/raid1/www/Hosts/bankrupt/TCREUR_Public/100824.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, August 24, 2010, Vol. 11, No. 166
Headlines
G E R M A N Y
ALMATIS BV: Lease Decision Period Extended Until November 26
ALMATIS BV: Exclusive Solicitation Period Extended Until Jan. 25
ALMATIS BV: Reports US$2,850,190 Net Loss for July
HSH NORDBANK: Posts EUR60 Million Operating Profit in 2nd Qtr.
PHOENIX PHARMAHANDEL: S&P Raises Corporate Credit Rating to 'B+'
I R E L A N D
ALLIED IRISH: Mulls Sale of Bulgarian American Credit Bank Stake
ALLIED IRISH: Santander Eager to Acquire 70% Bank Zachodni Stake
ANGLO IRISH: Gets 61% Discount on NAMA Loan Transfers
BANK OF IRELAND: Mulls Up to EUR1 Billion Bond Issue
EIRCOM GROUP: S&P Doesn't Rule Out Default From Excessive Leverage
GROODY STUDENT: Bank of Scotland (Ireland) Appoints Receiver
MCINERNEY HOLDINGS: Tables Fresh Restructuring Proposal to NAMA
MCINERNEY HOLDINGS: Former Anglo Executive's Shares Take Hit
PULS CDO: Moody's Cuts Ratings on Five Classes of Notes to 'C'
PULS CDO: Moody's Cuts Ratings on Two Classes of Notes to 'C'
K A Z A K H S T A N
SUBSIDIARY BANK: Fitch Assigns BB+ Rating on Subordinated Bonds
L U X E M B O U R G
STANTON CDO: S&P Downgrades Rating on Class C Notes to 'D'
R U S S I A
BANK VTB: Moody's Affirms 'D-' Bank Financial Strength Ratings
* ALTAI REGION: Fitch Affirms Long-Term Currency Ratings at 'BB'
U N I T E D K I N G D O M
CARPETS OF KIDDERMINSTER: In Administration; 50 Jobs at Risk
CDC LEISURE: Owes AIB GBP7.7 Million, Report Shows
FLIGHT OPTIONS: Faces Liquidation; Meeting Set for September
FOUR SEASONS: Nears Debt Deal With Majority of Lenders
LIVERPOOL FOOBALL: Kenny Huang Drops Out of Bidding Race
LUMIERE LEEDS: To Seek Liquidation
X X X X X X X X
* EUROPE: Panel Proposes Bond Investors Bear Future Bank Bailouts
* Large Companies with Insolvent Balance Sheet
*********
=============
G E R M A N Y
=============
ALMATIS BV: Lease Decision Period Extended Until November 26
------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
gave the Debtors until November 26, 2010, to either assume or
reject their unexpired non-residential real property leases.
As of April 30, 2010, the Debtors are parties to seven unexpired
non-residential real property leases, including leases for
production facilities and office space in three different
countries. The Leases are:
Lessor Lessee Description
------ ------ -----------
The Buncher Co. Almatis Inc. Building No. 4
Pittsburgh, Pennsylvania
Chapman Properties Almatis Inc. Office Lease
Leetsdale, Pennsylvania
Chapman Properties Almatis Inc. Production Plant
Leetsdale, Pennsylvania Lease
Port of Rotterdam Almatis B.V. Land Lease
Rotterdam, Netherlands
Nachbarschulte Gmbh Almatis Gmbh Building F12
Dorsten, Germany
Vernal Asset Almatis Gmbh Office Headquarters
Amsterdam, Netherlands Frankfurt
BK Giulini Almatis Gmbh Land Lease
Ludwigshafen, Germany
The Debtors are planning to assume all of their Unexpired Leases
in connection with the revised restructuring proposal arranged by
Dubai International Capital LLC. The Debtors' current deadline
to assume or reject those Leases, however, is set to expire
before the hearing on the confirmation of the revised proposal,
which is expected to take place by mid-August. The Debtors thus
sought an extension of the Lease Decision Period.
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)
ALMATIS BV: Exclusive Solicitation Period Extended Until Jan. 25
----------------------------------------------------------------
U.S. Bankruptcy Judge Martin Glenn issued an order extending the
period during which only Almatis B.V. and its units can file a
Chapter 11 plan and solicit votes from creditors on the plan.
Judge Glenn moved the deadline for the Debtors' exclusive plan
filing period through November 26, 2010, and the deadline for the
Debtors' exclusive right for solicitation of votes on that plan
through January 25, 2011.
The Chapter 11 Plan
Almatis filed a revised restructuring plan that would fully repay
its senior lenders and enhance recoveries for junior lenders on
August 6, 2010. The disclosure statement on the revised plan was
filed with the Court on the same day.
Dubai International Capital LLC, the company's owner, arranged
the revised restructuring proposal after obtaining debt financing
from a consortium composed by JP Morgan, Bank of America Merrill,
GSO Capital Partners LP, GoldenTree Asset Management LP and
Sankaty Credit Opportunities IV LP. Funding will also come from
a $100 million equity contribution that DIC has already escrowed
with JP Morgan.
Almatis earlier withdrew the prepackaged restructuring plan
proposed by Oaktree Capital Management L.P., the company's
largest senior lender. It was previously rejected by mezzanine
and second-lien lenders and was opposed by DIC as it threatened
to wipe out the objectors' debt claims against and equity stake
in Almatis.
Parties-in-interest were given until August 16 to file any
objections to the Disclosure Statement. Only Mr. Riches and his
group submitted a letter objection to the Court to date.
The adequacy hearing of the Almatis Disclosure Statement is
slated for August 23.
lmatis B.V. and its affiliated debtors filed with the U.S.
Bankruptcy Court for the Southern District of New York on
August 6, 2010, a revised restructuring plan that would fully
repay their senior lenders and enhance recoveries for junior
lenders.
Almatis' owner, Dubai International Capital LLC, arranged the
revised restructuring proposal after obtaining debt financing
from a consortium composed by JP Morgan, Bank of America Merrill,
GSO Capital Partners LP, GoldenTree Asset Management LP and
Sankaty Credit Opportunities IV LP.
Funding for the Revised Plan will also come from a US$100 million
equity contribution that DIC has already escrowed with JP Morgan.
