/raid1/www/Hosts/bankrupt/TCREUR_Public/100309.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
E U R O P E
Tuesday, March 9, 2010, Vol. 11, No. 047
Headlines
G E R M A N Y
TS CO.MIT: S&P Downgrades Rating on Class F Notes to 'CCC-'
G R E E C E
NEWLEAD HOLDINGS: Net Loss Widens to US$163.6-Mil. in 2009
WIND HELLAS: Deprived Creditors of GBP1.3 Bil. in Pre-Pack Deal
I R E L A N D
FLEMING GROUP: Has Total Liabilities of EUR1.81 Billion
SALES PLACEMENT: Lack of Bank Support Prompts Liquidation
* IRELAND: Gov't to Issue Bank Restructuring Statement in Weeks
I T A L Y
FIAT SPA: To Resolve Spin-Off Issue by April 21
GOLDEN BAR: Moody's Downgrades Rating on Class C Notes to 'Ba3'
N E T H E R L A N D S
CARLSON WAGONLIT: US$40 Mil. Equity Cues S&P's Positive Outlook
TRONOX INC: Pigments Units Had EUR120 Mil. in Sales in 2009
P O L A N D
POLSKI KONCERN: Fitch Affirms BB+ Long-Term Issuer Default Ratings
R O M A N I A
K TECH: Awaits Ruling on Bankruptcy Proposal
R U S S I A
KAZANORGSINTEZ OJSC: Fitch Affirms Long-Term IDR at 'RD'
* RUSSIA: Fitch Placed 13 Banks on Rating Watch Positive
* RUSSIA: Fitch Releases Podcast on Rating Upgrade of Telecoms
S P A I N
HIPOCAT 11: S&P Downgrades Rating on Class C Notes to 'CCC'
IM BANCO: Moody's Assigns 'Caa1' Rating on Class B Notes
S W I T Z E R L A N D
CRYSTAL CREDIT: S&P Retains Junks Ratings on Class B & C Notes
U K R A I N E
CENTRAL EUROPEAN MEDIA: Aims to Report Better Earnings in 2010
UKRHAZ-ENERHO: Court Upholds Appeal on Liquidation Ruling
U N I T E D K I N G D O M
ALTERNATIVE HOTEL: Lloyds to Swap GBP650 Mil. Debt for Equity
BRADFORD & BINGLEY: PIBS Bondholders Won't Get Compensation
EASTERN CHOICE: Appoints Claire Middlebrook as Receiver
EVERGREEN FOOD: In Receivership; FGS Partnership On Board
FOXTONS HOLDINGS: Posts GBP218MM Loss in Yr. Ended December 2008
LINPAC GROUP: Lenders Mull Break-Up, Sale of Four Divisions
MANCHESTER UNITED: Takeover Could Triple Glazer Family's Money
NORTEL NETWORKS: Proposes LinkLaters as U.K. Counsel
PROMINENT CMBS: Fitch Affirms Rating on Class F Notes at 'CC'
ROYAL BANK: Santander Leads Bidding Race for 320 Branches
ROYAL BANK: Nine Executives Get GBP10MM Deferred Share Bonuses
SEATEK UK: In Administration; MCR Appointed
VEDANTA RESOURCES: S&P Assigns 'BB' Rating on US$805 Mil. Bonds
* UK: Mortgage Brokers Hit by Home-Loan Crisis
* Ropes & Gray Adds Weil Gotshal Bankruptcy Partner
X X X X X X X X
* Large Companies with Insolvent Balance Sheet
*********
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G E R M A N Y
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TS CO.MIT: S&P Downgrades Rating on Class F Notes to 'CCC-'
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
TS Co.mit One GmbH's class E and F notes. S&P also lowered and
placed on CreditWatch Negative the ratings on classes C and D. At
the same time, S&P affirmed the ratings on the classes A and B.
S&P considered a number of factors in its analysis: Note
amortization, the shortening maturity profile of the underlying
portfolio, and credit deterioration in the underlying portfolio.
The effect of these factors varies between the different classes
of notes.
The transaction is approaching its scheduled maturity date in June
2011. In parallel, of the assets in the underlying portfolio not
currently subject to a principal deficiency event, the weighted-
average life of 83% (by balance) ends in 2010. Since S&P's
previous rating action in January 2009, there has been significant
amortization of the notes, with 23% of the closing balance
outstanding at the end of December 2009 (from 36% in December
2008).
The effect of this maturity profile has varying implications on
the notes. For the senior notes, the likelihood of repayment is
high and there is a reduced default horizon. Conversely, for the
junior notes the short remaining maturity is, in S&P's view,
likely to lead to a crystallizing of losses as pool amortization
has reduced absolute excess spread levels.
Since S&P's last rating action in January 2009, there has been
further pool deterioration, including several principal deficiency
events. The principal deficiency ledger balance increased to
EUR10.9 million in December 2009 from EUR1.3 million December
2008. As of December 2009, the performing portion of the
portfolio is, in S&P's opinion, insufficient to fully cover the
principal of junior notes, with the class E and F notes being
dependent on recovery proceeds to fully repay at maturity.
According to the servicer, recovery prospects on defaulted assets
vary significantly, with minimal recoveries expected on some of
the larger defaulted obligations.
S&P has lowered and placed on CreditWatch negative the ratings on
classes C and D. In S&P's view, these tranches are exposed to the
idiosyncratic risk that some of the larger obligors may default at
their loan maturities. S&P will monitor developments in the
repayment of loans coming due and resolve the CreditWatch
placements in due course.
Ratings List
TS Co.mit One GmbH
EUR503 Million Floating-Rate Asset-Backed Notes
Ratings Lowered and Placed on CreditWatch Negative
Rating
------
Class To From
----- -- ----
C A-/Watch Neg A
D BB/ Watch Neg BBB
Ratings Lowered
Rating
------
Class To From
----- -- ----
E CCC CCC+
F CCC- CCC
Ratings Affirmed
Class Rating
----- ------
A AAA
B AA
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G R E E C E
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NEWLEAD HOLDINGS: Net Loss Widens to US$163.6-Mil. in 2009
----------------------------------------------------------
NewLead Holdings Ltd. said for the quarter ended December 31,
2009, total revenues from continuing operations increased by 11.1%
to US$15.9 million compared to total revenues of US$14.3 million
recorded for the quarter ended December 31, 2008.
Net loss from continuing operations was US$36.9 million for the
quarter ended December 31, 2009, compared to a net loss of US$10.0
million, recorded for the quarter ended December 31, 2008. The
results for the fourth quarter of 2009 reflect significantly lower
net revenues generated for the product tankers in the spot market
as well as increased operating expenses and also include higher
interest expenses of roughly US$20.1 million as a result of the
Company's recapitalization during the quarter and is primarily
attributable to the 7% senior convertible notes which included a
US$17.0 million non-cash charge from the amortization of the
beneficial conversion feature embedded in the 7% notes.
Furthermore, the results for the fourth quarter of 2009 included
transaction costs of US$9.7 million relating to the
recapitalization, as well as, a US$4.2 million non-cash gain from
the change in the fair value of derivatives. The results for the
same period of 2008 included a US$5.8 million non-cash loss from
the change in the fair value of derivatives.
The net loss for the quarter ended December 31, 2009 and 2008 was
US$39.9 million and US$42.4 million respectively. These include
losses from discontinued operations of US$3.0 million in 2009 and
US$32.5 million in 2008, which were primarily related to the
Company's exit from the container market.
The Company said for the 12 months ended December 31, 2009, total
revenues from continuing operations decreased by 15.6% to US$47.7
million, compared to total revenues of US$56.5 million for the 12
months ended December 31, 2008.
Net loss from continuing operations was US$131.3 million for the
12 months ended December 31, 2009, compared to a net loss of
US$16.6 million, recorded for the 12 months ended December 31,
2008. Besides the significantly lower net revenues generated for
the product tankers in the spot market and increased operating
expenses, the results for the 12 months ended December 31, 2009,
reflect a US$68.0 million vessel impairment charge, a US$3.7
million provision for charter claims, as well as, higher interest
expenses of roughly US$19.2 million as consequence of the
company's recapitalization during the quarter and primarily
attributable to the 7% senior convertible notes which included a
US$17.0 million non-cash charge from the amortization of the
beneficial conversion feature embedded in the notes. Furthermore,
the results for 2009 also include transaction costs of US$12.4
million associated with the recapitalization and US$5.6 million
non-cash gain from the change in the fair value of derivatives.
The results for the same period of 2008 included a US$6.5 million
non-cash loss from the change in the fair value of derivatives.
The net loss for the year ended December 31, 2009 and 2008 was
US$163.6 million and US$39.8 million, respectively. These include
losses from discontinued operations of US$32.3 million in 2009 and
US$23.3 million in 2008, which primarily relate to the Company's
exit from the container market.
At December 31, 2009, the Company had total assets of US$399.285
million against total liabilities of US$326.809 million. The
Company had accumulated deficit of US$37.872 million and
shareholders' equity of US$72.476 million.
NewLead had a positive working capital position of roughly US$67.2
million, reflecting US$106.3 million cash and cash equivalents as
of December 31, 2009 compared with a negative working capital
position of roughly US$231.7 million as of December 31, 2008.
Total Debt amounted to US$278.7 million for the period ending
December 31, 2009, compared to US$223.7 million as of December 31,
2008. The long term portion of the debt amounted to US$223.0
million for the period ended December 31, 2009 compared to nil as
of December 31, 2008. In 2008, the debt of US$223.7 million was
classified under short term debt due to violation of certain
covenants of the credit facility, which has subsequently
refinanced as part of the recent recapitalization.
A full-text copy of the Company's earnings release is available at
no charge at http://ResearchArchives.com/t/s?578f
Going Concern Doubt
During the three months ended September 30, 2009, and 2008, the
Company incurred a net loss of US$111.3 million and a net loss of
US$4.3 million, respectively, and for the nine months ended
September 30, 2009 and 2008, the Company incurred a net loss of
US$123.8 million and a gain of US$2.0 million, respectively. As
of September 30, 2009, the Company reported working capital
deficit of US$244.4 million, which includes US$221.4 million of
debt reflected as current.
During the nine months ended September 30, 2009, and for the year
ended December 31, 2008, the Company was not in compliance with
certain covenants of its loan facility and absent any further
relaxation from the lenders, the lenders had the ability to demand
repayment of outstanding borrowings. The US$221.4 million
facility agreement, dated October 13, 2009, entered into by the
Company to refinance the Company's existing revolving credit
facility provided for the waiver of all financial covenants
(excluding working capital and minimum liquidity covenants) for a
period ranging from 30 to 36 months. The conditions and events
raise substantial doubt about the Company's ability to continue as
a going concern.
About NewLead Holdings
Headquartered in Piraeus, Greece, NewLead Holdings Ltd. (Nasdaq:
NEWL) -- http://www.newleadholdings.com/-- was incorporated on
January 12, 2005, under the name of "Aires Maritime Holdings
Limited. The Company is an international shipping company that
owns and operates product tanker and dry bulk 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 three dry bulk vessels secured on period charters.
The Company is an indirect subsidiary of Aries Energy Corporation.
Aries Energy, an affiliate through its wholly-owned subsidiary
Rocket Marine Inc., currently owns approximately 23% of the
Company's outstanding common shares.
On October 13, 2009, the Company announced an approximately
US$400.0 million recapitalization which resulted in Grandunion
Inc. acquiring control of the Company. Pursuant to the Stock
Purchase Agreement entered into on September 16, 2009, a company
controlled by Michail S. Zolotas and Nicholas G. Fistes, acquired
18,977,778 newly issued common shares of the Company in exchange
for three drybulk carriers.
WIND HELLAS: Deprived Creditors of GBP1.3 Bil. in Pre-Pack Deal
---------------------------------------------------------------
Robert Watts and Claire Newell at The Sunday Times report that
Wind Hellas has deprived creditors of GBP1.3 billion by:
-- claiming that a one-man London office was its global
Headquarters; and
-- exploiting lenient insolvency rules introduced by Labour.
The report recalls Wind Hellas, Greece's third-largest telecoms
company, moved its assets to Britain from Luxembourg in August.
Its tiny London head office consisted of one man, one desk and a
computer, the report discloses.
The report recounts two weeks later it began the process leading
to its administration, using a financial device known as a "pre-
pack" which grew out of legislation championed by Gordon Brown
when he was chancellor.
When Wind Hellas subsequently collapsed, more than a third of its
debt was wiped out, including GBP9 million owed to Royal Bank of
Scotland, which is 84% owned by the taxpayer, the report relates.
Under the terms of the pre-pack deal, Wind Hellas's assets were
bought by Weather Investments, an investment vehicle controlled by
owner owned by Naguib Sawiris, the report states.
The report says the new company, which was formed with approval
from senior creditors, had been freed of GBP1.3 billion in debt
which Wind Hellas owed to "subordinated bondholders".
As reported by the Troubled Company Reporter-Europe on Feb. 11,
2010, Times Online said that Ernst & Young, the administrators of
Wind Hellas, began a formal investigation into the company's pre-
pack administration. Times Online disclosed Ernst & Young, which
sold Wind back to its previous owners less EUR1 billion of debts
in August, agreed to examine the process following pressure from
hedge funds that saw their investments wiped out. According to
Times Online, in a letter sent to E&Y, SPQR Capital, a hedge fund
that lost its investment in the Wind pre-pack, claims the deal was
tainted by multiple conflicts of interest.
Headquartered in Athens, WIND Hellas Telecommunications S.A. --
http://www.wind.com.gr/-- is part of Weather Investments, a
global telecommunication group controlled by the Sawiris family
and Naguib Sawiris. Weather also owns Wind Telecommunicazioni
spa, the third largest mobile operator and second largest fixed
line operator in Italy as well as a 50% plus one share of Orascom
Telecom Holding S.A.E.
* * *
As reported by the Troubled Company Reporter-Europe on March 4,
2010, Fitch Ratings upgraded Greek-based integrated telecom
operator Wind Hellas Telecommunications SA's Long-term Issuer
Default Rating to 'CCC' from 'RD' and its Short-term IDR to 'C'
from 'D'. The rating actions follow both the completion of the
company's debt restructuring process in November 2009 and Fitch's
review of management's business strategy for 2010 and beyond.
=============
I R E L A N D
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FLEMING GROUP: Has Total Liabilities of EUR1.81 Billion
-------------------------------------------------------
Ian Kehoe at The Sunday Business Post reports that the Fleming
construction group has total liabilities of EUR1.81 billion, more
than EUR800 million higher than previously stated.
According to the Post.ie, while the High Court was previously told
the group had liabilities of EUR1 billion, new documents state
that the figure is actually EUR1.81 billion when contingent
liabilities are included. With the company now in liquidation,
those contingent liabilities are set to be realized, the Post.ie
notes.
The Post.ie recalls three key companies in the Fleming Group
collapsed into liquidation after the Supreme Court rejected the
rescue plan by the group and ended its examinership period. The
High Court had approved the scheme, but ACC appealed the decision
to the Supreme Court, the Post.ie recounts.
As part of its opposition to the scheme, ACC commissioned KPMG to
examine the group's finances, the Post.ie relates. That review
calculated the total liabilities at the higher figure of EUR1.81
billion, the Post.ie states.
The group's lenders are expected to appoint receivers to group
assets in the coming days, the Post.ie says.
As reported yesterday by the Troubled Company Reporter-Europe, The
Irish Times said on the application of ACC Bank, the High Court's
Mr. Justice Brian McGovern on March 5 appointed Tom Kavanagh, of
Kavanagh Fennell, liquidator to John J Fleming Construction
(JJFC), JJ Fleming Holdings (JJFH) and Tivway Ltd. The Irish
Times disclosed the Supreme Court unanimously refused court
protection to the three firms on March 4 after finding proposed
survival schemes did not provide a plan with reasonable prospects
for their survival as "going concerns".
SALES PLACEMENT: Lack of Bank Support Prompts Liquidation
---------------------------------------------------------
Suzanne Lynch at The Irish Times reports that Sales Placement
Limited is to be wound up after 38 years in business.
According to the report, owner and managing director Liz Leavy
said the decision by the company's bank to withdraw finance was
one of the main reasons for the closure.
The report notes Ms. Leavy said while the rapid deterioration of
the employment market had a "huge" impact on the business, lack of
support from the company's bank, Bank of Ireland, left the company
with little choice but to enter voluntary liquidation.
"It just got too difficult. For the past nine months the bank has
been putting huge pressure on, and finally withdrew our overdraft
facilities and the payroll facilities for the contract side of the
business," the report quoted Ms. Leavy as saying.
A creditors' meeting has been scheduled for March 19, when a
liquidator will be appointed, the report discloses.
Based in Merchant's Quay in Dublin, the company specialized in the
recruitment of sales and marketing professionals, according to The
Irish Times.
* IRELAND: Gov't to Issue Bank Restructuring Statement in Weeks
---------------------------------------------------------------
Tim O'Brien at The Irish Times reports that Taoiseach Brian Cowen
on Friday said the Irish government will issue a comprehensive
statement on the restructuring of the banking system in coming
weeks.
According to the report, Mr. Cowen said the intention of the
restructuring would be to ensure Irish banks "will at least then
be able to access funds from the wholesale money markets" having
presented the money markets with a clear picture of their losses
on property portfolios.
The report relates addressing a seminar organized by Bray Chamber
in Co Wicklow, Mr. Cowen said the biggest issue for Irish business
was access to working capital, and "there is no doubt that
restructuring of the Irish banking system is a prerequisite for
that to happen".
=========
I T A L Y
=========
FIAT SPA: To Resolve Spin-Off Issue by April 21
-----------------------------------------------
Sara Gay Forden at Bloomberg News reports that Fiat SpA Chief
Executive Officer Sergio Marchionne on March 3 said the company
will resolve the issue of the Fiat Auto spin-off by April 21.
Citing The Financial Times, the Troubled Company Reporter-Europe
on July 24, 2009, said Mr. Marchionne proposed separating Fiat
Auto from its Iveco trucks, CNH farm and construction-equipment
unit, and other divisions to create a new publicly traded carmaker
that would include Opel and be as big as Volkswagen.
