/raid1/www/Hosts/bankrupt/TCREUR_Public/090929.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 29, 2009, Vol. 10, No. 192
Headlines
A U S T R I A
A.S.P. MONTAGEBAU: Claims Filing Deadline is October 14
BAUER DRUCK: Claims Filing Deadline is October 14
BBS BUCHBINDEREI: Claims Filing Deadline is October 13
BIOLOGICAL POWER: Claims Filing Deadline is October 14
BLAGOJEVIC & FULAR: Claims Filing Deadline is October 14
FRANZ AUDRIETH: Claims Filing Deadline is October 13
HANS PRESSEL: Claims Filing Deadline is October 13
MONTE M.T.: Claims Filing Deadline is October 13
PRESSEL DIRECT: Claims Filing Deadline is October 13
SNOW WORKS: Claims Filing Deadline is October 13
B E L G I U M
BRUSSELS AIRPORT: Macquarie Rating Actions Won't Move S&P's Rating
G E R M A N Y
MUSTEK SYSTEMS: German Unit Files for Creditor Protection
TITAN EUROPE: Fitch Junks Ratings on Five Classes of Notes
I R E L A N D
ARRAMOUNT FURNITURE: Greenwood Group to Finance Rescue Package
I T A L Y
UNICREDIT SPA: To Hire Five Banks to Manage EUR4-Bln Stock Sale
K A Z A K H S T A N
AGRIMAK CO: Creditors Must File Claims by October 7
AKMOLINETS LLP: Creditors Must File Claims by October 7
ASU LLP: Creditors Must File Claims by October 7
COMPUTER SERVICE: Creditors Must File Claims by October 7
DEKOPLAST NV: Creditors Must File Claims by October 7
GRAD-S LLP: Creditors Must File Claims by October 7
IN STROY: Creditors Must File Claims by October 7
INDUSTRIYA OIL: Creditors Must File Claims by October 7
KAZAKH AGRARIAN: S&P Keeps 'BB+' Long-Term Issuer Credit Rating
MARS 92: Creditors Must File Claims by October 7
MEDEU LLP: Creditors Must File Claims by October 7
MUSTANG LLP: Creditors Must File Claims by October 7
N ARUS: Creditors Must File Claims by October 7
OLIMPIC LIMUZIN: Creditors Must File Claims by October 7
OTYRAR AUTO: Creditors Must File Claims by October 7
PALITRA 7: Creditors Must File Claims by October 7
SILK WAY: Creditors Must File Claims by October 7
STROY TECH: Creditors Must File Claims by October 7
TRACTOR LLP: Creditors Must File Claims by October 7
V GROUP: Creditors Must File Claims by October 7
VITA TAXI: Creditors Must File Claims by October 7
K Y R G Y Z S T A N
BST STROY: Creditors Must File Claims by October 17
L U X E M B O U R G
ORCO PROPERTY: To Present New Debt Restructuring Plan
N E T H E R L A N D S
EUROPEAN PROPERTY: Moody's Cuts Rating on Class D Notes to 'B1'
GELDILUX-TS-2007: S&P Keeps Neg. Watch on 'B'-Rated Class E Notes
MESDAQ BV: Fitch Junks Ratings on Two Classes of Notes
P O L A N D
VECTRIX CORPORATION: Files Chapter 11 to Sell to GH Venture
R O M A N I A
* ROMANIA: Corporate Bankruptcies Up 40% in First Half 2009
R U S S I A
BALASHOVSKIY AUTOMOTIVE: Creditors Must File Claims by October 4
DELANCE LTD: Moody's Cuts Ratings on US$250 Mil. Bonds to 'Caa3'
DELANCE LTD: S&P Downgrades Corporate Credit Rating to 'CC'
DEVELOPMENT CAPITAL: S&P Assigns 'B-' Counterparty Credit Rating
EVRO-STROY LLC: Creditors Must File Claims by October 4
IRKUTSK-ZHIL-STROY: Creditors Must File Claims by October 4
KD AVIA: Court Adjourns Bankruptcy Hearing Until October 2
KRASNOARMEYSKIY DAIRY: Creditors Must File Claims by October 4
MTEK LLC: Creditors Must File Claims by October 4
REINFORCED-CONCRETE: Creditors Must File Claims by October 4
STROY-NEFT LLC: Creditors Must File Claims by October 4
SVIAZ-BANK: Moody's Upgrades Bank Fin'l Strength Rating to 'E+'
SANTANDER FINANCION: Moody's Assigns 'C' Rating on Series F Notes
S W I T Z E R L A N D
A. C. AIRTECH: Claims Filing Deadline is October 2
BAUGESELLSCHAFT SEEMATTE: Claims Filing Deadline is October 2
BERTSCHI AG: Claims Filing Deadline is October 2
CAMERON & RIPLEY: Claims Filing Deadline is October 2
ELFAG HOLDING: Claims Filing Deadline is October 2
FST PROJECT: Claims Filing Deadline is October 2
HIWISCA FINANZ: Claims Filing Deadline is October 2
MOSIMO GMBH: Claims Filing Deadline is October 2
TRENDPHARM AG: Claims Filing Deadline is October 2
VON DAENIKEN: Claims Filing Deadline is October 2
T U R K E Y
DOGAN YAYIN: Must Provide US$3.2BB Collateral Against Tax Fine
TURKCELL ILETISIM: S&P Changes Outlook on 'BB+' Rating to Stable
U K R A I N E
AVTOEGAS.COM LLC: Creditors Must File Claims by October 2
GOLDEN LAND: Creditors Must File Claims by October 1
METALLURG LLC: Creditors Must File Claims by October 1
MONTAZH-EXPO LLC: Creditors Must File Claims by October 2
NAFTOGAZ OF UKRAINE: Luxembourg Bourse Suspends Bond Trade
ROMNY PETROLEUM: Creditors Must File Claims by October 1
SLAVIANKA LLC: Creditors Must File Claims by October 1
TRUST UMAN: Creditors Must File Claims by October 2
U N I T E D K I N G D O M
BLACKS LEISURE: 400 Jobs at Risk Under Proposed CVA Deal
ITV PLC: Fails to Reach Employment Deal with Tony Ball
JJB SPORTS: Net Loss Widens in 1H09; May Still Breach Covenants
MAKIN METAL: Administrators Sell Business; 41 Jobs Preserved
NEWCASTLE PRODUCTIONS: Sold in Senior Management Deal
NORTHERN ROCK: Building Societies Seek to Re-mutualize Bank
PEARL GROUP: Ron Sandler to Become Non-Executive Chairman
VEDANTA RESOURCES: Sesa Goa's Offering Won't Affect Moody's Rating
WHITE TOWER: Seven Halabi London Properties Put Into Receivership
YELL GROUP: S&P Affirms Corporate Credit Rating at 'B'
* Large Companies with Insolvent Balance Sheet
*********
=============
A U S T R I A
=============
A.S.P. MONTAGEBAU: Claims Filing Deadline is October 14
-------------------------------------------------------
Creditors of A.S.P. Montagebau KG have until October 14, 2009, to
file their proofs of claim.
A court hearing for examination of the claims has been scheduled
for October 28, 2009 at 10:30 a.m.
For further information, contact the company's administrator:
Dr. Andrea Simma
Favoritenstrasse 22/12a
1040 Vienna
Austria
Tel: 504 64 08
Fax: DW 22
E-mail: simma@mitrecht.com
BAUER DRUCK: Claims Filing Deadline is October 14
-------------------------------------------------
Creditors of Bauer Druck GmbH have until October 14, 2009, to file
their proofs of claim.
A court hearing for examination of the claims has been scheduled
for October 28, 2009, at 9:50 a.m.
For further information, contact the company's administrator:
Dr. Maximilian Schludermann
Reisnerstrasse 32/12
1030 Vienna
Austria
Tel: 715 50 45
Fax: 715 50 474
E-mail: office@anwalt-vienna.at
BBS BUCHBINDEREI: Claims Filing Deadline is October 13
------------------------------------------------------
Creditors of BBS Buchbinderei Simmering GmbH have until
October 13, 2009, to file their proofs of claim.
A court hearing for examination of the claims has been scheduled
for October 27, 2009 at 10:55 a.m.
For further information, contact the company's administrator:
Mag. Wolfgang Winkler
Reisnerstrasse 32/12
1030 Vienna
Austria
Tel: 715 50 45
Fax: 715 50 474
E-mail: office@anwalt-vienna.at
BIOLOGICAL POWER: Claims Filing Deadline is October 14
------------------------------------------------------
Creditors of Biological Power Systems Ltd. have until October 14,
2009, to file their proofs of claim.
A court hearing for examination of the claims has been scheduled
for October 28, 2009 at 10:10 a.m.
For further information, contact the company's administrator:
Dr. Wolfgang Leitner
Kohlmarkt 14
1010 Vienna
Austria
Tel: 533 19 39 Serie
Fax: 533 19 39 39
E-mail: kanzlei@lp-law.at
BLAGOJEVIC & FULAR: Claims Filing Deadline is October 14
--------------------------------------------------------
Creditors of Blagojevic & Fular OEG have until October 14, 2009,
to file their proofs of claim.
A court hearing for examination of the claims has been scheduled
for October 28, 2009 at 9:30 a.m.
For further information, contact the company's administrator:
Dr. Katharina Widhalm-Budak
Favoritenstrasse 22/12a
1040 Vienna
Austria
Tel: 504 64 08
Fax: DW 22
E-mail: widhalm-budak@mitrecht.com
FRANZ AUDRIETH: Claims Filing Deadline is October 13
----------------------------------------------------
Creditors of Franz Audrieth & Co GmbH have until October 13, 2009,
to file their proofs of claim.
A court hearing for examination of the claims has been scheduled
for October 27, 2009, at 13:15 p.m.
For further information, contact the company's administrator:
Mag. Birgit Linder
Am Heumarkt 9/I/11
1030 Vienna
Austria
Tel: 713 46 51
Fax: 713 84 35
E-mail: proksch@eurojuris.at
HANS PRESSEL: Claims Filing Deadline is October 13
--------------------------------------------------
Creditors of Hans Pressel GmbH have until October 13, 2009, to
file their proofs of claim.
A court hearing for examination of the claims has been scheduled
for October 27, 2009, at 13:00 p.m.
For further information, contact the company's administrator:
Dr. Herbert Hochegger
Brucknerstrasse 4/5
1040 Vienna
Austria
Tel: 505 78 61
Fax: DW 9
E-mail: office@hoch.co.at
MONTE M.T.: Claims Filing Deadline is October 13
------------------------------------------------
Creditors of Monte M.T. GmbH have until October 13, 2009, to file
their proofs of claim.
A court hearing for examination of the claims has been scheduled
for October 27, 2009 at 10:45 a.m.
For further information, contact the company's administrator:
Mag. Beate Holper
Gonzagagasse 15
1010 Vienna
Austria
Tel: 533 28 55
Fax: 533 28 55 28
E-mail: office@anwaltwien.at
PRESSEL DIRECT: Claims Filing Deadline is October 13
----------------------------------------------------
Creditors of Pressel Direct Mail Services GmbH have until
October 13, 2009, to file their proofs of claim.
A court hearing for examination of the claims has been scheduled
for October 27, 2009, at 12:45 p.m.
For further information, contact the company's administrator:
Dr. Hans Rant
Seilerstaette 5
1010 Vienna
Austria
Tel: 513 31 65
Fax: 512 20 01
E-mail: ra-kanzlei@rant-freyler.at
SNOW WORKS: Claims Filing Deadline is October 13
------------------------------------------------
Creditors of Snow Works GmbH have until October 13, 2009, to file
their proofs of claim.
A court hearing for examination of the claims has been scheduled
for October 27, 2009 at 12:15 p.m.
For further information, contact the company's administrator:
Mag. Beate Holper
Gonzagagasse 15
1010 Vienna
Austria
Tel: 533 28 55
Fax: 533 28 55 28
E-mail: office@anwaltwien.at
=============
B E L G I U M
=============
BRUSSELS AIRPORT: Macquarie Rating Actions Won't Move S&P's Rating
------------------------------------------------------------------
Standard & Poor's Ratings Services said that the proposal from
Australian investor in airports Macquarie Airports (BBB-/Stable/
--) to internalize MAp's management and remove Macquarie Group
from its management role in MAp does not affect the ratings on
Copenhagen Airports A/S (CBBB/Negative/--) and Brussels Airport
Co. (BB+/Stable/--). The ratings on their respective holding
companies, Macquarie Airports Copenhagen Holdings ApS
(BBB/Negative/--) and Brussels Airport Holding S.A./N.V.
(BB+/Stable/--) are also unchanged.
The bank loan agreements of BAH, CPH, and MACH contain change-of-
control clauses. The Macquarie Group entities currently include
MAp for purposes of definition of control under the loan
documentations, and as such control of the holding companies BAH
and MACH (and consequently the two airports, BAC and CPH). If
MAp's security holders approve its proposal, MAp would no longer
qualify as a member of the Macquarie Group for control definition
purposes. This would in turn raise change-of-control clause
issues, all other things being equal.
The "Notices of Meeting and Explanatory Memorandum" document
prepared in anticipation of the Special General Meeting scheduled
Sept. 30, 2009, when the proposal will be submitted to MAp's
security holders, indicates that Macquarie Group and its managed
funds have agreed to modify shareholding arrangements so that
there is no change of control. S&P understand these modifications
would avoid the adverse consequences that could arise if
refinancing were required following a change of control.
Based on discussions with Macquarie Group, S&P notes, however,
that these modifications have yet to be implemented, and that they
are contingent on and stand to materialize at the time of
completion of SGM approval of MAp's proposal.
S&P also believe that MAp is unlikely to enact its decision to
terminate Macquarie Group's management role if these modifications
cannot be implemented. This is because S&P considers that neither
MAp nor Macquarie Group want to risk a breach of the change-of-
control clauses, which could potentially lead to an uncertain and
expensive refinancing plan for one or several entities. However,
in contrast with S&P's expectations, if MAp were to decide to
terminate Macquarie Group's management role without having
modified the shareholding arrangements to address the effects of
the change-of-control clause provisions, the ratings on BAC, BAH,
CPH, and MACH would likely be affected negatively.
=============
G E R M A N Y
=============
MUSTEK SYSTEMS: German Unit Files for Creditor Protection
---------------------------------------------------------
AS reports that Mustek Systems Inc.'s German unit is insolvent.
The report says the unit has filed for protection from creditors.
Mustek Systems Inc. -- http://www.mustek.com.tw/-- is principally
engaged in the research, development, manufacture and distribution
of scanner products, digital photo frames, digital cameras and
video cameras. The Company also provides portable digital video
disc (DVD) players, multimedia storage products and high density
(HD) set top box (STB) products. During the year ended December
31, 2008, the Company obtained approximately 29.87%, 26.83% and
10.78% of its total revenue from its digital photo frames, raw
materials and scanners, respectively. The Company distributes its
products in the domestic market and to overseas markets, including
rest of Asia and Europe.
TITAN EUROPE: Fitch Junks Ratings on Five Classes of Notes
----------------------------------------------------------
Fitch Ratings has downgraded all Titan Europe 2006-2 plc's
floating-rate notes except the cash-collateralized Class X notes,
which have been affirmed.
-- EUR377.9m Class A (XS0254356990) downgraded to 'BBB+' from
'AAA'; Outlook Negative
-- EUR5,000 Class X (XS0254357022) affirmed at 'AAA'; Outlook
Stable
-- EUR61.7m Class B (XS0254357378) downgraded to 'BB' from
'AAA'; Outlook Negative
-- EUR44.1m Class C (XS0254357881) downgraded to 'B' from 'AA';
Outlook Negative
-- EUR23.1m Class D (XS0254357964) downgraded to 'CCC' from
'AA'; assigned Recovery Rating (RR) 'RR6'
-- EUR57.5m Class E (XS0254358004) downgraded to 'CC' from 'A';
assigned 'RR6'
-- EUR37.4m Class F (XS0254358699) downgraded to 'CC' from
'BBB'; assigned 'RR6'
-- EUR29.3m Class G (XS0254648263) downgraded to 'CC' from 'BBB-
'; assigned 'RR6'
-- EUR28.2m Class H (XS0254647612) downgraded to 'CC' from 'BB';
assigned 'RR6'
-- EUR11.5m Class J (XS0254653180) downgraded to 'CC' from 'B';
assigned 'RR6'
The downgrades are a result of all four remaining underlying loans
suffering from significant under-performance and ongoing
operational/management-related difficulties, coupled with the
substantial market value declines that secondary- and tertiary-
quality multi-family assets have experienced since the
transaction's closing. All four loans are presently subject to
ongoing, albeit in some instances waived, technical or monetary
events of default. While two loans are being specially serviced
and the other two continue to be primary-serviced, Fitch is of the
opinion that all four loans have in effect become distressed debt
positions and require comprehensive workout measures.
The agency expects that a large proportion of the portfolio's
assets would, in their current condition, be difficult to
refinance in the present lending environment and asset sales may
only be feasible at distressed prices. The flexibility available
to the servicers/special servicers in turning around the
portfolios is limited as the properties securing the loans
generate insufficient cash flows to finance essential maintenance
and capex works. The agency has not been provided with detailed
information on the strategies the servicers and special servicers
are looking to implement to stabilize the portfolios.
A combination of special servicer fees and the calculation of
interest due to the class X notes has resulted in total interest
shortfalls of EUR350,000 on the class J notes since October 2008.
