/raid1/www/Hosts/bankrupt/TCREUR_Public/091005.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
E U R O P E
Monday, October 5, 2009, Vol. 10, No. 196
Headlines
D E N M A R K
TDC A/S: Has Conditional Agreement on Invitel Share Sale
E S T O N I A
* ESTONIA: Corporate Bankruptcies Highest in September 2009
F R A N C E
SPCM SA: S&P Changes Outlook to Stable; Affirms 'B+' Rating
G E R M A N Y
BKN INTERNATIONAL: Court Permits Main Insolvency Proceedings
FC CHALKE: On Brink of Insolvency, FTD Says
FORCE TWO: Moody's Cuts Ratings on Two Classes of Notes to Low-B
TREOFAN HOLDINGS: Moody's Affirms 'Caa2' Corporate Family Rating
G R E E C E
ARIES MARITIME: Receives Nasdaq Non-Compliance Letter
ARIES MARITIME: Grandunion Discloses 70.6% Equity Stake
H U N G A R Y
MAGYAR TELECOM: Moody's Junks Probability of Default Rating
I C E L A N D
GLITNIR BANKI: Icelandic Police Raid KPMG, PwC Offices
KAUPTHING BANK: Assets Worth Less Than Half Debts
KAUPTHING BANK: Icelandic Police Raid KPMG, PwC Offices
LANDSBANKI ISLANDS: Icelandic Police Raid KPMG, PwC Offices
I T A L Y
AEROPORTI DI ROMA: S&P Puts 'BB' Rating on CreditWatch Negative
CELL THERAPEUTICS: Files Listing Prospectus with CONSOB
CELL THERAPEUTICS: Posts US$24.8-Mil. Net Loss in August 2009
K A Z A K H S T A N
ART PROFI: Creditors Must File Claims by October 17
ASTRA LTD: Creditors Must File Claims by October 17
GROUP CONSULTING: Creditors Must File Claims by October 17
EURO ASIA: Creditors Must File Claims by October 17
FAIR PLAY: Creditors Must File Claims by October 17
KAZ BAU: Creditors Must File Claims by October 17
NEDVIJIMOST ALMATY: Creditors Must File Claims by October 17
NEFTE HIM: Creditors Must File Claims by October 17
NEFTE PRODUCT: Creditors Must File Claims by October 17
VKN AND COMPANY: Creditors Must File Claims by October 17
* ASTANA CITY: Moody's Withdraws Ba1 Rating with Stable Outlook
K Y R G Y Z S T A N
ELS LLC: Creditors Must File Claims by October 17
MISTELL COMPANY: Creditors Must File Claims by October 17
L U X E M B O U R G
ORCO PROPERTY: May Sell Shares to Raise Capital for Investment
M O L D O V A
* MODOVA: Moody's Withdraws 'B3' Rating on Foreign Currency Debt
N E T H E R L A N D S
FORTIS BANK: Moody's Downgrades Ratings on Securities to 'B2'
P O L A N D
BANK OCHRONY: Fitch Affirms Individual Rating at 'D'
R O M A N I A
* ROMANIA: Pressure for Rating Cut Could Increase, Fitch Says
R U S S I A
GAZPROMBANK OAO: S&P Downgrades Counterparty Credit Rating to 'BB'
RBC INFORMATION: Raiffeisen Files Bankruptcy Suit
SEVERSTAL OAO: Fitch Assigns 'B+' Senior Unsecured Rating
UC RUSAL: Russian Courts Dismiss Alfa Bank's Bankruptcy Suits
VIMPELCOM: Court Adjourns Telenor Appeal on Farimex Case
S L O V E N I A
MURA D.D.: Declares Insolvency; Files for Bankruptcy
S P A I N
MADRID ACTIVOS: Moody's Junks Rating on Class E Notes From 'Ba3'
S W E D E N
SAS AB: 20% BMI Stake Sold to German Lufthansa
U K R A I N E
NAFTOGAZ OJSC: Fitch Downgrades Issuer Default Ratings to 'RD'
X X X X X X X X
* BOND PRICING: For the Week September 28 to October 2, 2009
*********
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D E N M A R K
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TDC A/S: Has Conditional Agreement on Invitel Share Sale
--------------------------------------------------------
TDC on Wednesday entered into a conditional agreement with Mid
Europa Partners, the Central and Eastern European investment
company, on the sale of its 64.6% share in the Hungarian
telecommunications company, Invitel.
Invitel (formerly known as Hungarian Telephone and Cable
Corporation, HTCC) is a Hungarian-based landline operator with
activities in Eastern Europe. In TDC's latest earnings release,
Invitel's activities were reclassified as "discontinued
operations".
"I am pleased with the solution we have now found, and am
convinced that Mid Europa Partners is the right company to ensure
further development at Invitel," said Henrik Poulsen, TDC's
President and CEO.
The aggregate purchase price for TDC's shares is approx.
DKK54.9 million. TDC will also divest its shareholder loan of DKK
253.8m at its nominal value. The divestment is expected to yield
DKK 120m after tax and take place in the fourth quarter of 2009.
The agreement is conditional on a number of factors including the
refinancing of Invitel's debt and on Mid Europa Partners
purchasing some of Invitel's bonds from the present bond owners.
The Austrian Competition Authority must also approve the
divestment.
* * *
As reported in the Troubled Company Reporter-Europe on June 5,
2009, Standard & Poor's affirmed the 'BB-' issue rating on TDC's
unsecured notes maturing up to 2012. In addition, the issue
rating on the EUR7.2 billion (EUR3.6 billion outstanding as of
March 31, 2009) senior secured facilities issued by TDC was
affirmed at 'BB+', two notches higher than the corporate credit
rating.
On January 22, 2009, the Troubled Company Reporter-Europe reported
that, Fitch Ratings revised TDC A/S's (TDC) Outlook to Positive
from Stable due to the company's improving operational metrics and
continued deleveraging. At the same time, the agency affirmed
TDC's Long-term Issuer Default Rating (IDR) at 'BB-' (BB minus)
and Short-term IDR at 'B'. All of TDC's instrument ratings were
affirmed at their current levels.
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E S T O N I A
=============
* ESTONIA: Corporate Bankruptcies Highest in September 2009
------------------------------------------------------------
BNS reports that the number of Estonian businesses that went
bankrupt in September 2009 reached 55, the highest figure for any
separate month this year.
In the first nine months of this year 370 companies went bankrupt
in Estonia, compared with 160 in the same period a year ago, the
report discloses.
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F R A N C E
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SPCM SA: S&P Changes Outlook to Stable; Affirms 'B+' Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it has revised to
stable from negative its outlook on French specialty chemicals
producer SPCM S.A. S&P also affirmed the 'B+' long-term corporate
credit rating on SPCM.
At the same time, S&P affirmed the 'BB-' issue ratings on SPCM's
bank loans and the 'B+' rating on its senior unsecured bonds. The
recovery ratings on the bank loans and senior unsecured bonds
remain unchanged, respectively at '2', indicating S&P's
expectation of substantial (70%-90%) in case of a payment default,
and '4', indicating S&P's expectation of average (30%-50%)
recovery for bondholders.
"S&P's outlook revision and rating affirmation follow SPCM's much
improved liquidity, covenant leeway, and credit metrics in second-
quarter 2009, owing to record quarterly EBITDA and positive free
cash flows," said Standard & Poor's credit analyst Lucas Sevenin.
"The rating action also incorporates S&P's anticipation that
favorable operating trends and SPCM's financial policy will likely
contribute to sustaining credit measures in coming quarters,
albeit potentially at a lower level."
Under S&P's scenario for 2010 SPCM's free operating cash flow
could be slightly negative, on higher capital expenditure and
working capital outflow.
In the 12 months ended June 30, 2009, SPCM generated sales of
EUR1.1 billion and EBITDA of about EUR120 million.
"We expect that SPCM will balance its growth aspirations in the
coming years with operating cash flow generation and aim for
modest deleveraging," said Mr. Sevenin.
S&P consider a ratio of FFO to debt of about 15%, and at least 15%
headroom under the financial covenants, as commensurate with the
current rating.
Potential ratings upside would hinge on SPCM demonstrating in the
next few quarters a strong commitment to deleveraging and
sustaining higher credit coverage ratios than required for the
current rating, combined with ample covenant leeway, and good
demand trends and EBITDA.
If higher cash outflows, including capital expenditure and working
capital, and/or lower EBITDA put prolonged pressures on liquidity,
credit metrics, and covenants, S&P could lower the ratings.
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G E R M A N Y
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BKN INTERNATIONAL: Court Permits Main Insolvency Proceedings
------------------------------------------------------------
BKN International AG said that the Local District Court of Cologne
gave the order to institute main insolvency proceedings on Oct. 1.
Heinrich C. Friedhoff was officially appointed by the court as
insolvency administrator.
Headquartered in Cologne, Germany, BKN International AG --
http://www.bknkids.com/-- is a global animation company engaged
in the distribution and marketing of animated children's
television programs and the marketing of related consumer products
in all forms. BKN own the Intellectual Property Rights to many
successful global brands including Legend of the Dragon, Kong King
of Atlantis, Dork Hunters from Outer Space and the Zorro-
Generation Z series and Zorro-Return to the Future film and has
a catalogue containing more than 1,000 hours of programming. The
Company is currently listed on the Deutsche Börse and London Stock
Exchange and it operates all over the world with offices in
London, Cologne, Barcelona and New York.
FC CHALKE: On Brink of Insolvency, FTD Says
-------------------------------------------
Richard Weiss and Holger Elfes at Bloomberg News, citing the
Financial Times Deutschland, report that FC Schalke 04, the German
soccer club sponsored by OAO Gazprom, is close to insolvency.
According to Bloomberg, the newspaper said three out of four
security accounts used to repay debt are out of money.
FORCE TWO: Moody's Cuts Ratings on Two Classes of Notes to Low-B
----------------------------------------------------------------
Moody's Investors Service has taken these rating actions on notes
issued by Force Two Limited Partnership.
-- EUR150.2M Class A, Downgraded to Aa1 and Remains On Review
for Possible Downgrade; previously on Mar 13, 2009 Aaa Placed
Under Review for Possible Downgrade
-- EUR12.3M Class B, Downgraded to A1 and Remains On Review for
Possible Downgrade; previously on Mar 13, 2009 Aa2 Placed
Under Review for Possible Downgrade
-- EUR13M Class C, Downgraded to Baa2 and Remains On Review for
Possible Downgrade; previously on Mar 13, 2009 Downgraded to
A2 and Placed Under Review for Possible Downgrade
-- EUR11.9M Class D, Downgraded to Ba1 and Remains On Review for
Possible Downgrade; previously on Mar 13, 2009 Baa1 Placed
Under Review for Possible Downgrade
-- EUR9.7M Class E, Downgraded to B1 and Remains On Review for
Possible Downgrade; previously on Mar 13, 2009 Baa3 Placed
Under Review for Possible Downgrade
Moody's retains classes A to E under review for possible downgrade
until it has finalized its review of the stresses pertaining to
loss participation features in relation to the assets, as further
detailed below.
This transaction is a static mezzanine finance CLO referencing a
portfolio of German profit participations ("Genussrechte") with a
scheduled maturity of January 2014. The 'Genussrechte'
obligations in the portfolio have certain features of equity
including subordination and linkage of payments to financial
performance of the obligor such as interest deferral features and
contingent coupon components. Some of the obligations can be
written down depending on financial performance of the obligor and
may extend redemption beyond the legal final maturity of the
transaction which is 4 years after its scheduled maturity date.
Obligations which have not redeemed at par plus accrued interest
by the legal maturity of the transaction will expire and lead to a
loss for Force Two.
According to Moody's, the rating actions taken on the notes are
the result of credit deterioration of the underlying portfolio.
Force Two has suffered EUR12 million in defaults and early
terminations. The Principal Deficiency Ledger has been reduced to
approx. EUR5.8 million by the repayment of Class A notes from
excess spread proceeds.
The performing portfolio has also seen credit deterioration,
observed through a decline in the average credit rating as
measured through the portfolio weighted average rating factor
'WARF' (currently 1279) and the 12 million in defaulted assets and
early terminations (5.6% of the initial portfolio) with partial
recovery. Approximately 6.4% of the current portfolio is
currently flagged in the investor report to be under special care,
indicating substantial likelihood of default, and approximately
7.4% of the current portfolio is flagged to be under special
attention, indicating increased likelihood of default. These
measures were taken from the recent trustee report dated 28 July
2009.