About Fiat SpA
Headquartered in Turin, Italy, Fiat SpA (BIT:F) --
http://www.fiatgroup.com/-- is principally engaged in the design,
manufacture and sale of automobiles, trucks, wheel loaders,
excavators, telehandlers, tractors and combine harvesters.
Through its subsidiaries, Fiat operates mainly in five business
areas: Automobiles, including sectors led by Maserati SpA, Ferrari
SpA and Fiat Group Automobiles SpA, which design, produce and sell
cars under the Fiat, Alfa Romeo, Lancia, Fiat Professional,
Abarth, Ferrari and Maserati brands; Agricultural and Construction
Equipment, which is led by Case New Holland Global NV; Trucks and
Commercial Vehicles, which is led by Iveco SpA; Components and
Production Systems, which includes the sectors led by Magneti
Marelli Holding SpA, Teksid SpA, Comau SpA and Fiat Powertrain
Technologies SpA, and Other Businesses, which includes the sectors
led by Fiat Services SpA, a publishing house Editrice La Stampa
SpA and an advertising agency Publikompass SpA. With operations
in over 190 countries, the Group has 203 plants, 118 research
centers, 633 companies and more than 198,000 employees.
* * *
Fiat S.p.A. continues to carry a Ba1 long-term rating from Moody's
Investors Service with negative outlook.
GOLDEN BAR: Moody's Downgrades Rating on Class C Notes to 'Ba3'
---------------------------------------------------------------
Moody's Investors Service has taken these rating actions on these
classes of notes issued by Golden Bar (Securitization) S.r.l. --
Series 2008:
-- EUR631.8 million Class A Notes: Confirmed at Aaa; previously
on 18 December 2009 placed on review for possible downgrade
-- EUR49 million Class B Notes: Downgraded to A3 from Aa3;
previously on 18 December 2009 placed on review for possible
downgrade
-- EUR15.8 million Class C Notes: Downgraded to Ba3 from Baa2;
previously on 18 December 2009 placed on review for possible
downgrade.
Moody's says that the downgrades were prompted by the worse-than-
expected performance of the loan portfolio backing the issued
notes, which has led Moody's to revise its assumptions for the
transaction. The magnitude of the downgrade reflects the current
credit enhancement levels, which, combined with the revised
assumptions, lead to a higher expected loss on the rated notes.
The deterioration in performance is evidenced by the increase of
defaults to 1.78% of the total securitized pool balance as of
January 2010, which represents 51% of Moody's initial expected
cumulative default rate. As of January 2010, the pool factor was
98.7%.
Moody's assumptions for the cumulative mean default rate have been
raised to 4.7% of the total securitized pool balance (vs. 3.5%
initially), which translates into 5% current pool balance. The
recovery rate has been increased to 30% from the revised
assumption of 22.5% taking into account the better-than-expected
level of observed recoveries.
Golden Bar (Securitization) S.r.l. -- Series 2008 closed in
March 2008. The originator is Santander Consumer Bank S.p.A.
(rated Baa1/Prime-2). This transaction is backed by a portfolio
of new and used vehicle loans, personal loans and purpose loans to
individuals.
The ratings address the expected loss posed to investors by the
legal final maturity date (December 2024). In Moody's opinion,
the structure allows for timely payment of interest and ultimate
payment of principal at par on or before the final maturity date.
Moody's sector outlook for Italian Consumer Loan ABS is negative.
Moreover, Moody'sEconomy.com estimates that Italian GDP grew by
0.4% in Q4 2009, following 0.6% quarter-on-quarter growth in Q3
2009, when Italy's economy emerged from five quarters of
recession. It is expected that Italy's economy will grow by 1.1%
in 2010, driven by exports and modest improvement in domestic
demand. However, the unemployment rate in Italy rose to 8.5% in
December, the highest rate since monthly records began in 2004 and
it is anticipated to increase in 2010 to an estimated 9.1%.
=====================
N E T H E R L A N D S
=====================
CARLSON WAGONLIT: US$40 Mil. Equity Cues S&P's Positive Outlook
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it revised its
outlook on Netherlands-incorporated business travel operator
Carlson Wagonlit B.V. to positive from negative following a
US$40 million equity contribution from shareholders, which in
S&P's view helps improve CWT's liquidity profile.
At the same time, the corporate credit rating on CWT, along with
the issue rating on CWT's US$850 million senior secured
facilities, were affirmed at 'CCC+'. The recovery rating on these
facilities is unchanged at '3', indicating S&P's expectation of
meaningful (50%-70%) recovery in event of a payment default.
In addition, the issue rating on CWT's EUR285 million floating-
rate notes was affirmed at 'CCC-'. The recovery rating on this
instrument is unchanged at '6', indicating S&P's expectation of
negligible (0%-10%) recovery in the event of a payment default.
"The outlook revision follows CWT's announcement that shareholders
have contributed US$40 million of fresh equity, which S&P
understand is dedicated to debt reduction," said Standard & Poor's
credit analyst Silvia Ortolan. "At the same time, the company
announced its preliminary results for the fourth-quarter 2009 and
full-year 2009, which in S&P's opinion show a gradual
stabilization in CWT's operating and trading environment."
Trading conditions in full-year 2009 remained tough. According to
CWT's preliminary reports, net revenues of US$1.55 billion in the
12 months to Dec. 31, 2009, were down 19% compared with the same
period in 2008. However, annual cost reductions of about
US$260 million helped to restore profitability for full-year 2009.
CWT's reported EBITDA margin -- before integration and other
exceptional costs -- increased by 80 basis points to 12.6% in the
12 months to Dec. 31, 2009, compared with 11.8% in 2008. Looking
forward, CWT's management cautiously expects moderate top-line
growth in 2010, and S&P understands the upward trend in traffic
and transactions that began in the fourth quarter of 2009 has
continued into the first months of 2010, with traffic and
transactions up by about 6% and 7%, respectively, in February
compared with the previous year.
The CCR on CWT reflects S&P's view that the company's revenues and
margins are dependent on the highly cyclical business travel
sector, and as such are subject to volatility. However, S&P
anticipates that the deterioration in revenues in 2009 should slow
and, all other factors being equal, CWT should be able to be at
least cash flow neutral by year-end 2010.
In S&P's view, CWT's cost-cutting efforts should crystallize in
tangible business benefits in 2010, thereby helping to stabilize
profitability by year-end. The future evolution of the ratings
will in S&P's opinion be driven by the availability of liquidity,
as well as the company's ability to maintain adequate headroom
under its covenants and to stabilize revenues and strengthen
operating margins, all of which could trigger a positive rating
action. In particular, S&P's rating decision would likely be
driven by CWT's ability to generate positive free operating cash
flow over the short term.
TRONOX INC: Pigments Units Had EUR120 Mil. in Sales in 2009
-----------------------------------------------------------
With sales of EUR120 million and clear indications that earnings
were positive, insolvent titanium dioxide producer Tronox Pigments
did comparatively well in 2009, according to Plast Europe. The
report, however, says the former subsidiary of Tronox Inc. did not
provide any information on its earnings.
The recent investment plans, located in the high single-digit
millions range, provide some indication of its earnings position,
the report said. The aim is to drive forward the development of
intelligent new products and to target markets as yet untapped by
the company, the report added.
About Tronox Inc.
Headquartered in Oklahoma City, Tronox Incorporated (Pink Sheets:
TRXAQ, TRXBQ) is the world's fourth-largest producer and marketer
of titanium dioxide pigment, with an annual production capacity of
535,000 tonnes. Titanium dioxide pigment is an inorganic white
pigment used in paint, coatings, plastics, paper and many other
everyday products. The Company's four pigment plants, which are
located in the United States, Australia and the Netherlands,
supply high-performance products to approximately 1,100 customers
in 100 countries. In addition, Tronox produces electrolytic
products, including sodium chlorate, electrolytic manganese
dioxide, boron trichloride, elemental boron and lithium manganese
oxide.
Tronox has US$1.6 billion in total assets, including US$646.9
million in current assets, as at September 30, 2008. The Company
has US$881.6 million in current debts and US$355.9 million in
total noncurrent debts.
Tronox Inc., aka New-Co Chemical, Inc., and 14 other affiliates
filed for Chapter 11 protection on January 13, 2009 (Bankr.
S.D.N.Y. Case No. 09-10156). The case is before Hon. Allan L.
Gropper. Richard M. Cieri, Esq., Jonathan S. Henes, Esq., and
Colin M. Adams, Esq., at Kirkland & Ellis LLP in New York,
represent the Debtors. The Debtors also tapped Togut, Segal &
Segal LLP as conflicts counsel; Rothschild Inc. as investment
bankers; Alvarez & Marsal North America LLC, as restructuring
consultants; and Kurtzman Carson Consultants serves as notice and
claims agent.
An official committee of unsecured creditors and an official
committee of equity security holders have been appointed in the
cases. The Creditors Committee has retained Paul, Weiss, Rifkind,
Wharton & Garrison LLP as counsel.
Until September 30, 2008, Tronox Inc. was publicly traded on the
New York Stock Exchange under the symbols TRX and TRX.B. Since
then, Tronox Inc. has traded on the Over the Counter Bulletin
Board under the symbols TROX.A.PK and TROX.B.PK. As of
December 31, 2008, Tronox Inc. had 19,107,367 outstanding shares
of class A common stock and 22,889,431 outstanding shares of class
B common stock.
Bankruptcy Creditors' Service, Inc., publishes Tronox Bankruptcy
News. The newsletter tracks the Chapter 11 proceeding undertaken
by Tronox Inc. and its 14 affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
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P O L A N D
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POLSKI KONCERN: Fitch Affirms BB+ Long-Term Issuer Default Ratings
------------------------------------------------------------------
Fitch Ratings has affirmed Polish oil refining and marketing
company Polski Koncern Naftowy ORLEN S.A.'s Long-term foreign and
local currency Issuer Default Ratings at 'BB+' and the company's
Short-term foreign and local currency IDRs at 'B'. Fitch has
simultaneously removed both Long-term IDRs from Rating Watch
Negative, which was assigned on September 2, 2009, due to
projections of a substantial erosion of PKN's credit metrics, and
assigned Negative Outlooks to the two ratings. Fitch has also
affirmed PKN's foreign and local currency senior unsecured ratings
at 'BB+', and removed these ratings from RWN.
The rating action reflects PKN's reduced risk of a material
deterioration of its credit profile amid a deep downturn in the
refining and petrochemicals industry as the company managed to
considerably lower its net debt in Q409. Working capital
optimization, in particular the extension of payments for some
crude oil supplies and factoring of trade receivables together
with better than expected cash flow from investments, partly
driven by one-off events, resulted in a 25% reduction in net debt
during Q409 to PLN10.3 billion at end-December 2009.
As a result, the deterioration of PKN's credit ratios at end-2009
was lower than projected by the agency. Net debt to EBITDA,
excluding inventory holding gains/losses, but including the
Polkomtel dividend, deteriorated to 3.7x at end-2009 from 2.4x at
end-2008. This compares favorably with Fitch's expectation for
this ratio exceeding 5x, when it placed PKN's ratings on RWN. In
addition, the company met the financial covenants included in its
bank loan agreements as net debt to EBITDA, including inventory
holding gains/losses and the Polkomtel dividend, stood at 2.5x at
end-2009.
Following a recent management meeting with PKN, Fitch believes
that positive working capital changes that occurred in Q409 may be
regarded as sustainable for 2010.
The Negative Outlook reflects Fitch's view that the company's
credit ratios will remain under pressure in 2010, which is
expected to be another year of weak refining and petrochemicals
margins and a narrowed Brent to Ural oil price differential.
PKN's capex in 2010 is expected to remain high (PLN3 billion-
PLN3.5 billion) in addition to the PLN0.5 billion deferred payment
for the 2009 capex in petrochemicals. Most refining companies
rated by Fitch currently have a Negative Outlook, mainly due to
the depressed margin environment.
A potential change of PKN's Outlook to Stable from Negative is
likely to depend on developments in the refining market, the
company's cash flow generation, reduction of working capital needs
related to its compulsory stock of crude oil and fuels, and
progress in non-core asset disposals. The agency regards PKN's
financial burden, related to the funding of its compulsory oil and
fuel stock (PLN5.4 billion in its Polish operations at end-2009),
as considerably higher than other Fitch-rated European companies
with refining operations. Poland's government is planning to
implement changes to its regulations that would gradually reduce
PKN's working capital needs by increasing the role of the state in
maintaining the compulsory stock. In addition, PKN is planning
potential sales of part of its mandatory stock to a third party in
an off-balance-sheet structure that would give the company the
right to repurchase the stock in an emergency situation.
PKN had solid liquidity at end-December 2009 with short-term debt
of PLN1.6 billion covered with cash of PLN2.9 billion, and unused
committed bank facilities of more than EUR1bn (PLN4.1 billion) due
in 2012.
=============
R O M A N I A
=============
K TECH: Awaits Ruling on Bankruptcy Proposal
--------------------------------------------
Ziarul Financial reports that Geanina Oancea, partner with BDO
Business Restructuring SPRL, the court-appointed administrator for
K Tech Ultra Pro, said a proposal to declare the company bankrupt
was discussed on March 2.
A ruling on the bankruptcy of K Tech Ultra Pro was expected last
week, the report notes.
According to the report, K Tech Electronics, the company founded
by spouses Alina and Cristian Fughina, had accumulated EUR28
million in debt to 84 creditors.
The report says the retailer collapsed at the end of last year due
to, among others, the management's inability to adapt its strategy
to the market decline, exposure to foreign exchange risk, and
dependence on foreign funding.
===========
R U S S I A
===========
KAZANORGSINTEZ OJSC: Fitch Affirms Long-Term IDR at 'RD'
--------------------------------------------------------
Fitch Ratings has affirmed Tatarstan-based chemical producer OJSC
Kazanorgsintez's ratings and notes that it does not expect KOS's
proposed tender to bondholders and an associated consent offer to
impact the company's ratings.
The rating actions are:
-- Long-term Issuer Default Rating: affirmed at 'RD';
-- Short-term IDR: affirmed at 'D'
-- Senior unsecured US$200 million loan participation notes
(Eurobonds): affirmed at 'C'; Recovery Rating: 'RR6'
While the March 1 offer, if successful, would mark an important
step in the group's debt restructuring plan, and could somewhat
alleviate future liquidity concerns with regards to the October
2011 maturity of KOS's US$200 million Eurobonds, the ratings
continue to reflect various uncured events of default and
uncertainties regarding the outcome of the ongoing debt
restructuring.
Fitch does not consider the proposed offer a coercive debt
exchange. Securing five-year facilities of RUB20 billion and
RUB15 billion from Sberbank ('BBB'/Stable/'F3') (directly and via
shareholder TAIF) has improved the company's near term liquidity
position and somewhat reduces the probability of default or
insolvency should the transaction not be successful. However,
Fitch believes that the restructuring process remains challenging,
and notes that KOS's creditors are now deeply subordinated to
Sberbank which benefits from state guarantees and security over
the group's fixed assets and over TAIF's 50.24% shareholding in
the company. KOS has a heavy debt burden and faces significant
cash requirements in the near- to medium-term, including the
refinancing of approximately RUB30 billion of outstanding bank and
bond debt, accrued unpaid interest, unpaid suppliers dues, working
capital needs and capex.
Fitch notes that the tender and consent offer encompasses a
material reduction in contractual terms from the original loan
agreement. The cash tender is for less than par (90%) and is
contingent on exit consents which materially impair the position
of bondholders that choose not to accept either the tender or
consent offer. Specifically, in conjunction with the offer,
noteholders have been asked to vote on two extraordinary
resolutions for various amendments to the original agreement. The
resolutions include the extension of the maturity of the notes to
2015 from 2011, the removal of the negative pledge and limitation
of indebtedness clauses, and a waiver of any Event of Default
which occurred prior to 2nd extraordinary resolution date.
Noteholders would vote in favour of the proposed amendments either
by tendering their notes or by providing consent. If approved,
the extraordinary resolutions will be binding on all noteholders,
including those who choose to opt out of both the tender and
consent offer. However, Fitch notes that this results from weak
protection language in the original agreement which allows for
material amendments to be passed with 75% of votes based on a
quorum of at least two investors holding no less than two thirds
of the aggregate principal amount outstanding. As a slight
mitigation, KOS has offered noteholders an increase in the coupon
to 10%, from 9.25%.
The company's Long-term and Short-term IDR will remain at 'RD' and
'D' respectively, until KOS has completed a restructuring of its
outstanding debt and, in Fitch's opinion, is able to comply with
the new terms negotiated with its creditors.
* RUSSIA: Fitch Placed 13 Banks on Rating Watch Positive
--------------------------------------------------------
Fitch Ratings has placed 13 privately-owned Russian banks on
Rating Watch Positive, placed 14 banks and one leasing company on
Rating Watch Evolving, and revised the Rating Watch on one bank to
Evolving from Negative.
The rating actions reflect the potential for future rating
upgrades following the better-than-expected performance of the
Russian banking sector during the global economic crisis. In
particular, the actions take account of the strengthening of
certain aspects of market infrastructure during the crisis, most
notably in respect to banks' ability to access liquidity, in case
of need.
The resolution of the rating watches and decisions on potential
rating upgrades will be made following reviews of the current
financial position and prospects of each individual bank, and any
upgrades will in most cases likely be limited to one notch. Fitch
expects to complete these reviews within the next three months.
Fitch has placed the ratings of these 13 banks, which previously
had Stable Outlooks, on RWP: Alfa-Bank ('BB-'), MDM Bank ('BB-'),
Nomos-Bank ('B+'), Evrofinance Mosnarbank ('B'), International
Industrial Bank ('B'), National Reserve Bank ('B'), Roseurobank
('B'), Centrocredit Bank ('B-'), Chelindbank ('B-'), Petersburg
Social Commercial Bank ('B-'), Bank Rossiya ('B-'), Russian
Universal Bank ('B-') and SDM-Bank ('B-'). The positive rating
watches reflect Fitch's expectation that a majority of these
banks' ratings will be upgraded following the completion of the
reviews.
