/raid1/www/Hosts/bankrupt/TCREUR_Public/100727.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, July 27, 2010, Vol. 11, No. 146
Headlines
D E N M A R K
AMAGERBANKEN: Incurs DKK478 Million Loss; Mulls Share Issue
G E R M A N Y
ALMATIS B.V.: Has New Plan with Enhanced Recoveries
HYPO REAL ESTATE: Fails Stress Test
G R E E C E
PIRAEUS BANK: Mulls EUR1.1 Billion Capital Increase This Year
H U N G A R Y
ERSTE BANK: Moody's Reviews Deposit Ratings for Downgrade
FHB MORTGAGE: Moody's Reviews Deposit Ratings for Possible Cut
K&H BANK: Moody's Reviews Deposit Ratings for Possible Cut
MKB BANK: Moody's Reviews Deposit Ratings for Possible Cut
I R E L A N D
EMF SEMICONDUCTOR: In Receivership; Assets Put Up for Sale
NAAS DEVELOPMENTS: Grant Thornton Appointed as Receiver
SILKS PRIVATE: Faces Liquidation Following Trade Decline
I T A L Y
BANCA MONTE: Moody's Says Downgrade Won't Affect SanVitale Notes
K A Z A K H S T A N
TRISTAN OIL: Fitch Changes Watch on 'C' Rating to Negative
L U X E M B O U R G
LIFEMARK: Faces Liquidation After Carval Withdraws Rescue Offer
R U S S I A
INTERNATIONAL INDUSTRIAL: Resolves Defaults on EUR200MM Bonds
S P A I N
FONCAIXA HIPOTECARIO: Moody's Assigns 'B1' Rating on Class Notes
MEDIAPRODUCCION SL: Expected to Exit Insolvency in Three Months
REAL MALLORCA: Denied Entry Into Europa League; Mulls Appeal
T U R K E Y
CALIK HOLDING: Fitch Affirms Issuer Default Rating at 'B-'
U K R A I N E
FERREXPO PLC: S&P Puts 'B' Rating on CreditWatch Positive
U N I T E D K I N G D O M
ARIA MANAGED CDO: Moody's Lifts Ratings on Four Notes to 'Caa1'
BRITISH AIRWAYS: Faces Lawsuit Over Price-Fixing Cartel
CONNAUGHT PLC: May Breach Banking Covenants; In Funding Talks
CRYSTAL PALACE: To Exit Administration; Consortium to Take Over
FOUR SEASONS: Extends Deadline to Approve Bond Lockup to July 30
HIGH 5: Set to Go Into Liquidation This Week
KAUPTHING SINGER: Depositors Action Group Submits GBP346,000 Claim
MALL FUNDING: S&P Downgrades Rating on Class A Notes to 'D'
SIV PORTFOLIO: Moody's Withdraws Ratings on Various Notes
SIXTY UK: High Court Judge Rejects Company Voluntary Arrangement
X X X X X X X X
* EUROPE: Seven European Union Banks Fail Stress Tests
* Large Companies with Insolvent Balance Sheet
*********
=============
D E N M A R K
=============
AMAGERBANKEN: Incurs DKK478 Million Loss; Mulls Share Issue
-----------------------------------------------------------
Robert Cellini at The Copenhagen Post Online reports that
Amagerbanken's half-year financial statement showed losses of
DKK478 million before taxes, DKK63 million more than the same
period last year.
According to the report, the financial statement indicated the
bank could "be forced to illiquidity if its capital-raising
efforts are unsuccessful".
Amagerbanken, the report says, needs to raise DKK750 million in
capital by September 15 to be eligible for a DKK13.5 billion
funding guarantee from the state's Financial Stability Company.
The report relates the bank released a statement Thursday that the
funding will be used for issuing stock for the full amount on
July 29.
According to the report, at an extraordinary general meeting
Thursday, Amagerbanken's shareholders agreed to the bank's
survival plan of issuing convertible certificates of debt to
obtain the DKK750 million necessary to issue the stock.
N.E. Nielsen, Amagerbanken's chairman, said a merger or sale of
the bank was also a possibility if it would save the institution
from insolvency, the report notes.
Amagerbanken is Denmark's ninth largest bank. It is headquartered
in Copenhagen.
* * *
As reported by the Troubled Company Reporter-Europe on April 13,
2010, Moody's Investors Service confirmed the E+ bank financial
strength rating of Amagerbanken with a negative outlook.
=============
G E R M A N Y
=============
ALMATIS B.V.: Has New Plan with Enhanced Recoveries
---------------------------------------------------
Almatis B.V. is withdrawing its prepackaged plan of reorganization
that pays senior creditors somewhere in the 85% range and junior
creditors hardly anything, to file a new plan that pays senior
creditors full recoveries, together with interest, and
significantly enhanced recoveries to junior creditors.
Almatis has reached a plan support agreement with Dubai
International Capital LLC and its supporting junior prepetition
lenders as well as obtained commitments for exit financing. DIC
is the Debtors' largest ultimate equity holder.
The Amended Plan will be funded from:
-- the US$50 million revolving credit facility pledged by
JPMorgan plc, Merrill Lynch International, JPMorgan Chase
Bank, N.A., and Bank of America, N.A.;
-- the sale of at least US$400 million in U.S. dollar
denominated senior secured notes to GSO Capital Partners
LP;
-- the sale of EUR110 million of Euro denominated senior
secured notes to Sankaty Credit Opportunities IV, L.P.,
and GoldenTree Asset Management LP; and
-- a US$100 million investment by DIC, which have been placed
in escrow at JPMorgan.
Almatis is seeking Bankruptcy Court permission to enter into the
plan support agreement and execute the commitment letters as well
as pay related fees at a hearing for August 3, 2010.
Almatis is represented by Gibson Dunn & Crutcher LLP's team of
lawyers, led by co-chair of the Business Restructuring and
Reorganization Practice Group, Michael Rosenthal (based in New
York) and restructuring partner Greg Campbell (based in London),
and includes NY partners Janet Weiss and Mitch Karlan as well as
New York of counsel Matthew Kelsey.
About Almatis Group
Alamtis B.V., and its affiliates filed for Chapter 11 on April 30,
2010 (Bankr. S.D.N.Y. Lead Case No. 10-12308). Almatis B.V.
estimated assets of US$500 million to US$1 billion and debts of
more than US$1 billion as of the bankruptcy filing.
Almatis, operationally headquartered in Frankfurt, Germany, is a
global leader in the development, manufacture and supply of
premium specialty alumina products. With nearly 900 employees
worldwide, the company's products are used in a wide variety of
industries, including steel production, cement production, non-
ferrous metal production, plastics, paper, ceramics, carpet
manufacturing and electronic industries. Almatis operates nine
production facilities worldwide and serves customers around the
world. Until 2004, the business was known as the chemical
business of Alcoa. Almatis is now owned by Dubai International
Capital LLC, the international investment arm of Dubai Holding.
Michael A. Rosenthal, Esq., at Gibson, Dunn & Crutcher LLP, serves
as counsel to the Debtors in the Chapter 11 cases. Linklaters LLP
is the special English and German counsel and De Brauw Blackstone
Westbroek N.V. is Dutch counsel. Epiq Bankruptcy Solutions, LLC,
serves as claims and notice agent.
Bankruptcy Creditors' Service, Inc., publishes Almatis Bankruptcy
News. The newsletter tracks the Chapter 11 proceeding and
ancillary foreign proceedings undertaken by Almatis B.V., and its
affiliates. (http://bankrupt.com/newsstand/or 215/945-7000)
HYPO REAL ESTATE: Fails Stress Test
-----------------------------------
Oliver Suess and Aaron Kirchfeld at Bloomberg News report that
Hypo Real Estate Holding AG was the only one among 14 German banks
to fail a European Union-wide stress test.
Bloomberg relates the Bundesbank and Germany's financial
regulator, BaFin, said in a joint statement that Hypo Real
Estate's Tier 1 capital ratio, a measure of financial strength,
dropped to 4.7% in a test scenario that simulated a sovereign-debt
crisis and economic recession, below the 6% minimum required.
According to Bloomberg, they said the bank would only have to
raise capital "if the hypothetical stress scenario actually did
materialize."
"Had Hypo Real Estate not failed the test, this would have meant
the stress tests would have been a real joke," Bloomberg quoted
Dirk Becker, a Frankfurt-based analyst at Kepler Capital Markets,
as saying. "The bank is under reconstruction anyway and will be
recapitalized by the German government, so this doesn't really
matter for the market."
Bloomberg notes Hypo Real Estate said in an e-mailed statement
following the publication of the results that the bank would have
passed the test if it had received all the capital it requested
from Germany's Soffin bank-rescue fund.
"Given full recapitalization, Hypo Real Estate would exceed the 6
percent Tier 1 ratio for all scenarios used in the current stress
test," the company said, according to Bloomberg. The bank, as
cited by Bloomberg, said it has applied for a EUR10-billion
(US$12.8 billion) recapitalization, of which EUR7.87 billion have
been approved.
About Hypo Real Estate
Germany-based Hypo Real Estate Holding AG (FRA:HRXG) --
http://www.hyporealestate.com/-- is a German holding company for
the Hypo Real Estate Group. It is an international real estate
financing company, combining commercial real estate financing
products with investment banking. The Company divides its
operations into three business units: Commercial Real Estate,
which provides real estate financing on the international and
German market; Public Sector & Infrastructure Finance, and Capital
Markets & Asset Management. Hypo Real Estate Group operates
through a number of subsidiaries, including, among others, Hypo
Real Estate Bank International AG that focuses on Pfandbrief-based
commercial real estate financing in all international markets, and
offers large-volume investment banking and structured finance
transactions; Hypo Real Estate Bank AG that focuses on the
commercial real estate financing and refinancing business in
Germany, and DEPFA Bank plc in Dublin, Ireland, which is a
provider of public finance.
===========
G R E E C E
===========
PIRAEUS BANK: Mulls EUR1.1 Billion Capital Increase This Year
-------------------------------------------------------------
Kerin Hope at The Financial Times reports that one of Piraeus
Bank's senior executives said on Sunday that the Greek lender is
planning to raise fresh capital later this year.
According to the FT, a capital increase of at least EUR1.1 billion
would be linked to an offer by Piraeus to acquire two loss-making
state-controlled Greek lenders -- Agricultural Bank of Greece
(ATEbank) and Hellenic Postbank.
The FT says Piraeus's planned capital increase would raise its
tier one ratio to 9.7%. It would also fully cover its EUR701
million offer for the Greek state's stakes of 77% stake in ATEBank
and 33% in Postbank, the FT states. The remaining amount would
fund repayment of a EUR370 million capital injection in 2008 by
the Greek state through a support package for the banking sector,
the FT states.
Piraeus Bank S.A. -- http://www.piraeusbank.gr-- is an Athens,
Greece-based financial and banking services group. The Bank
offers its services through three divisions: Individuals, which
includes deposit and investment solutions, loans, cards, insurance
products, wealth management and electronic banking services;
Companies and Professionals, which includes business deposit
solutions, business financing solutions and funds transfer, and
Large Enterprises, which includes financing products, asset
management, risk management and investment banking. During the
year ended December 31, 2008, the Bank had 358 branches in Greece
and 537 branches internationally, of which 38 were in Greece and
113 were in South-Eastern European countries, Egypt and Cyprus.
Its group companies are active in retail, corporate, international
and investment banking, as well as in asset management and real
estate.
* * *
As reported by the Troubled Company Reporter-Europe on July 20,
2010, Standard & Poor's Ratings Services said that it placed its
'BB' long-term and 'B' short-term counterparty credit ratings on
Piraeus Bank S.A. on CreditWatch with negative implications.
At the same time, Fitch Ratings downgraded the Individual rating
of Piraeus Bank to 'D' from 'C/D'. It placed the rating on Watch
Negative.
=============
H U N G A R Y
=============
ERSTE BANK: Moody's Reviews Deposit Ratings for Downgrade
---------------------------------------------------------
Moody's Investors Service has placed on review for possible
downgrade the debt and deposit ratings of seven Hungarian banks,
following the announcement that the rating agency has also placed
on review for possible downgrade the Baa1 government bond rating
of Hungary. The banks' respective financial strength ratings are
not affected by the review initiated.
These ratings have been placed on review for possible downgrade:
* Erste Bank Hungary -- local and foreign currency long- and
short-term deposit ratings at Baa2/Prime-2
* FHB Mortgage Bank -- local and foreign currency long- and short-
term deposit ratings at Baa3/Prime-3
* K&H Bank -- local currency deposit rating of A3
* MKB Bank - local and foreign currency long- and short-term
deposit and debt ratings of Baa2/Prime-2; Foreign currency
subordinated debt rating of Baa3
* OTP Bank -- local and foreign currency long- and short-term
deposit and debt ratings of Baa1/Prime-2; and foreign currency
subordinated debt rating of Baa2
* OTP Mortgage Bank - local and foreign currency long- and short-
term deposit and debt deposit ratings of Baa1/Prime-2
* MFB Development Bank - foreign currency long- and short-term
deposit and debt deposit ratings of Baa1/Prime-2
Budapest bank's long-term deposit rating at Baa2 was not affected
since it does not benefit from uplift due to systemic support.
Rating Rationale
The review for possible downgrade of the seven banks' ratings
reflects the similar rating action on the Hungarian sovereign
ratings, details of which are provided in a separate Press Release
issued on July 22, 2010.
According to Moody's the reviews for downgrade reflects the fact
that these banks' deposit and debt ratings benefit from systemic
support, and the amount of uplift resulting from this would be
reduced in the event that the sovereign is downgraded.
