of banking services for individual customers, small and
medium-sized enterprises and institutional clients. It has four
divisions: Asset Management, Personal Financial Services, Treasury
and Financial Markets, and Investor Services. The Asset
Management division offers products ranging from traditional and
alternative funds to socially responsible investments. The
Personal Financial Services segment focuses on banking and
insurance products, including both life and non-life insurance
products. Through its Treasury and Financial Markets division,
Dexia is present in the capital markets and provides support to
the entire Group. The Investor Services segment offers various
services to shareholders, such as fund and pension administration.
Through its subsidiaries, Dexia SA is active in over 30 countries,
including Belgium, Luxembourg, Slovakia, Turkey, France, Australia
and Japan.
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E S T O N I A
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GILD ARBITRAGE: Lenders Back Bond Issue to Restructure Debts
------------------------------------------------------------
Ott Ummelas at Bloomberg News reports that Estonian hedge fund
GILD Arbitrage said 99% of lenders' claims for repayment were
converted into three-year bonds, issued to restructure debts.
Bloomberg, citing an e-mailed statement from the Tallinn,
Estonia-based investment bank GILD Bankers, which manages GILD
Arbitrage, relates the fund said 33 creditors out of 34 subscribed
for three-year bonds worth EUR22.66 million in total. The fund
had total assets of about EUR95 million (US$140 million) as of
September 2008, according to Bloomberg.
Bloomberg recalls the fund in April extended a halt in redemptions
and subscriptions by another six months until Nov. 3 due to
liquidity problems.
GILD Arbitrage is based in Tallinn, Estonia.
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F R A N C E
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MECACHROME INTERNATIONAL: Stay Orders Extended Until December
-------------------------------------------------------------
Mecachrome International Inc. says it continues to operate its
business under Court protection provided pursuant to the
Companies' Creditors Arrangement Act (Canada) and the safeguard
procedure (procedure de sauvegarde) in France for its French
subsidiaries.
The stay period under the initial CCAA Court order dated
December 12, 2008, has been extended from time to time by the
Quebec Superior Court until December 18, 2009. The observation
period (periode d'observation) under the safeguard procedure in
France has been extended by the French Court until December 12,
2009.
About Mecachrome International Inc.
Mecachrome is a leader in the design, engineering, manufacture and
assembly of complex precision-engineered components for aircraft
and automotive applications, including aerostructural and aircraft
engine components, high-end automobile engine components and motor
racing engines. Since 1937, Mecachrome has established a
significant presence and global reputation in certain high-
precision sectors of the aerospace, automotive and industrial
equipment industries, providing services primarily to original
equipment manufacturers.
Mecachrome is currently subject to Court protection under the
Companies' Creditors Arrangement Act in Canada and under similar
protection from the Courts for its French subsidiaries under the
safeguard procedure (procedure de sauvegarde) in France.
Mecachrome also initiated ancillary proceedings before
the United States Bankruptcy Court for the Central District of
California to obtain the enforcement and recognition of the
Canadian proceedings. The U.S. Court granted Mecachrome's
Petition for recognition of foreign proceedings on August 19,
2009.
Mecachrome International Inc., et al filed for Chapter 15 with the
U.S. Bankruptcy Court for the Central District of California in
Los Angeles on June 5, 2009 (Case No. 09-24076). The Hon. Richard
M. Neiter presides over the case. Daniel H. Slate, Esq., at
Buchatler Nemer, represents the Chapter 15 Debtors as counsel.
In its petition, the Debtors listed between US$100 million and
US$500 million in assets, and between US$500 million and US$1
billion in debts.
The documentation related the Canadian, French and U.S. court
filings is available on Ernst & Young Inc.'s Web site at
http://documentcentre.eycan.com/Pages/Main.aspx?SID=3D91
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G E R M A N Y
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ARCANDOR AG: Administrator In Talks with Quelle Potential Buyers
----------------------------------------------------------------
Holger Elfes at Bloomberg News reports that Klaus Hubert Goerg,
Arcandor AG's insolvency administrator is in talks with at least
four potential investors who are interested in acquiring the
German retailer's Primondo/Quelle catalog-sales unit.
According to Bloomberg, Thomas Schulz, who speaks for the
insolvency administrators, declined to identify the potential
buyers. Bloomberg relates Mr. Schulz said the talks are
"serious."
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.
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.
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.
GELDILUX-TS-2007 SA: Fitch Cuts Rating on Class D Notes to 'BB'
---------------------------------------------------------------
Fitch Ratings has downgraded Geldilux-TS-2007 S.A. due 2014 class
A1 and class A of notes and left all classes of notes on Rating
Watch Negative. This transaction is a cash securitization of
short-term loans to German small to medium-sized entities
originated and serviced by Bayerische Hypo- und Vereinsbank AG
(rated 'A+'/Outlook Stable/'F1+'/Support Rating '1') on behalf of
the seller, HVB Banque Luxembourg S.A.
Geldilux-TS-2007 S.A.:
-- EUR4,500,000 class A1 notes (ISIN: XS0294511760): downgraded
to 'A+' from 'AAA', RWN maintained
-- EUR2,024,400,000 class A notes (ISIN: XS0294513030):
downgraded to 'A+' from 'AAA', RWN maintained
-- EUR21,000,000 class B notes (ISIN: XS0294513113): 'A' RWN
maintained
-- EUR21,000,000 class C notes (ISIN: XS0294513204): 'BBB' RWN
maintained
-- EUR8,400,000 class D notes (ISIN: XS0294513543): 'BB' RWN
maintained
The notes were initially placed on RWN on August 6, 2009 to
reflect the potential for downgrades as a result of Fitch's
revised Rating Criteria for European Granular Corporate Balance
Sheet Securitizations published on July 23, 2009. The rating
actions on class A1, the liquidity notes, and class A notes are
driven by the considerations with regards to the refinancing risk
that the underlying borrowers would be exposed to if HVB defaulted
in combination with the short weighted average life of the pool.
In Fitch's view such risk may not be mitigated by the proposed
restructuring. As the arranger has informed Fitch of upcoming
changes to the transaction within the next few months, all classes
of notes remain on RWN until the timely completion of the planned
restructuring. If the changes to the structure went forward as
proposed, Fitch expects to affirm ratings at their current levels
with the exception of the class A1 notes, where Fitch is awaiting
further clarification of the restructuring plans.
The resolution of the RWN will incorporate any changes made to the
portfolio or the transaction along with any additional portfolio
migration. The arranger is expected to complete the restructuring
of the transaction over the next few months. If the restructuring
does not proceed as planned, the notes will likely be downgraded
as indicated below:
-- Class A1 notes likely to remain within the 'A' rating
category
-- Class A notes likely to remain within the 'A' rating category
-- Class B notes likely to be downgraded to the 'BB' rating
category
-- Class C notes likely to be downgraded to the 'B' rating
category
-- Class D notes likely to be downgraded to the 'B' rating
category
The downgrades of both class A1 and A notes are driven by the
obligors' refinancing risk in combination with the short weighted
average life of the pool (maximum 90 days). In Fitch's view,
should HVB default, a large proportion of borrowers would need to
find alternative refinancing sources within a limited time frame.
Due to the short weighted average life of the portfolio the number
of such obligors with refinancing problems would accumulate fast.
After non-payment of due interest and principal for 29 days the
relevant borrowers would be classified as defaulted according to
the transaction documentation. As the missing interest on
defaulted loans is not compensated by the interest rate swap or
the issuer interest reserve in place, and principal collections
cannot be used to pay interest on the notes, a temporary interest
shortfall on the notes would arise. In Fitch's modelling, already
an assumption of 10% of borrowers being unable to secure
refinancing within a few months would lead to interest shortfall
on all classes of notes. Hence, Fitch has imposed a rating cap on
all rated classes of notes of Geldilux-TS-2007 S.A. equal to the
HVB's Long-term Issuer Default rating, currently at 'A+'.
Since issue in May 2007 there have been no delinquent or defaulted
loans in Geldilux-TS-2007 S.A. However, Fitch expects defaults to
rise during the current economic downturn in Germany and has
therefore assumed a higher probability of default for the
securitized pool than indicated by the historical loss provisions
made by HVB.
GELDILUX-TS-2005 SA: Fitch Cuts Rating on Class D Notes to 'B'
--------------------------------------------------------------
Fitch Ratings has downgraded four classes of Geldilux-TS-2005 S.A.
due 2012 notes, affirmed one class of notes and removed them from
Rating Watch Negative. It has also assigned Loss Severity ratings
and Stable Outlooks. This transaction is a cash securitization of
short-term loans to German small to medium-sized entities
originated and serviced by Bayerische Hypo- und Vereinsbank AG
('A+'/Outlook Stable/'F1+'/Support Rating '1') on behalf of the
seller, HVB Banque Luxembourg S.A.
Geldilux-TS-2005 S.A. Series 3:
-- EUR1,910,000,000 class A notes (ISIN: XS0221125114):
downgraded to 'A+' from 'AAA', removed from RWN, assigned LS-
1, assigned Stable Outlook
-- EUR33,000,000 class B notes (ISIN: XS0221126195): downgraded
to 'BB' from 'A', removed from RWN, assigned LS-5, assigned
Stable Outlook
-- EUR23,000,000 class C notes (ISIN: XS0221127326): downgraded
to 'B+' from 'BBB', removed from RWN, assigned LS-5, assigned
Stable Outlook
-- EUR10,000,000 class D notes (ISIN: XS0221127912): downgraded
to 'B' from 'BB', removed from RWN, assigned LS-5, assigned
Stable Outlook
-- EUR4,000,000 class E notes (ISIN: XS0221128647): affirmed at
'B', removed from RWN, assigned LS-5, assigned Stable Outlook
The notes were initially placed on RWN on August 6, 2009 to
reflect the potential for downgrades as a result of Fitch's
revised Rating Criteria for European Granular Corporate Balance
Sheet Securitizations published on July 23, 2009. The rating
actions are the result of the updated rating criteria and the
agency's expectation that the portfolio may experience increasing
defaults and delinquencies. Additionally, the downgrade on class
A notes is driven by the considerations with regards to the
refinancing risk that the underlying borrowers would be exposed to
if HVB defaulted in combination with the short weighted average
life of the pool (maximum 60 days). Fitch has reviewed the
restructuring measures undertaken in July 2009; however, the
resulting positive effect was not sufficient to justify the
previous ratings of the notes.
In Fitch's view, should HVB default, a large proportion of
borrowers would need to find alternative refinancing sources
within a limited time frame. Due to the short weighted average
life of the portfolio the number of such obligors with refinancing
problems would accumulate fast. After non-payment of due interest
and principal for 29 days the relevant borrowers would be
classified as defaulted according to the transaction
documentation. As the missing interest on defaulted loans is not
compensated by the interest rate swap or the issuer interest
reserve in place, and principal collections cannot be used to pay
interest on the notes, a temporary interest shortfall on the notes
would arise. In Fitch's modelling, already an assumption of 10%
of borrowers being unable to secure refinancing within a few
months would lead to interest shortfall on all classes of notes.
Hence, Fitch has imposed a rating cap on all rated classes of
notes of Geldilux-TS-2005 S.A. equal to the HVB's Long-term Issuer
Default rating, currently at 'A+'.
The downgrades of classes B, C, and D notes are mainly based on
the limited ability of the notes to withstand defaults of the
largest borrowers as addressed in the revised rating criteria.
This is in spite of the reduction of the maximum single obligor
concentration to 0.5% of the initial notional amount of Series 3
notes as part of the July 2009 restructuring.
Since issue in June 2005 there have been four defaulted loans,
whereof two assets have cured before the start of the work-out
process. As of the investor report in September 2009 there were
no delinquent assets in the pool and the aggregate default rate
was low at 0.04%. However, Fitch expects defaults to rise during
the current economic downturn in Germany and has therefore assumed
a higher probability of default for the securitized pool than
indicated by the historical loss provisions made by HVB.
KRONOS INT'L: Deutsche Bank Amends Loan, Sets New Covenants
-----------------------------------------------------------
Effective September 15, 2009, certain indirect operating
subsidiaries of Kronos International, Inc. -- Kronos Titan GmbH,
Kronos Europe S.A./N.V., Kronos Titan AS, Titania AS, Kronos Norge
AS, and Kronos Denmark ApS -- entered into a Fourth Amendment
Agreement Relating to a Facility Agreement dated June 25, 2002,
with Deutsche Bank AG, as mandated lead arranger, Deutsche Bank
Luxembourg S.A., as agent for the finance parties and security
agent for the secured parties, and the lenders participating in
the amended revolving credit facility.
The Amendment amends certain terms and conditions of the original
EUR80 million secured revolving credit facility between the
Obligors and the Lenders.
Among other things, the Amendment provides that until the Obligors
meet a specified ratio of net secured debt to earnings before
income taxes, interest and depreciation -- Original Leverage Test:
1. borrowings outstanding under the Amended Revolving Credit
Facility shall bear interest at LIBOR, or if a loan or
liability is in euros, EURIBOR, plus a margin ranging from
3.0% to 4.0%, depending on the amount of the outstanding
loans and letters of credit as a percentage of the
Lenders' total commitments under the Amended Revolving
Credit Facility;
2. the Obligors must comply with two new financial covenants
(in both cases commencing with the period ending
September 30, 2009):
-- certain minimum earnings before income, taxes, interest
and depreciation on a quarterly or a cumulative basis,
and
-- maintain a minimum ratio of net working capital to net
financial debt;
3. the Obligors must continue to comply with the existing
required ratio of net financial debt to equity ratio; and
4. with certain permitted exceptions (including without
limitation payments made in relation to trade payables on
their due date arising from contracts entered into on
market terms and conditions), Kronos Worldwide, Inc., a
parent corporation of the Company, and its subsidiaries
(exclusive of the Obligors) cannot borrow money from the
Obligors, and the Obligors cannot make payments to, give a
guaranty or indemnity for the benefit or assume a
liability of, Kronos Worldwide or such subsidiaries.
Once the Obligors have met the Original Leverage Test, the
Obligors will no longer be required to comply with the financial
covenants or comply with the limitation specified in paragraph 4,
and borrowings outstanding under the Amended Revolving Credit
Facility would then bear interest at LIBOR, or if a loan or
liability is in euros, EURIBOR, plus a margin of 1.75%.
Additionally, until the Obligors have complied with paragraph 2
and 3 through the quarterly period ending March 31, 2010 and
delivered evidence to the Agent that the Obligors' loss before
taxes for the financial year ending December 31, 2009 has not
exceeded US$56 million, the maximum amount of outstanding loans
and letters of credit under the Amended Revolving Credit Facility
cannot exceed EUR51 million.
The Amended Revolving Credit Facility matures on May 26, 2011.
The facility is collateralized by the accounts receivable and the
inventories of the Borrowers and a limited pledge of all of the
other assets of Kronos Europe S.A./N.V. The facility contains
representations, warranties and covenants customary in lending
transactions of this type. In addition to the restrictive
covenants already described in this current report, certain other
covenants in the Amended Revolving Credit Facility restrict the
ability of the Borrowers to incur debt, incur liens, pay dividends
or merge or consolidate with, or sell or transfer all or
substantially all of their assets to, another entity. Failure to
comply with the covenants contained in the Amended Revolving
Credit Facility could result in the acceleration of any
outstanding balance under the facility prior to its stated
maturity date. In addition, any such outstanding balance under
the facility could be accelerated in the event that other debt or
obligations of the Borrowers or the Company were to be
accelerated. The Company and the Borrowers have no material
relationship with the Lenders other than the Amended Revolving
Credit Facility described.
As reported by the Troubled Company Reporter, lenders under a
revolving credit facility entered into by certain of Kronos
International's operating subsidiaries on August 31, 2009, waived
compliance with the required financial ratio of the Borrowers' net
secured debt to earnings before income taxes, interest and
depreciation under the loan agreement for the 12-month period
ending August 31, 2009. Among other things, the waiver moved the
next required Debt Ratio measurement period to the 12-month period
ending September 15, 2009. The Borrowers did not pay any fee to
the Lenders to obtain the waiver.
About Kronos
Kronos International Inc. is a wholly owned subsidiary of Kronos
Worldwide, Inc. The Company is a global producer and marketer of
value-added titanium dioxide pigments -- TiO2 -- which is used for
a variety of manufacturing applications, including plastics,
paints, paper and other industrial products. For the six months
ended June 30, 2009, approximately three-fourths of the Company's
sales volumes were into European markets. The Company believes it
is the second largest producer of TiO2 in Europe with an estimated
19% share of European TiO2 sales volumes. Its production
facilities are located throughout Europe.
As of June 30, 2009, the Company had total assets of
US$1.028 billion against total current liabilities of US$221.0
million and total noncurrent liabilities of US$716.8 million,
resulting in stockholder's equity of US$90.6 million.
VAC FINANZIERUNG: Moody's Cuts Corporate Family Rating to 'Ca'
--------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating and probability of default rating of VAC Finanzierung GmbH,
the ultimate holding company of Vacuumschmelze GmbH & Co. KG, to
Ca from Caa2. At the same time, Moody's downgraded VAC
Finanzierung's EUR135 million senior secured notes to Ca from
Caa3. The rating outlook remains negative.
While the previous Caa2 rating incorporated Moody's expectation of
continued support of bank lenders and financial sponsors for VAC
throughout the current situation of operating performance
contraction, the downgrades of all ratings to Ca with a negative
outlook reflect the rising probability of default by VAC, as the
company recently announced that it had not achieved lender's
consent to a covenant reset by the 16 September 2009 deadline and
is consequently in technical default under its senior credit
facilities agreement.
VAC had agreed in April 2009 with the lenders of the
EUR110 million senior credit facility to a reset of its financial
covenants for 2009. The agreement also required VAC to present a
financial covenant reset proposal for FY2010 through the final
repayment date of the instruments, which was not approved by at
least two-thirds of the lenders by September 16, 2009 and
represents a technical event of default under the senior credit
facilities agreement and does allow senior lenders to accelerate
their secured debt claims of around EUR110 million, which in turn
would also trigger an event of default under the EUR135 million
senior notes, confronting the company with significant debt
repayment requirements, which, if not refinanced timely, could
ultimately lead to insolvency proceedings. Formal insolvency
proceeding or other measures of financial restructuring in which
noteholders receive less than full value in a distressed scenario
could be considered a default under Moody's definition.
The negative outlook reflects the persistent uncertainty of a
default event under Moody's definition which could confront
lenders with significant impairments on their original claims.
Moody's will closely monitor possible restructuring scenarios and
likely recovery prospects of lenders.
Downgrades:
Issuer: VAC Finanzierung GmbH
-- Probability of Default Rating, Downgraded to Ca from Caa2
-- Corporate Family Rating, Downgraded to Ca from Caa2
-- Senior Secured Regular Bond/Debenture, Downgraded to Ca from
Caa3
The last rating action was implemented on June 9, 2009, when
Moody's downgraded VAC's CFR to Caa2 with a negative outlook from
Caa1 under review for possible downgrade.
Headquartered in Hanau, Germany, Vacuumschmelze GmbH & Co KG has a
solid and well-established market position in the design and
manufacturing of magnetic products. In 2008, the company
generated revenues of EUR324 million.
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G R E E C E
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WIND HELLAS: Subordinated Investors Form Bondholder Committee
-------------------------------------------------------------
Wind Hellas Telecommunications SA subordinated investors with
about EUR500 million (US$736 million) of notes formed a bondholder
committee, John Glover at Bloomberg News reports, citing a
statement from Aladdin Capital Management U.K. LLP.
