/raid1/www/Hosts/bankrupt/TCREUR_Public/100413.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, April 13, 2010, Vol. 11, No. 071
Headlines
D E N M A R K
AMAGERBANKEN AS: Moody's Confirms 'E+' Bank Strength Rating
F R A N C E
SNP BOAT: Chapter 15 Case Summary
G E R M A N Y
ARCANDOR AG: Administrator Still In Talks Over Karstadt Sale
BRENNTAG AG: S&P Raises Corporate Credit Rating to 'BB+'
G R E E C E
AGRICULTURAL BANK: Fitch Cuts Long-term IDR to 'BB+' From 'BBB-'
ALPHA BANK: Fitch Cuts Rating on Jr. Subordinated Notes to 'BB'
EFG EUROBANK: Fitch Lowers Rating on Subordinated Notes to 'BB+'
NATIONAL BANK: Fitch Downgrades Rating on Hybrid Capital to 'BB'
PIRAEUS BANK: Fitch Lowers Rating on Subordinated Notes to 'BB+'
I R E L A N D
BESTSELLER RETAIL: Seeks to Repudiate Remaining Leases
QUINN INSURANCE: Anglo's Rescue Plan Needs European Approval
I T A L Y
FASTWEB SPA: Exposure to Fraud Probe to Hit EUR81MM, Parent Says
N E T H E R L A N D S
FORTIS BANK: S&P Raises Rating on Mandatory Securities to 'BB'
LYONDELL CHEMICAL: Parent May Face U.S. Bribery Probe
P O R T U G A L
SAGRES STC: Fitch Affirms 'BB' Rating on Class T Fixed-Rate Notes
R O M A N I A
MATACHE MACELARU: Declared Insolvent After Failing to Pay Debts
* ROMANIA: Central Bank Can Dismiss Lenders' Insolvency Filings
R U S S I A
FAR EAST: Moody's Assigns Corporate Family Rating at 'Ba3'
S P A I N
ANDALUS LINEAS: Racks Up GBP7 Million in Debts
OBRASCON HUARTE: Fitch Assigns 'BB-' Rating on Unsec. Bond
U K R A I N E
NADRA BANK: IMF Wants Ukraine to Decide on Fate By May 15
U N I T E D K I N G D O M
BRITISH AIRWAYS: Iberia Merger Won't Affect Moody's Ratings
EMI GROUP: Faces GBP200 Mil. Pension Deficit
LEHMAN BROTHERS: European Unit to Settle Smaller Claims
LIVERPOOL FOOTBALL: U.S. Owners Tap Barclays to Find Buyer
MARDENIS LTD: In Administration; Armstrong Watson Appointed
READER'S DIGEST: Bought Out of Administration By Better Capital
TENDERLEAN MEATS: Bought Out of Administration; 100 Jobs Saved
YELL GROUP: S&P Changes Outlook to Stable; Affirms 'B' Rating
X X X X X X X X
* Large Companies with Insolvent Balance Sheet
*********
=============
D E N M A R K
=============
AMAGERBANKEN AS: Moody's Confirms 'E+' Bank Strength Rating
-----------------------------------------------------------
Moody's Investors Service has confirmed the E+ bank financial
strength rating of Amagerbanken with a negative outlook. The
bank's long term deposit rating is unaffected.
The rating action concludes the review for possible downgrade of
Amagerbanken's BFSR, which was initiated in October 2009 following
the announcement that Amagerbanken had not complied with its
individual solvency requirement. At the time, Amagerbanken
disputed the Danish FSA's individual solvency requirement, but
the company appeals' board upheld the decision by the FSA.
Amagerbanken took substantial impairment charges in Q3 2009, and
subsequently strengthened its capitalization in December via the
addition of DKK 1 billion of private and DKK 1.1 billion of
government backed capital. Therefore, by year-end 2009,
Amagerbanken had complied with the solvency requirement of 12.1%,
hence the rating confirmation and the conclusion of the review of
the bank's BFSR.
The confirmed BFSR of E+ takes into account Amagerbanken's
continued high exposure to the Danish real estate sector, where
conditions remain challenging and the asset quality in the loan
book is weak. Moody's also has some concerns about the viability
of the bank's business model related to property finance, given
continued adverse developments in this sector. These concerns are
reflected in the negative outlook on the BFSR.
Moody's last rating action on Amagerbanken was implemented on
October 8, 2009, when its E+ BFSR was placed on review for
possible downgrade.
Headquartered in Copenhagen, Denmark, Amagerbanken A/S reported
total assets of DKK34 billion (EUR4.5 billion) at the end of
December 2009.
===========
F R A N C E
===========
SNP BOAT: Chapter 15 Case Summary
---------------------------------
Chapter 15 Petitioner: Adorno & Yoss, LLP
Debtor: SNP Boat Service SA
aka Service Navigation De Plaisance Boat Service SA
Boulevard de la Croisette
Port Pierre Canto
06400
Cannes, France
Chapter 15 Case No.: 10-18891
Type of Business: The Debtor is a unit of the Rodriguez Group SA
which makes luxury yachts. The Rodriguez Group
owns 99.7% of SNP Boat.
Chapter 15 Petition Date: April 6, 2010
Court: Southern District of Florida (Fort Lauderdale)
Judge: John K. Olson
Debtor's Counsel: Mark S. Roher, Esq.
350 East Las Olas Blvd. # 1700
Ft Lauderdale, FL 33301
Tel: (954) 763-1200
Fax : (954) 766-7800
Email: mroher@adorno.com
Estimated Assets: US$100,000,001 to US$500 million
Estimated Debts: US$100,000,001 to US$500 million
The Debtor did not file its list of largest unsecured creditors
when it filed its petition.
=============
G E R M A N Y
=============
ARCANDOR AG: Administrator Still In Talks Over Karstadt Sale
------------------------------------------------------------
Matthias Inverardi at Reuters reports that Klaus-Hubert Goerg, the
insolvency administrator of Karstadt, on Monday said at a meeting
of the company's creditors that he is still in talks with
potential investors about a sale of the German department store
chain.
Reuters relates creditors are meeting for the second time to vote
on the department store chain's insolvency plan.
Mr. Goerg wants to sell the 120 Karstadt stores by the end of
April, Reuters notes. The report says Mr. Goerg plans to sell the
company as a whole -- a prerequisite for concessions from real
estate owners and employees.
According to Reuters, asked about whether he was also in talks
with rival Metro, the insolvency administrator said he would have
to wait and see what would happen if Karstadt had to be divided up
after all. Reuters recalls he has said before that there were six
potential investors.
About Arcandor AG
Germany-based Arcandor AG (FRA:ARO) -- http://www.arcandor.com/--
formerly KarstadtQuelle AG, is a tourism and retail group. Its
three core business areas are tourism, mail order services and
department store retail. The Company's business areas are covered
by its three operating segments: Thomas Cook, Primondo and
Karstadt. Thomas Cook Group plc is a tour operator with
operations in Europe and North America, set up as a result of a
merger between MyTravel and Thomas Cook AG. It also operates the
e-commerce platform, Thomas Cook, supporting travel services.
Primondo has a portfolio of European universal and specialty mail
order companies, including the core brand Quelle. Karstadt
operates a range of department stores, such as cosmopolitan
stores, including KaDeWe (Kaufhaus des Westens), Karstadt
Oberpollinger and Alsterhaus; Karstadt brand department stores;
Karstadt sports department stores, offering sports goods in a
variety of retail outlets, and a portal, karstadt.de that offers
online shopping, among others.
As reported by the Troubled Company Reporter-Europe, a local court
in Essen formally opened insolvency proceedings for Arcandor on
September 1, 2009. The proceedings started for the Arcandor
holding company and for 14 units, including the Karstadt
department-store chain and Primondo mail-order division.
Arcandor filed for bankruptcy protection after the German
government turned down its request for loan guarantees. On
June 8, 2009, the government rejected two applications for help by
the company, which employs 43,000 people. The retailer sought
loan guarantees of EUR650 million (US$904 million) from Germany's
Economy Fund program. It also sought a further EUR437 million
from a state-owned bank.
BRENNTAG AG: S&P Raises Corporate Credit Rating to 'BB+'
--------------------------------------------------------
Standard & Poor's Ratings Services said that it had raised its
long-term corporate credit rating on Germany-based chemical
distributor Brenntag AG to 'BB+' from 'B+'. At the same time all
ratings on the company were removed from CreditWatch, where they
were placed with positive implications on March 1, 2010.
At the same time, the issue rating on the company's senior secured
debt was raised to 'BBB-' from 'BB-'. The debt has a recovery
rating of '2', indicating its expectations of substantial (70-90%)
recovery in an event of payment default. The issue rating on
Brenntag's subordinated debt was raised to 'BB-' from 'B-'. This
debt has a recovery rating of '6', indicating S&P's expectations
of negligible (0-10%) recovery in an event of payment default.
"The rating actions follow a EUR525 million IPO, together with the
conversion into equity of a EUR714 million shareholder loan, which
S&P previously treated as debt. The IPO proceeds have been used
for debt reduction. Consequently S&P expects the company's net
debt to almost halve to below EUR1.3 billion, compared with
EUR2.5 billon at year-end 2009," said Standard & Poor's credit
analyst Per Karlsson.
S&P expects that as a result, Brenntag's credit ratios should
change significantly. S&P now forecasts fully adjusted funds from
operations to debt at above 25% and debt to EBITDA below 3x for
2010, compared with 10% and 5.6x for full-year 2009. S&P
continues to expect annual discretionary cash flow of
EUR100 million-EUR150 million in the next few years will be used
for debt repayment or to finance modest bolt-on acquisitions.
S&P now categorizes Brenntag's financial risk profile as
"significant" compared with "highly leveraged" previously. The
primary constraint in S&P's view results from limited
predictability in terms of future ownership and, accordingly, the
company's longer-term financial policies. Following the IPO, S&P
understand that the existing main shareholder, Brachem Acquisition
S.C.A (owned by private equity funds advised by BC Partners, Bain
Capital, and Goldman Sachs and Management), remains the company's
largest owner with an ownership share of about 70%, but S&P
expects it to decrease its interest at some point.
S&P expects the company's EBITDA to rise to above EUR500 million
in 2010 from an adjusted EUR483 million in 2009. S&P views
Brenntag's 2009 operating results as particularly resilient with
an EBITDA margin of about 8%.
Brenntag's business risk profile remains "satisfactory", in S&P's
view, thanks to strong client and product diversity, leading
market positions, and the stable profitability of the company's
chemical distribution activities.
The stable outlook reflects S&P's view that Brenntag's
distribution activities will remain highly resilient. In
addition, S&P has assumed that the group's debt levels will remain
at current levels or lower. S&P considers a fully adjusted ratio
of FFO to debt of 25% and debt to EBITDA of 3x to be consistent
with the current ratings.