As an input for assessing systemic support Moody's uses Hungarian
state's local currency debt rating adjusted upwards by one notch
to reflect the array of measures available to the authorities to
support the banking system. Thus, the anchor used for measuring
systemic support on banks' ratings is currently Hungary's
government bond rating of Baa1 (under review for possible
downgrade) plus one notch of uplift, resulting in an A3 input.
Moody's points out that these rating actions are not driven by a
change in the rating agency's view of Hungarian banks' intrinsic
financial strength nor of the probability of systemic support.
Previous Rating Actions
Moody's last rating action on Erste Bank Hungary was on May 19,
2009, when its BFSR was downgraded to D (Ba2) from D+ (Ba1) and
bank's deposit ratings were downgraded to Baa2 (negative)/Prime-2
from A3/Prime-2 for local currency and Baa1/Prime-2 for foreign
currency.
Moody's last rating action on FHB Mortgage Bank was on May 19,
2009, when the D+ BFSR (Ba1) was affirmed and the Baa3/Prime-3
deposit ratings confirmed.
Moody's last rating action on K&H Bank was on May 19, 2009, when
its BFSR was downgraded to D+ (Baa3) from C- (Baa2) and the bank's
local currency deposit ratings were downgraded to A3
(negative)/Prime-2 from Aa3/Prime-1. The foreign currency deposit
ratings were affirmed at Baa1 (negative)/Prime-2 as the long-term
rating was already capped by the Baa1 ceiling for foreign currency
deposits in Hungary.
Moody's last rating action on MKB Bank was on May 19, 2009, when
its BFSR was downgraded to D (Ba2) from C- (Baa2) and local
currency deposit and foreign currency debt ratings were downgraded
to Baa2 (negative)/Prime-2 from A1/Prime-1. The subordinated debt
rating was downgraded to Baa3 (negative) from A2 and the foreign
currency deposit ratings to Baa2 (negative) from Baa1.
Moody's last rating action on OTP Bank was on January 29, 2010,
when its hybrid securities rating was downgraded, in line with its
revised Guidelines for Rating Bank Hybrids and Subordinated Debt
published in November 2009. OTP Bank's Upper Tier 2 perpetual
subordinated bond issue was downgraded to Ba1 with negative
outlook from Baa2.
Moody's last rating action on OTP Mortgage Bank was on May 19,
2009, when its BFSR was downgraded to D+ (Baa3) from C+ (A2) and
the local currency deposit ratings to Baa1 (negative)/Prime-2 from
Aa3/Prime-1. The foreign currency deposit ratings were affirmed
at Baa1 (negative)/Prime-2 as the long-term rating was already
capped by the Baa1 ceiling for foreign currency deposits in
Hungary.
Moody's last rating action on MFB Development Bank was on May 19,
2009, when its long-term foreign currency debt rating was
downgraded to Baa1 (negative) from Aa2. The Baa1
(negative)/Prime-2 foreign currency deposit ratings, which were
already capped by the ceiling for foreign currency deposits in
Hungary, were affirmed.
Moody's last rating action on Budapest Bank was on May 19, 2009
when its BFSR was downgraded to D (Ba2) from D+ (Baa3) and bank's
deposit ratings were downgraded to Baa2 (negative)/Prime-2 from
A1/Prime-1 for the local currency and Baa1/Prime-2 for the foreign
currency deposit ratings.
Headquartered in Budapest, Hungary, Erste Bank Hungary reported
consolidated total assets of HUF2 903 billion (EUR10.7 billion) as
of December 31, 2009.
Headquartered in Budapest, Hungary, FHB Mortgage Bank reported
consolidated total assets of HUF802 billion (EUR2.9 billion) as of
December 31, 2009.
Headquartered in Budapest, Hungary, K&H Bank reported consolidated
total assets of HUF3 064 billion (EUR11.3 billion) as of
December 31, 2009.
Headquartered in Budapest, Hungary, MKB Bank reported consolidated
total assets of HUF3 107 billion (EUR11.5 billion) as of
December 31, 2009.
Headquartered in Budapest, Hungary, OTP Bank reported consolidated
total assets of HUF9 755 billion (EUR36.2 billion) as of
December 31, 2009.
Headquartered in Budapest, Hungary, OTP Mortgage Bank reported
consolidated total assets of HUF1 981 billion (EUR7.3 billion) as
of December 31, 2009.
Headquartered in Budapest, Hungary, MFB Development Bank reported
consolidated total assets of HUF1148 billion (EUR4.2 billion) as
of December 31, 2009.
Headquartered in Budapest, Hungary, Budapest Bank reported
consolidated total assets of HUF909 billion (EUR3.4 billion) as of
December 31, 2009.
FHB MORTGAGE: Moody's Reviews Deposit Ratings for Possible Cut
--------------------------------------------------------------
Moody's Investors Service has placed on review for possible
downgrade the debt and deposit ratings of seven Hungarian banks,
following the announcement that the rating agency has also placed
on review for possible downgrade the Baa1 government bond rating
of Hungary. The banks' respective financial strength ratings are
not affected by the review initiated.
These ratings have been placed on review for possible downgrade:
* Erste Bank Hungary -- local and foreign currency long- and
short-term deposit ratings at Baa2/Prime-2
* FHB Mortgage Bank -- local and foreign currency long- and short-
term deposit ratings at Baa3/Prime-3
* K&H Bank -- local currency deposit rating of A3
* MKB Bank - local and foreign currency long- and short-term
deposit and debt ratings of Baa2/Prime-2; Foreign currency
subordinated debt rating of Baa3
* OTP Bank -- local and foreign currency long- and short-term
deposit and debt ratings of Baa1/Prime-2; and foreign currency
subordinated debt rating of Baa2
* OTP Mortgage Bank - local and foreign currency long- and short-
term deposit and debt deposit ratings of Baa1/Prime-2
* MFB Development Bank - foreign currency long- and short-term
deposit and debt deposit ratings of Baa1/Prime-2
Budapest bank's long-term deposit rating at Baa2 was not affected
since it does not benefit from uplift due to systemic support.
Rating Rationale
The review for possible downgrade of the seven banks' ratings
reflects the similar rating action on the Hungarian sovereign
ratings, details of which are provided in a separate Press Release
issued on July 22, 2010.
According to Moody's the reviews for downgrade reflects the fact
that these banks' deposit and debt ratings benefit from systemic
support, and the amount of uplift resulting from this would be
reduced in the event that the sovereign is downgraded.
As an input for assessing systemic support Moody's uses Hungarian
state's local currency debt rating adjusted upwards by one notch
to reflect the array of measures available to the authorities to
support the banking system. Thus, the anchor used for measuring
systemic support on banks' ratings is currently Hungary's
government bond rating of Baa1 (under review for possible
downgrade) plus one notch of uplift, resulting in an A3 input.
Moody's points out that these rating actions are not driven by a
change in the rating agency's view of Hungarian banks' intrinsic
financial strength nor of the probability of systemic support.
Previous Rating Actions
Moody's last rating action on Erste Bank Hungary was on May 19,
2009, when its BFSR was downgraded to D (Ba2) from D+ (Ba1) and
bank's deposit ratings were downgraded to Baa2 (negative)/Prime-2
from A3/Prime-2 for local currency and Baa1/Prime-2 for foreign
currency.
Moody's last rating action on FHB Mortgage Bank was on May 19,
2009, when the D+ BFSR (Ba1) was affirmed and the Baa3/Prime-3
deposit ratings confirmed.
Moody's last rating action on K&H Bank was on May 19, 2009, when
its BFSR was downgraded to D+ (Baa3) from C- (Baa2) and the bank's
local currency deposit ratings were downgraded to A3
(negative)/Prime-2 from Aa3/Prime-1. The foreign currency deposit
ratings were affirmed at Baa1 (negative)/Prime-2 as the long-term
rating was already capped by the Baa1 ceiling for foreign currency
deposits in Hungary.
Moody's last rating action on MKB Bank was on May 19, 2009, when
its BFSR was downgraded to D (Ba2) from C- (Baa2) and local
currency deposit and foreign currency debt ratings were downgraded
to Baa2 (negative)/Prime-2 from A1/Prime-1. The subordinated debt
rating was downgraded to Baa3 (negative) from A2 and the foreign
currency deposit ratings to Baa2 (negative) from Baa1.
Moody's last rating action on OTP Bank was on January 29, 2010,
when its hybrid securities rating was downgraded, in line with its
revised Guidelines for Rating Bank Hybrids and Subordinated Debt
published in November 2009. OTP Bank's Upper Tier 2 perpetual
subordinated bond issue was downgraded to Ba1 with negative
outlook from Baa2.
Moody's last rating action on OTP Mortgage Bank was on May 19,
2009, when its BFSR was downgraded to D+ (Baa3) from C+ (A2) and
the local currency deposit ratings to Baa1 (negative)/Prime-2 from
Aa3/Prime-1. The foreign currency deposit ratings were affirmed
at Baa1 (negative)/Prime-2 as the long-term rating was already
capped by the Baa1 ceiling for foreign currency deposits in
Hungary.
Moody's last rating action on MFB Development Bank was on May 19,
2009, when its long-term foreign currency debt rating was
downgraded to Baa1 (negative) from Aa2. The Baa1
(negative)/Prime-2 foreign currency deposit ratings, which were
already capped by the ceiling for foreign currency deposits in
Hungary, were affirmed.
Moody's last rating action on Budapest Bank was on May 19, 2009
when its BFSR was downgraded to D (Ba2) from D+ (Baa3) and bank's
deposit ratings were downgraded to Baa2 (negative)/Prime-2 from
A1/Prime-1 for the local currency and Baa1/Prime-2 for the foreign
currency deposit ratings.
Headquartered in Budapest, Hungary, Erste Bank Hungary reported
consolidated total assets of HUF2 903 billion (EUR10.7 billion) as
of December 31, 2009.
Headquartered in Budapest, Hungary, FHB Mortgage Bank reported
consolidated total assets of HUF802 billion (EUR2.9 billion) as of
December 31, 2009.
Headquartered in Budapest, Hungary, K&H Bank reported consolidated
total assets of HUF3 064 billion (EUR11.3 billion) as of
December 31, 2009.
Headquartered in Budapest, Hungary, MKB Bank reported consolidated
total assets of HUF3 107 billion (EUR11.5 billion) as of
December 31, 2009.
Headquartered in Budapest, Hungary, OTP Bank reported consolidated
total assets of HUF9 755 billion (EUR36.2 billion) as of
December 31, 2009.
Headquartered in Budapest, Hungary, OTP Mortgage Bank reported
consolidated total assets of HUF1 981 billion (EUR7.3 billion) as
of December 31, 2009.
Headquartered in Budapest, Hungary, MFB Development Bank reported
consolidated total assets of HUF1148 billion (EUR4.2 billion) as
of December 31, 2009.
Headquartered in Budapest, Hungary, Budapest Bank reported
consolidated total assets of HUF909 billion (EUR3.4 billion) as of
December 31, 2009.
K&H BANK: Moody's Reviews Deposit Ratings for Possible Cut
----------------------------------------------------------
Moody's Investors Service has placed on review for possible
downgrade the debt and deposit ratings of seven Hungarian banks,
following the announcement that the rating agency has also placed
on review for possible downgrade the Baa1 government bond rating
of Hungary. The banks' respective financial strength ratings are
not affected by the review initiated.
These ratings have been placed on review for possible downgrade:
* Erste Bank Hungary -- local and foreign currency long- and
short-term deposit ratings at Baa2/Prime-2
* FHB Mortgage Bank -- local and foreign currency long- and short-
term deposit ratings at Baa3/Prime-3
* K&H Bank -- local currency deposit rating of A3
* MKB Bank - local and foreign currency long- and short-term
deposit and debt ratings of Baa2/Prime-2; Foreign currency
subordinated debt rating of Baa3
* OTP Bank -- local and foreign currency long- and short-term
deposit and debt ratings of Baa1/Prime-2; and foreign currency
subordinated debt rating of Baa2
* OTP Mortgage Bank - local and foreign currency long- and short-
term deposit and debt deposit ratings of Baa1/Prime-2
* MFB Development Bank - foreign currency long- and short-term
deposit and debt deposit ratings of Baa1/Prime-2
Budapest bank's long-term deposit rating at Baa2 was not affected
since it does not benefit from uplift due to systemic support.
Rating Rationale
The review for possible downgrade of the seven banks' ratings
reflects the similar rating action on the Hungarian sovereign
ratings, details of which are provided in a separate Press Release
issued on July 22, 2010.
According to Moody's the reviews for downgrade reflects the fact
that these banks' deposit and debt ratings benefit from systemic
support, and the amount of uplift resulting from this would be
reduced in the event that the sovereign is downgraded.
As an input for assessing systemic support Moody's uses Hungarian
state's local currency debt rating adjusted upwards by one notch
to reflect the array of measures available to the authorities to
support the banking system. Thus, the anchor used for measuring
systemic support on banks' ratings is currently Hungary's
government bond rating of Baa1 (under review for possible
downgrade) plus one notch of uplift, resulting in an A3 input.
Moody's points out that these rating actions are not driven by a
change in the rating agency's view of Hungarian banks' intrinsic
financial strength nor of the probability of systemic support.
Previous Rating Actions
Moody's last rating action on Erste Bank Hungary was on May 19,
2009, when its BFSR was downgraded to D (Ba2) from D+ (Ba1) and
bank's deposit ratings were downgraded to Baa2 (negative)/Prime-2
from A3/Prime-2 for local currency and Baa1/Prime-2 for foreign
currency.
Moody's last rating action on FHB Mortgage Bank was on May 19,
2009, when the D+ BFSR (Ba1) was affirmed and the Baa3/Prime-3
deposit ratings confirmed.