The company, Bloomberg discloses, has about EUR1.2 billion of
senior secured notes that pay a floating rate of interest, and
about EUR355 million of 8.5% senior notes.
Bloomberg relates the bondholders' committee said it hired
advisers including Jones Day and PricewaterhouseCoopers LLP, said
Aladdin, which holds some of the bonds.
Anousha Sakoui at The Financial Times reports Aladdin said the
bondholder committee hoped to start talks with the company about
its potential EUR3.2 billion debt restructuring. According to the
FT, it is also considering options to provide funding to the
company as part of a restructuring. Citing people familiar with
the situation, the FT discloses holders of more senior ranking
bonds are also organizing into groups.
Headquartered in Athens, WIND Hellas Telecommunications S.A. --
http://www.wind.com.gr/-- offers TIM-branded (formerly Telestet)
wireless telecom services to about 2.3 million consumer and small-
business customers throughout Greece. From its digital GSM
network, the firm offers conference calling, mobile e-mail, fax,
and data transmission.
* * *
As reported in the Troubled Company Reporter-Europe on Sept. 8,
2009, Standard & Poor's Ratings Services said that it lowered its
long-term corporate credit ratings on Greek mobile
telecommunications operator WIND Hellas Telecommunications S.A.
and related entities to 'CC' from 'CCC' on the group's weak
second-quarter results and announcement that it was in talks with
its shareholders about a potential restructuring of the group's
capital structure. S&P said the outlook is negative.
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H U N G A R Y
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CIB BANK: Moody's Withdraws 'D' Bank Financial Strength Rating
--------------------------------------------------------------
Moody's Investors Service has withdrawn all ratings of CIB Bank
Ltd for business reasons. This rating action does not reflect a
change in the company's creditworthiness. CIB Bank had no rated
debt outstanding at the time of the withdrawal.
These ratings of CIB Bank were withdrawn:
* Long-term global local currency deposit rating of Baa1
(negative outlook);
* Short-term GLC deposit rating of Prime-2;
* Long-term foreign currency deposit rating of Baa1 (negative
outlook);
* Short-term foreign currency deposit rating of Prime-2;
* Long-term local currency MTN rating of Baa1 (negative outlook);
and
* Bank financial strength rating of D (negative outlook).
Moody's last rating action on CIB Bank was on May 19, 2009, when
Moody's downgraded its BFSR to D from C- and its long-term GLC
deposit rating to Baa1 from Aa3. The multi-notch downgrade of CIB
Bank's ratings was driven by Moody's view that the rapid
deterioration of the bank's operating environment, which resulted
in the rating agency downgrading Hungary's sovereign ratings,
would exert significant pressure on CIB Bank's standalone
creditworthiness, as measured by its BFSR. Additionally, due to
Moody's simultaneous refinement of its systemic support
assumptions, the bank's GLC deposit rating was downgraded to Baa1
from Aa3.
CIB Bank Ltd is based in Budapest, Hungary, and had total assets
of EUR11.4 billion as of December 31, 2008, according to IFRS.
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I R E L A N D
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CAPITAL BARS: In Refinancing Talks with Allied Irish Bank
---------------------------------------------------------
Ian Kehoe at The Sunday Business Post Online reports that Capital
Bars plc is in refinancing talks with Allied Irish Bank, which it
owed roughly EUR25 million.
According to the report, the key aspect to saving the company's
remaining properties is securing a deal with the bank.
The company, the report recalls, petitioned the High Court late
last week on Friday to appoint an examiner to four group
properties, while a liquidator was also appointed over certain
group assets. The report relates KPMG accountant Kieran Wallace
has been appointed examiner to four of the group=92s larger premises
-- Cafe en Seine, the George, Howl at the Moon and Zanzibar, while
a liquidator, accountant Jim Stafford, was appointed to the Dragon
bar in Dublin, as well as the Trinity Capital Hotel and the
Grafton Capital Hotel. These properties will now be sold to repay
creditors, the report notes.
Headquartered in Dublin, Ireland, Capital Bars plc --
http://www.capitalbars.com/-- runs multi-themed bars (several of
them 'superpubs' -- gigantic blends of restaurants, dancehalls,
and pubs), including Cafe en Seine and The George. Capital Bars
also has two contemporary-style hotels (Grafton Capital Hotel and
Trinity Capital Hotel) in Ireland's capital. The joint directors
(and brothers) Desmond and Liam O'Dwyer control the company.
After acquiring Capital Bars in 2001, the O'Dwyers took the
company private the following year.
ELAN CORPORATION: Completes AIP Deal with Johnson & Johnson
-----------------------------------------------------------
Johnson & Johnson and Elan Corporation plc on Sept. 17 announced
that JANSSEN Alzheimer Immunotherapy, a newly formed subsidiary of
Johnson & Johnson, has completed the acquisition of substantially
all of the assets and rights of Elan related to its Alzheimer's
Immunotherapy Program (AIP). In addition, Johnson & Johnson,
through its affiliate, Janssen Pharmaceutical, has invested US$885
million in exchange for newly issued American Depositary Receipts
(ADRs) of Elan, representing 18.4% of Elan's outstanding ordinary
shares.
The AIP represented Elan's interest in a collaboration with Wyeth
Pharmaceuticals to research, develop and commercialize selective
products for the treatment and/or prevention of neurodegenerative
conditions, including Alzheimer's Disease.
JANSSEN Alzheimer Immunotherapy will now assume Elan's activities
with Wyeth under the AIP and continue development activities for
bapineuzumab, a potential first-in-class treatment being evaluated
for slowing the progression of Alzheimer's Disease.
The AIP includes multiple compounds being evaluated for slowing
the progression of Alzheimer's Disease. The lead compound
(bapineuzumab), administered intravenously once every three
months, is currently in Phase 3 clinical trials. A subcutaneous
formulation, administered once a week, is currently in Phase 2
trials. In addition, a vaccine for Alzheimer's Disease (ACC-001)
is also in Phase 2 trials.
Breach
Elan on Sept. 14 said that it cured an unintended breach of its
Tysabri Collaboration Agreement with Biogen that had been
identified by the United States District Court for the Southern
District of New York. Elan's previously announced transaction
with Johnson & Johnson was amended to eliminate in its entirety
the Strategic Financing and Collaboration Agreement that was the
subject of the Court's September 3, 2009, hearing and Biogen's
previously disclosed notice of breach. Elan also informed Biogen
that it cured the unintended breach within the time period
permitted under Elan's Collaboration Agreement with Biogen.
About Elan Corporation, plc
Headquartered in Dublin, Ireland, Elan Corporation, plc --
http://www.elan.com/-- is a neuroscience-based biotechnology
company. Its principal research and development, manufacturing
and marketing facilities are located in Ireland and the United
States. Elan's operations are organized into two business units:
Biopharmaceuticals and Elan Drug Technologies. Biopharmaceuticals
engages in research, development and commercial activities
primarily in neuroscience, autoimmune and severe chronic pain.
EDT focuses on the specialty pharmaceutical industry, including
specialized drug delivery and manufacturing.
Elan shares trade on the New York, London and Dublin Stock
Exchanges. The gross assets attributable to the AIP Program in the
audited consolidated accounts of Elan as at December 31, 2008 were
US$63.1 million. Costs (losses) associated with the AIP Program
in respect of the year ended December 31, 2008 were approximately
US$113 million.
* * *
As reported in the Troubled Company Reporter on July 6, 2009,
Moody's Investors Service placed the ratings of Elan Corporation
plc under review for possible upgrade. Ratings placed under
review for possible upgrade include Elan's B3 Corporate Family
Rating, the B2 Probability of Default Rating, and the B3 rating on
Elan's senior unsecured bonds.
The Troubled Company Reporter-Europe reported on July 8, 2009,
that Standard & Poor's Ratings Services said that its ratings and
outlook on Elan Corp. PLC (B/Stable/--) remain unchanged,
following the recent announcement that Johnson & Johnson, through
a newly formed company, will acquire Elan's Alzheimer's
Immunotherapy Program.
LINEN SUPPLY: Court Appoints KPMG as Interim Examiner
-----------------------------------------------------
Dearbhail McDonald at Independent.ie reports that Linen Supply of
Ireland Limited secured the appointment of an interim examiner
after informing the High Court that it is insolvent.
The report relates Judge MacMenamin appointed Kieran Wallace of
KPMG as interim examiner to LSI, which employs 556 people at three
operations in Dublin, Cork and Galway.
The company, the report discloses, blamed its difficulties on a
depressed hospitality sector, a dramatic decline in hotel
occupancies, a significant margin squeeze by hoteliers and
suppliers and a competitive operating environment.
LSI, formerly CWS-boco Ireland, is a major supplier of linen
products to the hospitality and health sector and is the leading
vendor in Ireland of washroom hygiene products.
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I T A L Y
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ITTIERRE SPA: Creditors Eyes Takeover, MF Says
----------------------------------------------
Armorel Kenna at Bloomberg News, citing daily MF, reports that
Ittierre SpA's creditors are interested to acquire the company,
which makes clothes for the Gianfranco Ferre luxury fashion brand.
Bloomberg relates MF said a group of companies led by businessman
Davide Colangelo want to control Ittierre, a unit of IT Holding
SpA.
Bankruptcy
As reported in the Troubled Company Reporter-Europe pn March 2,
2009, The Associated Press said Ittierre, IT Holding's main
production and licensing unit, filed for protection from its
creditors Feb. 9 after banks refused to inject the necessary
capital to keep its business keep going. Ittierre missed loan
payments and was late in paying royalties to designers, according
to Bloomberg.
On Feb. 12, 2009, Minister Scajola accepted the application filed
by Ittierre for "Amministrazione Straordinaria" and appointed
Andrea Ciccoli, partner in Bain & Co., Stanislao Chimenti, lawyer,
and Roberto Spada, Certified Public Accountant, as commissioners.
According to Bloomberg, the Italian newspaper said government
appointed administrators are scheduled to present a reorganization
plan in mid-November.
About Ittierre
Ittierre S.p.A. is one of the operating subsidiaries of Italy
Holding S.p.A. -- http://www.itholding.com/-- an Italy-based
company operating in the luxury goods market. The Company and its
subsidiaries design, produce and distribute apparel, accessories,
eyewear and perfumes. Its brand portfolio embraces: owned brands,
Gianfranco Ferre, Malo, Exte, as well as licensed brands, Versace
Jeans Couture, Versace Sport, Just Cavalli, C'N'C Costume National
and Galliano. The Company's production facilities are located in
Italy. IT Holding SpA has a worldwide distribution network,
including 39 directly operated stores, 274 monobrand stores and
over 6,000 department and specialty stores.
RISANAMENTO SPA: Milan Prosecutor Rejects Restructuring Plan
------------------------------------------------------------
Marco Bertacche at Bloomberg News reports that a Milan prosecutor
has rejected Risanamento SpA's restructuring plan.
Bloomberg relates Risanamento said in a statement distributed
through the Italian exchange yesterday it is confident that Milan
judges will accept its request to reorganize and avoid bankruptcy.
According to Bloomberg, a court hearing is scheduled to take place
today, Sept. 22.
As reported in the Troubled Company Reporter-Europe on Sept. 10,
2009, Bloomberg News, citing daily Il Sole 24 Ore, said
Risanamento's restructuring plan, backed by 60% of the real estate
company's creditors, includes a EUR150-million (US$218 million)
capital increase, the conversion of EUR350 million of debt and the
sale of assets, excluding property in New York and Paris.
Risanamento was ordered to come up with the plan in response to a
prosecutor's statement in July that the real-estate company had
failed.
About Risanamento SpA
Headquartered in Milan, Italy, Risanamento SpA --
http://www.risanamentospa.it/-- is a company engaged in the
real estate sector. It is part of the Zunino Group. Its main
activities are real estate investments, real estate promotion and
development. The Company provides its services through numerous
subsidiaries and associated companies, such as Milano Santa Giulia
SpA, Etoile ST. Florentin Sarl, Risanamento Europe Sarl and RI
Investimenti Srl. Risanamento operates in the real estate
promotion and development, and real estate investments sectors.
The Company's main projects are the creation of the new Milano
Santa Giulia district, and the redevelopment of the former Falck
area in Sesto San Giovanni.
TISCALI SPA: To Begin Capital Increase by Christmas, Soru Says
--------------------------------------------------------------
Tiscali SpA will begin its planned capital increase by Christmas,
Chiara Remondini at Bloomberg News reports, citing founder Renato
Soru.
Bloomberg relates Mr. Soru, which owns about 20% of Tiscali, said
Friday the company is also working on a new business plan, which
will also be presented by Christmas.
As reported in the Troubled Company Reporter-Europe, Bloomberg
said in May Tiscali's board approved a debt restructuring plan,
including a rights offering to raise as much as EUR210 million
(US$281 million), after it agreed to sell its U.K. unit to
Carphone. In March, Tiscali halted payments on long-term bank
debts. It had about EUR500 million of long-term bank borrowings
at the end of last year, according to Bloomberg.
About Tiscali
Cagliari, Italy-based Tiscali S.p.A. (BIT:TIS) --
http://www.tiscali.com/-- is an Internet communications company
providing broadband and narrowband access for consumer and
business applications, as well as communications services and
content. The Company's portfolio includes Internet access in the
form of dial-up, broadband, satellite and leased lines, and
hosting services, such as co-location, shared hosting and managed
hosting. Tiscali also offers streaming media, telephony and such
services as virtual private networks (VPN), allowing companies to
communicate with remote branches. Its consumer products and
services include Internet access, voice, media, Internet Protocol
Television (IPTV) and value-added services, such as e-mail, Net
calendar, Net fax, Net phone, mail, instant messaging and Web
hosting. It is operational in Europe through its subsidiaries and
joint ventures. As of June 30, 2008, Tiscali had approximately
3.2 million active users in Italy and the United Kingdom.
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K A Z A K H S T A N
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ALEM LLP: Creditors Must File Claims by September 24
----------------------------------------------------
Creditors of LLP Republican Publishing House Alem have until
September 24, 2009, to submit proofs of claim to:
Kravtsov Str. 18
Astana
Kazakhstan
The Specialized Inter-Regional Economic Court of Astana 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
HOLIDAY MEDIA: Creditors Must File Claims by September 24
---------------------------------------------------------
LLP Holiday Media Group is currently undergoing liquidation.
Creditors have until September 24, 2009, to submit proofs of claim
to:
Bokin Str. 3-18
Talgar
Almaty
Kazakhstan
KELES MAKTA: Creditors Must File Claims by September 24
-------------------------------------------------------
Creditors of LLP Keles Makta have until September 24, 2009, to
submit proofs of claim to:
The Specialized Inter-Regional
Economic Court of South Kazakhstan
Tynybaev Str. 42
Shymkent
South Kazakhstan
Kazakhstan
The court commenced bankruptcy proceedings against the company on
June 8, 2009.
NEON EXPO: Creditors Must File Claims by September 24
-----------------------------------------------------
Creditors of LLP Neon Expo have until September 24, 2009, to
submit proofs of claim to:
Kravtsov Str. 18
Astana
Kazakhstan
The Specialized Inter-Regional Economic Court of Astana 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
NURTAS LLP: Creditors Must File Claims by September 24
------------------------------------------------------
Creditors of LLP Nurtas 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 15, 2009.
PAVLODARSKAYA SHVEINAYA: Creditors Must File Claims by Sept. 24
---------------------------------------------------------------
Creditors of LLP Pavlodar Garment Factory Pavlodarskaya Shveinaya
Fabrika have until September 24, 2009, to submit proofs of claim
to:
The Specialized Inter-Regional
Economic Court of Pavlodar
Djambulskaya Str. 6
Pavlodar
Kazakhstan
The court commenced bankruptcy proceedings against the company on
June 8, 2009.
PHOENIX CONSTRUCTION: Creditors Must File Claims by September 24
----------------------------------------------------------------
Creditors of LLP Phoenix Construction 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 15, 2009.
SARYAGASH KESHET: Creditors Must File Claims by September 24
------------------------------------------------------------
Creditors of LLP Saryagash Keshet have until September 24, 2009,
to submit proofs of claim to:
The Specialized Inter-Regional
Economic Court of South Kazakhstan
Tynybaev Str. 42
Shymkent
South Kazakhstan
Kazakhstan
The Specialized Inter-Regional Economic Court of South Kazakhstan
commenced bankruptcy proceedings against the company on June 8,
2009.
STROY ART: Creditors Must File Claims by September 24
-----------------------------------------------------
LLP Stroy Art Oral is currently undergoing liquidation. Creditors
have until September 24, 2009, to submit proofs of claim to:
Masin Str. 18
Uralsk
West Kazakhstan
Kazakhstan
TAUJAN LLP: Creditors Must File Claims by September 24
------------------------------------------------------
Creditors of LLP Taujan have until September 24, 2009, to submit
proofs of claim to:
Dossorskaya Str. 5
Atyrau
Kazakhstan
The Specialized Inter-Regional Economic Court of Atyrau 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 Atyrau
Satpaev Str. 3
Atyrau
Kazakhstan
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K Y R G Y Z S T A N
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WEIDESAI II: Creditors Must File Claims by September 30
-------------------------------------------------------
LLC Kyrgyz Chinese Company Weidesai II II is currently undergoing
liquidation. Creditors have until September 30, 2009, to submit
proofs of claim to:
Orozbekov Str. 241a
Bishkek
Kyrgyzstan
Tel: (+996 312) 37-05-22
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N E T H E R L A N D S
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ABN AMRO: Moody's Downgrades Ratings on Various Securities to 'B3'
------------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of the
US$1.285 billion, the US$200 million and the US$1.8 billion non-
cumulative trust preferred securities issued by ABN AMRO Capital
Funding Trust V, VI and VII to B3 from A2. Moody's also
downgraded the ratings of the EUR1 billion 4.31% capital
securities to Ba2 from A2 and the GBP750million cumulative
perpetual subordinated notes issued by ABN AMRO Bank N.V. to Ba2
from A1. All these ratings have been placed on review for
possible further downgrade.
ABN AMRO's C+ bank financial strength rating mapping with a A2
Baseline Credit Assessment and Aa3 senior debt and deposit ratings
remain on review for possible further downgrade while the Prime-1
short-term debt and deposit ratings remain unchanged.
The rating action reflects Moody's assumption that the downgraded
securities face a high probability of coupon deferral, as a result
of the ongoing discussion between the Dutch Ministry of Finance
and the European Commission on state aid packages granted to Dutch
banks. The rating action also reflects the concerns cited in
Moody's press release entitled "Moody's sees broader impact on
hybrid ratings triggered by EC's state aid reviews", published on
August 19, 2009.
The review for possible further downgrade reflects the prospect of
potential further downgrades in the event of a downgrade of ABN
AMRO's BFSR or in the event of a longer-term suspension of
coupons.
On October 3, 2008, the Dutch State took over Fortis Bank
Nederland (C-/A1/positive outlook/Prime-1), which itself
indirectly owned a 34% stake in ABN AMRO ("N Share"), representing
an economic interest in the Dutch retail and commercial banking
and international private banking businesses of ABN AMRO. On
24 December 2008, the Dutch government became the direct owner
of the "N Share", purchased from Fortis Bank Nederland for
EUR6.5 billion. On July 31, 2009, in anticipation of the de-
merger of the N-share from the rest of ABN AMRO, ABN AMRO received
State support through an EUR800 million Mandatory Convertible
Tier-1 Security that was acquired by the Dutch Ministry of Finance
and through the creation of a capital relief instrument that
provides credit protection from the Dutch State on EUR34.5 billion
of ABN AMRO residential mortgages, thereby reducing the bank's
risk-weighted assets by EUR19 billion. Given the state support
received and the EC's scrutiny on coupons of hybrid securities and
dividends being paid out of profits, Moody's believes that there
is an increased risk that ABN AMRO may be advised to skip optional
coupons on its hybrids. ABN AMRO indeed reported a loss of
EUR2.647 billion after tax at end-June 2009.