===========
G R E E C E
===========
AGRICULTURAL BANK: Fitch Cuts Long-term IDR to 'BB+' From 'BBB-'
----------------------------------------------------------------
Fitch Ratings has downgraded the Long-term Issuer Default Ratings
of five Greek banks following the downgrade of Greece's sovereign
rating.
Fitch has downgraded the Long-term IDRs of National Bank of
Greece, Alpha Bank (Alpha), EFG Eurobank Ergasias and Piraeus Bank
(Piraeus) to 'BBB-' from 'BBB' and placed them on Rating Watch
Negative. The Individual ratings are downgraded to 'C/D' from 'C'
and placed on RWN. Agricultural Bank of Greece's Long-term IDR is
downgraded to 'BB+' from 'BBB-' and placed on RWN. A full rating
breakdown is provided at the end of this comment.
The rating actions reflect Greek banks' debilitated risk profile,
particularly regarding their liquidity and funding position as a
result of increased sovereign concerns. This has made access to
wholesale and interbank markets more difficult, leading to a
significant use of European Central Bank funding in 2009 and Q110.
The elevated risk perception surrounding Greece has partly
contributed to an increase in the volatility of banks' deposits,
which have experienced around 2-4% decline from end-2009 to end-
March 2010. This has been absorbed without compromising their
funding profile so far. At the same time, banks are faced with
weaker-than expected economic prospects due to the much stricter
fiscal adjustments required by the Greek government.
The five banks have recently applied for a further allocation of
their respective quotas under the Greek bank support scheme,
notably for government guarantees on issued debt and special
purpose treasury bills to be used for ECB discounting. These
measures, together with the banks' efforts to increase the amount
of ECB-eligible assets by making certain rated corporate loans
eligible and/or securitizing assets to be retained on-balance
sheet, will increase the banks' liquidity buffers further.
Nonetheless, in Fitch's view the banks will be challenged to
maintain their present liquidity position given current market
volatility.
The resolution of the RWN will depend on the developments of Greek
banks' funding profile in the near term as well as a reduced
reliance on ECB funding in the more medium term.
The agency has revised the Support Rating Floors of the five banks
to 'BB'. While in Fitch's opinion the Greek government's
propensity to support banks remains, its ability to support them
has been markedly reduced, as reflected in the downgrade of
Greece's Long-term IDR. Moreover, its ability to provide
significant levels of support is itself likely to be dependent on
the external provision of support by the euro area and IMF.
The ratings of the Greek banks affected by the rating action are:
National Bank of Greece S.A.
-- Long-term IDR downgraded to 'BBB-' from 'BBB'; RWN
-- Short-term IDR 'F3' placed on RWN
-- Individual Rating downgraded to 'C/D' from 'C'; RWN
-- Support Rating changed to '3' from '2'
-- Support Rating Floor revised to 'BB' from 'BBB-'
-- Senior notes downgraded to 'BBB-' from 'BBB'; RWN
-- Subordinated notes downgraded to 'BB+' from 'BBB-'; RWN
-- Hybrid capital downgraded to 'BB' from 'BB+'; RWN
Efg Eurobank Ergasias S.A.
-- Long-term IDR downgraded to 'BBB-' from 'BBB'; RWN
-- Short-term IDR 'F3' placed on RWN
-- Individual Rating downgraded to 'C/D' from 'C'; RWN
-- Support Rating affirmed at '3'
-- Support Rating Floor revised to 'BB' from 'BBB-'
-- Senior notes downgraded to 'BBB-' from 'BBB'; RWN
-- Subordinated notes downgraded to 'BB+' from 'BBB-'; RWN
-- Hybrid capital downgraded to 'BB' from 'BB+'; RWN
Alpha Bank S.A.
-- Long-term IDR downgraded to 'BBB-' from 'BBB'; RWN
-- Short-term IDR 'F3' placed on RWN
-- Individual Rating downgraded to 'C/D' from 'C'; RWN
-- Support Rating affirmed at '3'
-- Support Rating Floor revised to 'BB' from 'BBB-'
-- Senior notes downgraded to 'BBB-' from 'BBB'; RWN
-- Subordinated notes downgraded to 'BB+' from 'BBB-'; RWN
-- Junior Subordinated notes downgraded to 'BB' from 'BB+'; RWN
-- Hybrid capital downgraded to 'BB' from 'BB+'; RWN
Piraeus Bank S.A.
-- Long-term IDR downgraded to 'BBB-' from 'BBB'; RWN
-- Short-term IDR 'F3' placed on RWN
-- Individual Rating downgraded to 'C/D' from 'C'; RWN
-- Support Rating affirmed at '3'
-- Support Rating Floor revised to 'BB' from 'BBB-'
-- Senior notes downgraded to 'BBB-' from 'BBB'; RWN
-- Subordinated notes downgraded to 'BB+' from 'BBB-'; RWN
Agricultural Bank of Greece
-- Long-term IDR downgraded to 'BB+' from 'BBB-'; RWN
-- Short-term IDR downgraded to 'B' from 'F3'
-- Individual Rating 'C/D'; placed on RWN
-- Support Rating changed to '3' from '2'
-- Support Rating Floor revised to 'BB' from 'BBB-'
The rating impact, if any, from the above rating actions on Greek
banks' subsidiaries, securitization transactions and covered bonds
will be detailed in separate comments.
In Fitch's rating criteria, a bank's standalone risk is reflected
in Fitch's Individual ratings and the prospect of external support
is reflected in Fitch's Support ratings. Collectively these
ratings drive Fitch's Long- and Short-term IDRs.
ALPHA BANK: Fitch Cuts Rating on Jr. Subordinated Notes to 'BB'
---------------------------------------------------------------
Fitch Ratings has downgraded the Long-term Issuer Default Ratings
of five Greek banks following the downgrade of Greece's sovereign
rating.
Fitch has downgraded the Long-term IDRs of National Bank of
Greece, Alpha Bank (Alpha), EFG Eurobank Ergasias and Piraeus Bank
(Piraeus) to 'BBB-' from 'BBB' and placed them on Rating Watch
Negative. The Individual ratings are downgraded to 'C/D' from 'C'
and placed on RWN. Agricultural Bank of Greece's Long-term IDR is
downgraded to 'BB+' from 'BBB-' and placed on RWN. A full rating
breakdown is provided at the end of this comment.
The rating actions reflect Greek banks' debilitated risk profile,
particularly regarding their liquidity and funding position as a
result of increased sovereign concerns. This has made access to
wholesale and interbank markets more difficult, leading to a
significant use of European Central Bank funding in 2009 and Q110.
The elevated risk perception surrounding Greece has partly
contributed to an increase in the volatility of banks' deposits,
which have experienced around 2-4% decline from end-2009 to end-
March 2010. This has been absorbed without compromising their
funding profile so far. At the same time, banks are faced with
weaker-than expected economic prospects due to the much stricter
fiscal adjustments required by the Greek government.
The five banks have recently applied for a further allocation of
their respective quotas under the Greek bank support scheme,
notably for government guarantees on issued debt and special
purpose treasury bills to be used for ECB discounting. These
measures, together with the banks' efforts to increase the amount
of ECB-eligible assets by making certain rated corporate loans
eligible and/or securitizing assets to be retained on-balance
sheet, will increase the banks' liquidity buffers further.
Nonetheless, in Fitch's view the banks will be challenged to
maintain their present liquidity position given current market
volatility.
The resolution of the RWN will depend on the developments of Greek
banks' funding profile in the near term as well as a reduced
reliance on ECB funding in the more medium term.
The agency has revised the Support Rating Floors of the five banks
to 'BB'. While in Fitch's opinion the Greek government's
propensity to support banks remains, its ability to support them
has been markedly reduced, as reflected in the downgrade of
Greece's Long-term IDR. Moreover, its ability to provide
significant levels of support is itself likely to be dependent on
the external provision of support by the euro area and IMF.
The ratings of the Greek banks affected by the rating action are:
National Bank of Greece S.A.
-- Long-term IDR downgraded to 'BBB-' from 'BBB'; RWN
-- Short-term IDR 'F3' placed on RWN
-- Individual Rating downgraded to 'C/D' from 'C'; RWN
-- Support Rating changed to '3' from '2'
-- Support Rating Floor revised to 'BB' from 'BBB-'
-- Senior notes downgraded to 'BBB-' from 'BBB'; RWN
-- Subordinated notes downgraded to 'BB+' from 'BBB-'; RWN
-- Hybrid capital downgraded to 'BB' from 'BB+'; RWN
Efg Eurobank Ergasias S.A.
-- Long-term IDR downgraded to 'BBB-' from 'BBB'; RWN
-- Short-term IDR 'F3' placed on RWN
-- Individual Rating downgraded to 'C/D' from 'C'; RWN
-- Support Rating affirmed at '3'
-- Support Rating Floor revised to 'BB' from 'BBB-'
-- Senior notes downgraded to 'BBB-' from 'BBB'; RWN
-- Subordinated notes downgraded to 'BB+' from 'BBB-'; RWN
-- Hybrid capital downgraded to 'BB' from 'BB+'; RWN
Alpha Bank S.A.
-- Long-term IDR downgraded to 'BBB-' from 'BBB'; RWN
-- Short-term IDR 'F3' placed on RWN
-- Individual Rating downgraded to 'C/D' from 'C'; RWN
-- Support Rating affirmed at '3'
-- Support Rating Floor revised to 'BB' from 'BBB-'
-- Senior notes downgraded to 'BBB-' from 'BBB'; RWN
-- Subordinated notes downgraded to 'BB+' from 'BBB-'; RWN
-- Junior Subordinated notes downgraded to 'BB' from 'BB+'; RWN
-- Hybrid capital downgraded to 'BB' from 'BB+'; RWN
Piraeus Bank S.A.
-- Long-term IDR downgraded to 'BBB-' from 'BBB'; RWN
-- Short-term IDR 'F3' placed on RWN
-- Individual Rating downgraded to 'C/D' from 'C'; RWN
-- Support Rating affirmed at '3'
-- Support Rating Floor revised to 'BB' from 'BBB-'
-- Senior notes downgraded to 'BBB-' from 'BBB'; RWN
-- Subordinated notes downgraded to 'BB+' from 'BBB-'; RWN
Agricultural Bank of Greece
-- Long-term IDR downgraded to 'BB+' from 'BBB-'; RWN
-- Short-term IDR downgraded to 'B' from 'F3'
-- Individual Rating 'C/D'; placed on RWN
-- Support Rating changed to '3' from '2'
-- Support Rating Floor revised to 'BB' from 'BBB-'
The rating impact, if any, from the above rating actions on Greek
banks' subsidiaries, securitization transactions and covered bonds
will be detailed in separate comments.