Moody's last rating action on K&H Bank was on May 19, 2009, when
its BFSR was downgraded to D+ (Baa3) from C- (Baa2) and the bank's
local currency deposit ratings were downgraded to A3
(negative)/Prime-2 from Aa3/Prime-1. The foreign currency deposit
ratings were affirmed at Baa1 (negative)/Prime-2 as the long-term
rating was already capped by the Baa1 ceiling for foreign currency
deposits in Hungary.
Moody's last rating action on MKB Bank was on May 19, 2009, when
its BFSR was downgraded to D (Ba2) from C- (Baa2) and local
currency deposit and foreign currency debt ratings were downgraded
to Baa2 (negative)/Prime-2 from A1/Prime-1. The subordinated debt
rating was downgraded to Baa3 (negative) from A2 and the foreign
currency deposit ratings to Baa2 (negative) from Baa1.
Moody's last rating action on OTP Bank was on January 29, 2010,
when its hybrid securities rating was downgraded, in line with its
revised Guidelines for Rating Bank Hybrids and Subordinated Debt
published in November 2009. OTP Bank's Upper Tier 2 perpetual
subordinated bond issue was downgraded to Ba1 with negative
outlook from Baa2.
Moody's last rating action on OTP Mortgage Bank was on May 19,
2009, when its BFSR was downgraded to D+ (Baa3) from C+ (A2) and
the local currency deposit ratings to Baa1 (negative)/Prime-2 from
Aa3/Prime-1. The foreign currency deposit ratings were affirmed
at Baa1 (negative)/Prime-2 as the long-term rating was already
capped by the Baa1 ceiling for foreign currency deposits in
Hungary.
Moody's last rating action on MFB Development Bank was on May 19,
2009, when its long-term foreign currency debt rating was
downgraded to Baa1 (negative) from Aa2. The Baa1
(negative)/Prime-2 foreign currency deposit ratings, which were
already capped by the ceiling for foreign currency deposits in
Hungary, were affirmed.
Moody's last rating action on Budapest Bank was on May 19, 2009
when its BFSR was downgraded to D (Ba2) from D+ (Baa3) and bank's
deposit ratings were downgraded to Baa2 (negative)/Prime-2 from
A1/Prime-1 for the local currency and Baa1/Prime-2 for the foreign
currency deposit ratings.
Headquartered in Budapest, Hungary, Erste Bank Hungary reported
consolidated total assets of HUF2 903 billion (EUR10.7 billion) as
of December 31, 2009.
Headquartered in Budapest, Hungary, FHB Mortgage Bank reported
consolidated total assets of HUF802 billion (EUR2.9 billion) as of
December 31, 2009.
Headquartered in Budapest, Hungary, K&H Bank reported consolidated
total assets of HUF3 064 billion (EUR11.3 billion) as of
December 31, 2009.
Headquartered in Budapest, Hungary, MKB Bank reported consolidated
total assets of HUF3 107 billion (EUR11.5 billion) as of
December 31, 2009.
Headquartered in Budapest, Hungary, OTP Bank reported consolidated
total assets of HUF9 755 billion (EUR36.2 billion) as of
December 31, 2009.
Headquartered in Budapest, Hungary, OTP Mortgage Bank reported
consolidated total assets of HUF1 981 billion (EUR7.3 billion) as
of December 31, 2009.
Headquartered in Budapest, Hungary, MFB Development Bank reported
consolidated total assets of HUF1148 billion (EUR4.2 billion) as
of December 31, 2009.
Headquartered in Budapest, Hungary, Budapest Bank reported
consolidated total assets of HUF909 billion (EUR3.4 billion) as of
December 31, 2009.
MKB BANK: Moody's Reviews Deposit Ratings for Possible Cut
----------------------------------------------------------
Moody's Investors Service has placed on review for possible
downgrade the debt and deposit ratings of seven Hungarian banks,
following the announcement that the rating agency has also placed
on review for possible downgrade the Baa1 government bond rating
of Hungary. The banks' respective financial strength ratings are
not affected by the review initiated.
These ratings have been placed on review for possible downgrade:
* Erste Bank Hungary -- local and foreign currency long- and
short-term deposit ratings at Baa2/Prime-2
* FHB Mortgage Bank -- local and foreign currency long- and short-
term deposit ratings at Baa3/Prime-3
* K&H Bank -- local currency deposit rating of A3
* MKB Bank - local and foreign currency long- and short-term
deposit and debt ratings of Baa2/Prime-2; Foreign currency
subordinated debt rating of Baa3
* OTP Bank -- local and foreign currency long- and short-term
deposit and debt ratings of Baa1/Prime-2; and foreign currency
subordinated debt rating of Baa2
* OTP Mortgage Bank - local and foreign currency long- and short-
term deposit and debt deposit ratings of Baa1/Prime-2
* MFB Development Bank - foreign currency long- and short-term
deposit and debt deposit ratings of Baa1/Prime-2
Budapest bank's long-term deposit rating at Baa2 was not affected
since it does not benefit from uplift due to systemic support.
Rating Rationale
The review for possible downgrade of the seven banks' ratings
reflects the similar rating action on the Hungarian sovereign
ratings, details of which are provided in a separate Press Release
issued on July 22, 2010.
According to Moody's the reviews for downgrade reflects the fact
that these banks' deposit and debt ratings benefit from systemic
support, and the amount of uplift resulting from this would be
reduced in the event that the sovereign is downgraded.
As an input for assessing systemic support Moody's uses Hungarian
state's local currency debt rating adjusted upwards by one notch
to reflect the array of measures available to the authorities to
support the banking system. Thus, the anchor used for measuring
systemic support on banks' ratings is currently Hungary's
government bond rating of Baa1 (under review for possible
downgrade) plus one notch of uplift, resulting in an A3 input.
Moody's points out that these rating actions are not driven by a
change in the rating agency's view of Hungarian banks' intrinsic
financial strength nor of the probability of systemic support.
Previous Rating Actions
Moody's last rating action on Erste Bank Hungary was on May 19,
2009, when its BFSR was downgraded to D (Ba2) from D+ (Ba1) and
bank's deposit ratings were downgraded to Baa2 (negative)/Prime-2
from A3/Prime-2 for local currency and Baa1/Prime-2 for foreign
currency.
Moody's last rating action on FHB Mortgage Bank was on May 19,
2009, when the D+ BFSR (Ba1) was affirmed and the Baa3/Prime-3
deposit ratings confirmed.
Moody's last rating action on K&H Bank was on May 19, 2009, when
its BFSR was downgraded to D+ (Baa3) from C- (Baa2) and the bank's
local currency deposit ratings were downgraded to A3
(negative)/Prime-2 from Aa3/Prime-1. The foreign currency deposit
ratings were affirmed at Baa1 (negative)/Prime-2 as the long-term
rating was already capped by the Baa1 ceiling for foreign currency
deposits in Hungary.
Moody's last rating action on MKB Bank was on May 19, 2009, when
its BFSR was downgraded to D (Ba2) from C- (Baa2) and local
currency deposit and foreign currency debt ratings were downgraded
to Baa2 (negative)/Prime-2 from A1/Prime-1. The subordinated debt
rating was downgraded to Baa3 (negative) from A2 and the foreign
currency deposit ratings to Baa2 (negative) from Baa1.
Moody's last rating action on OTP Bank was on January 29, 2010,
when its hybrid securities rating was downgraded, in line with its
revised Guidelines for Rating Bank Hybrids and Subordinated Debt
published in November 2009. OTP Bank's Upper Tier 2 perpetual
subordinated bond issue was downgraded to Ba1 with negative
outlook from Baa2.
Moody's last rating action on OTP Mortgage Bank was on May 19,
2009, when its BFSR was downgraded to D+ (Baa3) from C+ (A2) and
the local currency deposit ratings to Baa1 (negative)/Prime-2 from
Aa3/Prime-1. The foreign currency deposit ratings were affirmed
at Baa1 (negative)/Prime-2 as the long-term rating was already
capped by the Baa1 ceiling for foreign currency deposits in
Hungary.
Moody's last rating action on MFB Development Bank was on May 19,
2009, when its long-term foreign currency debt rating was
downgraded to Baa1 (negative) from Aa2. The Baa1
(negative)/Prime-2 foreign currency deposit ratings, which were
already capped by the ceiling for foreign currency deposits in
Hungary, were affirmed.
Moody's last rating action on Budapest Bank was on May 19, 2009
when its BFSR was downgraded to D (Ba2) from D+ (Baa3) and bank's
deposit ratings were downgraded to Baa2 (negative)/Prime-2 from
A1/Prime-1 for the local currency and Baa1/Prime-2 for the foreign
currency deposit ratings.
Headquartered in Budapest, Hungary, Erste Bank Hungary reported
consolidated total assets of HUF2 903 billion (EUR10.7 billion) as
of December 31, 2009.
Headquartered in Budapest, Hungary, FHB Mortgage Bank reported
consolidated total assets of HUF802 billion (EUR2.9 billion) as of
December 31, 2009.
Headquartered in Budapest, Hungary, K&H Bank reported consolidated
total assets of HUF3 064 billion (EUR11.3 billion) as of
December 31, 2009.
Headquartered in Budapest, Hungary, MKB Bank reported consolidated
total assets of HUF3 107 billion (EUR11.5 billion) as of
December 31, 2009.
Headquartered in Budapest, Hungary, OTP Bank reported consolidated
total assets of HUF9 755 billion (EUR36.2 billion) as of
December 31, 2009.
Headquartered in Budapest, Hungary, OTP Mortgage Bank reported
consolidated total assets of HUF1 981 billion (EUR7.3 billion) as
of December 31, 2009.
Headquartered in Budapest, Hungary, MFB Development Bank reported
consolidated total assets of HUF1148 billion (EUR4.2 billion) as
of December 31, 2009.
Headquartered in Budapest, Hungary, Budapest Bank reported
consolidated total assets of HUF909 billion (EUR3.4 billion) as of
December 31, 2009.
=============
I R E L A N D
=============
EMF SEMICONDUCTOR: In Receivership; Assets Put Up for Sale
----------------------------------------------------------
Semiconductor Today reports that the business and assets of EMF
Semiconductor Systems Ltd. are being offered for sale after the
firm entered receivership.
According to the report, assets put up for sale include:
-- a leasehold facility covering about 23,000 square feet
(including a 2000 square-foot cleanroom), with excellent
links to Cork, Dublin and Limerick;
-- an extensive IP portfolio of metal-organic chemical vapor
deposition tool design, including patented Vectored-Flow
Epitaxy technology, ammonia pre-cracker, metallorganic vapor
rate monitor and ammonia catalytic waste-treatment system;
-- a production tool under development; and
-- gas cabinets, vacuum pumps, wet stations and various
industry standard spares available.
The report says expressions of interest are requested by August 13
to receiver and manager Barry Forrest of UHY Farrelly Dawe White
Corporate Recovery Specialists.
Mr. Forrest can be reached at:
3C Dunshaughlin Business Park
Dunshaughlin
County Meath
Ireland
Tel: +353 1 8024217
Fax: +353 1 8024216
E-mail barry@forrestco.ie
EMF Semiconductor Systems Ltd. is a metal-organic chemical vapor
deposition equipment maker based in Mitchelstown, County Cork,
Ireland.
NAAS DEVELOPMENTS: Grant Thornton Appointed as Receiver
-------------------------------------------------------
Laura Coates at Leinster Leader reports that Grant Thornton has
been appointed receiver to Naas Developments, the parent company
of the Osprey Hotel in Naas, by Allied Irish Bank.
According to the report, Grant Thornton has appointed Dublin-based
Hotel Asset Management Services, a company which specializes in
advising hotels experiencing trading difficulties, to run the
business.
It is believed that the Osprey Hotel's conference business has
been hard hit by the recession, the report notes. The report
relates a spokesperson for the hotel said that it is open and
trading as normal. About 150 people are employed in the hotel
complex, 70 of them full-time, but no jobs are currently under
threat, the report says.
SILKS PRIVATE: Faces Liquidation Following Trade Decline
--------------------------------------------------------
Barry O'Halloran at The Irish Times reports that Silks Private
Members Club Ltd. is facing liquidation after being hit by the
recession.
According to the report, the operator of the casino club will hold
a creditors' meeting next month to appoint a liquidator to the
company.
The report relates director and shareholder Leonard Kinsella said
Friday that trade had dwindled to the point where the business was
no longer sustainable. The report notes Mr. Kinsella said its
liabilities are "minuscule".
Silks Private Members Club Ltd. is located in Earlsfort Terrace.
The company employed about 12 people, according to The Irish
Times.
=========
I T A L Y
=========
BANCA MONTE: Moody's Says Downgrade Won't Affect SanVitale Notes
----------------------------------------------------------------
Moody's Investors Service concluded that the unanticipated
interest rate renegotiations as well as recent downgrade of the
servicer have no negative rating impact on the notes issued by
SanVitale 1 S.r.l.
Between the February 1, 2009, and the closing date (August 11,
2009) unexpected interest rate renegotiations occurred and the
impact of those was not reflected in the pool provided as of the
July 30, 2009, to Moody's. As per the pool provided, 18.72% of
the loans were fixed-rate mortgage loans. To mitigate the fixed-
floating-rate mismatch on fixed-rate loans, the issuer entered
into a swap agreement effective on the closing date. Under this
agreement, on each payment date the notional of the swap has to be
within upper and lower bands. If the notional is below the lower
band, the SPV may have to pay a termination cost due senior in the
waterfall.