After the de-merger, the businesses of ABN AMRO that remain will
operate within a Dutch-chartered bank that will be renamed Royal
Bank of Scotland NV which should in due course become a wholly-
owned subsidiary of Royal Bank of Scotland Group plc. Moody's
noted that the trust preferred securities issued by ABN AMRO
Capital Funding Trust V, VI and VII are "economically allocated"
on a preliminary basis to the businesses slated to remain with RBS
NV. However, even if, after the de-merger, these securities are
no longer associated with a bank that has received Dutch state
support, Moody's believes that these securities are still
vulnerable to EC scrutiny that could lead to missed coupons. RBS
itself has already benefited from substantial UK government
support, and in 2009 ABN AMRO received a sizeable capital infusion
from RBS. Furthermore, after the de-merger, RBS is planning to
include certain assets of RBS NV in the UK government's asset
protection scheme. In light of this, Moody's believes that the
risk of missed coupons is high at all of ABN AMRO's hybrid
instruments, even if it is not entirely certain at this point
whether they will become obligations of ABN AMRO Bank or of RBS NV
after the de-merger.
Moody's notes that the coupon payments on the trust preferred
securities issued by ABN AMRO Capital Funding Trust V, VI and VII
are non-cumulative. Therefore, if the deferral of the coupon
payments were to materialize, the loss severity of a coupon
deferral on these securities would be high. This is the reason
for the steeper downgrade on those securities.
The perpetual cumulative subordinated notes and the capital
securities issued by ABN AMRO Bank, which allow for a cumulative
coupon deferral with ACSM settlement, would have a much lower loss
severity in the event of coupon deferral.
These ratings have been downgraded and placed on review for
possible further downgrade:
-- ABN AMRO Capital Funding Trust V US$1.285 billion 5.9% non-
cumulative trust preferred securities (US00372P2039) --
preferred stock rating to B3 from A2;
-- ABN AMRO Capital Funding Trust VI US$200 million 6.25% non-
cumulative trust preferred securities (US00080V2034) --
preferred stock rating to B3 from A2;
-- ABN AMRO Capital Funding Trust VII US$1.8 billion 6.08% non-
cumulative trust preferred securities (US00372Q2012) --
preferred stock rating to B3 from A2;
-- ABN AMRO Bank N.V. EUR1 billion 4.31% capital securities
(XS0246487457) -- preferred stock rating to Ba2 from A2
-- ABN AMRO Bank N.V. GBP750 million 5% perpetual subordinated
notes (XS0244754254) -- junior subordinated rating to Ba2
from A1.
In addition, the provisional ratings for the preferred stock shelf
registrations of ABN AMRO Capital Funding Trust V, VI, and VII and
ABN AMRO Capital Funding LLC V, VI, and VII were downgraded to
P(B3) from P(A2), and the provisional rating for the preference
stock shelf registration for ABN AMRO Holding NV was downgraded to
P(B3) from P(A3). These provisional ratings also remain on review
for downgrade.
The last rating action on ABN AMRO Bank N.V. was on August 4,
2009, when Moody's downgraded the bank's BFSR to C+ from B- and
the senior long-term debt and deposit ratings to Aa3 from Aa2 and
placed them on review for possible further downgrade. At the same
time, the Prime-1 short-term ratings of ABN AMRO Bank NV were
affirmed. The rating action also included the downgrade of ABN
AMRO Bank's subordinated debt to A1 from Aa3, and its Tier 1 non-
cumulative capital securities and trust preferred securities to A2
from A1. Those ratings also remained on review for possible
downgrade.
ABN AMRO Bank N.V., headquartered in Amsterdam, the Netherlands,
had total assets of EUR666.8 billion and reported shareholders'
equity (including minority interest) of EUR20.4 billion as of
December 31, 2008.
GROSVENOR PLACE: Moody's Junks Ratings on Four Classes of Notes
---------------------------------------------------------------
Moody's Investors Service has taken these rating actions on notes
issued by Grosvenor Place CLO I.
Issuer: Grosvenor Place CLO I
-- Class A-1 Senior Floating Rate Delayed Draw Notes due 2021,
Downgraded to Aa1; previously on Jun 14, 2006 Assigned Aaa
-- Class A-2 Senior Floating Rate Notes due 2021, Downgraded to
Aa1; previously on Jun 14, 2006 Assigned Aaa
-- Class A-3 Senior Multi-Currency Revolving Floating Rate Notes
due 2021, Downgraded to Aa1; previously on June 14, 2006
Assigned Aaa
-- Class A-4 Senior Floating Rate Notes due 2021, Downgraded to
A2; previously on March 4, 2009 Aa1 Placed Under Review for
Possible Downgrade
-- Class B Senior Floating Rate Notes due 2021, Downgraded to
Baa3; previously on March 4, 2009 Aa2 Placed Under Review for
Possible Downgrade
-- Class C Deferrable Interest Floating Rate Notes due 2021,
Downgraded to B1; previously on March 19, 2009 Downgraded to
Baa3 and Remained On Review for Possible Downgrade
-- Class D Deferrable Interest Floating Rate Notes due 2021,
Downgraded to Caa1; previously on March 19, 2009 Downgraded
to Ba3 and Remained On Review for Possible Downgrade
-- Class E Deferrable Interest Floating Rate Notes due 2021,
Downgraded to Caa3; previously on March 19, 2009 Downgraded
to B3 and Remained On Review for Possible Downgrade
-- Class P Combination Notes due 2021, Downgraded to Caa3;
previously on March 4, 2009 Ba1 Placed Under Review for
Possible Downgrade
-- Class Q Combination Notes due 2021, Downgraded to Caa1;
previously on March 4, 2009 Baa3 Placed Under Review for
Possible Downgrade
This transaction is a managed cash leveraged loan collateralized
loan obligation with exposure to predominantly European senior
secured loans, as well as some mezzanine loan exposure.
The rating actions reflect Moody's revised assumptions with
respect to default probability and the calculation of the
diversity score as described in the press release dated
February 4, 2009, titled "Moody's updates key assumptions for
rating CLOs." These revised assumptions have been applied to all
corporate credits in the underlying portfolio, the revised
assumptions for the treatment of ratings on "Review for Possible
Downgrade", "Review for Possible Upgrade", or with a "Negative
Outlook" being applied to those corporate credits that are
publicly rated.
Moody's also notes that a material proportion of the collateral
pool consists of debt obligations whose credit quality has been
assessed through Moody's credit estimates. As credit estimates do
not carry credit indicators such as ratings reviews and outlooks,
a stress of a quarter notch-equivalent assumed downgrade was
applied to each of these estimates.
According to Moody's, the rating actions taken on the notes are
also a result of credit deterioration of the underlying portfolio.
This is observed through a decline in the average credit rating as
measured through the portfolio weighted average rating factor
'WARF' (currently 2700), an increase in the amount of defaulted
securities (currently 4.5% of the portfolio), an increase in the
proportion of securities from issuers rated Caa1 and below
(currently 11.8% of the portfolio), and a failure of some par
value tests. These measures were taken from the recent trustee
report dated August 28, 2009. Moody's also performed a number of
sensitivity analyses, including consideration of a further decline
in portfolio WARF quality.
In addition to the quantitative factors that are explicitly
modelled, qualitative factors are part of the rating committee
considerations. These qualitative factors include the structural
protections in each transaction, the recent deal performance in
the current market environment, the legal environment, specific
documentation features, the collateral manager's track record, and
the potential for selection bias in the portfolio. All
information available to rating committees, including
macroeconomic forecasts, input from other Moody's analytical
groups, market factors, and judgments regarding the nature and
severity of credit stress on the transactions, may influence the
final rating decision.
ZOO ABS: S&P Lowers Rating on Class D Notes to 'BB+' From 'BBB'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
the class A-1, A-1D, A-2, B, C, and D notes issued by ZOO ABS II
B.V. At the same time, S&P affirmed its credit ratings on the
class X and E notes.
These rating actions follow S&P's assessment of the impact on the
transaction of the credit deterioration that S&P has observed in
the underlying portfolio.
On April 6, S&P published revised assumptions governing structured
finance assets with ratings on CreditWatch negative held within
collateralized debt obligation transactions. Under these revised
assumptions, S&P can adjust ratings on CreditWatch negative
downward by at least three notches. S&P's analysis indicates that
the underlying pool in this transaction contains 17% of assets on
CreditWatch negative.
Based on the asset ratings S&P considers appropriate in its
analysis, the weighted-average rating of the portfolio is 'BBB-'
(compared with 'BBB' at closing). Compared with the portfolio at
the closing date, the proportion of assets rated 'BB+' or lower
has risen to 29% from 21%.
ZOO ABS II relies mainly on cash flows from the underlying
portfolio to make payments of interest and principal to holders of
the notes that S&P rate. In S&P's opinion, the deterioration in
portfolio credit quality has increased the uncertainty over the
timing and amount of cash flows that may be available from the
portfolio.
Based on its analysis, S&P considers that the ratings previously
assigned to the class A-1D, A-1, A-2, B, C, and D notes are no
longer consistent with the heightened uncertainty over cash flows.
S&P has therefore lowered its ratings on these classes.
Calyon (AA-/Negative/A-1+) acts as a liquidity provider to cover
(i) interest shortfalls on the rated notes and (ii) interest
shortfalls on the class X, A-1, A-1D, A-2, and B notes which are
linked to deferred interest payments of CDO tranches. S&P will
continue to monitor the adequate coverage of interest shortfalls.
ZOO ABS II's portfolio primarily comprises European structured
finance assets.
Ratings List
ZOO ABS II B.V.
EUR255.5 Million Senior Delayed Drawdown
and Deferrable-Interest Secured Floating-Rate Notes
Ratings Lowered
Rating
------
Class To From
----- -- ----
A-1D AA- AAA
A-1 AA- AAA
A-2 A+ AAA
B A AA
C BBB+ A
D BB+ BBB
Ratings Affirmed
Class Rating
----- ------
X AAA
E BB
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R U S S I A
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BIO-FARM LLC: Creditors Must File Claims by September 24
--------------------------------------------------------
Creditors of LLC Bio-Farm (TIN 5503083965, PSRN 1045504028723)
(Pharmaceutical Company) have until September 24, 2009, to submit
proofs of claims to:
S. Sibichenko
Insolvency Manager
Post User Box 922
644020 Omsk
Russia
The Arbitration Court of Omskaya commenced bankruptcy proceedings
against the company after finding it insolvent. The case is
docketed under Case No. ?46=966588/2009.
The Debtor can be reached at:
LLC Bio-Farm
Beregovaya Str. 49
Chernoluchye
Omskiy
644518 Omskaya
Russia
KREATIV-STROY LLC: Creditors Must File Claims by September 24
-------------------------------------------------------------
Creditors of LLC Kreativ-Stroy (TIN 3444127332, PSRN
1053444094703) (Construction) have until September 24, 2009, to
submit proofs of claims to:
A. Vershinin
Insolvency Manager
Post User Box 2791
400064 Volgograd
Russia
The Arbitration Court of Volgogradskaya commenced bankruptcy
proceedings against the company after finding it insolvent. The
case is docketed under Case No. ?12=964018/09.
The Debtor can be reached at:
LLC Kreativ-Stroy
Apt. 54
Sovetskaya Str. 20
400131 Volgograd
Russia
MAGNITOGORSK IRON: Expects 50% Increase in Third-Quarter Sales
--------------------------------------------------------------
Ilya Khrennikov at Bloomberg News reports that OAO Magnitogorsk
Iron & Steel said it expects third-quarter sales will advance 50%
compared with the previous three months, citing increasing demand
in Russia, Middle East and Asia.
Bloomberg relates Magnitogorsk Chief Financial Officer Oleg
Fedonin said Sept. 10 on a conference call the company expects to
increase third-quarter output of commercial steel products will
rise to 2.6 million metric tons from 1.9 million tons in the
second quarter.
Magnitogorsk, Bloomberg discloses, plans to finalize negotiations
with international banks in the fourth quarter to finance its
steel mill in Turkey. It plans to borrow US$973 million from
international banks and Italian export-import guarantee agency
SACE, Bloomberg says.
About Magnitogorsk Iron
OAO Magnitogorsk Iron and Steel Works -- http://www.mmk.ru/-- is
a Russia-based company, active within the steel industry. The
Company=92s main activity is the production and realization of
ferrous metals products. Its main products are sinter, coke,
iron, crude steel, rolled products and ore materials. MMK OAO is
also involved in the ore mining, preparation of ore materials for
processing, sale of ferrous metal products, stocking and sale of
ferrous and non-ferrous metal scrap and other activities. It
operates on the domestic market, as well as exports its products
to the Commonwealth of Independent States countries, Asia and the
Near and Far East countries. The Company operates through numerous
subsidiaries and affiliated companies. It has one branch,
Buskul=92skoye kar=92yeroupravlenie and one representative office
located in Odessa, Ukraine.
* * *
As reported in the Troubled Company Reporter-Europe on July 13,
2009, Fitch Ratings affirmed Magnitogorsk Iron and Steel Works'
Long-term Issuer Default rating at 'BB'. The Outlook for the
Long-term IDR is Stable.
MONZENSKIY HOUSE: Creditors Must File Claims by September 24
------------------------------------------------------------
Creditors of LLC Monzenskiy House-Building Factory (TIN
3509007283, PSRN 10535000373266) have until September 24, 2009, to
submit proofs of claims to:
A. Fokin
Insolvency Manager
Post User Box 38
Cherepovets
162606 Vologodskaya
Russia
The Arbitration Court of Vologodskaya commenced bankruptcy
proceedings against the company after finding it insolvent. The
case is docketed under Case No. ?13=9611968/2008.
The Debtor can be reached at:
LLC Monzenskiy House-Building Factory
Zheleznodorozhnaya Str. 83
Vokhtoga
Gryazovetskiy
162040 Vologodskaya
Russia
SAMARA AIRLINE: Creditors Must File Claims by September 24
----------------------------------------------------------
Creditors of OJSC Samara Airline (TIN 6313033781, PSRN
1026300840675) have until September 24, 2009, to submit proofs of
claims to:
A. Tarasov
Insolvency Manager
Post Use Box 36
109153 Moscow
Russia
The Arbitration Court of Samarskaya commenced bankruptcy
proceedings against the company after finding it insolvent. The
case is docketed under Case No. ?55=969345/2008.
The Debtor can be reached at:
OJSC Samara Airline
Airport
Bereza
443025 Samarskaya
Russia
SPETS-STROY LLC: Creditors Must File Claims by September 24
-----------------------------------------------------------
Creditors of LLC Spets-Stroy-2 (TIN 6623010449) (Construction)
have until September 24, 2009, to submit proofs of claims to:
V. Opryshko
Insolvency Manager
Post User Box 756
620000 Yekaterinburg
Russia
The Arbitration Court of Sverdlovskaya commenced bankruptcy
proceedings against the company after finding it insolvent. The
case is docketed under Case No. ?60=9639576/2008-S11.
The Debtor can be reached at:
LLC Spets-Stroy-2
Krasnoarmeyskaya Str. 198
622016 Nizhny Tagil
Russia
STROY-KA LLC: Creditors Must File Claims by September 24
--------------------------------------------------------
Creditors of LLC Stroy-Ka (TIN 5905024663, PSRN 1025901213766)
(Construction) have until September 24, 2009, to submit proofs of
claims to:
A. Kotelnikov
Temporary Insolvency Manager
Mira Str. 45a-305
614095 Perm
Russia
The Arbitration Court of Permskiy will convene at 10:30 a.m. on
January 15, 2010 to hear bankruptcy supervision procedure on the
company. The case is docketed under Case No. ?50=961717/2009.
The Debtor can be reached at:
LLC Stroy-Ka
Promyshlennaya Str. 125
614065 Perm
Russia
STROY-MONOLIT LLC: Creditors Must File Claims by September 24
-------------------------------------------------------------
Creditors of LLC Stroy-Monolit (TIN 3665019960, PSRN
1023601565437) (Construction) have until September 24, 2009, to
submit proofs of claims to:
N. Krasilnikov
Insolvency Manager
Dorozhnaya Str. 22b
394038 Voronezh
Russia
The Arbitration Court of Voronezhskaya commenced bankruptcy
proceedings against the company after finding it insolvent. The
case is docketed under Case No. ?14=9616788-2008 51/20B.
The Debtor can be reached at:
LLC Stroy-Monolit
Kholmistaya Str. 32
Voronezh
Russia
URAL-LES LLC: Creditors Must File Claims by September 24
--------------------------------------------------------
Creditors of LLC Ural-Les-Servis (TIN 5916019168, PSRN
1075916000797) (Wood-Processing Industry) have until September 24,
2009, to submit proofs of claims to:
A. Popov
Insolvency Manager
Office 208
Bolshevistskaya Str. 120a
614045 Perm
Russia
The Arbitration Court of Permskiy commenced bankruptcy proceedings
against the company after finding it insolvent. The case is
docketed under Case No. ?50=961920/2009.
The Debtor can be reached at:
LLC Ural-Les-Servis
Geofizikov Str. 14
Krasnokamsk
617060 Permskiy
Russia
VIMPELCOM OAO: Court Rejects Telenor's Appeal on US$121 Mln Fine
----------------------------------------------------------------
Maria Ermakova at Bloomberg News, citing Telenor ASA spokeswoman
Anna Ivanova-Galitsina, reported that a Moscow court rejected last
week the company's appeal of a US$121 million fine in Russia
imposed for not voluntarily paying US$1.7 billion in damages to
OAO VimpelCom.
Bloomberg relates the fine was imposed after a lawsuit brought by
a minority shareholder, which Telenor is also contesting.
As reported in the Troubled Company Reporter-Europe, on March 4,
2009, Telenor filed a cassation appeal of the decision of the
Eighth Appellate Arbitrazh Court in Omsk ordering the company to
pay US$1.7 billion in connection with the claim made by Farimex
Products, Inc. Farimex alleged that Telenor caused losses to
VimpelCom by delaying VimpelCom's acquisition of loss-making
Ukrainian mobile operator, Ukrainian Radio Systems (URS).
Vimpel-Communications (VimpelCom) -- http://www.vimpelcom.com/--
is a provider of telecommunications services in Russia and the
Commonwealth of Independent States (CIS). The VimpelCom group of
companies consists of telecommunications operators providing voice
and data services through a range of mobile, fixed and broadband
technologies. The Group includes companies operating in Russia,
Kazakhstan, Ukraine, Uzbekistan, Tajikistan, Georgia, Armenia, as
well as Vietnam and Cambodia. As of September 30, 2008,
VimpelCom=92s total number of active subscribers in Russia and the
CIS was 57.8 million. On February 29, 2008, VimpelCom completed a
merger with Golden Telecom, a provider of integrated
telecommunications and Internet services in Russia and the CIS.
In July 2008, VimpelCom signed a joint venture agreement to launch
a global system for mobile communications (GSM) network in Vietnam
and acquired a 90% stake in Sotelco.