This is in spite of liquidity drawings of EUR550,000 in July 2009,
which were required following the payment default of one of the
loans.
At closing in May 2006, Titan Europe 2006-2 plc was a
securitization of seven commercial mortgage loans secured by
multi-family housing properties located across Germany. Since
closing, three loans have prepaid, decreasing the pool's loan
balance to EUR670.6 million from EUR862.1 million and the number
of properties to 57 from 91. The scheduled maturity dates of all
four loans are in 2011.
Fitch will continue to monitor the performance of the transaction.
=============
I R E L A N D
=============
ARRAMOUNT FURNITURE: Greenwood Group to Finance Rescue Package
--------------------------------------------------------------
Ian Kehoe at The Sunday Business Post Online reports that a rescue
package has been lined up to save Arramount Furniture.
According to the Post.ie, Cork furniture manufacturer Greenwood
Group is financing the rescue package and is poised to take a
significant stake in the business. The deal is set to be put to
the High Court for approval later this week, the Post.ie
discloses.
If sanctioned, the deal will save close to 50 jobs and secure the
future of Arramount's seven stores, the Post.ie says.
Citing documents submitted to the courts, the Post.ie discloses
Arramount has a EUR3 million deficit in its finances.
As reported in the Troubled Company Reporter-Europe on June 25,
2009, the Irish Times said Arramount Furniture appointed Kieran
Wallace of KPMG as interim examiner. The Irish Times disclosed
the company said it had sought the protection of an interim
examiner to allow it to put in place new refinancing arrangements
with creditors and bankers.
=========
I T A L Y
=========
UNICREDIT SPA: To Hire Five Banks to Manage EUR4-Bln Stock Sale
---------------------------------------------------------------
UniCredit SpA plans to hire five investment banks to manage a
EUR4-billion (US$5.9 billion) stock sale, Elisa Martinuzzi at
Bloomberg News reports, citing three people familiar with the
sale.
Bloomberg relates the people who declined to be identified because
the plan is confidential, said Bank of America Corp.'s Merrill
Lynch unit, Credit Suisse Group, Goldman Sachs Group Inc.,
Mediobanca SpA and UBS AG will probably help guarantee the rights
offer by Italy's largest bank.
According to Bloomberg, UniCredit Chief Executive Officer
Alessandro Profumo is considering selling stock to the public to
build up reserves and avoid taking government money, which may be
more expensive and have onerous conditions attached.
As reported in the Troubled Company Reporter-Europe on Sept. 23,
2009, Unicredit will make a decision on funding plans at a
Sept. 29 board meeting.
Based in Milan, Italy, UniCredit SpA (BIT:UCG) --
http://www.unicreditgroup.eu/-- is a holding company of an
Italian banking group. The Group is divided into eight divisions:
Asset Management, Retail, Central Eastern Europe, Poland's
Markets, Corporate, Markets and Investment Banking, Private
Banking and Household Banking. Through its network of companies,
the Group provides a range of products and services that include
traditional banking products, bancassurance, loans, leasing and
investment products, which it offers to individuals and
households, as well as professionals, small and medium companies
and corporations. The Group owns local banks in a number of
central-eastern European countries (CEECs), including Poland,
Bulgaria, Croatia, Turkey, Slovakia, Romania and the Czech
Republic. Unicredit SpA is also present through offices and
representatives worldwide in Europe, Asia and the United States.
In the fiscal year ended December 31, 2007, UniCredit acquired
Capitalia Group.
===================
K A Z A K H S T A N
===================
AGRIMAK CO: Creditors Must File Claims by October 7
---------------------------------------------------
Creditors of LLP Argimak Co have until October 7, 2009, to submit
proofs of claim to:
Ilyaev Str. 24
Room 114
Shymkent
South Kazakhstan
Kazakhstan
The Specialized Inter-Regional Economic Court of South Kazakhstan
commenced bankruptcy proceedings against the company on June 24,
2009, after finding it insolvent.
The Court is located at:
The Specialized Inter-Regional
Economic Court of South Kazakhstan
Tynybaev Str. 42
Shymkent
South Kazakhstan
Kazakhstan
AKMOLINETS LLP: Creditors Must File Claims by October 7
-------------------------------------------------------
Creditors of LLP Akmolinets have until October 7, 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 May 18, 2009, after
finding it insolvent.
The Court is located at:
The Specialized Inter-Regional
Economic Court of Astana
Abai Ave. 36
Astana
Kazakhstan
ASU LLP: Creditors Must File Claims by October 7
------------------------------------------------
Creditors of LLP Enterprise Asu have until October 7, 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 May 18, 2009, after
finding it insolvent.
The Court is located at:
The Specialized Inter-Regional
Economic Court of Astana
Abai Ave. 36
Astana
Kazakhstan
COMPUTER SERVICE: Creditors Must File Claims by October 7
---------------------------------------------------------
Creditors of LLP Computer Service have until October 7, 2009, to
submit proofs of claim to:
Ilyaev Str. 24
Room 114
Shymkent
South Kazakhstan
Kazakhstan
The Specialized Inter-Regional Economic Court of South Kazakhstan
commenced bankruptcy proceedings against the company on June 24,
2009, after finding it insolvent.
The Court is located at:
The Specialized Inter-Regional
Economic Court of South Kazakhstan
Tynybaev Str. 42
Shymkent
South Kazakhstan
Kazakhstan
DEKOPLAST NV: Creditors Must File Claims by October 7
-----------------------------------------------------
Creditors of LLP Dekoplast NV have until October 7, 2009, to
submit proofs of claim to:
Jambyl Str. 9
Karaganda
Kazakhstan
The Specialized Inter-Regional Economic Court of Karaganda
commenced bankruptcy proceedings against the company on June 25,
2009, after finding it insolvent.
The Court is located at:
The Specialized Inter-Regional
Economic Court of Karaganda
Alalykin Str. 9
Karaganda
Kazakhstan
GRAD-S LLP: Creditors Must File Claims by October 7
---------------------------------------------------
Creditors of LLP Grad-S have until October 7, 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
July 13, 2009.
IN STROY: Creditors Must File Claims by October 7
-------------------------------------------------
Creditors of LLP In Stroy Service have until October 7, 2009, to
submit proofs of claim to:
Micro District 27, 39-35
Aktau
Kazakhstan
The Specialized Inter-Regional Economic Court of Aktau commenced
bankruptcy proceedings against the company on June 29, 2009, after
finding it insolvent.
The Court is located at:
The Specialized Inter-Regional
Economic Court of Aktau
Building of former kindergarten 51
Micro District 27
Aktau
Kazakhstan
INDUSTRIYA OIL: Creditors Must File Claims by October 7
-------------------------------------------------------
Creditors of LLP Industriya Oil have until October 7, 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 May 18, 2009, after
finding it insolvent.
The Court is located at:
The Specialized Inter-Regional
Economic Court of Astana
Abai Ave. 36
Astana
Kazakhstan
KAZAKH AGRARIAN: S&P Keeps 'BB+' Long-Term Issuer Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it had kept its 'BB+'
long-term issuer credit and 'kzAA-' Kazakhstan national scale
ratings on Kazakh Agrarian Credit Corp., a state-owned provider of
subsidized credit to agricultural and nonagricultural businesses
in rural areas throughout the Republic of Kazakhstan (foreign
currency BBB-/Stable/A-3; local currency BBB/Stable/A-3;
Kazakhstan national scale 'kzAAA') on CreditWatch with negative
implications.
"We are keeping the ratings on CreditWatch with negative
implications because the negotiations following the reported
covenant breach of the US$136 million loan with Commerzbank AG (A/
Negative/A-1; {Commerzbank purchased Dresdner Bank AG [NR]}, the
former lender) are not finalized yet," said Standard & Poor's
credit analyst Boris Kopeykin.
The CreditWatch listing reflects remaining uncertainties regarding
the future repayment schedule of the loan. Furthermore, in the
unlikely scenario that the bank would require an acceleration of
the full amounts due under the loan, KACC would need timely and
sufficient extraordinary support from the Kazakh government to
meet its obligation.
The ratings reflect S&P's opinion that the likelihood of timely
and sufficient extraordinary support from the Kazakh government to
KACC is "very high", and that an immediate and full acceleration
of the loan is unlikely, following the government's issuance of
comfort letters indicating support to KACC.
The ratings continue to be constrained by rapid expansion of
KACC's loan portfolio in Kazakhstan's difficult operating
environment, KACC's high lending concentration, and low balance
sheet liquidity.
The ratings are supported by significant ongoing state support to
KACC, very high capitalization, and good access to government
funding.
In accordance with S&P's criteria for government-related entities,
S&P's view of a "very high" likelihood of extraordinary government
support is based on its current assessment of KACC's:
"Very important" role for the government. S&P bases this opinion
on the state's track record of ongoing support to KACC in the form
of recurring capital injections and budget loans secured until
2011. Moreover, as a financial agency, S&P notes that KACC has
access to low-cost loans from the government budget. These loans
allow it to carry out its public-policy-based mandate of providing
credit to agricultural and nonagricultural businesses in rural
areas throughout Kazakhstan. KACC is present in 158 out of 177
districts in the country and is responsible for a large share
(estimated at more than 14%) of the total loans provided to
agricultural producers in Kazakhstan.
"Very strong" link with the Kazakh government. The Kazakhstan
government wholly owns KACC through KazAgro Holding (not rated),
and privatization is not on the agenda. KACC might be reorganized
into an agricultural bank, but the government has yet to approve
such a development. The government tightly monitors KACC
activities through KazAgro Holding.
S&P's assessment of a "very high" likelihood of support is also
based on the government's stated intention to support KACC to
avoid default on any debt obligation, including on this
$136 million loan, as confirmed in comfort letters issued by both
the Ministry of Finance and the Ministry of Agriculture and as
clearly stated to us by senior government officials. It also
reflects the government's track record of strong ongoing support
to KACC.
The 'B' stand-alone credit profile is constrained by KACC's weak
balance-sheet liquidity and high sector and single-name
concentrations.
The ratings were initially placed on CreditWatch on June 16, 2009,
due to questions arising over the Kazakh government's support of
its government-related entities and the increasing risk of KACC
breaching its loan covenants, one breach of which would be a
downgrade by two notches by one of the agencies that rates KACC.
In this case, the covenant was breached following a downgrade by
another credit rating agency.
Standard & Poor's aims to resolve the CreditWatch placement on
completion of KACC's discussions with Commerzbank, which KACC
reportedly intends to finalize in the next three to four weeks,
and S&P's analysis of all the new terms and conditions of the
loan.
"If KACC and Commerzbank agree on a new and gradual repayment
schedule for the loan, or if the government provides timely and
sufficient support for an early repayment, then S&P is likely to
affirm the ratings on KACC at the current level with a stable
outlook, after S&P update its analysis of KACC's liquidity risk
and stand-alone credit profile," said Mr. Kopeykin.
However, if Commerzbank accelerates the loan, and in such case the
government fails to provide sufficient support on a timely basis,
it could default on this obligation, which would in turn result in
S&P's downgrading KACC to 'SD' (selective default). S&P considers
this scenario to be unlikely, however, given the government's
repeated statements indicating support for KACC, as well as
tangible signs of support.
At the same time, S&P will continue to monitor the government's
policy and track record of support to the GRE sector in general
and to KACC in particular, as well as the effects of the continued
turmoil in Kazakhstan's financial system.
MARS 92: Creditors Must File Claims by October 7
------------------------------------------------
Creditors of LLP Mars 92 have until October 7, 2009, to submit
proofs of claim to:
Auelbekov Str. 139
Room 228
Kokshetau
Kazakhstan
The Specialized Inter-Regional Economic Court of Kokshetau
commenced bankruptcy proceedings against the company on June 26,
2009, after finding it insolvent.
The Court is located at:
The Specialized Inter-Regional
Economic Court of Kokshetau
Gorky Str. 37
Kokshetau
Kazakhstan
MEDEU LLP: Creditors Must File Claims by October 7
--------------------------------------------------
Creditors of LLP Medeu have until October 7, 2009, to submit
proofs of claim to:
Auelbekov Str. 139
Room 228
Kokshetau
Kazakhstan
The Specialized Inter-Regional Economic Court of Kokshetau
commenced bankruptcy proceedings against the company on June 26,
2009, after finding it insolvent.
The Court is located at:
The Specialized Inter-Regional
Economic Court of Kokshetau
Gorky Str. 37
Kokshetau
Kazakhstan
MUSTANG LLP: Creditors Must File Claims by October 7
----------------------------------------------------
Creditors of LLP Trade House Mustang have until October 7, 2009,
to submit proofs of claim to:
Ilyaev Str. 24
Room 114
Shymkent
South Kazakhstan
Kazakhstan
The Specialized Inter-Regional Economic Court of South Kazakhstan
commenced bankruptcy proceedings against the company on June 25,
2009, after finding it insolvent.
The Court is located at:
The Specialized Inter-Regional
Economic Court of South Kazakhstan
Tynybaev Str. 42
Shymkent
South Kazakhstan
Kazakhstan
N ARUS: Creditors Must File Claims by October 7
-----------------------------------------------
Creditors of LLP N Arus have until October 7, 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 May 18, 2009, after
finding it insolvent.
The Court is located at:
The Specialized Inter-Regional
Economic Court of Astana
Abai Ave. 36
Astana
Kazakhstan
OLIMPIC LIMUZIN: Creditors Must File Claims by October 7
--------------------------------------------------------
Creditors of LLP Olimpic Limuzin have until October 7, 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
July 3, 2009.
OTYRAR AUTO: Creditors Must File Claims by October 7
----------------------------------------------------
Creditors of LLP Otyrar Auto Service have until October 7, 2009,
to submit proofs of claim to:
Ilyaev Str. 24
Room 114
Shymkent
South Kazakhstan
Kazakhstan
The Specialized Inter-Regional Economic Court of South Kazakhstan
commenced bankruptcy proceedings against the company on June 24,
2009, after finding it insolvent.
The Court is located at:
The Specialized Inter-Regional
Economic Court of South Kazakhstan
Tynybaev Str. 42
Shymkent
South Kazakhstan
Kazakhstan
PALITRA 7: Creditors Must File Claims by October 7
--------------------------------------------------
Creditors of LLP Palitra 7 have until October 7, 2009, to submit
proofs of claim to:
The Specialized Inter-Regional
Economic Court of Kostanai
Baitursynov Str. 70
Kostanai
Kazakhstan
The court commenced bankruptcy proceedings against the company on
June 30, 2009.
SILK WAY: Creditors Must File Claims by October 7
-------------------------------------------------
Creditors of LLP Silk Way Professional have until October 7, 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
February 16, 2009.
STROY TECH: Creditors Must File Claims by October 7
---------------------------------------------------
LLP Ltd Stroy Tech Bum is currently undergoing liquidation.
Creditors have until August 7, 2009, to submit proofs of claim to:
Micro District 6, 64-15
Uralsk
West Kazakhstan
Kazakhstan
TRACTOR LLP: Creditors Must File Claims by October 7
----------------------------------------------------
Creditors of LLP Tractor have until October 7, 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
July 13, 2009.
V GROUP: Creditors Must File Claims by October 7
------------------------------------------------
LLP Manufacturing Construction Corporation V Group is currently
undergoing liquidation. Creditors have until August 7, 2009, to
submit proofs of claim to:
Sokpakbayev Str. 71
Almaty
Kazakhstan
VITA TAXI: Creditors Must File Claims by October 7
--------------------------------------------------
Creditors of LLP Vita Taxi have until October 7, 2009, to submit
proofs of claim to:
Masanchi Str. 98b-42
Almaty
Kazakhstan
Tel.: 8 777 355 34-23
The Specialized Inter-Regional Economic Court of Almaty commenced
bankruptcy proceedings against the company on June 26, 2009, after
finding it insolvent.
The Court is located at:
The Specialized Inter-Regional
Economic Court of Almaty
Baizakov Str. 273b
Almaty
Kazakhstan
===================
K Y R G Y Z S T A N
==================
BST STROY: Creditors Must File Claims by October 17
---------------------------------------------------
LLC Bst Stroy is currently undergoing liquidation. Creditors have
until October 17, 2009, to submit proofs of claim.
Inquires can be addressed to (+996 312) 90-14-95.
===================
L U X E M B O U R G
===================
ORCO PROPERTY: To Present New Debt Restructuring Plan
-----------------------------------------------------
Lenka Ponikelska at Bloomberg News reports that Orco Property
Group SA will present a new debt restructuring proposal to
bondholders.
Citing Orco Chief Executive Officer Jean Francois Ott, Bloomberg
discloses creditors will have 30 days to choose between the
company's proposal to swap debt for equity and warrants or prolong
bond maturities until 2019 according to a new offer.
Bloomberg relates bondholders of Orco on Thursday rejected an
offer for a mix of new debt and equity, including new convertible
bonds, as part of a debt-restructuring plan.
According to Bloomberg, Orco, which received creditor protection
from the Paris Commercial Court on March 26, will seek to extend
the period for another six months.
As reported in the Troubled Company Reporter-Europe on Sept. 14,
2009, Bloomberg said Orco has direct liabilities of EUR411 million
of bonds in nominal value.