After the closing date, the servicer realized that EUR7,757,476
mortgage loans were subject to an unexpected interest rate
renegotiation, and have switched from fixed to floating rate
loans. This corresponds to 54 loans, out of which: 2 have been
fully repaid, 50 were actually loans indexed on one-month EURIBOR,
two on three-month EURIBOR and two on ECB rate. Swap
documentation was based on the information provided as of the
July 30, 2009, and hence did not consider those renegotiations for
the determination of the notional of the swap.
As result of principal payments (scheduled and unscheduled)
and those interest rate renegotiations, the notional amount
applicable under the fixed-floating loans is reduced to
EUR55,833,253. The lower band for the corresponding calculation
period is EUR54,604,585 and the higher band is EUR65,122,88. The
current swap notional is within those two limits and consequently
there is no termination cost due under the terms of the relevant
swap confirmation.
The issuer decided to keep the swap documentations entered into at
closing unchanged and the EUR7,757,476 of fixed-rate loans that
have converted to floating-rate loans will not be hedged against
interest rate risk. Therefore, the transaction is exposed to an
additional basis risk arising from a mismatch between the 3-months
EURIBOR payable on the Notes and the interest rate received from
the collateral.
To mitigate the impact of this increased interest rate risk,
EUR409,134 will be added to the reserve fund leading to a 5.11%
reserve fund (versus the original 5% as of closing). This
increase has been sized using historical data on interest rates
and expected future loan amounts assuming no prepayment and no
default. Moody's has factored this change into its analysis and
concluded that it has no impact on the ratings of the notes.
Downgrade of Banca Monte Parma S.P.A
As of June 22, 2010, the servicer Banca Monte Parma S.P.A has been
downgraded from Baa2/P-2 to Baa3/P-3. In Moody's view, this does
not impact the ratings of the notes because of the existence of
structural features reducing the exposure to the servicer (trigger
to appoint a back-up servicer at loss of Baa3, notification
trigger at loss of Ba2 as well as cash commingling risk
mitigants.)
In June 2010, Moody's also downgraded Banca Monte's bank financial
strength rating to D from D+.
Moody's ratings address the expected loss posed to investors by
the legal final maturity of the notes. Moody's ratings address
only the credit risks associated with the transactions. Other
non-credit risks have not been addressed, but may have a
significant effect on yield to investors.
===================
K A Z A K H S T A N
===================
TRISTAN OIL: Fitch Changes Watch on 'C' Rating to Negative
----------------------------------------------------------
Fitch Ratings has revised the rating watch on Tristan Oil Ltd.'s
Long-term foreign currency Issuer Default Rating of 'C' to
Negative from Evolving. Tristan's senior unsecured rating is 'C'
with a Recovery Rating of 'RR6'.
The RWN reflects the substantial deterioration of the company's
business profile and the potential negative impact on bondholders
from the cancellation of the subsoil use contracts of two
operating companies -- Kazpolmunay and Tolkynneftegaz -- by the
Kazakh Ministry of Oil and Gas. The revocation of the subsoil use
contracts may trigger a put option under a change of control
provision in the bond documentation. If a put option is
triggered, Fitch believes that Tristan is unlikely to be able to
meet its obligations to repurchase the bonds due to its weak
financial position.
In addition, Fitch notes that the halt on cash flow from
operations will put further pressure on the credit metrics and the
company's ability to make an interest payment on the eurobonds,
which was due on July 1, 2010, and was extended for a 30-day grace
period.
Tristan announced that on July 21, 2010, the Kazakh Ministry
of Oil and Gas had notified KPM and TNG that it had cancelled
their subsoil use contracts and transferred the oil and gas
fields into the trust management of KazMunaiGaz National Company
('BBB-'/Stable) until a new operator is appointed. The potential
sale of two operating companies was also cancelled as Tristan was
unable to receive the necessary consent and approvals from the
Kazakh authorities.
Fitch will continue to monitor developments and take further
rating action if appropriate.
===================
L U X E M B O U R G
===================
LIFEMARK: Faces Liquidation After Carval Withdraws Rescue Offer
---------------------------------------------------------------
Katrina Baugh at IFAonline, citing Life Settlements Wire, reports
that Lifemark, one of the life settlement groups behind Keydata,
could be facing liquidation after US hedge fund CarVal pulled a
US$60 million rescue offer.
According to the report, Carval had already stumped up GBP3.5
million in short-term loans to Lifemark, which ran bonds backing
Keydata plans owned by 23,000 customers who invested GBP350
million. The report says around US$2.5 million of this loan has
been already been repaid by Lifemark but the offer of US$60
million for a longer-term funding proposal is now believed to be
off the table.
If no other white knight can be found, investors' main hope may be
the Financial Services Compensation Scheme which said it should
know by September whether they can receive compensation, the
report notes.
Lifemark's settlement portfolio has a face value of about GBP1.3
billion, the report discloses.
Lifemark has been under the management of KPMG since November as
it works on a restructuring proposal, the report relates. Its
bonds ceased trading on the Luxembourg Stock Exchange in February,
and Lifemark stopped paying income to investors, the report
recalls.
Lifemark is based in Luxembourg.
===========
R U S S I A
===========
INTERNATIONAL INDUSTRIAL: Resolves Defaults on EUR200MM Bonds
-------------------------------------------------------------
Bloomberg News reports that International Industrial Bank,
controlled by Senator Sergei Pugachyov, said Sunday that it
resolved defaults on EUR200 million (US$258 million) of bonds
after agreeing to extend payments in a meeting with holders.
"All acceptance conditions set forth in the notice of the meeting
have been satisfied," Bloomberg quoted the lender as saying in a
statement dated Friday. "All defaults that had been continuing
have been fully resolved as of [Friday]."
Headquartered in Moscow, International Industrial Bank lends to
commercial and industrial projects run by United Industrial
Corporation, which is affiliated with Sergey Pugachyov, a
businessman and member of the Federation Council of Russia, the
upper chamber of the parliament of the Russian Federation. Mr.
Pugachyov and his family own 81% of IIB. The bank's senior
managers own the rest.
* * *
As reported by the Troubled Company Reporter-Europe on July 9,
2010, Standard & Poor's Ratings Services said it lowered its long-
and short-term counterparty credit ratings on Russia-based
International Industrial Bank to 'D/D' (default) from 'CC/C'. S&P
downgraded IIB to 'D' because it was unable to pay its
EUR200 million 9.0% senior unsecured loan participation notes that
matured on July 6, 2010. IIB also issued a default notice on its
US$200 million 11.0% loan participation notes due 2013.
At the same time, Fitch Ratings downgraded Russia-based
International Industrial Bank's Long-term foreign and local
currency Issuer Default Ratings to 'RD' (Restricted Default) from
'C'
As reported by the Troubled Company Reporter-Europe on July 2,
2010, Moody's Investors Service downgraded these ratings of
International Industrial Bank: long-term debt and deposit ratings
to Caa2 from B3, and bank financial strength rating to E from E+.
The Caa2 long-term ratings were placed on review with
direction uncertain, while the E BFSR and Not-Prime short-term
debt and deposit ratings carry stable outlook.
=========
S P A I N
=========
FONCAIXA HIPOTECARIO: Moody's Assigns 'B1' Rating on Class Notes
----------------------------------------------------------------
Moody's Investors Service assigned definitive credit ratings to
these class of Notes issued by Foncaixa Hipotecario 11, Fondo de
Titulizacion de Activos:
* Aaa to the EUR6,110,000,000 Class A due 2053
* A1 to the EUR97,500,000 Class B due 2053
* B1 to the EUR292,500,000 Class C due 2053
The transaction represents the securitisation of Spanish mortgage
loans originated by "la Caixa". The weighted-average current LTV
(based on valuation at origination) is 51.61%, and its seasoning
is 4.87 years for the provisional portfolio as of 27 June 2010.
Delinquencies reported on prior transactions of this issuer are
better than the average delinquency reported in the Spain index.
The portfolio will be serviced by "la Caixa".
The strengths of the transaction are (i) a reserve fund fully
funded upfront equal to 2% of the notes to cover potential
shortfall in interest and principal, and (ii) a strong interest
rate swap in place to provide a guaranteed excess spread (0.50%)
above Euribor to the transaction. The key weaknesses Moody's
committees particularly focused on were the risky characteristics
of the portfolio being securitized, including flexible mortgages
with the possibility of further additional draw downs and payment
holidays. This was taken into consideration in Moody's collateral
loss assumptions, whereby the expected portfolio loss of 1.5% and
the MILAN Aaa required credit enhancement of 6.0% serve as input
parameters for Moody's cash flow model, which is based on a
probabilistic lognormal distribution as described in the report
"The Lognormal Method Applied to ABS Analysis", published in
September 2000.
The V Score for this transaction is Medium, which is in line with
the V score assigned for the Spanish RMBS sector. Only one sub
component underlying the V Score have been assessed lower than the
average for the Spanish RMBS sector. Issuer/Sponsor/Originator's
Historical Performance Variability is Low/Medium, which is lower
than the Medium V score assigned for the Spanish RMBS sector for
this sub component because the Foncaixa Hipotecario securitization
program have historically lower defaults and arrears than
traditional mortgages pools in Spain. V-Scores are a relative
assessment of the quality of available credit information and of
the degree of dependence on various assumptions used in
determining the rating. High variability in key assumptions could
expose a rating to more likelihood of rating changes. The V-Score
has been assigned accordingly to the report "V-Scores and
Parameter Sensitivities in the Major EMEA RMBS Sectors" published
in April 2009.
The definitive rating addresses the expected loss posed to
investors by the legal final maturity. The structure allows for
timely payment of interest on Classes A, B and C Notes and
ultimate payment of principal at par on or before the legal final
maturity date for all the Notes. Moody's ratings address only the
credit risks associated with the transaction. Other non-credit
risks have not been addressed but may have a significant effect on
the yield to investors.
MEDIAPRODUCCION SL: Expected to Exit Insolvency in Three Months
---------------------------------------------------------------
Matt Cutler at SportBusiness reports that Spanish rights agency
Mediapro said that it expected its Mediaproduccion subsidiary to
come out of insolvency proceedings in the next three months.
Speaking to TV Sports Markets, Mediapro partner Gerard Romy said
that the company had told Mediaproduccion's creditors that it
would pay all its debts in full, plus interest, within three
years.
SportBusiness recalls Mediapro's problems mounted two weeks ago
when a deal with the MP & Silva agency for the Spanish rights for
Italian football's Serie A was terminated after Mediapro failed to
pay the first installment. According to SportBusiness, Mr. Romy
said the collapse of the Serie A deal was the result of
"unfortunate timing" as opposed to a sign of wider financial
problems at the company. It was the only deal to have been
affected by the insolvency, SportBusiness notes.
As reported by the Troubled Company Reporter-Europe on June 29,
2010, Bloomberg News said a court in Madrid ordered
Mediaproduccion, owner of broadcasting rights for the Spanish
soccer league, to pay Sogecable SA around EUR136 million (US$167.7
million) in damages and give it the soccer rights. Bloomberg,
citing a regulatory filing by Promotora, known as Prisa, disclosed
Mediapro must pay Sogecable, the television unit of Promotora de
Informaciones SA, EUR105 million in damages and an additional
EUR31 million to cover costs incurred until the rights
are handed over. According to Bloomberg, Mediapro said in an e-
mailed statement that the fact that the company sought bankruptcy
protection would entail the suspension of the court ruling
mentioned in Prisa's filing. Bloomberg noted that in a separate
statement, Mediapro said its administrators had written to
Sogecable demanding it pay for the soccer rights.
On June 18, 2010, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported that Mediaproduccion said it was seeking
protection from creditors after Sogecable failed to make a payment
to broadcast games next season. Bloomberg disclosed Madrid-based
pay-television company Sogecable and Mediaproduccion were locked
in a dispute over control of soccer broadcast rights in recent
years. Bloomberg recalled the battle led to legal challenges and
in March a court ruled that Mediaproduccion had to pay EUR97
million (US$119.3 million) in damages to Audiovisual Sport, a unit
of Sogecable. Sogecable, as cited by Bloomberg, said in a
statement on June 16 that it had demanded the execution of the
March ruling on June 9.
Mediaproduccion SL is based in Barcelona.
REAL MALLORCA: Denied Entry Into Europa League; Mulls Appeal
------------------------------------------------------------
Europa League News reports that Real Mallorca is considering its
options after being told that it has been denied entry into the
Europa League after falling foul of the Union of European Football
Association's financial regulations.
The report relates a statement on UEFA's Web site read: "On the
basis of all expert reviews which have been undertaken, the
control and disciplinary body ruled that the club does not fulfill
the necessary admission criteria."
The report recalls Mallorca in May applied to go into voluntary
administration after amassing debts thought to be in the region of
EUR70 million.
According to the report, Mallorca may yet appeal the ruling and
has three days to decide on its next step.
Real Club Deportivo Mallorca, S.A.D. is a Spanish football team
from Palma (Majorca). Founded on March 5, 1916, it currently
plays in the Spanish first division.
===========
T U R K E Y
===========
CALIK HOLDING: Fitch Affirms Issuer Default Rating at 'B-'
----------------------------------------------------------
Fitch Ratings has affirmed Calik Holding A.S.'s Long-term foreign
and local currency Issuer Default Ratings at 'B-' respectively,
and affirmed its National Long-term rating at 'BB-(tur)'. The
Outlooks on each Long-term rating are Negative. Fitch has also
affirmed Globus Capital Finance S.A.'s US$200 million 8.5% 2012
notes, which are guaranteed by Calik, at senior unsecured 'B-'
with a Recovery Rating of ''RR4'.