Almatis earlier withdrew the prepackaged restructuring plan
proposed by Oaktree Capital Management L.P., the company's
largest senior lender. The prepackaged plan was previously
rejected by mezzanine and second-lien lenders and was opposed by
DIC as it threatened to wipe out the objectors' debt claims
against and equity stake in Almatis.
Oaktree Capital, which owns 46% of Almatis' senior debt, has
already agreed to support the Revised Plan and has proposed a
settlement to the company.
"All stakeholders now support a smooth refinancing process, which
benefits all parties and the focus of attention will once more be
Almatis' customers, employees and suppliers," DIC Chief Executive
Anand Krishnan related in a statement.
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)
ALMATIS BV: Reports US$2,850,190 Net Loss for July
--------------------------------------------------
Almatis B.V.
Balance Sheet
As of July 31, 2010
ASSETS
Current Assets
Unrestricted cash & cash equivalents US$20,329,835
Restricted cash & cash equivalents 609,862
Accounts receivable (net) 120,591,309
Notes receivable 0
Inventories 10,027,479
Prepaid expenses 1,986,208
Professional retainers 788,000
Other current assets 3,048,044
--------------
Total current assets 157,380,740
Real property & improvements 24,617,923
Machinery & equipment 21,097,459
Furniture, fixtures & office equipment 660,530
Leasehold improvements 0
Vehicles 0
Less: Accumulated depreciation (18,373,007)
--------------
Total property & equipment 28,002,906
Other Assets
Amounts due from insiders 0
Other assets 895,158,674
--------------
Total other assets 923,161,581
--------------
Total assets US$1,080,542,322
==============
LIABILITIES & OWNER EQUITY
Liabilities
Accounts payable US$3,881,221
Taxes payable 6,812
Wages payable 0
Notes payable 0
Secured debt/adequate protection payments 593,537,961
Professional fees 5,312,000
Amounts due to insiders 0
Other liabilities 132,634,993
--------------
Total liabilities 735,372,989
Liabilities subject to compromise (prepetition)
Secured debt 585,619,264
Priority debt -
Unsecured debt 129,878,425
--------------
Total prepetition liabilities 715,497,689
OWNERS' EQUITY
Capital stock 23,471
Additional paid-in capital 335,345,569
Profit/loss carried forward prior years 38,335,259
Retained earnings -- prepetition (8,038,474)
Retained earnings -- postpetition (6,628,972)
Foreign currency translation reserve (13,867,519)
Postpetition contributions -
--------------
Net Owners' Equity 345,169,333
--------------
Total liabilities and owners' equity US$1,080,542,322
==============
Almatis B.V.
Statement of Operations
For the period July 1 to 31, 2010
Gross revenues US$15,039,168
Less: Returns & allowances -
--------------
Net revenue 15,039,168
Cost of goods sold
Beginning inventory 9,033,865
Add: Purchase + changes in inventory 7,939,715
Add: Cost of labor 721,247
Add: Other costs 4,587,437
Less: Ending inventory 10,027,479
Cost of goods sold 12,254,786
--------------
Gross profit 2,784,382
Operating expenses
Advertising -
Auto & truck expense 5,205
Bad debts -
Contributions 4,639
Employee benefits programs 50,204
Officer/insider payments 82,275
Insurance 6,017
Management fees/bonuses -
Office expense 16,605
Pension & profit-sharing plans 28,265
Repairs & maintenance 8,353
Rent & lease expense 403
Salary/commission/fees (excl. insider payment) 109,084
Supplies 984
Taxes -- payroll 1,795
Taxes -- real estate -
Taxes -- other 657
Travel & entertainment 44,451
Utilities 4,385
Other 2,409,411
--------------
Total operating expenses including depreciation 2,772,741
Depreciation/depletion/amortization 299,514
--------------
Net profit (loss) before other income, expenses (287,873)
Other Income & Expenses
Other income (353,930)
Interest expense 2,865,664
Other expense 134,796
--------------
Net profit (loss) before taxes (2,934,404)
Income taxes (84,213)
--------------
Net profit (loss) (US$2,850,190)
==============
Almatis B.V.
Schedule of Cash Receipts and Disbursements
For the period July 1 to 31, 2010
Cash, beginning of month US$18,770,000
Receipts:
Accounts Receivable - Prepetition 0
Accounts Receivable - Postpetition 0
Others 286,000
-----------
Total Receipts 286,000
Disbursements:
Accounts Payable (2,611,000)
Feedstock (9,341,000)
Net Payroll (412,000)
Payroll Taxes (355,000)
Sales, Use & Other Taxes 0
Others (102,000)
-----------
Total Disbursements (12,822,000)
Total Balance Internal Payments 14,703,000
Balance FX Transactions 0
Net Cash Flow 2,166,000
-----------
Cash, End of Month US$20,936,000
===========
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 215/945-700
HSH NORDBANK: Posts EUR60 Million Operating Profit in 2nd Qtr.
--------------------------------------------------------------
James Wilson at The Financial Times reports that HSH Nordbank on
Friday said earnings before restructuring costs were EUR60 million
in the second quarter -- the first operating profit in seven
quarters and up from a loss of EUR267 million in the same period
in 2009.
However, the FT relates, fees paid by HSH for the government
guarantees provided as part of the rescue cost EUR303 million in
the first half, contributing to a net interim loss of EUR380
million compared with a EUR619 million loss in the first six
months of last year.
The bank, one of the regionally controlled German lenders known as
Landesbanken, needed to be bailed out with a EUR10 billion
(US$12.7 billion) risk shield and a EUR3 billion recapitalization
and is the subject of a European Commission investigation,
launched last year, into whether the aid it received was fair and
capable of restoring the bank's long-term viability, the FT
discloses. One of the issues of the inquiry is whether the terms
of the aid were too generous to some of the minority shareholders,
which include US private equity investor JC Flowers, the FT notes.
HSH is midway through a restructuring plan that entails closing
down some businesses and moving unwanted assets into an internal
wind-down unit, the FT states. Its balance sheet will be cut by
about half to some EUR110 billion, the FT says.
HSH Nordbank -- http://www.hsh-nordbank.com/-- is a commercial
bank in northern Europe with headquarters in Hamburg as well as
Kiel, Germany. It is active in corporate and private banking.