In Fitch's rating criteria, a bank's standalone risk is reflected
in Fitch's Individual ratings and the prospect of external support
is reflected in Fitch's Support ratings. Collectively these
ratings drive Fitch's Long- and Short-term IDRs.
EFG EUROBANK: Fitch Lowers Rating on Subordinated Notes to 'BB+'
----------------------------------------------------------------
Fitch Ratings has downgraded the Long-term Issuer Default Ratings
of five Greek banks following the downgrade of Greece's sovereign
rating.
Fitch has downgraded the Long-term IDRs of National Bank of
Greece, Alpha Bank (Alpha), EFG Eurobank Ergasias and Piraeus Bank
(Piraeus) to 'BBB-' from 'BBB' and placed them on Rating Watch
Negative. The Individual ratings are downgraded to 'C/D' from 'C'
and placed on RWN. Agricultural Bank of Greece's Long-term IDR is
downgraded to 'BB+' from 'BBB-' and placed on RWN. A full rating
breakdown is provided at the end of this comment.
The rating actions reflect Greek banks' debilitated risk profile,
particularly regarding their liquidity and funding position as a
result of increased sovereign concerns. This has made access to
wholesale and interbank markets more difficult, leading to a
significant use of European Central Bank funding in 2009 and Q110.
The elevated risk perception surrounding Greece has partly
contributed to an increase in the volatility of banks' deposits,
which have experienced around 2-4% decline from end-2009 to end-
March 2010. This has been absorbed without compromising their
funding profile so far. At the same time, banks are faced with
weaker-than expected economic prospects due to the much stricter
fiscal adjustments required by the Greek government.
The five banks have recently applied for a further allocation of
their respective quotas under the Greek bank support scheme,
notably for government guarantees on issued debt and special
purpose treasury bills to be used for ECB discounting. These
measures, together with the banks' efforts to increase the amount
of ECB-eligible assets by making certain rated corporate loans
eligible and/or securitizing assets to be retained on-balance
sheet, will increase the banks' liquidity buffers further.
Nonetheless, in Fitch's view the banks will be challenged to
maintain their present liquidity position given current market
volatility.
The resolution of the RWN will depend on the developments of Greek
banks' funding profile in the near term as well as a reduced
reliance on ECB funding in the more medium term.
The agency has revised the Support Rating Floors of the five banks
to 'BB'. While in Fitch's opinion the Greek government's
propensity to support banks remains, its ability to support them
has been markedly reduced, as reflected in the downgrade of
Greece's Long-term IDR. Moreover, its ability to provide
significant levels of support is itself likely to be dependent on
the external provision of support by the euro area and IMF.
The ratings of the Greek banks affected by the rating action are:
National Bank of Greece S.A.
-- Long-term IDR downgraded to 'BBB-' from 'BBB'; RWN
-- Short-term IDR 'F3' placed on RWN
-- Individual Rating downgraded to 'C/D' from 'C'; RWN
-- Support Rating changed to '3' from '2'
-- Support Rating Floor revised to 'BB' from 'BBB-'
-- Senior notes downgraded to 'BBB-' from 'BBB'; RWN
-- Subordinated notes downgraded to 'BB+' from 'BBB-'; RWN
-- Hybrid capital downgraded to 'BB' from 'BB+'; RWN
Efg Eurobank Ergasias S.A.
-- Long-term IDR downgraded to 'BBB-' from 'BBB'; RWN
-- Short-term IDR 'F3' placed on RWN
-- Individual Rating downgraded to 'C/D' from 'C'; RWN
-- Support Rating affirmed at '3'
-- Support Rating Floor revised to 'BB' from 'BBB-'
-- Senior notes downgraded to 'BBB-' from 'BBB'; RWN
-- Subordinated notes downgraded to 'BB+' from 'BBB-'; RWN
-- Hybrid capital downgraded to 'BB' from 'BB+'; RWN
Alpha Bank S.A.
-- Long-term IDR downgraded to 'BBB-' from 'BBB'; RWN
-- Short-term IDR 'F3' placed on RWN
-- Individual Rating downgraded to 'C/D' from 'C'; RWN
-- Support Rating affirmed at '3'
-- Support Rating Floor revised to 'BB' from 'BBB-'
-- Senior notes downgraded to 'BBB-' from 'BBB'; RWN
-- Subordinated notes downgraded to 'BB+' from 'BBB-'; RWN
-- Junior Subordinated notes downgraded to 'BB' from 'BB+'; RWN
-- Hybrid capital downgraded to 'BB' from 'BB+'; RWN
Piraeus Bank S.A.
-- Long-term IDR downgraded to 'BBB-' from 'BBB'; RWN
-- Short-term IDR 'F3' placed on RWN
-- Individual Rating downgraded to 'C/D' from 'C'; RWN
-- Support Rating affirmed at '3'
-- Support Rating Floor revised to 'BB' from 'BBB-'
-- Senior notes downgraded to 'BBB-' from 'BBB'; RWN
-- Subordinated notes downgraded to 'BB+' from 'BBB-'; RWN
Agricultural Bank of Greece
-- Long-term IDR downgraded to 'BB+' from 'BBB-'; RWN
-- Short-term IDR downgraded to 'B' from 'F3'
-- Individual Rating 'C/D'; placed on RWN
-- Support Rating changed to '3' from '2'
-- Support Rating Floor revised to 'BB' from 'BBB-'
The rating impact, if any, from the above rating actions on Greek
banks' subsidiaries, securitization transactions and covered bonds
will be detailed in separate comments.
In Fitch's rating criteria, a bank's standalone risk is reflected
in Fitch's Individual ratings and the prospect of external support
is reflected in Fitch's Support ratings. Collectively these
ratings drive Fitch's Long- and Short-term IDRs.
NATIONAL BANK: Fitch Downgrades Rating on Hybrid Capital to 'BB'
----------------------------------------------------------------
Fitch Ratings has downgraded the Long-term Issuer Default Ratings
of five Greek banks following the downgrade of Greece's sovereign
rating.
Fitch has downgraded the Long-term IDRs of National Bank of
Greece, Alpha Bank (Alpha), EFG Eurobank Ergasias and Piraeus Bank
(Piraeus) to 'BBB-' from 'BBB' and placed them on Rating Watch
Negative. The Individual ratings are downgraded to 'C/D' from 'C'
and placed on RWN. Agricultural Bank of Greece's Long-term IDR is
downgraded to 'BB+' from 'BBB-' and placed on RWN. A full rating
breakdown is provided at the end of this comment.
The rating actions reflect Greek banks' debilitated risk profile,
particularly regarding their liquidity and funding position as a
result of increased sovereign concerns. This has made access to
wholesale and interbank markets more difficult, leading to a
significant use of European Central Bank funding in 2009 and Q110.
The elevated risk perception surrounding Greece has partly
contributed to an increase in the volatility of banks' deposits,
which have experienced around 2-4% decline from end-2009 to end-
March 2010. This has been absorbed without compromising their
funding profile so far. At the same time, banks are faced with
weaker-than expected economic prospects due to the much stricter
fiscal adjustments required by the Greek government.
The five banks have recently applied for a further allocation of
their respective quotas under the Greek bank support scheme,
notably for government guarantees on issued debt and special
purpose treasury bills to be used for ECB discounting. These
measures, together with the banks' efforts to increase the amount
of ECB-eligible assets by making certain rated corporate loans
eligible and/or securitizing assets to be retained on-balance
sheet, will increase the banks' liquidity buffers further.
Nonetheless, in Fitch's view the banks will be challenged to
maintain their present liquidity position given current market
volatility.
The resolution of the RWN will depend on the developments of Greek
banks' funding profile in the near term as well as a reduced
reliance on ECB funding in the more medium term.
The agency has revised the Support Rating Floors of the five banks
to 'BB'. While in Fitch's opinion the Greek government's
propensity to support banks remains, its ability to support them
has been markedly reduced, as reflected in the downgrade of
Greece's Long-term IDR. Moreover, its ability to provide
significant levels of support is itself likely to be dependent on
the external provision of support by the euro area and IMF.
The ratings of the Greek banks affected by the rating action are:
National Bank of Greece S.A.
-- Long-term IDR downgraded to 'BBB-' from 'BBB'; RWN
-- Short-term IDR 'F3' placed on RWN
-- Individual Rating downgraded to 'C/D' from 'C'; RWN
-- Support Rating changed to '3' from '2'
-- Support Rating Floor revised to 'BB' from 'BBB-'
-- Senior notes downgraded to 'BBB-' from 'BBB'; RWN
-- Subordinated notes downgraded to 'BB+' from 'BBB-'; RWN
-- Hybrid capital downgraded to 'BB' from 'BB+'; RWN
Efg Eurobank Ergasias S.A.
-- Long-term IDR downgraded to 'BBB-' from 'BBB'; RWN
-- Short-term IDR 'F3' placed on RWN
-- Individual Rating downgraded to 'C/D' from 'C'; RWN
-- Support Rating affirmed at '3'
-- Support Rating Floor revised to 'BB' from 'BBB-'
-- Senior notes downgraded to 'BBB-' from 'BBB'; RWN
-- Subordinated notes downgraded to 'BB+' from 'BBB-'; RWN
-- Hybrid capital downgraded to 'BB' from 'BB+'; RWN
Alpha Bank S.A.
-- Long-term IDR downgraded to 'BBB-' from 'BBB'; RWN
-- Short-term IDR 'F3' placed on RWN
-- Individual Rating downgraded to 'C/D' from 'C'; RWN
-- Support Rating affirmed at '3'
-- Support Rating Floor revised to 'BB' from 'BBB-'
-- Senior notes downgraded to 'BBB-' from 'BBB'; RWN
-- Subordinated notes downgraded to 'BB+' from 'BBB-'; RWN
-- Junior Subordinated notes downgraded to 'BB' from 'BB+'; RWN
-- Hybrid capital downgraded to 'BB' from 'BB+'; RWN
Piraeus Bank S.A.
-- Long-term IDR downgraded to 'BBB-' from 'BBB'; RWN
-- Short-term IDR 'F3' placed on RWN
-- Individual Rating downgraded to 'C/D' from 'C'; RWN
-- Support Rating affirmed at '3'
-- Support Rating Floor revised to 'BB' from 'BBB-'
-- Senior notes downgraded to 'BBB-' from 'BBB'; RWN
-- Subordinated notes downgraded to 'BB+' from 'BBB-'; RWN
Agricultural Bank of Greece
-- Long-term IDR downgraded to 'BB+' from 'BBB-'; RWN
-- Short-term IDR downgraded to 'B' from 'F3'
-- Individual Rating 'C/D'; placed on RWN
-- Support Rating changed to '3' from '2'
-- Support Rating Floor revised to 'BB' from 'BBB-'
The rating impact, if any, from the above rating actions on Greek
banks' subsidiaries, securitization transactions and covered bonds
will be detailed in separate comments.