Orco Property Group SA -- http://www.orcogroup.com/-- is a
Luxembourg-based real estate company, specializing in the
development, rental and management of properties in Central and
Eastern Europe. Through its fully consolidated subsidiaries, Orco
Property Group SA operates in several countries, including the
Czech Republic, Slovakia, Germany, Hungary, Poland, Croatia and
Russia. The Company rents and manages real estate and hotels
properties composed of office buildings, apartments with services,
luxury hotels and hotel residences; it also develops real estate
projects as promoter.
=====================
N E T H E R L A N D S
=====================
EUROPEAN PROPERTY: Moody's Cuts Rating on Class D Notes to 'B1'
---------------------------------------------------------------
Moody's Investors Service has downgraded these classes of notes
issued by European Property Capital 3 plc (amounts reflect initial
outstandings):
-- EUR32.1M Class C Commercial Mortgage Backed Floating Rate
Notes Notes, Downgraded to Baa1; previously on April 8, 2009
A3 Placed Under Review for Possible Downgrade
-- EUR31.312M Class D Commercial Mortgage Backed Floating Rate
Notes Notes, Downgraded to B1; previously on April 8, 2009
Baa3 Placed Under Review for Possible Downgrade
At the same time, Moody's has confirmed the ratings of the Class A
Notes and the Class B Notes issued by European Property Capital 3
plc:
-- EUR311.5M Class A Commercial Mortgage Backed Floating Rate
Notes Certificate, Confirmed at Aaa; previously on April 8,
2009 Aaa Placed Under Review for Possible Downgrade
-- EUR31.8M Class B Commercial Mortgage Backed Floating Rate
Notes Certificate, Confirmed at Aa2; previously on April 8,
2009 Aa2 Placed Under Review for Possible Downgrade
The rating action concludes the review for possible downgrade that
was initiated on 8 April 2009 and takes into account Moody's
updated central scenarios, as described in Moody's Special Report
"Moody's Updates on Its Surveillance Approach for EMEA CMBS".
1) Transaction and Portfolio Overview
European Property Capital 3 plc closed in December 2005 and
represents the securitization of initially five mortgage loans
originated by JP Morgan Chase Bank, NA and secured by first-
ranking legal mortgages over initially 62 commercial properties
located across the Netherlands (58% of the initial pool), Italy
(26%) and Portugal (16%). The properties were predominantly
office (51.4%) and retail (42.4%) with the remaining collateral
pool consisting of industrial assets.
Since closing, two of the five loans have prepaid, representing
47.3% of the original pool balance. The remaining loans are not
contributing equally to the portfolio: the biggest loan (the
Randstad Loan) represents 64.3% of the current portfolio balance,
while the smallest loan (the CPFM Loan) represents 5.1%. The
current loan Herfindahl index is 2.0. Following the prepayments,
the remaining loans are secured by 22 properties, which are still
predominantly office (55.3%) and retail use (30.6%). Of the
properties, 69.4% are located in the Netherlands with one loan
(the Algarve Portuguese Loan), comprising 30.6% of the current
pool, secured by a shopping centre in Portugal. Initially,
scheduled amortization, principal prepayments and balloon payments
were allocated on a modified pro-rata basis between the notes (50%
sequential and 50% pro-rata) except for the loan secured by
Italian properties (26.4% of the initial pool). The prepayment
proceeds for this loan have been allocated 100% pro-rata between
all the then outstanding classes of notes. The transaction
switched to 100% sequential payment allocation after the CPFM Loan
did not repay on its maturity in January 2009, which resulted in
the breach of one of the sequential repayment triggers. The lease
with the sole tenant in the property securing this loan expired
shortly before loan maturity.
As of the last interest payment date in August 2009, the CPFM Loan
was in default and special servicing. The two remaining loans,
the Randstad Loan and the Algarve Portuguese Loan, paid their debt
service in full. On 8 September 2009, the special servicer
published a special notice announcing that the maturity of the
CPFM Loan has been extended by 12 months until August 2010. The
whole property securing the CPFM loan has been leased to Lidl
until December 2009 with a further 12-month extension option until
December 2010 at a similar level of rent as the previous tenant
was paying. At the same time, the borrower agreed to a repayment
schedule that should reduce the outstanding loan amount by 43.4%
until the extended loan maturity.
2) Rating Rationale
The rating action follows a detailed re-assessment of the loan and
property portfolio's credit risk. Moody's main focus was on
property value declines, term default risk, refinancing risk and
the anticipated work-out timing for potentially defaulting loans.
In its review, Moody's assessed each loan in the transaction.
As outlined in more detail below, the rating action is mainly
driven by the most recent performance of the property and lending
markets in Continental Europe, Moody's opinion about future
property value performance as well as the refinancing risk profile
of the loans in the portfolio.
In Moody's view, the default risk of the largest loan (Randstadt
Loan) has increased substantially compared to closing as is also
the main driver of the overall increased default risk assessment
of the transaction portfolio. The Randstadt Loan is a fairly
large loan and highly leveraged given the current market
sentiment. In addition, the underlying property portfolio has
shown increased vacancy rates and the in-place lease expiry
profile is unfavorable in light of the loan maturity in August
2010. In contrast, the default risk of the second largest loan,
the Algarve Portuguese Loan, remains very limited. The CPFM Loan
is fairly small and accounts for only 5.1% of the current pool.
It benefits from an expected moderate leverage at maturity date
and should therefore have only a very limited impact on the
overall risk profile of the current pool.
Given the negative impact of reduced property values in its base
case scenario, Moody's expects only a small amount of losses on
the securitized portfolio. Given the default risk profile and the
anticipated work-out strategy for defaulted loans, these expected
losses will only crystallize towards the end of the transaction's
term.
Of the initial portfolio, 47.3% has prepaid since closing which
has resulted in increased credit enhancement available to the
Class A, B and C Notes. The current subordination levels are
28.1% for the Class A, 18.7% for the Class B and 9.2% for the
Class C Notes. The current subordination levels of the Class A
and Class B provide, in Moody's view, sufficient credit protection
against the increased expected loss of the portfolio and any
potential variability of losses, which resulted in the
confirmation of the ratings of Class A and Class B Notes.
Since Class C and Class D notes are subordinated in the capital
structure and are therefore exposed to additional leverage, the
higher portfolio risk assessment has a relatively bigger impact on
the expected loss of the Class C and Class D Notes. Moody's also
notes that the rating of the Class D Notes is sensitive to a
potential default of the Randstad Loan at its maturity date. The
variability of the expected loss of this class of notes is higher
compared to Class C notes as Class D notes do not benefit from any
credit subordination. Based on this relative risk assessment, the
Class D Notes are more severely affected than Class C Notes by the
rating action and have been downgraded by four notches compared to
one notch in respect of the Class C Notes.
3) Moody's Portfolio Analysis
Property Values. Property values across the Continental European
markets had declined significantly by mid-2009 and are expected to
continue this declining trend at least until 2010. Moody's
estimates that compared to the underwriter's values at closing,
the values of the properties securing this transaction have on
aggregate declined by 18.4% by mid-2009, ranging from an 8% value
decline for the Algarve Portuguese Loan to a 32.1% decline for the
CPFM (Moody's considers vacant position value (VPV) for the
property securing this loan). Looking ahead, Moody's anticipates
further declines until 2010, resulting in a 20.6% value decline
compared to the U/W value at closing (ranging from a 10.8% decline
for the Algarve Portuguese Loan Mortgage Loan to a 32.1% decline
for the CPFM Loan).
Based on this property value assessment, Moody's estimates that
the transaction's mid-2009 weighted-average securitized LTV ratio
was 77.8% compared to the reported U/W LTV of 66.5%. Due to the
further envisaged declines, in Moody's opinion, considering the
scheduled amortization of the two largest loans, the WA LTV will
slightly increase to 77.9% by mid-2010 and will only gradually
recover thereafter. Based on Moody's anticipated trough values,
the LTVs for the securitized loans range between 64.7% (Portuguese
Loan) and 87.3% (CPFM Loan). Taking into account the significant
reduction of the outstanding loan amount expected for the CPFM
Loan until August 2010, the WA LTV of the pool would decrease to
76% by mid-2010 with the CPFM Loan LTV of 49.1% based on Moody's
VPV and the reduced loan balance. As the largest loan in the
portfolio (Randstad Loan) has additional debt in the form of a B-
loan (amounting to approximately EUR16 million), the overall whole
loan leverage is on average 84.1%, based on estimated trough
values and taking into the account one year of amortization on all
three loans.
Moody's has factored in the anticipated property value
development, including a gradual recovery from 2011 onwards when
analyzing the default risk at loan maturity and the loss given
default for each securitized loan.
Refinancing Risk. The transaction's exposure to loans maturing in
the short-term (2010) is considerable. Taking into account
extension options, 69.4% of the current portfolio matures in 2010
and 30.6% in 2012. However, as Moody's expects property values in
the Continental European markets to only slowly recover from 2011
onwards, in Moody's view, the largest loan in the pool, the
Randstad Loan, will be still highly leveraged (84.1%) at its
maturity date, taking into account the B-loan. Furthermore, the
refinancing risk of this loan is negatively impacted by increased
vacancy in the property portfolio (20% compared to 5% at closing)
as well as its relatively large size, making its more difficult to
refinance. Consequently, in Moody's view, the default risk at
maturity of the Randstad Loan has increased substantially compared
to the closing analysis. In Moody's view, the refinancing risk of
the CPFM Loan did not change meaningful since the last transaction
review in July 2008. Taking into account the anticipated
amortization of this loan within the next 12 months as well as its
small size this loan has only a very limited impact on the overall
risk assessment of the transaction portfolio. Considering the
moderate leverage of the Algarve Portuguese Loan and the two one-
year extension options available, the refinancing risk on the
second largest loan in the portfolio is viewed by Moody's as very
limited.
Term Default Risk. The occupational markets in Continental Europe
are currently characterized by falling rents, increasing vacancy
rates and higher than average tenant default rates. However, in
Moody's view, taking into account the maturity profile of the
portfolio, the impact of the term default risk on the transaction
is limited compared to the refinancing risk of the securitized
loans. Based on the current lease profile and the short remaining
term until the maturity dates of the loans, Moody's has not
changed its term default risk assumptions for any of the loans in
the portfolio.
Loans in Default and/or Special Servicing. One loan of the
portfolio (CPFM Loan, 5.1%) was transferred to special servicing
due to the failure to repay at its maturity. As mentioned above,
the special servicer extended the loan maturity by further 12
months. At the same time the borrower agreed to significantly
deleverage the loan during the extended term.
Overall Default Risk. Based on its revised maturity default risk
assessment for the securitized loans, Moody's anticipates that a
substantial portion of the portfolio may default over the course
of the transaction term. The default risk of all loans in the
portfolio is driven by refinancing risk. In Moody's view, the
largest loan in the portfolio (Randstad Loan) currently has the
highest default risk, while the Algarve Portuguese Loan has the
lowest risk of defaulting.
Concentration Risk. The portfolio securitized in European
Property Capital 3 plc exhibits an average concentration in terms
of property types (55.3% office) and property location (69.4% the
Netherlands).
Work-Out Strategy. In scenarios where a loan defaults, Moody's
current expectation is that the servicer will most likely not
pursue an immediate sale of the property in the depressed market
conditions. Therefore, Moody's has assumed that in most cases,
upon default, a sale of the mortgaged properties and ultimate
work-out of the loan will occur at a later point in time.
Increased Portfolio Loss Exposure. Taking into account the
increased default risk of the loans, the most recent performance
of the commercial property markets in Continental Europe, Moody's
opinion about future property value performance and the most
likely work-out strategies for defaulted loans, Moody's
anticipates a low amount of losses on the securitized portfolio,
which given the default risk profile and the anticipated work-out
strategy for defaulted loans, will crystallize towards the end of
the transaction term.
GELDILUX-TS-2007: S&P Keeps Neg. Watch on 'B'-Rated Class E Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services kept on CreditWatch negative
its credit ratings on five classes of notes issued by Geldilux-TS-
2007 S.A. The 'A' rated liquidity notes are not affected by this
action.
The initial CreditWatch placements reflected S&P's revised view on
the refinance risk prevalent in the portfolio, rather than
reflecting historical performance levels. This refinance risk is
of particular relevance in a de-linked rating approach, as applied
to the 'AAA' rated class A notes in the transaction. Under this
scenario, should the originator Bayerische Hypo- und Vereinsbank
AG (HVB; A/Stable/A-1) default, borrowers would suddenly need to
find third-party refinancing for maturing loans. While HVB is
still performing, maturing loans are typically being rolled or
refinanced by drawdowns on the working capital facility or term
facility.
S&P is restating its CreditWatch placements in light of the
ongoing restructuring effort carried out by HVB. Unlike in
Geldilux-TS-2008 S.A., where similar analytical concerns lead us
to place the notes on CreditWatch negative before ultimately
affirming them following the execution of a restructuring, the
process in Geldilux-TS-2007 is still pending final execution. S&P
understand that the delays are not related to HVB's engagement and
willingness to execute, but mainly driven by third parties
involved in the overall process.
While HVB's restructuring proposals in both Geldilux transactions
are identical and thus suggest similar effects on the rated notes
in both transactions, S&P's ratings do not rely on proposed
changes but rather on final documentation. Therefore, S&P
maintained the ratings on CreditWatch negative.
S&P will carry out a full review in about 11 weeks time if the
proposed restructuring is still pending execution, or sooner if
S&P receives information that the changes have been implemented.
S&P will also examine the most recent portfolio credit quality on
the basis of loan-level information provided by the originator.
Should the restructuring not be perfected, the senior notes are
likely to suffer a downgrade to the 'A' rating level.
Ratings List
Ratings Remain on CreditWatch Negative
Geldilux-TS-2007 S.A.
EUR2.104 Billion Credit-Linked Floating-Rate Notes
Class Rating
----- ------
A AAA/Watch Neg
B A/Watch Neg
C BBB/Watch Neg
D BB/Watch Neg
E B/Watch Neg
MESDAQ BV: Fitch Junks Ratings on Two Classes of Notes
------------------------------------------------------
Fitch Ratings has downgraded all Mesdag (Delta) B.V's classes of
notes:
-- EUR384.5 million class A (XS0307565928): downgraded to 'A'
from 'AAA; Outlook Negative
-- EUR50,000 class X (XS0307571900): affirmed at 'AAA'; Outlook
Stable
-- EUR45.5 million class B (XS0307574599): downgraded to 'BBB-'
from 'AA'; Outlook Negative
-- EUR51.7 million class C (XS0307576701): downgraded to 'B'
from 'A'; Outlook Negative
-- EUR62.1 million class D (XS0307578749): downgraded to 'CCC'
from 'BBB; assigned a 'RR3' Recovery Rating
-- EUR47.5 million class E (XS0307580307 downgraded to 'CCC'
from 'BBB-'; assigned a 'RR4' Recovery Rating
Excluding property disposals, the EUR778.2 million market value
determined in December 2008) is 7% lower than the original March
2007 valuation. However, the last valuation implies net yields of
less than 6%, which Fitch considers no longer appropriate in
current conditions. Consequently, the Fitch loan-to-value ratio,
standing at 126%, is far in excess of the reported 79.2%. The
increase in yields for secondary property in the Netherlands is
the main driver of the negative rating action.
The loan is secured by a diversified pool of 69 retail (43% by
MV), office (39%), industrial (13%) and other properties (5%) let
to 309 tenants. The portfolio continues to have a large
proportion of assets located in regional towns in the Netherlands
(54% by MV) as well as concentrations in the more metropolitan
cities of Amsterdam (30%), Eindhoven (9%) and Utrecht (6%). Fitch
has reflected in its analysis the risk of further MV declines in
the more secondary locations, particularly across office and
retail sectors.
In line with Dutch market convention of five/seven year leases,
the portfolio has a relatively short weighted average (WA) term to
lease expiry of 6.4 years, relative to a WA loan term of 7.4
years. Given the diversified nature of the pool's income,
vacancy, currently 11.5% (by lettable area), has remained broadly
stable since closing (11.3%). However, there is significant
rollover risk over the next few years, which, assuming weak
economic conditions persist, could lead vacancy to increase.
The ratings of this transaction may be further affected by
weakening conditions in the occupational markets and further
declines in the capital values.
Fitch will continue to monitor the performance of the transaction.
===========
P O L A N D
===========
VECTRIX CORPORATION: Files Chapter 11 to Sell to GH Venture
-----------------------------------------------------------
Vectrix Corporation said Sept. 28 it has entered into an asset
purchase agreement to sell most of its assets to New Vectrix LLC,
a Delaware limited liability company sponsored by GH Venture
Partners LLC. As part of the agreement, Vectrix has filed a
voluntary petition for relief under Chapter 11 in Wilmington,
Delaware whereby the sale of the assets, including its stock
ownership of its European subsidiaries, will be effected pursuant
to 11 U.S.C. Sec. 363.
The assets will be sold pursuant to a sales and procedures order
that is anticipated to be approved by the Bankruptcy Court to
either New Vectrix LLC or to another buyer who is determined by
the Bankruptcy Court to have offered a higher and better bid for
the assets of the Company. During this process, the Company
expects to continue normal business operations consistent with its
obligations as a chapter 11 debtor-in-possession company under the
jurisdiction of the Bankruptcy Court. The Company's subsidiary,
Vectrix Poland Sp. z.o.o., will continue to produce the Vectrix
bike and will provide customers with accessories, spare parts and
technical support.
Commenting on the sale, Mike Boyle, CEO of Vectrix, said, "This
transaction provides a platform to continue the Vectrix brand and
its advanced electric vehicle technology. We want to express our
appreciation to our partners and customers for their continued
patience and support during this transition."