The 14 banks and one leasing company whose ratings have been
placed on RWE, and which previously had Negative Outlooks,
are: Promsvyazbank ('B+'), Russian Standard Bank ('B+'), Bank
Uralsib ('B+'), Uralsib Leasing Group ('B+'), Bank Zenit ('B+'),
Credit Bank of Moscow ('B'), Locko-bank ('B'), Central Commercial
Bank ('B-'), International Bank of St. Petersburg ('B-'),
Primsotsbank ('B-'), SKB-Bank ('B-'), Bank Snezhinskiy ('B-'),
Spurt Bank ('B-'), Uraltransbank ('B-') and BTA-Kazan ('CCC').
Probusinessbank, which was previously on Rating Watch Negative,
has also been placed on RWE. The RWE on these entities reflects
the potential for some of them to be upgraded as a result of the
upcoming reviews. However, there is also a significant
probability in respect to each of these entities that ratings will
be affirmed at current levels, and Negative Outlooks may again be
assigned if Fitch remains concerned that certain banks' current
loss absorption capacity could be insufficient relative to asset
quality problems being faced.
The performance of the Russian banking sector during the financial
crisis has been better than Fitch would have expected pre-crisis
in two important respects. Firstly, certain aspects of market
infrastructure have been strengthened considerably during the
crisis. This has been most notable in respect to banks' ability
to access liquidity from the Central Bank of Russia through
unsecured facilities, repo transactions and pledging of non-
trading assets. In addition, mechanisms have been put in place to
manage bank failures in a more orderly way, thus reducing
contagion risks for other banks in the sector, and larger
institutions can currently apply to the government for tier 1
capital injections. Although it remains to be seen whether in a
post-crisis environment the Russian authorities would always
rescue individual banks in the way seen in H208, Fitch believes
that banks' improved access to liquidity will survive the current
crisis and remain available in case of broad systemic stress in
the future.
Secondly, Fitch notes that a large majority of rated banks look
set to survive the major asset quality stress posed by the crisis
without requiring emergency capital support from shareholders or
the Russian authorities. Although Fitch does not rule out the
possibility of asset quality-driven bank failures in 2010, the
agency currently expects these to be at most isolated cases, and
notes that access to capital support from the Russian authorities
could help to limit or prevent creditor losses in respect to such
banks.
The rating actions are:
OJSC Alfa-Bank
-- Long-term Issuer Default Rating (IDR): 'BB-'; placed on
Rating Watch Positive
-- Senior unsecured debt: 'BB-'; placed on Rating Watch Positive
-- Subordinated debt: 'B+', placed on Rating Watch Positive
-- Short-term IDR: affirmed at 'B'
-- Individual Rating: 'D'; placed on Rating Watch Positive
-- Support Rating: affirmed at '4'
-- Support Rating Floor: affirmed at 'B'
-- National Long-term Rating: 'A+(rus)'; placed on Rating Watch
Positive
MDM Bank (OJSC)
-- Long-term foreign and local currency IDRs: 'BB-'; placed on
Rating Watch Positive
-- Senior unsecured debt: 'BB-'; placed on Rating Watch Positive
-- Subordinated debt: 'B+', placed on Rating Watch Positive
-- Short-term IDR: affirmed at 'B'
-- Individual Rating: 'D'; placed on Rating Watch Positive
-- Support Rating: affirmed at '4'
-- Support Rating Floor: affirmed at 'B'
-- National Long-term Rating: 'A+(rus)'; placed on Rating Watch
Positive
NOMOS-BANK
-- Long-term IDR: 'B+'; placed on Rating Watch Positive
-- Senior unsecured debt: 'B+'; placed on Rating Watch Positive;
Recovery Rating at 'RR4'
-- Subordinated debt: 'B-'; placed on Rating Watch Positive;
Recovery Rating at 'RR6'
-- Short-term IDR: affirmed at 'B'
-- Individual Rating: affirmed at 'D'
-- Support Rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'B-'
-- National Long-term Rating: 'A(rus)'; placed on Rating Watch
Positive
Promsvyazbank
-- Long-term IDR: 'B+'; placed on Rating Watch Evolving
-- Senior unsecured debt: 'B+'; placed on Rating Watch Evolving;
Recovery Rating at 'RR4'
-- Subordinated debt: 'B-'; placed on Rating Watch Evolving;
Recovery Rating at 'RR6'
-- Short-term IDR: affirmed at 'B'
-- Individual Rating: affirmed at 'D'
-- Support Rating: affirmed at '4'
-- Support Rating Floor: affirmed at 'B'
JSC Russian Standard Bank
-- Long-term IDR: 'B+'; placed on Rating Watch Evolving
-- Senior unsecured debt: 'B+'; placed on Rating Watch Evolving
-- Short-term IDR: affirmed at 'B'
-- Individual Rating: affirmed at 'D'
-- Support Rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'No Floor'
Bank Uralsib
-- Long-term IDR: 'B+'; placed on Rating Watch Evolving
-- Short-term IDR: affirmed at 'B'
-- Individual Rating: affirmed at 'D'
-- Support Rating: affirmed at '4'
-- Support Rating Floor: affirmed at 'B'
Uralsib Leasing Group
-- Long-term foreign and local currency IDRs: 'B+'; placed on
Rating Watch Evolving
-- Short-term IDR: affirmed at 'B'
-- Support Rating: '4'; placed on Rating Watch Positive
Bank Zenit
-- Long-term IDR: 'B+'; placed on Rating Watch Evolving
-- Short-term IDR: affirmed at 'B'
-- Individual Rating: affirmed at 'D'
-- Support Rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'No Floor'
-- National Long-term Rating: 'A-(rus)'; placed on Rating Watch
Evolving
Evrofinance Mosnarbank
-- Long-term foreign currency IDR: 'B'; placed on Rating Watch
Positive
-- Short-term foreign currency IDR: affirmed at 'B'
-- Individual Rating: affirmed at 'D'
-- Support Rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'No Floor'
-- National Long-term Rating: 'BBB(rus)'; placed on Rating Watch
Positive
International Industrial Bank
-- Long-term foreign currency IDR: 'B'; placed on Rating Watch
Positive
-- Senior unsecured debt: 'B'; placed on Rating Watch Positive;
Recovery Rating at 'RR4'
-- Short-term foreign currency IDR: affirmed at 'B'
-- Individual Rating: affirmed at 'D'
-- Support Rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'No Floor'
-- National Long-term Rating: 'BBB(rus)'; placed on Rating Watch
Positive
National Reserve Bank
-- Long-term foreign currency IDR: 'B'; placed on Rating Watch
Positive
-- Short-term foreign currency IDR: affirmed at 'B'
-- Individual Rating: affirmed at 'D'
-- Support Rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'No floor'
-- National Long-term Rating: 'BBB-(rus)'; placed on Rating
Watch Positive
Rosevrobank
-- Long-term foreign currency IDR: 'B'; placed on Rating Watch
Positive
-- Short-term foreign currency IDR: affirmed at 'B'
-- Individual Rating: affirmed at 'D'
-- Support Rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'No floor'
-- National Long-term Rating: 'BBB-(rus)'; placed on Rating
Watch Positive
Credit Bank of Moscow
-- Long-term foreign currency IDR: 'B'; placed on Rating Watch
Evolving
-- Short-term foreign currency IDR: affirmed at 'B'
-- Individual Rating: affirmed at 'D'
-- Support Rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'No Floor'
-- National Long-term Rating: 'BBB-(rus)'; placed on Rating
Watch Evolving
Locko-bank
-- Long-term foreign and local currency IDRs: 'B'; placed on
Rating Watch Evolving
-- Short-term foreign currency IDR: affirmed at 'B'
-- Individual Rating: affirmed at 'D'
-- Support Rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'No Floor'
-- National Long-term Rating: 'BBB-(rus)'; placed on Rating
Watch Evolving
CentroCredit Bank
-- Long-term foreign currency IDR: 'B-'; placed on Rating Watch
Positive
-- Short-term foreign currency IDR: affirmed at 'B'
-- Individual Rating: 'D/E'; placed on Rating Watch Positive
-- Support Rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'No Floor'
-- National Long-term Rating: 'BB-(rus)', placed on Rating Watch
Positive
Chelindbank
-- Long-term IDR: 'B-'; placed on Rating Watch Positive
-- Short-term IDR: affirmed at 'B'
-- Individual Rating: 'D/E'; placed on Rating Watch Positive
-- Support Rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'No floor'
-- National Long-term Rating: 'BB(rus)'; placed on Rating Watch
Positive
Petersburg Social Commercial Bank
-- Long-term IDR: 'B-'; placed on Rating Watch Positive
-- Short-term IDR: affirmed at 'B'
-- Individual Rating: 'D/E'; placed on Rating Watch Positive
-- Support Rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'No floor'
-- National Long-term Rating: 'BB-(rus)'; placed on Rating Watch
Positive
Bank Rossiya
-- Long-term IDR: 'B-'; placed on Rating Watch Positive
-- Short-term IDR: affirmed at 'B'
-- Individual Rating: 'D/E'; placed on Rating Watch Positive
-- Support Rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'No floor'
-- National Long-term Rating: 'BB-(rus)'; placed on Rating Watch
Positive
Russian Universal Bank
-- Long-term foreign currency IDR: 'B-'; placed on Rating Watch
Positive
-- Short-term foreign currency IDR: affirmed at 'B'
-- Individual Rating: 'D/E'; placed on Rating Watch Positive
-- Support Rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'No Floor'
-- National Long-term Rating: 'BB(rus)'; placed on Rating Watch
Positive
JSC SDM-Bank
-- Long-term foreign currency IDR: 'B-'; placed on Rating Watch
Positive
-- Short-term foreign currency IDR: affirmed at 'B'
-- Individual Rating: 'D/E'; placed on Rating Watch Positive
-- Support Rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'No Floor'
-- National Long-term Rating: 'BB-(rus)'; placed on Rating Watch
Positive
Central Commercial Bank Limited
-- Long-term foreign currency IDR: 'B-'; placed on Rating Watch
Evolving
-- Short-term foreign currency IDR: affirmed at 'B'
-- Individual Rating: 'D/E'; placed on Rating Watch Evolving
-- Support Rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'No Floor'
-- National Long-term Rating: 'BB-(rus)'; placed on Rating Watch
Evolving
International Bank of Saint Petersburg
-- Long-term IDR: 'B-'; placed on Rating Watch Evolving
-- Short-term IDR: affirmed at 'B'
-- Individual Rating: 'D/E'; placed on Rating Watch Evolving
-- Support Rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'No Floor'
-- National Long-term Rating: 'BB-(rus)'; placed on Rating Watch
Evolving
Primsotsbank
-- Long-term IDR: 'B-'; placed on Rating Watch Evolving
-- Short-term IDR: affirmed at 'B'
-- Individual Rating: 'D/E'; placed on Rating Watch Evolving
-- Support Rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'No floor'
-- National Long-term Rating: 'BB(rus)'; placed on Rating Watch
Evolving
SKB-Bank
-- Long-term IDR: 'B-'; placed on Rating Watch Evolving
-- Short-term IDR: affirmed at 'B'
-- Individual Rating: 'D/E'; placed on Rating Watch Evolving
-- Support Rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'No floor'
Bank Snezhinskiy PJSC
-- Long-term IDR: 'B-'; placed on Rating Watch Evolving
-- Short-term IDR: affirmed at 'B'
-- Individual Rating: 'D/E'; placed on Rating Watch Evolving
-- Support Rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'No floor'
JSC Spurt Bank
-- Long-term IDR: 'B-'; placed on Rating Watch Evolving
-- Short-term IDR: affirmed at 'B'
-- Individual Rating: 'D/E'; placed on Rating Watch Evolving
-- Support Rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'No floor'
-- National Long-term Rating: 'BB-(rus)'; placed on Rating Watch
Evolving
Uraltransbank
-- Long-term IDR: 'B-'; placed on Rating Watch Evolving
-- Short-term IDR: affirmed at 'B'
-- Individual Rating: 'D/E'; placed on Rating Watch Evolving
-- Support Rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'No floor'
-- National Long-term Rating: 'BB(rus); placed on Rating Watch
Evolving
Probusinessbank
-- Long-term foreign and local currency IDRs: 'B-'; Rating Watch
revised to Evolving from Negative
-- Senior unsecured debt: 'B-'; Rating Watch revised to Evolving
from Negative; Recovery Rating at 'RR4'
-- Short-term foreign currency IDR: affirmed at 'B'; removed
from Rating Watch Negative
-- Individual Rating: 'D/E'; Rating Watch revised to Evolving
from Negative
-- Support Rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'No Floor'
-- National Long-term Rating 'BB-(rus)'; Rating Watch revised to
Evolving from Negative
JSC Bank BTA-Kazan (OJSC)
-- Long-term IDR: 'CCC'; placed on Rating Watch Evolving
-- Short-term IDR 'C', placed on Rating Watch Positive
-- Individual Rating: 'E'; placed on Rating Watch Positive
-- Support Rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'No floor'
-- National Long-term Rating: 'B(rus) '; placed on Rating Watch
Evolving
* RUSSIA: Fitch Releases Podcast on Rating Upgrade of Telecoms
--------------------------------------------------------------
Fitch Ratings has released a podcast which provides a more
detailed explanation of the agency's rating rationale behind the
upgrade of five Russian telecom incumbents earlier this week.
The podcast features an audio interview with Nikolai Lukashevich,
a Senior Director in Fitch's TMT team in Moscow. It includes key
insights into the agency's rating approach and addresses specific
factors regarding the 2 March, 2010 rating action affecting the
Russian telecom incumbents.
On March 2, Fitch upgraded OAO Centertelecom, OAO North-West
Telecom, OJSC Volgatelecom and OAO Sibirtelecom's Long-term
foreign currency Issuer Default Ratings to 'BB' with Stable
Outlooks respectively. The agency also upgraded OAO
Uralsvyazinform's Long-term foreign currency IDR to 'BB-', and
affirmed OJSC Far East Telecom's (also known as OAO Dalsvyaz)
Long-term foreign currency IDR at 'BB-'. Both these latter two
companies' Outlooks are Positive.
=========
S P A I N
=========
HIPOCAT 11: S&P Downgrades Rating on Class C Notes to 'CCC'
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'CCC' its credit
rating on Hipocat 11, Fondo de Titulizacion de Activos' class C
notes, as S&P expects that these notes will miss interest payments
in the near term. S&P also placed classes A2, A3, and B on
CreditWatch negative. At the same time, S&P placed on CreditWatch
negative its ratings on Hipocat 10, Fondo de Titulizacion de
Activos's class B and C notes. Its class A2, A3, and A4 notes
remain unaffected.
The mortgage portfolios underlying these transactions have
generated high delinquency levels. As of the end of December,
delinquencies -- defined as arrears greater than 90 days
(including outstanding defaulted loans) -- were 4.37% and 8.51% of
the current collateral balance in Hipocat 10 and Hipocat 11,
respectively.
In Hipocat 10, cumulative defaults as a percentage of the original
pool balance increased to 4.73% in December 2009 from 0.34% in
December 2008. For the same period, this ratio has increased to
7.69% from 0.13% in Hipocat 11. As a result of the high level of
defaults and a structural mechanism requiring a full provision for
defaulted loans, both issuers have drawn on their cash reserves.
The cash reserve is 0.70% in Hipocat 10 of the outstanding
collateral balance, and it has almost depleted in Hipocat 11.
When cumulative defaulted loans (defined as arrears greater than
18 months) in these securitizations reach certain levels, the
priority of payments changes so as to postpone interest payments
on the related class of notes and divert these funds to amortize
the most senior class of notes. The trigger levels in Hipocat 10
are 11% for class B and 7% for class C. In Hipocat 11, these
triggers are 13.2% and 8.9% for classes B and C, respectively.
The lower arrears buckets (30-60 days and 60-90 days), have
decreased from their peak in Q2 2009 in both transactions.
However, the levels of loans in arrears more than 90 days are
above the market average, especially in the case of Hipocat 11.
The class D notes in both transactions were issued to fund the
cash reserves at closing. S&P lowered the ratings on these notes
to 'D' in July 2009 after the issuer missed timely payment of
interest.
Hipocat 10 issued the notes in July 2006 and Hipocat 11 in March
2007. The underlying portfolios include residential mortgage
loans secured over properties in Spain. Caixa Catalunya
originated and services the mortgage loans.
Ratings List
Hipocat 10, Fondo de Titulizacion de Activos
EUR1.526 Billion Residential Mortgage-Backed Floating-Rate Notes
Ratings Placed On CreditWatch Negative
Rating
------
Class To From
----- -- ----
B A/Watch Neg A
C BBB/Watch Neg BBB
Ratings Unaffected
Class Rating
----- ------
A2 AAA
A3 AAA
A4 AAA
D D
Hipocat 11, Fondo de Titulizacion de Activos
EUR1.628 Billion Residential Mortgage-Backed Floating-Rate Notes
Ratings Placed On CreditWatch Negative
Rating
------
Class To From
----- -- ----
A2 AAA/Watch Neg AAA
A3 AAA/Watch Neg AAA
B BBB/Watch Neg BBB
Rating Lowered
Rating
------
Class To From
----- -- ----
C CCC BB+
Rating Unaffected
Class Rating
----- ------
D D
IM BANCO: Moody's Assigns 'Caa1' Rating on Class B Notes
--------------------------------------------------------
Moody's Investors Service assigned provisional credit ratings to
these classes of Notes issued by IM Banco Popular MBS 2:
* (P) Aaa to the EUR596,000,000 Class A due 2052
* (P) Caa1 to the EUR89,000,000 Class B due 2052
The transaction represents the securitization of Spanish High LTV
mortgage loans originated by Banco Popular, S.A. The assets
supporting the notes are prime mortgage loans secured on
residential and some commercial properties located in Spain. The
portfolio will be serviced by Banco Popular, S.A.
Moody's based the provisional ratings primarily on: (i) an
evaluation of the underlying portfolio of loans; (ii) an analysis
of the collateral historical performance; (iii) the swap
agreements hedging the interest rate risk; (iv) the credit
enhancement provided by the reserve fund, the subordination of the
notes, and the excess spread; and (v) the legal and structural
integrity of the transaction.