Fitch has additionally downgraded GAP Guneydogu Tekstil A.S.'s, a
Calik subsidiary, National Long-term rating to 'BB-(tur)' from
'BBB+(tur)'. The Outlook on the rating is Negative. Whilst GAP's
performance remains stable, the downgrade reflects Fitch's applied
parent and subsidiary linkage rating methodology and highlights
the strong linkage between Calik and GAP, which justifies equating
the National Long-term rating of both entities.
In 2009, Calik experienced a 12.9% top line revenue decline and a
significant increase in lease-adjusted EBITDAR leverage close to
7x from about 5x due to a difficult trading environment in key
markets -- notably Turkey and the Balkan States. Calik's ratings
continue to be constrained by the financial impact of its 2008
acquisition of Sabah-ATV's media assets on the overall group
financial profile. The sale of two operating energy assets in
October 2008 reduced diversification within the overall financial
and business profile of the group. However, Fitch continues to
take Calik's planned expansion into the electricity generation and
oil and gas sectors into consideration. The funding structures
and eventual monetary impact of such capex on group results will
be assessed at a later date as no details are currently available.
Fitch also notes the liquidity needs of the potential new energy
generation projects, which are expected to be financed on a ring-
fenced basis, although Calik will contribute equity towards the
projects. Calik is unlikely to benefit from any cash inflow in
the medium-term given the nature of such projects. Fitch
understands that Calik is still actively looking for a strategic
partner for its power generation projects. As a holding company,
Calik depends on dividend flows, service income and capital gains.
It has low dividend income from its operating subsidiaries, and
cash generation at the holding level remains partly dependent on
asset sales.
The Negative Outlook continues to reflect downside risks to
Calik's operating performance in 2010 and its overall weak
liquidity position, particularly in the media division, which is
highly leveraged and generated an operating loss in 2009. Fitch
believes that de-leveraging will be hard to achieve in a
challenging ad-spend environment in 2010, although higher than
2009, despite the improvement in the Turkish economy. In
addition, the US$200 million Globus bond, which is part of the
construction subsidiary and of which Calik has to date bought back
a significant amount, will mature in 2012. In view of the group's
weak liquidity position, Fitch is concerned about the refinancing
of the upcoming maturities and expects Calik will need to
accelerate its refinancing efforts.
Turkuvaz Media, Calik's 75%-owned subsidiary, currently has
US$750m in non-recourse debt, which was used to acquire Sabah-
ATV's media assets and is secured by Turkuvaz's assets only. The
10-year loan has three-year interest-only and seven-year
amortization terms. Fitch cautions that interest coverage ratios
will be tight in the next two years when gross debt/EBITDA is
expected to be approximately 10x in FY10 at Turkuvaz's level.
Furthermore, Fitch notes that Turkuvaz is exposed to a potential
currency mismatch through its largely US$-denominated debt stock
and minimal foreign exchange-denominated revenues. In assessing
Calik's financial structure, Fitch stripped out the group's
banking business as Calik does not have direct access on the cash
of these entities due to the regulated nature of this business.
Consequently, FYE09 Fitch adjusted consolidated net debt to EBITDA
is 6.9x.
Positive rating action could occur if underlying market conditions
improve, especially in Turkey, along with a demonstration that
Calik's various business divisions, particularly the media
business, can generate sizable, sustainable positive free cash
flow and reduce existing high debt levels. Conversely, negative
rating action may occur if market conditions continue to be
challenging and negatively impact profitability, free cash flow
and already weak credit metrics.
=============
U K R A I N E
=============
FERREXPO PLC: S&P Puts 'B' Rating on CreditWatch Positive
---------------------------------------------------------
Standard & Poor's Ratings Services said that it placed on
CreditWatch with positive implications its 'B' long-term foreign
currency rating on Ukraine-based iron ore producer Ferrexpo PLC,
reflecting the recent CreditWatch action on Ukraine. At the same
time, the 'B+' long-term local currency and 'B' short-term
corporate credit ratings on Ferrexpo were affirmed.
"The CreditWatch placement follows a similar action on Ukraine on
July 22, 2010," said Standard & Poor's credit analyst Alex
Herbert. "It reflects S&P's view that should its 'B' long-term
foreign currency rating and transfer and convertibility assessment
on Ukraine be raised to 'B+', S&P would also expect to raise the
long-term foreign currency rating on Ferrexpo by one notch to
'B+'."
The sovereign credit rating on Ukraine (foreign currency B/Watch
Pos/B, local currency B+/Watch Pos/B) was placed on CreditWatch
positive on July 22, 2010, reflecting S&P's view of the increasing
fiscal consolidation efforts by the Ukrainian government, and
implementation of measures upon which International Monetary Fund
support is preconditioned, amid improved prospects for economic
growth.
The ratings on Ferrexpo reflect S&P's opinion of the group's weak
business risk profile and aggressive financial risk profile.
Supporting factors include the mid-cost position of the group's
mining operations, long reserve life, proximity to European steel
markets, and attractive industry characteristics. Furthermore,
the group is focused on exports, and profitability is healthy. In
addition, in S&P's view, Ferrexpo has a moderate financial policy
and limited leverage, which provides it with the financial
flexibility to execute its growth strategy.
S&P aims to resolve the CreditWatch placement on Ferrexpo within
the next few months following the resolution of the CreditWatch on
Ukraine. S&P anticipates upward rating potential of one notch in
respect of the foreign currency rating on Ferrexpo in the event
that S&P raises the 'B' foreign currency rating and transfer and
convertibility assessment on Ukraine.
Further rating upside for Ferrexpo is constrained by S&P's view of
the risks of its limited diversification -- in particular, country
risks in the Ukraine where the group's operations are located,
volatile iron ore prices, and capital intensity.
===========================
U N I T E D K I N G D O M
===========================
ARIA MANAGED CDO: Moody's Lifts Ratings on Four Notes to 'Caa1'
---------------------------------------------------------------
Moody's Investors Service took these rating actions on notes
issued by the Aria Managed CDO I vehicles, a collateralized debt
obligation transaction referencing two managed portfolios of
corporate entities.
Issuer: ARIA MANAGED CDO I
-- US$3M M-4U7 Notes, Upgraded to Caa1; previously on March 25,
2009 Downgraded to Caa3
-- GBP200M P-2G7a Notes, Upgraded to A3; previously on March 25,
2009 Downgraded to Baa1
-- SwFr8.1M A-1C7 Notes, Upgraded to Baa1; previously on
March 25, 2009 Downgraded to Baa3
-- EUR12.9M A-1E7K Notes, Upgraded to Baa1; previously on
March 25, 2009 Downgraded to Baa3
-- US$2M A-1U7 Notes, Upgraded to Baa1; previously on March 25,
2009 Downgraded to Baa3
-- US$15.4M B-1U7 Notes, Upgraded to B1; previously on June 30,
2009 Downgraded to Caa1
-- SwFr42.9M B-1C7 Notes, Upgraded to B1; previously on June 30,
2009 Downgraded to Caa1
-- EUR18.6M B-1E7K Notes, Upgraded to B1; previously on June 30,
2009 Downgraded to Caa1
-- GBP0.4M B-1G7 Notes, Upgraded to B1; previously on June 30,
2009 Downgraded to Caa1
-- SwFr7.4M C-1C7 Notes, Upgraded to B3; previously on June 30,
2009 Downgraded to Caa3
-- US$17M A-1U7 Notes, Upgraded to Baa1; previously on March 25,
2009 Downgraded to Baa3
-- US$85.4M B-1U7 Notes, Upgraded to B1; previously on June 30,
2009 Downgraded to Caa1
-- US$22.5M C-2U7 Notes, Upgraded to Caa1; previously on
March 25, 2009 Downgraded to Caa3
Issuer: ARIA MANAGED CDO I (Ireland)
-- EUR12.9M A-1E7K Notes, Upgraded to Baa1; previously on
March 25, 2009 Downgraded to Baa3
-- SwFr8.1M A-1C7 Notes, Upgraded to Baa1; previously on
March 25, 2009 Downgraded to Baa3
-- GBP206.19M P-2G7 Notes, Upgraded to A3; previously on
March 25, 2009 Downgraded to Baa1
-- SwFr42.9M B-1C7 Notes, Upgraded to B1; previously on June 30,
2009 Downgraded to Caa1
-- EUR18.6M B-1E7K Notes, Upgraded to B1; previously on June 30,
2009 Downgraded to Caa1
-- GBP0.4M B-1G7 Notes, Upgraded to B1; previously on June 30,
2009 Downgraded to Caa1
-- SwFr7.4M C-1C7 Notes, Upgraded to B3; previously on June 30,
2009 Downgraded to Caa3
-- US$2.5M B-2U7 Notes, Upgraded to B1; previously on June 30,
2009 Assigned Caa1
-- US$2.5M C-2U7N Notes, Upgraded to Caa1; previously on
June 30, 2009 Assigned Caa3
-- US$10.5M C-1E7 Notes, Upgraded to Caa1; previously on
June 30, 2009 Assigned Caa3
Moody's explained that the rating actions taken are the result of
the improvement of the credit quality of the reference portfolio
and the short time to maturity (October 2011) that reduces the
credit risk exposure of the tranches. The rated tranches are
referencing two portfolios: tranches B-2U7, C-1E7, C-2U7, C-2U7N
and M-4U7 reference the first portfolio, all the other tranches
reference the second portfolio. In the first portfolio the
Banking, Automotive and Telecommunications industry sectors are
the most represented, weighting 14.7%, 9.6% and 6.8% of the
portfolio notional. In the second portfolio the Banking,
Automotive and Insurance industry sectors are the most
represented, weighting 13.6%, 9.7% and 7.3% of the portfolio
notional.
Moody's noted that various sensitivity analyses were performed to
test the robustness of the upgrade. The sensitivity analyses
include extending the maturity of the transaction by one year and
using the Market Implied Ratings of the underlying reference
entities in the CDOROM model. Additionally Moody's performed a
forward looking analysis of the portfolio and concluded that for
both portfolios, in case of default of all the reference entities
currently rated Caa1 or below, the rated tranches would be able to
withstand the losses and maintain a positive subordination.
BRITISH AIRWAYS: Faces Lawsuit Over Price-Fixing Cartel
-------------------------------------------------------
Jane Croft at The Financial Times reports that British Airways has
applied to the High Court to bring 32 airlines, including Air
France-KLM, and Qantas, into legal proceedings it faces in the
High Court relating to a price-fixing cartel for air-freight
services.
According to the FT, BA faces a lawsuit brought by two UK flower
importers. They claim they suffered loss as a result of BA's
involvement in a global cartel that fixed the price of air cargo,
the FT discloses.
The FT says BA now seeks to bring other airlines into the legal
proceedings in a move lawyers said will help the airline to
protect itself against any compensation payments it might have to
make as a result of the court action in London.
The FT relates Hausfeld, the law firm, has brought the civil
action by UK flower importers Emerald Supplies and Southern Glass
House Produce.
The Court of Appeal is to consider whether the case will go ahead
on a representative basis so other parties can seek damages if the
two importers were to be successful, the FT states.
The FT notes BA said on Friday it would continue to contest class
actions brought by cargo customers.
About British Airways
Headquartered in Harmondsworth, England, British Airways Plc,
along with its subsidiaries, (LON:BAY) -- http://www.ba.com/-- is
engaged in the operation of international and domestic scheduled
air services for the carriage of passengers, freight and mail and
the provision of ancillary services. The Company's principal
place of business is Heathrow. It also operates a worldwide air
cargo business, in conjunction with its scheduled passenger
services. The Company operates international scheduled airline
route networks together with its codeshare and franchise partners,
and flies to more than 300 destinations worldwide. During the
fiscal year ended March 31, 2009 (fiscal 2009), the Company
carried more than 33 million passengers. It carried 777,000 tons
of cargo to destinations in Europe, the Americas and throughout
the world. In July 2008, the Company's subsidiary, BA European
Limited (trading as OpenSkies), acquired the French airline,
L'Avion.
* * *
As reported in the Troubled Company Reporter-Europe on March 19,
2010, Moody's Investors Service lowered to B1 from Ba3 the
Corporate Family and Probability of Default Ratings of British
Airways plc; and the senior unsecured and subordinate ratings to
B2 and B3, respectively. Moody's said the outlook is stable.
This concludes the review that was initiated on November 10, 2009.
The rating action reflects Moody's view that credit metrics will
not be commensurate with the previous rating category in the
medium term. Moody's expect furthermore that metrics will be
burdened in the foreseeable future by the company's significant
pension deficit, which was at GBP2.6 billion for the APS and NAPS
schemes combined as of September 2009 (under IAS). Moody's
nevertheless understand that under the current agreement with the
trade unions, the cash contributions to these deficits will be
frozen at GBP330 million per year for three years, subject to
approval by the Pensions Regulator and the trustees.
CONNAUGHT PLC: May Breach Banking Covenants; In Funding Talks
-------------------------------------------------------------
Philip Stafford at The Financial Times reports that Connaught plc
warned it would breach its banking covenants following a review
revealing its year-end net debt would be far higher than
previously forecast.
According to the FT, Connaught is in talks with its bankers to
secure additional funds after forecasting that net debt would be
significantly in excess of GBP120 million by its year-end of
August 31. The FT relates it said there had been additional
pressure from its suppliers and sub-contractors, who have grown
increasingly worried about the health of the FTSE 250 group. It
also said it was undertaking a review of its current trading
performance, the FT discloses.
The FT notes analysts at Altium Securities, the group's broker,
estimated that net debt had exceeded GBP200 million. The group
did not state which banking covenant would be broken, the FT
states.