HSH's main focus is on shipping, transportation, real estate and
renewable energy.
* * *
As reported by the Troubled Company Reporter-Europe on July 15,
2010, Fitch Ratings affirmed HSH Nordbank's Individual Rating
affirmed at 'D/E'.
Fitch said the Individual Rating reflects the fact that HSH is one
of the German Landesbanken which has suffered the most severe
damage from the financial and economic crisis, exposing
substantial shortcomings in its approach to risk management. HSH
is likely to break even in 2011 at the earliest and the
remuneration of the state-owners' guarantee will burden its
profitability in the foreseeable future. In the long term, Fitch
expects HSH's profitability to be lower than in the pre-crisis
environment due to lower asset yields, relatively higher risk
provisioning levels in asset-based finance and significantly
increased funding costs compared to the pre-crisis environment.
The bank's ability to establish an adequate risk/return profile
while increasingly focusing on the difficult German wholesale
market remains challenged despite its established leading
positions in ship financing (globally) and corporate lending
(regionally).
Fitch said the upside to 'D/E' Individual Rating is currently low
in light of the challenges that HSH's management is facing to
sustainably restore the bank's partially damaged reputation.
Moreover, the results of the far-reaching restructuring process
initiated in 2009, which includes a 50% reduction of the bank's
assets mostly via its internal restructuring unit, have yet to be
realized. In addition to a material reduction of credit risk from
its cyclical asset base, Fitch would need to gain comfort that the
bank is making progress in sustainably attracting sufficient
unsecured wholesale funding on competitive terms on its own merit
before it considers an upgrade of the Individual Rating.
HSH's continues to carry an E+ bank financial strength rating,
which carries a developing outlook and currently maps directly to
a B1 stand-alone baseline credit assessment, from Moody's
Investors Service. The bank also carries a Caa1/negative rating
from Moody's for its hybrid securities. The ratings were affirmed
by Moody's in December 2009.
PHOENIX PHARMAHANDEL: S&P Raises Corporate Credit Rating to 'B+'
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it raised the long-
term corporate credit rating on Germany-based pharmaceutical
wholesaler Phoenix Pharmahandel GmbH & Co. KG to 'B+' from 'CCC'
and removed it from CreditWatch, where it was placed with
developing implications on July 5, 2010. The outlook is positive.
At the same time, S&P raised the issue rating on Phoenix's ?1.85
billion combined syndicated loan facilities (syndicated
facilities) to 'B+' from 'CCC', the same level as the corporate
credit rating. The recovery rating on the syndicated facilities
is unchanged at '4'. S&P also raised the issue rating on the ?506
million senior unsecured notes due 2014 to 'B-' from 'CC'. The
recovery rating on these notes is unchanged at '6'.
The upgrade reflects the recent implementation of these financial
restructuring measures:
* Phoenix has received a ?505 million equity injection.
* Phoenix has raised ?506 million on the bond markets.
* Phoenix has refinanced its bank debt and resolved the standstill
agreement with its banks.
"S&P believes that these financial restructuring measures provide
Phoenix with adequate liquidity for its business needs," said
Standard & Poor's credit analyst Silvia Ortolan. S&P estimate
that based on net reported debt of about ?2 billion as of the
refinancing date of Aug. 11, 2010, Phoenix's fully adjusted debt
leverage is likely to be about 5.5x at its financial year-end of
January 2011. S&P believes that this level of debt leverage,
which is partly mitigated by Phoenix's ability to generate about
?200 million of discretionary cash flows a year, is in keeping
with S&P's classification of an aggressive financial risk profile.
Contributing to this view is S&P's assumption that Phoenix's
access to new equity funding is likely to be limited in the future
due to its private ownership.
"The positive outlook reflects S&P's opinion of Phoenix's ability,
as well as management's willingness, to maintain a steady pace of
financial deleveraging," added Ms. Ortolan. The rating reflects
S&P's view that Phoenix is likely to show a fully adjusted debt-
to-EBITDA ratio of about 5.0x by the end of the year and through
to January 2012, while continuing to maintain positive free cash
flow generation. A potential upgrade would likely be consistent
with sustainable debt leverage of 4.5x or less.
S&P considers that the pricing environment for ethical
pharmaceuticals, with its implications for Phoenix's margins and
working capital volatility, is the principal risk to Phoenix's
credit standing. Material deviation by Phoenix from its
deleveraging path over the next 12 months could, in S&P's view,
result in negative rating actions.
=============
I R E L A N D
=============
ALLIED IRISH: Mulls Sale of Bulgarian American Credit Bank Stake
----------------------------------------------------------------
Ben Martin and Peter Evans at Bloomberg News, citing the Sunday
Business Post, report that Allied Irish Banks Plc said in a
statement that it plans to sell its 49.9% stake in the Bulgarian
American Credit Bank.
Allied Irish Banks, p.l.c., together with its subsidiaries --
http://www.aibgroup.com/-- conducts retail and commercial banking
business in Ireland. It also provides corporate lending and
capital markets activities from its head office at Bankcentre and
from Dublin's International Financial Services Centre. The Group
also has overseas branches in the United States, Germany, France
and Australia, among other locations. The business of AIB Group
is conducted through four operating divisions: AIB Bank Republic
of Ireland division, Capital Markets division, AIB Bank UK
division, and Central & Eastern Europe division. In February
2008, the Group acquired the AmCredit mortgage business in the
Baltic states of Latvia, Lithuania and Estonia. In September
2008, the Group also acquired a 49.99% shareholding in BACB.
* * *
As reported by the Troubled Company Reporter-Europe on July 23,
2010, Moody's Investors Service affirmed AIB's long-term bank
deposit and debt ratings. These are A1 for long-term bank
deposits and senior debt, A2 for dated subordinated debt, Ba3 for
undated subordinated debt, B1 for cumulative tier 1 securities and
Caa1 for non-cumulative tier 1 securities. Moody's said the
outlook on these ratings is stable. AIB's bank financial strength
rating of D, which maps to Ba2 on the long term rating scale, with
a positive outlook was unaffected by the rating action.