Additionally, the rating actions reflect the application of
revised and updated key modelling parameter assumptions that
Moody's uses to rate and monitor ratings of CDOs exposed to
corporate assets and which are also being applied in its analysis
of SME CDOs Moody's announced the changes to these assumptions in
two press releases titled "Moody's updates key assumptions for
rating CLOs", published on 4 February 2009 and "Moody's Updates
its Key Assumptions for Rating Corporate Synthetic CDOs,"
published on 15 January 2009. The revisions affect default
probability, which has been stressed to take into account forward
looking measures, as well as correlation, which is reflected by a
5% minimum correlation and more conservative industry correlation
assumptions. Default probability and correlation are key
parameters in Moody's model for rating CDOs exposed to corporate
assets.
Furthermore, for all of the underlying referenced assets, the
equivalent Moody's ratings used in Moody's analysis are obtained
through a mapping process between the originator's internal rating
scale and Moody's public rating scale. To compensate for the
absence of credit indicators such as ratings reviews and outlooks
in mapped ratings, a half notch stress was applied to the mapping
scale.
Moody's has incorporated forward looking information in its
analysis by means of alternative stress runs to the ratings of the
obligors. Due to non-granularity of the portfolio other stress
scenarios were also run. These stress scenarios include notching
a portion of the large exposures in the portfolio.
Moody's has previously used a rating-migration-based model to
capture the specific features of these assets. Moody's has
migrated its model from a migration-based framework to a framework
based on simulation of impairments, (covering defaults, deferrals
and write downs affecting the assets), in order to capture the
additional risk associated with these hybrid instruments more
adequately. While Moody's reviews the levels of stress to be
applied to cover deferrals and write downs, it will retain the
classes under review for possible downgrade, as the revision of
such stresses may adversely affect the ratings.
In addition to the quantitative factors that are explicitly
modelled, qualitative factors are part of the rating committee
considerations. These qualitative factors include the structural
protections in each transaction, the recent deal performance in
the current market environment, the legal environment, specific
documentation features, the collateral manager's track record, and
the potential for selection bias in the portfolio. All
information available to rating committees, including
macroeconomic forecasts, input from other Moody's analytical
groups, market factors, and judgments regarding the nature and
severity of credit stress on the transactions, may influence the
final rating decision.
TREOFAN HOLDINGS: Moody's Affirms 'Caa2' Corporate Family Rating
----------------------------------------------------------------
Moody's Investors Service affirmed the Caa2 Corporate Family
Rating of Treofan following the settlement of a financial
restructuring initiative. At the same time, the Probability of
Default rating was upgraded to Caa2/LD from Ca/LD to be in line
with the CFR following the successful closing of the debt
restructuring initiative. The LD (Limited Default) remains
attached reflecting the final closing of Treofan's debt exchange
transaction but will be withdrawn in approximately 3 business
days. Following the exchange of the majority of the
EUR170 million Second Lien Notes into equity, Moody's has
withdrawn the Ca rating for this instrument because the issuer has
been reorganized. The outlook on the ratings was changed to
stable from negative.
The debt exchange offer, which was launched in August 2009 and
settled on September 29, 2009, encompassed these key elements:
-- an exchange of 98.85% of the EUR170 million Second Lien Notes
for equity in the Treofan Group
-- a reduction in the principal amount of the notes remaining
outstanding by 90% combined with a reduction in interest from
11% to 1% and an extension of the maturity from 2013 to 2033
-- a capital injection of EUR10 million by existing shareholders
and noteholders to principally finance planned operational
and financial restructuring measures
-- an extension of the existing EUR80 million senior revolving
credit facility by one year to July 2011 along with a reset
of financial covenants.
Following the closure of the financial restructuring, the Caa2 CFR
continues to reflect the new capital structure with substantially
lower leverage following the settlement of the debt exchange. The
outlook on the ratings was changed to stable from negative,
indicating an improved profitability with reported EBITDA as of
August 2009 being ahead of last year. The Caa2 rating however
also considers the still limited visibility for Treofan's
operating performance as the company is still faced with a
difficult operating environment with imbalanced supply and demand
for plastic films and subsequent potential pricing pressure in
addition to again gradually rising input costs.
Upgrades:
Issuer: Treofan Holdings GmbH
-- Probability of Default Rating, Upgraded to Caa2 from Ca/LD
Outlook Actions:
Issuer: Treofan Germany GmbH & Co. KG
-- Outlook, Changed To Rating Withdrawn From Negative
Issuer: Treofan Holdings GmbH
-- Outlook, Changed To Stable From Negative
Withdrawals:
Issuer: Treofan Germany GmbH & Co. KG
-- Senior Subordinated Regular Bond/Debenture, Withdrawn,
previously rated Ca, LGD5, 70%
The last rating action was implemented on September 2, 2009, when
the Probability of Default was changed from Ca to Ca/LD following
a missed interest payment.
Treofan Holdings GmbH, based in Raunheim, Germany, is a
manufacturer of polypropylene film, which is primarily used to
produce flexible packaging as well as labels for food and other
consumer products such as cigarette wrappings and technical
applications such as capacitors. Treofan reported EUR488 million
of revenues for 2008.
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G R E E C E
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ARIES MARITIME: Receives Nasdaq Non-Compliance Letter
-----------------------------------------------------
Aries Maritime Transport Limited on September 16, 2009, received
written notification from The Nasdaq Stock Market, LLC indicating
that because the closing bid price of the Company's common stock
for the previous 30 consecutive business days was below the
minimum US$1.00 per share bid price requirement for continued
listing on The Nasdaq Global Market, the Company is not in
compliance with Nasdaq Listing Rule 5450(a)(1).
Aries Maritime common stock will continue to be listed and traded
on The Nasdaq Global Market during the applicable grace period.
During the next 180 calendar days, the Company may regain
compliance with the minimum bid price requirement by maintaining a
closing bid price at or above US$1.00 per share for at least ten
consecutive business days pursuant to Listing Rule 5810(c)(3)(A).
Beyond this 180-day period ending March 15, 2010, the Company may
also be eligible for an additional grace period provided it
demonstrates compliance with all the initial standards for listing
on The Nasdaq Capital Market as set forth in Listing Rule 5505,
with the exception of the minimum bid price.
The Company continues to monitor its closing bid price and is
considering its options to regain compliance with the bid price
requirement.
Meanwhile, the Company filed with the Securities and Exchange
Commission a copy of the Memorandum of Association of Aries
Maritime Transport Limited, as amended and restated pursuant to
resolutions of the board of directors and the shareholders with
effect from August 26, 2009, the date of the Company's 2009 Annual
General Meeting. The sole amendment consists of new section 5 in
order to increase the Company's authorized share capital pursuant
to the Company's third Certificate of Deposit of Memorandum of
Increase of Share Capital.
A full-text copy of the Memorandum of Association is available at
no charge at http://ResearchArchives.com/t/s?462c
The Company also filed a copy of its Bye-laws, originally adopted
on May 31, 2005, as amended and restated pursuant to resolutions
of the board of directors and the shareholders with effect from
August 26, 2009, the date of the Meeting. The sole amendment
consists of new section 4.1 in order to increase the Company's
authorized share capital.
A full-text copy of Bye-laws is available at no charge at
http://ResearchArchives.com/t/s?462d
At the Meeting, the Company's shareholders also approved the
election Mons S. Bolin and Captain Gabriel Petridis to serve as
Class I directors until the 2012 Annual General Meeting of
Shareholders and the appointment of PricewaterhouseCoopers S.A. as
the Company's independent auditors for the fiscal year ending
December 31, 2009.
Going Concern
As reported by the Troubled Company Reporter on July 8, 2009,
Aries Maritime said the audit report of the Company's independent
registered public accounting firm, PricewaterhouseCoopers S.A.,
included in the Company's Form 20-F filed with the U.S. Securities
and Exchange Commission contains an explanatory paragraph which
notes that there are specific factors which raise substantial
doubt about the Company's ability to continue as a going concern.
These factors include the Company's 2008 and 2007 net losses and a
previously announced re-classification of long term debt due to
its inability to meet certain financial covenants under its
revolving credit facility.
Aries Maritime is currently in negotiations with its lenders to
obtain waivers for certain financial covenants. The Company has
plans in place to improve the performance and financial strength
of the Company. These plans primarily relate to the reduction of
expenses, possible sales of vessels and the potential addition of
assets to enhance future cash earnings.
As of June 30, 2009, the Company had US$299.5 million in total
assets and US$246.2 million in total liabilities. As of March 31,
2009, the Company had US$309.4 million in total assets and
US$248.0 million in total liabilities.
About Aries Maritime
Aries Maritime Transport Limited (NASDAQ: RAMS) is an
international shipping company that owns and operates products
tankers and container vessels. The Company's products tanker
fleet consists of five MR tankers and four Panamax tankers, all of
which are double-hulled. The Company also owns a fleet of two
container vessels with a capacity of 2,917 TEU per vessel. Four
of the Company's 11 vessels are secured on period charters.
Charters for two of the Company's products tanker vessels
currently have profit-sharing components.
ARIES MARITIME: Grandunion Discloses 70.6% Equity Stake
-------------------------------------------------------
Grandunion Inc. discloses holding 33,874,655 shares or roughly
70.6% of the common stock of Aries Maritime Transport Limited.
Aries Maritime said September 16 it has entered into a Securities
Purchase Agreement with Grandunion Inc., a company controlled by
Michail S. Zolotas and Nicholas G. Fistes, pursuant to which the
Company has agreed to issue 18,977,778 common shares to Grandunion
in exchange for three capesize drybulk carriers.
Rocket Marine Inc., a company controlled by Mons Bolin and Captain
Gabriel Petridis, each a current director of the Company, has
agreed to enter into a voting agreement with Grandunion in
exchange for 2,666,667 common shares of Aries Maritime. Under the
voting agreement, the controlling persons of Rocket Marine will
agree to cause Rocket Marine to vote its common shares of the
Company in accordance with instructions from Grandunion on all
matters to be considered and voted upon by the Company's
shareholders. Following the closing of the share issuance to
Grandunion and the transfer by Grandunion of 2,666,667 common
shares to Rocket Marine, Grandunion will own roughly 34.2% and
Rocket Marine will own roughly 36.8% of the Company's total
outstanding common shares. Through the voting agreement,
Grandunion will control the vote of 71% of the Company's shares.
Rocket Marine and its controlling stockholders have agreed not to
sell or transfer shares of the Company prior to December 31, 2011,
subject to certain exceptions, including the right to pledge such
shares to certain banks, and Grandunion has agreed to a similar
lockup with respect to the shares it will receive at the closing.
Under the registration rights agreement, the Company has granted
certain demand and "piggy-back" registration rights to Grandunion
and Rocket Marine and certain transferees.
In connection with the transactions contemplated by the
agreements:
-- The Company will increase the size of its board to seven
members, composed of:
* Mr. Nicholas G. Fistes, as non-executive Chairman;
* Mr. Michail S. Zolotas, as executive director and
President;
* Mr. Allan L. Shaw, as executive director and Chief
Financial Officer;
* Messrs. Masaaki Kohsaka, Spyros Gianniotis and Apostolos
Tsitsirakis as non-executive directors; and
* Mr. Panagiotis Skiadas, a current director, who will
remain on the board as a non-executive director.
Investment Bank of Greece has committed to purchase US$145 million
in aggregate principal amount of 7% senior unsecured convertible
notes due 2014, convertible into common shares at a conversion
price of US$0.75 per share. The proceeds of the Convertible Notes
are expected to be used for general corporate purposes, to fund
vessel acquisitions and to partially repay existing indebtedness.
The commitment letter from Investment Bank of Greece relating to
the Convertible Note transaction is subject to a number of
conditions, including the completeness of certain information or
projections provided to the Bank, the satisfaction of due
diligence and the Bank's receipt of the principal documentation
relating to the refinancing of the Company's existing credit
facility, which shall be on terms reasonably satisfactory to the
Bank. The commitment letter may be terminated by the Bank if a
development occurs or is occurring which has a material adverse
effect or is reasonably likely to have a material adverse effect
on the Company's ability to satisfy its obligations under the
Convertible Notes or if the closing of the Convertible Notes does
not occur by September 30, 2009.