The expected portfolio loss of 6.0% and the MILAN Aaa required
credit enhancement of 22.5% serve as input parameters for Moody's
cash flow model, which is based on a probabilistic lognormal
distribution as described in the report "The Lognormal Method
Applied to ABS Analysis", published in September 2000. Specific
characteristic of this High LTV pool such as missing information
on employment type, combined with uncertainty in the real estate
sector and the deteriorating economic environment drove to a Milan
Aaa CE in excess of that which would be driven by the MILAN model
outcome.
The V Score for this transaction is Medium, which is in line with
the V score assigned for the Spanish RMBS sector. Only four sub
components underlying the V Score have been assessed higher than
the average for the Spanish RMBS sector.
Issuer/Sponsor/Originator's Historical Performance Variability is
Medium/High, which is higher than the Medium V score assigned for
the Spanish RMBS sector for this sub component because High LTV
pools have historically higher defaults and arrears than
traditional mortgages pools. The Sector's Historical Downgrade
Rate, Disclosure of Securitization Collateral Pool Characteristics
and Transaction Complexity are also assessed as Medium, which are
higher than the Low/Medium V score assigned for the Spanish RMBS
sector for those sub components. This is due to the exposure of
the transaction to HLTV's which have suffered more downgrades than
traditional mortgages pools in recent years, no employment data
and no months current data available and because HLTV loans are
more exposed to house price declines. V-Scores are a relative
assessment of the quality of available credit information and of
the degree of dependence on various assumptions used in
determining the rating. High variability in key assumptions could
expose a rating to more likelihood of rating changes. The V-Score
has been assigned accordingly to the report "V-Scores and
Parameter Sensitivities in the Major EMEA RMBS Sectors" published
in April 2009.
The provisional ratings address the expected loss posed to
investors by the legal final maturity. The structure allows for
timely payment of interest and ultimate payment of principal at
par on or before the legal final maturity date. Moody's ratings
address only the credit risks associated with the transaction.
Other non-credit risks have not been addressed but may have a
significant effect on the yield to investors.
=====================
S W I T Z E R L A N D
=====================
CRYSTAL CREDIT: S&P Retains Junks Ratings on Class B & C Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services said that its credit ratings
are unaffected on all classes of Crystal Credit Ltd.'s principal-
at-risk variable-rate notes, after S&P received new information on
the transaction. The actual claim activity for Q4 2009 is broadly
in line with S&P's expectations.
S&P has received further information from Swiss Reinsurance Co.
Ltd. (Swiss Re; A+/Stable/A-1), including confidential information
regarding its reserving levels and additional analysis of
potential portfolio development under various scenarios.
Crystal Credit involves the securitization of payments related to
an indemnity-based excess-of-loss retrocession agreement between
Swiss Re and Crystal Credit, covering the risk to a defined
portfolio of credit reinsurance treaties for the underwriting
years 2006 to 2008.
Based on this new information, the views S&P reached at its last
review in August 2009 remain unchanged. S&P still believes that
losses on the class C notes are very likely to be higher than the
attachment point at maturity of the notes, and that the repayment
of principal will most likely not be made in full by the notes'
legal maturity. The default probability for the other two classes
of notes has also stayed the same.
For the class C notes to incur a loss, aggregate ceded losses must
reach EUR666 million at maturity. Swiss Re's last investor
report, based on information as of Nov. 29, 2009, reported
aggregate losses to Crystal Credit of EUR749 million for the
underwriting years 2006-2008. Further loses may be reported
before the maturity date, in April 2012; similarly there may be
recoveries that lead to a reduction in some of the currently
reported aggregate losses.
The current aggregate gross amount of losses for each underwriting
year is: EUR208 million for 2006, EUR328 million for 2007, and
EUR351 million for 2008. According to the terms of the
retrocession agreement, Swiss Re retains at least 10% of the
aggregate losses for each underwriting year. The ultimate
percentage depends on the gross reinsurance premium Swiss Re
receives for each underwriting year.
The attachment point for the class B notes is EUR729 million of
aggregate ceded losses for the three underwriting years 2006-2008.
Swiss Re has witnessed a longer reporting lag in the current
circumstances as a result of an unusually high number of claims
and exceptionally high claims intensity, which it expects to
continue. For this reason, Swiss Re's estimate of the loss ratio
for the underwriting year 2008 has significantly increased above
historical claims levels, making it much more likely that the
class B notes will incur a principal loss.
Given the nature of the credit reinsurance business, it will take
about two years for premiums and losses reported to Swiss Re to
reach a stable level. S&P doesn't expect much variation in the
figures reported for the underwriting year 2006. For the
underwriting year 2008, though, the uncertainty remains very high,
as some of the credit reinsurance treaties are still on risk --
meaning losses are still occurring -- and Swiss Re's cedants now
report premium and loss numbers to it.
Although the treaties for the underwriting year 2007 are no longer
at risk, the delay in reporting means that there is still
uncertainty regarding the numbers reported to Swiss Re. Further,
the 2007 losses are already higher than the 2006 losses, and S&P
anticipates that further losses will be reported and that the 2008
losses will be noticeably above the losses for either 2007 or
2006.
The close-out period for the 2008 underwriting year ended on
Dec. 31, 2009, when the loss development period will start. This
period allows Swiss Re's cedants to report losses and premiums to
it for the reserve component of the retroceded losses to be
converted into paid losses, and for agreeing the ultimate loss
amount to be paid to Swiss Re. This period enables ultimately
reported losses to develop mostly into paid losses as opposed to
reserves.
Based on the terms of the transaction, it will only be between
April 1 and April 15, 2012, that Swiss Re will be able to deliver
a proof of loss to Crystal Credit to request the payment of the
ultimate amount of losses under the retrocession agreement.
Swiss Re has appointed Towers Perrin Forster & Crosby Inc. (TPFC)
as the reserve validation firm, according to the terms of the
retrocession agreement. If Swiss Re delivers a proof of loss
containing reported reserves greater than zero, TPFC will perform
a review of the reported reserves and a report will be due 15 days
after the delivery of proof of loss. KPMG Cayman Islands is the
appointed claims reviewer.
Following the extension, the maturity of all classes of notes is
June 30, 2012. Swiss Re has the option to redeem one or more
classes of notes before the extended maturity.
S&P will monitor the quarterly premium and loss reports and
request further information from Swiss Re as S&P see necessary
until the maturity of the notes.
Ratings List
Crystal Credit Ltd.
EUR252 Million Principal-At-Risk Variable-Rate Notes
Class Rating
----- ------
A B+
B CCC+
C CC
=============
U K R A I N E
=============
CENTRAL EUROPEAN MEDIA: Aims to Report Better Earnings in 2010
--------------------------------------------------------------
Lenka Ponikelska at Bloomberg News reports that Central European
Media Enterprises Limited aims to report "better" earnings in 2010
as it sold its Ukrainian operations and relies on a regional
recovery. The report relates Chief Executive Officer Adrian Sarbu
said that the company will strive to post higher earnings before
interest, taxes, depreciation and amortization across its
operations.
"Assuming that we'll close the deals in Ukraine and Bulgaria,
which we're aiming to do, all our operations will post positive
full-year Ebitda," Mr. Sarbu told Bloomberg News in an interview.
"It is also a target for us to deliver better Ebitda than last
year; we will do our best but everything depends on the markets,"
he added.
According to the report, CME has been trying to offset a 30%
decline in advertising spending in its markets during east
Europe's recession by divesting the unprofitable Ukrainian unit,
moving its main operations from London to Prague and adjusting
programming costs. The report relates that the company expects a
market rebound in the second half of 2010.
Meanwhile, Bloomberg News notes that the International Monetary
Fund forecasts emerging Europe to crawl out of recession this
year, posting a combined 1.8% growth rate.
Mr. Sarbu, the report says, said that CME plans to focus on
"expanding its footprint" in the region by creating and
distributing its own content and adding channels. U.S. programming
generates a third of the audience share it generated five years
ago. The company will also expand its content distribution on
mobile and fixed Internet by offering a mix of paid and ad-driven
streams, Mr. Sarbu added. Bloomberg News adds that Mr. Sarbu is
also keen to bring 3D broadcasting to viewers in the region.
As reported in the Troubled Company Reporter-Latin America on
February 25, 2010, CME's net revenues for the fourth quarter of
2009 decreased 14% to US$252.1 million, compared to the fourth
quarter of 2008. EBITDA for the quarter decreased 45% to US$44.1
million. Operating income for the quarter increased US$302.2
million to US$23.0 million. Net revenues for the year ended
December 31, 2009 decreased 30% to US$714.0 million, compared to
the year ended December 31, 2008. EBITDA for the year decreased
75% to US$74.9 million.
About Central European Media
Headquartered in Bermuda, Central European Media Enterprises Ltd.
-- http://www.cetv-net.com/-- invests in, develops and operates
commercial television channels in Central and Eastern Europe. At
present, the Company has operations in Bulgaria, Croatia, the
Czech Republic, Romania, the Slovak Republic, Slovenia and
Ukraine. The Company holds its assets through a series of Dutch
and Netherlands Antilles holding companies. It has ownership
interests in license companies and operating companies in each
market in which it operates. Operations are conducted either by
the license companies themselves or by separate operating
companies. The Company generates revenues primarily through
entering into agreements with advertisers, advertising agencies
and sponsors to place advertising on air of the television
channels that it operates.
* * *
As reported in the Troubled Company Reporter-Europe on March 4,
2010, Moody's Investors Service has affirmed the B2 Corporate
Family Rating and the B2 Probability of Default Rating of Central
European Media Enterprises Ltd and revised the outlook on the
ratings to stable from negative. At the same time, Moody's
downgraded to B3 from B2 the rating of the company's
EUR150 million senior notes due 2014.
UKRHAZ-ENERHO: Court Upholds Appeal on Liquidation Ruling
---------------------------------------------------------
Ukrainian News Agency reports that the Kyiv Business Appeal Court
upheld an appeal by the Ukrhaz-Enerho joint venture in February
2010.
According to Ukrainian News' source, the appeal court ordered the
Kyiv Business court to reconsider the ruling of October 1, 2008,
on liquidation of the Ukrhaz-Enerho because of newly uncovered
circumstances.
Ukrainian News notes the source did not disclose the newly
uncovered circumstances, but he did say that the High Business
Court suspended the case on liquidation of Ukrhaz-Enerho in 2009
pending consideration of a request to review the case because of
newly uncovered circumstances.
Ukrainian News recalls the Kyiv Business Court ordered liquidation
of Ukrhaz-Enerho on October 1, 2008, based on a lawsuit filed by
the Naftohaz Ukrainy national joint-stock company.
The court also ruled that the inaugural meeting of the founders of
the company that took place on February 2, 2006, the decisions
that the shareholders of the company made on April 28, 2007, and
the statutes of the company were invalid, Ukrainian News recounts.
The Kyiv Business Court amended the decision of the lower court on
June 1, 2009, Ukrainian News relates.
Naftohaz Ukrainy and RosUkrEnergo created Ukrhaz-Enerho in
February 2006 with a statutory capital of UAH5 million and with
each of them owning a 50% stake in the joint venture, according to
Ukrainian News.
===========================
U N I T E D K I N G D O M
===========================
ALTERNATIVE HOTEL: Lloyds to Swap GBP650 Mil. Debt for Equity
-------------------------------------------------------------
Dominic Walsh at The Times reports that Lloyds Banking Group will
swap about GBP650 million of debt in the Alternative Hotel Group
for preference shares in a refinancing of the biggest loan
inherited from HBOS.
According to the report, the move will cut AHG's debt burden from
about GBP1.7 billion to just over GBP1 billion and the term will
be extended to give management a chance to rebuild the group's
value over the coming years.
The report says the loan has been extended by two years to
December 2013, with an option to extend it further until 2016.
Covenants have been relaxed and funding made available to continue
expanding the business, the report states.
The refinancing, which cuts AHG's annual interest by about GBP60
million, is a recognition of the collapse in hotel values in the
wake of a sharp decline in trading since the demise of Lehman
Brothers, the report notes.
The report relates the completion of the refinancing comes six
months after Lloyds, as part of its review of HBOS loans,
appointed Deloitte to review the group's operational and financial
position. Lazard has been advising AHG, the report discloses.
Based in London, United Kingdom, Alternative Hotel Group Ltd. is a
hotel and conference center operator. AHG owns properties such as
Cameron House in Scotland and Slaley Hall in Northumberland
through its De Vere chain. It also owns Village Hotels & Leisure
Clubs and the Greens gym chain.
BRADFORD & BINGLEY: PIBS Bondholders Won't Get Compensation
-----------------------------------------------------------
Philip Aldrick at The Daily Telegraph reports that around 2,000
retired investors are being denied compensation from the UK
government for the losses sustained when Bradford & Bingley was
nationalized.
The report relates Peter Clokey, the independent valuer who will
decide whether B&B's shareholders and bondholders are entitled to
compensation, has written to the holders of "perpetual
subordinated notes" to tell them that they do not qualify.
According to the report, the holders are largely pensioners who
bought the bonds when the buy-to-let mortgage lender was still a
building society, before it floated in December 2000. In total,
the 2,000 investors bought GBP105 million, or GBP52,500 each, of
what were then called permanent interest bearing shares (PIBS),
the report says.
PIBS holders, who are being represented by the B&B Shareholders
Action Group (BBAG), are now considering launching a judicial
review against the Treasury, the report relates. Charles Fussell,
whose firm is representing BBAG, has written to Mr. Clokey
requesting clarification and will be seeking confirmation of the
decision from the Treasury, the report discloses.
The report says under the terms of the bank's nationalization in
September 2008, bondholders will not get any money back until B&B
has fully repaid the GBP14 billion owed to the Financial Services
Compensation Scheme and GBP4 billion owed to the government, with
interest. It is likely to be many years before it is clear
whether bondholders will receive a penny, the report states.
Liquidation
As reported by the Troubled Company Reporter-Europe on Jan. 26,
2010, the European Commission approved under EU state aid rules
government measures granted for the liquidation of Bradford &
Bingley. Following Bradford & Bingley's split-up and
nationalization of the part containing the impaired assets in
2008, the UK authorities notified a liquidation plan for the bank.
The Commission authorized the measures, because they are
appropriate and necessary for an orderly winding down of the bank
while taking into account the necessity to preserve the confidence
of creditors in the financial system and remedy a serious
disturbance of the UK economy. The Commission therefore concluded
that the plan is compatible with Article 107(3)(b) of the Treaty
on the Functioning of the European Union, that allows aid to
remedy a serious disturbance in a Member State's economy.
The decision in the case of Bradford & Bingley, together with the
decision taken on Dunfermline, is closing the chapter of UK bank
restructuring prompted by State aid in the context of the
financial crisis.
Bradford and Bingley provided specialist mortgages and savings
products. It operated 197 branches and 141 agencies spread across
the UK. Its market share of net new mortgage lending at the end
of the 2007 was 7.7%.
By September 2008, the bank had fallen into difficulties due to
its dependence on wholesale funding and its risky loan portfolio,
which resulted in the withdrawal of its license to accept deposits
by the UK Financial Services Authority. The UK authorities
decided to nationalize and wind down the bank while it was still
solvent, sell its retail deposit book and branches to Abbey
National and provide the remaining part of the business with a
working capital facility and guarantee arrangements. These
measures were authorized by the Commission as rescue aid on
October 1, 2008, under which the UK was obliged to submit
liquidation or restructuring plan for Bradford & Bingley.
The liquidation plan submitted by the UK foresees a prolongation
of the rescue measures previously authorized, which are now
extended for the liquidation of the bank, and a potential capital
injection.
The Commission concluded that the liquidation plan ensures an
orderly winding down of Bradford & Bingley in a manner which
maintains financial stability. The liquidation period covers more
that 10 years. However, once the bank is no longer active in the
market, competitive distortions are limited. The wind-down can be
accelerated by a sale of the remaining assets when market
conditions improve.
EASTERN CHOICE: Appoints Claire Middlebrook as Receiver
-------------------------------------------------------
The Scotsman reports that Claire Middlebrook, insolvency director
of Scottish accountancy firm, Henderson Loggie was appointed as
receiver of Eastern Choice Ingredients.
"I was brought in when it became clear that the future at Eastern
Choice Ingredients was looking doubtful and administrative
receivership -- the equivalent of Scottish receivership -- was the
only option. I have identified one potential buyer and am hopeful
of a successful outcome," the report quoted Ms. Middlebrook as
saying.
Eastern Choice Ingredients is a speciality sauce producer in South
Wales, according to The Scotsman.
EVERGREEN FOOD: In Receivership; FGS Partnership On Board
---------------------------------------------------------
Jason Godefroy and Andrew Stoneman, Partners at MCR, were
appointed Administrators of Seatek (UK) Ltd., Oriental Delight
Foodservice Ltd., and Vision Seafoods Ltd. on February 23, 2010.
On the same day, Jason Godefroy and Declan Taite (FGS Partnership)
were appointed Joint Receivers of Evergreen Food Services Ltd.
Seatek is a frozen, fresh and ambient fish and seafood wholesaler
within the UK. With sales offices throughout the UK and Ireland,
Seatek offers a one stop shop for the wholesale and catering
sector, controlling every aspect of the supply process from catch
through to delivery. The company employs around 65 staff based at
Billingsgate Market in London. In 2009 it had a turnover of
cGBP36 million.
Oriental Delight Foodservice is a sister company focused on
delivering a wide range of fresh, frozen and ambient foods to the
Ethnic markets. It employs 14 staff in Redditch in
Worcestershire. Finally, Vision Seafoods, is one of Europe's
leading importers and wholesalers of speciality seafood, meat and
poultry.
Evergreen Food Services (including the CX brand) has been
operating in the Irish market since 1994 and specializes in
providing food to Ethnic markets. The company also had a
significant catering supply operation.
Evergreen Foods operates from a 40,000 square foot depot in Athy,
Co Kildare, and employed 46 staff.