Terms of APA
Under the Asset Purchase Agreement, New Vectrix LLC would purchase
substantially all of the Company's assets and assume certain of
the Company's liabilities through a supervised sale under Section
363 of the Bankruptcy Code. Providing New Vectrix LLC is the
winning bidder they have also agreed to extend warranty coverage
on the Vectrix vehicles previously sold to dealers and consumers
up to a US$2,000,000 cap for claims filed 60 days post-petition.
The total purchase price consists of a cash payment of
US$1,750,000 plus the assumption of up to US$3,306,000 in
specified liabilities for a total purchase price of up to
US$5,056,000, but is subject to higher and better bids, approval
of the Bankruptcy Court and customary closing conditions. The
Company expects to engage in a bidding process with other
interested parties. Those interested in submitting bids should
contact John D. McGuinness, Chief Financial Officer, at 401-848-
9993 ext 103, or via email at jmcguinness@vectrixusa.com, as soon
as possible as competing bids are expected to be due by
October 27, 2009.
The Company's report and accounts for the year ended September 30,
2008 will not be published before September 30, 2009. On that
date, trading on AIM in the Company's securities will have been
suspended from trading for six months, and as a consequence of AIM
Rule 41 those securities' admission to AIM will be cancelled with
effect from October 1, 2009.
About Vectrix Corporation
Vectrix Corporation (AIM: VRX) -- http://www.vectrix.com/-- was
formed in 1996 to develop and commercialize zero-emission vehicle
platform technologies focused on two-wheel applications. The
single focus of Vectrix has been to provide clean, efficient,
reliable and affordable urban transportation. Vectrix Corporation
has headquarters in Middletown, R.I., engineering and test
facilities in New Bedford, Mass., sales offices in the UK and a
manufacturing facility in Wroclaw, Poland.
=============
R O M A N I A
=============
* ROMANIA: Corporate Bankruptcies Up 40% in First Half 2009
-----------------------------------------------------------
The number of Romanian companies going bust increased nearly 40%
in the first half of 2009, Anca Bernovici at Nine o'Clock reports,
citing a Coface Romania study.
According to Nine o'Clock, 10,435 companies are in various
insolvency stages, from 7,493 in the year-earlier period.
Citing Coface officials, Nine o'Clock discloses there is a strong
concentration of insolvencies in retail, wholesale and
construction sectors, which account for over 50% of all the
bankruptcies recorded during the first half of 2009.
===========
R U S S I A
===========
BALASHOVSKIY AUTOMOTIVE: Creditors Must File Claims by October 4
----------------------------------------------------------------
Creditors of OJSC Balashovskiy Automotive Equipment Maintenance
Plant (TIN 6440005890, PSRN 1026401582448) have until October 4,
2009, to submit proofs of claims to:
A.Kruchinin
Temporary Insolvency Manager
Office 201
Sakko and Vantsetty Str. 54/60
410029 Saratov
Russia
The Arbitration Court of Saratovskaya will convene at 3:15 p.m. on
January 25, 2010, to hear the company's bankruptcy supervision
procedure. The case is docketed under Case No. ?-57–14967/2009.
The Debtor can be reached at:
OJSC Balashovskiy Automotive Equipment Maintenance Plant
Avtomobilistov Str. 9
Balashov
412310 Saratovskaya
Russia
DELANCE LTD: Moody's Cuts Ratings on US$250 Mil. Bonds to 'Caa3'
----------------------------------------------------------------
Moody's Investors Service downgraded the rating on Delance Ltd.'s
US$250 million senior unsecured bond to Caa3 from Caa1. At the
same time a PDR is assigned at Ca. The Corporate Family Rating is
unchanged at Caa1, the National Scale Rating is downgraded to
Ba3.ru from Ba2.ru and the rating outlook is changed to negative
from stable.
The downgrade of the bond to Caa3 was prompted by ROLF's recent
announcement that it intended to refinance its outstanding debt
including the offer to exchange the existing US$250 million bond
due 2010 for cash or cash and new notes. While no payment default
has occurred in Moody's opinion the successful closing of the
transaction, which is designed to reduce debt and lengthen the
maturity profile, would represent the occurrence of a deemed
default. Moreover, the PDR reflects the high likelihood in the
agency's view of a default within a year through the closing of
the transaction or otherwise. .
According to ROLF's recent announcement, key elements of the
envisaged restructuring include:
(i) An agreement with its principal creditor banks to refinance
the bilateral facilities with each of these banks with the
proceeds of a new syndicated facility with a longer-dated
maturity
(ii) An exchange offer to eligible holders of the Group's
US$250 million 8.25 per cent Guaranteed Notes Due 2010 to
exchange each US$1,000 in principal amount of their Notes
either for:
(a) a cash amount between US$600 and US$800 to be determined in a
"Dutch Auction" or
(b) a cash amount of US$210 and US$790 in principal amount of new
notes issue at par. The Exchange Offer will only be open to
non-US Persons located outside the United States and Italy and
certain other eligible persons.
(iii) The signing of a new credit facility with Sberbank for up to
a maximum of US$150 million which Moody's understands will
exclusively be available for funding of the cash amount
needed under the Dutch Auction option for the exchange
offer.
(iv) The sale of a 40 per cent shareholding in Rolf's
Mitsubishi distribution business, the exclusive distributor
of Mitsubishi vehicles in Russia, to Rolf's long-term
business partner Mitsubishi Corporation for (i) a minimum
equity consideration of US$72 million with possible further
payments up to a maximum of US$128 million to be made over
the next five years dependent upon the business achieving
certain agreed financial performance targets and (ii)
provision to LLC Rolf Import ("Rolf Import") of its pro rata
40 per cent share of Rolf Import's agreed cash funding
requirements on an on-going basis.
Moody's views this transaction as a means of shrinking an
unsustainable debt capital structure which absent the proposed
debt exchange offer may become a source of significant financial
stress. Given the recessionary environment and the uncertainty of
a recovery of the Russian car market demand, Moody's anticipates
the company's EBITDA and operating cash flow to remain weak in the
near term.
In sum, these features cause the envisaged financial restructuring
to be viewed as analogous to a distressed exchange, which is
deemed to represent a default by Moody's and incorporated in the
Ca PDR.
The Caa1 Corporate Family Rating still reflects significant
recovery rate for financial liabilities overall through the
exchange offer and expects the CFR to remain at Caa1 after the new
capital structure resulting from the closure of the exchange offer
with lower debt loading, if successfully implemented.
Nevertheless the downgrade of the senior unsecured bond rating to
Caa3 reflects a significant loss for bond holders in the cash
option and the more junior position of the bonds after the
exchange as bank lenders will become secured. The rating outlook
is negative in view of (i) the remaining uncertainty regarding the
implementation of the proposed debt exchange offer and (ii) in
view of the limited visibility for ROLF's operating performance.
Until the implementation of the financial restructuring the Ca PDR
will prevail. Upon closing of the exchange, the PDR is expected
to be repositioned to Caa1/LD to reflect the limited default that
will have occurred. This incorporates Moody's current belief that
the going-forward PDR will likely end up at the Caa1 level shortly
after transaction closing. The "/LD" suffix will be removed after
approximately three business days.
In the event that some debt issues are retired in their entirety
upon transaction closing, the relevant ratings for the same would
be withdrawn.
Downgrades:
Issuer: Colgrade Limited
-- Senior Unsecured Regular Bond/Debenture, Downgraded to Caa3
from Caa1
Issuer: Delance Limited ROLF
-- Corporate Family Rating, Downgraded to Ba3.ru from Ba2.ru
Assignments:
Issuer: Delance Limited ROLF
-- Probability of Default Rating, Assigned Ca
Outlook Actions:
Issuer: Colgrade Limited
-- Outlook, Changed To Negative From Stable
Issuer: Delance Limited ROLF
-- Outlook, Changed To Negative From Stable
ROLF's ratings were assigned by evaluating factors Moody's believe
are relevant to the credit profile of the issuer, such as i) the
business risk and competitive position of the company versus
others within the industry, ii) the capital structure and
financial risk of the company, iii) the projected performance of
the company over the near to intermediate term, and iv)
management's track record and tolerance for risk. These
attributes were compared against other issuers both within and
outside of Rolf's core industry and Rolf's ratings are believed to
be comparable to those of other issuers of similar credit risk.
Moody's last rating action on Delance Limited was on May 20, 2009
when the Corporate Family Rating was downgraded to Caa1 (stable)
from B2 (negative). Delance Limited is the holding company of the
ROLF Group, an automotive group with its principal operations in
Russia. ROLF is the leading importer and retailer of foreign-made
cars in Russia. In 2008, ROLF sold approximately 160,000 cars and
generated revenues of US$4.6 billion. While Car Retail (various
international brands) and Distribution (Mitsubishi and Geely)
account for the majority of revenues and profits, a notable
portion of earnings comes from the company's Logistics and Spare
Parts business (some 10% of revenues). In addition, ROLF Group
operates a Financial Services (brokerage) business. The company's
retail operations are regionally concentrated on Moscow and St
Petersburg.
DELANCE LTD: S&P Downgrades Corporate Credit Rating to 'CC'
-----------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its long-term
corporate credit rating on Delance Ltd., the holding company of
Russian car retailer Rolf Group, to 'CC' from 'CCC+'. The outlook
is negative.
At the same time, the issue rating on the unsecured notes issued
by the group's financing vehicle Colgrade Ltd. and guaranteed by
Delance Ltd. and Rolf Group were lowered to 'C' from 'CCC'. The
'5' recovery rating on the notes remains unchanged, indicating
S&P's expectation of modest (10%-30%) recovery in the event of
payment default.
The rating action follows Rolf's recent announcement of a public
offer to exchange its existing $250 million notes due in 2010
either for a cash amount of between 60% or 80% of face value, or
for a combination of a cash amount of 21% of face value and 79%
converted into new notes. "Under S&P's criteria, S&P view a
proposed exchange offer at a discount to par by a company under
substantial financial pressure as a distressed debt exchange and
tantamount to a default," said Standard & Poor's credit analyst
Varvara Nikanorava.
In addition, S&P understands that the company's financial
restructuring measures will include refinancing its existing
bilateral bank facilities with the proceeds of a new syndicated
facility as well as resetting financial covenants. This reflects,
in S&P's view, the company's increasingly weak financial position
and the need to secure its liquidity.
Furthermore, Rolf has announced the sale of a 40% shareholding in
its Mitsubishi distribution business, through which Rolf generates
most of its revenues, to Mitsubishi Motors Corp. (B+/Negative/--)
for a minimum equity consideration of US$72 million, with possible
further payments leading to a maximum US$200 million in total if
certain conditions are met.
It is S&P's understanding that all these transactions are
interdependent and that Rolf aims to close them all at one time.
"Upon the completion of the tender offer, S&P expects to lower the
corporate credit rating on the company to 'SD' (selective default)
and lower the rating on the notes to 'D' (default), said
Ms. Nikanorava. "Following the financial restructuring and
subject to sufficient information, S&P would then assign a new
corporate credit rating to Rolf based on the company's new capital
structure, maturity schedule, and liquidity profile, as well as on
other financial and business risk factors."
DEVELOPMENT CAPITAL: S&P Assigns 'B-' Counterparty Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'B-' long-term and 'C' short-term counterparty credit ratings and
its 'ruBBB' Russia national scale rating to Russia-based
Development Capital Bank OJSC (Development Capital). The outlook
is stable.
"The ratings reflect the highly risky and volatile operating
environment in Russia and the bank's narrow business base,
resulting from its high dependence on the owner's contacts for
business sustainability, as well as high funding and lending
concentrations," said Standard & Poor's credit analyst Sergey
Voronenko.
These negative factors are partly offset by Development Capital's
adequate loss absorption capacity, due to a good level of
capitalization and liquid assets; a high net interest margin; and
limited reliance on wholesale capital market funding.
"The stable outlook balances the high systemwide operating risks
in Russia and increasing asset quality pressure against
Development Capital's good capitalization, liquid assets, and
earnings," said Mr. Voronenko.
However, the bank's planned business expansion in the risky
operating environment might threaten its creditworthiness, if not
offset by new capital injections, higher diversification, and
improvements in risk management. The ratings already incorporate
the possibility that the bank's credit profile might weaken
further. However, if such deterioration, especially in the bank's
liquidity, exceeds S&P's current expectations, S&P could downgrade
the bank.
Significant and durable improvement in the country's operating
environment, coupled with a strengthening of the bank's asset
quality, increased diversification, and a wider franchise, could
result in ratings upside. A longer track record of sustainable
adequate capitalization, financial, and credit performance might
also result in positive rating actions.
EVRO-STROY LLC: Creditors Must File Claims by October 4
-------------------------------------------------------
Creditors of LLC Evro-Stroy-Garant (Construction) have until
October 4, 2009, to submit proofs of claims to:
T. Danilova
Insolvency Manager
Post User Box 353
672049 Chita
Russia
Tel: 8-3022-20-02-89
The Arbitration Court of Chitinskaya commenced bankruptcy
proceedings against the company after finding it insolvent. The
case is docketed under Case No. ?78–2874/2009.
The Debtor can be reached at:
LLC Evro-Stroy-Garant
Apt.103
Lermontova Str. 2
672000 Chita
Russia
IRKUTSK-ZHIL-STROY: Creditors Must File Claims by October 4
-----------------------------------------------------------
Creditors of LLC Irkutsk-Zhil-Stroy (TIN 3808173313, PSRN
1083808002190) (Construction) have until October 4, 2009, to
submit proofs of claims to:
P. Prudkiy
Temporary Insolvency Manager
Post User Box 281
K. Marksa Str. 26B
664003 Irkutsk
Russia
The Arbitration Court of Irkutskaya will convene on November 24,
2009, to hear bankruptcy supervision procedure. The case is
docketed under Case No. ?19–13700/09–34.
The Debtor can be reached at:
LLC Irkutsk-Zhil-Stroy
Dzerzhinskogo Str. 35
664007 Irkutsk
Russia
KD AVIA: Court Adjourns Bankruptcy Hearing Until October 2
----------------------------------------------------------
Itar-Tass reports that the Kaliningrad Regional Arbitration Court
adjourned the KD Avia bankruptcy hearing until Oct. 2.
Marianna Andryushina, senior assistant to the head of the
Kaliningrad regional department of the Russian Prosecutor
General's Office Investigation Committee, told Itar-Tass the court
on Friday authorized the freezing of KD Avia accounts. According
to Itar-Tass, the court froze the accounts inside and outside the
Kaliningrad region in the course of investigation of bad salary
debts to airline employees.
As reported in the Troubled Company Reporter-Europe on Sept. 8,
2009, Bloomberg News, citing Interfax newswire, said KD Avia filed
for bankruptcy on Sept. 4. According to Bloomberg, Interfax,
citing company officials, said the Kaliningrad, Russia-based
airline owed more than RUR12 billion (US$374 million) to
creditors.
KRASNOARMEYSKIY DAIRY: Creditors Must File Claims by October 4
--------------------------------------------------------------
Creditors of OJSC Krasnoarmeyskiy Dairy Factory (TIN 2109491110)
have until October 4, 2009, to submit proofs of claims to:
V. Ivanov
Temporary Insolvency Manager
Apt. 90
Moskovskiy Prospect 14
428000 Cheboksary
Russia
The Arbitration Court of Chuvashia will convene at 1:15 p.m. on
November 23, 2009, to hear bankruptcy supervision procedure. The
case is docketed under Case No. ?79–8036/2009.
The Debtor can be reached at:
OJSC Krasnoarmeyskiy Dairy Factory
30 let Pobedy Str. 13
Krasnoarmeyskoe
Cuvashia
Russia
MTEK LLC: Creditors Must File Claims by October 4
-------------------------------------------------
Creditors of LLC Mtek (TIN 3445074147, PSRN 1053460039324)
(Construction) have until October 4, 2009, to submit proofs of
claims to:
V. Suvorov
Temporary Insolvency Manager
Post User Box 1981
400050 Volgograd
Russia
The Arbitration Court of Volgogradskaya will convene at 10:00 a.m.
on November 17, 2009, to hear the company's bankruptcy supervision
procedure. The case is docketed under Case No. ?12–15110/2009.
The Debtor can be reached at:
LLC Mtek
Krasnopolyanskaya Str. 55a
400075 Volgograd
Russia
REINFORCED-CONCRETE: Creditors Must File Claims by October 4
------------------------------------------------------------
Creditors of LLC Reinforced-Concrete Structures Factory have until
October 4, 2009, to submit proofs of claims to:
Ye. Kuznetsov
Temporary Insolvency Manager
Post User Box 4
Balakovo
413860 Saratovskaya
Russia
Tel: (845-3)33-45-68
The Arbitration Court of Samarskaya commenced bankruptcy
supervision procedure. The case is docketed under Case No. ? 55–
6654/2009.
The Debtor can be reached at:
LLC Reinforced-Concrete Structures Factory
Skladskoy pereulok 7
Novokuybyshevsk
Samarskaya
Russia
STROY-NEFT LLC: Creditors Must File Claims by October 4
-------------------------------------------------------
Creditors of LLC Stroy-Neft (TIN 4201007941, PSRN 1024200508100)
(Construction) have until October 4, 2009, to submit proofs of
claims to:
O. Ilyina
Insolvency Manager
Vesennyaya Str. 4
650099 Kemerovo
Russia
The Arbitration Court of Kemerovskaya will convene on November 19,
2009, to hear bankruptcy proceedings. The case is docketed under
Case No. ?27–7324/2009.