Connaught plc -- http://www.connaught.plc.uk/-- is a United
Kingdom-based company engaged in the provision of integrated asset
services to the public and private sectors. The Company operates
in two business segments: social housing and compliance. Social
Housing segment provide social housing landlords throughout the
United Kingdom with a range of planned and response maintenance
services, as well as compliance and estate management. The
Compliance segment provides safety, health and risk management
solutions. It has information, advisory, training and servicing
capabilities to provide integrated compliance solution throughout
the United Kingdom. On July 22, 2009, the Company completed the
acquisition of UK Fire (International) Limited and Igrox Limited.
On September 15, 2008, the Company completed the acquisition of
Lowe Group Holdings Ltd. On November 26, 2008, the Company
completed the acquisition of certain assets of Predator Pest
Control Plc.
CRYSTAL PALACE: To Exit Administration; Consortium to Take Over
---------------------------------------------------------------
BBC News reports that Crystal Palace is expected to come out of
administration after a deadline on Friday to appeal against the
club's Company Voluntary Agreement passed with none of its
creditors making an objection. According to the report, that
means Steve Parish's CPFC 2010 consortium can apply for a transfer
of Palace's Football League share and take full control of the
club.
As reported by the Troubled Company Reporter-Europe on Jan. 28,
2010, The Times said Crystal Palace went into administration after
running into financial problems. The Times disclosed the club's
debt stood at around GBP30 million.
London-based Crystal Palace Football Club --
http://www.cpfc.premiumtv.co.uk/-- plays in the English League.
The team, also known as the "Eagles" represents a borough of
London called Croydon. It was founded in 1905 by workers at the
Crystal Palace, a wrought iron and glass building originally
erected in the Hyde Park area of London to house the Great
Exhibition of 1851 (the first in a series of World's Fair
exhibitions). The Crystal Palace Football Club moved to its
current stadium Selhurt Park in 1924. Chairman Simon Jordan took
over the club in 2000, ending Crystal Palace's stint with
bankruptcy.
FOUR SEASONS: Extends Deadline to Approve Bond Lockup to July 30
----------------------------------------------------------------
Mark Brown at Dow Jones Newswires reports that Four Seasons Health
Care has extended the deadline for holders of GBP600 million of
bonds, backed by a loan to the U.K. nursing-homes operator, to
approve a lockup agreement from July 23 to July 30.
The agreement would prevent the noteholders from selling their
debt in return for a consent fee of 60 basis points, Dow Jones
says, citing a regulatory notice released Friday.
According to Dow Jones, the regulatory notice said reasons for the
new extension included delays in sending documents to some
noteholders, and some noteholders needing extra time to get credit
committee approval due to the summer holidays.
Dow Jones recalls Four Seasons made its original proposal in June
to avoid defaulting on the loan, which matures Sept. 3. The bonds
were issued by Titan Europe 2006-4 PLC, Dow Jones discloses.
Four Seasons Health Care -- http://www.fshc.co.uk/-- is one of
the largest care home (nursing home) operators in the UK. The
company runs some 300 nursing homes, and its Huntercombe division
operates about eight specialized health care centers (which
provide mental health and rehabilitation services) in England,
Scotland, North Ireland, and the Isle of Man. Allianz Capital
Partners, the private equity arm of Allianz Group, acquired the
company from Alchemy Partners for GBP775 million in 2004.
HIGH 5: Set to Go Into Liquidation This Week
--------------------------------------------
Ryan Crighton at The Press and Journal reports that High 5
Entertainment, the company behind the Snafu nightclub on Union
Street, will be placed in liquidation this week.
The report recalls despite running up more than GBP400,000 worth
of debts, Snafu was saved from closure last month when High 5
Entertainment took voluntary administration. The report says the
company's 27 creditors have little chance of getting the
GBP401,854 they are owed, the report discloses.
The report relates Steve Morris, the club's director, previously
said when the firm took on the Athenaeum, a pub upstairs from the
club, the business as a whole suffered as a result.
"We volunteered to go into administration in order to restructure
the business we already had," the report quoted Mr. Morris as
saying. "We wanted to have a fresh start on things." The report
notes Mr. Morris said on order to continue with the business, he
said the company had to split into three firms. "We have now
split the business up as Snafu club, the Athenaeum bar and a
management company that runs it all," Mr. Morris said, according
to the report. "It has streamlined the whole thing. Snafu is
still open and won't be closing."
High 5 Entertainment is a nightclub operator based in Aberdeen.
KAUPTHING SINGER: Depositors Action Group Submits GBP346,000 Claim
------------------------------------------------------------------
Adrian Darbyshire at iomtoday.co.im reports that a claim for
GBP346,000 has been submitted by the Kaupthing Depositors' Action
Group for the legal costs of challenging a Manx Government rescue
plan.
The report relates DAG has sought costs from Manx taxpayers after
a so-called scheme of arrangement was rejected in a ballot of
creditors. According to the report, more than GBP1.7 million of
taxpayers' cash was spent on the ill-fated scheme which had been
proposed by government as an alternative to Kaupthing Singer and
Friedlander (Isle of Man) Ltd.'s liquidation. But while Deemster
Corlett agreed DAG should be awarded costs, he ruled they should
come not for Treasury -- and therefore the taxpayer -- but from
the proceeds of the liquidation.
DAG's legal invoice for GBP346,000 will be referred to the court
assessor to determine the amount a court order will be made for,
the report says.
The report recalls more than 11,000 customers faced losing their
life savings when the bank went under in October 2008 after the UK
authorities placed the sister bank in London into administration.
Some GBP550 million of the Island bank's assets were frozen in the
UK when the London bank went into administration, the report
discloses.
Claims submitted to the liquidator total GBP903 million --
although GBP21 million of these have not yet been agreed, the
report notes.
The liquidator and individual depositors have submitted claims to
the court in Reykjavik under the guarantee offered by Kaupthing's
parent bank in Iceland, the report states.
Kaupthing Singer and Freidlander (Isle of Man) Ltd. is Kaupthing
Singer & Friedlander UK's Manx subsidiary.
MALL FUNDING: S&P Downgrades Rating on Class A Notes to 'D'
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D' from 'BBB-' its
credit rating on The Mall Funding PLC's class A notes, given that
the obligation originally rated will not be met. S&P then raised
the rating to 'BBB-' to reflect S&P's opinion of the issuer's
ability to meet its principal obligations by the new final
maturity date, 2017, and its interest obligations on a timely
basis until maturity.
The Mall Funding has continued to see a decline in the reported
market values of the underlying retail portfolio over the past
year. Total portfolio values are now reported at GBP1.13 billion,
down 13.7% from the April 2009 value of GBP1.31 billion (on a
"same-store" basis). The portfolio had already experienced a
market value decline of 42.1% between April 2008 and April 2009.
In S&P's view, the cash flow performance of the assets has
remained reasonably consistent, with reported forward-looking
interest coverage ratios above 1.50x for the previous quarters.
The June 2010 quarterly investor report indicates that the loan-
to-value ratio, as of the April 22, 2010 interest payment date,
was 75.74%. The investor report LTV ratio calculation includes
assets of the borrower outside the securitization and is used for
covenant-testing purposes. Using the values cited in the investor
report, S&P calculated the LTV ratio for the securitized assets
alone as 90%.
In June 2010, the issuer approached the noteholders with a
restructuring proposal with a view, S&P understands, to secure
financing for the next five years. The noteholders agreed to the
proposal on July 15, 2010.
The restructuring arrangements include these changes:
* The loan term has been extended for three years from April 2012
to April 2015.
* From April 2011, the margin payable on the loan will be
increased to 68 basis points (bps) from 18 bps.
* The legal maturity of the notes has also been extended for three
years until April 2017. The tail period remains unchanged at
two years.
* From April 2011, in line with the loan margin, the margin
payable on the notes will increase to 68 bps from 18 bps.
* An initial voluntary prepayment (totaling GBP50 million) and an
ongoing cash sweep mechanism will amortize the loan.
* An LTV ratio covenant has been added to the financial covenants
and will be tested annually, from December 2011, against these
thresholds: 83% in December 2011, 77% in December 2012, 71% in
December 2013, and 65% in December 2014.
* Amortization targets will be introduced from 2012 so that debt
will be less than or equal to GBP800 million in December 2012
and less than or equal to GBP600 million in December 2014.
The hedging arrangements have been extended until the new loan
maturity date in April 2015, while the liquidity facility has been
extended with the existing provider until the updated legal
maturity date of the notes in April 2017.
This restructuring has occurred at a time when the retail sector
continues, in S&P's view, to be exposed to potential volatility.
Even with a relatively robust reported forward-looking interest
coverage ratio of 1.58x, S&P still believes that retail tenants
will continue to face a challenging environment that could lead to
continued deterioration in rental income. Therefore, although the
dramatic value decline in the past two years has resulted mostly
from yield shift, S&P expects that market rent pressures and cash
flow decline could become apparent in the near term.
Nonetheless, S&P believes that possible additional market value
declines are mitigated by the amortization payments made to the
loan and the improved credit characteristics that will result from
the new structure. Even under stressed scenarios, S&P believes
that the borrower can reasonably expect to repay the loan by the
loan maturity date (in 2015) by way of a refinance or a sale of
the properties.
Accordingly, S&P has lowered its rating on the notes to 'D' from
'BBB-', given that the obligation S&P originally rated will not be
met. S&P has subsequently raised the rating to 'BBB-' to reflect
its opinion of the issuer's ability to meet its principal and
interest obligations under the new terms.
S&P's rating on this transaction addresses timely payments of
interest under the notes, until the legal final maturity in 2017,
and ultimate payment of principal no later than the notes' legal
final maturity.
The transaction originally closed in April 2005. The loan backing
this transaction financed a portfolio of 20 shopping centers in
the U.K. In October 2006, following a tap issuance, three
additional assets were added to the portfolio. On the April 2010
IPD, the loan was secured on 17 assets following the sale of six
assets since closing.
The Mall Funding is one of the largest in-town shopping center
investment vehicles in the U.K., and is sponsored by Aviva
Investors and Capital & Regional PLC.
SIV PORTFOLIO: Moody's Withdraws Ratings on Various Notes
---------------------------------------------------------
Moody's Investors Service has withdrawn these ratings of notes
issued by SIV Portfolio PLC and Cheyne Finance LLC and Cheyne
Finance Capital Notes LLC. The credit ratings have been withdrawn
because Moody's believes it has inadequate information to maintain
the credit ratings.
Issuer: Cheyne Finance PLC and Cheyne Finance LLC and Cheyne
Finance Capital Notes LLC
-- US$10,000M US CP Programme of Cheyne Finance LLC, Withdrawn;
previously on Oct. 4, 2007 Downgraded to NP
-- US$10,000M US MTN Programme of Cheyne LLC, Withdrawn;
previously on July 15, 2008 Downgraded to Ca/NP
-- US$10,000 Euro CP Programme of Cheyne PLC, Withdrawn;
previously on Oct. 4, 2007 Downgraded to NP
-- US$10,000 Euro MTN Programme of Cheyne PLC, Withdrawn;
previously on July 15, 2008 Downgraded to Ca/NP
-- US$3,000M Mezzanine Euro Capital Note Programme, Withdrawn;
previously on Nov. 30, 2007 Downgraded to C
-- US$3,000M Mezzanine US Capital Note Programme, Withdrawn;
previously on Nov. 30, 2007 Downgraded to C
-- US$3,000M Combination Notes US Capital Programme-1 MTN
Program, Withdrawn; previously on Nov. 30, 2007 Downgraded to
C
-- US$3,000M Combination Notes Euro Capital Programme MTN
Program, Withdrawn; previously on Nov. 30, 2007 Downgraded to
C
SIXTY UK: High Court Judge Rejects Company Voluntary Arrangement
----------------------------------------------------------------
John O'Doherty at The Financial Times reports that the High
Court's Mr. Justice Henderson has rejected a company voluntary
arrangement entered into by the owners of the Miss Sixty fashion
chain.
The FT relates on Friday in the High Court, Mr. Justice Henderson
said the CVA was prejudicial to the Metquarter landlords.
"[The] administrators . . . seem to have lost a proper sense of
objectivity and they allowed themselves to side with Sixty against
the interests of the guaranteed landlords of the closed stores,"
the FT quoted the judge as saying.
The FT recalls Sixty UK, the owners of the Miss Sixty and Energie
chains, went into administration in 2008, and had been seeking a
CVA. That would have allowed the company to avoid liquidation and
to continue trading by restructuring its debts and making
arrangements with creditors, the FT notes.
According to the FT, by the terms of the CVA proposal, Sixty Spa,
Sixty UK's Italian parent, would have been able to relinquish the
rent guarantees it had provided for two stores occupied by Energie
and Miss Sixty in Liverpool's Metquarter shopping center. In
return, the landlords of the Metquarter stores would have received
a one-off payment of GBP300,000, the FT notes.
Sixty UK's CVA proposal was supported by more than 75%t of Sixty
UK's creditors, but the Metquarter landlords opposed it, arguing
leases had five years to run, the FT recounts. They claimed they
would have foregone rental income of about GBP4 million, the FT
states.
Sixty UK is a fashion chain.
===============
X X X X X X X X
===============
* EUROPE: Seven European Union Banks Fail Stress Tests
------------------------------------------------------
Jann Bettinga and Charles Penty at Bloomberg News report that
seven of the 91 European Union banks subject to stress tests
failed with a combined capital shortfall of EUR3.5 billion (US$4.5
billion), stirring concern the evaluations were too lenient.
Bloomberg relates lenders and regulators said Friday Hypo Real
Estate Holding AG, Agricultural Bank of Greece SA and five Spanish
savings banks have insufficient reserves to maintain a Tier 1
capital ratio of at least 6% in the event of a recession and
sovereign-debt crisis.
According to Bloomberg, the Committee of European Banking
Supervisors, which coordinated the tests, said the banks are in
"close contact" with national authorities over the results and the
need for more capital.