All four companies are part of the international food group,
British Seafood Ltd, which went into Administration last week,
with Deloitte LLP.
Jason Godefroy, Partner at MCR stated: "This is a complex case
involving multiple parties, but we are still trading through the
Administration process as we identify a buyer as the underlying
business is profitable. It is too early to identify the reason as
to why these companies fell into Administration as it does appear
to be company specific as opposed to adverse market conditions."
FOXTONS HOLDINGS: Posts GBP218MM Loss in Yr. Ended December 2008
----------------------------------------------------------------
Rowena Mason at The Daily Telegraph reports that in a regulatory
filing to Companies House, documents reveal that Foxtons Holdings
Ltd. made a GBP218 million pre-tax loss for the year to the end of
December 2008.
According to the report, the accounts, submitted months late, show
that the operating loss for the year was GBP13.3 million, before a
GBP163 million goodwill write-down, on turnover of GBP84 million.
By the end of 2008, Foxtons owed GBP376 million, with interest on
bank loans reaching GBP39 million, the report states.
As reported by the Troubled Company Reporter-Europe on January 11,
2010, Foxtons was owned by private equity firm BC Partners, but
its lenders took control of the company in January in a
restructuring of its debt. The company breached its loan
covenants and missed interest-cover and debt-to-earnings targets,
the report recounts. It then spent months negotiating with its
lenders, Mizuho and Bank of America, about a debt-for-equity swap,
the report notes.
Earlier this year, BC Partners' original GBP260 million loan,
which had subsequently increased to GBP300 million, was written
down to GBP120 million, the report relates. As part of the deal,
BC Partners injected just under GBP50 million of new cash into the
business, the report says.
Foxtons is a London and Surrey estate agent with 24 offices,
dealing with both lettings and sales. It was founded by Jon Hunt
in 1981.
LINPAC GROUP: Lenders Mull Break-Up, Sale of Four Divisions
-----------------------------------------------------------
Martin Arnold and Lina Saigol at The Financial Times report that
lenders to Linpac Group are planning to break up and sell the
company.
The FT recalls Linpac was taken over by its lenders, including
Deutsche Bank and Lloyds Banking Group, late last year, wiping out
the investment of Montagu Private Equity, which bought the company
for GBP860 million in 2003.
The company's lenders have hired Bank of America Merrill Lynch to
advise on strategic options, the FT relates. According to the FT,
the most likely outcome is a break-up and sale of Linpac's four
divisions: the main food packaging business, the Allibert
returnable transit packaging unit, the Viscount business in Asia-
Pacific and Ropak in North America.
Linpac Group -- http://www.linpac.com/-- makes some 10,000
different plastic packages and specialty items. Its lineup
includes food containers for everything from donuts to fish, plus
mini to mega transit crates, printed plastic pails and boxes, and
various plastic and metal products, such as shelving and street
furniture. Customers are manufacturers of foods, household and
commercial products, as well as petroleum and construction
businesses. The Group markets packaging along with a slate of
supply chain services from 90 locations dotting the globe.
Founded in 1959, the Group is held by a banking consortium.
MANCHESTER UNITED: Takeover Could Triple Glazer Family's Money
--------------------------------------------------------------
Jenny Davey and Ben Marlow at The Sunday Times report that the
Glazer family could nearly triple their money only five years
after buying Manchester United if the Red Knights consortium of
City financiers pulls off a GBP1.25 billion takeover of the
football club.
According to the report, City sources said about GBP750 million
would go to the Glazers, who put in GBP272 million when they
bought the club in 2005.
The Florida-based family insisted last week they had no plans to
sell, the report recalls.
The report says it is understood that the Knights value United at
up to GBP1.25 billion, including its GBP500 million of debt. They
hope to raise GBP750 million to pay off the Glazers -- GBP250
million from supporters' groups and GBP500 million from a
consortium of wealthy private investors -- and would retain the
GBP500 million of bond debt raised by the club in January, the
report states.
The Glazers' proceeds would probably be reduced by the need to
repay GBP200 million of "PIK" (payment in kind) notes that helped
to finance the original takeover, the report notes.
Manchester United Limited -- http://www.manutd.com/-- operates
Manchester United Football Club, one of the most popular and
successful soccer teams in the world. Man U is currently the top
soccer team the UK's Premier League, boasting 18 championships and
11 FA Cup titles. Manchester United generates revenue primarily
through ticket sales at venerable Old Trafford stadium, as well as
through broadcasting rights and sales of Red Devils merchandise.
Man U was founded as Newton Heath in 1878 before changing its name
in 1902. It is owned by American tycoon Malcolm Glazer, whose
holdings include the Tampa Bay Buccaneers NFL team and a majority
stake in Zapata.
NORTEL NETWORKS: Proposes LinkLaters as U.K. Counsel
----------------------------------------------------
Nortel Networks Inc. and its affiliated debtors seek Bankruptcy
Court approval to employ Linklaters LLP, as their U.K. counsel,
effective January 26, 2010.
The Debtors tapped the services of Linklaters in light of the
proofs of claim that were filed against NNI and some of its
affiliates by the Board of the Pension Protection Fund.
NNUK Pension Trust serves as trustee of the pension scheme of
Nortel Networks UK Ltd. while the PPF Board manages U.K.'s
Pension Protection Fund.
The amount of claim asserted by the Pension Trustee and the PPF
Board has not yet been determined. It is, however, believed to
be over GBP2.1 billion, which is the estimated NNUK's pension
scheme deficit as of January 13, 2009.
"Linklaters' resources and capabilities are crucial to the multi-
jurisdictional issues confronting the Debtors' success including
asserted potential pension obligations under U.K. law," says the
Debtors' counsel, Ann Cordo, Esq., at Morris Nichols Arsht &
Tunnell LLP, in Wilmington, Delaware.
"The services of Linklaters are necessary and essential to enable
the Debtors to defend the claims of the trustee and the PPF," Ms.
Cordo says in court papers.
As the Debtors' U.K. counsel, Linklaters will be tasked to
provide advice to the Debtors about U.K. law and other legal
services in connection with the alleged pension obligations and
the proofs of claim filed by the Pension Trustee and the PPF.
Linklaters will be paid for its services on an hourly basis and
will also be reimbursed of its necessary and reasonable expenses.
The firm's hourly rates are:
Partners GBP650
Counsel GBP600
Managing Associates GBP550
Associates GBP465
Trainee Solicitors GBP280
Paralegals GBP125
The Debtors will also be charged of fees and expenses of Paul
Newman QC and James Walmsley of Wilberforce Chambers, the
barristers instructed by Linklaters to represent NNI and Nortel
Networks (CALA) Inc. in their Chapter 11 cases or to defend their
rights under U.K. law. The hourly rates of Messrs. Newman and
Walmsley are GBP500 and GBP175, respectively.
In a declaration filed with the Court, Mark Blyth, Esq., a
partner at Linklaters, assures the Court that his firm does not
have interests adverse to the interest of the Debtors or their
creditors. He asserts that Linklaters is a "disinterested
person" as the term is defined under Section 101(14) of the
Bankruptcy Code.
About Nortel Networks
Nortel Networks (OTCBB:NRTLQ) -- http://www.nortel.com/--
delivers communications capabilities that make the promise of
Business Made Simple a reality for the Company's customers. The
Company's next-generation technologies, for both service provider
and enterprise networks, support multimedia and business-critical
applications. Nortel's technologies are designed to help
eliminate the barriers to efficiency, speed and performance by
simplifying networks and connecting people to the information they
need, when they need it.
Nortel Networks Corp., Nortel Networks Inc., and other affiliated
corporations in Canada sought insolvency protection under the
Companies' Creditors Arrangement Act in the Ontario Superior Court
of Justice (Commercial List). Ernst & Young was appointed to
serve as monitor and foreign representative of the Canadian Nortel
Group.
The Monitor sought recognition of the CCAA Proceedings in the U.S.
by filing a bankruptcy petition under Chapter 15 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 09-10164). Mary Caloway,
Esq., and Peter James Duhig, Esq., at Buchanan Ingersoll & Rooney
PC, in Wilmington, Delaware, serves as the Chapter 15 petitioner's
counsel.
Nortel Networks Inc. and 14 affiliates filed separate Chapter 11
petitions on January 14, 2009 (Bankr. D. Del. Case No. 09-10138).
Judge Kevin Gross presides over the case. James L. Bromley, Esq.,
at Cleary Gottlieb Steen & Hamilton, LLP, in New York, serves as
general bankruptcy counsel; Derek C. Abbott, Esq., at Morris
Nichols Arsht & Tunnell LLP, in Wilmington, serves as Delaware
counsel. The Chapter 11 Debtors' other professionals are Lazard
Freres & Co. LLC as financial advisors; and Epiq Bankruptcy
Solutions LLC as claims and notice agent.
Certain of Nortel's European subsidiaries also made consequential
filings for creditor protection. The Nortel Companies related in
a press release that Nortel Networks UK Limited and certain
subsidiaries of the Nortel group incorporated in the EMEA region
have each obtained an administration order from the English High
Court of Justice under the Insolvency Act 1986. The applications
were made by the EMEA Subsidiaries under the provisions of the
European Union's Council Regulation (EC) No. 1346/2000 on
Insolvency Proceedings and on the basis that each EMEA
Subsidiary's centre of main interests is in England. Under the
terms of the orders, representatives of Ernst & Young LLP have
been appointed as administrators of each of the EMEA Companies and
will continue to manage the EMEA Companies and operate their
businesses under the jurisdiction of the English Court and in
accordance with the applicable provisions of the Insolvency Act.
Several entities, particularly, Nortel Government Solutions
Incorporated have material operations and are not part of the
bankruptcy proceedings.
As of September 30, 2008, Nortel Networks Corp. reported
consolidated assets of US$11.6 billion and consolidated
liabilities of US$11.8 billion. The Nortel Companies' U.S.
businesses are primarily conducted through Nortel Networks Inc.,
which is the parent of majority of the U.S. Nortel Companies. As
of September 30, 2008, NNI had assets of about US$9 billion and
liabilities of US$3.2 billion, which do not include NNI's
guarantee of some or all of the Nortel Companies' about
US$4.2 billion of unsecured public debt.
Bankruptcy Creditors' Service, Inc., publishes Nortel Networks
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
and ancillary foreign proceedings undertaken by Nortel Networks
Corp. and its various affiliates. (http://bankrupt.com/newsstand/
or 215/945-7000)
PROMINENT CMBS: Fitch Affirms Rating on Class F Notes at 'CC'
-------------------------------------------------------------
Fitch Ratings has affirmed the ratings of Prominent CMBS Conduit
No.2 Limited's commercial mortgage-backed notes, due April 2019.
The ratings are affirmed are:
-- GBP361.3 million class A (XS0303848229) affirmed at 'A';
Outlook Negative
-- GBP18.9 million class B (XS0303848815) affirmed at 'BBB-';
Outlook Negative
-- GBP18.9 million class C (XS0303849201) affirmed at 'B';
Outlook Negative
-- GBP20.0 million class D (XS0303849896) affirmed at 'CCC';
assigned a Recovery Rating (RR) of 'RR5'
-- GBP11.0 million class E (XS0303850555) affirmed at 'CCC';
assigned 'RR5'
-- GBP17.0 million class F (XS0305344417) affirmed at 'CC';
assigned 'RR5'
The affirmation of the notes follows a satisfactory review of the
transaction's performance. The Negative Outlooks on the class A,
B and C notes reflect Fitch's ongoing concern with regards to the
upcoming maturity of the Cavendish loan (11.5% of the pool).
Although the trend for secondary, tertiary and non-standard
property types continues to be uncertain, market research suggests
that yields on UK commercial real estate have started to stabilize
particularly across prime markets. The majority of the assets
within the reference portfolio are considered above-average; the
locations, tenant covenant strengths, weighted average lease
lengths, and lot sizes should generally result in good
marketability and re-letting prospects.
The loans are secured by a mixture of use types, predominantly
office (34% by market value) and retail (26%). Three of the loans
(Colombina, Lavincino and Ambassador, 70.6% of the pool) have
subordinated B-note tranches that significantly increase the whole
loan loan-to-value ratios. This, coupled with the aggressive
yields at which the properties were originally valued, and the
limited scheduled amortization, increases the overall refinancing
risk. While the majority of the loans are scheduled to mature in
2013 and 2014, the Cavendish loan is scheduled to mature in 2011.
The servicer's reporting on all the loans continues to be based on
the original valuations carried out in 2006 and 2007. The
portfolio has a WA Fitch LTV of 107%, compared to a WA reported
LTV of 68.8%. This implies a WA market value decline of 36.9%
since closing.
Fitch employed its criteria for European CMBS surveillance to
analyze the quality of the underlying commercial loans.
ROYAL BANK: Santander Leads Bidding Race for 320 Branches
---------------------------------------------------------
Martin Waller at The Times reports that Santander is leading the
bidding race for 320 branches being sold by Royal Bank of
Scotland.
The report recalls the sale memorandum went out last week, but it
emerged over the weekend that any buyer would have to find an
extra GBP3 billion as well as the mooted price of GBP1 billion.
According to the report, the business, which is being marketed as
the old Williams & Glyn's branch network, is dependent on GBP3
billion of emergency funding from the Bank of England, part of the
rescue package provided to RBS and the rest of the banking sector.
A buyer would have to replace this with fresh funding within
weeks, the report says.
A purchaser would also require about GBP2 billion in capital to
support the GBP24 billion loan book, the report notes.
Other possible bidders include Virgin Money and National Australia
Bank, the report discloses.
The European Commission announced the forced sale last summer as a
consequence of the state aid given to RBS, the report recounts.
The Royal Bank of Scotland Group plc (NYSE:RBS) --
http://www.rbs.com/-- is a holding company of The Royal Bank of
Scotland plc (Royal Bank) and National Westminster Bank Plc
(NatWest), which are United Kingdom-based clearing banks. The
company's activities are organized in six business divisions:
Corporate Markets (comprising Global Banking and Markets and
United Kingdom Corporate Banking), Retail Markets (comprising
Retail and Wealth Management), Ulster Bank, Citizens, RBS
Insurance and Manufacturing. On October 17, 2007, RFS Holdings
B.V. (RFS Holdings), a company jointly owned by RBS, Fortis N.V.,
Fortis SA/NV and Banco Santander S.A. (the Consortium Banks) and
controlled by RBS, completed the acquisition of ABN AMRO Holding
N.V. (ABN AMRO). In July 2008, the company disposed its entire
interest in Global Voice Group Ltd.
* * *
As reported by the Troubled Company Reporter-Europe on Dec. 22,
2009, Fitch Ratings upgraded The Royal Bank of Scotland Group's
(RBS Group) and The Royal Bank of Scotland's Individual Ratings to
'D/E' from 'E' and removed the Rating Watch Positive. The upgrade
of the Individual Ratings reflects improvements in the group's
capital combined with some progress in restructuring the balance
sheet.
ROYAL BANK: Nine Executives Get GBP10MM Deferred Share Bonuses
--------------------------------------------------------------
Sharlene Goff at The Financial Times reports that Royal Bank of
Scotland has awarded GBP10 million in deferred share bonuses to
nine of its most senior executives for their performance last
year.
According to the FT, the highest pay-out -- GBP5.9 million worth
of shares -- will go to John Hourican, chief executive of the
investment banking division.
Ellen Alemany, head of Citizens, the US bank, will receive the
second-highest RBS award of GBP1.4 million worth of shares, the FT
says.
RBS --in which the UK government holds an 84% interest -- said
that seven other executives will receive share bonuses of between
GBP300,000 and GBP530,000 for 2009, the FT notes.
The RBS share awards must be retained for at least five years and
are subject to clawback, the FT states.
The FT relates RBS has said that more than 100 of its staff would
receive a bonus of at least GBP1 million. RBS is paying GBP1.3
billion in bonuses, the FT discloses.
The Royal Bank of Scotland Group plc (NYSE:RBS) --
http://www.rbs.com/-- is a holding company of The Royal Bank of
Scotland plc (Royal Bank) and National Westminster Bank Plc
(NatWest), which are United Kingdom-based clearing banks. The
company's activities are organized in six business divisions:
Corporate Markets (comprising Global Banking and Markets and
United Kingdom Corporate Banking), Retail Markets (comprising
Retail and Wealth Management), Ulster Bank, Citizens, RBS
Insurance and Manufacturing. On October 17, 2007, RFS Holdings
B.V. (RFS Holdings), a company jointly owned by RBS, Fortis N.V.,
Fortis SA/NV and Banco Santander S.A. (the Consortium Banks) and
controlled by RBS, completed the acquisition of ABN AMRO Holding
N.V. (ABN AMRO). In July 2008, the company disposed its entire
interest in Global Voice Group Ltd.
* * *
As reported by the Troubled Company Reporter-Europe on Dec. 22,
2009, Fitch Ratings upgraded The Royal Bank of Scotland Group's
(RBS Group) and The Royal Bank of Scotland's Individual Ratings to
'D/E' from 'E' and removed the Rating Watch Positive. The upgrade
of the Individual Ratings reflects improvements in the group's
capital combined with some progress in restructuring the balance
sheet.
SEATEK UK: In Administration; MCR Appointed
-------------------------------------------
Jason Godefroy and Andrew Stoneman, Partners at MCR, were
appointed Administrators of Seatek (UK) Ltd., Oriental Delight
Foodservice Ltd., and Vision Seafoods Ltd. on February 23, 2010.
On the same day, Jason Godefroy and Declan Taite (FGS Partnership)
were appointed Joint Receivers of Evergreen Food Services Ltd.
Seatek is a frozen, fresh and ambient fish and seafood wholesaler
within the UK. With sales offices throughout the UK and Ireland,
Seatek offers a one stop shop for the wholesale and catering
sector, controlling every aspect of the supply process from catch
through to delivery. The company employs around 65 staff based at
Billingsgate Market in London. In 2009 it had a turnover of
cGBP36 million.