ALLIED IRISH: Santander Eager to Acquire 70% Bank Zachodni Stake
----------------------------------------------------------------
Sharlene Goff and Victor Mallet at The Financial Times report that
Santander is planning to step up its pursuit of Allied Irish
Banks' 70% stake in Bank Zachodni WBK. The Spanish group hopes to
edge closer to a package deal that could see it acquire three
overseas businesses from Allied Irish Banks, the FT says, citing
people familiar with the bank's plans.
AIB has to sell its Bank Zachodni stake as well as a minority
stake in M&T, a regional US bank, and a portfolio of branches in
the UK as a condition of the state aid it received throughout the
financial crisis.
According to the FT, people familiar with Santander's strategy say
it is particularly eager to buy the Bank Zachodni stake because it
fits the pattern of owning a bank in a large and energetic
emerging market.
Santander, the FT says, is also eager to expand in the north-east
of the U.S. It has resumed merger talks with M&T, a bank based in
Buffalo, New York that is 22.5% owned by AIB, the FT relates.
AIB's minority stake is a tempting target for Santander provided
that it can reach some kind of agreement that would give it the
chance of ultimate control of a merged entity, the FT notes.
Allied Irish Banks, p.l.c., together with its subsidiaries --
http://www.aibgroup.com/-- conducts retail and commercial banking
business in Ireland. It also provides corporate lending and
capital markets activities from its head office at Bankcentre and
from Dublin's International Financial Services Centre. The Group
also has overseas branches in the United States, Germany, France
and Australia, among other locations. The business of AIB Group
is conducted through four operating divisions: AIB Bank Republic
of Ireland division, Capital Markets division, AIB Bank UK
division, and Central & Eastern Europe division. In February
2008, the Group acquired the AmCredit mortgage business in the
Baltic states of Latvia, Lithuania and Estonia. In September
2008, the Group also acquired a 49.99% shareholding in BACB.
* * *
As reported by the Troubled Company Reporter-Europe on July 23,
2010, Moody's Investors Service affirmed AIB's long-term bank
deposit and debt ratings. These are A1 for long-term bank
deposits and senior debt, A2 for dated subordinated debt, Ba3 for
undated subordinated debt, B1 for cumulative tier 1 securities and
Caa1 for non-cumulative tier 1 securities. Moody's said the
outlook on these ratings is stable. AIB's bank financial strength
rating of D, which maps to Ba2 on the long term rating scale, with
a positive outlook was unaffected by the rating action.
ANGLO IRISH: Gets 61% Discount on NAMA Loan Transfers
-----------------------------------------------------
Emmet Oliver at Irish Independent reports that the second tranche
of Anglo Irish Bank loans finally transferred to the National
Asset Management Agency at the weekend, attracting about a 61%
discount, or "haircut", prompting fresh fears the lender could
need extra capital.
According to the report, poor security on the loans was a key
factor in the discount.
The report notes Finance Minister Brian Lenihan rejected the idea
of shutting down Anglo, saying it would be a catastrophe.
The NAMA team dealing with Anglo has discovered defective
securities on a large number of the EUR7 billion of loans going
over, the report relates. According to the report, sources said
some loans were moved over and Anglo received no payment for them.
Non-recourse loans and loans backed up by multiple securities have
been the chief problems pushing up the Anglo discount, the report
states.
The first tranche attracted a 55% discount and the concern for the
government and Anglo is that the discounts are continuing to
worsen, the report says.
The book value of the loans transferring was EUR7 billion and
applying a 61% discount would mean NAMA paying EUR2.73 billion for
the loans, the report discloses. The prevalence of development
land in the loan portfolios was a key factor, but the issue of
defective or inadequate securities on the loans pushed up the
discount considerably, the report notes.
The report relates NAMA chief executive Brendan McDonagh said the
third tranche of loans, for banks generally, is due to happen in
September, with the fourth tranche going in October, the fifth in
November and the sixth in December.
Anglo Irish Bank Corp PLC -- http://www.angloirishbank.com/--
operates in three core areas: business lending, treasury and
private banking. The Bank's non-retail business is made up of
more than 11,000 commercial depositors spanning commercial
entities, charities, public sector bodies, pension funds, credit
unions and other non-bank financial institutions. The Company's
retail deposits comprise demand, notice and fixed term deposit
accounts from personal savers with maturities of up to two years.
Non-retail deposits are sourced from commercial entities,
charities, public sector bodies, pension funds, credit unions and
other non-bank financial institutions. In addition, at September
30, 2008, its non-retail deposits included deposits from Irish
Life Assurance plc. The Private Bank offers tailored products and
solutions for high net worth clients and operates the Bank's
lending business in Ireland and the United Kingdom.
* * *
As reported by the Troubled Company Reporter-Europe on July 23,
2010, the A3/P-1 bank deposit and senior debt ratings as well as
the Ba1 dated subordinated debt rating and the Caa2 undated
subordinated debt rating of Anglo Irish Bank have been maintained
under review for possible downgrade as the key rating driver in
Moody's Investors Service's view remains the bank's restructuring
plan that is currently waiting EU approval. Moody's said the
outlook on the bank's E BFSR, mapping to a Caa1 on the long-term
scale, is stable.
On April 7, 2010, the Troubled Company Reporter-Europe reported
that Fitch Ratings affirmed Anglo Irish Bank Corporation's lower
Tier 2 subordinated debt downgraded to 'CCC' from 'BBB+'. Fitch
affirmed the rating on the bank's Upper Tier 2 subordinated notes
at 'CC'. It also affirmed the rating on the bank's Tier 1 notes
at 'C'.
BANK OF IRELAND: Mulls Up to EUR1 Billion Bond Issue
----------------------------------------------------
Fiona Reddan at The Irish Times reports that Bank of Ireland is
understood to be readying a EUR500 million-EUR1 billion bond issue
on the back of last week's successful government bond auction.
Buoyed by the strong demand for Ireland's latest sovereign debt
issue, which was oversubscribed 3.4 times, Bank of Ireland is
likely to issue the debt "as soon as markets oblige", the report
says, citing Ciaran Callaghan, a banking analyst with NCB
Stockbrokers. According to the report, Mr. Callaghan said the
deal could happen in early September.