The Company's existing syndicate of lenders has entered into a
commitment letter to refinance the Company's existing fully
revolving credit facility.
One of the capesize vessels, the 1992-built M/V CHINA, will be
employed on a time charter with Deiulemar Shipping Societa con
Unico Socio S.P.A. through April 2016 at a net daily rate of
US$12,588. The 1995-built M/V BRAZIL will be employed on a time
charter with TMT Bulk Co., Ltd. through December 2014, with the
charterer's option to extend or shorten the duration by 60 days,
at a net daily rate of US$28,598 for the first two years and a net
daily rate of US$25,830 for the remaining period, in each case
plus a 50% index-based profit sharing arrangement. The third
vessel, the 1993-built M/V AUSTRALIA will be employed on a time
charter with TMT Bulk Corp. for a minimum of 11 months and a
maximum of 13 months at net daily rate of US$26,838.
The Securities Purchase Agreement is subject to a number of
conditions, including but not limited to (1) the entry into
definitive agreements for the issuance of the Convertible Notes
and the closing of that transaction; (2) the entry into definitive
agreements with the Company's existing syndicate of lenders for
the refinancing of the Company's existing credit facility; and (3)
the absence of any event reasonably likely to have a material
adverse effect on the Company or the three capesize drybulk
carriers.
The Securities Purchase Agreement may be terminated under certain
conditions, including (1) by mutual written consent; (2) by either
party if (a) the closing does not occur on or before September 30,
2009; provided however that such date shall be extended for each
day that the Company has not entered into definitive agreements
with its existing lenders but shall not be extended beyond October
30, 2009; or (b) if an event or condition has occurred that
results in or would be reasonably expected to result in a material
adverse effect on the business of either the Contributed Vessels
or the Company, as applicable; (3) by Grandunion if the Company
makes a general assignment for the benefit of its creditors or
enters into insolvency proceedings; and (4) by the Company if the
board of directors receives an unsolicited bona fide "superior
proposal" from a third party for a competing acquisition
transaction; provided that in event of termination for such a
superior proposal, the Company would be obligated to pay
Grandunion a break-up fee of US$3.0 million.
The Company was expected to complete the transactions contemplated
by the Securities Purchase Agreement by September 30, 2009.
Going Concern
As reported by the Troubled Company Reporter on July 8, 2009,
Aries Maritime said the audit report of the Company's independent
registered public accounting firm, PricewaterhouseCoopers S.A.,
included in the Company's Form 20-F filed with the U.S. Securities
and Exchange Commission contains an explanatory paragraph which
notes that there are specific factors which raise substantial
doubt about the Company's ability to continue as a going concern.
These factors include the Company's 2008 and 2007 net losses and a
previously announced re-classification of long term debt due to
its inability to meet certain financial covenants under its
revolving credit facility.
Aries Maritime is currently in negotiations with its lenders to
obtain waivers for certain financial covenants. The Company has
plans in place to improve the performance and financial strength
of the Company. These plans primarily relate to the reduction of
expenses, possible sales of vessels and the potential addition of
assets to enhance future cash earnings.
As of June 30, 2009, the Company had US$299.5 million in total
assets and US$246.2 million in total liabilities. As of March 31,
2009, the Company had US$309.4 million in total assets and
US$248.0 million in total liabilities.
About Aries Maritime
Aries Maritime Transport Limited (NASDAQ: RAMS) is an
international shipping company that owns and operates products
tankers and container vessels. The Company's products tanker
fleet consists of five MR tankers and four Panamax tankers, all of
which are double-hulled. The Company also owns a fleet of two
container vessels with a capacity of 2,917 TEU per vessel. Four
of the Company's 11 vessels are secured on period charters.
Charters for two of the Company's products tanker vessels
currently have profit-sharing components.
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H U N G A R Y
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MAGYAR TELECOM: Moody's Junks Probability of Default Rating
-----------------------------------------------------------
Moody's Investors Service has downgraded the Probability of
Default Rating of Magyar Telecom B.V. to Caa3 from B3. Magyar
Telecom's B3 Corporate Family Rating and the Caa1 ratings of the
company's EUR142 million 10.75% notes due 2012 and EUR200 million
floating-rate notes due 2013 remain unchanged. All ratings remain
under review for possible downgrade. This rating action follows
the announcement that TDC A/S (Ba2/stable), the owner of a
majority stake of 64.6% in Magyar Telecom's parent company,
Invitel Holdings A/S, has agreed to sell its stake to Mid Europa
Partners Limited. In conjunction with the equity sale, Mid Europa
will be pursuing a series of refinancings and restructurings of
the broader group's debt capital structure under conditions that
lead Moody's to determine that some of these steps would be
classified as a distressed exchange under Moody's methodologies.
As background, TDC and Mid Europa announced an agreement under
which TDC's is selling its 64.6% shareholding in Invitel for USD1
per share. Moody's understands that the transaction will
encompass a number of steps, including: (i) the purchase by Mid
Europa of all the rights and obligations under a EUR34.1 million
PIK loan, which will be amended and increased by up to
EUR91.4 million; (ii) a tender offer for the EUR125 million PIK
notes issued outside the group of companies rated by Moody's,
subject to the valid tender of at least 50% of the principal
amount of the PIK notes; and (iii) the agreement by core lending
banks to amendments to terms and covenants of the existing bank
debt, as well as the agreement from other banks to secure
additional financing under the senior facility.
"The series of transactions announced by Invitel that would lead
Mid Europa to become the controlling shareholder of Magyar Telecom
could reduce the company's leverage, increase flexibility within
its covenant structure and improve its liquidity," explained
Stefano del Zompo, lead analyst for Magyar Telecom at Moody's.
"However, the Caa3 PDR reflects the fact that the debt capital
structure refinancings as part of this transaction also
contemplate a below par bond tender which would be classified as a
limited default."
The ratings remain under review for possible downgrade reflecting
Moody's anticipation that losses on the outstanding instruments
could be higher than implied by the current Caa1 ratings.
Furthermore, Moody's is concerned about the uncertainty related to
the successful completion of the transaction, given the
interdependence of the above-mentioned steps.
The last rating action occurred on August 12, 2009, when the
company's CFR was downgraded to B3 from B1, the ratings of the
notes were downgraded to Caa1 from B2 and all ratings were placed
under review for further downgrade reflecting the company's
reduced financial flexibility and concerns about a possible debt
capital structure refinancing as part of a likely sale of the
business.
Headquartered in Budaors, Hungary, Magyar Telecom is the second-
largest fixed-line telecommunications provider in Hungary.
=============
I C E L A N D
=============
GLITNIR BANKI: Icelandic Police Raid KPMG, PwC Offices
------------------------------------------------------
Rowena Mason at The Daily Telegraph reports that police on
Thursday raided the offices of KPMG and PricewaterhouseCoopers in
Reykjavik as part of an investigation into alleged criminal
activity at three collapsed Icelandic banks.
The targets of the raids were the firms' banking clients
Kaupthing, Glitnir and Landsbanki, the report says.
The office of Olafur Thor Hauksson, the Icelandic investigator
charged with examining the collapse of the three banks a year ago,
confirmed that 22 policemen and six foreign accountants took part
in the searches on Thursday, the report discloses.
According to the report, a statement from the office said "The
purpose of the searches was to look for and secure evidence
related to the investigation of several charges which have been
investigated by the office".
According to the report, among the matters being investigated are
"violation of laws on accounting and annual reports, violation of
laws on financial institutions and securities transactions and
violations of laws on public limited companies".
About Landsbanki Islands
Landsbanki Islands hf, also commonly known as Landsbankinn in
Iceland, is an Icelandic bank. On October 7, 2008, the Icelandic
Financial Supervisory Authority took control of Landsbanki and two
other major banks.
Landsbanki filed for Chapter 15 protection on Dec. 9, 2008 (Bankr.
S.D. N.Y. Case No.: 08-14921). Gary S. Lee, Esq., at Morrison &
Foerster LLP, represents the Debtor. When it filed for protection
from its creditors, it listed assets and debts of more than US$1
billion each.
As reported in the Troubled Company Reporter-Europe on June 18,
2009, on June 15, 2009, British authorities revoked the October
2008 Freezing Order on the assets of Landsbanki in Britain, which
were set using anti-terrorism legislation. Following the fall of
Iceland's three largest banks, Icelandic banking assets in the UK
were frozen on October 8, 2008 using anti-terrorism laws. The
Icelandic government has ever since protested the application of
this legislation against Iceland.
KAUPTHING BANK: Assets Worth Less Than Half Debts
-------------------------------------------------
Tasneem Brogger and Omar R. Valdimarsson at Bloomberg News report
that Kaupthing Bank hf has estimated assets worth less than half
the debt it owes creditors.
Citing an updated creditors report, Bloomberg discloses the bank
has ISK1.7 trillion (US$13.7 billion) in assets, compared with
senior liabilities of ISK3.68 trillion and subordinated
liabilities of ISK450 billion.
As reported in the Troubled Company Reporter-Europe on Sept. 28,
2009, Bloomberg News said Kaupthing's called a creditors meeting
for October 20. Bloomberg, citing an e-mailed statement, said the
meeting will include a discussion on a possible extension of the
bank's moratorium on debt payments.
As reported in the Troubled Company Reporter-Europe, in a ruling
of the District Court of Reykjavik issued on November 24, 2008,
Kaupthing was granted a moratorium on payments until February 13,
2009. On February 19, the moratorium was extended until
November 13, 2009. The court appointed a Winding-up Committee for
the bank on May 25, 2009, whose tasks include dealing with claims
against the bank while the moratorium remains in effect and after
winding-up proceedings have commenced
at the end of the moratorium period
About Kaupthing Bank
Headquartered in Reykjavik, Kaupthing Bank --
http://www.kaupthing.com/-- is Iceland's largest bank and among
the Nordic region's 10 largest banking groups. With operations in
more than a dozen countries, the bank offers a range of services
including retail banking, corporate finance, asset management,
brokerage, private banking, treasury, and private wealth
management. Kaupthing was created by the 2003 merger of
Bunadarbanki and Kaupthing Bank. In October 2008 the Icelandic
government assumed control of Kaupthing Bank after taking similar
measures with rivals Landsbanki and Glitnir.
As reported in the Troubled Company Reporter on Nov. 30, 2008,
Olafur Gardasson, assistant for Kaupthing Bank hf., in a
proceeding under Act No. 21/1991, pending before the Reykjavik
District Court, and foreign representative of the Debtor, filed a
petition under chapter 15 of title 11 of the United States Code in
the United States Bankruptcy Court for the Southern District of
New York commencing the Debtor's chapter 15 case ancillary to the
Icelandic Proceeding and seeking recognition for the Icelandic
Proceeding as a "foreign main proceeding" under the Bankruptcy
Code and relief in aid of the Icelandic Proceeding.
KAUPTHING BANK: Icelandic Police Raid KPMG, PwC Offices
-------------------------------------------------------
Rowena Mason at The Daily Telegraph reports that police on
Thursday raided the offices of KPMG and PricewaterhouseCoopers in
Reykjavik as part of an investigation into alleged criminal
activity at three collapsed Icelandic banks.
The targets of the raids were the firms' banking clients
Kaupthing, Glitnir and Landsbanki, the report says.
The office of Olafur Thor Hauksson, the Icelandic investigator
charged with examining the collapse of the three banks a year ago,
confirmed that 22 policemen and six foreign accountants took part
in the searches on Thursday, the report discloses.
According to the report, a statement from the office said "The
purpose of the searches was to look for and secure evidence
related to the investigation of several charges which have been
investigated by the office".
According to the report, among the matters being investigated are
"violation of laws on accounting and annual reports, violation of
laws on financial institutions and securities transactions and
violations of laws on public limited companies".
About Landsbanki Islands
Landsbanki Islands hf, also commonly known as Landsbankinn in
Iceland, is an Icelandic bank. On October 7, 2008, the Icelandic
Financial Supervisory Authority took control of Landsbanki and two
other major banks.
Landsbanki filed for Chapter 15 protection on Dec. 9, 2008 (Bankr.
S.D. N.Y. Case No.: 08-14921). Gary S. Lee, Esq., at Morrison &
Foerster LLP, represents the Debtor. When it filed for protection
from its creditors, it listed assets and debts of more than US$1
billion each.