In Fitch's rating criteria, a bank's standalone risk is reflected
in Fitch's Individual ratings and the prospect of external support
is reflected in Fitch's Support ratings. Collectively these
ratings drive Fitch's Long- and Short-term IDRs.
PIRAEUS BANK: Fitch Lowers Rating on Subordinated Notes to 'BB+'
----------------------------------------------------------------
Fitch Ratings has downgraded the Long-term Issuer Default Ratings
of five Greek banks following the downgrade of Greece's sovereign
rating.
Fitch has downgraded the Long-term IDRs of National Bank of
Greece, Alpha Bank (Alpha), EFG Eurobank Ergasias and Piraeus Bank
(Piraeus) to 'BBB-' from 'BBB' and placed them on Rating Watch
Negative. The Individual ratings are downgraded to 'C/D' from 'C'
and placed on RWN. Agricultural Bank of Greece's Long-term IDR is
downgraded to 'BB+' from 'BBB-' and placed on RWN. A full rating
breakdown is provided at the end of this comment.
The rating actions reflect Greek banks' debilitated risk profile,
particularly regarding their liquidity and funding position as a
result of increased sovereign concerns. This has made access to
wholesale and interbank markets more difficult, leading to a
significant use of European Central Bank funding in 2009 and Q110.
The elevated risk perception surrounding Greece has partly
contributed to an increase in the volatility of banks' deposits,
which have experienced around 2-4% decline from end-2009 to end-
March 2010. This has been absorbed without compromising their
funding profile so far. At the same time, banks are faced with
weaker-than expected economic prospects due to the much stricter
fiscal adjustments required by the Greek government.
The five banks have recently applied for a further allocation of
their respective quotas under the Greek bank support scheme,
notably for government guarantees on issued debt and special
purpose treasury bills to be used for ECB discounting. These
measures, together with the banks' efforts to increase the amount
of ECB-eligible assets by making certain rated corporate loans
eligible and/or securitizing assets to be retained on-balance
sheet, will increase the banks' liquidity buffers further.
Nonetheless, in Fitch's view the banks will be challenged to
maintain their present liquidity position given current market
volatility.
The resolution of the RWN will depend on the developments of Greek
banks' funding profile in the near term as well as a reduced
reliance on ECB funding in the more medium term.
The agency has revised the Support Rating Floors of the five banks
to 'BB'. While in Fitch's opinion the Greek government's
propensity to support banks remains, its ability to support them
has been markedly reduced, as reflected in the downgrade of
Greece's Long-term IDR. Moreover, its ability to provide
significant levels of support is itself likely to be dependent on
the external provision of support by the euro area and IMF.
The ratings of the Greek banks affected by the rating action are:
National Bank of Greece S.A.
-- Long-term IDR downgraded to 'BBB-' from 'BBB'; RWN
-- Short-term IDR 'F3' placed on RWN
-- Individual Rating downgraded to 'C/D' from 'C'; RWN
-- Support Rating changed to '3' from '2'
-- Support Rating Floor revised to 'BB' from 'BBB-'
-- Senior notes downgraded to 'BBB-' from 'BBB'; RWN
-- Subordinated notes downgraded to 'BB+' from 'BBB-'; RWN
-- Hybrid capital downgraded to 'BB' from 'BB+'; RWN
Efg Eurobank Ergasias S.A.
-- Long-term IDR downgraded to 'BBB-' from 'BBB'; RWN
-- Short-term IDR 'F3' placed on RWN
-- Individual Rating downgraded to 'C/D' from 'C'; RWN
-- Support Rating affirmed at '3'
-- Support Rating Floor revised to 'BB' from 'BBB-'
-- Senior notes downgraded to 'BBB-' from 'BBB'; RWN
-- Subordinated notes downgraded to 'BB+' from 'BBB-'; RWN
-- Hybrid capital downgraded to 'BB' from 'BB+'; RWN
Alpha Bank S.A.
-- Long-term IDR downgraded to 'BBB-' from 'BBB'; RWN
-- Short-term IDR 'F3' placed on RWN
-- Individual Rating downgraded to 'C/D' from 'C'; RWN
-- Support Rating affirmed at '3'
-- Support Rating Floor revised to 'BB' from 'BBB-'
-- Senior notes downgraded to 'BBB-' from 'BBB'; RWN
-- Subordinated notes downgraded to 'BB+' from 'BBB-'; RWN
-- Junior Subordinated notes downgraded to 'BB' from 'BB+'; RWN
-- Hybrid capital downgraded to 'BB' from 'BB+'; RWN
Piraeus Bank S.A.
-- Long-term IDR downgraded to 'BBB-' from 'BBB'; RWN
-- Short-term IDR 'F3' placed on RWN
-- Individual Rating downgraded to 'C/D' from 'C'; RWN
-- Support Rating affirmed at '3'
-- Support Rating Floor revised to 'BB' from 'BBB-'
-- Senior notes downgraded to 'BBB-' from 'BBB'; RWN
-- Subordinated notes downgraded to 'BB+' from 'BBB-'; RWN
Agricultural Bank of Greece
-- Long-term IDR downgraded to 'BB+' from 'BBB-'; RWN
-- Short-term IDR downgraded to 'B' from 'F3'
-- Individual Rating 'C/D'; placed on RWN
-- Support Rating changed to '3' from '2'
-- Support Rating Floor revised to 'BB' from 'BBB-'
The rating impact, if any, from the above rating actions on Greek
banks' subsidiaries, securitization transactions and covered bonds
will be detailed in separate comments.
In Fitch's rating criteria, a bank's standalone risk is reflected
in Fitch's Individual ratings and the prospect of external support
is reflected in Fitch's Support ratings. Collectively these
ratings drive Fitch's Long- and Short-term IDRs.
=============
I R E L A N D
=============
BESTSELLER RETAIL: Seeks to Repudiate Remaining Leases
------------------------------------------------------
Ian Kehoe at The Sunday Business Post reports that Bestseller
Retail Ireland is seeking to have 14 leases repudiated as part of
an examinership process, arguing that it can no longer afford to
pay the rent on the properties.
According to the report, the landlords involved will object to the
move, arguing that the company, which sought protection from its
creditors in February after running into financial difficulties,
must honor its rental arrangements.
The company originally operated 36 stores nationwide, but now has
14 outlets after a series of closures, the report notes.
The company's examiner, PricewaterhouseCoopers accountant Declan
McDonald, will tell the High court this week that the repudiation
of the remaining leases is essential to save the group from
liquidation.
Bestseller Retail Ireland is the fashion group behind Vero Moda
and Jack & Jones.
QUINN INSURANCE: Anglo's Rescue Plan Needs European Approval
------------------------------------------------------------
Tom Lyons and Brian Carey at The Sunday Times report that the
European Commission would have to approve Anglo Irish Bank's
rescue plan for insurance firm.
According to The Sunday Times, sources say the bank's plan to keep
Quinn Insurance out of administration will have to be approved by
the regulator, as it would form a material change to the bank's
own yet-to-be-approved business plan.
Anglo plans to buy out Quinn Group bondholders, believed to number
about 20 investors, by issuing them with EUR550 million of
government-backed bonds, The Sunday Times says. It will also
inject up to EUR150 million into the Quinn Group which will be
used to boost Quinn Insurance cash reserves, The Sunday Times
states. The bank will be issued with shares in the insurer in
return, The Sunday Times notes.
The Sunday Times relates Anglo held talks with the regulator on
the plan last Friday. Quinn Group and family interests will owe
the state-owned bank EUR3.5 billion if the restructuring deal goes
ahead, The Sunday Times says.
As reported by the Troubled Company Reporter-Europe on April 1,
2010, The Times said Irelands' Financial Regulator on March 30 put
Quinn Insurance into provisional administration. The Times
disclosed joint administrators were appointed to Quinn Insurance
by the High Court in Dublin after the regulator expressed concerns
about the company's finances and how it was being run. The Times
related the regulator said the business would remain open for
business and would continue to be run as a going concern under
different management. The Times noted the regulator did not
disclose the matters being investigated but its counsel told the
court that, in recent months, the company had "significantly
breached" its solvency ratios. According to The Times, the
counsel said the company had gone from a position of having assets
over liabilities of some EUR200 million to now having an excess of
liabilities of more than EUR200 million.
Quinn Insurance is owned by Sean Quinn, Ireland's richest man, and
his family. The company has just more than 20% of the motor and
health insurance market in Ireland. It has more than one million
customers in the country. Employing almost 2,800 people in
Britain and Ireland, it was founded in 1996 and entered the UK
market in 2004, according to The Times.
=========
I T A L Y
=========
FASTWEB SPA: Exposure to Fraud Probe to Hit EUR81MM, Parent Says
----------------------------------------------------------------
Vincent Boland at The Financial Times reports that Swisscom Chief
Executive Carsten Schloter said that the Swiss company expects the
total exposure of its Italian subsidiary Fastweb to a complex
fraud and tax evasion investigation in Italy to be no more than
EUR81 million (US$110 million).
In an interview with the FT, Mr. Schloter said the "real risk" to
Swisscom's EUR4 billion investment in Fastweb had been the threat
that the Italian company might have been placed in administration
because of the allegations, which surfaced at the end of February.
The FT relates Fastweb and Sparkle, the wholesale broadband unit
of Telecom Italia, were accused by prosecutors in Rome of offering
services to offshore companies that were used to launder money and
evade tax. The FT recalls earlier this month, prosecutors
withdrew their request for administration for both Fastweb and
Sparkle.
"The real risk of this whole thing that hung over us has now been
removed," the FT quoted Mr. Schloter as saying. "The
investigation will continue but our focus will now be on the
business."
The company has already announced a net loss of EUR34 million for
2009 following the provisions for the fraud probe, the FT notes.
Fastweb SpA -- http://company.fastweb.it/-- is an Italy-based
company engaged in the broadband telecommunications industry. The
Company's core activity is focused on the provision of
telecommunication networks and services in the main metropolitan
areas of Italy and in several smaller cities. Its activates are
divided into four business areas: Consumer, intended to retail
residential and micro business; Small Medium Enterprise (SME) for
small and mid-size companies; Executive, intended to large
companies, the public administration and wholesale activities
designed for other telecommunications operators, and Network and
Systems. Fastweb SpA provides a range of services, including
telephony, broadband Internet connectivity, advanced video-
communication, virtual private networks, audio and video
streaming, digital and interactive television and
telesurveillance, among others. In addition, the Company provides
mobile telephony services. The Company's subsidiaries include QXN
Scpa and e.BisMedia SpA.
=====================
N E T H E R L A N D S
=====================
FORTIS BANK: S&P Raises Rating on Mandatory Securities to 'BB'
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it has raised its
rating on a mandatory convertible security issued by a number of
joint issuers, including Fortis Bank (Nederland) N.V.