* * *
As reported in the Troubled Company Reporter-Europe on June 16,
2009, Standard & Poor's Ratings Services said that there is no
immediate impact on the rating or outlook on Russian telecoms
operator Vimpel-Communications (BB+/Negative/--) as a result of
ongoing litigation between two of its shareholders, Telenor ASA
(BBB+/Negative/A-2) and Farimex (not rated). Following a court
ruling in March 2009, Telenor faces losing its 33.6% stake in
VimpelCom if it fails to pay a US$1.7 billion fine.
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S P A I N
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FTPYME BANCAJA 3: S&P Lowers Rating on Class D Notes to 'B+'
------------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit rating on the class D notes issued
by FTPYME Bancaja 3, Fondo de Titulizacion de Activos. At the
same time, S&P affirmed its ratings on all other classes of notes
in this transaction.
In June 2009, S&P placed FTPYME Bancaja 3's class D notes on
CreditWatch negative due to the transaction's exposure to an
ineligible swap counterparty, Caja de Ahorros de Valencia,
Castellon y Alicante (Bancaja; NR). S&P withdrew the rating on
Bancaja on Dec. 10, 2008 (see "Related Research" below).
According to S&P's published criteria, an unrated derivative
counterparty is not an eligible supporting party at any rating
level.
S&P understands that Bancaja will not be replaced as the swap
counterparty in this transaction. According to S&P's updated
credit and cash flow analysis, the class D notes cannot maintain
their current rating if S&P assumes that the swap is no longer in
place. At the same time, S&P's analysis warrants an affirmation
of the class A3(G), B, and C notes.
Under the swap agreement, the swap guarantees an interest rate
equal to the weighted-average interest rate of the notes plus a
margin of 87 basis points. S&P assessed the rating effect of the
additional stress due to the basis-risk exposure if the swap
contract was no longer in place. S&P sized the basis risk as a
function of the difference between the maximum interest payable on
the notes and the minimum interest receivable on the underlying
assets.
S&P based its updated credit analysis on the latest loan-level
data received for the underlying portfolio. S&P focused on real
estate and construction sector exposures, and the concentration of
loans granted for development. As of the July investor report,
the collateral shows a 49.29% concentration in real estate and
construction and a 55.83% concentration of loans originated in the
Valencia region.
According to the most recent data, 90+ day delinquencies accounted
for 8.44% of FTPYME Bancaja 3's current portfolio. Cumulative
defaults were 0.41% of the original balance. On the last payment
date, the fund generated enough excess spread to replenish the
cash reserve to its required level of EUR5 million, after the
issuer drew on it at the March interest payment date.
Ratings List
FTPYME Bancaja 3, Fondo de Titulizacion de Activos
EUR900 Million Floating-Rate Notes
Rating Lowered and Removed From CreditWatch Negative
Rating
------
Class To From
----- -- ----
D B+ BB-/Watch Neg
Ratings Affirmed
Class Rating
----- ------
A3(G) AAA
B AA-
C BBB
REYAL URBIS: Puts Madrid Property Assets Up for Sale
----------------------------------------------------
Judy MacInnes at Reuters, citing Expansion newspaper, reports that
Reyal Urbis SA has put some prime Madrid property up for sale.
Reuters relates the paper, citing unnamed financial sources, said
the assets include the ABC shopping center in one of Madrid's most
expensive streets, Serrano, as well as various hotels belonging to
the Rafael chain.
According to Reuters, the sale process for some of the assets
could begin next week and will be handled by various property
consultants.
Alex Lange at Bloomberg News, citing the Wall Street Journal,
reports Reyal Urbis is looking to raise EUR300 million (US$441.9
million) from the sale.
Debt Refinancing Talks
Reyal Urbis, Reuters discloses, is in talks with its creditors,
led by Santander and its subsidiary Banesto, to refinance an over
EUR3 billion (US$4.41 billion) syndicated loan. Reuters notes
Expansion said the banks are setting tougher terms and obliging
the company, whose total debt stood at EUR4.825 billion at the end
of June, to show goodwill by putting some of its assets up for
sale.
About Reyal Urbis
Headquartered in Madrid, Spain, Reyal Urbis SA --
http://www.reyalurbis.com/-- is a company engaged in the real
estate sector. The Company's business is structured in four
areas: residential development, owned portfolio, land management
and Rafaelhoteles. In the residential development area, the
Company is involved in the construction of middle-range urban
residences, as well as property project and land management. The
Company's owned portfolio area comprises the management of
residential and non-residential properties, such as offices,
shopping centers, commercial space and industrial warehouses,
among others. In the land management area, the Company owns more
than 300 land plots located in 40 cities in Spain and Portugal.
The Rafaelhoteles area is operated by its subsidiary Rafael
Hoteles SAU, which is active in the management of the
Rafaelhoteles hotel chain. In addition, through Urbis USA Inc,
the Company has operations established in Miami, the United
States.
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S L O V A K R E P U B L I C
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MATADOR AUTOMOTIVE: Moody's Cuts National Scale Rating to 'Ba1'
---------------------------------------------------------------
Moody's Investors Service has downgraded the long-term national
scale rating of Matador Automotive Vrable to Ba1.sk from Baa3.sk
due to deteriorating business results with rapidly declining sales
compared to previous year, as well as the company's stretched
capital structure and tight liquidity profile, which is not
commensurate with Baa3.sk rating level. The rating remains on
review for further downgrade as a result of a possible early call
on its EUR16.6 million bond.
The downgrade reflects Moody's concerns about a more severe
decline in automotive production volumes in Central and Eastern
Europe than Moody's had previously expected. These concerns are
already visible in substantial double-digit declines in revenues
and operating losses for MAV in H1 2009 and which could last into
2010, albeit at a somewhat reduced pace. Moreover, for 2009,
management has planned a large capacity expansion programme with
substantial retooling investments related to upcoming projects
predominantly for Volkswagen, which are expected to be funded
primarily with debt. Although MAV has initiated an acceleration
of release of working capital items, these developments could
result in a highly leveraged capital structure in 2009, following
an already significant increase in debt at the end of 2008.
Although 2010 could be less challenging for the automotive
industry, with more relaxed capital expenditure and release of
working capital, Moody's does not expect a recovery sufficient for
the company to offset these negative trends on its own. MAV's
funding arrangements contain a large amount of short-term debt,
which exposes the company to ongoing refinancing risk. In
addition, a sizeable EUR16 million bond issue due in 2011 carries
a rating covenant.
Moody's Ba1.sk rating assumes that a possible early call on the
2011 bond, given MAV's tight liquidity profile, would be timely
refinanced by new debt and tangible contributions from the parent
company, Matador Holding (which has just disposed of its 34% stake
in a joint-venture to Continental). Thus, in its rating review,
the agency will focus, on (i) a reassessment of MAV's business
prospects, (ii) the potential for cash realizations from working
capital and asset sales, and (iii) the steps taken by the Matador
group towards repayment of the bond potentially coming due in the
short term.
The last rating action on MAV was implemented on 17 July 2009,
when Moody's placed MAV's Baa3.sk rating on review for possible
downgrade.
Headquartered in Vrable, Slovakia, MAV is a local supplier of
automotive parts, mostly to Tier 1 OEM suppliers. MAV specializes
in welded components such as cross car beams, instrument panels,
seat frames and exhaust systems, as well as a wide range of
interior car body parts. MAV is ultimately owned by Matador
Holding. In 2008, MAV accounted for over 80% of Matador Holding's
sales. In 2008, MAV reported sales of EUR115 million.
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S W I T Z E R L A N D
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ARBUM GMBH: Claims Filing Deadline is September 24
--------------------------------------------------
Creditors of ARBUM GmbH are requested to file their proofs of
claim by September 24, 2009, to:
Gust Eugster, liquidator
Nollisweid 17
9050 Appenzell
Switzerland
The company is currently undergoing liquidation in Appenzell. The
decision about liquidation was accepted at a shareholders' meeting
held on August 6, 2009.
BOBAG AG: Claims Filing Deadline is September 24
------------------------------------------------
Creditors of Bobag AG are requested to file their proofs of claim
by September 24, 2009, to:
Ursula Abderhalden Wyss
Liquidator
Brestenbuehlstrasse 52
8152 Hochfelden
Switzerland
The company is currently undergoing liquidation in Regensdorf.
The decision about liquidation was accepted at an extraordinary
general meeting on June 12, 2009.
CORAY GMBH: Claims Filing Deadline is September 25
--------------------------------------------------
Creditors of Coray GmbH are requested to file their proofs of
claim by September 25, 2009, to:
Trevitas Treuhand AG
Bionstrasse 4
9015 St. Gallen
Switzerland
The company is currently undergoing liquidation in St. Gallen.
The decision about liquidation was accepted at a shareholders'
meeting held on June 9, 2009.
ELITE AG: Claims Filing Deadline is September 24
------------------------------------------------
Creditors of Elite AG are requested to file their proofs of claim
by September 24, 2009, to:
Heinz and Veronika Loeliger
Buchmattstrasse 49
3400 Burgdorf
Switzerland
The company is currently undergoing liquidation in Burgdorf. The
decision about liquidation was accepted at a general meeting held
on June 19, 2009.
FUTURA.CH GMBH: Claims Filing Deadline is September 25
------------------------------------------------------
Creditors of futura.ch GmbH are requested to file their proofs of
claim by September 25, 2009, to:
Richard Janki
Bahnhofstrasse 11
Mail box: 440
8630 Rueti/ZH
Switzerland
The company is currently undergoing liquidation in Igis. The
decision about liquidation was accepted at a shareholders' meeting
held on May 13, 2009.
GEORGES ULRICH: Claims Filing Deadline is September 24
------------------------------------------------------
Creditors of Georges Ulrich AG are requested to file their proofs
of claim by September 24, 2009, to:
Georges Ulrich
Mail box: 7986
6000 Luzern 7
Switzerland
The company is currently undergoing liquidation in Meggen. The
decision about liquidation was accepted at an extraordinary
general meeting on May 19, 2009.
HILL AG: Claims Filing Deadline is September 25
-----------------------------------------------
Creditors of Hill AG are requested to file their proofs of claim
by September 25, 2009, to:
Hill AG
Liquidator
Guthirtstrasse 10
8037 Zurich
Switzerland
The company is currently undergoing liquidation in Zurich. The
decision about liquidation was accepted at a general meeting held
on July 3, 2009.
STRACOM CONSULTING: Claims Filing Deadline is September 24
----------------------------------------------------------
Creditors of Stracom Consulting GmbH are requested to file their
proofs of claim by September 24, 2009, to:
Christoph Ottiger
Sonnenhaldenstr. 31
9032 Engelburg
Switzerland
The company is currently undergoing liquidation in Engelburg. The
decision about liquidation was accepted at an extraordinary
general meeting on November 18, 2008.
SYSTECH IT-SERVICES: Claims Filing Deadline is September 25
-----------------------------------------------------------
Creditors of Systech It-Services GMBH are requested to file their
proofs of claim by September 25, 2009, to:
Emmy Arbus
Fischbachstrasse 6a
8162 Steinmaur
Switzerland
The company is currently undergoing liquidation in Weiningen. The
decision about liquidation was accepted at a shareholders' meeting
held on June 25, 2009.
UBS AG: Warns US Clients of Accounts Disclosure to Tax Authorities
------------------------------------------------------------------
Kim Dixon at Reuters reports that UBS AG has warned its U.S.
clients that their secret Swiss accounts may be revealed to US tax
authorities after next Wednesday's expiration of an amnesty
program.
According to a letter from UBS obtained by Reuters, the Company
told the clients that their accounts fall under a deal signed in
August that ended a dispute with the U.S. government over off-
shore assets of U.S. clients. Reuters states that the clients
will decide whether to participate in the U.S. Internal Revenue
Service's amnesty program that reveals income in tax havens like
Switzerland, Cayman Islands, and Monaco.
Reuters says that in exchange for coming clean by the September 23
deadline, individuals pay back taxes and a reduced fine, while
generally avoiding criminal charges.
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.
VILA AG: Claims Filing Deadline is September 25
-----------------------------------------------
Creditors of Vila AG are requested to file their proofs of claim
by September 25, 2009, to:
Ueli Wampfler
Walchestrasse 9
8006 Zurich
Switzerland
The company is currently undergoing liquidation in Zurich. The
decision about liquidation was accepted at a general meeting on
July 23, 2009.
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T U R K E Y
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* ISTANBUL: Moody's Changes Outlook on 'Ba3' Rating to Positive
---------------------------------------------------------------
Moody's Investors Service has changed the outlook on the Ba3
issuer rating of Istanbul Metropolitan Municipality and the
Ba3/Baa1.tr issuer ratings of Turkey's Housing Development
Administration (Toplu Konut Idaresi Baskanligi) to positive from
stable. On the global scale, Istanbul and TOKI are rated in line
with Turkish government.
"The rating action follows the decision of Moody's Sovereign Risk
Group to change the rating outlook of the Turkish Republic to
positive from stable, which has an impact on the ratings of both
Istanbul and TOKI," says Francesco Soldi, Moody's lead analyst for
Istanbul and TOKI. "Istanbul retains a strategic role in the
national economy, whilst TOKI features close operating and
financial links with the Turkish government due to the nature of
its functions."
Istanbul's Ba3 issuer rating continues to reflect its active
fiscal management and some fiscal flexibility. Moody's recognizes
that growing resources and the active management of municipal-
related companies helped Istanbul to manage expenditure pressures
and to consolidate robust operating surpluses. However, these
surpluses are expected to slightly deteriorate going forward, due
to the effects of the economic slowdown on revenue dynamics.
Notwithstanding the large operating surpluses, Moody's notes that
Istanbul's implementation of large infrastructure investments has
led to a fast growing debt burden, in the context of a high
exposure to financial market volatility and fiscal challenges
associated with its large investment requirements. At end-2008,
Istanbul's direct municipal debt amounted to over US$1.5 billion,
or 57% of operating revenues (up from 12% in 2004). Istanbul's
debt profile exposes it to liquidity, interest rate and currency
exchange risks; the volatility in financial market conditions
should inspire prudent debt and cash flow management, particularly
when financing cannot be hedged.
TOKI's Ba3 (global scale) and Baa1.tr (Turkish national scale)
issuer ratings also reflect positive financial results, supported
by the substantial expansion of the company's assets. Moody's
understands that proceeds from revenue-sharing projects, combined
with its own cash position and growing use of short-term liquidity
lines from banks, have helped TOKI to manage financing
requirements.
Notwithstanding its positive financial position, the
implementation of TOKI's large capital program has led to rapidly
narrowing liquidity position and higher-than-expected recourse to
domestic borrowing. As of June 2009, TOKI reported a debt
exposure of approximately TRY2.3 billion (US$1.5 billion). Going
forward, Moody's cautions that TOKI needs to create conditions for
consolidating a regular cash flow profile, with adequate reserves.
The last rating action with respect to Istanbul was implemented on
December 15, 2006, when Moody's upgraded the city's issuer rating
to Ba3 from B1. The last rating action with respect to TOKI was
implemented on 18 February 2008, when Moody's assigned the
Ba3/Baa1.tr issuer ratings.
Moody's national scale ratings are not globally comparable, but
address credit risk among debt issues or issuers within a country,
enabling participants to better differentiate relative risks.
Moody's issuer ratings are assigned to issuers rather than to
specific debt issues. Specific debt issues of the issuer may be
rated differently, and are considered unrated unless individually
rated by Moody's.
* TURKEY: Moody's Changes Outlook on 'Ba3' Ratings to Positive
------------------------------------------------------------
Moody's Investors Service has changed the outlook on the Turkish
government's Ba3 bond ratings to positive from stable. The move
reflects the economy's improved resilience in the face of shocks,
as illustrated by its unassisted performance during the global
crisis of the past two years.
"The positive outlook acknowledges that the Turkish economy was
better prepared to face the credit crunch and the resulting global
recession than would have seemed possible given its dependence on
external capital," said Kristin Lindow, the Regional Credit
Officer for Europe and Africa in Moody's Sovereign Risk Group.
"Moreover, the government did not have to rely on external support
from the IMF or other official sources as it had needed in past
crises."
Moody's says that the 10% contraction in Turkey's GDP during the
first half of 2009 was severe, even by comparison to the 2001
financial crisis. Nonetheless, Ms. Lindow says that the local
financial market handled well the scarcity of external capital
inflows and the tightening of credit conditions. This has been
evidenced by the government's ready access to both domestic and
external credit and the rapid decline in market interest rates
from their peak. Heavily indebted private sector companies were
able to roll over or repay their own external obligations without
government intervention.
"The crisis has not passed for Turkey; its effects continue to
reverberate across the economy. At least three years' of
improvements in government debt affordability metrics (i.e.
government interest payments to revenues) have been lost.
Moreover, there are indications that the recovery reported in the
second quarter GDP has slowed," said Ms. Lindow. "Still, the
impact on the public finances, inflation and the financial market
generated by this recession is not as negative as the impact of
past crises, despite the headline hit to growth."
Ms. Lindow notes that the new update to the Medium Term
Expenditure Plan provides some assurance that the deterioration in
the public finances that occurred in 2009 will gradually start to
reverse through spending discipline and revenue enforcement.
"Given the depth of the recession and expectations of slower
growth in a less benign global economy in coming years, the
restoration of favorable debt dynamics will depend on maintaining
lower interest rates and a gradual tightening of the structural
fiscal stance," explains Ms. Lindow.
In Moody's opinion, determined action to regain fiscal credibility
and an ongoing commitment to low inflation will be crucial to
avoid undermining the progress made earlier in this decade. For
instance, the passage and implementation of supporting legislation
for the proposed fiscal rule could be beneficial to improve debt
affordability.
Moody's has also changed the outlook on Turkey's B1 foreign
currency bank deposit ceiling to positive from stable. The
outlook on the Ba1 foreign currency debt ceiling remains stable,
as do the outlooks on the local currency country ceilings (A2 for
bonds, A3 for bank deposits).
Moody's last rating action on Turkey was taken on May 24, 2006,
when the country ceiling for foreign currency debt was upgraded to
Ba1 from Ba3. Prior to that, Moody's last changed the debt
ratings of the Turkish government on December 14, 2005, when they
were upgraded from B1 to Ba3.
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U K R A I N E
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DUNE LLC: Creditors Must File Claims by September 24
----------------------------------------------------
Creditors of LLC Dune (code EDRPOU 30447862) have until
September 24, 2009, to submit proofs of claim to:
Fastov Regional State Tax Inspection
Insolvency Manager
Kirov Str. 28
Fastov
08500 Kiev
Ukraine
The Economic Court of Kiev commenced bankruptcy proceedings
against the company on August 5, 2009. The case is docketed under
Case No. B11/099-09.
The Court is located at:
The Economic Court of Kiev
Komintern Str. 16
01032 Kiev
Ukraine
The Debtor can be reached at:
LLC Dune
Krasny shliakh Str. 24
Fastov
Kiev
Ukraine
UKRPRODUCT K LLC: Creditors Must File Claims by September 24
------------------------------------------------------------
Creditors of LLC Ukrproduct K (code EDRPOU 32870508) have until
September 24, 2009, to submit proofs of claim to:
V. Vakulenko
Insolvency Manager
Office 5-A
Shakespeare str. 12-A
61045 Kharkov
Ukraine
The Economic Court of Kharkov commenced bankruptcy proceedings
against the company on August 11, 2009. The case is docketed
under Case No. B-19/27-09.