As reported in the Troubled Company Reporter-Europe on June 18,
2009, on June 15, 2009, British authorities revoked the October
2008 Freezing Order on the assets of Landsbanki in Britain, which
were set using anti-terrorism legislation. Following the fall of
Iceland's three largest banks, Icelandic banking assets in the UK
were frozen on October 8, 2008 using anti-terrorism laws. The
Icelandic government has ever since protested the application of
this legislation against Iceland.
LANDSBANKI ISLANDS: Icelandic Police Raid KPMG, PwC Offices
-----------------------------------------------------------
Rowena Mason at The Daily Telegraph reports that police on
Thursday raided the offices of KPMG and PricewaterhouseCoopers in
Reykjavik as part of an investigation into alleged criminal
activity at three collapsed Icelandic banks.
The targets of the raids were the firms' banking clients
Kaupthing, Glitnir and Landsbanki, the report says.
The office of Olafur Thor Hauksson, the Icelandic investigator
charged with examining the collapse of the three banks a year ago,
confirmed that 22 policemen and six foreign accountants took part
in the searches on Thursday, the report discloses.
According to the report, a statement from the office said "The
purpose of the searches was to look for and secure evidence
related to the investigation of several charges which have been
investigated by the office".
According to the report, among the matters being investigated are
"violation of laws on accounting and annual reports, violation of
laws on financial institutions and securities transactions and
violations of laws on public limited companies".
About Landsbanki Islands
Landsbanki Islands hf, also commonly known as Landsbankinn in
Iceland, is an Icelandic bank. On October 7, 2008, the Icelandic
Financial Supervisory Authority took control of Landsbanki and two
other major banks.
Landsbanki filed for Chapter 15 protection on Dec. 9, 2008 (Bankr.
S.D. N.Y. Case No.: 08-14921). Gary S. Lee, Esq., at Morrison &
Foerster LLP, represents the Debtor. When it filed for protection
from its creditors, it listed assets and debts of more than US$1
billion each.
As reported in the Troubled Company Reporter-Europe on June 18,
2009, on June 15, 2009, British authorities revoked the October
2008 Freezing Order on the assets of Landsbanki in Britain, which
were set using anti-terrorism legislation. Following the fall of
Iceland's three largest banks, Icelandic banking assets in the UK
were frozen on October 8, 2008 using anti-terrorism laws. The
Icelandic government has ever since protested the application of
this legislation against Iceland.
=========
I T A L Y
=========
AEROPORTI DI ROMA: S&P Puts 'BB' Rating on CreditWatch Negative
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it has placed its
'BB' long-term corporate credit ratings on Italian airport
operator Aeroporti di Roma SpA on CreditWatch with negative
implications. The 'B' short-term corporate credit rating was
affirmed.
AdR addresses certain of its funding needs though a securitization
vehicle, Romulus Finance S.r.l. Romulus' financings involve Ambac
Financial Services as swap provider. Under the terms of its loan
documentation with Romulus, AdR may be indirectly liable for
certain transaction costs at the Romulus level.
On April 13, 2009, Moody's Investors Service lowered its financial
strength rating on AFS from 'Baa1' to 'Ba3'. S&P understand that
under the relevant transaction documentation such a downgrade
triggers the requirement that AFS be replaced as swap
counterparty. S&P further understands that attempts to replace
AFS have thus far been unsuccessful and that the trustee has
looked for and obtained several approvals for the initial 60-day
window for swap counterparty replacement to be extended until the
end of September. S&P further understands that another request
for a further extension is in progress. "In S&P's view, these
postponements, along with the potential liability of AdR for swap
breakage costs, have adverse potential for AdR's credit profile,"
said Standard & Poor's credit analyst Alexandre de Lestrange.
S&P expects to resolve the CreditWatch status once the above
mentioned issues have been clarified.
CELL THERAPEUTICS: Files Listing Prospectus with CONSOB
-------------------------------------------------------
Cell Therapeutics, Inc., filed with the Securities and Exchange
Commission an English translation of the Company's listing
prospectus related to the registration of the Company’s common
stock as required by the Commissione Nazionale per la Societa e la
Borsa. The Company published the Registration Document on
September 29, 2009, in Italy. The Company initially filed the
Registration Document with CONSOB on July 23, 2009, and on
September 24, 2009, CONSOB approved the Company's publication of
the Registration Document. The Registration Document is effective
for one year from the date of CONSOB's approval and the Company
may use it to register its securities on the Italian stock market.
On September 29, 2009, the Company published a notice announcing
the publication of the Registration Document in Italy.
Italian laws, rules and regulations governing the issuance and
sale of securities in Italy differs from those in the United
States. As a result, certain disclosures made in the Registration
Document are not required under the laws, rules and regulations of
the United States. CONSOB required the Company to disclose
certain financial information in the Registration Document that
are not required in the United States, and CONSOB does not require
such financial information to be audited or independently
reviewed.
Due to the lengthy process of review and comment on the
Registration Document by CONSOB, the Registration Document
includes disclosures as of a date that is prior to the approval
date and publication date. Under Italian law, the Company was not
required by CONSOB to update those disclosures prior to the
publication date of the Registration Document. As a result, the
Company's disclosures included in the Company's filings with the
U.S. Securities and Exchange Commission (other than the
Registration Document) should control in the event there is any
discrepancy or conflict between disclosures made therein and
disclosures contained in the Registration Document.
The Registration Document contains forward-looking statements that
are based on the Company's expectations regarding, among other
things, the Company, the growth of its business, its financial
performance and the development of industry the Company operates.
Since these forward-looking statements reflect the Company's
estimates regarding future events, they involve a number of risks
and uncertainties, the outcome of which could materially or
adversely affect future results. No undue reliance should be
placed on any forward-looking statements contained in the
Registration Document as the statements speak only as of the date
on which such statements were made.
A full-text copy of the Registration Document is available at no
charge at http://ResearchArchives.com/t/s?4628
A full-text copy of the notice is available at no charge at
http://ResearchArchives.com/t/s?4629
About Cell Therapeutics
Headquartered in Seattle, Washington, Cell Therapeutics, Inc.,
(Nasdaq and MTA: CTIC) -- http://www.CellTherapeutics.com/-- is a
biopharmaceutical company committed to developing an integrated
portfolio of oncology products aimed at making cancer more
treatable.
Going Concern Doubt
Stonefield Josephson Inc. in Los Angeles, California, expressed
substantial doubt about Cell Therapeutics' ability to continue as
a going concern after auditing company's financial statements for
the years ended December 31, 2008, and 2007. The auditing firm
reported that the Company has substantial monetary liabilities in
excess of monetary assets as of December 31, 2007, including
roughly US$19.8 million of convertible subordinated notes and
senior subordinated notes which mature in June 2008. It also
noted that the Company has sustained loss from operations over the
audit periods, incurred an accumulated deficit, and has
substantial monetary liabilities in excess of monetary assets as
of December 31, 2008.
As of June 30, 2009, the Company had US$43.2 million in total
assets; and US$98.7 million in total liabilities; resulting in
US$57.6 million in shareholders' deficit. The Company had
US$1.35 billion in accumulated deficit as of June 30, 2009.
CELL THERAPEUTICS: Posts US$24.8-Mil. Net Loss in August 2009
-------------------------------------------------------------
Cell Therapeutics, Inc., provided financial information for the
month ended August 31, 2009, pursuant to a request from the
Italian securities regulatory authority, CONSOB.
Cell Therapeutics posted wider net loss attributable to common
shareholders of US$24,882,000 in August from US$15,814,000 in
July. Cell Therapeutics reported US$7,000 in net revenues for
both July and August.
At August 31, 2009, Cell Therapeutics had cash and cash
equivalents of US$60,962,000, net financial standing-current
portion of US$16,010,000 and net financial indebtedness of
(US$9,141,000).
The Company's 4% Convertible Senior Subordinated Notes Convertible
with redemption date of July 1, 2010 come due within the next 12
months. The Company had no debt that matured during the month of
August 2009.
(A) Regulatory Matters and Products in Development
With respect to the period from August 1, 2009 through August 31,
2009, the Company said on August 24 that the U.S. Food and Drug
Administration has accepted and has filed for review the Company's
New Drug Application for pixantrone as treatment for relapsed or
refractory aggressive non-Hodgkin's lymphoma. Furthermore, on
September 5, 2009, the Company said the FDA had notified the
Company that a Prescription Drug User Fee Act action date of April
23, 2010, under standard review has been established regarding the
pixantrone NDA. Additionally, on September 21, the Company
announced that it had notified the European Medicines Agency of
its decision to withdraw its Marketing Authorization Application
for a non-inferiority indication in non-small cell lung cancer and
will focus efforts on the approval of OPAXIO for a potential
superiority indication in maintenance therapy for ovarian cancer.
In addition, given the encouraging results of treatment of
advanced esophageal cancer with OPAXIO to be reported at the
upcoming International Society of Gastrointestinal Oncology Annual
Meeting, the Company plans on meeting with the FDA to discuss an
additional registration study utilizing OPAXIO as a radiation
sensitizer in the treatment of advanced esophageal cancer.
(B) Corporate Transactions and Assignment of Assets
With respect to the period from August 1, 2009 through August 31,
2009, the Company has no information to disclose to the market.
(C) Exchange Listing Matters
The Company has no information to disclose related to exchange
listing matters.
(D) Update on Outstanding Shares
The number of shares of the Company's common stock, no par value,
issued and outstanding as of July 31, 2009 and August 31, 2009
were 541,165,832 and 560,000,935, respectively.
During the month of August 2009, these transactions contributed to
the change in the number shares of the Company's outstanding
Common Stock:
-- Conversion of the Company's Series 2 Preferred Stock,
which resulted in the issuance of 18,853,103 shares.
-- The cancellation of 18,000 shares due to employee
termination under the Company’s 2007 Equity Incentive
Plan.
The Company is not aware of any agreement for the resale of its
shares of Common Stock on the MTA nor of the modalities by means
of which shares of Common Stock were or will be resold.
(E) Debt Restructuring Program
With respect to the period from August 1, 2009 through August 31,
2009, the Company has no information to disclose to the market.
The Company, in August 2009, neither issued any new debt
instruments nor bought any debt instruments already issued by the
Company.
The Company believes it is in compliance with the covenants on
each series of its outstanding convertible notes.
On August 21, 2009, the Company announced the closing of the sale
of US$30 million of shares of its Series 2 Preferred Stock and
warrants to purchase shares of its common stock in a registered
offering to a single institutional investor. The Company received
roughly US$28.2 million in net proceeds from the offering, after
deducting placement agent fees and estimated offering expenses.
About Cell Therapeutics
Headquartered in Seattle, Washington, Cell Therapeutics, Inc.,
(Nasdaq and MTA: CTIC) -- http://www.CellTherapeutics.com/-- is a
biopharmaceutical company committed to developing an integrated
portfolio of oncology products aimed at making cancer more
treatable.
Going Concern Doubt
Stonefield Josephson Inc. in Los Angeles, California, expressed
substantial doubt about Cell Therapeutics' ability to continue as
a going concern after auditing company's financial statements for
the years ended December 31, 2008, and 2007. The auditing firm
reported that the Company has substantial monetary liabilities in
excess of monetary assets as of December 31, 2007, including
roughly US$19.8 million of convertible subordinated notes and
senior subordinated notes which mature in June 2008. It also
noted that the Company has sustained loss from operations over the
audit periods, incurred an accumulated deficit, and has
substantial monetary liabilities in excess of monetary assets as
of December 31, 2008.
As of June 30, 2009, the Company had US$43.2 million in total
assets; and $98.7 million in total liabilities; resulting in
US$57.6 million in shareholders' deficit. The Company had
US$1.35 billion in accumulated deficit as of June 30, 2009.
===================
K A Z A K H S T A N
===================
ART PROFI: Creditors Must File Claims by October 17
---------------------------------------------------
Creditors of LLP Art Profi have until October 17, 2009, to submit
proofs of claim to:
Makatayev Str. 127
Almaty
Kazakhstan
The Specialized Inter-Regional Economic Court of Almaty commenced
bankruptcy proceedings against the company on July 14, 2009, after
finding it insolvent.