Oriental Delight Foodservice is a sister company focused on
delivering a wide range of fresh, frozen and ambient foods to the
Ethnic markets. It employs 14 staff in Redditch in
Worcestershire. Finally, Vision Seafoods, is one of Europe's
leading importers and wholesalers of speciality seafood, meat and
poultry.
Evergreen Food Services (including the CX brand) has been
operating in the Irish market since 1994 and specializes in
providing food to Ethnic markets. The company also had a
significant catering supply operation.
Evergreen Foods operates from a 40,000 square foot depot in Athy,
Co Kildare, and employed 46 staff.
All four companies are part of the international food group,
British Seafood Ltd, which went into Administration last week,
with Deloitte LLP.
Jason Godefroy, Partner at MCR stated: "This is a complex case
involving multiple parties, but we are still trading through the
Administration process as we identify a buyer as the underlying
business is profitable. It is too early to identify the reason as
to why these companies fell into Administration as it does appear
to be company specific as opposed to adverse market conditions."
VEDANTA RESOURCES: S&P Assigns 'BB' Rating on US$805 Mil. Bonds
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' rating to the
proposed US$805 million convertible bonds due 2017 issued by
Vedanta Resources Jersey II Ltd., a wholly owned subsidiary of
London-based metals and mining company Vedanta Resources PLC
(foreign currency BB/Stable/--).
The bonds are guaranteed by Vedanta Resources PLC and represent a
senior unsecured obligation of the guarantor. Vedanta intends to
use the net proceeds of the issue to refinance debt and for
general corporate purposes. The offering consists of an over-
allotment option of US$78 million. This is an indicative rating,
subject to completion of final documentation.
The 'BB' corporate credit rating on Vedanta reflects S&P's opinion
of the substantial execution risks at some of the company's large
projects under construction, the location of a sizable portion of
the assets in India, Vedanta's aggressive debt-funded growth
strategy, and its exposure to volatile prices for metals traded on
the London Metals Exchange and demand levels.
Partly offsetting these weaknesses is S&P's view of Vedanta's
diversified metal and mining assets, the company's favorable
market position and proximity to the resource-hungry Indian
economy, its cost-competitive operations and increasing reserves
base, the corrective measures implemented in response to the
market downturn, and a financial policy that seeks to maintain
sizable cash balances and robust liquidity.
* UK: Mortgage Brokers Hit by Home-Loan Crisis
----------------------------------------------
Teresa Hunter at Scotland On Sunday reports that mortgage brokers
in the United Kingdom have been badly hit by the home-loan crisis,
which saw annual lending collapse from a peak of GBP364 billion to
GBP144 billion.
Citing the Association of Mortgage Intermediaries, the report says
the number of advisers still working in the business has shrunk by
60%, from 30,000 at the height of the housing bubble to 12,000.
The report notes not only did mortgage finance dry up, lenders
saved the few loans available for customers who came to them
direct. Brokers were squeezed out, the report states.
"I fear mortgage lending is going to be restricted for a very long
time. Building societies are facing severe pressures bringing in
retail funds and the wholesale markets remain challenged. In
these circumstances, all but the most gold-plated of borrowers
will face difficulties getting a loan, which is where we come in,"
the report quoted Ian Darby, chief executive of Towergate
Financial, as saying.
The report relates Robert Sinclair, director of AMI, said if
brokers disappear, homebuyers would pay more because the brokers
bring a vital competitive edge to the market.
* Ropes & Gray Adds Weil Gotshal Bankruptcy Partner
---------------------------------------------------
Ropes & Gray announced that Tony Horspool has joined the firm in
its Bankruptcy and Business Restructuring practice. Mr. Horspool
is the latest in a series of strategic appointments since the firm
launched its London office in January.
Mr. Horspool joins Ropes & Gray from Weil, Gotshal & Manges in
London. Named a leading lawyer by Chambers UK: A Client's Guide
to the UK Legal Profession, he represents clients across the
financial services sector, including hedge funds, special
situations groups, banks, monolines, accounting firms and
insurers.
The U.K. team is headed by leading finance and restructuring
lawyers Maurice Allen and Michael Goetz and was bolstered with the
addition of U.S. securities partner Jonathan Bloom. By adding a
top flight lawyer with deep experience advising companies and
their creditors in distressed situations, Ropes & Gray is
demonstrating its strong commitment to establishing a premier
service center for its clients in the vital London market.
"Tony's outstanding technical insolvency skills added to our
existing capabilities ensures that we can effectively represent
all the key constituencies in restructurings and insolvencies:
borrowers and sponsor clients, senior lenders, and subordinated
lenders," Mr. Allen says.
Mr. Horspool has been involved in many of the largest and most
complex restructurings of European companies, including
Eurotunnel, Parmalat and Telewest. He also has been involved with
a number of structured investment vehicles, and has been advising
Lehman Brothers Holding Inc. in relation to cross-border aspects
of its Chapter 11 filing and TI Automotive on its proposed scheme
of arrangement.
===============
X X X X X X X X
===============
* Large Companies with Insolvent Balance Sheet
----------------------------------------------
Total
Shareholders Total
Equity Assets
Company Ticker (US$) (US$)
------- ------ ------ ------
AUSTRIA
-------
LIBRO AG LIBR AV -109013328 171684389.1
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BELGIUM
-------
SABENA SA SABA BB -84766501.61 2196477161
CROATIA
-------
OT-OPTIMA TELEKO OPTERA CZ -48565065 119632635.5
OT OPTIMA TELEKO 2299892Z CZ -48565065 119632635.5
CYPRUS
------
LIBRA HOLIDA-RTS LBR CY -27821889.5 240947718
LIBRA HOLIDA-RTS LGWR CY -27821889.5 240947718
LIBRA HOLIDAY-RT 3167808Z CY -27821889.5 240947718
LIBRA HOLIDAYS LHGCYP EU -27821889.5 240947718
LIBRA HOLIDAYS LHGR CY -27821889.5 240947718
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LIBRA HOLIDAYS G LHG CY -27821889.5 240947718
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LIBRA HOLIDAYS-P LBHG PZ -27821889.5 240947718
CZECH REPUBLIC
--------------
CKD PRAHA HLDG CDP EX -89435858.16 192305153
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DENMARK
-------
ELITE SHIPPING ELSP DC -27715991.74 100892900.3
ROSKILDE BANK ROSK DC -532868894.9 7876687324
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ROSKILDE BAN-RTS ROSKT DC -532868894.9 7876687324
FRANCE
------
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GEORGIA
-------
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GERMANY
-------
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EM.TV & MERCHAND ETV VX -22067409.41 849175624.7
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MANIA TECHNOLOGI MNI NM -35060806.5 107465713.6
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RAG ABWICKL-REG ROS GR -1744121.914 217776125.8
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RINOL AG RNLAF US -2.7111 168095049.1
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ROSENTHAL AG-ACC ROS4 GR -1744121.914 217776125.8
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SPAR HAND-PFD NV SPA3 GR -442426199.5 1433020961
TA TRIUMPH-ACQ TWNA GR -120075877.7 410015192
TA TRIUMPH-ACQ TWNA EU -120075877.7 410015192
TA TRIUMPH-ADLER TWN EO -120075877.7 410015192
TA TRIUMPH-ADLER TWN GR -120075877.7 410015192
TA TRIUMPH-ADLER TWNG IX -120075877.7 410015192
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TA TRIUMPH-A-RTS 1018916Z GR -120075877.7 410015192
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TA TRIUMPH-RTS 3158577Q GR -120075877.7 410015192
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VIVANCO GRUPPE VVA1 GR -22198683.12 111990951.4
VIVANCO GRUPPE VVA1 EU -22198683.12 111990951.4
VIVANCO GRUPPE VVAG IX -22198683.12 111990951.4
VIVANCO GRUPPE VVA GR -22198683.12 111990951.4
VIVANCO GRUPPE VVA1 PZ -22198683.12 111990951.4
VIVANCO GRUPPE VVA1 EO -22198683.12 111990951.4
GREECE
------
AG PETZETAKIS SA PTZ GR -36788613.11 258762040.3
AG PETZETAKIS SA PZETF US -36788613.11 258762040.3
AG PETZETAKIS SA PETZK PZ -36788613.11 258762040.3
AG PETZETAKIS SA PTZ1 GR -36788613.11 258762040.3
AG PETZETAKIS SA PETZK EU -36788613.11 258762040.3
AG PETZETAKIS SA PETZK GA -36788613.11 258762040.3
AG PETZETAKIS SA PETZK EO -36788613.11 258762040.3
ALMA-ATERM-AUCT ATERME GA -4110971.317 105276552.2
ALMA-ATERMON SA ATERM PZ -4110971.317 105276552.2
ALMA-ATERMON SA ATERM EO -4110971.317 105276552.2
ALMA-ATERMON SA ATERM EU -4110971.317 105276552.2
ALTEC SA -AUCT ALTECE GA -118834340 160209968.7
ALTEC SA INFO ALTEC PZ -118834340 160209968.7
ALTEC SA INFO ALTEC EU -118834340 160209968.7
ALTEC SA INFO ALTEC GA -118834340 160209968.7
ALTEC SA INFO ATCQF US -118834340 160209968.7
ALTEC SA INFO ALTEC EO -118834340 160209968.7
ALTEC SA INFO AXY GR -118834340 160209968.7
ALTEC SA INFO-RT ALTECR GA -118834340 160209968.7
ALTEC SA INFO-RT ALTED GA -118834340 160209968.7
ARIES MARITIME T RAMS US -57875000 197992000
ASPIS PRONIA GE ASASK EO -189908329.1 896537349.7
ASPIS PRONIA GE AISQF US -189908329.1 896537349.7
ASPIS PRONIA GE ASASK EU -189908329.1 896537349.7
ASPIS PRONIA GE ASASK PZ -189908329.1 896537349.7
ASPIS PRONIA GE ASASK GA -189908329.1 896537349.7
ASPIS PRONIA -PF ASAPR GA -189908329.1 896537349.7
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ASPIS PRONIA-PF ASASP GA -189908329.1 896537349.7
ASPIS PRONIA-RT ASASKR GA -189908329.1 896537349.7
ASPIS PRONOIA GE APG GR -189908329.1 896537349.7
ASPIS PRONOIA GE APGG IX -189908329.1 896537349.7
ASPIS PRON-PF RT ASASPR GA -189908329.1 896537349.7
ATERMON DYNAMIC ATERM GA -4110971.317 105276552.2
EMPEDOS SA EMPED GA -33637669.62 174742646.9
EMPEDOS SA-RTS EMPEDR GA -33637669.62 174742646.9
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KOUMBAS SYNERGY KOUM EO -38449174.63 221302771.2
KOUMBAS SYNERGY KOUM EU -38449174.63 221302771.2
KOUMBAS SYNERGY KOUMF US -38449174.63 221302771.2
NAOUSSA SPIN -RT NAOYD GA -130380438 326934399.4
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NEWLEAD HOLDINGS A1M GR -57875000 197992000
NEWLEAD HOLDINGS NEWL US -57875000 197992000
PETZET - PFD-RTS PETZPD GA -36788613.11 258762040.3
PETZETAKIS - RTS PETZKD GA -36788613.11 258762040.3
PETZETAKIS-AUC PETZKE GA -36788613.11 258762040.3
PETZETAKIS-PFD PETZP GA -36788613.11 258762040.3
PETZETAKIS-PFD PTZ3 GR -36788613.11 258762040.3
RADIO KORASSIDIS RKC GR -100972173.9 180679253.6
RADIO KORASSIDIS RAKOF US -100972173.9 180679253.6
RADIO KORASSIDIS KORA GA -100972173.9 180679253.6
RADIO KORASSI-RT KORAD GA -100972173.9 180679253.6
RADIO KORASS-RTS KORAR GA -100972173.9 180679253.6
THEMELIODOMI THEME GA -55751178.85 232036822.6
THEMELIODOMI-AUC THEMEE GA -55751178.85 232036822.6
THEMELIODOMI-RTS THEMED GA -55751178.85 232036822.6
THEMELIODOMI-RTS THEMER GA -55751178.85 232036822.6
UNITED TEXTILES NAOYK GA -130380438 326934399.4
UNITED TEXTILES UTEX PZ -130380438 326934399.4
UNITED TEXTILES UTEX GA -130380438 326934399.4
UNITED TEXTILES NAOSF US -130380438 326934399.4
UNITED TEXTILES UTEX EO -130380438 326934399.4
UNITED TEXTILES UTEX EU -130380438 326934399.4
HUNGARY
-------
HUNGARIAN TELEPH HUC EX -75973000 835658048
HUNGARIAN TELEPH HUGC IX -75973000 835658048
HUNGARIAN TELEPH HUC GR -75973000 835658048
INVITEL HOLD-ADR IHO US -75973000 835658048
INVITEL HOLD-ADR INVHY US -75973000 835658048
INVITEL HOLD-ADR 0IN GR -75973000 835658048
INVITEL HOLDINGS 3212873Z HB -75973000 835658048
ICELAND
-------
AVION GROUP B1Q GR -223771648 2277793536
EIMSKIPAFELAG HF HFEIM EO -223771648 2277793536
EIMSKIPAFELAG HF AVION IR -223771648 2277793536
EIMSKIPAFELAG HF HFEIMEUR EO -223771648 2277793536
EIMSKIPAFELAG HF HFEIMEUR EU -223771648 2277793536
EIMSKIPAFELAG HF HFEIM EU -223771648 2277793536
EIMSKIPAFELAG HF HFEIM PZ -223771648 2277793536
EIMSKIPAFELAG HF HFEIM IR -223771648 2277793536
IRELAND
-------
BOUNDARY CAPITAL BCM GR -10192301.85 119787800.5
BOUNDARY CAPITAL BCP IX -10192301.85 119787800.5
BOUNDARY CAPITAL BCP ID -10192301.85 119787800.5
BOUNDARY CAPITAL BCP1 PZ -10192301.85 119787800.5
BOUNDARY CAPITAL BCP1 PG -10192301.85 119787800.5
BOUNDARY CAPITAL BCP1 EU -10192301.85 119787800.5
BOUNDARY CAPITAL BCP LN -10192301.85 119787800.5
BOUNDARY CAPITAL BCP1 EO -10192301.85 119787800.5
BOUNDARY CAPITAL BCPI IX -10192301.85 119787800.5
ELAN CORP PLC ECN VX -370500000 1669500032
ELAN CORP PLC ELN NQ -370500000 1669500032
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ELAN CORP PLC DRX GR -370500000 1669500032
ELAN CORP PLC ELNUSD EU -370500000 1669500032
ELAN CORP PLC ELN NR -370500000 1669500032
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ELAN CORP PLC ELN EO -370500000 1669500032
ELAN CORP PLC DRX1 PZ -370500000 1669500032
ELAN CORP PLC DRXG IX -370500000 1669500032
ELAN CORP PLC ELNCF US -370500000 1669500032
ELAN CORP PLC ELN TQ -370500000 1669500032
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ELAN CORP PLC ELA IX -370500000 1669500032
ELAN CORP PLC ELN LN -370500000 1669500032
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ELAN CORP PLC ELA LN -370500000 1669500032
ELAN CORP PLC ELN EB -370500000 1669500032
ELAN CORP PLC ELA PO -370500000 1669500032