The Court is located at:
The Economic Court of Kharkov
Svoboda Square 5
61022 Kharkov
Ukraine
The Debtor can be reached at:
LLC Ukrproduct K
Dovgalevskaya Str. 25
Kharkov
Ukraine
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U N I T E D K I N G D O M
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EUROSAIL PLC: Moody's Junks Ratings on Twelve Classes of Notes
--------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of:
-- all the notes issued by Eurosail 2006-1 PLC (Eurosail 2006-1);
-- all the notes issued by Eurosail 2006-2BL PLC (Eurosail 2006-
2), except Class B1a and Class B1b which were confirmed at
their current ratings;
-- all the notes issued by Eurosail 2006-3NC PLC (Eurosail 2006-
3), except Class A2b, Class A2c and Class A3c DAC which were
confirmed at their current ratings;
-- all notes issued by Eurosail-UK 2007-1NC PLC (Eurosail 2007-
1), except Class A3c DAC which was confirmed at Aaa.
All the affected tranches, listed at the end of this press
release, had been placed on review for possible downgrade on the
17 September 2008 because of their exposure to Lehman Brothers
Holding Inc. These notes were also on review for possible
downgrade due to worse-than-expected performance as detailed in a
press release dated June 26, 2009, when Moody's placed on review
13 UK Non-Conforming RMBS transactions and commented on 14 other
UK NC RMBS transactions. The rating actions conclude the review
and take into account increased loss expectations for the four
mortgage portfolios backing these transactions as well as the
exposure to LBHI or to entities ultimately owned by LBHI
performing servicing and cash management functions. Moody's notes
that the weak performance of these transactions is the main driver
for the rating action.
Transaction Overview
Eurosail 2006-1 closed in May 2006 and the current pool factor is
approximately 42%. The assets supporting the notes are non-
conforming mortgage loans secured by residential properties
located in England, Wales and Scotland, with approximately 6% of
the outstanding portfolio represented by second lien loans. The
original weighted average LTV at closing was approximately 74%
while the current weighted average indexed LTV has increased to
approximately 80%. As a result of the house price depreciation
after closing, approximately 11.5% of the outstanding portfolio is
currently characterized by an indexed LTV higher than 100%. The
cumulative losses realized since closing amount to 1.9% of the
original portfolio balance, with an average loss severity of 34.3%
reported for the quarter ended in June 2009. The reserve fund has
been drawn and it is currently equal to approximately 70% of its
target level corresponding to 0.83% of the current balance of the
notes.
Eurosail 2006-2 closed in October 2006 and the current pool factor
is approximately 52%. The assets supporting the notes are near
prime and non-conforming mortgage loans secured by residential
properties located in England, Wales, Scotland and Northern
Ireland, with approximately 0.5% of the outstanding portfolio
represented by second lien loans. The original weighted average
LTV at closing was approximately equal to 76% while the current
weighted average indexed LTV has increased to approximately 79%.
As a result of the house price depreciation after closing,
approximately 6% of the outstanding portfolio is currently
characterized by an indexed LTV higher than 100%. The cumulative
losses realized since closing amount to 2% of the original
portfolio balance, with an average loss severity of 37.5% reported
for the quarter ended in June 2009. The reserve fund has been
drawn and it is currently equal to approximately 81% of its target
level corresponding to 0.15% of the current balance of the notes.
Eurosail 2006-3 closed in November 2006 and the current pool
factor is approximately 51%. The assets supporting the notes are
non-conforming mortgage loans secured by residential properties
located in England, Wales and Scotland, with approximately 15% of
the outstanding portfolio represented by second lien loans. The
original weighted average LTV at closing was approximately equal
to 71% while the current weighted average indexed LTV has
increased to approximately 80%. As a result of the house price
depreciation after closing, approximately 11.6% of the outstanding
portfolio is currently characterized by an indexed LTV higher than
100%. The cumulative losses realized since closing amount to 1.5%
of the original portfolio balance, with an average loss severity
of 31.7% reported for the quarter ended in June 2009. The reserve
fund has been completely depleted and the transaction is currently
experiencing an unpaid PDL on the class E note of approximately
GBP2,605,987
Eurosail 2007-1 closed in February 2007 and the current pool
factor is approximately 63%. The assets supporting the notes are
non-conforming mortgage loans secured by residential properties
located in England, Wales, Scotland and Northern Ireland, with
approximately 13% of the outstanding portfolio represented by
second-lien loans. The original weighted average LTV at closing
was approximately equal to 73% while the current weighted average
indexed LTV has increased to approximately 82%. As a result of
the house price depreciation after closing, approximately 12.9% of
the outstanding portfolio is currently characterized by an indexed
LTV higher than 100%. The cumulative losses realized since
closing amount to 1.6% of the original portfolio balance, with an
average loss severity of 35.3% reported for the quarter ended in
June 2009. The reserve fund has been completely depleted and the
transaction is currently experiencing an unpaid PDL on the class E
note of approximately GBP1.6 million.
Revised Performance Expectations
Moody's has assessed updated loan-by-loan information of the
outstanding portfolios to determine the increase in credit support
needed and the volatility of future losses. As a consequence,
Moody's has revised its Milan Aaa CE for these transactions to 29%
for Eurosail 2006-1, 27% for Eurosail 2006-2, 33% for Eurosail
2006-3 and 30% for Eurosail 2007-1. The current available credit
enhancement (excluding excess spread) for Class A2 notes in
Eurosail 2006-1 and Eurosail 2006-2 is equal to 27.8% and 27.3%
respectively. In Eurosail 2006-3 and Eurosail 2007-1, Class A2
and A3 notes share the same PDL and their current available credit
enhancement, taking into account the unpaid PDL, equals to
approximately 27.4% and 22% respectively. The principal
redemption within the Class A notes is fully sequential, hence
these classes are expected to have significantly different average
lives. In its cash flow analysis of Eurosail 2006-3 and Eurosail
2007-1, Moody's has taken into account the faster repayment of the
Class A2 notes. This has led to the confirmation of the current
ratings of Class A2b and Class A2c in Eurosail 2006-3 and to the
difference in rating levels between Class A2 and Class A3 in
Eurosail 2007-1. Similarly, Class A3c DAC for Eurosail 2006-3 and
Eurosail 2007-1 were confirmed at their current ratings taking
into consideration their termination dates falling on December
2009 and March 2010 respectively.
Considering the current amount of realized losses, and completing
a roll-rate and severity analysis for the non-defaulted portion of
the portfolio, Moody's has also increased its total loss
expectations to 6.5% of the original portfolio balance for
Eurosail 2006-1 and Eurosail 2006-2 (vs. 3.7% and 3.1% previously
assumed) and to 7.5% of the original portfolio balance for
Eurosail 2006-3 and Eurosail 2007-1 (vs. 3.7% previously assumed
for both transactions).
The loss expectation and the Milan Aaa CE are the two key
parameters used by Moody's to calibrate the loss distribution
curve, which is one of the inputs into Moody's RMBS cash-flow
model. Moody's has also factored into its analysis the negative
sector outlook for UK non-conforming RMBS. The sector outlook
reflects these expectations of key macro-economic indicators: GDP
to contract by 4.1% in 2009, followed by growth of 0.9% in 2010,
unemployment to increase to 9.6% by 2010 from 7.8%, house prices
to decrease by over 30% from their peak in 2007 to a trough in
2010 and further increases in personal insolvencies.
Swaps, Servicing and Cash Management
Moody's notes that following the bankruptcy filing of LBHI, an
event of default has occurred in the swap agreements in place for
the four transactions. As of only the fixed-floating and BBR
swaps for Eurosail 2007-1 have been terminated, but no replacement
swaps have been entered into by the issuer. In Moody's current
rating review, Moody's has assumed that the issuer will not enter
into replacement swaps and will be exposed to interest rate and
basis risk until transaction maturity.
The fixed-floating swaps for the other three transactions have not
been terminated. However, the residual interest rate risk
exposure is limited as fixed rate loans are reverting to floating
rate within December 2010, October 2009 and September 2009 for
Eurosail 2006-1, Eurosail 2006-2 and Eurosail 2006-3 respectively.
These three transactions are also exposed to some unhedged basis
risk due to the reset date mismatch between the Note Libor and the
Libor on the mortgage loans which is approximately a 10-15 day
period. This risk had been previously sized by Moody's in the
latest review of the deals in May 2008 and is not the driver of
the rating actions.
Some of the notes in the four transactions are denominated in EUR
or US$ as detailed in the list below. The Issuers have entered
into currency swap agreements with Barclays Bank PLC to hedge the
foreign exchange risk.
Finally, the rating actions incorporate the potential operational
risks associated with Capstone Mortgage Services Ltd, performing
the servicing and cash management functions in all four
transactions. Following a review of Capstone servicing
operations, Moody's is satisfied of the ability of the servicer to
perform its duties considering current resources, systems and
procedures. Uncertainties remain on the ownership structure and
funding strategy of Capstone in the future. Moody's considers the
back-up cash management arrangements in place with HML to be not
sufficiently hot to ensure, in Aaa-equivalent circumstance, a
timely payment of principal and interest on the notes and payments
to the cross-currency swap provider within the grace period. This
consideration of this residual operational risk has affected the
ratings of the senior notes in the reviewed transactions by
approximately 1 notch.
List of Affected Notes
Issuer: Eurosail 2006-1
-- GBP321.2 million A2c notes, Downgraded to Aa1; previously on
17 September 2008 Aaa Placed Under Review for Possible
Downgrade
-- EUR20.7 million B1a notes, Downgraded to A1; previously on
17 September 2008 Aa3 Placed Under Review for Possible
Downgrade
-- GBP17.5 million B1c notes, Downgraded to A1; previously on
17 September 2008 Aa3 Placed Under Review for Possible
Downgrade
-- EUR13.6 million C1a notes, Downgraded to Ba2; previously on
17 September 2008 Baa2 Placed Under Review for Possible
Downgrade
-- GBP16.5 million C1c notes, Downgraded to Ba2; previously on
17 September 2008 Baa2 Placed Under Review for Possible
Downgrade
-- EUR26.4 million D1a notes, Downgraded to Caa3; previously on
17 September 2008 Ba3 Placed Under Review for Possible
Downgrade
-- GBP3.0 million D1c notes, Downgraded to Caa3; previously on
17 September 2008 Ba3 Placed Under Review for Possible
Downgrade
-- GBP4.8 million E notes, Downgraded to Ca; previously on
17 September 2008 B3 Placed Under Review for Possible
Downgrade
Issuer: Eurosail 2006-2BL PLC
-- GBP269.0 million A2c notes, Downgraded to Aa1; previously on
17 September 2008 Aaa Placed Under Review for Possible
Downgrade
-- EUR27.0 million B1a notes, Confirmed at Aa3; previously on
17 September 2008 Aa3 Placed Under Review for Possible
Downgrade
-- US$18.0 million B1b notes, Confirmed at Aa3; previously on
17 September 2008 Aa3 Placed Under Review for Possible
Downgrade
-- EUR24.8 million C1a notes, Downgraded to Baa2; previously on
17 September 2008 A3 Placed Under Review for Possible
Downgrade
-- GBP11.0 million C1c notes, Downgraded to Baa2; previously on
17 September 2008 A3 Placed Under Review for Possible
Downgrade
-- EUR9.0 million D1a notes, Downgraded to Caa1; previously on
17 September 2008 Ba1 Placed Under Review for Possible
Downgrade
-- GBP17.3 million D1c notes, Downgraded to Caa1; previously on
17 September 2008 Ba1 Placed Under Review for Possible
Downgrade
-- GBP7.38 million E1c notes, Downgraded to Caa3; previously on
17 September 2008 B3 Placed Under Review for Possible
Downgrade
-- GBP1.538 million F1c notes, Downgraded to Ca; previously on
17 September 2008 Caa1 Placed Under Review for Possible
Downgrade
Issuer: Eurosail 2006-3NC PLC
-- US$145.0 million A2b notes, Confirmed at Aaa; previously on
17 September 2008 Aaa Placed Under Review for Possible
Downgrade
-- GBP35.25 million A2c notes, Confirmed at Aaa; previously on
17 September 2008 Aaa Placed Under Review for Possible
Downgrade
-- EUR128.0 million A3a notes, Downgraded to Aa2; previously on
17 September 2008 Aaa Placed Under Review for Possible
Downgrade
-- GBP80.2 million A3c notes, Downgraded to Aa2; previously on
17 September 2008 Aaa Placed Under Review for Possible
Downgrade
-- A3c DAC notes, Confirmed at Aaa; previously on 17 September
2008 Aaa Placed Under Review for Possible Downgrade
-- EUR48.8 million B1a notes, Downgraded to Baa1; previously on
17 September 2008 Aa3 Placed Under Review for Possible
Downgrade
-- EUR20 million C1a notes, Downgraded to B3; previously on
17 September 2008 Baa2 Placed Under Review for Possible
Downgrade
-- GBP9.85 million C1c notes, Downgraded to B3; previously on
17 September 2008 Baa2 Placed Under Review for Possible
Downgrade
-- EUR6.05 million D1a notes, Downgraded to Ca; previously on
17 September 2008 B1 Placed Under Review for Possible
Downgrade
-- GBP11.0 million D1c notes, Downgraded to Ca; previously on
17 September 2008 B1 Placed Under Review for Possible
Downgrade
-- GBP4.08 million E1c notes, Downgraded to C; previously on
17 September 2008 B3 Placed Under Review for Possible
Downgrade
Issuer: Eurosail-UK 2007-1NC PLC
-- EUR152.5 million A2a notes, Downgraded to Aa1; previously on
17 September 2008 Aaa Placed Under Review for Possible
Downgrade
-- GBP50.0 million A2c notes, Downgraded to Aa1; previously on
17 September 2008 Aaa Placed Under Review for Possible
Downgrade
-- EUR194.8 million A3a notes, Downgraded to Aa2; previously on
17 September 2008 Aaa Placed Under Review for Possible
Downgrade
-- GBP100.0 million A3c notes, Downgraded to Aa2; previously on
17 September 2008 Aaa Placed Under Review for Possible
Downgrade
-- A3c DAC notes, Confirmed at Aaa; previously on 17 September
2008 Aaa Placed Under Review for Possible Downgrade
-- EUR36.9 million B1a notes, Downgraded to Baa2; previously on
17 September 2008 Aa2 Remained On Review for Possible
Downgrade
-- GBP20.0 million B1c notes, Downgraded to Baa2; previously on
17 September 2008 Aa2 Remained On Review for Possible
Downgrade
-- EUR42.1 million C1a notes, Downgraded to B2; previously on
17 September 2008 A2 Remained On Review for Possible
Downgrade
-- EUR23.25 million D1a notes, Downgraded to Ca; previously on
17 September 2008 Ba1 Remained On Review for Possible
Downgrade
-- GBP5.0 million D1c notes, Downgraded to Ca; previously on
17 September 2008 Ba1 Remained On Review for Possible
Downgrade
-- GBP5.6 million E1c notes, Downgraded to C; previously on
17 September 2008 Ba3 Remained On Review for Possible
Downgrade
Moody's ratings address the expected loss posed to investors by
the legal final maturity of the notes. Moody's ratings address
only the credit risks associated with the transactions. Other
non-credit risks have not been addressed, but may have a
significant effect on yield to investors.
Moody's will continue to monitor closely the above transactions.
ITV PLC: Nears Agreement with Tony Ball on Incentivization Plan
---------------------------------------------------------------
Salamander Davoudi at The Financial Times reports that
negotiations between the board of ITV plc and Tony Ball, the man
it favors as its next chief executive, over his incentivization
plan are expected to conclude in the next 48 hours.
As reported yesterday in the Troubled Company Reporter-Europe, the
FT said the parties 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. The FT disclosed 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.
LLOYDS BANKING: Mulls Reducing Assets Covered by GAPS
-----------------------------------------------------
Digby Larner at The Wall Street Journal reports that Lloyds
Banking Group PLC said Friday it's still in talks with the U.K.
Treasury about possibly joining the government's asset-protection
scheme.
According to the WSJ, the bank is already 43% state-owned but to
cover the cost of joining GAPS it has said it may have to issue
further shares that would take the government's stake to more than
60%.
The WSJ relates the bank said Friday that in light of improving
economic conditions it was discussing possible changes to the
agreed terms for joining GAPS, "including the possibility of
reducing the amount of assets covered by the scheme," the bank
said.
"All possibilities remain open and, as part of this process,
Lloyds is focused on ensuring that any potential alternatives to
GAPS would be in the interests of shareholders and other
stakeholders," the WSJ quoted Lloyds as saying.
Stress Tests
Philip Aldrick at The Daily Telegraph reports Lloyds may not be
able to exit from the government's toxic debt insurance scheme
after failing to raise enough capital to meet the Financial
Services Authority's strict requirements.
According to the Daily Telegraph, after a series of stress tests,
the regulator decided the bank needed more capital to withstand
escalating bad debts while retaining sufficient firepower to lend
an extra GBP28 billion to households and businesses over this year
and next, as agreed with the government. The Daily Telegraph
notes to pass the stress tests, Lloyds required more than GBP20
billion, added to which would have been a fee of up to GBP1
billion to pay for the six months that the bank has been operating
with the insurance.
The Daily Telegraph discloses under the current plans, Lloyds will
place GBP260 billion of toxic assets with the asset protection
scheme and pay the government a GBP15.6 billion fee in special "B"
shares. The stake will increase the state's economic interest in
Lloyds to 62%.
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.
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.
MANSARD 2007-2: Error in Calculations Won't Affect Fitch's Ratings
------------------------------------------------------------------
Fitch Ratings says there is no rating impact on Mansard 2007-2
from an error in the swap calculations for the payment date
falling in June 2009.
According to the servicer, Rooftop Mortgages Limited, in Q209 the
issuer paid an excess to the amount of GBP645,032 to the swap
counterparty, leaving the transaction with less funds available to
cover losses resulting from the sale of repossessed properties.
However, the issuer has reconciled the error by reducing the
amount due to the swap counterparty for the period up to September
2009.
Although Fitch recognizes this increase in available revenue as a
positive for the transaction, the level of losses seen to date,
together with the continued growth in repossessed properties, are
still a concern. These two factors were the key drivers behind
the rating actions taken by Fitch on August 17, 2009.
The latest investor reports as of September 2009 show the reserve
fund topping up by an amount of GBP171,410, bringing the reserve
fund balance to 84.3% of its target amount. Since the last
payment date, the servicer continued with the prudent approach of
selling repossessed properties, but this in turn has led to
further losses being recognized in this period. Fitch-calculated
weighted average loss severity ratio for the period stood at
42.1%, and this is predominantly due to the volume of shortfall
sales in the period (reported as GBP2.6 million).
As of August 2009, the transaction has seen stabilization in
arrears, which is in line with the performance seen in most other
UK non-conforming deals, where following the decline in interest
rates, arrears levels have levelled-off. As of August 2009, loans
in arrears by more than three months (excluding repossessions)
stood at 11.2% of the outstanding pool. The transaction has also
seen an increase in outstanding repossessions, which in August
2009 reached 2.9% of the current portfolio.
The September 2009 investor report shows all loans having reverted
from their discount rates. With the adjustment to the swap
payment, this deal has generated gross excess spread in the amount
of GBP2.8 million, as calculated by Fitch. Although this is seen
as a positive for the transactions, most of the revenue was
utilized to cover losses that have been realized in the period.
However, the continued growth of repossessed properties in
combination with the characteristics of the underlying collateral
-- high portion of buy-to-let properties in the pool, as well as a
strong presence of self-certified and/or self-employed borrowers
and a high concentration of loans with current loan-to-value
ratios greater than 80% -- are still a cause for concern. Fitch
believes that the deal is likely to see further losses occur from
the sale of such properties. This in turn is expected to lead to
further reserve fund draws in the forthcoming payment dates.