"The amount of capital needed is much lower than the market
expected," Bloomberg quoted Mike Lenhoff, London-based chief
strategist at Brewin Dolphin Securities Ltd., whose parent company
oversees US$33 billion, as saying. "The amount does seem quite
trivial considering the concerns about losses from the sovereign
crisis."
Bloomberg says part of the reason the amount of capital needed was
lower than analysts predicted may be because the evaluations took
into account potential losses only on government bonds the banks
trade, rather than those they are holding to maturity. That means
the tests ignored the majority of banks' holdings of sovereign
debt, Bloomberg notes.
* Large Companies with Insolvent Balance Sheet
----------------------------------------------
Total
Shareholders Total
Equity Assets
Company Ticker (US$) (US$)
------- ------ ------ ------
(US$)
AUSTRIA
-------
CHRIST WATER TEC CWT PZ -5754287.761 165995618.1
CHRIST WATER TEC CWT EU -5754287.761 165995618.1
CHRIST WATER TEC C7W GR -5754287.761 165995618.1
CHRIST WATER TEC CWT EO -5754287.761 165995618.1
CHRIST WATER TEC CWT AV -5754287.761 165995618.1
CHRIST WATER TEC CRSWF US -5754287.761 165995618.1
CHRIST WATER TEC CWTE IX -5754287.761 165995618.1
CHRIST WATER-ADR CRSWY US -5754287.761 165995618.1
KA FINANZ AG 3730Z AV -359597327 30679270533
LIBRO AG LIBR AV -109013328 171684389.1
LIBRO AG LB6 GR -109013328 171684389.1
LIBRO AG LIB AV -109013328 171684389.1
LIBRO AG LBROF US -109013328 171684389.1
SKYEUROPE SKY PW -89480486.93 159076577.5
SKYEUROPE SKYP PW -89480486.93 159076577.5
SKYEUROPE HLDG SKYPLN EO -89480486.93 159076577.5
SKYEUROPE HLDG SKY LI -89480486.93 159076577.5
SKYEUROPE HLDG SKYPLN EU -89480486.93 159076577.5
SKYEUROPE HLDG SKYA PZ -89480486.93 159076577.5
SKYEUROPE HLDG SKY EO -89480486.93 159076577.5
SKYEUROPE HLDG SKY AV -89480486.93 159076577.5
SKYEUROPE HLDG SKY EU -89480486.93 159076577.5
SKYEUROPE HLDG SKURF US -89480486.93 159076577.5
SKYEUROPE HLDG SKYV IX -89480486.93 159076577.5
SKYEUROPE HLDG S8E GR -89480486.93 159076577.5
SKYEUROPE HOL-RT SK1 AV -89480486.93 159076577.5
STYROL HOLDING 1 3321155Z AV -69327699.53 1925984640
BELGIUM
-------
SABENA SA SABA BB -84766501.61 2196477161
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 PZ -27821889.5 240947718
LIBRA HOLIDAYS G LHG EO -27821889.5 240947718
LIBRA HOLIDAYS G LHG EU -27821889.5 240947718
LIBRA HOLIDAYS G LHG CY -27821889.5 240947718
LIBRA HOLIDAYS-P LBHG CY -27821889.5 240947718
LIBRA HOLIDAYS-P LBHG PZ -27821889.5 240947718
CZECH REPUBLIC
--------------
CKD PRAHA HLDG CKDH CP -89435858.16 192305153
CKD PRAHA HLDG CKDPF US -89435858.16 192305153
CKD PRAHA HLDG CKDH US -89435858.16 192305153
CKD PRAHA HLDG CDP EX -89435858.16 192305153
CKD PRAHA HLDG 297687Q GR -89435858.16 192305153
SETUZA AS SZA GR -61453764.17 138582273.6
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DENMARK
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FRANCE
------
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GERMANY
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PRIMACOM AG PRCG PZ -18656728.68 610380925.7
PRIMACOM AG PRC GR -18656728.68 610380925.7
PRIMACOM AG PRC TH -18656728.68 610380925.7
PRIMACOM AG PRC EO -18656728.68 610380925.7
PRIMACOM AG PCAGF US -18656728.68 610380925.7
PRIMACOM AG PRC EU -18656728.68 610380925.7
PRIMACOM AG PRCG IX -18656728.68 610380925.7
PRIMACOM AG-ADR PCAG US -18656728.68 610380925.7
PRIMACOM AG-ADR PCAGY US -18656728.68 610380925.7
PRIMACOM AG-ADR+ PCAG ES -18656728.68 610380925.7
RAG ABWICKL-REG RSTHF US -1744121.914 217776125.8
RAG ABWICKL-REG ROS GR -1744121.914 217776125.8
RAG ABWICKL-REG ROS1 EO -1744121.914 217776125.8
RAG ABWICKL-REG ROS1 EU -1744121.914 217776125.8
RAG ABWICKL-REG ROSG PZ -1744121.914 217776125.8
RINOL AG RILB EO -2.7111 168095049.1
RINOL AG RIL GR -2.7111 168095049.1
RINOL AG RILB EU -2.7111 168095049.1
RINOL AG RNLAF US -2.7111 168095049.1
RINOL AG RILB PZ -2.7111 168095049.1
RINOL AG RILB GR -2.7111 168095049.1
RINOL AG RILB IX -2.7111 168095049.1
ROSENTHAL AG 2644179Q GR -1744121.914 217776125.8
ROSENTHAL AG-ACC ROS4 GR -1744121.914 217776125.8
ROSENTHAL AG-ADR RSTHY US -1744121.914 217776125.8
ROSENTHAL AG-REG ROSG IX -1744121.914 217776125.8
SANDER (JIL) AG SAD GR -6153256.917 127546738.8
SANDER (JIL) AG JLSDF US -6153256.917 127546738.8
SANDER (JIL)-PRF SAD3 PZ -6153256.917 127546738.8
SANDER (JIL)-PRF SAD3 GR -6153256.917 127546738.8
SANDER (JIL)-PRF 2916157Q EU -6153256.917 127546738.8
SANDER (JIL)-PRF 2916161Q EO -6153256.917 127546738.8
SINNLEFFERS AG WHG GR -4491629.961 453887060.1
SPAR HANDELS-AG SPHFF US -442426199.5 1433020961
SPAR HANDELS-AG 773844Q GR -442426199.5 1433020961
SPAR HAND-PFD NV SPA3 GR -442426199.5 1433020961
SPRINGER SCIENCE 648808Z GR -610692611.7 3462165070
TA TRIUMPH-ACQ TWNA GR -124667889.5 375247226.8
TA TRIUMPH-ACQ TWNA EU -124667889.5 375247226.8
TA TRIUMPH-ADLER TWN EO -124667889.5 375247226.8
TA TRIUMPH-ADLER TTZAF US -124667889.5 375247226.8
TA TRIUMPH-ADLER TWNG IX -124667889.5 375247226.8
TA TRIUMPH-ADLER TWN GR -124667889.5 375247226.8
TA TRIUMPH-ADLER TWN EU -124667889.5 375247226.8
TA TRIUMPH-ADLER TWN PZ -124667889.5 375247226.8
TA TRIUMPH-A-RTS 1018916Z GR -124667889.5 375247226.8
TA TRIUMPH-NEW TWN1 GR -124667889.5 375247226.8
TA TRIUMPH-RT TWN8 GR -124667889.5 375247226.8
TA TRIUMPH-RTS 3158577Q GR -124667889.5 375247226.8
TOM TAILOR HOLD TTI GR -97711555.56 358434780
TOM TAILOR HOLD TTI EU -97711555.56 358434780
TOM TAILOR HOLD TTI EO -97711555.56 358434780
TOM TAILOR HOLD TTI TH -97711555.56 358434780
VIVANCO GRUPPE VVA GR -22198683.12 111990951.4
VIVANCO GRUPPE VIVGF US -22198683.12 111990951.4
VIVANCO GRUPPE VVA1 PZ -22198683.12 111990951.4
VIVANCO GRUPPE VVA1 EU -22198683.12 111990951.4
VIVANCO GRUPPE VVA1 GR -22198683.12 111990951.4
VIVANCO GRUPPE VVA1 EO -22198683.12 111990951.4
VIVANCO GRUPPE VVAG IX -22198683.12 111990951.4
GREECE
------
AG PETZETAKIS SA PTZ1 GR -53415175.25 227965558
AG PETZETAKIS SA PETZK GA -53415175.25 227965558
AG PETZETAKIS SA PETZK EO -53415175.25 227965558
AG PETZETAKIS SA PTZ GR -53415175.25 227965558
AG PETZETAKIS SA PETZK EU -53415175.25 227965558
AG PETZETAKIS SA PETZK PZ -53415175.25 227965558
AG PETZETAKIS SA PZETF US -53415175.25 227965558
ALTEC SA -AUCT ALTECE GA -48733007.42 131910486.6
ALTEC SA INFO ALTEC EO -48733007.42 131910486.6
ALTEC SA INFO ALTEC GA -48733007.42 131910486.6
ALTEC SA INFO ATCQF US -48733007.42 131910486.6
ALTEC SA INFO ALTEC PZ -48733007.42 131910486.6
ALTEC SA INFO ALTEC EU -48733007.42 131910486.6
ALTEC SA INFO AXY GR -48733007.42 131910486.6
ALTEC SA INFO-RT ALTECR GA -48733007.42 131910486.6
ALTEC SA INFO-RT ALTED GA -48733007.42 131910486.6
ASPIS PRONIA GE ASASK GA -189908329.1 896537349.7
ASPIS PRONIA GE ASASK EO -189908329.1 896537349.7
ASPIS PRONIA GE ASASK PZ -189908329.1 896537349.7
ASPIS PRONIA GE ASASK EU -189908329.1 896537349.7
ASPIS PRONIA GE AISQF US -189908329.1 896537349.7
ASPIS PRONIA -PF ASAPR GA -189908329.1 896537349.7
ASPIS PRONIA-PF ASASP GA -189908329.1 896537349.7
ASPIS PRONIA-PF APGV GR -189908329.1 896537349.7
ASPIS PRONIA-RT ASASKR GA -189908329.1 896537349.7
ASPIS PRONOIA GE APG GR -189908329.1 896537349.7
ASPIS PRONOIA GE APGG IX -189908329.1 896537349.7
ASPIS PRON-PF RT ASASPR GA -189908329.1 896537349.7
EMPEDOS SA EMPED GA -33637669.62 174742646.9
EMPEDOS SA-RTS EMPEDR GA -33637669.62 174742646.9
KOUMBAS INSUR-RT KOUMD GA -62534014.1 194685439.4
KOUMBAS RTS KOUMR GA -62534014.1 194685439.4
KOUMBAS SYNERGY KOUMF US -62534014.1 194685439.4
KOUMBAS SYNERGY KOUM PZ -62534014.1 194685439.4
KOUMBAS SYNERGY KOUM GA -62534014.1 194685439.4
KOUMBAS SYNERGY KOUM EO -62534014.1 194685439.4
KOUMBAS SYNERGY KOUM EU -62534014.1 194685439.4
NAOUSSA SPIN -RT NAOYD GA -130380438 326934399.4
NAOUSSA SPIN-AUC NAOYKE GA -130380438 326934399.4
NAOUSSA SPINNING NML1 GR -130380438 326934399.4
NAOUSSA SPINNING NML GR -130380438 326934399.4
NAOUSSA SPIN-RTS NAOYKR GA -130380438 326934399.4
OASA ATHENS URBA 3485398Z GA -1170161374 2292452052
PETZET - PFD-RTS PETZPD GA -53415175.25 227965558
PETZETAKIS - RTS PETZKD GA -53415175.25 227965558
PETZETAKIS-AUC PETZKE GA -53415175.25 227965558
PETZETAKIS-PFD PETZP GA -53415175.25 227965558
PETZETAKIS-PFD PTZ3 GR -53415175.25 227965558
RADIO KORASSIDIS RKC GR -100972173.9 244951680.3
RADIO KORASSIDIS RAKOF US -100972173.9 244951680.3
RADIO KORASSIDIS KORA GA -100972173.9 244951680.3
RADIO KORASSI-RT KORAD GA -100972173.9 244951680.3
RADIO KORASS-RTS KORAR GA -100972173.9 244951680.3
THEMELIODOMI THEME GA -55751178.85 232036822.6
THEMELIODOMI-AUC THEMEE GA -55751178.85 232036822.6
THEMELIODOMI-RTS THEMED GA -55751178.85 232036822.6
THEMELIODOMI-RTS THEMER GA -55751178.85 232036822.6
UNITED TEXTILES NAOSF US -130380438 326934399.4
UNITED TEXTILES NAOYK GA -130380438 326934399.4
UNITED TEXTILES UTEX GA -130380438 326934399.4
UNITED TEXTILES UTEX EO -130380438 326934399.4
UNITED TEXTILES UTEX EU -130380438 326934399.4
UNITED TEXTILES UTEX PZ -130380438 326934399.4
HUNGARY
-------
HUNGARIAN TELEPH HUGC IX -73724000 827192000
HUNGARIAN TELEPH HUC EX -73724000 827192000
HUNGARIAN TELEPH HUC GR -73724000 827192000
INVITEL HOLD-ADR 0IN GR -73724000 827192000
INVITEL HOLD-ADR INVHY US -73724000 827192000
INVITEL HOLD-ADR IHO US -73724000 827192000
INVITEL HOLDINGS 3212873Z HB -73724000 827192000
IPK OSIJEK DD OS IPKORA CZ -32978857.72 151587609.9
MAGMA DD MGMARA CZ -764475.9867 141322122.7
MALEV LTD MALEV HB -75737819.4 251668964.4
OT OPTIMA TELEKO 2299892Z CZ -48565065 119632635.5
OT-OPTIMA TELEKO OPTERA CZ -48565065 119632635.5
VUPIK DD VPIKRA CZ -8496797.693 124051827
ICELAND
-------
AVION GROUP B1Q GR -223780352 2277882368
EIMSKIPAFELAG HF HFEIMEUR EO -223780352 2277882368
EIMSKIPAFELAG HF HFEIMEUR EU -223780352 2277882368
EIMSKIPAFELAG HF HFEIM EO -223780352 2277882368
EIMSKIPAFELAG HF AVION IR -223780352 2277882368
EIMSKIPAFELAG HF HFEIM EU -223780352 2277882368
EIMSKIPAFELAG HF HFEIM IR -223780352 2277882368
EIMSKIPAFELAG HF HFEIM PZ -223780352 2277882368
IRELAND
-------
BOUNDARY CAPITAL BCP LN -10192301.85 119787800.5
BOUNDARY CAPITAL BCP IX -10192301.85 119787800.5
BOUNDARY CAPITAL BCP ID -10192301.85 119787800.5
BOUNDARY CAPITAL BCP1 EU -10192301.85 119787800.5
BOUNDARY CAPITAL BCP1 PG -10192301.85 119787800.5
BOUNDARY CAPITAL BCP1 EO -10192301.85 119787800.5
BOUNDARY CAPITAL BCPI IX -10192301.85 119787800.5
BOUNDARY CAPITAL BCM GR -10192301.85 119787800.5
BOUNDARY CAPITAL BCP1 PZ -10192301.85 119787800.5
IBERBOND 2004 PL 3485334Z ID -774220.0848 539890478.9
JAMES HARDIE IND HAH NZ -117900000 2178800128