(A/Positive/A-1), to 'BB' from 'B+'.
The upgrade reflects S&P's understanding that the upcoming two
semi-annual coupons on this MCS became mandatory following the
declaration of a dividend by Fortis SA/NV (BBB-/Stable/A-3). The
MCS matures on Dec. 7, 2010 through their mandatory conversion.
FBN was formerly part of the Fortis group, prior to the
nationalization and break-up of the group in late 2008.
The MCS convert into Fortis stock, and S&P anticipates that
delivery of the shares to MCS noteholders will occur in December
2010, as outlined in the MCS issue documentation. There is
currently a dispute between the Dutch State, FBN's owner following
the break-up of the Fortis group, and Fortis. Fortis indicates
that this dispute relates to a secondary agreement between FBN and
Fortis. S&P understands that this will not inhibit the conversion
of the MCS in December 2010.
Prior to Fortis' dividend announcement, S&P's rating on the MCS
was driven by its view of the likelihood of coupon suspension,
which S&P viewed as significant as S&P anticipated that the
European Commission would require coupon suspension if the
payments were not mandatory. As S&P no longer considers this a
significant risk, the rating on the MCS reflects its criteria on
convertible instruments, under which the rating is capped by the
rating on the junior subordinated instrument of the issuer. In
this case, S&P caps the rating on the MCS to the junior
subordinated debt of Fortis, as MCS will convert into Fortis
stock.
Ratings List
Upgraded
EUR2 bil mandatory convertible securities perp hybrid
To From
-- ----
BB B+
LYONDELL CHEMICAL: Parent May Face U.S. Bribery Probe
-----------------------------------------------------
LyondellBasell may face a U.S. bribery probe after telling
prosecutors about a potentially improper payment linked to a
project in Kazakhstan, according to four people with knowledge of
the matter, Bloomberg News's David Voreacos and Jonathan Keehner
reported.
According to the Bloomberg report, LyondellBasell told the Justice
Department it uncovered conduct that raised "compliance issues"
under the U.S. Foreign Corrupt Practices Act. The FCPA makes it a
crime for companies with U.S. operations to bribe foreign
officials.
Bloomberg relates that LyondellBasell disclosed in a bankruptcy
court filing in December that it had "identified certain past
activities related to a proposed joint venture that may raise
compliance issues under U.S. law." The Company said it hired
outside counsel to investigate, overseen by a special board
committee.
About Lyondell Chemical
LyondellBasell Industries is one of the world's largest polymers,
petrochemicals and fuels companies. It is the global leader in
polyolefins technology, production and marketing; a pioneer in
propylene oxide and derivatives; and a significant producer of
fuels and refined products, including biofuels. Through research
and development, LyondellBasell develops innovative materials and
technologies that deliver exceptional customer value and products
that improve quality of life for people around the world.
Headquartered in The Netherlands, LyondellBasell --
http://www.lyondellbasell.com/-- is privately owned by Access
Industries.
Basell AF and Lyondell Chemical Company merged operations in 2007
to form LyondellBasell Industries, the world's third largest
independent chemical company. LyondellBasell became saddled with
debt as part of the US$12.7 billion merger. On January 6, 2009,
LyondellBasell Industries' U.S. operations and one of its European
holding companies -- Basell Germany Holdings GmbH -- filed
voluntary petitions to reorganize under Chapter 11 of the U.S.
Bankruptcy Code to facilitate a restructuring of the company's
debts. The case is In re Lyondell Chemical Company, et al.,
Bankr. S.D.N.Y. Lead Case No. 09-10023). Seventy-nine Lyondell
entities, including Equistar Chemicals, LP, Lyondell Chemical
Company, Millennium Chemicals Inc., and Wyatt Industries, Inc.
filed for Chapter 11. In May 2009, one of the cases was dismissed
-- Case No. 09-10068 -- because it is duplicative of Case No. 09-
10040 relating to Debtor Glidden Latin America Holdings.
The Hon. Robert E. Gerber presides over the case. Deryck A.
Palmer, Esq., at Cadwalader, Wickersham & Taft LLP, in New York,
serves as the Debtors' bankruptcy counsel. Evercore Partners
serves as financial advisors, and Alix Partners and its subsidiary
AP Services LLC, serves as restructuring advisors. AlixPartners'
Kevin M. McShea acts as the Debtors' Chief Restructuring Officer.
Clifford Chance LLP serves as restructuring advisors to the
European entities. Lyondell Chemical estimated that consolidated
assets total US$27.12 billion and debts total US$19.34 billion as
of the bankruptcy filing date.
Lyondell has obtained approximately US$8 billion in DIP financing
to fund continuing operations. The DIP financing includes two
credit agreements: a US$6.5 billion term loan, which comprises a
US$3.25 billion in new loans and a US$3.25 billion roll-up of
existing loans; and a US$1.57 billion asset-backed lending
facility.
LyondellBasell Industries AF S.C.A. and another affiliate were
voluntarily added to Lyondell Chemical's reorganization filing
under Chapter 11 on April 24, 2009, in order to seek protection
against claims by certain financial and U.S. trade creditors. On
May 8, 2009, LyondellBasell Industries added 13 non-operating
entities to Lyondell Chemical Company's reorganization filing
under Chapter 11 of the U.S. Bankruptcy Code. All of the entities
are U.S. companies and were added to the original Chapter 11
filing for administrative purposes.
Bankruptcy Creditors' Service, Inc., publishes Lyondell Bankruptcy
News. The newsletter tracks the Chapter 11 proceeding undertaken
by Lyondell Chemical Company and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
===============
P O R T U G A L
===============
SAGRES STC: Fitch Affirms 'BB' Rating on Class T Fixed-Rate Notes
-----------------------------------------------------------------
Fitch Ratings has affirmed Sagres STC - Explorer 2004's remaining
EUR53 million class T fixed-rate notes at 'BB' and revised the
Outlook to Stable from Positive. Sagres Explorer 2004 is the
first securitisation launched by the Portuguese government and is
backed by unpaid tax and social security claims originated in
Portugal.
As of March 2010, all issued notes have been paid in full with the
exception of the class T notes which carry a fixed interest rate
of 7% p.a. accrued on the note principal outstanding from the
closing date. Accrued and unpaid interests bear a fixed rate of
7% p.a. As of March, remaining cash amounting to approximately
EUR23.8 million, after full repayment of the senior notes, was
used to settle unpaid interest on the class T notes.
To date, the total collections on a cumulative basis have
continued to perform broadly in line with Fitch's revised base
case expectations. However, Fitch notes that periodic collections
for the last two reporting periods have been lower than the
expectation for these periods. Although collections are expected
to tail off during the terms of the transaction, the last two
reporting periods have shown the largest deviation from the
agency's expectation. As a result, the Outlook is revised to
Stable from Positive.
Fitch recognizes the continued downward pressure on future
collections, as average monthly collections are expected to tail
off as the claims age. Nevertheless, the scale of the tail-off
can be mitigated by a large balance of claims which were
originated in 2000. The agency estimates that a significant
portion of the accrued and unpaid interest on the class T notes
was repaid in the last reporting period. The total outstanding
amount on the class T notes, including accrued interest due for
payment on the next interest payment date, is approximately
EUR58.3 million. It is likely that the class T notes will be
repaid before the final maturity date should the collections
follow Fitch's base case expectation.
=============
R O M A N I A
=============
MATACHE MACELARU: Declared Insolvent After Failing to Pay Debts
---------------------------------------------------------------
Diana Tudor at Ziarul Financiar reports that the Buzau court of
law has declared Principal Company insolvent after it failed to
pay debts owed to five creditors.
Principal has filed an appeal against the ruling, the report says,
citing representatives of the firm.
RTZ & Partners in Cluj Napoca has been temporarily appointed by
the court as judicial administrator of the company until the
appeal is settled, the report relates.
According to the report, representatives of Principal say they
will appoint a special administrator for the company at the next
meeting, as is required by the insolvency law.
"The ruling in favor of insolvency proceedings in the case of
Principal Company is enforceable, so it is applicable even if an
appeal has been filed," the report quoted representatives of RTZ &
Partners as saying.
Based in Romania, Principal Company is the producer of Salonta and
Matache Macelaru charcuterie brands.
* ROMANIA: Central Bank Can Dismiss Lenders' Insolvency Filings
---------------------------------------------------------------
Romania's central bank will be able to dismiss insolvency requests
of credit institutions if it finds no merits to the claims,
Mediafax reports, citing a government bill aimed to improve
insolvency legislation in the country.
According to the report, under the bill, Romanian lenders will
need prior approval from the central bank to open insolvency
proceedings in court.
The report says the central bank will also be able to send
opinions and data on the credit institution to the bankruptcy
judge and the designated liquidator during the insolvency process.
The bill will also amend the priority list for repaying
receivables in case of insolvency, the report notes.
===========
R U S S I A
===========
FAR EAST: Moody's Assigns Corporate Family Rating at 'Ba3'
----------------------------------------------------------
Moody's Investors Service has assigned a Ba3 corporate family
rating to OAO Far East Telecom, the leading incumbent fixed-line
telecommunications operator in the Far East Federal District of
Russia and the Republic of Yakutia. Concurrently, Moody's
Interfax Rating Agency has assigned an Aa3.ru national scale
rating to the company. Moscow-based Moody's Interfax is majority-
owned by Moody's, a leading global rating agency. The outlook on
the ratings is stable. This is the first time that Moody's rates
the company.
Under Moody's rating methodology for government-related issuers,
FET's Ba3 corporate family rating is based on these inputs: (i) a
Baseline Credit Assessment of 14 (on a scale of 1 to 21, where 1
represents the lowest level of credit risk), which reflects
Moody's standalone credit assessment of FET, i.e. independent of
any credit benefit the overall family derives from its GRI status;
(ii) the Baa1 local currency rating of the Russian government,
with a stable outlook; (iii) medium support; and (iv) medium
dependence.
The BCA of 14 (equivalent to a B1 rating) reflects the company's
position as an incumbent fixed-line operator in the Far East
district and Yakutia. As the regional incumbent operator, FET is
mandated by the government to provide basic telecoms services to
the local population in accordance with the terms and tariffs
specified by the state.
The BCA is supported by: (i) the company's dominant position in
its key traditional voice telephony market in the region,
underpinned by its ownership of the backbone infrastructure; (ii)
the relatively benign legislative environment and the absence of
any immediate threat of local loop unbundling; (iii) the company's
strong positions in the developing broadband market; (iv) FET's
robust financial performance and relatively low leverage; and (v)
its strong management team and conservative approach to financial
policies.