Headquartered in Dublin, Bank of Ireland --
http://www.bankofireland.com/-- provides a range of banking and
other financial services. These include checking and deposit
services, overdrafts, term loans, mortgages, business and
corporate lending, international asset financing, leasing,
installment credit, debt factoring, foreign exchange facilities,
interest and exchange rate hedging instruments, executor, trustee,
life assurance and pension and investment fund management, fund
administration and custodial services and financial advisory
services, including mergers and acquisitions and underwriting.
The Company organizes its businesses into Retail Republic of
Ireland, Bank of Ireland Life, Capital Markets, UK Financial
Services and Group Centre. It has operations throughout Ireland,
the United Kingdom, Europe and the United States.
* * *
As reported by the Troubled Company Reporter-Europe on July 23,
2010, Moody's Investors Service affirmed Bank of Ireland's long-
term bank deposit and senior debt ratings. These were A1 for
long-term bank deposits and senior debt, A2 for dated subordinated
debt, Ba3 for undated subordinated debt, B1 for cumulative tier 1
securities and Caa1 for non-cumulative tier 1 securities. Moody's
said the outlook on these ratings is stable. BoI's bank financial
strength rating is D, on review for possible upgrade and this was
also unaffected by the rating action.
EIRCOM GROUP: S&P Doesn't Rule Out Default From Excessive Leverage
------------------------------------------------------------------
Some debt holders in Eircom Group plc could receive as little as
10% on the euro if the telecoms company defaults on its EUR3.6
billion of debts, Emmet Oliver Deputy at Irish Independent
reports, citing an analysis by ratings agency Standard & Poor's.
Irish Independent relates S&P has done a "recovery analysis" on
the debt held by the parent companies that own Eircom.
According to Irish Independent, while senior secured debt is
likely to have recovery rates of between 90% and 100% in the event
of a default, debt holders further down the credit list could be
facing big haircuts.
The second-lien loan, known as loan D, is only likely to leave
holders with a recovery of between 10% and 30% of their principal,
Irish Independent discloses. The holders of a EUR425 million
payment in kind (PIK) loan would be facing the most severe
haircut, Irish Independent notes.
According to Irish Independent, S&P says that while Eircom has
leading market positions and a "satisfactory business risk
profile", a default from excessive leverage cannot be ruled out
entirely.
Irish Independent notes that while Eircom is not in default on any
loans, the pressure is building because the company's revenues and
earnings are falling, potentially triggering a breach of its loan
covenants.
Headquartered in Dublin, Ireland, Eircom Group plc --
http://www.eircom.ie/-- is an Irish telecommunications company,
and former state-owned incumbent. It is currently the largest
telecommunications operator in the Republic of Ireland and
operates primarily on the island of Ireland, with a point of
presence in Great Britain.
GROODY STUDENT: Bank of Scotland (Ireland) Appoints Receiver
------------------------------------------------------------
InsolvencyJournal.ie, citing the Sunday Business Post, reports
Bank of Scotland (Ireland) has appointed a receiver over Groody
Student Village.
According to the report, the British lender made the move in an
effort to recover between EUR10 million and EUR15 million that it
had advanced to the project.
The receiver, Brian McEnery of Horwarth Bastow Charleton, intends
to continue to trade the complex, the report notes.
Groody Student Village is a large student accommodation complex in
Limerick. The development can cater for 160 students in a range
of apartments and was originally intended to appeal to tax break
investors who could claim relief under the Section 105 tax scheme,
according to InsolvencyJournal.ie.
MCINERNEY HOLDINGS: Tables Fresh Restructuring Proposal to NAMA
---------------------------------------------------------------
InsolvencyJournal.ie, citing The Sunday Times and the Sunday
Business Post, reports that McInerney Holdings has tabled a fresh
proposal to the National Asset Management Agency after the agency
previously rejected the company's plan to writedown its bank
borrowings.
According to the report, Nama is expected to make a decision on
the revised proposal in the next few days and if the agency
rejects the deal, McInerney is considering applying for
examinership.
The company's Irish banks have also warned McInerney that it could
be forced to foreclose on its Irish assets and install a receiver,
the report notes.
The report relates sources said high level talks have been taking
place for the past two weeks and it is now reaching "end game
stage".
As reported by the Troubled Company Reporter-Europe on Aug. 12,
2010, the Financial Times said US private equity group Oaktree
Capital was in talks to take control of McInerney. The FT
disclosed Oaktree, which specializes in investing in distressed
companies, was in talks about a possible equity injection of up to
EUR40 million of new capital into the housebuilder. The FT
said as part of such a debt restructuring McInerney's lenders,
which include Lloyds, RBS and BBVA, are expected to write off some
of their debt before injecting the capital. The company confirmed
that it had been in breach of some of its banking covenants since
the end of last year, the FT noted.
McInerney Holdings plc -- http://www.mcinerneyholdings.eu/-- is a
home builder and regional home builder in the North and Midlands
of England. It also undertakes commercial and leisure projects in
Ireland, United Kingdom and Spain. It operates in Ireland, the
United Kingdom and Spain. The main trading activities of the
Company's Irish home building business during the year ended
December 31, 2008 consisted of construction of private houses,
trading in developed sites and land, development of residential
land for third-parties and in joint-ventures, and contracting for
third-parties. The Company's commercial property development
division, Hillview Developments Ltd (Hillview), develops
industrial units in the Greater Dublin area. Hillview completed
1,223 square meters of industrial units as of December 31, 2008.
Its Spanish division, Alanda Group, is developing freehold
apartment schemes. As of December 31, 2008, the Company completed
1,359 private and contracting residential units in Ireland, the
United Kingdom and Spain.
MCINERNEY HOLDINGS: Former Anglo Executive's Shares Take Hit
-----------------------------------------------------------
Nick Webb at Sunday Independent reports that Willie McAteer, Anglo
Irish Bank's former finance director, has lost a fortune on his
stake in McInerney Holdings.
According to Sunday Independent, Mr. McAteer holds 170,000 shares
in the company, with his family holding another 10,400.
McInerney, which owes banks about EUR236 million, has seen its
share price collapse from a high of EUR3.25 down to just four
cents, Sunday Independent discloses. Shares in McInerney hit new
lows after reports that it was considering going into
examinership, valuing the company at just EUR8 million -- down
from nearly EUR700 million three years ago, Sunday Independent
notes.