The current ratings of Mansard 2007-2 are:
-- Class A1a (ISIN XS0333305299) rated 'AA'; Outlook Stable;
Loss Severity Rating 'LS-2'
-- Class A2a (ISIN XS0333306933) rated 'AA'; Outlook Stable;
Loss Severity Rating 'LS-2'
-- Class M1a (ISIN XS0333308475) rated 'A'; Outlook Negative;
Loss Severity Rating 'LS-4'
-- Class M2a (ISIN XS0333311693) rated 'BB'; Outlook Negative;
Loss Severity Rating 'LS-4'
-- Class B1a (ISIN XS0333313988) rated 'CCC'; Recovery Rating
'RR2'
-- Class B2a (ISIN XS0333340361) rated 'CC'; Recovery Rating
'RR5'
NATIONAL EXPRESS: Ex-Chair Blames Woes on DfT Fall-Out
------------------------------------------------------
National Express Group plc could have survived as an independent
company if it had better managed its relationship with the
Department for Transport, Gill Plimmer at The Financial Times
reports, citing former chairman David Ross.
According to the FT, Mr. Ross, National Express chairman until
December, said that the company, which is 18.6%-owned by the
Spanish Cosmen family, had been in a perfect position at the end
of last year to raise capital and renegotiate terms with banks on
its then-GBP1.2 billion debt mountain, but "the falling out with
the DfT had made that difficult".
"If there hadn't been tensions between the board and the Cosmens
they wouldn't have bid for the company," the FT quoted Mr. Ross
as saying. "They had been a long-term supportive shareholder and
plenty of businesses have raised capital in the past year."
National Express Group PLC -- http://www.nationalexpressgroup.com/
-- is the holding company of the National Express Group of
companies. Its subsidiary companies provide mass passenger
transport services in the United Kingdom and overseas. The
Company's segments comprise: UK Bus; UK Coach; UK Trains; North
American Bus; European Coach and Bus, and Central functions. Its
subsidiaries include Tayside Public Transport Co. Limited, Durham
School Services LP, Stock Transportation Limited, Dabliu
Consulting SLU, Tury Express SA, General Tecnica Industrial SLU
and Continental Auto SLU. In June 2009, the Company announced the
completion of the sale of Travel London, its London bus business,
to NedRailways Limited, a subsidiary of NS Dutch Railways.
NORTEL NETWORKS: U.S. Court Okays Benefits for Foreign Employees
----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware authorized
Nortel Networks Inc. and its units to pay their employees based in
the United Arab Emirates and Saudi Arabia who will be laid off as
part of their restructuring.
The Court also authorized the Debtors to earmark as much as
US$2 million for the payment of those employees.
The Debtors will be paying their employees in the United Arab of
Emirates and Saudi Arabia who will be terminated as part of their
restructuring process. The employees to be terminated are also
connected with the Debtors' Enterprise Solutions business.
The Debtors intend to terminate eight employees in their office
in Dubai by the end of September, and another batch of employees
including those who are based in Saudi Arabia in the next few
months. The Debtors employ 41 workers for their Enterprise
Solutions and Carrier VoIP and Application Solutions business in
the Dubai office, and 11 employees are based in Saudi Arabia.
Employees who won't be laid off will be offered a new job in
Avaya Inc. or in another company that will be selected as the
winning bidder for the Debtors' Enterprise Solutions business,
which is scheduled for auction come September 11, 2009.
The Debtors estimate that they would have to pay as much as
US$1,468,135 to the employees scheduled for termination.
About Nortel Networks
Headquartered in Ontario, Canada, Nortel Networks Corporation
(NYSE/TSX: NT) -- http://www.nortel.com/-- delivers next-
generation technologies, for both service provider and enterprise
networks, support multimedia and business-critical applications.
Nortel's technologies are designed to help eliminate today's
barriers to efficiency, speed and performance by simplifying
networks and connecting people to the information they need, when
they need it. Nortel does business in more than 150 countries
around the world. Nortel Networks Limited is the principal direct
operating subsidiary of Nortel Networks Corporation.
Nortel Networks Corp., Nortel Networks Inc., and other affiliated
corporations in Canada sought insolvency protection under the
Companies' Creditors Arrangement Act in the Ontario Superior Court
of Justice (Commercial List). Ernst & Young has been appointed to
serve as monitor and foreign representative of the Canadian Nortel
Group. The Monitor also sought recognition of the CCAA
Proceedings in the Bankruptcy Court under Chapter 15 of the
Bankruptcy Code.
Nortel Networks Inc. and 14 affiliates filed separate Chapter 11
petitions on January 14, 2009 (Bankr. D. Del. Case No. 09-10138).
Judge Kevin Gross presides over the case. James L. Bromley, Esq.,
at Cleary Gottlieb Steen & Hamilton, LLP, in New York, serves as
general bankruptcy counsel; Derek C. Abbott, Esq., at Morris
Nichols Arsht & Tunnell LLP, in Wilmington, serves as Delaware
counsel. The Chapter 11 Debtors' other professionals are Lazard
Freres & Co. LLC as financial advisors; and Epiq Bankruptcy
Solutions LLC as claims and notice agent.
The Chapter 15 case is Bankr. D. Del. Case No. 09-10164. Mary
Caloway, Esq., and Peter James Duhig, Esq., at Buchanan Ingersoll
& Rooney PC, in Wilmington, Delaware, serves as Chapter 15
petitioner's counsel.
Certain of Nortel's European subsidiaries have also made
consequential filings for creditor protection. The Nortel
Companies related in a press release that Nortel Networks UK
Limited and certain subsidiaries of the Nortel group incorporated
in the EMEA region have each obtained an administration order
from the English High Court of Justice under the Insolvency Act
1986. The applications were made by the EMEA Subsidiaries under
the provisions of the European Union's Council Regulation (EC)
No. 1346/2000 on Insolvency Proceedings and on the basis that
each EMEA Subsidiary's centre of main interests is in England.
Under the terms of the orders, representatives of Ernst & Young
LLP have been appointed as administrators of each of the EMEA
Companies and will continue to manage the EMEA Companies and
operate their businesses under the jurisdiction of the English
Court and in accordance with the applicable provisions of the
Insolvency Act.
Several entities, particularly, Nortel Government Solutions
Incorporated have material operations and are not part of the
bankruptcy proceedings.
As of September 30, 2008, Nortel Networks Corp. reported
consolidated assets of US$11.6 billion and consolidated
liabilities of US$11.8 billion. The Nortel Companies' U.S.
businesses are primarily conducted through Nortel Networks Inc.,
which is the parent of majority of the U.S. Nortel Companies. As
of September 30, 2008, NNI had assets of about US$9 billion and
liabilities of US$3.2 billion, which do not include NNI's
guarantee of some or all of the Nortel Companies' about US$4.2
billion of unsecured public debt.
Bankruptcy Creditors' Service, Inc., publishes Nortel Networks
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
and ancillary foreign proceedings undertaken by Nortel Networks
Corp. and its various affiliates. (http://bankrupt.com/newsstand/
or 215/945-7000)
ROYAL BANK: In Talks with Investors Over US$8.1 Bln Share Sale
--------------------------------------------------------------
Royal Bank of Scotland Group Plc is in talks with shareholders
over a potential rights offering, Jon Menon and Ben Martin at
Bloomberg News reports, citing two familiar with the talks.
Bloomberg relates one of the people, said RBS may raise between
GBP3 billion and GBP5 billion (US$8.1 billion).
The government's stake in the Edinburgh-based lender is set to
increase to more than 80% under the terms of the Asset Protection
Scheme, the U.K.'s toxic asset insurance program, Bloomberg says.
According to Bloomberg, one of the people said RBS Chief Executive
Officer Stephen Hester is seeking to limit that increase by
raising cash from investors.
Citing a person familiar with the situation, Martin Arnold at The
Financial Times reports plans are "tentative" and Mr. Hester is
still "putting out feelers" to its shareholders about a
"modest-sized" share issue.
"RBS are looking to gauge investor appetite for a small, modest
equity issue," the FT quoted a person familiar with the plans as
saying.
Bloomberg recalls RBS said in February it would sell as much as
GBP19 billion of non-voting B shares to the government as a fee
for putting GBP316 billion of toxic assets into the insurance
plan.
The U.K. government owns 70% of RBS after it invested GBP20
billion last year to rescue the bank.
About RBS
The Royal Bank of Scotland Group plc (NYSE:RBS) --
http://www.rbs.com/-- is a holding company of The Royal Bank of
Scotland plc (Royal Bank) and National Westminster Bank Plc
(NatWest), which are United Kingdom-based clearing banks. The
company's activities are organized in six business divisions:
Corporate Markets (comprising Global Banking and Markets and
United Kingdom Corporate Banking), Retail Markets (comprising
Retail and Wealth Management), Ulster Bank, Citizens, RBS
Insurance and Manufacturing. On October 17, 2007, RFS Holdings
B.V. (RFS Holdings), a company jointly owned by RBS, Fortis N.V.,
Fortis SA/NV and Banco Santander S.A. (the Consortium Banks) and
controlled by RBS, completed the acquisition of ABN AMRO Holding
N.V. (ABN AMRO). In July 2008, the company disposed its entire
interest in Global Voice Group Ltd.
SONGBIRD ESTATES: Paul Reichmann Sells 8.45% Canary Wharf Stake
---------------------------------------------------------------
Graham Ruddick at The Daily Telegraph reports that Paul Reichmann,
has given up his stake in Canary Wharf Group plc.
According to the Daily Telegraph, Commerzbank sold Mr. Reichmann's
8.45% stake to Songbird Estates plc. The stake, the report says,
was called in by Commerzbank after the Canadian entrepreneur
pledged it against loans from Dresdner.
Bailout
As reported in the Troubled Company Reporter-Europe on Sept. 1,
2009, The Financial Times said China Investment Corporation joined
a consortium to help bail out Songbird Estates, which was facing a
potential breach of an GBP880 million (US$1.3 billion) loan. The
FT disclosed CIC joined several existing shareholders in Songbird
Estates in providing more than GBP800 million in new equity to pay
back a Citigroup loan. According to the FT, other groups taking
part in the placing include Morgan Stanley Real Estate Funds,
Qatar Holding and Simon Glick, the US private investor.
Headquartered in London, United Kingdom, Songbird Estates Plc --
http://www.songbirdestates.com/-- is engaged in the management of
its investment in its main subsidiary, Canary Wharf Group plc, a
holding company for a group (Canary Wharf Group), which
specializes in integrated property development, investment and
management. The activities of Canary Wharf Group are focused on
the development of the Canary Wharf Estate (the Estate) (including
Heron Quays and the adjacent sites at Canary Riverside and North
Quay). Canary Wharf Group is also engaged in development, through
joint ventures, of Wood Wharf and Drapers Gardens. As of December
31, 2007, Canary Wharf Group's investment portfolio comprised 16
completed properties (out of the 30 constructed on the Estate)
totaling 7.9 million square feet of net internal area.
SONGBIRD ESTATES: Qatar Increases in Participation in Share Issue
-----------------------------------------------------------------
Following its previous statement on August 28 of its intention to
become the largest shareholder in Songbird Estates Plc, Qatar
Holding today announces that it is further increasing its
commitment to the property company.
Qatar Holding will support the purchase by Songbird Estates of an
additional 8.45% of the share capital of Canary Wharf Group, a
leading real estate investment and development company with over 7
million square feet of office and retail space, for GBP112.5
million. This purchase will increase Songbird's share in the
Canary Wharf Group to 69.3%.
As part of its increased commitment, Qatar Holding intends to
enlarge its investment in the planned share issue by Songbird
Estates. In addition Qatar Holding will be a leading participant
in providing a new debt facility to help fund the purchase by
Songbird Estates of the additional shares in Canary Wharf Group.
Qatar Holding will also be the lead participant in the previously
announced GBP275 million preference share issue by providing
GBP150 million.
Ahmad Al-Sayed, Chief Executive Officer of Qatar Holding said:
"We fully support the management of Songbird in undertaking this
transaction, which we believe is a good opportunity to create
value for all Songbird shareholders. We are therefore increasing
our participation in the planned fund-raising to ensure its
successful completion."
Bailout
As reported in the Troubled Company Reporter-Europe on Sept. 1,
2009, The Financial Times said China Investment Corporation joined
a consortium to help bail out Songbird Estates, which was facing a
potential breach of an GBP880 million (US$1.3 billion) loan. The
FT disclosed CIC joined several existing shareholders in Songbird
Estates in providing more than GBP800 million in new equity to pay
back a Citigroup loan. According to the FT, other groups taking
part in the placing include Morgan Stanley Real Estate Funds,
Qatar Holding and Simon Glick, the US private investor.
About Qatar Holding LLC
Qatar Holding LLC is established as the strategic and direct
investment arm of Qatar Investment Authority. With the vision of
becoming a world class investment corporation and the preferred
partner of choice for investors, financiers and other
stakeholders; it is envisaged that the already significant
investment portfolio of Qatar Holding will continue to grow. Key
investment assets of Qatar Holding include Barclays plc, Credit
Suisse Group, J Sainsbury plc, Qatar Exchange, Qatar Telecom,
Qatar National Bank, London Stock Exchange and Lagardere SCA.
About Songbird Estates Plc
Headquartered in London, United Kingdom, Songbird Estates Plc --
http://www.songbirdestates.com/-- is engaged in the management of
its investment in its main subsidiary, Canary Wharf Group plc, a
holding company for a group (Canary Wharf Group), which
specializes in integrated property development, investment and
management. The activities of Canary Wharf Group are focused on
the development of the Canary Wharf Estate (the Estate) (including
Heron Quays and the adjacent sites at Canary Riverside and North
Quay). Canary Wharf Group is also engaged in development, through
joint ventures, of Wood Wharf and Drapers Gardens. As of December
31, 2007, Canary Wharf Group's investment portfolio comprised 16
completed properties (out of the 30 constructed on the Estate)
totaling 7.9 million square feet of net internal area.
STICHTING PROFILE: NIBC Downgrade Won't Affect Fitch's Ratings
--------------------------------------------------------------
Fitch Ratings says the recent downgrade of NIBC Bank N.V., in its
capacity as principal paying agent in the Stichting Profile
Securitization I transaction, will not in itself impact the
ratings of the notes.
The notes are rated:
-- GBP303,275,917 SCDS: 'AA+'; Stable Outlook
-- GBP88,122 class A+ (ISIN: XS0235101119): 'AA+; Stable Outlook
-- GBP17,200,000 class A (ISIN: XS0235101465): 'A+'; Stable
Outlook
-- GBP5,400,000 class B (ISIN: XS0235102190): 'BBB+'; Stable
Outlook
-- GBP3,000,000 class C (ISIN: XS0235102513): 'BBB'; Stable
Outlook
-- GBP3,100,000 class D (ISIN: XS0235102943): 'BB+'; Stable
Outlook
-- GBP3,700,000 class E (ISIN: XS0235103248): 'B'; Stable
Outlook
On August 12, 2009, the rating of NIBC was downgraded to
'BBB'/'F3'/Outlook Stable from 'BBB+'/'F2'/Outlook Negative. As
per condition 13.2 of the Stichting Profile Securitization I
prospectus, the issuer or trustee may terminate the appointment of
the principal paying agent in the event that the Short-term rating
of the principal paying agent is withdrawn or downgraded below
'F1' by Fitch. The issuer or trustee must terminate the
appointment if the continued appointment of the downgraded
principal paying agent would result in the downgrading or
withdrawal of the then current rating of any class of notes. NIBC
would like to continue their appointment as principal paying agent
and hence have requested confirmation that the downgrade of NIBC
will not result in the downgrade of any class of the notes.
Fitch has analyzed NIBC's role as principal paying agent and notes
that at the close of the transaction NIBC had paid interest and
principal to the noteholders through its own Nostro account held
at the issuer's account bank (ING Bank N.V.; currently rated
'A+'/'F1+'/Outlook Stable). The procedure has now changed whereby
NIBC simply instructs ING Bank to debit the account of the issuer
and credit the account of the noteholders (via clearing systems).
In its current role as principal paying agent, NIBC does not, at
any point in the transaction, hold any cash, hence eliminating
credit risk. If NIBC were to become insolvent, as per the
transaction documents a suitable replacement should be found as
soon as possible within the applicable grace period.
=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D
X X X X X X X X
=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D
* UK: Business Failure Rate Falls to Lowest Level in August 2009
----------------------------------------------------------------
The UK business failure rate, which has been seeing an upward
trend since 2007, fell to its lowest level in August since
September 2008.
The figures were revealed yesterday by Experian, the global
information services company, as it launched its new monthly
Insolvency and Distress Index, the most comprehensive real-time
view on the extent of UK business failures.
The index revealed that 0.09% of UK businesses failed during
August this year, a slight increase on the 0.08% recorded in
August 2008. However, it was significantly lower than the 0.11%
recorded in July, and the lowest rate so far this year.
The total number of business insolvencies during August 2009
increased by 11.3%, compared to August 2008. However, in
comparison to July, the total number of insolvencies fell by 23%,
and with a total of 1,796 insolvencies in August, this too is the
lowest number of monthly failures so far in 2009.
Experian's data also reveals a slight improvement in the financial
solidity of the UK business population, as measured by its average
distress score. The distress score -- which predicts the
likelihood of a business failing in the near future, with 100
being the least likely to default and 1 being the most likely --
had been on a slow downward trend since March 2008 when it stood
at 82.24.
Yet Experian's Insolvency and Distress Index reveals that the
financial distress levels of businesses decreased recently, as the
score improved from 80.61 in July to 80.79 in August 2009. This
is the best average score the UK business world has seen in the
last 12 months.
Rolf Hickman, Managing Director of pH, an Experian company, said:
"This latest data is encouraging. However, it is also important
to remember that although the total number of insolvencies is
close to the total number in the last recession, the insolvency
rate is no where near as high. The underlying business population
has also been growing at an increasing pace, so this needs to be
taken into account in order to gain a realistic picture of
insolvencies in the UK and the extent of any impact on the UK
economy rather than simply looking at raw insolvency statistics.
"Although it is too early to tell whether this is an indication of
a more positive outlook, one thing is for sure: businesses are
distinctly aware of the current environment and the need to be
cautious in any business dealings. We have seen a significant
increase in businesses monitoring the health of suppliers,
customers and partners, as well as themselves, in order to ensure
they do not suffer from the impact of another business becoming
insolvent."
Other key findings were:
* The North East region saw the highest rate of business
failures during August 2009. It was also the area to see
the highest increase in the number of insolvencies during
August this year compared to August 2008 (up 92.7%).
* Very small businesses (five employees or less) proved to be
the most resilient during August with low insolvency rates
(0.05% for businesses with up to two employees and 0.12% for
businesses with between two and five employees). Those
small businesses that survived also saw a higher than
average improvement in their financial stability (81.32 for
businesses with up to two employees and 82.58 for businesses
with between two and five employees).
* Postal and telecommunications businesses are seeing the
highest levels of financial distress, compared to businesses
other sectors. This sector had the worst distress score
during August (76.29) and the second highest insolvency rate
(0.26%).
* S&P Puts Ratings on 1,626 European CDOs on CreditWatch Negative
-----------------------------------------------------------------
Standard & Poor's Ratings Services placed 1,626 ratings on 623
European corporate collateralized debt obligation transactions on
CreditWatch with negative implications.
The aggregate issuance amount of the affected tranches is
$250.53 billion. S&P took these CreditWatch actions after S&P
updated the criteria and assumptions S&P use to rate corporate CDO
transactions. S&P expects this update to result in downgrades of
many rated CDOs that are backed by, or reference, corporate debt.