The Debtor can be reached at:
LLC Stroy-Neft
Polevaya Str. 18
Anzhero-Sudzhensk
652090 Kemerovskaya
Russia
SVIAZ-BANK: Moody's Upgrades Bank Fin'l Strength Rating to 'E+'
---------------------------------------------------------------
Moody's Investors Service has upgraded the long-term global scale
local and foreign currency deposit ratings of Sviaz-Bank to B2
from Caa2. At the same time, Sviaz-Bank's E bank financial
strength rating was upgraded to E+ from E, while its Not Prime
short-term global scale local and foreign currency deposit ratings
were affirmed. Concurrently, Moody's Interfax Rating Agency
upgraded Sviaz-Bank's National Scale Rating to Baa1.ru from B2.ru.
All of the bank's global scale ratings carry a stable outlook,
while the NSR carries no specific outlook. Moscow-based Moody's
Interfax is majority-owned by Moody's, a leading global rating
agency.
The rating actions conclude the review with direction uncertain
that was initiated on September 22, 2008. Moody's review was
originally driven by Sviaz-Bank's default on its securities
repurchase transactions, and the significant decline in value of
tradable instruments led to critical erosion in capitalisation.
This has largely been the result of the bank's very high appetite
for market and credit risks.
Moody's upgrade of Sviaz-Bank's ratings has been prompted by the
recently provided financial support from its new shareholder
Vnesheconombank (VEB, rated Baa1/Prime-2), holder of 99.3% stake
in the bank, as well as its declared intention to keep Sviaz-Bank
on its balance sheet at least for the medium term.
"In Moody's view, the capital injections totalling RUB90 billion
(US$3 billion) substantially improved Sviaz-Bank's liquidity
profile and capital position, enabling the bank to absorb large
credit losses," said Elena Redko, a Moody's Analyst and the lead
analyst for Sviaz-bank. "The first capital injection of
RUB70 billion was made April 2009 and was almost fully used to
cover the credit losses from the loan portfolio amounting to
approximately RUB50 billion. The bank's management estimates Tier
1 capital adequacy to be approximately 7% as at June 30, 2009.
Subsequently, VEB also injected an additional RUB20 billion in
September 2009, leading to a further strengthening in the bank's
capitalization."
Moody's views the bank's current financial standing as stable, and
while problem loans (defined as 30 days overdue and restructured
loans) represented over 20% of the bank's loan book as at H1-2009,
these were almost fully covered by provisions.
Moody's notes that the bank's ability to build its franchise and
attract new clientele -- after certain reputation damage --
represents the key rating drivers in the medium term, which is
critical for generation of stable flow of operations and recurring
earnings.
Despite Sviaz-Bank's almost full ownership by VEB, Moody's notes a
limited strategic fit between VEB and its newly acquired
subsidiary. As a result, the rating agency assesses the
probability of parental support as low, resulting in a one-notch
uplift of the bank's deposit ratings of B2 from its Baseline
Credit Assessment of B3.
Moody's previous rating action on Sviaz-Bank was on 22 September
2008 when the BFSR was downgraded to E from E+, its long-term
local currency and foreign currency bank deposit ratings were
downgraded to Caa2 from B2, and its NSR was downgraded to B2.ru
from Baa1.ru. At that time, the bank's long-term deposit ratings
had also been placed on review with direction uncertain.
Based in Moscow, Russia, Sviaz-Bank reported total IFRS assets of
RUB103 billion as at December 31, 2008.
SANTANDER FINANCION: Moody's Assigns 'C' Rating on Series F Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned these definitive ratings to
the debt issued by the Spanish securitization fund Fondo de
Titulizacion de Activos, Santander Financiacion 4:
-- Aaa to the EUR1,113.8 million Series A notes;
-- Aa2 to the EUR75.0 million Series B notes;
-- A2 to the EUR75.0 million Series C notes;
-- Baa2 to the EUR60.0 million Series D notes;
-- B3 to the EUR176.2 million Series E notes;
-- C to the EUR195.0 million Series F notes;
Fondo de Titulizacion de Activos, Santander Financiacion 4 is a
securitization fund created to purchase a pool of consumer loans
granted by Banco Santander, S.A. to individuals resident in Spain.
This is the forth consumer loan transaction launched by Santander.
In Moody's view, the strengths of this transaction include, among
others: (i) a 13.0% reserve fund, which can be used to cover
potential interest and/or principal shortfalls; (ii) the
relatively high excess spread (2.75%) guarantee by the swap, which
provides credit enhancement to the structure; (iii) the triggers
in place to mitigate commingling and servicer disruption risk; and
(iv) the experience of Santander in servicing consumer loans.
However, Moody's notes that the transaction includes several
challenging features, namely: (i) performance of past
transactions, both of which are performing below expectations;
(ii) debtor concentration, which is higher than the typical
consumer loan transaction; and (iii) the negative impact of the
interest deferral trigger on the subordinated series. These risks
were taken into account in the credit enhancement calculation.
As of August 2009, the provisional pool of underlying assets
comprised a portfolio of 175,433 loans granted to 169,818
borrowers. The portfolio has a weighted average seasoning of 1.2
years and a weighted average remaining life of 4.7 years.
Geographically, the pool is concentrated in Madrid (19%),
Andalusia (17%), and Cataluña (11%). The weighted average
interest rate is 9%, with 70% of the loans having a fixed interest
rate and the remaining 30% being floating-rate loans. 100% of the
loans hold a personal guarantee. At closing, the management
company will randomly select the loans from the provisional pool,
after having eliminated receivables that are more than 30 days in
arrears.
Moody's initially analyzed and will monitor this transaction using
the rating methodology for described in the Rating Methodology
report "The Lognormal Method Applied to ABS Analysis", June 2000.
The definitive ratings take into account, amongst others, (i) an
evaluation of the underlying portfolio of loans; (ii) historical
performance information provided by the bank and from previous
transactions; (iii) the credit enhancement provided by the reserve
fund, the subordination of the notes, and the excess spread; and
(iv) the legal and structural integrity of the transaction.
The definitive ratings address the expected loss posed to
investors by the legal final maturity (July 2022). In Moody's
opinion, the structure allows for timely payment of interest and
ultimate payment of principal on or before the final legal
maturity date. Moody's ratings address only the credit risks
associated with the transaction. Other non-credit risks have not
been addressed, but may have a significant effect on yield to
investors.
Date of previous rating action: Assignment of provisional ratings
on the September 22, 2009.
=====================
S W I T Z E R L A N D
=====================
A. C. AIRTECH: Claims Filing Deadline is October 2
--------------------------------------------------
Creditors of A. C. Airtech Chartersysteme AG are requested to file
their proofs of claim by October 2, 2009, to:
Alois Theiler
Langackerstrasse 37
6330 Cham
Switzerland
The company is currently undergoing liquidation in Cham. The
decision about liquidation was accepted at an extraordinary
general meeting held on July 1, 2009.
BAUGESELLSCHAFT SEEMATTE: Claims Filing Deadline is October 2
-------------------------------------------------------------
Creditors of Baugesellschaft Seematte GmbH are requested to file
their proofs of claim by October 2, 2009, to:
Marianne Schmid Ansel
Liquidator
Biberiststrasse 16
4501 Solothurn
Switzerland
The company is currently undergoing liquidation in Solothurn. The
decision about liquidation was accepted at a shareholders' meeting
held on August 18, 2009.
BERTSCHI AG: Claims Filing Deadline is October 2
------------------------------------------------
Creditors of Bertschi AG Offsetdruck are requested to file their
proofs of claim by October 2, 2009, to:
Bertschi AG Offsetdruck
Chriesigasse 18
5745 Safenwil
Switzerland
The company is currently undergoing liquidation in Safenwil. The
decision about liquidation was accepted at an extraordinary
general meeting held on July 28, 2009.
CAMERON & RIPLEY: Claims Filing Deadline is October 2
-----------------------------------------------------
Creditors of Cameron & Ripley AG are requested to file their
proofs of claim by October 2, 2009, to:
Marcus Hartmann
Bellerivestrasse 29
8034 Zurich
Switzerland
The company is currently undergoing liquidation in St. Moritz. The
decision about liquidation was accepted at an extraordinary
general meeting held on July 7, 2009.
ELFAG HOLDING: Claims Filing Deadline is October 2
--------------------------------------------------
Creditors of Elfag Holding AG are requested to file their proofs
of claim by October 2, 2009, to:
Helen Lehmann
Dorf 16
9053 Teufen AR
Switzerland
The company is currently undergoing liquidation in Teufen AR. The
decision about liquidation was accepted at an extraordinary
general meeting held on August 14, 2009.
FST PROJECT: Claims Filing Deadline is October 2
------------------------------------------------
Creditors of Fst Project Development AG are requested to file
their proofs of claim by October 2, 2009, to:
Dr. Tschopp Hubertus
Pflugsteinstrasse 50
8703 Erlenbach
Switzerland
The company is currently undergoing liquidation in Zollikon. The
decision about liquidation was accepted at an extraordinary
general meeting held on June 25, 2009.
HIWISCA FINANZ: Claims Filing Deadline is October 2
---------------------------------------------------
Creditors of Hiwisca Finanz und Investment AG are requested to
file their proofs of claim by October 2, 2009, to:
Prof. Dr. Urs Saxer
Grossmuensterplatz 8
8001 Zurich
Switzerland
The company is currently undergoing liquidation in Kuesnacht ZH.
The decision about liquidation was accepted at an extraordinary
general meeting held on July 7, 2009.
MOSIMO GMBH: Claims Filing Deadline is October 2
------------------------------------------------
Creditors of Mosimo GmbH are requested to file their proofs of
claim by October 2, 2009, to:
Mosimo GmbH
Weissensteinstrasse 31
3008 Bern
Switzerland
The company is currently undergoing liquidation in Zug. The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on July 9, 2009.
TRENDPHARM AG: Claims Filing Deadline is October 2
--------------------------------------------------
Creditors of Trendpharm AG are requested to file their proofs of
claim by October 2, 2009, to:
Hans Rudolf Kuepfer
Liquidator
Neuwillerstrasse 10
4153 Reinach BL
Switzerland
The company is currently undergoing liquidation in Reinach BL.
The decision about liquidation was accepted at an extraordinary
general meeting held on July 21, 2009.
VON DAENIKEN: Claims Filing Deadline is October 2
-------------------------------------------------
Creditors of von Daeniken AG are requested to file their proofs of
claim by October 2, 2009, to:
Bdo Visura
Liquidator
Entfelderstr. 1
5001 Aarau
Switzerland
The company is currently undergoing liquidation in Erlinsbach SO.
The decision about liquidation was accepted at a general meeting
held on July 22, 2009.
===========
T U R K E Y
===========
DOGAN YAYIN: Must Provide US$3.2BB Collateral Against Tax Fine
--------------------------------------------------------------
Delphine Strauss at The Financial Times reports that Dogan Yayin
Holding AS said Friday it had been ordered to provide collateral
of US$3.2 billion within 15 days to appeal against a record tax
fine.
According to the FT, the figure of TRY4.82 billion (US$3.2
billion) Dogan Yayin has been asked to provide as guarantee
includes overdue interest charges and so exceeds the original fine
of TRY3.77 billion (US$2.5 billion) in unpaid taxes and penalties,
which was already similar to the combined market value of Dogan
Yayin and its parent Dogan Holding.
"The penalty threatens the existence of the Dogan group, a pillar
of Turkey's secular camp and a representative of the country's
old, westernised and generally Istanbul-based business groups, "
the FT quoted Wolfango Piccoli, analyst at Eurasia group, as
saying.
Dogan Yayin must decide within a month whether to seek a
settlement from the tax authorities or contest the fine in court,
the FT states. The group, the FT says, is likely to seek a court
order overturning the demand for collateral, but if that fails and
it cannot produce the US$3.5 billion within the 15 day deadline,
the tax authorities can proceed to freeze group assets.
Dogan Yayin Holding AS -- http://www.dyh.com.tr/-- is a Dogan
Group holding company based in Istanbul, Turkey, established as a
media-entertainment conglomerate, active in the newspaper,
magazine and book publishing, television and radio broadcasting,
printing and news media sectors through its subsidiaries. Its
publishing and broadcasting products include magazines, daily
newspapers, national and international television stations,
thematic and interactive television channels and radio stations.
DYH also runs a television production and a record label company,
as well as two printing companies. It operates websites designed
for various purposes, and offers a digital television platform, in
addition to other online and digital services. DYH is active in
the retail sector through D&R and Yaysat, which distribute the
Holding's products. It also provides foreign trade, factoring and
mortgage services. DYH holds international partnerships with such
companies as AOL-Time Warner, the Universal Music Group and Burda
GmbH.
* * *
As reported in the Troubled Company Reporter-Europe on Aug. 26,
2009, Fitch Ratings maintained Turkey-based Dogan Yayin Holding's
Long-term foreign and local currency Issuer Default ratings, at
'B+' respectively, on Rating Watch Negative.
TURKCELL ILETISIM: S&P Changes Outlook on 'BB+' Rating to Stable
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it has revised to
stable from negative its outlook on the 'BB+' long-term foreign
currency rating on Turkey's leading mobile telecom operator
Turkcell Iletisim Hizmetleri A.S.
The 'BB+' long-term foreign and local currency ratings on Turkcell
were affirmed. The outlook on the long-term local currency rating
remains stable.
"The revision primarily reflects S&P's recent revision to stable
of the outlook on the Republic of Turkey's long-term foreign
currency rating, and S&P's assessment that Turkcell's operating
performance at home remains robust, and its balance sheet is
sufficiently robust to offset strong cash consumption in Ukraine
and Belarus," said Standard & Poor's credit analyst Patrice
Cochelin.
Constraining Turkcell's rating are the volatile Turkish
macroeconomic environment, international expansion in Ukraine and
Belarus, potential currency swings, and continuing legal disputes
among the group's major shareholders. Supportive factors include
the company's strong performance in the maturing Turkish mobile
telephony market, good cash flow generation, and conservative
balance sheet. At June 30, 2009, Turkcell reported gross
consolidated debt of US$781 million.
"The stable outlook reflects S&P's expectation that Turkcell will
maintain relatively robust operations amid weak economic
conditions in Turkey, Ukraine, and Belarus, and preserve solid
liquidity," said Mr. Cochelin.
Factored into the rating is S&P's expectation that Turkcell's
consolidated free cash flow will return to positive from second-
half 2009, as a result of the non-recurrence of the Turkish 3G
license payment and controlled cash burn in Ukraine and Belarus.
While S&P expects weak economic growth and potentially volatile
exchange rates to continue affecting the dollar value of
Turkcell's domestic earnings, the rating assumes that these
potential swings should be offset by Turkcell's solid dollar-
denominated cash balances and continued robust market position.
Rating downside could materialize if Turkcell failed to offset
currency mismatches through its dollar-denominated cash balances
-- which S&P expects to remain very sizable -- in the case of
material acquisitions of weaker operations, or if gross short-term
debt or overall gross leverage increased meaningfully.
Upside potential is extremely remote, constrained by the volatile
Turkish macroeconomic environment, rising exposure to Ukraine and
Belarus, currency mismatches at Turkcell, and disputes among
Turkcell's shareholders.
Turkcell has over the past few years regularly considered
international acquisitions. The current rating factors in a
continuation of the company's prudent valuation of targets to
date.
=============
U K R A I N E
=============
AVTOEGAS.COM LLC: Creditors Must File Claims by October 2
----------------------------------------------------
Creditors of LLC Avtoegas.com (code EDRPOU 33979676) have until
October 2, 2009, to submit proofs of claim to:
S. Tsekhotsky
Insolvency Manager
Yuny Lane 13
95017 Simferopol
AR Krym
Ukraine
The Economic Court of AR Krym commenced bankruptcy proceedings
against the company on August 25, 2009. The case is docketed
under Case No. 2-12/3400-2009.
The Court is located at:
The Economic Court of AR Krym
R. Luxembourg Str. 29/Rechnaya Str. 11
95000 Simferopol
AR Krym
Ukraine
The Debtor can be reached at:
LLC Avtoegas.com
Obyezdnaya Str. 32
Simferopol
AR Krym
Ukraine
GOLDEN LAND: Creditors Must File Claims by October 1
----------------------------------------------------
Creditors of LLC Golden Land (code EDRPOU 34407776) have until
October 1, 2009, to submit proofs of claim to O. Klimenko, the
company's insolvency manager.
The Economic Court of Zaporozhye commenced bankruptcy proceedings
against the company on August 17, 2009. The case is docketed
under Case No. 21/26/09.
The Court is located at:
The Economic Court of Zaporozhye
Shaumian Str. 4
69600 Zaporozhye
Ukraine
The Debtor can be reached at:
LLC Golden Land
Pobeda Str. 63/327
Zaporozhye
Ukraine
METALLURG LLC: Creditors Must File Claims by October 1
------------------------------------------------------
Creditors of LLC Company Metallurg (code EDRPOU 34407776) have
until October 1, 2009, to submit proofs of claim to O. Klimenko,
the company's insolvency manager.
The Economic Court of Zaporozhye commenced bankruptcy proceedings
against the company on July 20, 2009. The case is docketed under
Case No. 16/114/09.