As reported by the Troubled Company Reporter-Europe on Aug. 12,
2010, the Financial Times said US private equity group Oaktree
Capital was in talks to take control of McInerney. The FT
disclosed Oaktree, which specializes in investing in distressed
companies, was in talks about a possible equity injection of up to
EUR40 million of new capital into the housebuilder. The FT
said as part of such a debt restructuring McInerney's lenders,
which include Lloyds, RBS and BBVA, are expected to write off some
of their debt before injecting the capital. The company confirmed
that it had been in breach of some of its banking covenants since
the end of last year, the FT noted.
McInerney Holdings plc -- http://www.mcinerneyholdings.eu/-- is a
home builder and regional home builder in the North and Midlands
of England. It also undertakes commercial and leisure projects in
Ireland, United Kingdom and Spain. It operates in Ireland, the
United Kingdom and Spain. The main trading activities of the
Company's Irish home building business during the year ended
December 31, 2008 consisted of construction of private houses,
trading in developed sites and land, development of residential
land for third-parties and in joint-ventures, and contracting for
third-parties. The Company's commercial property development
division, Hillview Developments Ltd (Hillview), develops
industrial units in the Greater Dublin area. Hillview completed
1,223 square meters of industrial units as of December 31, 2008.
Its Spanish division, Alanda Group, is developing freehold
apartment schemes. As of December 31, 2008, the Company completed
1,359 private and contracting residential units in Ireland, the
United Kingdom and Spain.
PULS CDO: Moody's Cuts Ratings on Five Classes of Notes to 'C'
--------------------------------------------------------------
Moody's Investors Service downgraded the ratings of these classes
of notes issued by PULS CDO 2006-1 plc:
-- EUR39.1M A1 Notes, Downgraded to Baa3 (sf); previously on Apr
29, 2010 A1 (sf) Placed Under Review for Possible Downgrade
-- EUR96M A2A Notes, Downgraded to A1 (sf); previously on Jun 17,
2009 Downgraded to Aa1 (sf)
-- EUR24M A2B Notes, Downgraded to Ba3 (sf); previously on Apr
29, 2010 Baa1 (sf) Placed Under Review for Possible Downgrade
-- EUR26.5M B Notes, Downgraded to Caa3 (sf); previously on Apr
29, 2010 Ba3 (sf) Placed Under Review for Possible Downgrade
-- EUR21.1M C1 Notes, Downgraded to Ca (sf); previously on Apr
29, 2010 Caa1 (sf) Placed Under Review for Possible Downgrade
-- EUR5.7M C2 Notes, Downgraded to C (sf); previously on Apr 29,
2010 Caa3 (sf) Placed Under Review for Possible Downgrade
-- EUR14.6M D Notes, Downgraded to C (sf); previously on Apr 29,
2010 Ca (sf) Placed Under Review for Possible Downgrade
-- EUR8.35M E1 Notes, Downgraded to C (sf); previously on Apr 29,
2010 Ca (sf) Placed Under Review for Possible Downgrade
-- EUR2.85M E2 Notes, Downgraded to C (sf); previously on Apr 29,
2010 Ca (sf) Placed Under Review for Possible Downgrade
-- EUR6M ComboP Notes, Downgraded to C (sf); previously on Apr
29, 2010 Ca (sf) Placed Under Review for Possible Downgrade
Ratings Rationale
PULS 2006-1 plc, issued in July 2006, is a cash-flow
collateralized debt obligation backed by a static portfolio of
subordinated and senior unsecured debt issued by primarily German
small and medium-sized enterprises. The rating actions conclude
the review of the ratings, following placement of the transaction
under review for possible downgrade on April 29, 2010. The
downgrade of the notes reflects the continuing and worse than
expected credit deterioration of the underlying portfolio. The
deterioration is reflected in an increase in the number of
insolvencies, the fall of the average rating of the performing
portfolio and the increase in the number of obligors on the
watchlist maintained by the portfolio manager. The
overcollateralization of the classes has therefore diminished.
In addition, the rating actions take into account the correction
of certain data input at the time of the last rating action on
June 10, 2009. Due to an administrative error, the swap rate used
in the modeling of the interest rate swap was lower than the
contractual swap rate. This led to an overstatement of the excess
funds available to cure principal deficiency events at the time of
the last rating action. Had this not occurred, it is likely that
the rating of the Class A to C notes may have been between one to
three notches lower and the other classes of notes may have been
up to one notch lower.
The transaction has experienced a further increase in defaults and
impairments from 6 obligors, totaling EUR36.5 million
(approximately 14% of the initial portfolio), at the time of last
rating action to 11 obligors, totaling EUR58 million
(approximately 22% of the initial portfolio). None of the
defaulted obligations have returned any recovery to date due to
the length of the German workout process. However, this is in
line with Moody's expectations. Only one default has occurred on
senior debt. The portfolio contains approximately EUR30 million
Caa assets. Deterioration in the portfolio is also indicated by
the watchlist maintained and reported by the portfolio manager who
monitors the individual issuers in the portfolio. EUR50 million
of the portfolio are currently on this watchlist, EUR20 million of
these watchlisted obligations are assumed to be Caa in Moody's
analysis.
The trustee reports an increase in the Principal Deficiency Ledger
(PDL) from approximately EUR26 million at time of last rating
action to approximately EUR35 million, excluding PDL events of the
current reporting period. The PDL is a measure representing the
cumulative nominal amount of defaults in a transaction. It is
cured by the sequential redemption of the notes from excess
available funds until the PDL has been reduced to zero. Moody's
anticipates ordinary excess available funds to be less than EUR1
million per semiannual payment date going forward. For this
reason the excess spread in the transaction is limited and it is
unlikely that substantial portions of the PDL will be paid down.
The transaction has approximately 3 years to the scheduled
maturity.
The current portfolio has this distribution by ratings in Moody's
assessment Baa3 2.6%, Ba2 15.5%, Ba3 8.1%, B1 28.8%, B2 12.7%, B3
13.7%, Caa1 11.2%, Caa3 7.3%. The two largest sector
concentrations are in the Buildings and Real Estate with approx.