However, the BCA is constrained by: (i) the company's relatively
modest revenue base; (ii) the growing competition from altnets and
mobile operators, (iii) the risk of fixed-to-mobile substitution;
(iv) the potential pressure on the traditional fixed line segment
should future state-approved tariff increases lag behind
inflation, (v) the company's concentration on the residential
market with a low presence in the more lucrative corporate
segment; (vi) limited growth potential due to the regional
specifics, such as low population and negative population growth
due to outward migration, significant unemployment rates, and
significant geographical dispersion of urban agglomerations.
The medium level of dependence reflects Moody's assessment of the
financial and operational linkages between the government and FET,
the extent to which both the government and the company rely on
the same revenue, and their linked exposure to credit risks.
The medium level of support reflects Moody's view of FET as a
strategic asset ultimately controlled by the government via
Svyazinvest, a holding company 75%-owned by the state and created
for the sole purpose of developing Russia's telecommunications
business. Given the Russian government's announced plan to
create a national integrated telecommunications operator via
consolidation of the regional assets owned by Svyazinvest by 2012,
Moody's expects the support function to further strengthen as the
regional operators' treasury and planning functions are delegated
to the corporate centre controlled by the state. The medium
support assessment also incorporates the history of Russian
government bailouts and economic intervention, including in
particular in the telecommunications industry.
Moody's views favorably FET's limited competition in the
relatively stable residential voice service segment, where it has
a market share of 87% and benefits from its ownership of the
extensive backbone infrastructure with a digitalization level of
above 80%. In addition, FET enjoys leading positions in the
intrazonal communications segment (89% and 100% market shares in
the Far East and Yakutia, respectively), although it is
experiencing an annual decline in traffic of around 6-8% in this
segment. The area in which FET is most under pressure from
competition is the operators' interconnection market, where
traffic has been seen migrating from the incumbent players to the
alternative networks and mobile operators due to more attractive
pricing.
FET's strategy envisages further development of the non-regulated
value-added services primarily focusing on the increase in average
revenue per line. The company is number one in the Far East and
Yakutia in terms of the broadband market share (73% and 83.4%,
accordingly), and is actively developing its pay-TV business.
Although technically Moody's considers FET an integrated operator,
it recognizes that its cellular network is relatively small with a
low market share, makes a limited contribution to the company's
revenue base and faces severe competitive pressures. FET's
cellular network has a capacity of 525,000 and covers four
districts: Magadan, Primorie, Kamchatka, and Chukotka and
Sakhalin. It has relatively stable subscriber numbers (estimated
at 347,000 as at end-2009) but demonstrates declining ARPU and
revenue. The company does not envisage significant capex outlays
aimed at expanding or promoting this business segment, but is
rather focusing on potential synergies from fixed-to-mobile
convergence solutions and bundling of services.
The stable outlook reflects Moody's expectation that the company
will maintain its prudent debt management strategy and
satisfactory liquidity profile and maintain its business
positions.
Going forward, positive business profile developments could, if
accompanied by a strong financial performance, have positive
rating implications. Moody's will assess structural changes in
the company's organization following the restructuring of
Svyazinvest for their impact on the company's standalone credit
profile and support/dependence considerations. The company's
ratings could also be impacted by any changes in the ratings of
the Russian government.
=========
S P A I N
=========
ANDALUS LINEAS: Racks Up GBP7 Million in Debts
----------------------------------------------
Merco Press reports that Spanish airline Andalus Lineas Aereas has
debts of some GBP7 million. According to the report, the airline
owes the Gibraltar Government more than GBP100,000 in landing fees
and passenger taxes.
The report relates AESA, the Spanish air safety authority, said
last week it is monitoring the airline's activities very closely.
The report notes employees claim they are owed money from some
months back.
Citing the Gibraltar Chronicle, the report says the carrier's
Madrid-Gibraltar air link had been indefinitely suspended.
OBRASCON HUARTE: Fitch Assigns 'BB-' Rating on Unsec. Bond
----------------------------------------------------------
Fitch Ratings has assigned Obrascon Huarte Lain's prospective
unsecured bond an expected 'BB-' rating. The expected rating is
in line with OHL's senior unsecured 'BB-' rating. OHL's Issuer
Default Rating is 'BB-' and the Outlook is Negative. The final
amount and the maturity of the bond are not yet in the public
domain. The final rating is contingent upon the receipt of final
documentation conforming to information already received by the
agency.
The bond will be used to refinance up to EUR300 million of the
existing 2012 bonds. This new bond is mildly positive for OHL's
ratings, extending existing bond debt maturities by three years.
The bond documentation includes negative pledge and change of
control clauses, with recourse subsidiaries of the group unable to
procure additional indebtedness where the recourse net interest
coverage ratio falls below 2.5x.
OHL's ratings were affirmed in November 2009 further to the
EUR199.5 million share issue used to repay recourse debt at the
parent company level. This improved recourse leverage at a de-
consolidated level at OHL to a net debt/EBITDAR 2.4x (adjusted for
non-recourse debt and ring-fenced concession cash flows) on a pro-
forma basis from 3.2x at end-H109.
The FY09 results confirmed both the growth of the international
construction business (revenues increased 28%) in FY09 and the
difficult Spanish construction market (revenues down 10.2%). As a
result recourse EBITDA only rose slightly to EUR291 million
(versus EUR267.7 million at FYE08). The group's recourse
liquidity position improved to EUR1.28 billion, including undrawn
committed facilities (EUR747 million) and cash available
(EUR540 million). OHL, on a deconsolidated basis, however remains
over-leveraged. Leverage (recourse-adjusted net debt/EBITDAR) at
2.5x at FYE09 is still considered high risk for construction
industry players, as tolerance to debt is low due to significant
operational risks such as cyclical demand, thin profit margins and
the possibility of project delays and cost overruns. There also
remains a risk that the bond issue proceeds will ultimately be
required to support the financing of concessions in the non-
recourse business, although the agency acknowledges that this is
not management's current plan.
The Negative Outlook indicates that a downgrade could occur if the
company underperforms Fitch's current expectations, including a
material increase in leverage, worsening liquidity, reduced
covenant headroom and further material equity injections into the
concessions business.
Credit risk at the OHL parent company is heightened by the
substantial investment in equity stakes in ring-fenced concessions
funded by recourse debt raised by the parent and any profits from
the construction business. As the concessions are ring-fenced
entities, OHL as the parent has limited access to cash flows
(primarily dividends paid). Moreover, the nature of OHL's
concessions means they are less than mature operations and thus
dividends in initial years are low, leaving a drain on cash from
the parent for the foreseeable future. This may apply to OHL's
five Brazilian federal toll-road concessions, which were awarded
in 2008. They are financed by bridge loans maturing in December
2010 and will need to be refinanced by FYE10.
OHL's ability to de-leverage also appears to remain constrained by
still weak non-concession construction markets (which may unwind
OHL's negative working capital position resulting from reduced
cash inflows as order books shrink and operating margins decline).
Fitch has made major improvements to its credit research on EMEA
and AsiaPac corporates.
=============
U K R A I N E
=============
NADRA BANK: IMF Wants Ukraine to Decide on Fate By May 15
---------------------------------------------------------
Kateryna Choursina at Bloomberg News, citing Delo, reports that
the International Monetary Fund wants Ukraine to decide on the
future of VAT Nadra Bank by May 15.
According to Bloomberg, the newspaper said the government may take
over part of the bank, which is under temporary administration,
and sell another part to an investor.
Nadra KB VAT (Commercial Bank Nadra OJSC) --
http://www.nadra.com.ua/-- is a Ukraine-based nation-wide
universal commercial bank. It provides financial services to
three client segments: individuals, small and medium-sized
enterprises and corporate clients. Its customer services platform
comprises a network of branches located in all Ukrainian major
cities, numerous Automated Teller Machines (ATM) and Point of Sale
terminals, as well as an electronic contact center. Nadra KB VAT
has in its offer micro-loans, credit lines, overdrafts, personal
and corporate credit and debit cards, current accounts, time
deposits, cash management services, deposit taking, cash
management and account services, corporate cards and securities
transactions.
===========================
U N I T E D K I N G D O M
===========================
BRITISH AIRWAYS: Iberia Merger Won't Affect Moody's Ratings
-----------------------------------------------------------
On April 8, 2010, British Airways (rated B1, stable outlook) and
Iberia (NR) took a step further in their plans to merge their
operations by signing a merger agreement, with terms consistent
with the binding memorandum of understanding signed in November
2009. As before, the agreement remains subject to a number of
conditions, notably shareholder approval by both BA and Iberia
shareholders, regulatory approval, and a satisfactory recovery
plan being agreed with the pension trustees for BA's pension
deficit. The holding company for both airlines will be named
International Consolidated Airlines Group SA and be listed on the
London Stock Exchange and traded also on the Spanish Stock
Exchange.
Significantly, the two airlines will maintain their domestic
operations and brand names, while management from both companies
will be represented at the operating level. Moody's views the
proposed merger as a positive development for both airlines, which
will significantly enhance their network in terms of aircraft and
destinations, notably on routes between Europe and the Americas.
Moody's note also the expectation to achieve annual synergies of
c.EUR400 million after five years, with implementation costs of
EUR350 million during that period.
This transaction does not affect the ratings of either British
Airways or the rating of the Class A Enhanced Secured Notes issued
by Iberbond 2004 Public Limited Company (rated A2) with Iberia as
obligor. Moody's believes that the benefits of the merger will be
longer-term, and that the eventual turnaround in industry demand
and yields will continue to be the main driver of both airlines'
earnings and credit profiles in the medium term. The successful
implementation of the merger should, however, enhance earnings in
coming years. This positive impact remains largely offset at this
point in time by the current weak credit metrics of the airlines
as a consequence of the industry downturn. It is furthermore
Moody's understanding that the merger will not trigger any change
of control clauses that would require repayment or a coupon
increase on any debt instruments at either of the airlines.
British Airways, based in Harmondsworth, United Kingdom, is
Europe's third largest airline carrier with over 33 million
passengers in FY2009 (to March 31). In FY2009 (to March) the
company reported revenues and an operating loss (before
restructuring) of GBP9 billion and GBP142 million, respectively.
Iberia, headquartered in Madrid, is Spain's leading airline with
25.5 million passengers carried in 2009. It reported revenues and
recurring EBIT of EUR4.4 billion and minus EUR464 million in
fiscal year 2009, respectively.
EMI GROUP: Faces GBP200 Mil. Pension Deficit
--------------------------------------------
James Ashton at The Sunday Times reports that Terra Firma, Guy
Hands' investment firm, will be ordered to plug the gap in EMI's
pension deficit when the Pensions Regulator finally rules in June
on a long-running row with the trustees of the scheme.
According to The Sunday Times, Maltby Capital, EMI's parent,
estimated in its last accounts that the pension deficit stood
anywhere between GBP10 million and GBP200 million.