The Court is located at:
The Economic Court of Zaporozhye
Shaumian Str. 4
69600 Zaporozhye
Ukraine
The Debtor can be reached at:
LLC Company Metallurg
Angolenko Str. 22
Zaporozhye
Ukraine
MONTAZH-EXPO LLC: Creditors Must File Claims by October 2
----------------------------------------------------
Creditors of LLC Montazh-Expo (code EDRPOU 33194621) have until
October 2, 2009, to submit proofs of claim to Y. Vanzhula, the
company's insolvency manager.
The Economic Court of Kiev commenced bankruptcy proceedings
against the company on June 5, 2009. The case is docketed under
Case No. 50/379.
The Court is located at:
The Economic Court of Kiev
B. Hmelnitskiy Str. 44-b
01030 Kiev
Ukraine
The Debtor can be reached at:
LLC Montazh-Expo
Melnikov Str. 12
04050 Kiev
Ukraine
NAFTOGAZ OF UKRAINE: Luxembourg Bourse Suspends Bond Trade
----------------------------------------------------------
Maria Danilova at Associated Press reports that the Luxembourg
stock exchange on Thursday suspended trade in the bonds of NJSC
Naftogaz of Ukraine amid concerns it might default on Eurobonds
maturing this week.
AP relates the exchange said in a statement on its Web site that
the decision was due to unspecified violations in its regulations.
According to AP, worried creditors and some analysts say that the
company will be unable to meet that deadline and could default on
the bonds.
As reported yesterday in the Troubled Company Reporter-Europe,
Bloomberg News said Naftogaz is seeking to avert default on US$500
million of Eurobonds due this month by offering five-year
securities in exchange. Citing a company statement, Bloomberg
disclosed the bonds due 2014 will pay annual interest at 9.5% and
have an "unconditional and irrevocable sovereign guarantee."
About NJSC Naftogaz of Ukraine
Headquartered in Kiev, Ukraine, NJSC Naftogaz of Ukraine --
http://www.naftogaz.com/-- is a vertically integrated oil and gas
company engaged in full cycle of operations in gas and oil field
exploration and development, production and exploratory drilling,
gas and oil transport and storage, supply of natural gas and LPG
to consumers.
* * *
As reported in the Troubled Company Reporter-Europe on June 2,
2009, Moody's Investors Service downgraded to Caa1 from B2, the
foreign currency corporate family rating, and probability of
default and debt ratings of NJSC Naftogaz of Ukraine. Moody's
said the outlook on the ratings was changed to negative.
ROMNY PETROLEUM: Creditors Must File Claims by October 1
--------------------------------------------------------
Creditors of CJSC Romny Petroleum Product (code EDRPOU 31765982)
have until October 1, 2009, to submit proofs of claim to
M. Rybalchenko, the company's insolvency manager.
The Economic Court of Sumy commenced bankruptcy proceedings
against the company on March 12, 2009. The case is docketed under
Case No. 6/35-05.
The Court is located at:
The Economic Court of Sumy
Shevchenko avenue 18/1
40477 Sumy
Ukraine
The Debtor can be reached at:
CJSC Romny Petroleum Product
Poltavskaya Str. 145-a
Romny
42004 Sumy
Ukraine
SLAVIANKA LLC: Creditors Must File Claims by October 1
------------------------------------------------------
Creditors of LLC Trading Firm Slavianka (code EDRPOU 34962883)
have until October 1, 2009, to submit proofs of claim to:
R. Breus
Insolvency Manager
Office 70
Novoprudnaya Str. 4
61018 Kharkov
Ukraine
The Economic Court of Kharkov commenced bankruptcy proceedings
against the company on August 10, 2009. The case is docketed
under Case No. B-48/106-09.
The Court is located at:
The Economic Court of Kharkov
Svoboda Square 5
61022 Kharkov
Ukraine
The Debtor can be reached at:
LLC Trading Firm Slavianka
Office 37
Karazin Str. 17
61002 Kharkov
Ukraine
TRUST UMAN: Creditors Must File Claims by October 2
----------------------------------------------------
Creditors of OJSC Trust Uman Industrial Dwelling Building
Subsidiary Company Dwelling and Exploitation Department (code
EDRPOU 05505437) have until October 2, 2009, to submit proofs of
claim to:
I. Nikiforov
Insolvency Manager
Rozhdestvenskaya Str. 170
Cherkassy
Ukraine
The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company on June 23, 2009. The case is docketed under
Case No. 14/1525.
The Court is located at:
The Economic Court of Cherkassy
Shevchenko Blvd. 307
18004 Cherkassy
Ukraine
The Debtor can be reached at:
OJSC Trust Uman Industrial Dwelling Building Subsidiary
Company Dwelling and Exploitation Department
Leninskaya Iskra Str. 1/24
Uman
Cherkassy
Ukraine
===========================
U N I T E D K I N G D O M
===========================
BLACKS LEISURE: 400 Jobs at Risk Under Proposed CVA Deal
--------------------------------------------------------
Ben Marlow and Jenny Davey at The Sunday Times report that Blacks
Leisure Group plc plans to put itself through a company voluntary
arrangement in an attempt to secure its survival.
According to the report, the deal would see the company shed about
80 of its 400-store portfolio that trade under the Blacks, Millets
and Free Spirit names, putting approximately 400 UK jobs at risk.
A CVA is an increasingly adopted insolvency procedure used mostly
by retailers that enables a company to agree with its creditors
how its debts should be paid and to close underperforming stores.
KPMG will lead the process, the report says.
Standstill
As reported in the Troubled Company Reporter-Europe on Sept. 25,
2009, Blacks Leisure said it entered into a formal standstill
agreement with its bank, Lloyds Banking Group, on one of its
financial covenants until November 30, 2009. The standstill is
subject to the company delivering a restructuring plan, acceptable
to the bank, addressing the future viability of the group,
including actions to achieve an exit of the company's loss-making
stores, by October 30, 2009.
Sandcity
Richard Fleming and David Costley-Wood of KPMG LLP have been
appointed as administrators in respect of the company's wholly
owned subsidiary, Sandcity Ltd. This follows a review by the
directors of Sandcity which has concluded that there is no
reasonable prospect of restoring profitability in the medium to
long term and that Sandcity is no longer in a position to trade as
a going concern. Sandcity is part of the Boardwear division and
is a retailer of predominantly lifestyle and boardwear clothing
and accessories. It operates out of 11 stores, which trade at a
substantial loss.
The appointment of administrators of Sandcity results in an exit
from approximately one third of the company's Boardwear division.
Trading Update
The group said it has underperformed against budget for the first
six months of the financial year to August 31, 2009. While the
directors believe, partly as a result of the action being taken in
relation to Sandcity, that current market expectations can still
be met (before taking into account the effects of any
restructuring plan and the associated costs), this will be
dependent on the bank waiving the expected covenant breach and on
trading during the key Christmas period.
About Blacks Leisure
Headquartered in Northampton, Blacks Leisure Group plc --
http://www.blacksleisure.co.uk/-- is the parent company of its
subsidiaries, which are engaged in the retail and wholesale of
clothing and camping equipment. The Company comprises two
segments: Outdoor and Boardwear. Outdoor trades under the fascias
Blacks and Millets. The trade is from retail stores in the
British Isles, and the associated direct sale Internet sites.
Boardwear holds the United Kingdom licenses for O'Neill and Mambo
products to trade as a wholesale operation and from retail stores.
The stores retail brands are Peter Storm and Eurohike. Other
brands sold include Berghaus, North Face, Merrell, Coleman,
Karrimor, Hi-Tec, Columbia and Craghoppers. The Company's
subsidiaries include Blacks Outdoor Division Ltd, The Outdoor
Group Ltd and Sandcity Ltd.
ITV PLC: Fails to Reach Employment Deal with Tony Ball
------------------------------------------------------
Ben Fenton at The Financial Times reports that ITV plc has failed
to reach agreement on the employment terms of Tony Ball, who was
offered the chief executive jobs at the company.
Citing people involved in the process, FT discloses ITV's board
finally fell out with Mr. Ball when he expressed doubts about
working with Sir Crispin Davis, the former chief executive of Reed
Elsevier. According to the FT, the board was considering Mr.
Davis as a leading candidate to become as non-executive chairman
alongside Mr. Ball.
The FT relates the board on Friday decided to end negotiations
with Mr. Ball.
Robert Lindsay and Dan Sabbagh at The Times report ITV will begin
urgent talks this week with front-runners for the job of chairman.
According to the Times, Sir Michael Bishop, the founder of bmi,
the airline, and a past chairman of Channel 4, are contenders for
the chairman role. The broadcaster is also said to have
approached Sir Christopher Bland, the former BBC and BT chairman,
and Martin Broughton, chairman of British Airways, about its
chairmanship, the Times notes.
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.
JJB SPORTS: Net Loss Widens in 1H09; May Still Breach Covenants
---------------------------------------------------------------
David Altaner at Bloomberg News reports that JJB Sports plc said
its net loss widened to GBP27.2 million (US$44.2 million) in the
six months ended July 26, from a loss of GBP263,000 in the same
period a year earlier as the company lacked enough merchandise to
sell.
Bloomberg relates JJB Chairman David Jones said in a telephone
interview, stock levels "won't be totally adequate" for Christmas
because sports-retailing orders take six months to delivery.
Mr. Jones, as cited by Bloomberg, said stock levels "won't be
totally adequate" for Christmas because sports-retailing orders
take six months to delivery.
Bloomberg says first-half sales declined 21% to GBP167 million
because suppliers were concerned it might have gone into
administration.
According to Bloomberg, JJB's auditors, Deloitte LLP, said the
company, which has a voluntary arrangement with creditors, is
still vulnerable.
Bloomberg notes Deloitte warned "Relatively small variations in
the assumptions underlying the group's latest forecasts could lead
to funding shortfalls and/or potential breaches of the financial
covenants in the group's working capital facility at any time in
the future."
Bloomberg discloses JJB said that it arranged a further GBP10
million in financing with the Bank of Scotland Wednesday.
About JJB Sports
Headquartered in Wigan, England, JJB Sports plc --
http://www.jjbcorporate.co.uk/-- is engaged in the retailing of
sportswear and sporting equipment. The company also operates a
chain of fitness clubs, which has a smaller number of indoor
soccer centers attached to them. It also operates a television
broadcasting and marketing business, which specializes in the
marketing of golf products and fitness equipment through Sky
Television.
MAKIN METAL: Administrators Sell Business; 41 Jobs Preserved
------------------------------------------------------------
The administrators of Makin Metal Powders Limited, Paul Flint,
Allan Graham and Brian Green from KPMG Restructuring, confirmed
that they have sold the business, preserving all 41 jobs at the
firm's base in Rochdale.
Makin Metal Powders Limited was placed into administration on
July 31, 2009. The company, which was established over 50 years
ago, is one of the largest bronze and copper alloy powder
producers in the world, and had an annual turnover of about GBP22
million. The business has been sold to a UK-based consortium,
following interest from parties in the US, Europe and the Far
East.
Commenting on the deal, Paul Flint, associate partner at KPMG
Restructuring in Manchester, said, "We are delighted to have been
able to conclude a going concern sale which saves all of the jobs
at Makin Metal Powders and provides greater certainty for the
firm's customers. To this end, I'd like to take this opportunity
to thank the customers and suppliers for their ongoing support in
this difficult time which has not only helped to ensure that this
business has been able to continue, but has also contributed to
the retention of 41 jobs."
NEWCASTLE PRODUCTIONS: Sold in Senior Management Deal
-----------------------------------------------------
Chris Tighe at The Financial Times says Newcastle Productions has
been sold in a deal involving senior management.
According to the FT, the new company, Longbenton Foods, will
resume production at its Tyneside plant in early 2010, creating
230 jobs. The FT recalls the company closed in January after a
fire at the plant.
As reported in the Troubled Company Reporter-Europe on Jan. 14,
2009, Times Online said Newcastle Productions went into
administration after suffering cashflow problems. Times Online
disclosed the company was also affected by the financial troubles
in Iceland when one of its backers, Landsbanki, the Icelandic
bank, collapsed.
Newcastle Productions makes Findus the Fisherman fish pies, tuna
pasta bakes and fish fingers as well as other frozen products,
including Crispy Pancakes and traditional English meals, such as
cottage pie and toad in the hole.
NORTHERN ROCK: Building Societies Seek to Re-mutualize Bank
-----------------------------------------------------------
Jane Croft at The Financial Times reports that the Building
Societies Association is urging the British government to look at
returning Northern Rock plc to the mutual sector when it is sold
off.
According to the FT, the BSA argues that re-mutualizing Northern
Rock would strengthen the sector and create a more diversified
financial market.
Northern Rock, the FT discloses, is due to be split into a good
bank and bad bank subject to approval from the European
Commission. One half is due to be sold in the coming year, the FT
notes.
About Northern Rock
Headquartered in Newcastle upon Tyne, England, Northern Rock plc
-- http://www.northernrock.co.uk/-- deals with mortgages, savings
accounts, loans and insurance. The company also promotes secured
loans to its existing mortgage customers. The company had more
than US$200 billion in assets at the end of June 2007.
* * *
As reported in the Troubled Company Reporter-Europe on Sept. 24,
2009, Standard & Poor's Ratings Services said that it lowered its
ratings on the GBP300 million 8.399% Reserve Capital Instruments
and GBP200 million 7.053% Tier One Notes issued by Northern Rock
PLC (A/Watch Neg/A-1) to 'C' from 'CC'.
PEARL GROUP: Ron Sandler to Become Non-Executive Chairman
---------------------------------------------------------
Paul Davies and Adam Jones at The Financial Times report that Ron
Sandler, chairman of Northern Rock plc, is to be "non-executive
chairman-plus" of Pearl Group.
The FT relates Mr. Sandler said he remained "absolutely committed
to Northern Rock", the state-owned mortgage bank, and would not
have taken on the extra role at Pearl "other than with the full
consent of the government".
Jonathan Moss, Pearl chief executive, as cited by the FT said Mr.
Sandler would be paid GBP450,000 a year and would receive an as-
yet-unfinalized grant of shares.
The FT recalls Pearl was sold to Liberty Acquisition Holdings
International, an Amsterdam listed blank-check company, this
summer in a deal that saw it take a GBP451 million capital
injection and restructure its GBP3 billion debt load.
According to the FT, Pearl intends to move its listing to London
before the end of the year and pursue a primary listing, which may
involve raising more capital, next year. Before then it will try
to settle a dispute with holders of GBP500 million in junior bonds
on which the company stopped paying coupons, the FT states.
About Pearl Group
Pearl Group Ltd. -- http://www.pearlgrouplimited.co.uk/-- is a
manager of closed life funds owned by Hugh Osmond's Sun Capital
Partners Ltd. and TDR Capital LLP. Its companies include Pearl,
London life, NPI, Phoenix, Scottish Mutual International, Ignis
Asset Management and Axial.
VEDANTA RESOURCES: Sesa Goa's Offering Won't Affect Moody's Rating
------------------------------------------------------------------
Moody's Investors Service says that Sesa Goa Ltd's foreign
currency convertible bond offering has no impact on the ratings or
outlook of its parent, Vedanta Resources plc. Vedanta has a Ba1
corporate family rating and Ba2 senior unsecured rating, both with
stable outlook.
This follows an announcement by Sesa Goa of the issuance of
US$500 million FCCBs.
"The bond offering is comparatively small in the context of
Vedanta's leverage and does not materially affect its credit
metrics. Therefore, it has no impact on the company's rating or
outlook," said Ivan Palacios, a Moody's AVP/Analyst.
"In addition, this fund raising exercise is positive for the
liquidity profile of the group which remains very strong, with
around US$7 billion of cash and cash equivalents as of September
2009," added Mr. Palacios, also lead analyst for the company.
The proceeds of this FCCB offering are intended to be used for
financing the growth plans of Sesa Goa, including an increase in
its mining capacity to around 50 million tons per annum over the
next 2 to 3 years through organic and inorganic routes.
So far in 2009, Vedanta has raised more than US$6 billion through
both debt and equity issuances, which reflects the group's ability
to raise funds in an opportunistic manner even during challenging
conditions for the credit markets. The FCCB issuance adds to the
US$1.25 billion 5.5% convertible bond issued by Vedanta in
June 2009, the US$1 billion net cash proceeds from the equity
offering at Sterlite Industries (India) Ltd's in July 2009, the
US$400 million syndicated facility closed in July 2009, and the
US$3.7 billion of non-recourse project finance facilities, of
which US$2 billion is still subject to final documentation.
Nevertheless, Moody's also note that the expected use of funds
over the next 2 to 3 years is also material, including capex of
around US$7.6 billion, the buyout of minorities at Balco and
Hindustan Zinc for around US$1.3 billion, debt maturities of
US$1.6 billion, and the potential acquisition of Asarco for
US$2.6 billion.
Moody's expects that Vedanta's cash position will progressively
come down as the cash is spent on these expansion plans or
acquisitions. Therefore, Moody's will continue to focus on gross
debt leverage metrics when assessing the financial profile of the
group.
Moody's last rating action with regard to Vedanta was taken on
June 17, 2009, when the company's Ba1 corporate family and Ba2
senior unsecured ratings were affirmed with stable outlooks.
Headquartered in London, UK, Vedanta Resources plc is a metals and
mining company focusing on integrated zinc, alumina/aluminum and
copper smelting and refining and iron ore mining. Its operations
are predominantly located in India.
It is listed on the London Stock Exchange and is 59.06 % owned by
Volcan Investments Ltd.