The Court is located at:
The Specialized Inter-Regional
Economic Court of Almaty
Baizakov Str. 273b
Almaty
Kazakhstan
ASTRA LTD: Creditors Must File Claims by October 17
----------------------------------------------------
Creditors of LLP Astra Ltd have until October 17, 2009, to submit
proofs of claim to:
Aimanov Str. 194
Almaty
Kazakhstan
The Specialized Inter-Regional Economic Court of Almaty commenced
bankruptcy proceedings against the company on July 14, 2009, after
finding it insolvent.
The Court is located at:
The Specialized Inter-Regional
Economic Court of Almaty
Baizakov Str. 273b
Almaty
Kazakhstan
GROUP CONSULTING: Creditors Must File Claims by October 17
----------------------------------------------------------
Creditors of LLP Group Consulting have until October 17, 2009, to
submit proofs of claim to:
Bakirov Str. 5
Kyzylorda
Kazakhstan
The Specialized Inter-Regional Economic Court of Kyzylorda
commenced bankruptcy proceedings against the company on July 7,
2009, after finding it insolvent.
The Court is located at:
The Specialized Inter-Regional
Economic Court of Kyzylorda
Aiteke bi Str. 29
Kyzylorda
Kazakhstan
EURO ASIA: Creditors Must File Claims by October 17
---------------------------------------------------
Creditors of LLP Euro Asia Ltd have until October 17, 2009, to
submit proofs of claim to:
Auelbekov Str. 126-75
Kokshetau
Kazakhstan
The Specialized Inter-Regional Economic Court of Kokshetau
commenced bankruptcy proceedings against the company on July 3,
2009, after finding it insolvent.
The Court is located at:
The Specialized Inter-Regional
Economic Court of Kokshetau
Gorky Str. 37
Kokshetau
Kazakhstan
FAIR PLAY: Creditors Must File Claims by October 17
---------------------------------------------------
Creditors of LLP Fair Play Entertainment have until October 17,
2009, to submit proofs of claim to:
Aimanov Str. 194
Almaty
Kazakhstan
The Specialized Inter-Regional Economic Court of Almaty commenced
bankruptcy proceedings against the company on July 14, 2009, after
finding it insolvent.
The Court is located at:
The Specialized Inter-Regional
Economic Court of Almaty
Baizakov Str. 273b
Almaty
Kazakhstan
KAZ BAU: Creditors Must File Claims by October 17
-------------------------------------------------
Creditors of LLP Kazakh-German Joint Enterprise Kaz Bau have until
October 17, 2009, to submit proofs of claim to:
Bogenbai Batyr Str. 52
Almaty
Kazakhstan
The Specialized Inter-Regional Economic Court of Almaty commenced
bankruptcy proceedings against the company on July 14, 2009, after
finding it insolvent.
The Court is located at:
The Specialized Inter-Regional
Economic Court of Almaty
Baizakov Str. 273b
Almaty
Kazakhstan
NEDVIJIMOST ALMATY: Creditors Must File Claims by October 17
------------------------------------------------------------
LLP Nedvijimost Almaty is currently undergoing liquidation.
Creditors have until August 7, 2009, to submit proofs of claim to:
Tole bi Str. 155
Room 712
Almaty
Kazakhstan
NEFTE HIM: Creditors Must File Claims by October 17
---------------------------------------------------
Creditors of LLP Nefte Him Engineering have until October 17,
2009, to submit proofs of claim to:
Auelbekov Str. 126-75
Kokshetau
Kazakhstan
The Specialized Inter-Regional Economic Court of Kokshetau
commenced bankruptcy proceedings against the company on July 3,
2009, after finding it insolvent.
The Court is located at:
The Specialized Inter-Regional
Economic Court of Kokshetau
Gorky Str. 37
Kokshetau
Kazakhstan
NEFTE PRODUCT: Creditors Must File Claims by October 17
-------------------------------------------------------
Creditors of LLP Nefte Product Trade have until October 17, 2009,
to submit proofs of claim to:
Makatayev Str. 127
Almaty
Kazakhstan
The Specialized Inter-Regional Economic Court of Almaty commenced
bankruptcy proceedings against the company on July 14, 2009, after
finding it insolvent.
The Court is located at:
The Specialized Inter-Regional
Economic Court of Almaty
Baizakov Str. 273b
Almaty
Kazakhstan
VKN AND COMPANY: Creditors Must File Claims by October 17
---------------------------------------------------------
Creditors of LLP VKN and Company have until October 17, 2009, to
submit proofs of claim to:
Bogenbai Batyr Str. 52
Almaty
Kazakhstan
The Specialized Inter-Regional Economic Court of Almaty commenced
bankruptcy proceedings against the company on July 14, 2009, after
finding it insolvent.
The Court is located at:
The Specialized Inter-Regional
Economic Court of Almaty
Baizakov Str. 273b
Almaty
Kazakhstan
* ASTANA CITY: Moody's Withdraws Ba1 Rating with Stable Outlook
----------------------------------------------------------------
Moody's Investors Service has withdrawn the Ba1 with stable
outlook foreign and local currency issuer ratings for Astana City
(Kazakhstan). The ratings have been withdrawn for business
reasons.
The last rating action on Astana City's global scale ratings was
implemented on January 14, 2008, when Moody's affirmed the ratings
of Astana City at Ba1 with a stable outlook.
===================
K Y R G Y Z S T A N
===================
ELS LLC: Creditors Must File Claims by October 17
-------------------------------------------------
LLC Els is currently undergoing liquidation. Creditors have until
October 17, 2009, to submit proofs of claim to:
Inquires can be addressed to: (0-550) 97-45-77
MISTELL COMPANY: Creditors Must File Claims by October 17
---------------------------------------------------------
LLC Mistell Company is currently undergoing liquidation.
Creditors have until October 17, 2009, to submit proofs of claim
to:
Tugolbai Ata Str. 67-70
Bishkek
Kyrgyzstan
===================
L U X E M B O U R G
===================
ORCO PROPERTY: May Sell Shares to Raise Capital for Investment
--------------------------------------------------------------
Lenka Ponikelska at Bloomberg News reports that Orco Property
Group SA Chief Executive Officer Jean-Francois Ott said it is
considering selling new shares to existing stockholders to raise
capital for investment.
Bloomberg relates Mr. Ott said the company will monitor interest
from shareholders over the next few weeks for stock warrants
exercised with a strike price of 7 euros per share. He didn't
specify how many shares Orco would offer.
According to Bloomberg, Mr. Ott said the company would use the
money to invest into projects delayed by a lack of financing
during the crisis.
"We're not sure about the timing yet, but we're considering
offering several different options as well as prolonging the
maturity of bonds," Bloomberg quoted Mr. Ott as saying.
As reported in the Troubled Company Reporter-Europe on Sept. 29,
2009, Bloomberg News said Orco will present a new debt
restructuring proposal to bondholders. Bloomberg disclosed
Mr. Ott said 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. Orco
rejected an offer for a mix of new debt and equity, including new
convertible bonds, as part of a debt-restructuring plan, Bloomberg
said. The company, which received creditor protection from the
Paris Commercial Court on March 26, will seek to extend the period
for another six months, according to Bloomberg.
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.
=============
M O L D O V A
=============
* MODOVA: Moody's Withdraws 'B3' Rating on Foreign Currency Debt
----------------------------------------------------------------
Moody's Investors Service has withdrawn all of its country
ceilings for Modova and also the ratings of its government, the
Republic of Moldova. The ratings have been withdrawn because
Moody's believes it lacks adequate information to maintain a
rating.
The last rating action with respect to Moldova was on May 24,
2006, when the country ceiling for foreign currency debt was
raised to B3 from Caa1 in the context of Moody's methodology
change for foreign currency country ceilings.
=====================
N E T H E R L A N D S
=====================
FORTIS BANK: Moody's Downgrades Ratings on Securities to 'B2'
-------------------------------------------------------------
Moody's Investors Service has downgraded the rating of the
EUR2 billion 8.75% Mandatory Convertible Securities to B2 from
Ba2. The rating has been placed on review for possible further
downgrade. The MCS were issued by Fortis Bank (Nederland) N.V.,
Fortis SA/NV, Fortis N.V., and Fortis Bank SA/NV, but the coupons
are served by FBN only. The MCS, which are non-cumulative
securities and include fully optional deferral features, will
convert into a fixed number of shares in 2010.
The rating action on the MCS reflects the increasing potential for
coupon deferrals in light of the ongoing discussion between the
Dutch Ministry of Finance and the European Commission on the state
aid packages granted to Dutch banks. The rating action also
reflects the concerns cited in Moody's press release entitled
"Moody's sees broader impact on hybrid ratings triggered by EC's
state aid reviews," published on 19 August 2009.
The Dutch state took over FBN (rated C-/A1/positive outlook/Prime-
1) on October 3, 2008. Moody's notes that the Netherlands has not
injected any capital into FBN, but the takeover may be considered
by the EC as a form of support. Furthermore, given the EC's
scrutiny of coupons of hybrid securities and dividends being paid
out of profits, Moody's believes that there is an increased risk
that FBN may be advised to skip optional coupons on the MCS.
Although FBN reported net profit of EUR338 million after tax for
H1 2009, EUR287 million of this came from exceptional items, and
Moody's does not expect the level of impairments, which remained
high during H1 2009, to decrease in the short term, thereby
challenging the bank's profitability in 2009 and 2010.
Additionally, Moody's notes that the coupon payments on the MCS
issued by FBN are legally non-cumulative, but the issuer has the
option to use an ACSM to settle deferred coupons. Therefore, if
the deferral of the coupon payments were to materialize, the loss
severity of a coupon deferral on these securities could be high.
Moody's review for possible further downgrade reflects the
uncertainty around the actual longer-term payment of coupons, and
in particular will focus on the coupon payment due on
December 7, 2009.
The last rating action on the MCS was on July 16, 2009, when
Moody's downgraded the rating to Ba2 with a developing outlook
from Ba1.
Headquartered in Amsterdam, Fortis Bank (Nederland) N.V.
(previously named Fortis Bank Nederland (Holding) N.V.) had total
assets of EUR199.442 billion and reported shareholders' equity
(including minority interest) of EUR3.385 billion as of
June 30, 2009.
===========
P O L A N D
===========
BANK OCHRONY: Fitch Affirms Individual Rating at 'D'
----------------------------------------------------
Fitch Ratings has affirmed Bank Ochrony Srodowiska's Long-term
Issuer Default Rating at 'BBB' with a Stable Outlook. The agency
has simultaneously affirmed BOS's Short-term IDR of 'F3',
Individual Rating of 'D', Support Rating of '2' and Support Rating
Floor of 'BBB'.
The Long- and Short-term IDRs and Support Rating reflect Fitch's
view on the potential high probability of support from BOS's
state-controlled majority shareholder, The National Fund for
Environmental Protection and Water Management. Fitch's opinion is
based on the bank's key role in the Polish system of financing
pro-ecological projects, its involvement in redistribution of
resources provided by national environmental protection funds and
the quasi-governmental status of BOS's major shareholders.
The Individual Rating reflects weak profitability in H109, the
bank's relatively small size, rising impairment charges in the
deteriorating operating environment and high operational risk.
This is balanced by BOS's still adequate asset quality, relatively
diversified loan portfolio, restrained appetite for market risk,
sufficient capitalization and liquidity.
In H109 the bank's consolidated operating result was positive only
due to income from the brokerage subsidiary. Profitability was
pressured by the rising costs of funding driven by price
competition for retail deposits, higher overheads resulting from
implementation of the bank's new strategy and rising impairment
charges reflecting the economic slowdown. Although BOS's
profitability may improve in H209, the profitability ratios for
FY09 are expected to be lower compared with the sector average.
In Q408 the bank decided to write-off most of the costs
capitalized in the previous years during the implementation of a
centralized IT system. The amounts of PLN39 million and PLN3
million were recognized in 2007 and 2008 income statements
respectively. Fitch is of the opinion that the above issue,
coupled with the change of the entire Management Board in August
2008, indicates the high level of operational risk in the bank.
NFOSiGW holds 77.3% of the bank's share capital, followed by the
State Forest National Holding (6.5%). In total about 98% of share
capital is owned by state-controlled entities, while the remainder
has been listed on the Warsaw Stock Exchange since 1997.
BOS is a niche bank providing preferential and commercial
financing to environmental protection projects, but also engages
in commercial business targeting SMEs, municipalities and retail
customers. BOS accounts for about 60% of domestic loans used to
finance investments in fixed assets for environmental protection
and water resource management in Poland. At end-H109 BOS was the
20th-largest bank in Poland by total assets, with a 1.1% share in
system assets and a 1% share in household deposits. The banking
operations of the BOS group are supplemented by brokerage
activities performed by a fully-owned subsidiary.