JAMES HARDIE IND HAH AU -117900000 2178800128
JAMES HARDIE IND 600241Q GR -117900000 2178800128
JAMES HARDIE IND 726824Z NA -117900000 2178800128
JAMES HARDIE NV JHXCC AU -117900000 2178800128
JAMES HARDIE-ADR JHINY US -117900000 2178800128
JAMES HARDIE-ADR JHX US -117900000 2178800128
JAMES HARDIE-CDI JHX AU -117900000 2178800128
JAMES HARDIE-CDI JHIUF US -117900000 2178800128
JAMES HARDIE-CDI JHA GR -117900000 2178800128
JAMES HARDIE-CDI JHA TH -117900000 2178800128
MCINERNEY HLDGS MCI VX -132691148.8 374303706.5
MCINERNEY HLDGS MCI ID -132691148.8 374303706.5
MCINERNEY HLDGS MCI LN -132691148.8 374303706.5
MCINERNEY HLDGS MCIGBX EO -132691148.8 374303706.5
MCINERNEY HLDGS MCIGBP EO -132691148.8 374303706.5
MCINERNEY HLDGS MCI PO -132691148.8 374303706.5
MCINERNEY HLDGS MCII IX -132691148.8 374303706.5
MCINERNEY HLDGS MK9 GR -132691148.8 374303706.5
MCINERNEY HLDGS MCIGBX EU -132691148.8 374303706.5
MCINERNEY HLDGS MK9C PZ -132691148.8 374303706.5
MCINERNEY HLDGS MCI EO -132691148.8 374303706.5
MCINERNEY HLDGS MCI IX -132691148.8 374303706.5
MCINERNEY HLDGS MK9 PO -132691148.8 374303706.5
MCINERNEY HLDGS MNEYF US -132691148.8 374303706.5
MCINERNEY HLDGS MCI EU -132691148.8 374303706.5
MCINERNEY PROP-A MYP LN -132691148.8 374303706.5
MCINERNEY PROP-A MYP ID -132691148.8 374303706.5
MCINERNEY PROP-A MCIYF US -132691148.8 374303706.5
MCINERNEY -RT FP MCIF ID -132691148.8 374303706.5
MCINERNEY -RT FP MCIF LN -132691148.8 374303706.5
MCINERNEY -RT NP MCIN ID -132691148.8 374303706.5
MCINERNEY -RT NP MCIN LN -132691148.8 374303706.5
MCINERNEY-ADR MNEYY US -132691148.8 374303706.5
PAYZONE PLC PAYZ PG -138030903.2 510010035.3
PAYZONE PLC PAYZ EU -138030903.2 510010035.3
PAYZONE PLC 4P6 GR -138030903.2 510010035.3
PAYZONE PLC PAYZ IX -138030903.2 510010035.3
PAYZONE PLC PAYZ LN -138030903.2 510010035.3
PAYZONE PLC PAYZ PZ -138030903.2 510010035.3
PAYZONE PLC PAYZ EO -138030903.2 510010035.3
WATERFORD - RTS WWWA GR -505729895.2 820803256
WATERFORD - RTS 508523Q LN -505729895.2 820803256
WATERFORD - RTS WWWB ID -505729895.2 820803256
WATERFORD - RTS 508519Q LN -505729895.2 820803256
WATERFORD - RTS WWWB GR -505729895.2 820803256
WATERFORD - RTS WWWA ID -505729895.2 820803256
WATERFORD W-ADR WATWY US -505729895.2 820803256
WATERFORD WDGEWD WATWF US -505729895.2 820803256
WATERFORD WDGEWD WATFF US -505729895.2 820803256
WATERFORD WED-RT WWWC GR -505729895.2 820803256
WATERFORD WED-RT WTFR LN -505729895.2 820803256
WATERFORD WED-RT WWWD GR -505729895.2 820803256
WATERFORD WED-RT WWWC ID -505729895.2 820803256
WATERFORD WED-RT 586556Q LN -505729895.2 820803256
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WATERFORD WED-RT 586552Q LN -505729895.2 820803256
WATERFORD WED-UT WTFU EO -505729895.2 820803256
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WATERFORD WED-UT WTFU LN -505729895.2 820803256
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WATERFORD WED-UT WTFUGBX EO -505729895.2 820803256
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WATERFORD WED-UT WTFU IX -505729895.2 820803256
WATERFORD WED-UT WTFUGBX EU -505729895.2 820803256
WATERFORD WE-RTS WTFN ID -505729895.2 820803256
WATERFORD WE-RTS WTFF LN -505729895.2 820803256
WATERFORD WE-RTS WTFN VX -505729895.2 820803256
WATERFORD WE-RTS WTFN LN -505729895.2 820803256
WATERFORD WE-RTS WTFF ID -505729895.2 820803256
WATERFORD-ADR UT WATFZ US -505729895.2 820803256
WATERFORD-ADR UT WFWA GR -505729895.2 820803256
WATERFORD-SUB 3001875Z ID -505729895.2 820803256
ITALY
-----
AEDES AXA+W AEAXAW IM -24405906.61 1350851664
AEDES SPA AEDSF US -24405906.61 1350851664
AEDES SPA AE IM -24405906.61 1350851664
AEDES SPA AE PZ -24405906.61 1350851664
AEDES SPA AE EU -24405906.61 1350851664
AEDES SPA LLB GR -24405906.61 1350851664
AEDES SPA AE EO -24405906.61 1350851664
AEDES SPA AE TQ -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 AESA IM -24405906.61 1350851664
AEDES SPA-RTS AEAA 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
BIOERA B2A GR -6731364.698 131141946.1
BIOERA BIE EU -6731364.698 131141946.1
BIOERA BIE IM -6731364.698 131141946.1
BIOERA BIE1 IX -6731364.698 131141946.1
BIOERA BIE EO -6731364.698 131141946.1
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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 -154057608.3 800526929.5
COIN SPA GC IX -154057608.3 800526929.5
COIN SPA 965089Q GR -154057608.3 800526929.5
COIN SPA/OLD GC IM -154057608.3 800526929.5
COIN SPA-RTS GCAA IM -154057608.3 800526929.5
COMPAGNIA ITALIA ICT IM -137726596.3 527372691.4
COMPAGNIA ITALIA CGLUF US -137726596.3 527372691.4
COMPAGNIA ITALIA CITU IX -137726596.3 527372691.4
CORNELL BHN BY EU -178432.4639 134255668.5
CORNELL BHN INN IM -178432.4639 134255668.5
CORNELL BHN BY EO -178432.4639 134255668.5
CORNELL BHN CBX IM -178432.4639 134255668.5
CORNELL BHN INO1 IX -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
EUROFLY SPA EEZ IX -4509742.055 181807336
EUROFLY SPA -RTS EEZAXA IM -4509742.055 181807336
EUROFLY SPA-RTS EURAXA IM -4509742.055 181807336
I VIAGGI DEL VEN VVE IM -194331003.9 255327730
I VIAGGI DEL VEN VVE EU -194331003.9 255327730
I VIAGGI DEL VEN VVE TQ -194331003.9 255327730
I VIAGGI DEL VEN VVE PZ -194331003.9 255327730
I VIAGGI DEL VEN VVE IX -194331003.9 255327730
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I VIAGGI DEL VEN IV7 GR -194331003.9 255327730
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I VIAGGI-RTS VVEAA IM -194331003.9 255327730
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MERIDIANA FLY E7N GR -4509742.055 181807336
MERIDIANA FLY MEF IM -4509742.055 181807336
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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 EO -47468652.4 322390901.7
OMNIA NETWORK SP ONT EU -47468652.4 322390901.7
OMNIA NETWORK SP ONT PZ -47468652.4 322390901.7
OMNIA NETWORK SP ONTI IX -47468652.4 322390901.7
OMNIA NETWORK SP ONT TQ -47468652.4 322390901.7
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PARMALAT FINANZI FICN AV -18419390029 4120687886
PARMALAT FINANZI PRFI VX -18419390029 4120687886
PARMALAT FINANZI PAF GR -18419390029 4120687886
PARMALAT FINANZI PRF IM -18419390029 4120687886
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PARMALAT FINANZI PMT LI -18419390029 4120687886
PARMALAT FINANZI PMLFF US -18419390029 4120687886
PARMALAT FINA-RT PRFR AV -18419390029 4120687886
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RISANAMENTO SPA RNGBX EO -165887753.7 4800733024
RISANAMENTO SPA RNGBP EO -165887753.7 4800733024
RISANAMENTO SPA RNGBX EU -165887753.7 4800733024
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RISANAMENTO SPA RN IX -165887753.7 4800733024
RISANAMENTO SPA RN IM -165887753.7 4800733024
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RISANAMENTO SPA RN PZ -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 SNIXF US -141933883.9 150445252.4
SNIA SPA SN EU -141933883.9 150445252.4
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SNIA SPA SIAI IX -141933883.9 150445252.4
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CARRIS FERRO DE 3482366Z PL -854280773.4 252500907.6
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CP - COMBOIOS DE 1005Z PL -2809601115 1890209624
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ROMANIA
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OLTCHIM RM VALCE OLT PZ -89344235.29 511515508.8
OLTCHIM RM VALCE OLTCF US -89344235.29 511515508.8
OLTCHIM RM VALCE OLTEUR EO -89344235.29 511515508.8
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OLTCHIM RM VALCE OLTEUR EU -89344235.29 511515508.8
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RAFO SA RAF RO -457922636.3 356796459.3
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RUSSIA
------
AMUR SHIP-BRD AMZS* RU -137530791.8 945775662.6
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DAGESTAN ENERGY DASB RU -23504511.21 181781762
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FINANCIAL LEASIN FLKO RM -45555537.68 466377160.5
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SERBIA
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IMK 14 OKTOBAR A IMKO SG -5175836.416 110102264.2
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ZASTAVA AUTOMOBI ZAKG SG -396504649.1 174692011.1
SPAIN
-----
ACTUACIONES ACTI AGR SM -231062375.2 529525187.2
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AMCI HABITAT SA AMC3 EO -24580874.45 194758143.4
CAJA DE AHORROS 929362Z SM -361326816.2 37311046644
FERGO AISA -RTS AISA/D SM -231062375.2 529525187.2
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MARTINSA FADESA MFAD PZ -1929870022 7764140388
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NYESA VALORES CO BES TQ -68174952.1 813033334.5
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SWEDEN
------
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NOBINA 1099Z SS -13023225.28 483974246.5
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TURKEY
------
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BESIKTAS FUTBOL BJKASY TI -10396040.97 175760356.3
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MUDURNU TAVUKC-N MDRNUN TI -64930189.62 160408172.1
MUDURNU TAVUKCUL MDRNU TI -64930189.62 160408172.1
SIFAS SIFAS TI -15439198.6 130608104
TUTUNBANK TUT TI -4024959602 2643810457
YASARBANK YABNK TI -4024959602 2643810457
UKRAINE
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AZOVZAGALMASH MA AZGM UZ -16212049.02 277693905.5
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UNITED KINGDOM
--------------
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UTC GROUP UGR LN -11904426.45 203548565
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WINCANTON PL-ADR WNCNY US -151911497.1 1420828184
WINCANTON PLC WIN PZ -151911497.1 1420828184
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WINCANTON PLC WIN1EUR EU -151911497.1 1420828184
WINCANTON PLC WIN1 BQ -151911497.1 1420828184
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WYG PLC WYG LN -35008863.49 305242409.9
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WYG PLC WYG EU -35008863.49 305242409.9
WYG PLC WYGGBP EO -35008863.49 305242409.9
WYG PLC WYGEUR EU -35008863.49 305242409.9
WYG PLC WHY IX -35008863.49 305242409.9
WYG PLC WYG PZ -35008863.49 305242409.9
WYG PLC WYG EO -35008863.49 305242409.9
*********
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. Joy A. Agravante, Valerie U. Pascual, Marites O.
Claro, Rousel Elaine T. Fernandez, 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
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