24% and Chemicals Plastics and Rubber with 12.4%. Approximately
two thirds of the portfolio is subordinated debt. The portfolio's
diversity has reduced due to defaults and full and partial early
amortizations at par. After excluding amortized, insolvent,
credit impaired and potentially credit impaired obligors, the
number of portfolio obligors is 30.
Moody's analyzed the underlying collateral pool to have a weighted
average default probability to scheduled maturity of approximately
16% corresponding to a B3 weighted average rating. Moody's
focused on a weighted average recovery rate upon default on senior
debt of 30% and a recovery rate of 0% on subordinated debt. The
diversity score, derived from the individual, sectorial and
regional concentrations in the portfolio, is 17.
Moody's also performed a number of sensitivity analyses with
respect to each of these two rating setups, including
consideration of the scenario that the weakest obligors in the
portfolio (Caa bucket) jointly default or jointly migrate to B3
immediately. Moody's also considered the effect of an upside
recovery scenario with 40% recovery on the senior debt as well as
a downside recovery scenario with 15% senior recovery rate.
Increasing the recovery improves the model results on the classes
C1 and above by less than half a notch. Decreasing the recovery
worsens the model results for classes C1 and above by less than
one notch. The effect of migration to B3 on the senior classes is
one to two notches. Default of all of the Caas has more than 2
notches impact on the classes C2 and above. Classes C2 and below
are not affected by these sensitivity runs. Furthermore, various
stress scenarios were run, including heavily notching the largest
asset in the portfolio, and stressing by two notches up to 30% of
the largest assets in the portfolio.
In addition to the quantitative factors that are explicitly
modeled, qualitative factors are part of rating committee
considerations. These qualitative factors include, among other
elements, an assessment of the collateral manager track record and
practices. In particular, Moody's looked at the quality of
information provided by the manager, its interpretation of the
documentation and level of diligence in the implementation of the
transaction criteria. Moody's considers as well the structural
protections in each transaction, the recent deal performance in
the current market environment, the legal environment, and
specific documentation features. All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, may influence the final rating decision.
The action relies on financial data received annually for a
majority of obligors in the pool from the end of 2009. This
financial data was used in the RiskCalc model, an econometric
model developed by Moody's KMV in order to assess the credit
quality of obligors in the pool. The results obtained from the
RiskCalc model have been translated to Moody's rating scale and
adjusted by one notch where necessary in order to compensate for
the absence of credit indicators such as rating reviews, outlooks
and adjustments factoring in cyclical developments in the economy.
Moody's also incorporated information provided by the manager in
the latest investor report to account for more recent information
on the performance of the underlying obligors. Moody's has
considered the impact of potential further deterioration arising
from updates to credit estimates based on less recent (2008)
financial data, which make up one third of the portfolio.
Moody's notes that this transaction is subject to a high level of
macroeconomic uncertainty, as primarily evidenced by uncertainties
regarding credit conditions and refinancing opportunities in the
general economic environment. The CDO notes' performance may also
be impacted by the portfolio managers' divestment and termination
strategies.
Under this methodology, Moody's relies on a simulation based
framework, implemented via CDOROM2.6TM, to generate default and
recovery scenarios for each asset in the portfolio, and computes
the associated loss to each class of notes in the structure via
Moody's EMEA Cash-Flow model.
Moody's Investors Service did not receive or take into account a
third party due diligence report on the underlying assets or
financial instruments related to the monitoring of this
transaction in the past 6 months.
Regulatory Disclosures
The rating has been disclosed to the rated entity or its
designated agents and issued with no amendment resulting from that
disclosure.
Information sources used to prepare the credit rating are these:
parties involved in the ratings; parties not involved in the
ratings; public information; confidential and proprietary Moody's
Investors Service's information.
Moody's Investors Service considers the quality of information
available on the issuer or obligation satisfactory for the purpose
of maintaining a credit rating.
Moody's Investors Service may have provided Ancillary or Other
Permissible Services to the rated entity or its related third
parties within the three years preceding the Credit Rating Action.
Moody's Investors Service adopts all necessary measures so that
the information it uses in assigning a credit rating is of
sufficient quality and from reliable sources; however, Moody's
Investors Service does not and cannot in every instance
independently verify, audit or validate information received in
the rating process.
PULS CDO: Moody's Cuts Ratings on Two Classes of Notes to 'C'
-------------------------------------------------------------
Moody's Investors Service downgraded the ratings of these classes
of notes issued by PULS CDO 2007-1 Limited:
-- EUR40M A1 Notes, Downgraded to Baa2 (sf); previously on Jun
17, 2009 Downgraded to Aa3 (sf)
-- EUR123.5M A2A Notes, Downgraded to Aa2 (sf); previously on Jun
17, 2009 Downgraded to Aa1 (sf)
-- EUR30.9M A2B Notes, Downgraded to Ba2 (sf); previously on Jun
17, 2009 Downgraded to A2 (sf)
-- EUR22.2M B Notes, Downgraded to Caa1 (sf); previously on Jun
17, 2009 Downgraded to Baa3 (sf)
-- EUR28.5M C Notes, Downgraded to Ca (sf); previously on Jun 17,
2009 Downgraded to B1 (sf)
-- EUR16.8M D Notes, Downgraded to C (sf); previously on Jun 17,
2009 Downgraded to Caa1 (sf)
-- EUR7.2M E Notes, Downgraded to C (sf); previously on Jun 17,
2009 Downgraded to Caa3 (sf)
Ratings Rationale
PULS 2007-1 Limited, issued in April 2007, is a cash-flow
collateralized debt obligation backed by a static portfolio of
subordinated and senior unsecured debt issued by primarily German
small and medium-sized enterprises. The downgrade of the notes
reflects the continuing and worse than expected credit
deterioration of the underlying portfolio. The deterioration is
reflected in an increase in the number of insolvencies, the fall
of the average rating of the performing portfolio and the increase
in the number of obligors on the watchlist maintained by the
portfolio manager. The overcollateralization of the classes has
therefore diminished
In addition, the rating actions take into account the correction
of certain data input at the time of the last rating action on 10
June 2009. Due to an administrative error, the swap rate used in
the modeling of the interest rate swap was lower than the
contractual swap rate. This led to an overstatement of the excess
funds available to cure the failing coverage tests at the time of
the last rating action. Had this not occurred, it is likely that
the rating of the Class A to C notes may have been between one to
three notches lower and the other classes of notes may have been
up to one notch lower.