In Fitch's rating criteria, a bank's standalone risk is reflected
in Fitch's Individual ratings and the prospect of external support
is reflected in Fitch's Support ratings. Collectively these
ratings drive Fitch's Long- and Short-term IDRs.
=============
R O M A N I A
=============
* ROMANIA: Pressure for Rating Cut Could Increase, Fitch Says
-------------------------------------------------------------
Fitch Ratings says that, following the collapse of Romania's
coalition government, the potential for political uncertainty
ahead of November's presidential elections is already factored
into the sovereign ratings. However, in the event of a
significant deterioration in the coherence and credibility of
economic policy-making, pressure for a downgrade could increase.
Romania's Long-term foreign currency Issuer Default Rating is
'BB+' and the Long-term local currency IDR is 'BBB-', both with
Negative Outlooks.
"The key sovereign rating implication will be the impact, if any,
on the Romanian authorities' ability to stick to their policy
commitments under the IMF-backed adjustment program, including
reining in the budget deficit," said Andrew Colquhoun, Director in
Fitch's Sovereigns Group. "Failure of the IMF program would
intensify downwards pressure on the ratings."
Fitch released new global forecasts, cutting its projection for
Romania's 2009 GDP contraction to 7.5% from the previous 5.5%
forecast, with the current account deficit at 7% of GDP. Fitch
also projects the fiscal deficit at 7% of GDP, leaving little room
for maneuver below the -7.3% ceiling agreed with the IMF. The IMF
disbursed a further US$2.7 billion of Romania's Stand-By
Arrangement on 21 September, bringing total disbursements so far
to US$9.7 billion from a program total of US$18.2 billion. The
IMF widened Romania's deficit target for 2009 to 7.3% from 4.6%,
recognizing the deterioration in growth prospects for the global
and Romanian economies. Signs of recovery in the global economy
may leave the IMF less inclined to tolerate any further fiscal
easing in the next review, scheduled for mid-December.
The centre-left PSD pulled out from its coalition with the
centrist PDL apparently over a dispute to do with the conduct of
November's presidential elections, in which the incumbent, the
PDL-linked Traian Basescu, will likely face his strongest
challenge from the PSD's Mircea Geoana. Economic policy does not
appear to have sparked the political crisis, enhancing prospects
for a new PDL-led coalition or stand-alone PDL minority government
to find a parliamentary majority for necessary policy measures -
including, crucially, any 2009 budget revisions required to bring
the deficit into line with the 7.3% of GDP ceiling. Fitch notes
the potential for politicians to resort to deficit-boosting
populist gestures ahead of the presidential elections. Fitch
expects that failure to agree a budget for 2010 would see Romania
revert to 2009 cash expenditures, which would not be enough to
deliver a significantly lower budget deficit, given likely slow
nominal GDP growth in 2010.
Further political uncertainty could also dent investor and
depositor confidence in Romania and its financial system. The
IMF's latest press release noted the potential for further
exchange-rate volatility and/or stresses in the banking system to
derail Romania's adjustment. A sharp and sustained fall in the
RON would add to pressures on asset quality in the heavily-
euroised banking system and complicate the ongoing adjustment of
Romania's economy towards stronger net exports. Fitch does not
believe that recent developments signal a weakening of Romania's
fundamental political stability, anchored since 2007 by EU
membership. However, signs of a breakdown of basic democratic
norms would likely damage confidence and add to negative pressure
on the ratings. Successful adherence to the IMF-backed program
leading to clear evidence of a sustainable recovery, with narrower
fiscal and current-account deficits, would ease pressure for a
downgrade.
===========
R U S S I A
===========
GAZPROMBANK OAO: S&P Downgrades Counterparty Credit Rating to 'BB'
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term counterparty credit rating on Russia-based Gazprombank
to 'BB' from 'BB+' and the Russia national scale rating to 'ruAA'
from 'ruAA+'. These ratings were removed from CreditWatch, where
they had been placed with negative implications on June 17, 2009.
The 'B' short-term counterparty credit rating was affirmed. The
outlook is stable. Before the CreditWatch placement, the outlook
was negative.
"The downgrade reflects S&P's opinion of Gazprombank's exposure to
increased systemic risks that are negatively affecting its asset
quality and financial results, and hence further pressuring its
already weakened capitalization," said Standard & Poor's credit
analyst Elena Romanova.
In S&P's view, Gazprombank is particularly exposed to accelerating
credit risks, due to its systemic role in intermediating the
state's funding and lending support to strategic enterprises,
including distressed borrowers in the financial and real sectors.
Its exposure to market risk also remains high. These factors have
already had, and will continue to have, a significant impact on
the bank's financial performance, in S&P's view.
The ratings on Gazprombank take into account its status as a
government-related entity, reflecting its high systemic importance
in the banking system and its state-influenced role of helping to
finance strategic enterprises during the current severe economic
downturn and difficult market conditions in the Russian Federation
(foreign currency BBB/Negative/A-3, local currency
BBB+/Negative/A-2; Russia national scale 'ruAAA'). Other positive
rating factors are the bank's ability to use the benefits of
funding support from the state and the parent group to gain market
share and expand its franchise, the bank's below-market-average
liquidity risk, and a limited short-term foreign debt repayment
burden.
The long-term rating on Gazprombank incorporates a three-notch
uplift above its stand-alone credit profile, in accordance with
Standard & Poor's Ratings Services approach to rating GREs,
reflecting its very important systemic role, strong link to the
government, and high probability of continued government support.
The stable outlook reflects S&P's expectation that Gazprombank's
loss absorption capacity will be maintained at an appropriate
level for the current rating, given the difficult operating
environment. It also balances S&P's view that Gazprombank's role
of supporting Russia's economy by financing large strategic
enterprises will increase its credit risks and possibly accelerate
its credit losses, but will warrant a high likelihood of support
from the state.
"We would consider a positive rating action if the bank's asset
quality and financial performance improved significantly, and if
capitalization is maintained at a satisfactory level," said Ms.
Romanova. "However, S&P see limited ratings upside until the
Russian financial market and economy stabilize."
Negative pressure on the ratings could come from a substantial
deterioration of the quality of the loan portfolio and earnings
structure, which in turn would erode capitalization. The bank's
failure to receive timely financial support from the state to
mitigate those factors would also contribute to
negative ratings pressure.
RBC INFORMATION: Raiffeisen Files Bankruptcy Suit
-------------------------------------------------
Dmitry Zhdannikov at Reuters reports that Raiffeisenbank on
Thursday said it had filed a bankruptcy suit against OAO RBC
Information Systems.
According to Reuters, the bank said it would withdraw the suit
soon as it hoped to reach a deal to restructure RBC's debts.
Reuters recalls In July, RBC offered creditors to restructure half
its debt and asked them to accept a 64% discount on the remainder.
Headquartered in Moscow, Russia, OAO RBC Information Systems --
http://www.rbcinfosystems.com/-- provides advertising services,
software development and information services.
SEVERSTAL OAO: Fitch Assigns 'B+' Senior Unsecured Rating
---------------------------------------------------------
Fitch Ratings has assigned OAO Severstal's RUB15 billion bond
issue a final senior unsecured rating of 'B+'/Rating Watch
Negative. The issue forms part of Severstal's new RUB45 billion
domestic bond issuance program which has a senior unsecured rating
of 'B+'.
Severstal's ratings are:
-- Long-term foreign currency Issuer Default Rating 'B+'; RWN
-- Long-term local currency IDR 'B+'; RWN
-- Senior unsecured rating 'B+'; RWN; Recovery Rating (RR) of
'RR4'
-- National Long-term rating 'A(rus)'; RWN
-- Short-term IDR 'B'
The Recovery Rating for the bond issue is 'RR4'.
The assigned rating reflects Fitch's review of the final
documentation, which conforms to information already received by
the agency. The bond prospectus does not contain any financial or
other covenants. The instrument is structured as a senior
unsecured obligation of Severstal and carries a coupon rate of
14%. The bond matures in September 2012 with a put option in
September 2011 which reduces the effective maturity of the
instrument to two years. The RUB15 billion bond issued on
September 22, 2009 is part of a five-tranche RUB45 billion
domestic bond issuance program. Severstal plans to use the net
proceeds from the notes to refinance existing debt and for general
corporate purposes.
Fitch considers Severstal's current liquidity position to be
adequate. At end-Q209, Severstal had cash and short-term deposits
of US$2.6 billion, and undrawn committed facilities of US$782
million against a total debt of US$7.5 billion, of which US$1.6
billion is due during Q309-Q210.
The RWN on Severstal's ratings continues to reflect uncertainty
regarding the outcome of negotiations with lenders in respect of
potential covenant breaches under its various facilities. Fitch
expects to resolve the RWN by January 2010. In resolving the RWN,
the agency will assess the success of measures announced by
management to reduce financial and operational risks, including
covenant waiver negotiations, and expected developments in
Severstal's key markets.
UC RUSAL: Russian Courts Dismiss Alfa Bank's Bankruptcy Suits
-------------------------------------------------------------
Torrey Clark at Bloomberg News reports that United Co. Rusal said
on its Web site that Russian courts dismissed bankruptcy claims by
Alfa Bank against some of its units.
On Sept. 28, 2009, the Troubled Company Reporter-Europe, citing
Reuters, reported Rusal repaid debts worth US$85.9 million to Alfa
Bank after the private lender threatened to pursue the bankruptcy
of its two units. Reuters disclosed Alfa-Bank had asked courts to
consider declaring bankrupt two units of Rusal -- Siberian-Urals
Aluminium Company (SUAL) and the Krasnoyarsk Aluminium Plant --
after they failed to repay debts totalling over US$70 million.
About Rusal
Headquartered in Moscow, Russia, United Co. RUSAL --
http://www.rusal.com/-- is among the world's top aluminum
producers, along with Rio Tinto Alcan and Alcoa. Formed in 2000
from various parts of the old Soviet state apparatus, RUSAL
produces about 4 million tons of aluminum, 11 million tons of
alumina, and 6 million tons of bauxite. Its aluminum business
include packaging and foil operations in addition to a network of
smelters. Those Soviet spare parts were significantly augmented
in 2007 when the company merged with fellow Russian aluminum
producer Sual and Glencore's alumina unit. RUSAL is majority
owned by Board member Oleg Deripaska, who had owned the company
completely prior to the merger.
VIMPELCOM: Court Adjourns Telenor Appeal on Farimex Case
--------------------------------------------------------
The Federal Arbitrazh (Business) Court of the West Siberia
District, Tyumen, on Wednesday adjourned until March 24, 2010, the
hearing of Telenor East Invest AS's appeal of the ruling of the
Eighth Arbitrazh Appellate Court in Omsk holding Telenor East
Invest AS liable for US$1.73 billion in damages as a result of a
claim by Farimex Products Inc., the holder of ADRs equal to 0.002
per cent of VimpelCom shares.
At the beginning of Wednesday's hearing, Farimex filed a motion
requesting that the Court delay the hearing until a case brought
by Telenor East Invest AS against Farimex in the United States
District Court for the Southern District of New York has been
heard. The Court granted that motion. Telenor's New York
proceeding seeks to require Farimex to arbitrate its claims
against Telenor East Invest AS in Geneva, Switzerland under the
arbitration provisions of the VimpelCom Shareholders Agreement.
Telenor's appeal of the Omsk ruling of March 2, 2009 was
originally scheduled to be heard in Tyumen on May 26 of this year,
but was first adjourned until June 10 on the grounds that third
parties had not been duly notified, and then again to
September 30. The reason given by the Court for the second
adjournment was Farimex's purported need to review the documents
filed in the Farimex case in New York.
Vimpel-Communications -- http://www.vimpelcom.com/-- is a
provider of telecommunications services in Russia and the
Commonwealth of Independent States. The VimpelCom group of
companies consists of telecommunications operators providing voice
and data services through a range of mobile, fixed and broadband
technologies. The Group includes companies operating in Russia,
Kazakhstan, Ukraine, Uzbekistan, Tajikistan, Georgia, Armenia, as
well as Vietnam and Cambodia. As of September 30, 2008,
VimpelCom=92s total number of active subscribers in Russia and the
CIS was 57.8 million. On February 29, 2008, VimpelCom completed a
merger with Golden Telecom, a provider of integrated
telecommunications and Internet services in Russia and the CIS.