An analysis carried out for The Sunday Times by Lane Clark &
Peacock, the actuary, suggests the deficit has since ballooned to
GBP250 million. Because trustees have doubts over the strength of
EMI's finances, LC&P believes they could demand far more, The
Sunday Times says.
The issue has been unresolved since Terra Firma acquired EMI for
GBP4 billion in 2007, The Sunday Times notes.
EMI believes that at worst it will be asked for GBP200 million,
potentially over the next 10 years, the Sunday Times states.
Going Concern Doubt
As reported by the Troubled Company Reporter-Europe on Feb. 8,
2010, The Financial Times said KPMG, EMI Group's accountants,
raised "significant doubt" about the company's ability to continue
as a going concern. The FT disclosed Guy Hands, Terra Firma's
founder and chairman, has written to investors in two of its
private equity funds asking them to inject another GBP120 million,
subject to EMI Music producing a new strategic plan. He must come
up with the money by June 14 or risk losing the company to
Citigroup, his bankers, the FT said. According to the FT,
accounts for the year to March 2009, released on February 9,
however, make clear that even if Terra Firma secures this equity,
it will face another "significant shortfall" against a test on
covenants in its loans by March 2011. Unless it can persuade
Citigroup to restructure its GBP3.2 billion in loans by then,
investors face further cash calls, the FT stated. The FT
disclosed EMI's pre-tax losses for the year to March 2009 widened
to GBP1.7 billion, against a GBP414 million loss for the previous
period, which covered the first eight months and 21 days of Terra
Firma's ownership.
EMI -- http://www.emigroup.com/-- is the fourth largest record
company in terms of market share (behind Universal Music Group,
Sony Music Entertainment, and Warner Music Group). It houses
recorded music segment EMI Music and EMI Music Publishing. EMI
Music distributes CDs, videos, and other formats primarily through
imprints and divisions such as Capitol Records and Virgin, and
sports a roster of artists such as The Beastie Boys, Norah Jones,
and Lenny Kravitz. EMI Music Publishing, the world's largest
music publisher, handles the rights to more than a million songs.
EMI Music operates through regional divisions (EMI Music North
America, International, and UK & Ireland). Private equity firm
Terra Firma owns EMI.
LEHMAN BROTHERS: European Unit to Settle Smaller Claims
-------------------------------------------------------
Bankruptcy Law360 reports that the joint administrators of Lehman
Brothers International Europe on Friday proposed settling small
claims against the company of up to a maximum of $10,000 each in
an effort to reduce administrative costs.
PricewaterhouseCoopers LLP said settling in full with certain
eligible pre-administration clients would reduce the number of
claimants seeking money from the company, with claimants currently
numbering at around 1,500, Bankruptcy Law360 relates.
About Lehman Brothers
Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States. For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.
Lehman Brothers filed for Chapter 11 bankruptcy September 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555). Lehman's bankruptcy petition
listed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history. Several other affiliates followed thereafter.
The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman. Epiq
Bankruptcy Solutions serves as claims and noticing agent.
On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)). James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI
The Bankruptcy Court has approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for
US$1.75 billion. Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees. Nomura also
bought Lehman's operations in the Asia Pacific for US$225 million.
International Operations Collapse
Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd. Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008. The joint administrators have
been appointed to wind down the business.
Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.
Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other insolvency
and bankruptcy proceedings undertaken by its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
LIVERPOOL FOOTBALL: U.S. Owners Tap Barclays to Find Buyer
----------------------------------------------------------
Steve Slater and Matt Scuffham at Reuters report that Tom Hicks
and George Gillett, the U.S. owners of Premier British League
Football team Liverpool, are looking to sell the club and have
appointed Barclays Capital to find a buyer.
According to Reuters, Liverpool's owners are facing a demand to
repay GBP100 million (US$153 million) of the club's GBP237 million
debt to its lenders, Royal Bank of Scotland and U.S. bank
Wachovia, in July.
Citing a report by The Sunday Times, Reuters says Barclays would
back a GBP300 million (US$458.8 million) refinancing at Liverpool
that would lead to the sale of the Premier League club.
Reuters relates the newspaper said the bank is this weekend
finalizing a deal that will see it replace the club's current
lenders, provide more money for manager Rafa Benitez to spend on
players and install British Airways chairman Martin Broughton as
chairman.
Reuters notes a source familiar with the matter said it would be
up to the new owner to make a decision over whether to refinance
the club's debt.
Liverpool Football Club and Athletic Grounds --
http://www.liverpoolfc.tv/-- owns and operates one of the more
popular and most successful franchises in the UK Premier League.
Known as the The Reds, Liverpool has won 18 first division titles
and seven FA Cups since it was founded by John Houlding in 1892.
In addition to the football club, the company owns and operates
Anfield Stadium, Liverpool's home ground. The company generates
revenue primarily through sponsorships, broadcasting fees, and
ticket sales. The company was acquired by US businessmen George
Gillett and Tom Hicks in 2007.
MARDENIS LTD: In Administration; Armstrong Watson Appointed
-----------------------------------------------------------
Yorkshire Evening Post reports that Mardenis Ltd. has been placed
into administration. According to the report, Denis Lefrancq,
director of Mardenis, which ran SurplusWine.co.uk, signed a notice
of intention on March 26, to appoint the Leeds office of Armstrong
Watson as administrators. This was officially agreed at Leeds
County Court on April 9, the report relates.
The report says it is believed Mr. Lefrancq ran into financial
difficulty. Mardenis is not currently trading, the report states.
Administrators at Armstong Watson will now examine the accounts of
the firm, the report discloses.
The report notes a public document held at Companies House shows
Mardenis's balance sheet closed with a GBP1.7 million profit in
2009, up from GBP7,000 in 2008.
READER'S DIGEST: Bought Out of Administration By Better Capital
---------------------------------------------------------------
Martin Arnold at The Financial Times report that the UK subsidiary
of the Reader's Digest magazine has been bought out of
administration by Better Capital, Jon Moulton's new turnaround
private equity group.
According to the FT, the GBP13 million (US$20 million) deal will
leave the company's pension with the Pension Protection Fund, the
industry financed safety net for underfunded retirement schemes of
insolvent employers, and may free it from an expensive lease on
offices in Canary Wharf.
Mr. Moulton told the FT that he had negotiated two deals, one to
acquire the company's UK assets and another securing a license
agreement with the US parent to keep using the Reader's Digest
brand.
Reader's Digest UK will emerge from administration with 100 staff
and no debt or pension liability, the FT says. Its managers, led
by Chris Spratling, will take a 35% stake, the FT states.
As reported by the Troubled Company Reporter-Europe on Feb. 18,
2010, Reader's Digest Association, Ltd., commenced an
administration proceeding in the UK. The decision by the RDA UK
board to place the UK company into an orderly insolvency process
follows a decision by the UK Pensions Regulator that it
would not support an agreement already reached between RDA UK, the
trustees of its pension plan and the UK Pension Protection Fund to
settle a longstanding pension plan liability. The agreement,
which contemplated a lump sum payment by parent company RDA plus
an equity stake in RDA UK, was authorized by the U.S. Bankruptcy
Judge overseeing RDA's U.S. Chapter 11 proceedings, and would have
relieved RDA UK of significant financial obligations associated
with its underfunded UK pension plan. Absent an agreement, RDA UK
is financially unable to meet those obligations and sustain its
operations.
About The Reader's Digest Association
RDA is a global multi-brand media and marketing company that
educates, entertains and connects audiences around the world. The
company builds multi-platform communities based on branded
content. With offices in 44 countries, it markets books,
magazines, and music, video and educational products reaching a
customer base of 130 million in 78 countries. It publishes 94
magazines, including 50 editions of Reader's Digest, the world's
largest-circulation magazine, operates 65 branded Web sites
generating 22 million unique visitors per month, and sells
40 million books, music and video products across the world each
year. Its global headquarters are in Pleasantville, N.Y.
Reader's Digest said that as of June 30, 2009, it had total assets
of US$2.2 billion against total debts of US$3.4 billion.
Reader's Digest, together with its 47 affiliates, filed for
Chapter 11 on August 24, 2010 (Bankr. S.D.N.Y. Case No. 09-23529).
Kirkland & Ellis LLP served as general restructuring counsel.
Mallet-Prevost, Colt & Mosle LLP was tapped as conflicts counsel.
Ernst & Young LLP served as auditor. Miller Buckfire & Co, LLC,
served as financial advisor. AlixPartners, LLC, served as
restructuring consultant. Kurtzman Carson Consultants served as
notice and claims agent.
The Official Committee of Unsecured Creditors tapped BDO Seidman,
LLP, as financial advisor, Trenwith Securities, LLP, as investment
banker and Otterbourg, Steindler, Houston & Rosen, P.C., as
counsel.
The U.S. Bankruptcy Court confirmed RDA's Chapter 11 plan on
January 15, 2010. On February 1, RDA elected to temporarily delay
emergence from Chapter 11 to allow additional time for the UK
pension issue to be addressed. RDA ultimately emerged from
Chapter 11 on February 22.
Bankruptcy Creditors' Service, Inc., publishes Reader's Digest
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
undertaken by Reader's Digest and its affiliates
(http://bankrupt.com/newsstand/or 215/945-7000)
TENDERLEAN MEATS: Bought Out of Administration; 100 Jobs Saved
--------------------------------------------------------------
BBC News reports that Tenderlean Meats has been bought out of
administration by a new company, securing more than 100 jobs. The
company will now trade as Tenderlean Limited, the report says.
The Fermanagh-based firm provided beef, lamb and chicken products
to leading food retailers and had also diversified into pizzas,
according to BBC News.
YELL GROUP: S&P Changes Outlook to Stable; Affirms 'B' Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it revised its
outlook on U.K.-based classified directories publisher Yell Group
PLC to stable from negative. At the same time, the 'B' long-term
corporate credit rating on Yell was affirmed.
"The outlook revision reflects S&P's view that Yell's liquidity
has improved significantly and is now adequate following a debt
refinancing, covenant reset, and sizeable rights issue late in
2009," said Standard & Poor's credit analyst Carlo Castelli. "In
particular, S&P believes that headroom under the group's financial
covenants should remain adequate over the next 12-18 months.
The stable outlook also incorporates S&P's view that the double-
digit declines in top-line revenues and earnings projected for
financial 2010 (ended March 31, 2010) could soften in financial
2011."
The recent refinancing and GBP559 million in net proceeds from the
rights issue have allowed Yell to reduce its overall leverage,
extend its debt maturities to 2014, renegotiate more moderate
mandatory repayments to maturity, and set up a new covenant
package to provide appropriate headroom. Under its scenario of
reduced top-line decline in financial 2011, S&P anticipates that
Yell will generate sufficient levels of free operating cash flow
to cover mandatory repayments adequately under both the new and
old credit facilities.