ELAN CORP-ADR ELN US -370500000 1669500032
ELAN CORP-ADR EANG IX -370500000 1669500032
ELAN CORP-ADR EAN GR -370500000 1669500032
ELAN CORP-ADR ELAD LN -370500000 1669500032
ELAN CORP-ADR QUNELN AU -370500000 1669500032
ELAN CORP-ADR UT ELN/E US -370500000 1669500032
ELAN CORP-CVR LCVRZ US -370500000 1669500032
ELAN CORP-CVR ELNZV US -370500000 1669500032
MCINERNEY HLDGS MCI PO -113397336.3 441922391.7
MCINERNEY HLDGS MCI EU -113397336.3 441922391.7
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MCINERNEY HLDGS MCIGBX EO -113397336.3 441922391.7
MCINERNEY HLDGS MCI EO -113397336.3 441922391.7
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MCINERNEY HLDGS MK9C PZ -113397336.3 441922391.7
MCINERNEY HLDGS MK9 PO -113397336.3 441922391.7
MCINERNEY HLDGS MCII IX -113397336.3 441922391.7
MCINERNEY HLDGS MCIGBX EU -113397336.3 441922391.7
MCINERNEY HLDGS MCI ID -113397336.3 441922391.7
MCINERNEY HLDGS MCI VX -113397336.3 441922391.7
MCINERNEY HLDGS MCIGBP EO -113397336.3 441922391.7
MCINERNEY PROP-A MYP LN -113397336.3 441922391.7
MCINERNEY PROP-A MYP ID -113397336.3 441922391.7
MCINERNEY PROP-A MCIYF US -113397336.3 441922391.7
MCINERNEY -RT FP MCIF LN -113397336.3 441922391.7
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MCINERNEY-ADR MNEYY US -113397336.3 441922391.7
PAYZONE PLC PAYZ PZ -138030903.2 510010035.3
PAYZONE PLC PAYZ EU -138030903.2 510010035.3
PAYZONE PLC PAYZ LN -138030903.2 510010035.3
PAYZONE PLC PAYZ IX -138030903.2 510010035.3
PAYZONE PLC 4P6 GR -138030903.2 510010035.3
PAYZONE PLC PAYZ EO -138030903.2 510010035.3
PAYZONE PLC PAYZ PG -138030903.2 510010035.3
WATERFORD - RTS 508519Q LN -505729895.2 820803256
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WATERFORD W-ADR WATWY US -505729895.2 820803256
WATERFORD WDGEWD WATFF US -505729895.2 820803256
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WATERFORD WED-RT 586552Q LN -505729895.2 820803256
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WATERFORD WE-RTS WTFN ID -505729895.2 820803256
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WATERFORD-SUB 3001875Z ID -505729895.2 820803256
ITALY
-----
AEDES AXA+W AEAXAW IM -24405906.61 1350851664
AEDES SPA AE TQ -24405906.61 1350851664
AEDES SPA AE EO -24405906.61 1350851664
AEDES SPA LLB GR -24405906.61 1350851664
AEDES SPA AE EU -24405906.61 1350851664
AEDES SPA AE IM -24405906.61 1350851664
AEDES SPA AEDSF US -24405906.61 1350851664
AEDES SPA AE PZ -24405906.61 1350851664
AEDES SPA AEDI IX -24405906.61 1350851664
AEDES SPA RNC AEDE IM -24405906.61 1350851664
AEDES SPA-OPA AEDROP IM -24405906.61 1350851664
AEDES SPA-OPA AEOPA IM -24405906.61 1350851664
AEDES SPA-RTS AEAA IM -24405906.61 1350851664
AEDES SPA-RTS AESA IM -24405906.61 1350851664
AEDES SPA-SVGS R AEDRAA IM -24405906.61 1350851664
BINDA SPA BNDAF US -11146475.29 128859802.9
BINDA SPA BND IM -11146475.29 128859802.9
BROGGI IZAR FABB BIF IM -178432.4639 134255668.5
CART SOTTRI-BIND DEM IM -11146475.29 128859802.9
CIRIO FINANZIARI FIY GR -422095869.5 1583083044
CIRIO FINANZIARI CRO IM -422095869.5 1583083044
COIN SPA GUCIF US -151690764.8 791310848.7
COIN SPA GC IX -151690764.8 791310848.7
COIN SPA 965089Q GR -151690764.8 791310848.7
COIN SPA/OLD GC IM -151690764.8 791310848.7
COIN SPA-RTS GCAA IM -151690764.8 791310848.7
COMPAGNIA ITALIA CITU IX -137726596.3 527372691.4
COMPAGNIA ITALIA CGLUF US -137726596.3 527372691.4
COMPAGNIA ITALIA ICT IM -137726596.3 527372691.4
CORNELL BHN INN IM -178432.4639 134255668.5
CORNELL BHN BY EU -178432.4639 134255668.5
CORNELL BHN BY EO -178432.4639 134255668.5
CORNELL BHN INO1 IX -178432.4639 134255668.5
CORNELL BHN CBX IM -178432.4639 134255668.5
CREDITO FONDIARI CRF IM -200209050.3 4213063202
CREDITO FOND-RTS CRFSA IM -200209050.3 4213063202
ELIOS HOLDING EH IM -178432.4639 134255668.5
ELIOS HOLDING-NE EH00 IM -178432.4639 134255668.5
ELIOS HOLDING-RT EHAA IM -178432.4639 134255668.5
ELIOS SPA EHM IM -178432.4639 134255668.5
I VIAGGI DEL VEN VVE EO -92020221.43 318192568.6
I VIAGGI DEL VEN IVGIF US -92020221.43 318192568.6
I VIAGGI DEL VEN VVE PZ -92020221.43 318192568.6
I VIAGGI DEL VEN VVE IX -92020221.43 318192568.6
I VIAGGI DEL VEN IV7 GR -92020221.43 318192568.6
I VIAGGI DEL VEN VVE IM -92020221.43 318192568.6
I VIAGGI DEL VEN VVE EU -92020221.43 318192568.6
I VIAGGI DEL VEN VVE TQ -92020221.43 318192568.6
I VIAGGI-RTS VVEAA IM -92020221.43 318192568.6
INNOTECH SPA ELIOF US -178432.4639 134255668.5
OLCESE SPA O IM -12846689.89 179691572.8
OLCESE SPA-RTS OAA IM -12846689.89 179691572.8
OLCESE VENEZIANO OLVE IM -12846689.89 179691572.8
OMNIA NETWORK SP ONT TQ -47468652.4 322390901.7
OMNIA NETWORK SP ONTI IX -47468652.4 322390901.7
OMNIA NETWORK SP ONT EO -47468652.4 322390901.7
OMNIA NETWORK SP ONT PZ -47468652.4 322390901.7
OMNIA NETWORK SP ONT EU -47468652.4 322390901.7
OMNIA NETWORK SP ONT IM -47468652.4 322390901.7
PARMALAT FINANZI PMLFF US -18419390029 4120687886
PARMALAT FINANZI FICN AV -18419390029 4120687886
PARMALAT FINANZI PRFI VX -18419390029 4120687886
PARMALAT FINANZI PRF IM -18419390029 4120687886
PARMALAT FINANZI PAF GR -18419390029 4120687886
PARMALAT FINANZI PMT LI -18419390029 4120687886
PARMALAT FINANZI PARAF US -18419390029 4120687886
PARMALAT FINA-RT PRFR AV -18419390029 4120687886
RISANAMEN-RNC OP RNROPA IM -165887753.7 4800733024
RISANAMENTO NAPO RN5 GR -165887753.7 4800733024
RISANAMENTO -OPA RNOPA IM -165887753.7 4800733024
RISANAMENTO -RNC RNR IM -165887753.7 4800733024
RISANAMENTO SPA RNGBP EO -165887753.7 4800733024
RISANAMENTO SPA RN TQ -165887753.7 4800733024
RISANAMENTO SPA RSMNF US -165887753.7 4800733024
RISANAMENTO SPA RN IM -165887753.7 4800733024
RISANAMENTO SPA RN EO -165887753.7 4800733024
RISANAMENTO SPA RNGBX EO -165887753.7 4800733024
RISANAMENTO SPA RN PZ -165887753.7 4800733024
RISANAMENTO SPA RN IX -165887753.7 4800733024
RISANAMENTO SPA RNGBX EU -165887753.7 4800733024
RISANAMENTO SPA RN EU -165887753.7 4800733024
RISANAMENTO-RTS RNAA IM -165887753.7 4800733024
SNIA BPD SN GR -141933883.9 150445252.4
SNIA BPD-ADR SBPDY US -141933883.9 150445252.4
SNIA SPA SNIB GR -141933883.9 150445252.4
SNIA SPA SN IM -141933883.9 150445252.4
SNIA SPA SIAI IX -141933883.9 150445252.4
SNIA SPA SNIA GR -141933883.9 150445252.4
SNIA SPA SSMLF US -141933883.9 150445252.4
SNIA SPA SN TQ -141933883.9 150445252.4
SNIA SPA SN EO -141933883.9 150445252.4
SNIA SPA SN EU -141933883.9 150445252.4
SNIA SPA SNIXF US -141933883.9 150445252.4
SNIA SPA SBPDF US -141933883.9 150445252.4
SNIA SPA SIAI PZ -141933883.9 150445252.4
SNIA SPA - RTS SNAAW IM -141933883.9 150445252.4
SNIA SPA- RTS SNAXW IM -141933883.9 150445252.4
SNIA SPA-2003 SH SN03 IM -141933883.9 150445252.4
SNIA SPA-CONV SA SPBDF US -141933883.9 150445252.4
SNIA SPA-DRC SNR00 IM -141933883.9 150445252.4
SNIA SPA-NEW SN00 IM -141933883.9 150445252.4
SNIA SPA-NON CON SPBNF US -141933883.9 150445252.4
SNIA SPA-RCV SNIVF US -141933883.9 150445252.4
SNIA SPA-RCV SNR IM -141933883.9 150445252.4
SNIA SPA-RIGHTS SNAW IM -141933883.9 150445252.4
SNIA SPA-RNC SNRNC IM -141933883.9 150445252.4
SNIA SPA-RNC SNIWF US -141933883.9 150445252.4
SNIA SPA-RTS SNSO IM -141933883.9 150445252.4
SNIA SPA-RTS SNAA IM -141933883.9 150445252.4
SOCOTHERM SPA SCT EO -161739278.5 398222827.1
SOCOTHERM SPA SCTM IX -161739278.5 398222827.1
SOCOTHERM SPA SCT IM -161739278.5 398222827.1
SOCOTHERM SPA SOCEF US -161739278.5 398222827.1
SOCOTHERM SPA SCTI PZ -161739278.5 398222827.1
SOCOTHERM SPA SCT EU -161739278.5 398222827.1
SOCOTHERM SPA SCT TQ -161739278.5 398222827.1
TAS TECNOLOGIA TAS NM -405622.1721 172796509.7
TAS TECNOLOGIA TAQ GR -405622.1721 172796509.7
TAS TECNOLOGIA TAS EU -405622.1721 172796509.7
TAS TECNOLOGIA TAS IM -405622.1721 172796509.7
TAS TECNOLOGIA TAS EO -405622.1721 172796509.7
TAS TECNOLOGIA TAS PZ -405622.1721 172796509.7
TAS TECNOLOGIA TAS TQ -405622.1721 172796509.7
TECNODIFF ITALIA TDI NM -89894162.82 152045757.5
TECNODIFF ITALIA TEF GR -89894162.82 152045757.5
TECNODIFF ITALIA TDI IM -89894162.82 152045757.5
TECNODIFF ITALIA TDIFF US -89894162.82 152045757.5
TECNODIFF-RTS TDIAOW NM -89894162.82 152045757.5
TECNODIFFUSIONE TDIAAW IM -89894162.82 152045757.5
TISCALI - RTS TISAAW IM -421259823.5 632152613.6
TISCALI - RTS TIQA GR -421259823.5 632152613.6
TISCALI SPA TISGBX EO -421259823.5 632152613.6
TISCALI SPA TIQG IX -421259823.5 632152613.6
TISCALI SPA TIS TQ -421259823.5 632152613.6
TISCALI SPA TIS PZ -421259823.5 632152613.6
TISCALI SPA TISGBP EO -421259823.5 632152613.6
TISCALI SPA TISN IM -421259823.5 632152613.6
TISCALI SPA TISGBX EU -421259823.5 632152613.6
TISCALI SPA TSCXF US -421259823.5 632152613.6
TISCALI SPA TIQ1 GR -421259823.5 632152613.6
TISCALI SPA TIS IX -421259823.5 632152613.6
TISCALI SPA TIS EO -421259823.5 632152613.6
TISCALI SPA TIS VX -421259823.5 632152613.6
TISCALI SPA TIS EU -421259823.5 632152613.6
TISCALI SPA TIS NR -421259823.5 632152613.6
TISCALI SPA TISN IX -421259823.5 632152613.6
TISCALI SPA TIS FP -421259823.5 632152613.6
TISCALI SPA TIQ GR -421259823.5 632152613.6
TISCALI SPA TIS NA -421259823.5 632152613.6
TISCALI SPA TISN VX -421259823.5 632152613.6
TISCALI SPA TIS IM -421259823.5 632152613.6
TISCALI SPA TISN FP -421259823.5 632152613.6
TISCALI SPA TISN NA -421259823.5 632152613.6
TISCALI SPA- RTS 3391621Q GR -421259823.5 632152613.6
TISCALI SPA- RTS TISAXA IM -421259823.5 632152613.6
YORKVILLE BHN CBXI PZ -178432.4639 134255668.5
YORKVILLE BHN BY TQ -178432.4639 134255668.5
YORKVILLE BHN BY IM -178432.4639 134255668.5
LUXEMBOURG
----------
CARRIER1 INT-AD+ CONE ES -94729000 472360992
CARRIER1 INT-ADR CONEQ US -94729000 472360992
CARRIER1 INT-ADR CONEE US -94729000 472360992
CARRIER1 INT-ADR CONE US -94729000 472360992
CARRIER1 INTL CJN NM -94729000 472360992
CARRIER1 INTL CJNA GR -94729000 472360992
CARRIER1 INTL CJN GR -94729000 472360992
CARRIER1 INTL SA CONEF US -94729000 472360992
CARRIER1 INTL SA 1253Z SW -94729000 472360992
NETHERLANDS
-----------
BAAN CO NV-ASSEN BAANA NA -7854741.409 609871188.9
BAAN COMPANY NV BAAN EU -7854741.409 609871188.9
BAAN COMPANY NV BAAVF US -7854741.409 609871188.9
BAAN COMPANY NV BAAN GR -7854741.409 609871188.9
BAAN COMPANY NV BAAN NA -7854741.409 609871188.9
BAAN COMPANY NV BAAN EO -7854741.409 609871188.9
BAAN COMPANY NV BAAN PZ -7854741.409 609871188.9
BAAN COMPANY NV BAAN IX -7854741.409 609871188.9
BAAN COMPANY NV BNCG IX -7854741.409 609871188.9
BAAN COMPANY-NY BAANF US -7854741.409 609871188.9
JAMES HARDIE IND HAH AU -131100008 2130899840
JAMES HARDIE IND HAH NZ -131100008 2130899840
JAMES HARDIE IND 600241Q GR -131100008 2130899840
JAMES HARDIE IND 726824Z NA -131100008 2130899840
JAMES HARDIE NV JHXCC AU -131100008 2130899840
JAMES HARDIE-ADR JHINY US -131100008 2130899840
JAMES HARDIE-ADR JHX US -131100008 2130899840
JAMES HARDIE-CDI JHIUF US -131100008 2130899840
JAMES HARDIE-CDI JHA GR -131100008 2130899840
JAMES HARDIE-CDI JHX AU -131100008 2130899840
LIBERTY GL EU-A UPC NA -5505478850 5112616630
UNITED PAN -ADR UPEA GR -5505478850 5112616630
UNITED PAN-A ADR UPCOY US -5505478850 5112616630
UNITED PAN-EUR-A UPC LN -5505478850 5112616630
UNITED PAN-EUR-A UPC LI -5505478850 5112616630
UNITED PAN-EUROP UPE GR -5505478850 5112616630
UNITED PAN-EUROP UPE1 GR -5505478850 5112616630
UNITED PAN-EUROP UPCEF US -5505478850 5112616630
UNITED PAN-EUROP UPC VX -5505478850 5112616630
UNITED PAN-EUROP UPCOF US -5505478850 5112616630
NEXUS FLOATING P NEXUSGBX EU -158054000 353053024
NEXUS FLOATING P NEXUSEUR EO -158054000 353053024
NEXUS FLOATING P NEXU NO -158054000 353053024
NEXUS FLOATING P NEXUSEUR EU -158054000 353053024
NEXUS FLOATING P NEXUS EO -158054000 353053024
NEXUS FLOATING P NEXUS PZ -158054000 353053024
NEXUS FLOATING P NEXUS NO -158054000 353053024
NEXUS FLOATING P NEXUS BY -158054000 353053024
NEXUS FLOATING P NEXUS EU -158054000 353053024
PETRO GEO-SERV 265143Q NO -18066142.21 399710323.6
PETRO GEO-SERV PGS GR -18066142.21 399710323.6
PETRO GEO-SERV PGS VX -18066142.21 399710323.6
PETRO GEO-SERV-N PGSN NO -18066142.21 399710323.6
PETRO GEO-SV-ADR PGOGY US -18066142.21 399710323.6
PETRO GEO-SV-ADR PGSA GR -18066142.21 399710323.6
PETROLIA DRILLIN PDREUR EO -25943000 499350016
PETROLIA DRILLIN PDR NO -25943000 499350016
PETROLIA DRILLIN PDR EO -25943000 499350016
PETROLIA DRILLIN PDR BY -25943000 499350016
PETROLIA DRILLIN PDR TQ -25943000 499350016
PETROLIA DRILLIN PDR EU -25943000 499350016
PETROLIA DRILLIN PDR1 IX -25943000 499350016
PETROLIA DRILLIN PDR PZ -25943000 499350016
PETROLIA DRILLIN PDREUR EU -25943000 499350016
PETROLIA DRILLIN P8D GR -25943000 499350016
PETROLIA DRI-NEW PDRN NO -25943000 499350016
PETROLIA DRI-RTS PDRT NO -25943000 499350016
POLAND
------
KROSNO KROS IX -2241614.766 111838141.2
KROSNO KRS LI -2241614.766 111838141.2
KROSNO KRS1EUR EO -2241614.766 111838141.2
KROSNO KRS PW -2241614.766 111838141.2
KROSNO KRS1EUR EU -2241614.766 111838141.2
KROSNO SA KRS1 EU -2241614.766 111838141.2
KROSNO SA KRS PZ -2241614.766 111838141.2
KROSNO SA KRS1 EO -2241614.766 111838141.2
KROSNO SA KROSNO PW -2241614.766 111838141.2
KROSNO SA KRNFF US -2241614.766 111838141.2
KROSNO SA-RTS KRSP PW -2241614.766 111838141.2
KROSNO-PDA-ALLT KRSA PW -2241614.766 111838141.2
TOORA 2916665Q EU -288818.3897 147004954.2
TOORA TOR PW -288818.3897 147004954.2
TOORA TOR PZ -288818.3897 147004954.2
TOORA 2916661Q EO -288818.3897 147004954.2
TOORA-ALLOT CERT TORA PW -288818.3897 147004954.2
PORTUGAL
--------
BENFICA SLBENX PX -16614056.44 234366255.6
BENFICA SLBE IX -16614056.44 234366255.6
BENFICA SLBEN EU -16614056.44 234366255.6
BENFICA SLBEN PL -16614056.44 234366255.6
BENFICA SLBEN PZ -16614056.44 234366255.6
BENFICA SLBEN EO -16614056.44 234366255.6
LISGRAFICA IMPRE LIAG EO -11584933.86 107940470.6
LISGRAFICA IMPRE LIG PZ -11584933.86 107940470.6
LISGRAFICA IMPRE LIG EO -11584933.86 107940470.6