In July 2008, VimpelCom signed a joint venture agreement to launch
a global system for mobile communications (GSM) network in Vietnam
and acquired a 90% stake in Sotelco.
* * *
As reported in the Troubled Company Reporter-Europe on June 16,
2009, Standard & Poor's Ratings Services said that there is no
immediate impact on the rating or outlook on Russian telecoms
operator Vimpel-Communications (BB+/Negative/--) as a result of
ongoing litigation between two of its shareholders, Telenor ASA
(BBB+/Negative/A-2) and Farimex (not rated). Following a court
ruling in March 2009, Telenor faces losing its 33.6% stake in
VimpelCom if it fails to pay a US$1.7 billion fine.
===============
S L O V E N I A
===============
MURA D.D.: Declares Insolvency; Files for Bankruptcy
----------------------------------------------------
Boris Cerni at Bloomberg News reports that Mura d.d. and some of
its units have declared insolvency and proposed the start of
bankruptcy proceedings at the appropriate court.
In an e-mailed statement obtained by Bloomberg, the company, which
employs about 3,300 people, said five other units, Mura-EHM
d.o.o., M-Energetika d.o.o., Mura in Partnerji d.o.o., Mura-Unikat
d.o.o. and M-AIKS d.o.o. will remain in operation.
Based in the north-eastern town of Murska Sobota, Mura d.d. is
Slovenia's largest clothing maker.
=========
S P A I N
=========
MADRID ACTIVOS: Moody's Junks Rating on Class E Notes From 'Ba3'
----------------------------------------------------------------
Moody's Investors Service has taken these rating actions on five
classes of notes issued by Madrid Activos Corporativos I Fondo de
Titulizacion de Activos.
-- EUR1,342,000,000 Class A (current balance EUR 713,435,114),
Downgraded to Aa1 and Remains On Review for Possible
Downgrade; previously on March 12, 2009 Aaa Placed Under
Review for Possible Downgrade
-- EUR120,250,000 Class B, Downgraded to A3 and Remains On
Review for Possible Downgrade; previously on March 12, 2009
Aa3 Placed Under Review for Possible Downgrade
-- EUR86,800,000 Class C, Downgraded to Ba1 and Remains On
Review for Possible Downgrade; previously on March 12, 2009
A1 Placed Under Review for Possible Downgrade
-- EUR36,000,000 Class D, Downgraded to B2 and Remains On Review
for Possible Downgrade; previously on March 12, 2009 Baa2
Placed Under Review for Possible Downgrade
-- EUR96,750,000 Class E, Downgraded to Caa3; previously on
March 12, 2009 Ba3 Placed Under Review for Possible Downgrade
The transaction is a balance sheet cash CLO of a static
EUR1,053.2 million pool of Spanish and French corporate loans
which closed in February 2008, and whose notes were placed on
watch for possible downgrade on March 12, 2009. A reserve fund of
EUR106.8 million established at closing provides subordination for
the issued notes.
The rating action reflects the revision of certain key assumptions
that the agency uses to rate and monitor corporate CDOs and the
deterioration in the credit quality of the portfolio as measured
by the estimated WARF of 2519 as at Sep 2009 compared to a WARF of
1147 at closing. These revised assumptions incorporate Moody's
expectation that European and global corporate default rates are
likely to exceed their historical long-term averages and reflect
the heightened interdependence of credit markets in the current
global economic environment.
Specifically, the changes include: (i) an increase in the degree
to which ratings are adjusted according to other credit indicators
such as rating Reviews and Outlooks and (ii) an increase in the
default correlation applied to corporate portfolios as generated
through a combination of higher default rates and increased asset
correlations.
These revised assumptions are described in greater detail in the
press release titled "Moody's updates key assumptions for rating
corporate synthetic CDOs" initially published on January 15, 2009
and as updated from time to time.
In addition to the quantitative factors that are explicitly
modelled, qualitative factors are part of the rating committee
considerations. These qualitative factors include the structural
protections in each transaction, the recent deal performance in
the current market environment, and specific documentation
features. All information available to rating committees,
including macroeconomic forecasts, input from other Moody's
analytical groups, market factors, and judgments regarding the
nature and severity of credit stress on the transactions, may
influence the final rating decision.
Moody's expects to obtain updated information on the credit
quality of the portfolio in the near future, on receipt of which a
further review will be undertaken. In the meantime, four classes
of notes have been left on watch for possible further downgrade in
line with the negative outlook for many of the main sectors the
underlying portfolio has exposure to, namely construction and
building (22%), consumer transportation (22%), and hotels (4%).
Assets rated Caa1 or lower comprise 25% of the portfolio and are
the main driver of the Caa3 rating of Class E notes. There are no
delinquent or defaulted assets in the portfolio.
===========
S W E D E N
===========
SAS AB: 20% BMI Stake Sold to German Lufthansa
----------------------------------------------
SAS has held a 20% stake in the UK based British Midland PLC.
According to the Core SAS strategy with focus on the Nordic home
market this stake has been set out for divestment. LHBD Holding
Ltd. holds 80% of the shares in bmi since July 1 2009. LHBD is a
UK-based company, in which Deutsche Lufthansa AG holds a 35%
stake.
On September 30, the SAS Group has reached an agreement with
Lufthansa and LHBD to sell SAS 20% stake in bmi to LHBD. Under
the terms of the agreement LHBD will acquire the 20% stake for
approximately MGBP19 million. Furthermore Deutsche Lufthansa AG
will pay SAS another MGBP19 million for the cancellation of its
rights resulting from the shareholder agreement dated 1999. In
total SAS will receive a cash consideration of MGBP38 resulting in
a capital gain of approx MSEK420.
SAS will receive an additional payment from Lufthansa if further
value in bmi can be realized within a period limited to 2 years.
Following the transaction, SAS will remain with a maximum exposure
of MGBP19 within a period limited to 2 years, in case of material
adverse financial development of bmi and lack of financial support
from Lufthansa.
SAS has been a shareholder in bmi since 1989 and SAS will continue
to cooperate with bmi through its Star Alliance membership.
Headquartered in Solna, Sweden, SAS AB --
http://www.sasgroup.net/-- is engaged in the air transport
services. It is a parent company within SAS Group, which operates
within two business areas. The Core SAS segment encompasses
airline services in the Nordic countries, as well as
intercontinental flights through SAS Scandinavian Airlines, as
well regional airlines in Norway through Wideroe and in Finland
through Blue1. The SAS Individual Holdings segment comprises
operations of Estonian Air, bmi, All Cargo, Skyways, Air
Greenland, Spirit and Trust. SAS AB's fleet encompasses ten
planes. In addition, the Company offers ground handling services
and technical maintenance for the aircraft, as well as air freight
solutions and cargo capacity on passenger aircraft, purely cargo
aircraft and cargo handling. The Group is also involved in the
trainings within the technical aviation field.
* * *
As reported in the Troubled Company Reporter-Europe on Aug. 19,
2009, Moody's Investors Service lowered to B3 from B2 the
Corporate Family Rating and Probability of Default Rating of SAS
AB and to Caa2 from Caa1 the subordinate rating; the baseline
credit assessment is lowered to 17 -- equivalent to a Caa1 rating
-- from 16; the outlook remains negative. The rating action
follows the continued weakening in earnings as a result of
persistent weak demand in the industry, with SAS reporting a 15%
year-on-year decline in revenues in the second quarter of 2009 and
income before non-recurring items of SEK38 million versus SEK499
million a year earlier, partly reflecting the company's efforts to
reduce capacities.
=============
U K R A I N E
=============
NAFTOGAZ OJSC: Fitch Downgrades Issuer Default Ratings to 'RD'
--------------------------------------------------------------
Fitch Ratings has downgraded Ukraine-based OJSC Naftogaz's Long-
term foreign and local currency Issuer Default ratings to 'RD'
(Restricted Default) from 'C' respectively. Both ratings have
been placed on Rating Watch Evolving. Fitch has affirmed the
senior unsecured rating on Naftogaz's US$500 million eurobond at
'C'. The Recovery Rating on the eurobond is 'RR4'.
The downgrade follows confirmation from Naftogaz that repayment of
its US$500 million eurobond, which matured yesterday, has not
occurred, and that a standstill period to enable restructuring of
the bond has commenced.
Naftogaz has, however, submitted a restructuring proposal to
bondholders for the eurobond. The key terms of the proposal are
an exchange of the existing notes for new notes with a five-year
extension in maturity, a 9.5% coupon and a sovereign guarantee.
The expected rating of the new notes is likely to be aligned with
that of the guarantor, assuming that the terms of guarantee are as
proposed at present. Upon the rating of the new notes, the
existing bond rating will be withdrawn.
The earliest date that the restructuring can be finalized, under
the terms of the proposal, is 19 October 2009. If a debt exchange
is executed, Fitch will at that time reflect the exchange in its
ratings of the issuer, based on the agreement's final terms.