The CreditWatch placements affect nearly all of S&P's ratings on
European corporate CDO transactions, including collateralized loan
obligations, collateralized bond obligations, CDOs of corporate
CDOs, synthetic corporate CDOs, CDOs backed by trust preferred
assets, and other CDO transactions collateralized by or
referencing corporate credits.
S&P did not place some ratings on tranches with credit support
provided by a monoline insurance company or other third-party on
CreditWatch negative. Additionally, S&P affirmed its ratings on
some senior tranches from corporate CDO transactions because, in
S&P's opinion, the high level of credit enhancement available to
support these tranches indicates that these tranches are likely to
maintain their current ratings following the application of S&P's
updated criteria. In all, S&P affirmed its ratings on five
tranches from three CDO transactions.
With respect to the tranches with affirmed ratings based on S&P's
assessment of the credit enhancement available to support them, it
is important to note that these tranche ratings will be subject to
a full review by surveillance committee in coming months as S&P
reviews the ratings on the other tranches within the transactions.
If, as a result of these reviews, S&P determines that a rating
assigned to one of these affirmed tranches is not, in S&P's view,
consistent with the rating indicated by analysis under S&P's
updated criteria, S&P will lower the rating at that time without
first placing it on CreditWatch negative. Additionally, S&P has
not placed on CreditWatch negative the ratings on the CDO tranches
that S&P expects will be paid in full on or before Dec. 31, 2009.
CreditWatch placements affected CDO transactions monitored in the
Europe.
S&P will publish separate releases and rating action lists for
transactions monitored in the U.S., Asia-Pacific (excluding
Japan), and Japan.
S&P's process for reviewing cash flow and hybrid CDOs (which rely
on excess spread for credit support and require cash flow analysis
when assessing the ratings assigned) differs from the process S&P
uses to review synthetic CDO transactions, which S&P monitors
through S&P's monthly synthetic rated overcollateralization
review.
Review of Cash Flow and Hybrid CDO Transactions
S&P will resolve the CreditWatch placements affecting each cash
flow and hybrid CDO transaction affected by the criteria update
after S&P completes its cash flow and credit analysis and conduct
a review via rating committee. Given the volume of transactions
S&P will review in connection with the criteria update, S&P
anticipates that the reviews may require six months or more to
complete. In general, S&P expects to issue multiple press
releases per week to resolve the CreditWatch placements as S&P
review the affected transactions. Additionally, S&P will issue
periodic press releases summarizing the rating actions S&P has
taken to date in connection with the application of the updated
criteria.
When S&P reviews CDO transactions that are backed by tranches from
other corporate CDOs, S&P will adjust the ratings assigned to the
underlying CDO tranches as appropriate if they have not yet been
reviewed pursuant to the criteria update. S&P will base these
adjustments on an abridged review that takes into account the
average rating impact of the updated corporate CDO criteria on
like-rated tranches from similar transactions, as well as the
performance of the specific CDO issuing the tranche held as
collateral. S&P will review and update the rating actions that
result from this abridged review of the underlying CDO tranches,
as appropriate, once S&P completes its full review of those
tranches pursuant to the criteria update.
S&P will prioritize its reviews of cash flow and hybrid CDOs
according to several parameters, including:
* The frequency with which the tranches of a given CDO are held by
other corporate CDO transactions. S&P will review those CDOs
with tranches held most widely earlier in the process;
* The proportion of underlying collateral consisting of other
corporate CDO tranches. S&P will review CDOs that hold greater
numbers of tranches of other CDOs later in the process; and
* The event of default provisions in the transaction documents.
S&P will review CDOs earlier in the process if they have par-
based EOD triggers that include rating-based haircuts and
provisions allowing controlling noteholders to liquidate the
transaction.
Although S&P expects the rating changes that result from S&P's
reviews to primarily reflect the application of its updated
criteria to existing corporate CDO transactions, the credit
quality of the collateral pools backing some CDO transactions have
deteriorated because of speculative-grade corporate loan issuer
downgrades and defaults. Many tranche ratings from these CDO
transactions were on CreditWatch negative before S&P implemented
the updated criteria. The rating actions resulting from S&P's
reviews of these transactions will reflect both the application of
S&P's updated criteria and its views regarding the credit
deterioration that the CDO has experienced to date.
Trustees and collateral managers for the affected transactions
should continue to use their current version of CDO Monitor during
the review period and after. Standard & Poor's CDO Monitor is a
model that helps to determine whether a given CDO transaction is
in compliance with its Standard & Poor's CDO Monitor test.
Trustees and collateral managers for actively managed cash flow
and hybrid CDO transactions typically run CDO Monitor on certain
dates during the reinvestment period. If a transaction is failing
Standard & Poor's CDO Monitor test, the transaction documents
often provide for subsequent trades only if they "maintain or
improve" the test results.
S&P is keeping the current CDO Monitor test for the outstanding
transactions in order to maintain the link between a transaction's
test results (that is, whether the transaction is currently
passing or failing the CDO Monitor test) and the performance of
the transaction's collateral since origination. This is
consistent with S&P's normal practice to not provide new CDO
Monitor models to transactions as a result of downgrades of the
CDO tranches.
Review of Synthetic CDO Transactions Through S&P's Sroc Process
For synthetic CDO transactions that S&P monitors as part of its
monthly SROC review, S&P does not anticipate conducting extensive
cash flow analysis to resolve the CreditWatch placements.
Instead, S&P will focus on the revised SROC ratios incorporating
the updated criteria. A rating committee will determine the final
rating decisions.
Once S&P has completed its review of synthetic CDO transactions,
S&P will publish a consolidated press release for the affected
transactions. S&P expects to complete its reviews within the next
90 days. Until that time, S&P will not include corporate CDO
transactions in its monthly SROC report, although S&P does intend
to continue publishing the SROC report for other (noncorporate)
synthetic CDO transactions, including synthetic CDOs of asset-
backed securities.
S&P's reviews of the affected synthetic CDOs will consider both
the updated criteria and also any credit deterioration the
transactions have experienced since their last review. After S&P
completes its reviews, S&P expects to resume publishing the
monthly Global SROC Report, which will include SROC ratios for
synthetic corporate CDO transactions under the updated criteria.
Summary of European Corporate CDO Ratings Placed on
Creditwatch Negative
European Corporate CDO Tranches With Ratings
Placed on CreditWatch Negative (No.)
RATING
------
AAA AA A BBB BB B CCC Total
--- -- - --- -- - --- -----
2000
& Prior 1 1 2
2001 5 1 4 3 1 14
2002 9 7 4 5 6 1 32
2003 19 8 8 4 2 1 3 45
2004 41 20 14 37 15 8 9 144
2005 98 38 27 39 34 14 17 267
2006 181 84 69 71 58 32 65 560
2007 180 70 61 61 33 22 37 464
2008 36 14 14 15 7 86
2009 2 5 5 12
----- --- --- --- --- --- -- --- -----
Total 571 248 201 241 156 78 131 1,626
European Corporate CDO Tranches With Ratings
Placed on CreditWatch Negative (US$ billion issuance amount)
Rating
------
AAA AA A BBB BB B CCC Total
--- -- - --- -- - --- -----
2000
& Prior 0.06 0.04 0.10
2001 0.94 0.02 0.07 0.09 0.05 1.17
2002 1.86 0.40 0.09 0.16 0.18 0.03 2.71
2003 2.37 0.49 0.20 0.12 0.07 0.06 0.30 3.61
2004 14.04 1.11 0.58 1.63 0.74 0.49 0.24 18.83
2005 23.07 2.33 1.34 1.27 4.17 2.50 0.93 35.61
2006 78.56 6.40 3.49 3.12 2.95 1.22 2.14 97.88
2007 53.55 3.97 3.88 3.63 1.58 0.88 2.13 69.62
2008 9.74 2.50 2.67 1.93 0.19 17.02
2009 2.01 1.77 0.19 3.97
----- ------ ----- ----- ----- ---- ---- ---- ------
Total 186.14 19.04 12.33 12.18 9.93 5.18 5.74 250.53
* Large Companies with Insolvent Balance Sheet
----------------------------------------------
Total
Shareholders Total
Company Ticker Equity (US$) Assets (US$)
------- ------ ------ ------
AUSTRIA
-------
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BELGIUM
-------
SABENA SA SABA BB -85494497.66 2215341059.54
CYPRUS
------
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CZECH REPUBLIC
--------------
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GERMANY
-------
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DORT ACTIEN-BRAU 944167Q GR -12689156.29 117537053.71
DORT ACTIEN-RTS DAB8 GR -12689156.29 117537053.71
EM.TV & MERC-NEW ETV1 GR -22067409.41 849175624.65
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DENMARK
-------
ELITE SHIPPING ELSP DC -27715991.74 100892900.29
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SPAIN
-----
ACTUACIONES ACTI AISA PZ -148097530.94 674738808.26
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FRANCE
------
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RENTOKIL INITIAL RTO LN -351331070.14 3368925867.22
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RENTOKIL INITIAL RTO TQ -351331070.14 3368925867.22
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SETON HEALTHCARE 2290Z LN -10585179.82 156822902.77
SFI GROUP PLC SUF LN -108067115.81 177647536.08
SFI GROUP PLC SUYFF US -108067115.81 177647536.08
SKYEPHAR-RTS F/P SKPF VX -134177517.41 149159301.57
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SKYEPHARMA -SUB 2976665Z LN -134177517.41 149159301.57
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SKYEPHARMA PLC SKPGBP EO -134177517.41 149159301.57
SKYEPHARMA PLC SKP LN -134177517.41 149159301.57
SKYEPHARMA PLC SKPEUR EO -134177517.41 149159301.57
SKYEPHARMA PLC SKP EU -134177517.41 149159301.57
SKYEPHARMA PLC SK8C GR -134177517.41 149159301.57
SKYEPHARMA PLC SKP1 VX -134177517.41 149159301.57
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SKYEPHARMA PLC SKP PZ -134177517.41 149159301.57
SKYEPHARMA PLC SKP EO -134177517.41 149159301.57
SKYEPHARMA PLC SKPEUR EU -134177517.41 149159301.57
SKYEPHARMA PLC SKP PO -134177517.41 149159301.57
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SMG PLC SMG PO -49061227.23 212049868.01
SMG PLC SMG LN -49061227.23 212049868.01
SMG PLC-FUL PAID SMGF LN -49061227.23 212049868.01
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SMITHS NEWS PLC NWS PZ -97992746.54 146917382.81
SMITHS NEWS PLC NWS IX -97992746.54 146917382.81
SMITHS NEWS PLC NWS1 EO -97992746.54 146917382.81
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SMITHS NEWS PLC NWS LN -97992746.54 146917382.81
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SMITHS NEWS PLC NWS PO -97992746.54 146917382.81
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STV GROUP PLC SMGPF US -49061227.23 212049868.01
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STV GROUP PLC STVGEUR EU -49061227.23 212049868.01
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THORN EMI PLC THNE FP -2265916256.89 2950021937.14
THORN EMI-ADR THN$ LN -2265916256.89 2950021937.14
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TOPPS TILES PLC TPT BQ -78172467.48 131014414.4
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TOPPS TILES PLC TPTJY US -78172467.48 131014414.4
TOPPS TILES PLC TPT LN -78172467.48 131014414.4
TOPPS TILES PLC TPTEUR EO -78172467.48 131014414.4
TOPPS TILES PLC TPT IX -78172467.48 131014414.4
TOPPS TILES PLC TPT PZ -78172467.48 131014414.4
TOPPS TILES PLC TPT EO -78172467.48 131014414.4
TOPPS TILES PLC TPT EU -78172467.48 131014414.4
TOPPS TILES PLC TPTJF US -78172467.48 131014414.4
TOPPS TILES PLC TPT VX -78172467.48 131014414.4
TOPPS TILES PLC TPTEUR EU -78172467.48 131014414.4
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WINCANTON PL-ADR WNCNY US -47615167.52 1316638025.67
WINCANTON PLC WIN PZ -47615167.52 1316638025.67
WINCANTON PLC WIN PO -47615167.52 1316638025.67
WINCANTON PLC WIN1 NQ -47615167.52 1316638025.67
WINCANTON PLC WIN1 TQ -47615167.52 1316638025.67
WINCANTON PLC WIN1 EO -47615167.52 1316638025.67
WINCANTON PLC WIN1GBP EO -47615167.52 1316638025.67
WINCANTON PLC WIN IX -47615167.52 1316638025.67
WINCANTON PLC WIN1 EB -47615167.52 1316638025.67
WINCANTON PLC WIN LN -47615167.52 1316638025.67
WINCANTON PLC WIN1 QM -47615167.52 1316638025.67
WINCANTON PLC WIN1 EU -47615167.52 1316638025.67
WINCANTON PLC WIN1EUR EO -47615167.52 1316638025.67
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WINCANTON PLC WIN1 BQ -47615167.52 1316638025.67
WINCANTON PLC WNCNF US -47615167.52 1316638025.67
WINCANTON PLC WIN VX -47615167.52 1316638025.67
WINCANTON PLC WIN1EUR EU -47615167.52 1316638025.67
XXPERT RENTAL XPRT CN -103725000 149477216
GREECE
------
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AG PETZETAKIS SA PTZ1 GR -29943162.81 218449483.79
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CROATIA
-------
BRODOGRADE INDUS 3MAJRA CZ -388927692.38 624796011.8
HUNGARIAN TELEPH HUC EX -41577000 1251297920
HUNGARIAN TELEPH HUGC IX -41577000 1251297920
HUNGARIAN TELEPH HUC GR -41577000 1251297920
INVITEL HOLD-ADR IHO US -41577000 1251297920
INVITEL HOLD-ADR 0IN GR -41577000 1251297920
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OT OPTIMA TELEKO 2299892Z CZ -48565065 119632635.47
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IRELAND
-------
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BOUNDARY CAPITAL BCP LN -10192301.85 119787800.54
ELAN CORP PLC ELN EU -370500000 1669500032
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PAYZONE PLC PAYZ PG -138030903.22 510010035.33
PAYZONE PLC PAYZ IX -138030903.22 510010035.33
PAYZONE PLC 4P6 GR -138030903.22 510010035.33
PAYZONE PLC PAYZ PZ -138030903.22 510010035.33
PAYZONE PLC PAYZ EU -138030903.22 510010035.33
PAYZONE PLC PAYZ LN -138030903.22 510010035.33
PAYZONE PLC PAYZ EO -138030903.22 510010035.33
WATERFORD - RTS WWWA GR -505729895.23 820803256.03
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WATERFORD WDGEWD WATWF US -505729895.23 820803256.03
WATERFORD WE-RTS WTFN LN -505729895.23 820803256.03
WATERFORD WE-RTS WTFF LN -505729895.23 820803256.03
WATERFORD WE-RTS WTFN ID -505729895.23 820803256.03
WATERFORD WE-RTS WTFN VX -505729895.23 820803256.03
WATERFORD WE-RTS WTFF ID -505729895.23 820803256.03
WATERFORD WED-RT WWWD ID -505729895.23 820803256.03
WATERFORD WED-RT WTFR LN -505729895.23 820803256.03
WATERFORD WED-RT WWWC ID -505729895.23 820803256.03
WATERFORD WED-RT WWWC GR -505729895.23 820803256.03
WATERFORD WED-RT 586552Q LN -505729895.23 820803256.03
WATERFORD WED-RT 586556Q LN -505729895.23 820803256.03
WATERFORD WED-RT WWWD GR -505729895.23 820803256.03
WATERFORD WED-UT WWW GR -505729895.23 820803256.03
WATERFORD WED-UT WTFU EU -505729895.23 820803256.03
WATERFORD WED-UT WTFU PO -505729895.23 820803256.03
WATERFORD WED-UT WWWD PZ -505729895.23 820803256.03
WATERFORD WED-UT WTFUGBX EO -505729895.23 820803256.03