LISGRAFICA IMPRE LIG PL -11584933.86 107940470.6
LISGRAFICA IMPRE LIAG PL -11584933.86 107940470.6
LISGRAFICA IMPRE LIG EU -11584933.86 107940470.6
LISGRAFICA IMPRE LIAG EU -11584933.86 107940470.6
LISGRAFICA-RTS LIGDS PL -11584933.86 107940470.6
PORCELANA VISTA PVAL PL -75871846.95 148731546.6
SPORT LISBOA E B 1249Z PL -16614056.44 234366255.6
SPORTING-SOC DES SCPL IX -4083492.14 225687305.9
SPORTING-SOC DES SCG GR -4083492.14 225687305.9
SPORTING-SOC DES SCDF PL -4083492.14 225687305.9
SPORTING-SOC DES SCP1 PZ -4083492.14 225687305.9
SPORTING-SOC DES SCDF EU -4083492.14 225687305.9
SPORTING-SOC DES SCDF EO -4083492.14 225687305.9
SPORTING-SOC DES SCP PL -4083492.14 225687305.9
SPORTING-SOC DES SCPX PX -4083492.14 225687305.9
VAA VISTA ALEGRE VAF PZ -75871846.95 148731546.6
VAA VISTA ALEGRE VAFX PX -75871846.95 148731546.6
VAA VISTA ALEGRE VAF PL -75871846.95 148731546.6
VAA VISTA ALEGRE VAF EO -75871846.95 148731546.6
VAA VISTA ALEGRE VAF EU -75871846.95 148731546.6
VAA VISTA ALTAN VAFK EO -75871846.95 148731546.6
VAA VISTA ALTAN VAFK PL -75871846.95 148731546.6
VAA VISTA ALTAN VAFKX PX -75871846.95 148731546.6
VAA VISTA ALTAN VAFK PZ -75871846.95 148731546.6
VAA VISTA ALTAN VAFK EU -75871846.95 148731546.6
OLTCHIM RM VALCE OLT EU -89344235.29 511515508.8
OLTCHIM RM VALCE OLT PZ -89344235.29 511515508.8
OLTCHIM RM VALCE OLTCF US -89344235.29 511515508.8
OLTCHIM RM VALCE OLT RO -89344235.29 511515508.8
OLTCHIM RM VALCE OLTEUR EU -89344235.29 511515508.8
OLTCHIM RM VALCE OLT EO -89344235.29 511515508.8
OLTCHIM RM VALCE OLTEUR EO -89344235.29 511515508.8
ROMANIA
-------
RAFO SA RAF RO -457922636.3 356796459.3
UZINELE SODICE G UZIM RO -62313938.86 107275526.8
RUSSIA
------
AMUR SHIP-BRD AMZS* RU -99051792.6 1089408985
AMUR SHIP-BRD AMZS RU -99051792.6 1089408985
BESIKTAS FUTBOL BJKASM TI -10396040.97 175760356.3
BESIKTAS FUTBOL BWX GR -10396040.97 175760356.3
BESIKTAS FUTBOL BKTFF US -10396040.97 175760356.3
BESIKTAS FUTBOL BJKAS TI -10396040.97 175760356.3
BESIKTAS FUTBOL BJKASY TI -10396040.97 175760356.3
EGS EGE GIYIM VE EGDIS TI -7732138.551 147075066.7
EGS EGE GIYIM-RT EGDISR TI -7732138.551 147075066.7
IKTISAT FINAN-RT IKTFNR TI -46900661.12 108228233.6
IKTISAT FINANSAL IKTFN TI -46900661.12 108228233.6
MUDURNU TAVUKC-N MDRNUN TI -64930189.62 160408172.1
MUDURNU TAVUKCUL MDRNU TI -64930189.62 160408172.1
SIFAS SIFAS TI -15439198.6 130608104
TUTUNBANK TUT TI -4024959602 2643810457
YASARBANK YABNK TI -4024959602 2643810457
SERBIA
------
DUVANSKA DIVR SG -7729350.776 109207260.5
IMK 14 OKTOBAR A IMKO SG -5175836.416 110102264.2
PINKI AD PNKI SG -36537862.34 120707518
ZASTAVA AUTOMOBI ZAKG SG -396504649.1 174692011.1
SPAIN
-----
ACTUACIONES ACTI AGR SM -148097530.9 674738808.3
AGRUPACIO - RT AGR/D SM -148097530.9 674738808.3
FERGO AISA SA AISA SM -148097530.9 674738808.3
FERGO AISA SA AISA EU -148097530.9 674738808.3
FERGO AISA SA AISA PZ -148097530.9 674738808.3
FERGO AISA SA AISA EO -148097530.9 674738808.3
MARTINSA FADESA MTF EU -1847997044 8832898708
MARTINSA FADESA MTF1 LI -1847997044 8832898708
MARTINSA FADESA 4PU GR -1847997044 8832898708
MARTINSA FADESA MTF SM -1847997044 8832898708
MARTINSA FADESA MTF EO -1847997044 8832898708
MARTINSA FADESA MFAD PZ -1847997044 8832898708
MARTINSA-FADESA MTF NR -1847997044 8832898708
UKRAINE
-------
AZOVZAGALMASH MA AZGM UZ -16212049.02 277693905.5
BANK FORUM -GDR FRMB038 RU -5331676.798 2243068982
BANK FORUM -GDR 639540Z LX -5331676.798 2243068982
BANK FORUM -GDR BFJG IX -5331676.798 2243068982
BANK FORUM -GDR B5F GR -5331676.798 2243068982
BANK FORUM JSC FORM UZ -5331676.798 2243068982
DNEPROPETROVSK DMZP UZ -15926384.43 424303604.8
DNIPROOBLENERGO DNON UZ -3607242.033 284973578.6
DONETSKOBLENERGO DOON UZ -209532649.1 360933615
LUGANSKGAS LYGZ UZ -16963558.31 110262633.1
LUGANSKOBLENERGO LOEN UZ -27621096.54 197769532.3
NAFTOKHIMIK PRIC NAFP UZ -19746288.63 299014707.5
NAFTOKHIMIK-GDR N3ZA GR -19746288.63 299014707.5
ODESSA OIL REFIN ONPZ UZ -70727947.39 325964086.9
UNITED KINGDOM
--------------
4LESS GROUP LI4 GR -3088436.068 106650689.4
4LESS GROUP BHL PO -3088436.068 106650689.4
4LESS GROUP FL/ LN -3088436.068 106650689.4
4LESS GROUP BYH PO -3088436.068 106650689.4
4LESS GROUP FL/ PO -3088436.068 106650689.4
4LESS GROUP FLG OF -3088436.068 106650689.4
ADVANCE DISPLAY ADTP PZ -3015578835 2590007904
AEA TECHNOLO-FPR AATF LN -215101594.9 121405070
AEA TECHNOLO-FPR AATF PZ -215101594.9 121405070
AEA TECHNOLOGY AAT IX -215101594.9 121405070
AEA TECHNOLOGY AAT LN -215101594.9 121405070
AEA TECHNOLOGY EAETF US -215101594.9 121405070
AEA TECHNOLOGY AAT VX -215101594.9 121405070
AEA TECHNOLOGY AAT PZ -215101594.9 121405070
AEA TECHNOLOGY AAT EU -215101594.9 121405070
AEA TECHNOLOGY AEY GR -215101594.9 121405070
AEA TECHNOLOGY AAT EO -215101594.9 121405070
AEA TECHNOLOGY AATGBP EO -215101594.9 121405070
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HAWTIN PLC HTI EU -3873861.331 110875080.8
HAWTIN PLC HTI EO -3873861.331 110875080.8
HAWTIN PLC HTI PZ -3873861.331 110875080.8
HAWTIN PLC HWN GR -3873861.331 110875080.8
HAWTIN PLC HTI PG -3873861.331 110875080.8
HAWTIN PLC HTI LN -3873861.331 110875080.8
HILTON G-CRT OLD HIGT BB -97533918.57 1748505414
HILTON GROUP PLC HG PO -97533918.57 1748505414
HILTON GROUP PLC HG/ LN -97533918.57 1748505414
HILTON GROUP PLC HLTGF US -97533918.57 1748505414
HILTON GROUP-ADR HLTGY US -97533918.57 1748505414
HILTON GROUP-CER HG BB -97533918.57 1748505414
HILTON GROUP-CRT HIG BB -97533918.57 1748505414
HOGG ROBINSON GR HRGGBP EO -11371715 739481804.8
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JARVIS PLC JRVS IX -64739862.73 130951086
JARVIS PLC JRVS VX -64739862.73 130951086
JARVIS PLC JRVS PO -64739862.73 130951086
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JARVIS PLC JRVSEUR EU -64739862.73 130951086
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JESSOPS PLC JSPEUR EO -42702021.2 112964060.4
JESSOPS PLC JSPGBP EO -42702021.2 112964060.4
JESSOPS PLC JSP LN -42702021.2 112964060.4
JESSOPS PLC JS4 GR -42702021.2 112964060.4
JESSOPS PLC JSP EU -42702021.2 112964060.4
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JESSOPS PLC JSP PZ -42702021.2 112964060.4
JESSOPS PLC JSP VX -42702021.2 112964060.4
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JESSOPS PLC JSP IX -42702021.2 112964060.4
JESSOPS PLC JSPEUR EU -42702021.2 112964060.4
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KLEENEZE PLC KLZ LN -14328735.16 110864081.4
LADBROKE GROUP LADB LN -97533918.57 1748505414
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LADBROKES PLC LAD BQ -97533918.57 1748505414
LADBROKES PLC LAD PZ -97533918.57 1748505414
LADBROKES PLC LAD EB -97533918.57 1748505414
LADBROKES PLC LAD EU -97533918.57 1748505414
LADBROKES PLC HG/ VX -97533918.57 1748505414
LADBROKES PLC LAD PO -97533918.57 1748505414
LADBROKES PLC LDBKF US -97533918.57 1748505414
LADBROKES PLC LAD NR -97533918.57 1748505414
LADBROKES PLC LAD QM -97533918.57 1748505414
LADBROKES PLC LAD LN -97533918.57 1748505414
LADBROKES PLC LADEUR EU -97533918.57 1748505414
LADBROKES PLC LADNZD EO -97533918.57 1748505414
LADBROKES PLC LAD VX -97533918.57 1748505414
LADBROKES PLC LADUSD EO -97533918.57 1748505414
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LADBROKES PLC LAD TQ -97533918.57 1748505414
LADBROKES PLC LAD IX -97533918.57 1748505414
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LAMBERT FENCHURC LMF LN -1453050.041 1826806853
LEEDS SPORTING LEDPF US -73166148.8 143762193.7
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LONDON TOWN PLC LOU GR -21897636.36 175672299.2
LONDON TOWN PLC LTW LN -21897636.36 175672299.2
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LONDON TOWN PLC LTW EU -21897636.36 175672299.2
LONDON TOWN PLC LTW IX -21897636.36 175672299.2
LONDON TOWN PLC LTW PO -21897636.36 175672299.2
LONDON TOWN PLC LTWX LN -21897636.36 175672299.2
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PATIENTLINE PLC PTL PO -54677284.64 124948245.8
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STAGECOACH GROUP SGC1 TQ -113434621.8 2507562892
STAGECOACH GROUP SGC1AUD EU -113434621.8 2507562892
STAGECOACH GROUP SGC1EUR EO -113434621.8 2507562892
STAGECOACH GROUP SHP4 GR -113434621.8 2507562892
STAGECOACH GROUP SGC1USD EU -113434621.8 2507562892
STAGECOACH GROUP SGC LN -113434621.8 2507562892
STAGECOACH GROUP SGC1 EO -113434621.8 2507562892
STAGECOACH GROUP SGC1GBP EO -113434621.8 2507562892
STAGECOACH GROUP SGC2 VX -113434621.8 2507562892
STAGECOACH GROUP SGC1 EU -113434621.8 2507562892
STAGECOACH GROUP SAGKF US -113434621.8 2507562892
STAGECOACH GROUP SGC1 NQ -113434621.8 2507562892
STAGECOACH GROUP SGC1 BQ -113434621.8 2507562892
STAGECOACH GROUP SGC IX -113434621.8 2507562892
STAGECOACH GRP-B SGCB LN -113434621.8 2507562892
STAGECOACH-NEW SGCN LN -113434621.8 2507562892
STV GROUP PLC STVGGBP EO -49061227.23 212049868
STV GROUP PLC STVGEUR EU -49061227.23 212049868
STV GROUP PLC STVG VX -49061227.23 212049868
STV GROUP PLC STVG EO -49061227.23 212049868
STV GROUP PLC SMG IX -49061227.23 212049868
STV GROUP PLC STVG EU -49061227.23 212049868
STV GROUP PLC SMGPF US -49061227.23 212049868
STV GROUP PLC SMG PZ -49061227.23 212049868
STV GROUP PLC SMG VX -49061227.23 212049868
STV GROUP PLC STVG LN -49061227.23 212049868
STV GROUP PLC STVGEUR EO -49061227.23 212049868
TELEWEST COM-ADR TWSTY US -3702234581 7581020925
TELEWEST COM-ADR TWSTD US -3702234581 7581020925
TELEWEST COM-ADR TWT$ LN -3702234581 7581020925
TELEWEST COM-ADR 940767Q GR -3702234581 7581020925
TELEWEST COMM 604296Q GR -3702234581 7581020925
TELEWEST COMM TWT VX -3702234581 7581020925
TELEWEST COMM TWSTF US -3702234581 7581020925
TELEWEST COMM 715382Q LN -3702234581 7581020925
THORN EMI PLC THNE FP -2265916257 2950021937
THORN EMI-ADR THN$ LN -2265916257 2950021937
THORN EMI-ADR TORNY US -2265916257 2950021937
THORN EMI-CDR THN NA -2265916257 2950021937
THORN EMI-REGD 1772Q GR -2265916257 2950021937
TOPPS TILES PLC TPT TQ -85010363.51 146193829.2
TOPPS TILES PLC TPT EU -85010363.51 146193829.2
TOPPS TILES PLC TPTJF US -85010363.51 146193829.2
TOPPS TILES PLC TPT EO -85010363.51 146193829.2
TOPPS TILES PLC TPT PO -85010363.51 146193829.2
TOPPS TILES PLC TPT BQ -85010363.51 146193829.2
TOPPS TILES PLC TPT IX -85010363.51 146193829.2
TOPPS TILES PLC TPTGBP EO -85010363.51 146193829.2
TOPPS TILES PLC TPTEUR EO -85010363.51 146193829.2
TOPPS TILES PLC TPTJY US -85010363.51 146193829.2
TOPPS TILES PLC TPTEUR EU -85010363.51 146193829.2
TOPPS TILES PLC TPT LN -85010363.51 146193829.2
TOPPS TILES PLC TPT PZ -85010363.51 146193829.2
TOPPS TILES PLC TPT VX -85010363.51 146193829.2
TOPPS TILES-NEW TPTN LN -85010363.51 146193829.2
UTC GROUP UGR LN -11904426.45 203548565
VIRGIN MOB-ASSD VMOC LN -392165437.6 166070003.7
VIRGIN MOB-ASSD VMOA LN -392165437.6 166070003.7
VIRGIN MOBILE VGMHF US -392165437.6 166070003.7
VIRGIN MOBILE VMOB LN -392165437.6 166070003.7
VIRGIN MOBILE VMOB PO -392165437.6 166070003.7
VIRGIN MOBILE UEM GR -392165437.6 166070003.7
VIRGIN MOBILE VMOB VX -392165437.6 166070003.7
WARNER ESTATE WNEHF US -37798939.99 432125169.9
WARNER ESTATE WNER LN -37798939.99 432125169.9
WARNER ESTATE WNER PZ -37798939.99 432125169.9
WARNER ESTATE WNER EU -37798939.99 432125169.9
WARNER ESTATE WNER VX -37798939.99 432125169.9
WARNER ESTATE WNERGBP EO -37798939.99 432125169.9
WARNER ESTATE WNER EO -37798939.99 432125169.9
WARNER ESTATE WNER PO -37798939.99 432125169.9
WARNER ESTATE WRL GR -37798939.99 432125169.9
WARNER ESTATE WNER IX -37798939.99 432125169.9
WATSON & PHILIP WTSN LN -120493900 252232072.9
WHITE YOUNG GREE WHY PZ -27530263.14 313453511
WHITE YOUNG GREE WHY VX -27530263.14 313453511
WHITE YOUNG GREE WHYEUR EU -27530263.14 313453511
WHITE YOUNG GREE WHYGBP EO -27530263.14 313453511
WHITE YOUNG GREE WHYEUR EO -27530263.14 313453511
WHITE YOUNG GREE WHY EO -27530263.14 313453511
WHITE YOUNG GREE WHY EU -27530263.14 313453511
WHITE YOUNG GREE WHY LN -27530263.14 313453511
WHITE YOUNG GREE WHY PO -27530263.14 313453511
WHITE YOUNG-NEW WHYN LN -27530263.14 313453511
WINCANTON PL-ADR WNCNY US -63105009.98 1416979806
WINCANTON PLC WIN1 QM -63105009.98 1416979806
WINCANTON PLC WIN1 BQ -63105009.98 1416979806
WINCANTON PLC WNCNF US -63105009.98 1416979806
WINCANTON PLC WIN PO -63105009.98 1416979806
WINCANTON PLC WIN VX -63105009.98 1416979806
WINCANTON PLC WIN1USD EO -63105009.98 1416979806
WINCANTON PLC WIN1 TQ -63105009.98 1416979806
WINCANTON PLC WIN1GBP EO -63105009.98 1416979806
WINCANTON PLC WIN1 EU -63105009.98 1416979806
WINCANTON PLC WIN1 EO -63105009.98 1416979806
WINCANTON PLC WIN IX -63105009.98 1416979806
WINCANTON PLC WIN1EUR EO -63105009.98 1416979806
WINCANTON PLC WIN1USD EU -63105009.98 1416979806
WINCANTON PLC WIN LN -63105009.98 1416979806
WINCANTON PLC WIN1 NQ -63105009.98 1416979806
WINCANTON PLC WIN1 EB -63105009.98 1416979806
WINCANTON PLC WIN PZ -63105009.98 1416979806
WINCANTON PLC WIN1EUR EU -63105009.98 1416979806
WYG PLC WYGGBP EO -27530263.14 313453511
WYG PLC WYG LN -27530263.14 313453511
WYG PLC WYG PZ -27530263.14 313453511
WYG PLC WHY IX -27530263.14 313453511
WYG PLC WYGEUR EO -27530263.14 313453511
WYG PLC WYGEUR EU -27530263.14 313453511
WYG PLC WYG EO -27530263.14 313453511
WYG PLC WYG EU -27530263.14 313453511
XXPERT RENTAL XPRT CN -123563000 104843000
*********
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 USUS$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-Fernandez, Joy A. Agravante and Peter A. Chapman,
Editors.
Copyright 2010. 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 USUS$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 USUS$25 each. For subscription information,
contact Christopher Beard at 240/629-3300.
* * * End of Transmission * * *