Naftogaz has stated that it is also seeking to restructure its
bilateral foreign currency-denominated debt on the basis of a
sovereign guarantee, however, any initial rating action taken by
Fitch on completion of the eurobond exchange is unlikely to see
Naftogaz's IDR reach higher than the 'CCC' rating level. Fitch
will then review the restructuring of other debt liabilities, and
support or otherwise provided for these, in Naftogaz's ratings if
and when they occur.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week September 28 to October 2, 2009
------------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRIA
-------
IMMOFINANZ 1.250 11/19/2017 EUR 74.41
KOMMUNALKREDIT 0.500 3/15/2019 CAD 65.52
OESTER VOLKSBK 5.450 8/2/2019 EUR 64.14
OESTER VOLKSBK 4.810 7/29/2025 EUR 42.00
OESTER VOLKSBK 5.270 2/8/2027 EUR 94.74
RAIFF ZENTRALBK 4.500 9/28/2035 EUR 88.91
BELGIUM
-------
FORTIS BANK 8.750 12/7/2010 EUR 24.73
BULGARIA
--------
PETROL AD-SOFIA 8.375 10/26/2011 EUR 51.31
CYPRUS
------
ROLF GROUP 8.250 6/28/2010 USD 77.36
CZECH REPUBLIC
--------------
CZECH REPUBLIC 2.750 1/16/2036 JPY 64.28
FINLAND
-------
MUNI FINANCE PLC 1.000 11/21/2016 NZD 69.60
MUNI FINANCE PLC 1.000 10/30/2017 AUD 62.22
MUNI FINANCE PLC 1.000 2/27/2018 AUD 61.14
MUNI FINANCE PLC 0.500 9/24/2020 CAD 55.47
MUNI FINANCE PLC 0.500 3/17/2025 CAD 43.73
MUNI FINANCE PLC 0.250 6/28/2040 CAD 20.59
FRANCE
------
AIR FRANCE-KLM 4.970 4/1/2015 EUR 15.71
ALCATEL SA 4.750 1/1/2011 EUR 16.44
ALCATEL-LUCENT 5.000 1/1/2015 EUR 3.86
ATARI SA 4.000 4/1/2020 EUR 0.65
CALYON 6.000 6/18/2047 EUR 47.18
CAP GEMINI SA 2.500 1/1/2010 EUR 51.80
CAP GEMINI SOGET 1.000 1/1/2012 EUR 45.23
CAP GEMINI SOGET 3.500 1/1/2014 EUR 45.42
CLUB MEDITERRANE 4.375 11/1/2010 EUR 49.29
CMA CGM 5.500 5/16/2012 EUR 53.40
EURAZEO 6.250 6/10/2014 EUR 57.17
MAUREL & PROM 3.500 1/1/2010 EUR 22.69
MAUREL ET PROM 7.125 7/31/2014 EUR 18.66
NEXANS SA 4.000 1/1/2016 EUR 62.82
PEUGEOT SA 4.450 1/1/2016 EUR 28.45
PUBLICIS GROUPE 3.125 7/30/2014 EUR 34.33
PUBLICIS GROUPE 1.000 1/18/2018 EUR 44.79
RHODIA SA 0.500 1/1/2014 EUR 39.04
SOC AIR FRANCE 2.750 4/1/2020 EUR 20.87
WENDEL INVEST 4.375 8/9/2017 EUR 71.99
GERMANY
-------
ARCANDOR AG 8.875 7/11/2013 EUR 69.92
DEPFA ACS BANK 0.500 3/3/2025 CAD 35.53
DEPFA ACS BANK 5.250 3/31/2025 CAD 74.83
DEPFA ACS BANK 3.250 7/31/2031 CHF 97.14
DEPFA ACS BANK 4.900 8/24/2035 CAD 71.01
DEPFA ACS BANK 5.125 3/16/2037 USD 75.07
DEPFA ACS BANK 5.125 3/16/2037 USD 73.69
DEPFA PFANDBRIEF 5.886 2/22/2019 EUR 65.81
DEUTSCHE BK LOND 3.250 5/18/2012 CHF 51.52
DEUTSCHE BK LOND 1.000 3/31/2027 USD 47.64
ESCADA AG 7.500 4/1/2012 EUR 31.52
GOTHAER ALLG VER 5.527 9/29/2026 EUR 68.33
GROHE HOLDING 8.625 10/1/2014 EUR 74.88
HSH NORDBANK AG 4.375 2/14/2017 EUR 69.15
HVB REAL ESTATE 6.480 3/21/2022 EUR 104.28
HYPO REAL ESTATE 4.690 12/14/2026 EUR 69.33
HYPO REAL ESTATE 5.440 4/13/2034 EUR 72.12
HYPOREAL INTL AG 4.560 3/28/2021 EUR 72.88
HYPOREAL INTL AG 4.675 9/13/2021 EUR 76.25
IKB DEUT INDUSTR 4.500 7/9/2013 EUR 74.36
KFW 6.000 2/14/2012 RUB 92.16
KFW 5.000 10/17/2035 EUR 73.56
L-BANK FOERDERBK 0.500 5/10/2027 CAD 43.62
LB BADEN-WUERTT 5.250 10/20/2015 EUR 35.91
LB BADEN-WUERTT 2.500 1/30/2034 EUR 58.06
RENTENBANK 1.000 3/29/2017 NZD 68.22
HUNGARY
-------
OTP BANK 5.270 9/19/2016 EUR 75.84
REP OF HUNGARY 2.110 10/26/2017 JPY 72.22
ICELAND
-------
GLITNIR BANKI HF 6.693 6/15/2016 USD 6.98
IRELAND
-------
ALLIED IRISH BKS 5.250 3/10/2025 GBP 66.21
ALLIED IRISH BKS 5.625 11/29/2030 GBP 65.18
BANESTO FINANC 6.120 11/7/2037 EUR 6.12
BANK OF IRELAND 4.875 1/22/2018 GBP 70.79
IRISH LIFE & PER 4.625 5/9/2017 EUR 69.92
IRISH NATIONWIDE 6.250 6/26/2012 GBP 102.59
IRISH NATIONWIDE 5.500 1/10/2018 GBP 42.40
ONO FINANCE II 8.000 5/16/2014 EUR 64.25
ONO FINANCE II 8.000 5/16/2014 EUR 64.25
UT2 FUNDING PLC 5.321 6/30/2016 EUR 64.25
ITALY
-----
CIR SPA 5.750 12/16/2024 EUR 73.96
COMUNE DI MILANO 4.019 6/29/2035 EUR 72.29
ROMULUS FINANCE 5.441 2/20/2023 GBP 66.47
LITHUANIA
---------
LITHUANIA GOVT 3.750 2/10/2016 LTL 69.26
LUXEMBOURG
----------
ARCELORMITTAL 7.250 4/1/2014 EUR 29.96
BREEZE 4.524 4/19/2027 EUR 80.59
CRC BREEZE 5.290 5/8/2026 EUR 70.42
SAFILO CAP INTL 9.625 5/15/2013 EUR 57.88
SAFILO CAP INTL 9.625 5/15/2013 EUR 57.88
NETHERLANDS
-----------
ABN AMRO BANK NV 7.540 6/29/2035 EUR 64.11
AI FINANCE B.V. 10.875 7/15/2012 USD 30.00
AIR BERLIN FINAN 1.500 4/11/2027 EUR 62.08
ALB FINANCE BV 9.000 11/22/2010 USD 22.49
ALB FINANCE BV 8.750 4/20/2011 USD 22.98
ALB FINANCE BV 7.875 2/1/2012 EUR 22.47
ALB FINANCE BV 9.250 9/25/2013 USD 23.44
ARPENI PR INVEST 8.750 5/3/2013 USD 67.75
ARPENI PR INVEST 8.750 5/3/2013 USD 67.75
ASTANA FINANCE 7.875 6/8/2010 EUR 19.50
ASTANA FINANCE 9.000 11/16/2011 USD 20.00
BK NED GEMEENTEN 0.500 6/27/2018 CAD 70.99
BK NED GEMEENTEN 0.500 2/24/2025 CAD 47.09
BLT FINANCE BV 7.500 5/15/2014 USD 55.50
BLT FINANCE BV 7.500 5/15/2014 USD 56.00
ELEC DE CAR FIN 8.500 4/10/2018 USD 71.67
EM.TV FINANCE BV 5.250 5/8/2013 EUR 3.73
FINANCE & CREDIT 10.375 1/25/2010 USD 65.49
INDAH KIAT INTL 11.875 6/15/2002 USD 7.13
IVG FINANCE BV 1.750 3/29/2017 EUR 63.08
KAZKOMMERTS FIN 8.625 7/27/2016 USD 71.57
KBC IFIMA NV 6.004 2/7/2025 USD 65.40
LEASEPLAN CORP 4.500 11/8/2016 EUR 72.34
NATL INVESTER BK 25.983 5/7/2029 EUR 37.50
NED WATERSCHAPBK 0.500 3/11/2025 CAD 46.79
NIB CAPITAL BANK 4.790 12/17/2043 EUR 65.17
NXP BV/NXP FUNDI 10.000 7/15/2013 EUR 72.75
NXP BV/NXP FUNDI 10.000 7/15/2013 EUR 72.75
NXP BV/NXP FUNDI 8.625 10/15/2015 EUR 59.50
NXP BV/NXP FUNDI 8.625 10/15/2015 EUR 59.50
NXP BV/NXP FUNDI 8.625 10/15/2015 EUR 61.58
NXP BV/NXP FUNDI 9.500 10/15/2015 USD 66.63
NXP BV/NXP FUNDI 9.500 10/15/2015 USD 66.63
NXP BV/NXP FUNDI 9.500 10/15/2015 USD 66.00
Q-CELLS INTERNAT 1.375 2/28/2012 EUR 70.47
TURANALEM FIN BV 7.875 6/2/2010 USD 23.50
TURANALEM FIN BV 6.250 9/27/2011 EUR 22.98
TURANALEM FIN BV 7.750 4/25/2013 USD 24.23
TURANALEM FIN BV 8.000 3/24/2014 USD 20.50
TURANALEM FIN BV 8.500 2/10/2015 USD 24.05
TURANALEM FIN BV 8.250 1/22/2037 USD 23.96
NORWAY
------
EKSPORTFINANS 0.500 5/9/2030 CAD 34.60
NORSKE SKOGIND 7.000 6/26/2017 EUR 63.51
POLAND
------
POLAND-REGD-RSTA 2.810 11/16/2037 JPY 64.47
POLAND GOVT BOND 3.300 6/16/2038 JPY 67.76
REP OF POLAND 2.620 11/13/2026 JPY 72.09
REP OF POLAND 2.648 3/29/2034 JPY 60.61
REP OF POLAND 3.220 8/4/2034 JPY 68.99
REP OF POLAND 4.250 7/20/2055 EUR 65.85
RUSSIA
------
MOSENERGO 7.650 2/18/2016 RUB 91.48
SPAIN
-----
GENERAL DE ALQUI 2.750 8/20/2012 EUR 58.64
MINICENTRALES 4.810 11/29/2034 EUR 58.57
SWITZERLAND
-----------
CYTOS BIOTECH 2.875 2/20/2012 CHF 51.04
UNITED KINGDOM
--------------
ALPHA CREDIT GRP 2.940 3/4/2035 JPY 70.63
AMDOCS LIMITED 0.500 3/15/2024 USD 70.00
ANGLIAN WAT FIN 2.400 4/20/2035 GBP 57.85
BANK OF SCOTLAND 2.928 6/10/2020 USD 56.37
BANK OF SCOTLAND 2.359 3/27/2029 JPY 73.97
BARCLAYS BK PLC 10.600 7/21/2011 USD 39.04
BEAZLEY GROUP LT 7.250 10/17/2026 GBP 78.97
BRADFORD&BIN BLD 7.625 2/16/2010 GBP 6.00
BRADFORD&BIN BLD 5.500 1/15/2018 GBP 5.99
BRADFORD&BIN BLD 5.750 12/12/2022 GBP 7.08
BRADFORD&BIN BLD 4.910 2/1/2047 EUR 72.25
BRADFORD&BIN PLC 6.625 6/16/2023 GBP 6.98
BRIT INSURANCE 6.625 12/9/2030 GBP 67.34
BROADGATE FINANC 5.098 4/5/2033 GBP 70.65
CATTLES PLC 7.875 1/17/2014 GBP 9.63
CITY OF KIEV 8.000 11/6/2015 USD 67.29
CITY OF KYIV 8.250 11/26/2012 USD 77.58
CJSC FIRST UKRAI 9.750 2/16/2010 USD 75.47
CO-OPERATIVE BNK 5.750 12/2/2024 GBP 76.25
CO-OPERATIVE BNK 5.875 3/28/2033 GBP 69.97
DAILY MAIL & GEN 6.375 6/21/2027 GBP 73.59
EFG HELLAS PLC 2.760 5/11/2035 JPY 64.98
ENTERPRISE INNS 6.500 12/6/2018 GBP 80.22
ENTERPRISE INNS 6.875 2/15/2021 GBP 75.69
ENTERPRISE INNS 6.875 5/9/2025 GBP 74.25
ENTERPRISE INNS 6.375 9/26/2031 GBP 71.63
EXIM OF UKRAINE 8.400 2/9/2016 USD 75.15
F&C ASSET MNGMT 6.750 12/20/2026 GBP 66.82
GRAINGER PLC 3.625 5/17/2014 GBP 52.31
GREENE KING FIN 5.702 12/15/2034 GBP 63.52
HBOS PLC 4.500 3/18/2030 EUR 67.12
HBOS PLC 6.000 11/1/2033 USD 54.50
HBOS PLC 6.000 11/1/2033 USD 54.50
INEOS GRP HLDG 7.875 2/15/2016 EUR 48.83
INEOS GRP HLDG 7.875 2/15/2016 EUR 48.25
INEOS VINYLS FIN 9.125 12/1/2011 EUR 66.75
INEOS VINYLS FIN 9.125 12/1/2011 EUR 66.75
ING BANK NV 4.200 12/19/2035 EUR 76.36
LEND LEASE EUR 6.125 10/12/2021 GBP 83.95
LONGSTONE FINANC 4.896 4/19/2031 GBP 74.26
MARSTONS ISSUER 5.641 7/15/2035 GBP 71.14
MITCHELLS & BUTL 6.469 9/15/2030 GBP 72.20
NATL GRID GAS 1.754 10/17/2036 GBP 48.81
NATL GRID GAS 1.771 3/30/2037 GBP 47.31
NBG FINANCE PLC 2.755 6/28/2035 JPY 75.45
NORTHERN ROCK 5.625 1/13/2015 GBP 31.75
NORTHERN ROCK 10.375 3/25/2018 GBP 42.88
NORTHERN ROCK 6.375 12/2/2019 GBP 74.12
NORTHERN ROCK 9.375 10/17/2021 GBP 37.29
OJSC BANK NADRA 9.250 6/28/2010 USD 19.00
ONO FINANCE PLC 10.500 5/15/2014 EUR 67.38
ONO FINANCE PLC 10.500 5/15/2014 EUR 67.38
PRIVATBANK 8.000 2/6/2012 USD 75.47
PRIVATBANK 8.750 2/9/2016 USD 65.08
PUNCH TAVERNS 7.567 4/15/2026 GBP 69.59
PUNCH TAVERNS 8.374 7/15/2029 GBP 74.21
PUNCH TAVERNS 6.468 4/15/2033 GBP 62.39
UNIQUE PUB FIN 7.395 3/28/2024 GBP 73.46
UNIQUE PUB FIN 6.464 3/30/2032 GBP 60.44
*********
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 * * *