WATERFORD WED-UT WTFUGBX EU -505729895.23 820803256.03
WATERFORD WED-UT WTFU VX -505729895.23 820803256.03
WATERFORD WED-UT WTFU ID -505729895.23 820803256.03
WATERFORD WED-UT WTFU IX -505729895.23 820803256.03
WATERFORD WED-UT WTFU EO -505729895.23 820803256.03
WATERFORD WED-UT WWW PO -505729895.23 820803256.03
WATERFORD WED-UT WTFU LN -505729895.23 820803256.03
WATERFORD-ADR UT WATFZ US -505729895.23 820803256.03
WATERFORD-ADR UT WFWA GR -505729895.23 820803256.03
WATERFORD-SUB 3001875Z ID -505729895.23 820803256.03
ICELAND
-------
AVION GROUP B1Q GR -223771648 2277793536
EIMSKIPAFELAG HF HFEIM IR -223771648 2277793536
EIMSKIPAFELAG HF HFEIM PZ -223771648 2277793536
EIMSKIPAFELAG HF HFEIM EU -223771648 2277793536
EIMSKIPAFELAG HF AVION IR -223771648 2277793536
EIMSKIPAFELAG HF HFEIMEUR EO -223771648 2277793536
EIMSKIPAFELAG HF HFEIM EO -223771648 2277793536
EIMSKIPAFELAG HF HFEIMEUR EU -223771648 2277793536
ITALY
-----
AEDES AXA+W AEAXAW IM -24405906.61 1350851664.42
AEDES SPA AEDSF US -24405906.61 1350851664.42
AEDES SPA AE TQ -24405906.61 1350851664.42
AEDES SPA AE EO -24405906.61 1350851664.42
AEDES SPA AE EU -24405906.61 1350851664.42
AEDES SPA LLB GR -24405906.61 1350851664.42
AEDES SPA AE IM -24405906.61 1350851664.42
AEDES SPA AE PZ -24405906.61 1350851664.42
AEDES SPA AEDI IX -24405906.61 1350851664.42
AEDES SPA RNC AEDE IM -24405906.61 1350851664.42
AEDES SPA-OPA AEOPA IM -24405906.61 1350851664.42
AEDES SPA-OPA AEDROP IM -24405906.61 1350851664.42
AEDES SPA-RTS AEAA IM -24405906.61 1350851664.42
AEDES SPA-RTS AESA IM -24405906.61 1350851664.42
AEDES SPA-SVGS R AEDRAA IM -24405906.61 1350851664.42
ARENA SPA RON GR -26843216.33 117951651.43
ARENA SPA AREI PZ -26843216.33 117951651.43
ARENA SPA ARE2 EO -26843216.33 117951651.43
ARENA SPA RON IX -26843216.33 117951651.43
ARENA SPA ARE2 TQ -26843216.33 117951651.43
ARENA SPA ARE2 EU -26843216.33 117951651.43
ARENA SPA ARE IM -26843216.33 117951651.43
ARENA SPA RNCNF US -26843216.33 117951651.43
BINDA SPA BNDAF US -11146475.29 128859802.94
BINDA SPA BND IM -11146475.29 128859802.94
CART SOTTRI-BIND DEM IM -11146475.29 128859802.94
CIRIO FINANZIARI FIY GR -422095869.5 1583083044.16
CIRIO FINANZIARI CRO IM -422095869.5 1583083044.16
COIN SPA GC IX -151690764.75 791310848.67
COIN SPA 965089Q GR -151690764.75 791310848.67
COIN SPA GUCIF US -151690764.75 791310848.67
COIN SPA-RTS GCAA IM -151690764.75 791310848.67
COIN SPA/OLD GC IM -151690764.75 791310848.67
COMPAGNIA ITALIA CGLUF US -137726596.25 527372691.43
COMPAGNIA ITALIA CITU IX -137726596.25 527372691.43
COMPAGNIA ITALIA ICT IM -137726596.25 527372691.43
CREDITO FOND-RTS CRFSA IM -200209050.26 4213063202.32
CREDITO FONDIARI CRF IM -200209050.26 4213063202.32
LAZIO SPA SSL1 EU -15482934.18 260633690.01
LAZIO SPA 571260Q US -15482934.18 260633690.01
LAZIO SPA SSL1 IX -15482934.18 260633690.01
LAZIO SPA SSL1 EO -15482934.18 260633690.01
LAZIO SPA SSL IM -15482934.18 260633690.01
LAZIO SPA SSLZF US -15482934.18 260633690.01
LAZIO SPA LZO GR -15482934.18 260633690.01
LAZIO SPA SSLI PZ -15482934.18 260633690.01
LAZIO SPA LZO1 GR -15482934.18 260633690.01
LAZIO SPA-RTS SSLAZ IM -15482934.18 260633690.01
LAZIO SPA-RTS SSLAA IM -15482934.18 260633690.01
OLCESE SPA O IM -12846689.89 179691572.79
OLCESE SPA-RTS OAA IM -12846689.89 179691572.79
OLCESE VENEZIANO OLVE IM -12846689.89 179691572.79
OMNIA NETWORK SP ONT TQ -14203645.83 330093845.4
OMNIA NETWORK SP ONTI IX -14203645.83 330093845.4
OMNIA NETWORK SP ONT EU -14203645.83 330093845.4
OMNIA NETWORK SP ONT EO -14203645.83 330093845.4
OMNIA NETWORK SP ONT PZ -14203645.83 330093845.4
OMNIA NETWORK SP ONT IM -14203645.83 330093845.4
PARMALAT FINA-RT PRFR AV ### 4120687886.18
PARMALAT FINANZI PRFI VX ### 4120687886.18
PARMALAT FINANZI PARAF US ### 4120687886.18
PARMALAT FINANZI PRF IM ### 4120687886.18
PARMALAT FINANZI PMLFF US ### 4120687886.18
PARMALAT FINANZI PAF GR ### 4120687886.18
PARMALAT FINANZI PMT LI ### 4120687886.18
PARMALAT FINANZI FICN AV ### 4120687886.18
RONCADIN SPA RON IM -26843216.33 117951651.43
RONCADIN SPA-RT RONAA IM -26843216.33 117951651.43
RONCADIN SPA-RTS RONAAW IM -26843216.33 117951651.43
SNIA BPD SN GR -141933883.93 150445252.43
SNIA BPD-ADR SBPDY US -141933883.93 150445252.43
SNIA SPA SN TQ -141933883.93 150445252.43
SNIA SPA SN IM -141933883.93 150445252.43
SNIA SPA SN EO -141933883.93 150445252.43
SNIA SPA SBPDF US -141933883.93 150445252.43
SNIA SPA SIAI IX -141933883.93 150445252.43
SNIA SPA SNIB GR -141933883.93 150445252.43
SNIA SPA SIAI PZ -141933883.93 150445252.43
SNIA SPA SNIA GR -141933883.93 150445252.43
SNIA SPA SN EU -141933883.93 150445252.43
SNIA SPA SSMLF US -141933883.93 150445252.43
SNIA SPA SNIXF US -141933883.93 150445252.43
SNIA SPA - RTS SNAAW IM -141933883.93 150445252.43
SNIA SPA- RTS SNAXW IM -141933883.93 150445252.43
SNIA SPA-2003 SH SN03 IM -141933883.93 150445252.43
SNIA SPA-CONV SA SPBDF US -141933883.93 150445252.43
SNIA SPA-DRC SNR00 IM -141933883.93 150445252.43
SNIA SPA-NEW SN00 IM -141933883.93 150445252.43
SNIA SPA-NON CON SPBNF US -141933883.93 150445252.43
SNIA SPA-RCV SNIVF US -141933883.93 150445252.43
SNIA SPA-RCV SNR IM -141933883.93 150445252.43
SNIA SPA-RIGHTS SNAW IM -141933883.93 150445252.43
SNIA SPA-RNC SNIWF US -141933883.93 150445252.43
SNIA SPA-RNC SNRNC IM -141933883.93 150445252.43
SNIA SPA-RTS SNSO IM -141933883.93 150445252.43
SNIA SPA-RTS SNAA IM -141933883.93 150445252.43
SOCOTHERM SPA SCT TQ -120739761.47 431104046.09
SOCOTHERM SPA SOCEF US -120739761.47 431104046.09
SOCOTHERM SPA SCT EO -120739761.47 431104046.09
SOCOTHERM SPA SCTI PZ -120739761.47 431104046.09
SOCOTHERM SPA SCT EU -120739761.47 431104046.09
SOCOTHERM SPA SCT IM -120739761.47 431104046.09
SOCOTHERM SPA SCTM IX -120739761.47 431104046.09
TECNODIFF ITALIA TDI NM -89894162.82 152045757.48
TECNODIFF ITALIA TDI IM -89894162.82 152045757.48
TECNODIFF ITALIA TEF GR -89894162.82 152045757.48
TECNODIFF ITALIA TDIFF US -89894162.82 152045757.48
TECNODIFF-RTS TDIAOW NM -89894162.82 152045757.48
TECNODIFFUSIONE TDIAAW IM -89894162.82 152045757.48
TISCALI SPA TIS NA -382501586.12 1284058962.83
TISCALI SPA TIS IX -382501586.12 1284058962.83
TISCALI SPA TISN IX -382501586.12 1284058962.83
TISCALI SPA TISGBX EO -382501586.12 1284058962.83
TISCALI SPA TIS PZ -382501586.12 1284058962.83
TISCALI SPA TIQ GR -382501586.12 1284058962.83
TISCALI SPA TISN IM -382501586.12 1284058962.83
TISCALI SPA TIQG IX -382501586.12 1284058962.83
TISCALI SPA TISN FP -382501586.12 1284058962.83
TISCALI SPA TISN NA -382501586.12 1284058962.83
TISCALI SPA TISGBX EU -382501586.12 1284058962.83
TISCALI SPA TISGBP EO -382501586.12 1284058962.83
TISCALI SPA TIS TQ -382501586.12 1284058962.83
TISCALI SPA TIQ1 GR -382501586.12 1284058962.83
TISCALI SPA TIS NR -382501586.12 1284058962.83
TISCALI SPA TISN VX -382501586.12 1284058962.83
TISCALI SPA TIS FP -382501586.12 1284058962.83
TISCALI SPA TIS EU -382501586.12 1284058962.83
TISCALI SPA TIS VX -382501586.12 1284058962.83
TISCALI SPA TIS EO -382501586.12 1284058962.83
TISCALI SPA TIS IM -382501586.12 1284058962.83
TISCALI SPA TSCXF US -382501586.12 1284058962.83
TISCALI SPA- RTS TISAXA IM -382501586.12 1284058962.83
TISCALI SPA- RTS 3391621Q GR -382501586.12 1284058962.83
LUXEMBOURG
----------
CARRIER1 INT-AD+ CONE ES -94729000 472360992
CARRIER1 INT-ADR CONE US -94729000 472360992
CARRIER1 INT-ADR CONEE US -94729000 472360992
CARRIER1 INT-ADR CONEQ US -94729000 472360992
CARRIER1 INTL CJN NM -94729000 472360992
CARRIER1 INTL CJNA GR -94729000 472360992
CARRIER1 INTL CJN GR -94729000 472360992
CARRIER1 INTL SA CONEF US -94729000 472360992
CARRIER1 INTL SA 1253Z SW -94729000 472360992
NETHERLANDS
-----------
BAAN CO NV-ASSEN BAANA NA -7854741.41 609871188.88
BAAN COMPANY NV BAAN PZ -7854741.41 609871188.88
BAAN COMPANY NV BAAN EO -7854741.41 609871188.88
BAAN COMPANY NV BAAVF US -7854741.41 609871188.88
BAAN COMPANY NV BAAN NA -7854741.41 609871188.88
BAAN COMPANY NV BAAN IX -7854741.41 609871188.88
BAAN COMPANY NV BAAN GR -7854741.41 609871188.88
BAAN COMPANY NV BAAN EU -7854741.41 609871188.88
BAAN COMPANY NV BNCG IX -7854741.41 609871188.88
BAAN COMPANY-NY BAANF US -7854741.41 609871188.88
BUSINESSWAY INTL BITL US -1244740 136149008
BUSINESSWAY INTL BITLE US -1244740 136149008
CNW ORLANDO INC CNWD US -1244740 136149008
GLOBALNETCARE GBCRE US -1244740 136149008
GLOBALNETCARE GBCR US -1244740 136149008
ICBS INTERNATION ICBO US -1244740 136149008
ICBS INTERNATION ICBOE US -1244740 136149008
LIBERTY GL EU-A UPC NA -5505478849.55 5112616630.06
ROYAL INVEST INT RIIC US -1244740 136149008
UNITED PAN -ADR UPEA GR -5505478849.55 5112616630.06
UNITED PAN-A ADR UPCOY US -5505478849.55 5112616630.06
UNITED PAN-EUR-A UPC LN -5505478849.55 5112616630.06
UNITED PAN-EUR-A UPC LI -5505478849.55 5112616630.06
UNITED PAN-EUROP UPC VX -5505478849.55 5112616630.06
UNITED PAN-EUROP UPE1 GR -5505478849.55 5112616630.06
UNITED PAN-EUROP UPCOF US -5505478849.55 5112616630.06
UNITED PAN-EUROP UPCEF US -5505478849.55 5112616630.06
UNITED PAN-EUROP UPE GR -5505478849.55 5112616630.06
WAH KING INVEST WAHKE US -1244740 136149008
WAH KING INVEST WAHK US -1244740 136149008
NORWAY
------
PETRO GEO-SERV PGS GR -18066142.21 399710323.59
PETRO GEO-SERV 265143Q NO -18066142.21 399710323.59
PETRO GEO-SERV PGS VX -18066142.21 399710323.59
PETRO GEO-SERV-N PGSN NO -18066142.21 399710323.59
PETRO GEO-SV-ADR PGOGY US -18066142.21 399710323.59
PETRO GEO-SV-ADR PGSA GR -18066142.21 399710323.59
POLAND
------
KROSNO KRS1EUR EO -2241614.77 111838141.19
KROSNO KRS LI -2241614.77 111838141.19
KROSNO KRS PW -2241614.77 111838141.19
KROSNO KRS1EUR EU -2241614.77 111838141.19
KROSNO KROS IX -2241614.77 111838141.19
KROSNO SA KROSNO PW -2241614.77 111838141.19
KROSNO SA KRS PZ -2241614.77 111838141.19
KROSNO SA KRS1 EU -2241614.77 111838141.19
KROSNO SA KRS1 EO -2241614.77 111838141.19
KROSNO SA KRNFF US -2241614.77 111838141.19
KROSNO SA-RTS KRSP PW -2241614.77 111838141.19
KROSNO-PDA-ALLT KRSA PW -2241614.77 111838141.19
TOORA 2916665Q EU -288818.39 147004954.18
TOORA TOR PZ -288818.39 147004954.18
TOORA TOR PW -288818.39 147004954.18
TOORA 2916661Q EO -288818.39 147004954.18
TOORA-ALLOT CERT TORA PW -288818.39 147004954.18
PORTUGAL
--------
COFINA CFNX PX -9882836.46 319233214.35
COFINA COFSI IX -9882836.46 319233214.35
COFINA CFN1 PZ -9882836.46 319233214.35
COFINA COFI EO -9882836.46 319233214.35
COFINA CFN PL -9882836.46 319233214.35
COFINA COFI TQ -9882836.46 319233214.35
COFINA COFI PL -9882836.46 319233214.35
COFINA COFI EU -9882836.46 319233214.35
COFINA CFASF US -9882836.46 319233214.35
LISGRAFICA IMPRE LIAG EO -8723139.72 107312975.09
LISGRAFICA IMPRE LIG EO -8723139.72 107312975.09
LISGRAFICA IMPRE LIG EU -8723139.72 107312975.09
LISGRAFICA IMPRE LIAG PL -8723139.72 107312975.09
LISGRAFICA IMPRE LIAG EU -8723139.72 107312975.09
LISGRAFICA IMPRE LIG PL -8723139.72 107312975.09
LISGRAFICA IMPRE LIG PZ -8723139.72 107312975.09
LISGRAFICA-RTS LIGDS PL -8723139.72 107312975.09
PORCELANA VISTA PVAL PL -68504012.12 145654270.82
SPORTING-SOC DES SCDF PL -4083492.14 225687305.9
SPORTING-SOC DES SCG GR -4083492.14 225687305.9
SPORTING-SOC DES SCPX PX -4083492.14 225687305.9
SPORTING-SOC DES SCDF EU -4083492.14 225687305.9
SPORTING-SOC DES SCP PL -4083492.14 225687305.9
SPORTING-SOC DES SCDF EO -4083492.14 225687305.9
SPORTING-SOC DES SCPL IX -4083492.14 225687305.9
SPORTING-SOC DES SCP1 PZ -4083492.14 225687305.9
VAA VISTA ALEGRE VAFX PX -68504012.12 145654270.82
VAA VISTA ALEGRE VAF PZ -68504012.12 145654270.82
VAA VISTA ALEGRE VAF EU -68504012.12 145654270.82
VAA VISTA ALEGRE VAF EO -68504012.12 145654270.82
VAA VISTA ALEGRE VAF PL -68504012.12 145654270.82
VAA VISTA ALTAN VAFK PL -68504012.12 145654270.82
VAA VISTA ALTAN VAFK EO -68504012.12 145654270.82
VAA VISTA ALTAN VAFKX PX -68504012.12 145654270.82
VAA VISTA ALTAN VAFK PZ -68504012.12 145654270.82
VAA VISTA ALTAN VAFK EU -68504012.12 145654270.82
ROMANIA
-------
DUVANSKA DIVR SG -7729350.78 109207260.53
IMK 14 OKTOBAR A IMKO SG -5175836.42 110102264.18
OLTCHIM RM VALCE OLT EU -86519981.9 521264507.61
OLTCHIM RM VALCE OLTEUR EO -86519981.9 521264507.61
OLTCHIM RM VALCE OLT PZ -86519981.9 521264507.61
OLTCHIM RM VALCE OLT EO -86519981.9 521264507.61
OLTCHIM RM VALCE OLTCF US -86519981.9 521264507.61
OLTCHIM RM VALCE OLT RO -86519981.9 521264507.61
OLTCHIM RM VALCE OLTEUR EU -86519981.9 521264507.61
RUSSIA
------
AKCIONERNOE-BRD SOVP$ RU -110204703.34 120620770.43
ALFA CEMENT-BRD ALCE RU -672832.37 105454563.92
ALFA CEMENT-BRD ALCE* RU -672832.37 105454563.92
ALFA CEMENT-BRD AFMTF US -672832.37 105454563.92
AMO ZIL ZILL RM -171193521.47 350870451.06
AMO ZIL-CLS ZILL* RU -171193521.47 350870451.06
AMO ZIL-CLS ZILL RU -171193521.47 350870451.06
DAGESTAN ENERGY DASB* RU -33465586.31 128437866.54
DAGESTAN ENERGY DASB RM -33465586.31 128437866.54
DAGESTAN ENERGY DASB RU -33465586.31 128437866.54
EAST-SIBERIA-BRD VSNK* RU -116177580.51 140342466.16
EAST-SIBERIA-BRD VSNK RU -116177580.51 140342466.16
EAST-SIBERIAN-BD VSNK$ RU -116177580.51 140342466.16
GUKOVUGOL GUUG RU -57835245.31 143665227.24
GUKOVUGOL GUUG* RU -57835245.31 143665227.24
GUKOVUGOL-PFD GUUGP RU -57835245.31 143665227.24
GUKOVUGOL-PFD GUUGP* RU -57835245.31 143665227.24
KOMPANIYA GL-BRD GMST RU -75483851.36 1248071411.99
KOMPANIYA GL-BRD GMST* RU -75483851.36 1248071411.99
RAFO SA RAF RO -457922636.25 356796459.26
SAMARANEFTEGA-P$ SMNGP RU -331600428.45 891998590.74
SAMARANEFTEGAS SVYOF US -331600428.45 891998590.74
SAMARANEFTEGAS SMNG* RU -331600428.45 891998590.74
SAMARANEFTEGAS SMNG RM -331600428.45 891998590.74
SAMARANEFTEGAS SMNG$ RU -331600428.45 891998590.74
SAMARANEFTEGAS-$ SMNG RU -331600428.45 891998590.74
SAMARANEFTEGAS-P SMNGP$ RU -331600428.45 891998590.74
SAMARANEFTEGAS-P SMNGP* RU -331600428.45 891998590.74
SAMARANEFTEGAS-P SMNGP RM -331600428.45 891998590.74
TERNEYLES-BRD TERL RU -15178937.2 182115156.77
TERNEYLES-BRD TERL* RU -15178937.2 182115156.77
URGALUGOL-BRD YRGL RU -15706613.04 105440541.07
URGALUGOL-BRD YRGL* RU -15706613.04 105440541.07
URGALUGOL-BRD-PF YRGLP RU -15706613.04 105440541.07
UZINELE SODICE G UZIM RO -35878364.71 104942905.83
VIMPEL SHIP-BRD SOVP RU -110204703.34 120620770.43
VIMPEL SHIP-BRD SOVP* RU -110204703.34 120620770.43
VOLGOGRAD KHIM VHIM* RU -6661016.16 113935933.35
VOLGOGRAD KHIM VHIM RU -6661016.16 113935933.35
ZASTAVA AUTOMOBI ZAKG SG -396504649.08 174692011.08
ZIL AUTO PLANT ZILL$ RU -171193521.47 350870451.06
ZIL AUTO PLANT-P ZILLP RM -171193521.47 350870451.06
ZIL AUTO PLANT-P ZILLP* RU -171193521.47 350870451.06
ZIL AUTO PLANT-P ZILLP RU -171193521.47 350870451.06
TURKEY
------
EGS EGE GIYIM VE EGDIS TI -7732138.55 147075066.65
EGS EGE GIYIM-RT EGDISR TI -7732138.55 147075066.65
IKTISAT FINAN-RT IKTFNR TI -46900661.12 108228233.63
IKTISAT FINANSAL IKTFN TI -46900661.12 108228233.63
MUDURNU TAVUKC-N MDRNUN TI -64930189.62 160408172.1
MUDURNU TAVUKCUL MDRNU TI -64930189.62 160408172.1
SIFAS SIFAS TI -15439198.6 130608103.96
TUTUNBANK TUT TI -4024959601.58 2643810456.86
YASARBANK YABNK TI -4024959601.58 2643810456.86
UKRAINE
-------
AZOVZAGALMASH MA AZGM UZ -16212049.02 277693905.54
DNEPROPETROVSK DMZP UZ -15926384.43 424303604.81
DNIPROOBLENERGO DNON UZ -8466062.15 297261661.11
DONETSKOBLENERGO DOON UZ -222373172.26 391097664.92
LUGANSKOBLENERGO LOEN UZ -27999610.26 206103874.91
NAFTOKHIMIK PRIC NAFP UZ -18319042.42 308665797.86
NAFTOKHIMIK-GDR N3ZA GR -18319042.42 308665797.86
ZAPORIZHOBLENERG ZAON UZ -5929792.72 132397404.71
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/booksto order any title today.
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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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