WHITE TOWER: Seven Halabi London Properties Put Into Receivership
-----------------------------------------------------------------
Chris Bourke at Bloomberg News reports that seven of Simon
Halabi's London office buildings have been put into receivership
after defaulting on GBP1.15 billion (US$1.84 billion) of bonds
tied to the properties.
Bloomberg relates CBRE Loan Servicing Ltd. said in a statement
Friday CB Richard Ellis Group Inc., the manager of the bonds
issued by White Tower 2006-3 Plc, has appointed Ernst & Young LLP
as receiver for the properties.
Citing CBRE's statement, Bloomberg discloses the buildings put
into receivership are JPMorgan Chase & Co.'s offices at 60
Victoria Embankment; Aviva Tower; Millennium Bridge House; New
Court, Carey Street; Ludgate House; Sampson House and Leadenhall
Court.
The receivers "will act to secure rental income in the interests
of lenders," Bloomberg quoted CBRE as saying in the statement.
YELL GROUP: S&P Affirms Corporate Credit Rating at 'B'
------------------------------------------------------
Standard and Poor's Ratings Services said that it affirmed its 'B'
long-term corporate credit rating on United Kingdom-based
classified directories publisher Yell Group PLC. The outlook is
negative.
"The rating action follows Yell's announcement on Sept. 23, 2009,
of a debt restructuring plan aimed at enhancing the group's
financial flexibility under its existing GBP3.9 billion syndicated
credit facilities," said Standard & Poor's credit analyst Manuela
Gabetta.
The proposal is the result of discussions with larger debtholders
after the company launched its refinancing process on June 30,
2009.
Yell gave some details of management's plan to alleviate the
increasing pressures on the group's capital structure and
liquidity including that the announced restructuring plan will be
subject to the credit approval of lenders representing 95% by
value of Yell's current term debt facilities and is conditional on
an equity injection of at least GBP500 million.
"We consider Yell's planned debt restructuring to be an
opportunistic refinancing proposal, rather than a distressed
exchange offer below par," added Ms. Gabetta. This view is
supported by:
-- The proposed consent fee and margin increase on the debt
facilities following a margin increase in November 2008;
-- The partial repayment of debt at par from equity proceeds;
-- The minimum acceptance rate of 95% and the lack of a forced
conversion of nonconsenting lenders in the new facilities.
Although these lenders will be deprived of certain clauses
in the debt documentation, S&P believes that they are likely
to share pro rata in the security of the new facilities and
to retain cross-default rights; and
-- S&P's continuing assessment of the group's business risk
profile as fair. Positive free cash flow, despite the sharp
drop in revenues and profit margins, remains an important
credit support for Yell.
"The negative outlook reflects S&P's view of the continued rapid
deterioration of Yell's operating performance and liquidity
profile," Ms. Gabetta continued. S&P will closely monitor the
evolution of the negotiations between Yell and its banks, and the
execution of the equity issue. Any outcome short of a significant
timely increase in covenant headroom and adequate access to
liquidity sources is likely to result in a downgrade of more than
one notch.
Conversely, the successful renegotiation of Yell's indentures --
mainly covenant thresholds -- and a successful, timely execution
of the planned rights issue of at least EUR500 million would be a
support to the ratings and could result in an outlook revision to
stable.
* Large Companies with Insolvent Balance Sheet
----------------------------------------------
Total
Shareholders Total
Company Ticker Equity (US$) Assets (US$)
------- ------ ------ ------
AUSTRIA
-------
KOMMUNALKREDIT 3730Z AV -1620545332 52261394319.4
LIBRO AG LB6 GR -110486313.84 174004185.02
LIBRO AG LBROF US -110486313.84 174004185.02
LIBRO AG LIBR AV -110486313.84 174004185.02
LIBRO AG LIB AV -110486313.84 174004185.02
SKYEUROPE SKY PW -89480486.93 159076577.5
SKYEUROPE SKYP PW -89480486.93 159076577.5
SKYEUROPE HLDG SKY LI -89480486.93 159076577.5
SKYEUROPE HLDG SKURF US -89480486.93 159076577.5
SKYEUROPE HLDG SKYV IX -89480486.93 159076577.5
SKYEUROPE HLDG SKYA PZ -89480486.93 159076577.5
SKYEUROPE HLDG SKYPLN EO -89480486.93 159076577.5
SKYEUROPE HLDG SKYPLN EU -89480486.93 159076577.5
SKYEUROPE HLDG SKY EO -89480486.93 159076577.5
SKYEUROPE HLDG SKY AV -89480486.93 159076577.5
SKYEUROPE HLDG SKY EU -89480486.93 159076577.5
SKYEUROPE HLDG S8E GR -89480486.93 159076577.5
SKYEUROPE HOL-RT SK1 AV -89480486.93 159076577.5
BELGIUM
-------
SABENA SA SABA BB -85494497.66 2215341059.54
CYPRUS
------
LIBRA HOLIDA-RTS LBR CY -5044973.6 274730005.26
LIBRA HOLIDA-RTS LGWR CY -5044973.6 274730005.26
LIBRA HOLIDAY-RT 3167808Z CY -5044973.6 274730005.26
LIBRA HOLIDAYS LHGCYP EU -5044973.6 274730005.26
LIBRA HOLIDAYS LHGCYP EO -5044973.6 274730005.26
LIBRA HOLIDAYS LHGR CY -5044973.6 274730005.26
LIBRA HOLIDAYS G LHG CY -5044973.6 274730005.26
LIBRA HOLIDAYS G LHG PZ -5044973.6 274730005.26
LIBRA HOLIDAYS G LHG EU -5044973.6 274730005.26
LIBRA HOLIDAYS G LHG EO -5044973.6 274730005.26
LIBRA HOLIDAYS-P LBHG CY -5044973.6 274730005.26
LIBRA HOLIDAYS-P LBHG PZ -5044973.6 274730005.26
CZECH REPUBLIC
--------------
CKD PRAHA HLDG CDP EX -89435858.16 192305153.03
CKD PRAHA HLDG 297687Q GR -89435858.16 192305153.03
CKD PRAHA HLDG CKDH CP -89435858.16 192305153.03
CKD PRAHA HLDG CKDH US -89435858.16 192305153.03
CKD PRAHA HLDG CKDPF US -89435858.16 192305153.03
SETUZA AS SETUZA CP -61453764.17 138582273.56
SETUZA AS 2994767Q EO -61453764.17 138582273.56
SETUZA AS 2994755Q EU -61453764.17 138582273.56
SETUZA AS SZA EX -61453764.17 138582273.56
SETUZA AS 2994763Q EU -61453764.17 138582273.56
SETUZA AS SETU IX -61453764.17 138582273.56
SETUZA AS SETUZA PZ -61453764.17 138582273.56
SETUZA AS SZA GR -61453764.17 138582273.56
SETUZA AS 2994759Q EO -61453764.17 138582273.56
GERMANY
-------
AGOR AG DOOD PZ -482446.63 144432986.17
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DENMARK
-------
ELITE SHIPPING ELSP DC -27715991.74 100892900.29
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ROSKILDE BANK-RT 916603Q DC -532868894.9 7876687324.02
SPAIN
-----
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AGRUPACIO - RT AGR/D SM -148097530.94 674738808.26
MARTINSA FADESA MTF SM -1720343226.17 8544474235.64
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MARTINSA FADESA MTF EU -1720343226.17 8544474235.64
MARTINSA-FADESA MTF NR -1720343226.17 8544474235.64
FRANCE
------
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RHODIA SA 3218857Q IX -859847725.87 5799757209.78
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TROUVAY CAUVIN TVYCF US -396978 133986439.74
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UNITED KINGDOM
--------------
ABBOTT MEAD VICK 648824Q LN -1685852.9 168258996.33
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ANKER PLC ANK LN -21861359.81 115463159
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ATKINS (WS) PLC ATKGBP EO -62199993.61 1184945671.16
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SMG PLC SMG PO -49061227.23 212049868.01
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TELASI JSC AEST GG -38496626.3 121421179.22
TELEWEST COM-ADR TWSTD US -3702234580.99 7581020925.22
TELEWEST COM-ADR 940767Q GR -3702234580.99 7581020925.22
TELEWEST COM-ADR TWT$ LN -3702234580.99 7581020925.22
TELEWEST COM-ADR TWSTY US -3702234580.99 7581020925.22
TELEWEST COMM TWT VX -3702234580.99 7581020925.22
TELEWEST COMM 604296Q GR -3702234580.99 7581020925.22
TELEWEST COMM 715382Q LN -3702234580.99 7581020925.22
TELEWEST COMM TWSTF US -3702234580.99 7581020925.22
THORN EMI PLC THNE FP -2265916256.89 2950021937.14
THORN EMI-ADR THN$ LN -2265916256.89 2950021937.14
THORN EMI-ADR TORNY US -2265916256.89 2950021937.14
THORN EMI-CDR THN NA -2265916256.89 2950021937.14
THORN EMI-REGD 1772Q GR -2265916256.89 2950021937.14
TOPPS TILES PLC TPT LN -78172467.48 131014414.4
TOPPS TILES PLC TPT PZ -78172467.48 131014414.4
TOPPS TILES PLC TPTGBP EO -78172467.48 131014414.4
TOPPS TILES PLC TPT PO -78172467.48 131014414.4
TOPPS TILES PLC TPTJF US -78172467.48 131014414.4
TOPPS TILES PLC TPT IX -78172467.48 131014414.4
TOPPS TILES PLC TPT EU -78172467.48 131014414.4
TOPPS TILES PLC TPTEUR EU -78172467.48 131014414.4
TOPPS TILES PLC TPTEUR EO -78172467.48 131014414.4
TOPPS TILES PLC TPT TQ -78172467.48 131014414.4
TOPPS TILES PLC TPT EO -78172467.48 131014414.4
TOPPS TILES PLC TPT BQ -78172467.48 131014414.4
TOPPS TILES PLC TPT VX -78172467.48 131014414.4
TOPPS TILES PLC TPTJY US -78172467.48 131014414.4
TOPPS TILES-NEW TPTN LN -78172467.48 131014414.4
UTC GROUP UGR LN -11904426.45 203548565.03
VIRGIN MOB-ASSD VMOC LN -392165437.58 166070003.71
VIRGIN MOB-ASSD VMOA LN -392165437.58 166070003.71
VIRGIN MOBILE VMOB LN -392165437.58 166070003.71
VIRGIN MOBILE VMOB PO -392165437.58 166070003.71
VIRGIN MOBILE VMOB VX -392165437.58 166070003.71
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VIRGIN MOBILE UEM GR -392165437.58 166070003.71
WATSON & PHILIP WTSN LN -120493900.04 252232072.87
WINCANTON PL-ADR WNCNY US -47615167.52 1316638025.67
WINCANTON PLC WIN1USD EU -47615167.52 1316638025.67
WINCANTON PLC WIN PZ -47615167.52 1316638025.67
WINCANTON PLC WIN1EUR EU -47615167.52 1316638025.67
WINCANTON PLC WIN1 TQ -47615167.52 1316638025.67
WINCANTON PLC WIN1EUR EO -47615167.52 1316638025.67
WINCANTON PLC WIN PO -47615167.52 1316638025.67
WINCANTON PLC WIN1USD EO -47615167.52 1316638025.67
WINCANTON PLC WIN1 QM -47615167.52 1316638025.67
WINCANTON PLC WIN1 EU -47615167.52 1316638025.67
WINCANTON PLC WIN IX -47615167.52 1316638025.67
WINCANTON PLC WIN1 BQ -47615167.52 1316638025.67
WINCANTON PLC WIN LN -47615167.52 1316638025.67
WINCANTON PLC WIN1 EB -47615167.52 1316638025.67
WINCANTON PLC WIN1GBP EO -47615167.52 1316638025.67
WINCANTON PLC WIN VX -47615167.52 1316638025.67
WINCANTON PLC WIN1 NQ -47615167.52 1316638025.67
WINCANTON PLC WIN1 EO -47615167.52 1316638025.67
WINCANTON PLC WNCNF US -47615167.52 1316638025.67
XXPERT RENTAL XPRT CN -103725000 149477216
GREECE
------
AG PETZETAKIS SA PTZ1 GR -30790135.48 234437763.45
AG PETZETAKIS SA PETZK PZ -30790135.48 234437763.45
AG PETZETAKIS SA PETZK GA -30790135.48 234437763.45
AG PETZETAKIS SA PZETF US -30790135.48 234437763.45
AG PETZETAKIS SA PETZK EO -30790135.48 234437763.45
AG PETZETAKIS SA PETZK EU -30790135.48 234437763.45
AG PETZETAKIS SA PTZ GR -30790135.48 234437763.45
ALTEC SA -AUCT ALTECE GA -103590250.31 177563163.73
ALTEC SA INFO ALTEC EO -103590250.31 177563163.73
ALTEC SA INFO ALTEC EU -103590250.31 177563163.73
ALTEC SA INFO ATCQF US -103590250.31 177563163.73
ALTEC SA INFO ALTEC GA -103590250.31 177563163.73
ALTEC SA INFO ALTEC PZ -103590250.31 177563163.73
ALTEC SA INFO AXY GR -103590250.31 177563163.73
ALTEC SA INFO-RT ALTECR GA -103590250.31 177563163.73
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EMPEDOS SA EMPED GA -33637669.62 174742646.9
EMPEDOS SA-RTS EMPEDR GA -33637669.62 174742646.9
HELLAS ONLINE SA UN5 GR -34283568.77 458056717.55
HELLAS ONLINE SA HOLR GA -34283568.77 458056717.55
HELLAS ONLINE SA BRAIN EU -34283568.77 458056717.55
HELLAS ONLINE SA HOL GA -34283568.77 458056717.55
HELLAS ONLINE SA BRAIN GA -34283568.77 458056717.55
HELLAS ONLINE SA BRAIN PZ -34283568.77 458056717.55
HELLAS ONLINE SA BRAIN EO -34283568.77 458056717.55
KOUMBAS INSUR-RT KOUMD GA -47073006.65 212483361.18
KOUMBAS RTS KOUMR GA -47073006.65 212483361.18
KOUMBAS SYNERGY KOUM GA -47073006.65 212483361.18
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KOUMBAS SYNERGY KOUM PZ -47073006.65 212483361.18
KOUMBAS SYNERGY KOUM EO -47073006.65 212483361.18
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NAOUSSA SPIN-AUC NAOYKE GA -44175513.67 341686153.14
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NAOUSSA SPINNING NML1 GR -44175513.67 341686153.14
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PETZETAKIS - RTS PETZKD GA -30790135.48 234437763.45
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RADIO KORASS-RTS KORAR GA -100972173.86 180679253.63
RADIO KORASSI-RT KORAD GA -100972173.86 180679253.63
RADIO KORASSIDIS RAKOF US -100972173.86 180679253.63
RADIO KORASSIDIS KORA GA -100972173.86 180679253.63
RADIO KORASSIDIS RKC GR -100972173.86 180679253.63
THEMELIODOMI THEME GA -55751178.85 232036822.56
THEMELIODOMI-AUC THEMEE GA -55751178.85 232036822.56
THEMELIODOMI-RTS THEMED GA -55751178.85 232036822.56
THEMELIODOMI-RTS THEMER GA -55751178.85 232036822.56
UNITED TEXTILES UTEX EU -44175513.67 341686153.14
UNITED TEXTILES NAOSF US -44175513.67 341686153.14
UNITED TEXTILES UTEX EO -44175513.67 341686153.14
UNITED TEXTILES NAOYK GA -44175513.67 341686153.14
UNITED TEXTILES UTEX PZ -44175513.67 341686153.14
UNITED TEXTILES UTEX GA -44175513.67 341686153.14
CROATIA
-------
BRODOGRADE INDUS 3MAJRA CZ -388927692.38 624796011.8
HUNGARIAN TELEPH HUC GR -41577000 1251297920
HUNGARIAN TELEPH HUC EX -41577000 1251297920
HUNGARIAN TELEPH HUGC IX -41577000 1251297920
INVITEL HOLD-ADR 0IN GR -41577000 1251297920
INVITEL HOLD-ADR IHO US -41577000 1251297920
INVITEL HOLDINGS 3212873Z HB -41577000 1251297920
IPK OSIJEK DD OS IPKORA CZ -20548292.01 131206123.83
OT OPTIMA TELEKO 2299892Z CZ -48565065 119632635.47
OT-OPTIMA TELEKO OPTERA CZ -48565065 119632635.47
IRELAND
-------
BOUNDARY CAPITAL BCPI IX -10192301.85 119787800.54
BOUNDARY CAPITAL BCP ID -10192301.85 119787800.54
BOUNDARY CAPITAL BCP1 EO -10192301.85 119787800.54
BOUNDARY CAPITAL BCP1 EU -10192301.85 119787800.54
BOUNDARY CAPITAL BCP IX -10192301.85 119787800.54
BOUNDARY CAPITAL BCP1 PG -10192301.85 119787800.54
BOUNDARY CAPITAL BCP1 PZ -10192301.85 119787800.54