In S&P's view, Yell's liquidity should remain adequate over the
next 18 months. During this time, S&P believes that the headroom
under Yell's financial covenants will remain adequate under S&P's
scenario of more moderate pressure on the top line from financial
2011. The stable outlook also incorporates S&P's view that
adjusted gross debt to EBITDA will remain lower than 6.0x over the
next few quarters, in line with the ratings.
However, downside ratings pressure could arise if liquidity were
to come under renewed strain over the next few quarters, for
example, from continued weak operating performance leading to a
significant tightening of covenant headroom. In particular, S&P
could revise the group's outlook to negative or downgrade the
ratings if Yell's EBITDA were to fall by over 15% in financial
2011. Conversely, S&P could consider revising the outlook to
positive or raising the ratings if liquidity were to remain
adequate over the next few quarters and if S&P's operating
assumptions were to prove too conservative.
===============
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
LIBRO AG LB6 GR -109013328 171684389.1
LIBRO AG LBROF US -109013328 171684389.1
LIBRO AG LIB AV -109013328 171684389.1
SKYEUROPE SKY PW -89480486.93 159076577.5
SKYEUROPE SKYP PW -89480486.93 159076577.5
SKYEUROPE HLDG SKY LI -89480486.93 159076577.5
SKYEUROPE HLDG SKY AV -89480486.93 159076577.5
SKYEUROPE HLDG SKYPLN EU -89480486.93 159076577.5
SKYEUROPE HLDG SKURF US -89480486.93 159076577.5
SKYEUROPE HLDG SKY EO -89480486.93 159076577.5
SKYEUROPE HLDG SKY EU -89480486.93 159076577.5
SKYEUROPE HLDG SKYA PZ -89480486.93 159076577.5
SKYEUROPE HLDG SKYV IX -89480486.93 159076577.5
SKYEUROPE HLDG SKYPLN EO -89480486.93 159076577.5
SKYEUROPE HLDG S8E GR -89480486.93 159076577.5
SKYEUROPE HOL-RT SK1 AV -89480486.93 159076577.5
BELGIUM
-------
SABENA SA SABA BB -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
LIBRA HOLIDAYS LHGCYP EO -27821889.5 240947718
LIBRA HOLIDAYS G LHG EO -27821889.5 240947718
LIBRA HOLIDAYS G LHG PZ -27821889.5 240947718
LIBRA HOLIDAYS G LHG CY -27821889.5 240947718
LIBRA HOLIDAYS G LHG EU -27821889.5 240947718
LIBRA HOLIDAYS-P LBHG CY -27821889.5 240947718
LIBRA HOLIDAYS-P LBHG PZ -27821889.5 240947718
CZECH REPUBLIC
--------------
CKD PRAHA HLDG CDP EX -89435858.16 192305153
CKD PRAHA HLDG CKDH CP -89435858.16 192305153
CKD PRAHA HLDG 297687Q GR -89435858.16 192305153
CKD PRAHA HLDG CKDPF US -89435858.16 192305153
CKD PRAHA HLDG CKDH US -89435858.16 192305153
SETUZA AS 2994767Q EO -61453764.17 138582273.6
SETUZA AS SETU IX -61453764.17 138582273.6
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SETUZA AS 2994759Q EO -61453764.17 138582273.6
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SETUZA AS SETUZA CP -61453764.17 138582273.6
SETUZA AS SZA EX -61453764.17 138582273.6
DENMARK
-------
ELITE SHIPPING ELSP DC -27715991.74 100892900.3
ROSKILDE BANK ROSK DC -532868894.9 7876687324
ROSKILDE BANK ROSK EU -532868894.9 7876687324
ROSKILDE BANK ROSBF US -532868894.9 7876687324
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ROSKILDE BANK ROSKF US -532868894.9 7876687324
ROSKILDE BANK-RT 916603Q DC -532868894.9 7876687324
ROSKILDE BAN-NEW ROSKN DC -532868894.9 7876687324
ROSKILDE BAN-RTS ROSKT DC -532868894.9 7876687324
FRANCE
------
CARRERE GROUP CRRHF US -9829592.638 279906700
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LAB DOLISOS LADL FP -27752176.19 110485462.4
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MATUSSIERE & FOR MTUSF US -77896683.67 293868350.8
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OROSDI OROS FP -7291.55004 131233317.6
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GEORGIA
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GERMANY
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GREECE
------
AG PETZETAKIS SA PTZ GR -36788613.11 258762040.3
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ATERMON DYNAMIC ATERM GA -4110971.317 105276552.2
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THEMELIODOMI THEME GA -55751178.85 232036822.6
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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
ELAN CORP PLC ELNUSD EO -370500000 1669500032
ELAN CORP PLC ELNGBP EO -370500000 1669500032
ELAN CORP PLC ELN ID -370500000 1669500032
ELAN CORP PLC DRX GR -370500000 1669500032
ELAN CORP PLC ELNUSD EU -370500000 1669500032
ELAN CORP PLC ELN NR -370500000 1669500032
ELAN CORP PLC ELNGBX EO -370500000 1669500032
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
ELAN CORP PLC ELN IX -370500000 1669500032
ELAN CORP PLC ELA IX -370500000 1669500032
ELAN CORP PLC ELN LN -370500000 1669500032
ELAN CORP PLC ELN EU -370500000 1669500032
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
MCINERNEY HLDGS MCI LN -113397336.3 441922391.7
MCINERNEY HLDGS MK9 GR -113397336.3 441922391.7
MCINERNEY HLDGS MCI IX -113397336.3 441922391.7
MCINERNEY HLDGS MCIGBX EO -113397336.3 441922391.7
MCINERNEY HLDGS MCI EO -113397336.3 441922391.7
MCINERNEY HLDGS MNEYF US -113397336.3 441922391.7
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
MCINERNEY -RT FP MCIF ID -113397336.3 441922391.7
MCINERNEY -RT NP MCIN ID -113397336.3 441922391.7
MCINERNEY -RT NP MCIN LN -113397336.3 441922391.7
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
WATERFORD - RTS WWWB ID -505729895.2 820803256
WATERFORD - RTS WWWA GR -505729895.2 820803256
WATERFORD - RTS WWWA ID -505729895.2 820803256
WATERFORD - RTS WWWB GR -505729895.2 820803256
WATERFORD - RTS 508523Q LN -505729895.2 820803256
WATERFORD W-ADR WATWY US -505729895.2 820803256
WATERFORD WDGEWD WATFF US -505729895.2 820803256
WATERFORD WDGEWD WATWF US -505729895.2 820803256
WATERFORD WED-RT 586552Q LN -505729895.2 820803256
WATERFORD WED-RT WWWC ID -505729895.2 820803256
WATERFORD WED-RT WWWC GR -505729895.2 820803256
WATERFORD WED-RT WWWD ID -505729895.2 820803256
WATERFORD WED-RT WWWD GR -505729895.2 820803256
WATERFORD WED-RT WTFR LN -505729895.2 820803256
WATERFORD WED-RT 586556Q LN -505729895.2 820803256
WATERFORD WED-UT WTFU PO -505729895.2 820803256
WATERFORD WED-UT WTFUGBX EO -505729895.2 820803256
WATERFORD WED-UT WWWD PZ -505729895.2 820803256
WATERFORD WED-UT WTFU VX -505729895.2 820803256
WATERFORD WED-UT WTFUGBX EU -505729895.2 820803256
WATERFORD WED-UT WTFU EO -505729895.2 820803256
WATERFORD WED-UT WTFU IX -505729895.2 820803256
WATERFORD WED-UT WWW PO -505729895.2 820803256
WATERFORD WED-UT WTFU LN -505729895.2 820803256
WATERFORD WED-UT WTFU ID -505729895.2 820803256
WATERFORD WED-UT WWW GR -505729895.2 820803256
WATERFORD WED-UT WTFU EU -505729895.2 820803256
WATERFORD WE-RTS WTFN ID -505729895.2 820803256
WATERFORD WE-RTS WTFN LN -505729895.2 820803256
WATERFORD WE-RTS WTFF LN -505729895.2 820803256
WATERFORD WE-RTS WTFN VX -505729895.2 820803256
WATERFORD WE-RTS WTFF ID -505729895.2 820803256
WATERFORD-ADR UT WFWA GR -505729895.2 820803256
WATERFORD-ADR UT WATFZ US -505729895.2 820803256
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
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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
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PETRO GEO-SERV PGS VX -18066142.21 399710323.6
PETRO GEO-SERV-N PGSN NO -18066142.21 399710323.6
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PETROLIA DRILLIN PDR NO -25943000 499350016
PETROLIA DRILLIN PDR EO -25943000 499350016
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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
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DE LA RUE PLC DLAR EB -49140782.93 785933430.9
DE LA RUE PLC DLAR QM -49140782.93 785933430.9
DE LA RUE PLC DLAR LN -49140782.93 785933430.9
DE LA RUE PLC DLAREUR EU -49140782.93 785933430.9
DE LA RUE PLC DLAR TQ -49140782.93 785933430.9
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DE LA RUE PLC DLARCHF EO -49140782.93 785933430.9
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DE LA RUE PLC DLAR BQ -49140782.93 785933430.9
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EASYNET GROUP EAY GR -60380609.34 334049332.2
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EMI GROUP -ASSD EMIA LN -2265916257 2950021937
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FAREPAK PLC FPK LN -14328735.16 110864081.4
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GALIFORM PLC MFI IX -116415877.1 612420067.1
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HILTON G-CRT OLD HIGT BB -97533918.57 1748505414
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JARVIS PLC JRVS IX -64739862.73 130951086
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LONDON TOWN PLC LTW IX -21897636.36 175672299.2
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PARK FOOD GROUP PKFD LN -52867263.19 185089877.3
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PATIENTLINE PLC PTL PO -54677284.64 124948245.8
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PATIENTLINE PLC 2928907Q EO -54677284.64 124948245.8
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STV GROUP PLC STVGGBP EO -49061227.23 212049868
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TELEWEST COM-ADR TWSTY US -3702234581 7581020925
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THORN EMI PLC THNE FP -2265916257 2950021937
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TOPPS TILES PLC TPT TQ -85010363.51 146193829.2
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TOPPS TILES PLC TPTEUR EU -85010363.51 146193829.2
TOPPS TILES PLC TPT LN -85010363.51 146193829.2
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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
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WARNER ESTATE WNEHF US -37798939.99 432125169.9
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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
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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 US$3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/booksto order any title today.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA. Valerie C. Udtuhan, Marites O. Claro, Rousel Elaine
C. Tumanda-Fernandez, Joy A. Agravante, Frauline S. Abangan 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 US$625 per half-year,
delivered via e-mail. Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each. For subscription information,
contact Christopher Beard at 240/629-3300.
* * * End of Transmission * * *