BOUNDARY CAPITAL BCP LN -10192301.85 119787800.54
BOUNDARY CAPITAL BCM GR -10192301.85 119787800.54
ELAN CORP PLC ELN NR -370500000 1669500032
ELAN CORP PLC ECN VX -370500000 1669500032
ELAN CORP PLC ELN EU -370500000 1669500032
ELAN CORP PLC ELN IX -370500000 1669500032
ELAN CORP PLC ELNGBX EO -370500000 1669500032
ELAN CORP PLC ELN LN -370500000 1669500032
ELAN CORP PLC ELA PO -370500000 1669500032
ELAN CORP PLC ELA LN -370500000 1669500032
ELAN CORP PLC ELN ID -370500000 1669500032
ELAN CORP PLC ELNCF US -370500000 1669500032
ELAN CORP PLC DRXG IX -370500000 1669500032
ELAN CORP PLC DRX GR -370500000 1669500032
ELAN CORP PLC DRX1 PZ -370500000 1669500032
ELAN CORP PLC ELN EO -370500000 1669500032
ELAN CORP PLC ELN TQ -370500000 1669500032
ELAN CORP PLC ELNUSD EU -370500000 1669500032
ELAN CORP PLC ELA IX -370500000 1669500032
ELAN CORP PLC ELNGBP EO -370500000 1669500032
ELAN CORP PLC ELNUSD EO -370500000 1669500032
ELAN CORP-ADR EANG IX -370500000 1669500032
ELAN CORP-ADR ELN US -370500000 1669500032
ELAN CORP-ADR ELAD LN -370500000 1669500032
ELAN CORP-ADR EAN GR -370500000 1669500032
ELAN CORP-ADR QUNELN AU -370500000 1669500032
ELAN CORP-ADR UT ELN/E US -370500000 1669500032
ELAN CORP-CVR LCVRZ US -370500000 1669500032
ELAN CORP-CVR ELNZV US -370500000 1669500032
ELAN CORP/OLD 1295Z ID -375500000 1693300096
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MCINERNEY HLDGS MK9C PZ -113397336.28 441922391.66
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MCINERNEY HLDGS MCI EU -113397336.28 441922391.66
MCINERNEY HLDGS MCII IX -113397336.28 441922391.66
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MCINERNEY PROP-A MYP LN -113397336.28 441922391.66
MCINERNEY PROP-A MYP ID -113397336.28 441922391.66
MCINERNEY-ADR MNEYY US -113397336.28 441922391.66
PAYZONE PLC PAYZ EU -138030903.22 510010035.33
PAYZONE PLC PAYZ LN -138030903.22 510010035.33
PAYZONE PLC PAYZ IX -138030903.22 510010035.33
PAYZONE PLC PAYZ PG -138030903.22 510010035.33
PAYZONE PLC 4P6 GR -138030903.22 510010035.33
PAYZONE PLC PAYZ EO -138030903.22 510010035.33
PAYZONE PLC PAYZ PZ -138030903.22 510010035.33
WATERFORD - RTS 508519Q LN -505729895.23 820803256.03
WATERFORD - RTS WWWB ID -505729895.23 820803256.03
WATERFORD - RTS 508523Q LN -505729895.23 820803256.03
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WATERFORD WED-RT 586556Q LN -505729895.23 820803256.03
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WATERFORD WED-RT WWWC GR -505729895.23 820803256.03
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WATERFORD-SUB 3001875Z ID -505729895.23 820803256.03
ICELAND
-------
AVION GROUP B1Q GR -223771648 2277793536
EIMSKIPAFELAG HF AVION IR -223771648 2277793536
EIMSKIPAFELAG HF HFEIMEUR EO -223771648 2277793536
EIMSKIPAFELAG HF HFEIM EO -223771648 2277793536
EIMSKIPAFELAG HF HFEIM PZ -223771648 2277793536
EIMSKIPAFELAG HF HFEIMEUR EU -223771648 2277793536
EIMSKIPAFELAG HF HFEIM EU -223771648 2277793536
EIMSKIPAFELAG HF HFEIM IR -223771648 2277793536
ITALY
-----
AEDES AXA+W AEAXAW IM -24405906.61 1350851664.42
AEDES SPA AE TQ -24405906.61 1350851664.42
AEDES SPA AE PZ -24405906.61 1350851664.42
AEDES SPA AEDI IX -24405906.61 1350851664.42
AEDES SPA AE EO -24405906.61 1350851664.42
AEDES SPA AEDSF US -24405906.61 1350851664.42
AEDES SPA LLB GR -24405906.61 1350851664.42
AEDES SPA AE EU -24405906.61 1350851664.42
AEDES SPA AE IM -24405906.61 1350851664.42
AEDES SPA RNC AEDE IM -24405906.61 1350851664.42
AEDES SPA-OPA AEDROP IM -24405906.61 1350851664.42
AEDES SPA-OPA AEOPA IM -24405906.61 1350851664.42
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AEDES SPA-SVGS R AEDRAA IM -24405906.61 1350851664.42
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ARENA SPA AREI PZ -26843216.33 117951651.43
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ARENA SPA ARE IM -26843216.33 117951651.43
ARENA SPA ARE2 EU -26843216.33 117951651.43
ARENA SPA ARE2 TQ -26843216.33 117951651.43
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BINDA SPA BNDAF US -11146475.29 128859802.94
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BROGGI IZAR FABB BIF IM -178432.46 134255668.53
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CREDITO FOND-RTS CRFSA IM -200209050.26 4213063202.32
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ELIOS HOLDING EH IM -178432.46 134255668.53
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OLCESE SPA O IM -12846689.89 179691572.79
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OMNIA NETWORK SP ONT EU -14203645.83 330093845.4
OMNIA NETWORK SP ONTI IX -14203645.83 330093845.4
OMNIA NETWORK SP ONT IM -14203645.83 330093845.4
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PARMALAT FINA-RT PRFR AV -18419390028.95 4120687886.18
PARMALAT FINANZI PRFI VX -18419390028.95 4120687886.18
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RISANAMENTO SPA RN PZ -84106314.4 4618461222.59
RISANAMENTO SPA RN IX -84106314.4 4618461222.59
RISANAMENTO SPA RN EO -84106314.4 4618461222.59
RISANAMENTO-RTS RNAA IM -84106314.4 4618461222.59
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 SSMLF US -141933883.93 150445252.43
SNIA SPA SN TQ -141933883.93 150445252.43
SNIA SPA SIAI PZ -141933883.93 150445252.43
SNIA SPA SNIXF US -141933883.93 150445252.43
SNIA SPA SNIB GR -141933883.93 150445252.43
SNIA SPA SBPDF US -141933883.93 150445252.43
SNIA SPA SN EU -141933883.93 150445252.43
SNIA SPA SNIA GR -141933883.93 150445252.43
SNIA SPA SN IM -141933883.93 150445252.43
SNIA SPA SN EO -141933883.93 150445252.43
SNIA SPA SIAI IX -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 SNR IM -141933883.93 150445252.43
SNIA SPA-RCV SNIVF US -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 IM -120739761.47 431104046.09
SOCOTHERM SPA SCT EO -120739761.47 431104046.09
SOCOTHERM SPA SCTM IX -120739761.47 431104046.09
SOCOTHERM SPA SOCEF US -120739761.47 431104046.09
SOCOTHERM SPA SCT TQ -120739761.47 431104046.09
SOCOTHERM SPA SCT EU -120739761.47 431104046.09
SOCOTHERM SPA SCTI PZ -120739761.47 431104046.09
TECNODIFF ITALIA TEF GR -89894162.82 152045757.48
TECNODIFF ITALIA TDI IM -89894162.82 152045757.48
TECNODIFF ITALIA TDIFF US -89894162.82 152045757.48
TECNODIFF ITALIA TDI NM -89894162.82 152045757.48
TECNODIFF-RTS TDIAOW NM -89894162.82 152045757.48
TECNODIFFUSIONE TDIAAW IM -89894162.82 152045757.48
TISCALI SPA TIQ GR -382501586.12 1284058962.83
TISCALI SPA TIS EU -382501586.12 1284058962.83
TISCALI SPA TIS NR -382501586.12 1284058962.83
TISCALI SPA TISN VX -382501586.12 1284058962.83
TISCALI SPA TISN NA -382501586.12 1284058962.83
TISCALI SPA TIS IX -382501586.12 1284058962.83
TISCALI SPA TIS IM -382501586.12 1284058962.83
TISCALI SPA TIQG IX -382501586.12 1284058962.83
TISCALI SPA TISGBP EO -382501586.12 1284058962.83
TISCALI SPA TISGBX EO -382501586.12 1284058962.83
TISCALI SPA TISGBX EU -382501586.12 1284058962.83
TISCALI SPA TSCXF US -382501586.12 1284058962.83
TISCALI SPA TIQ1 GR -382501586.12 1284058962.83
TISCALI SPA TIS EO -382501586.12 1284058962.83
TISCALI SPA TIS VX -382501586.12 1284058962.83
TISCALI SPA TIS NA -382501586.12 1284058962.83
TISCALI SPA TIS TQ -382501586.12 1284058962.83
TISCALI SPA TIS FP -382501586.12 1284058962.83
TISCALI SPA TISN IX -382501586.12 1284058962.83
TISCALI SPA TIS PZ -382501586.12 1284058962.83
TISCALI SPA TISN IM -382501586.12 1284058962.83
TISCALI SPA TISN FP -382501586.12 1284058962.83
TISCALI SPA- RTS 3391621Q GR -382501586.12 1284058962.83
TISCALI SPA- RTS TISAXA IM -382501586.12 1284058962.83
YORKVILLE BHN CBXI PZ -178432.46 134255668.53
YORKVILLE BHN BY TQ -178432.46 134255668.53
YORKVILLE BHN BY IM -178432.46 134255668.53
LUXEMBOURG
----------
CARRIER1 INT-AD+ CONE ES -94729000 472360992
CARRIER1 INT-ADR CONEE US -94729000 472360992
CARRIER1 INT-ADR CONEQ US -94729000 472360992
CARRIER1 INT-ADR CONE US -94729000 472360992
CARRIER1 INTL CJN GR -94729000 472360992
CARRIER1 INTL CJN NM -94729000 472360992
CARRIER1 INTL CJNA GR -94729000 472360992
CARRIER1 INTL SA 1253Z SW -94729000 472360992
CARRIER1 INTL SA CONEF US -94729000 472360992
NETHERLANDS
-----------
BAAN CO NV-ASSEN BAANA NA -7854741.41 609871188.88
BAAN COMPANY NV BAAN NA -7854741.41 609871188.88
BAAN COMPANY NV BAAN IX -7854741.41 609871188.88
BAAN COMPANY NV BAAN EO -7854741.41 609871188.88
BAAN COMPANY NV BAAN GR -7854741.41 609871188.88
BAAN COMPANY NV BAAN PZ -7854741.41 609871188.88
BAAN COMPANY NV BAAN EU -7854741.41 609871188.88
BAAN COMPANY NV BAAVF US -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 LI -5505478849.55 5112616630.06
UNITED PAN-EUR-A UPC LN -5505478849.55 5112616630.06
UNITED PAN-EUROP UPCOF US -5505478849.55 5112616630.06
UNITED PAN-EUROP UPE1 GR -5505478849.55 5112616630.06
UNITED PAN-EUROP UPCEF US -5505478849.55 5112616630.06
UNITED PAN-EUROP UPE GR -5505478849.55 5112616630.06
UNITED PAN-EUROP UPC VX -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 PGSA GR -18066142.21 399710323.59
PETRO GEO-SV-ADR PGOGY US -18066142.21 399710323.59
POLAND
------
KROSNO KROS IX -2241614.77 111838141.19
KROSNO KRS LI -2241614.77 111838141.19
KROSNO KRS1EUR EO -2241614.77 111838141.19
KROSNO KRS PW -2241614.77 111838141.19
KROSNO KRS1EUR EU -2241614.77 111838141.19
KROSNO SA KRS PZ -2241614.77 111838141.19
KROSNO SA KROSNO PW -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 TOR PZ -288818.39 147004954.18
TOORA 2916665Q EU -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 COFI TQ -9882836.46 319233214.35
COFINA COFI EO -9882836.46 319233214.35
COFINA CFN1 PZ -9882836.46 319233214.35
COFINA CFN PL -9882836.46 319233214.35
COFINA COFI EU -9882836.46 319233214.35
COFINA CFNX PX -9882836.46 319233214.35
COFINA COFI PL -9882836.46 319233214.35
COFINA COFSI IX -9882836.46 319233214.35
COFINA CFASF US -9882836.46 319233214.35
LISGRAFICA IMPRE LIG EO -8723139.72 107312975.09
LISGRAFICA IMPRE LIG PL -8723139.72 107312975.09
LISGRAFICA IMPRE LIAG PL -8723139.72 107312975.09
LISGRAFICA IMPRE LIG PZ -8723139.72 107312975.09
LISGRAFICA IMPRE LIAG EO -8723139.72 107312975.09
LISGRAFICA IMPRE LIAG EU -8723139.72 107312975.09
LISGRAFICA IMPRE LIG EU -8723139.72 107312975.09
LISGRAFICA-RTS LIGDS PL -8723139.72 107312975.09
PORCELANA VISTA PVAL PL -68504012.12 145654270.82
SPORTING-SOC DES SCP PL -4083492.14 225687305.9
SPORTING-SOC DES SCP1 PZ -4083492.14 225687305.9
SPORTING-SOC DES SCPX PX -4083492.14 225687305.9
SPORTING-SOC DES SCPL IX -4083492.14 225687305.9
SPORTING-SOC DES SCDF EO -4083492.14 225687305.9
SPORTING-SOC DES SCG GR -4083492.14 225687305.9
SPORTING-SOC DES SCDF PL -4083492.14 225687305.9
SPORTING-SOC DES SCDF EU -4083492.14 225687305.9
VAA VISTA ALEGRE VAFX PX -68504012.12 145654270.82
VAA VISTA ALEGRE VAF EU -68504012.12 145654270.82
VAA VISTA ALEGRE VAF PL -68504012.12 145654270.82
VAA VISTA ALEGRE VAF EO -68504012.12 145654270.82
VAA VISTA ALEGRE VAF PZ -68504012.12 145654270.82
VAA VISTA ALTAN VAFK EO -68504012.12 145654270.82
VAA VISTA ALTAN VAFK EU -68504012.12 145654270.82
VAA VISTA ALTAN VAFK PZ -68504012.12 145654270.82
VAA VISTA ALTAN VAFK PL -68504012.12 145654270.82
VAA VISTA ALTAN VAFKX PX -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 PZ -86519981.9 521264507.61
OLTCHIM RM VALCE OLTCF US -86519981.9 521264507.61
OLTCHIM RM VALCE OLTEUR EO -86519981.9 521264507.61
OLTCHIM RM VALCE OLT EO -86519981.9 521264507.61
OLTCHIM RM VALCE OLTEUR EU -86519981.9 521264507.61
OLTCHIM RM VALCE OLT RO -86519981.9 521264507.61
OLTCHIM RM VALCE OLT EU -86519981.9 521264507.61
RAFO SA RAF RO -457922636.25 356796459.26
UZINELE SODICE G UZIM RO -35878364.71 104942905.83
ZASTAVA AUTOMOBI ZAKG SG -396504649.08 174692011.08
RUSSIA
------
AKCIONERNOE-BRD SOVP$ RU -110204703.34 120620770.43
ALFA CEMENT-BRD ALCE RU -672832.37 105454563.92
ALFA CEMENT-BRD AFMTF US -672832.37 105454563.92
ALFA CEMENT-BRD ALCE* RU -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* RU -33465586.31 128437866.54
DAGESTAN ENERGY DASB RM -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
SAMARANEFTEGA-P$ SMNGP RU -331600428.45 891998590.74
SAMARANEFTEGAS SMNG$ RU -331600428.45 891998590.74
SAMARANEFTEGAS SMNG RM -331600428.45 891998590.74
SAMARANEFTEGAS SVYOF US -331600428.45 891998590.74
SAMARANEFTEGAS SMNG* RU -331600428.45 891998590.74
SAMARANEFTEGAS-$ SMNG RU -331600428.45 891998590.74
SAMARANEFTEGAS-P SMNGP RM -331600428.45 891998590.74
SAMARANEFTEGAS-P SMNGP$ RU -331600428.45 891998590.74
SAMARANEFTEGAS-P SMNGP* RU -331600428.45 891998590.74
TERNEYLES-BRD TERL* RU -15178937.2 182115156.77
TERNEYLES-BRD TERL RU -15178937.2 182115156.77
URGALUGOL-BRD YRGL RU -15706613.04 105440541.07
URGALUGOL-BRD YRGL* RU -15706613.04 105440541.07
URGALUGOL-BRD-PF YRGLP RU -15706613.04 105440541.07
VIMPEL SHIP-BRD SOVP* RU -110204703.34 120620770.43
VIMPEL SHIP-BRD SOVP RU -110204703.34 120620770.43
VOLGOGRAD KHIM VHIM* RU -6661016.16 113935933.35
VOLGOGRAD KHIM VHIM RU -6661016.16 113935933.35
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-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
EGS EGE GIYIM VE EGDIS TI -7732138.55 147075066.65
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
ODESSA OIL REFIN ONPZ UZ -70727947.39 325964086.89
ZAPORIZHOBLENERG ZAON UZ -5929792.72 132397404.71
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/booksto order any title today.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA. Valerie C. Udtuhan, Marites O. Claro, Rousel Elaine
C. Tumanda, Joy A. Agravante and Peter A. Chapman, Editors.
Copyright 2009. All rights reserved. ISSN 1529-2754.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.
Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.
The TCR Europe subscription rate is US$625 per half-year,
delivered via e-mail. Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each. For subscription information,
contact Christopher Beard at 240/629-3300.
* * * End of Transmission * * *