The transaction has experienced a further increase in defaults and
impairments from 8 obligors, totaling EUR37 million (approximately
12% of the initial portfolio), at the time of last rating action,
to 15 obligors, totaling EUR70 million (approximately 23% of the
initial portfolio). None of the defaulted obligations have
returned any recovery to date due to the lengthy workout process
of the German SME bonds. However, this is in line with Moody's
expectations. Five defaults were occurred on subordinated debt;
the remaining ten defaults on senior debt. Deterioration in the
portfolio is also indicated by the watchlist maintained and
reported by the portfolio manager who monitors the individual
borrowers in the portfolio. EUR78.3 million of the portfolio are
currently on this watchlist. EUR42.3 million of these watchlisted
obligations are assumed to be Caa in Moody's analysis.
The trustee reports the Class D and Class E OC test ratios both
failing and decreasing. The current reported Class D and Class E
OC ratios are 102.3% and 98.8%, compared to 104.9% and 101.9% in
the last rating action, respectively. Such OC test failure may be
cured by the redemption of the senior notes from excess spread.
Moody's anticipates ordinary excess spread to be less than EUR1
million per quarterly payment date going forward. Due to the
limited availability of excess spread in the transaction, Moody's
views that it is unlikely that the current OC test failure will be
cured. The transaction has approximately 4 years to the scheduled
maturity.
The current portfolio has this rating distribution in Moody's
assessment (excluding amortizations and defaults in the pool): 24%
Ba2, 2.4% Ba3, 25.2% B1,19.2% B2, 8.9% B3,9.7% Caa1, 4.8% Caa2 and
5.8% Caa3. The two largest sector concentrations are in the
Automobile and Buildings and Real Estate sectors, representing 18%
and 16% of the current pool, respectively. Approximately half of
the portfolio is subordinated debt. The portfolio's diversity has
reduced due to defaults and full and partial early amortizations
at par. After excluding amortized or insolvent obligors, the
number of portfolio obligors is 40.
Moody's analyzed the underlying collateral pool to have a weighted
average default probability to scheduled maturity of approximately
19.8%, corresponding to a B3 weighted average rating. Moody's
focused on a weighted average recovery rate upon default on senior
debt of 30% and 0% on subordinated debt. The diversity score,
derived from the individual, sectorial and regional concentrations
in the portfolio, is 22.
Moody's also performed a number of sensitivity analyses including
consideration of the scenario that the weakest obligors in the
portfolio (Caa bucket) jointly default (credit deterioration) or
jointly migrate to B3 (credit improvement) immediately. Moody's
also considered the effect of an upside recovery scenario of 40%
recovery on the senior debt as well as a downside recovery
scenario of 15% senior recovery rate. Increasing the assumed
recovery improves the model results on the classes B and above by
half a notch to less than 2 notches. Decreasing the recovery
worsens the model results for classes B and above by one to two
notches. The effect of migration to B3 on the senior classes is
one to two notches. Default of the whole Caa bucket in the
portfolio has more than 2 notches impact on the classes B and
above. Classes C and below are not meaningfully affected by these
sensitivity runs. Furthermore, various stress scenarios were run,
including heavily notching the largest asset in the portfolio, and
stressing by two notches up to 30% of the largest assets in the
portfolio.
In addition to the quantitative factors that are explicitly
modeled, qualitative factors are part of rating committee
considerations. These qualitative factors include, among other
elements, an assessment of the collateral manager track record and
practices. In particular, Moody's looked at the quality of
information provided by the manager, its interpretation of the
documentation and level of diligence in the implementation of the
transaction criteria. Moody's considers as well the structural
protections in each transaction, the recent deal performance in
the current market environment, the legal environment, and
specific documentation features. All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, may influence the final rating decision.
The action relies on financial data received annually for a
majority of obligors in the pool from the end of 2009. This
financial data was used in the RiskCalc model, an econometric
model developed by Moody's KMV in order to assess the credit
quality of obligors in the pool. The results obtained from the
RiskCalc model have been translated to Moody's rating scale and
adjusted by one notch where necessary in order to compensate for
the absence of credit indicators such as rating reviews, outlooks
and adjustments factoring in cyclical developments in the economy.
Moody's also incorporated information provided by the manager in
the latest investor report to account for more recent information
on the performance of the underlying obligors. Moody's has
considered the impact of potential further deterioration arising
from updates to credit estimates based on less recent (2008)
financial data, which make up one third of the portfolio.
Moody's notes that this transaction is subject to a high level of
macroeconomic uncertainty, as primarily evidenced by uncertainties
regarding credit conditions and refinancing opportunities in the
general economic environment. The CDO notes' performance may also
be impacted by the portfolio managers' divestment and termination
strategies.
Under this methodology, Moody's relies on a simulation based
framework, implemented via CDOROM2.6TM, to generate default and
recovery scenarios for each asset in the portfolio, and computes
the associated loss to each class of notes in the structure via
Moody's EMEA Cash-Flow model.
Moody's Investors Service did not receive or take into account a
third party due diligence report on the underlying assets or
financial instruments related to the monitoring of this
transaction in the past 6 months.
Regulatory Disclosures
The rating has been disclosed to the rated entity or its
designated agents and issued with no amendment resulting from that
disclosure.
Information sources used to prepare the credit rating are these:
parties involved in the ratings; parties not involved in the
ratings; public information; confidential and proprietary Moody's
Investors Service's information.
Moody's Investors Service considers the quality of information
available on the issuer or obligation satisfactory for the
purposes of maintaining a credit rating.
Moody's Investors Service may have provided Ancillary or Other
Permissible Services to the rated entity or its related third
parties within the three years preceding the Credit Rating Action.
Moody's Investors Service adopts all necessary measures so that
the information it uses in assigning a credit rating is of
sufficient quality and from reliable sources; however, Moody's
Investors Service does not and cannot in every instance
independently verify, audit or validate information received in
the rating process.
===================
K A Z A K H S T A N
===================
SUBSIDIARY BANK: Fitch Assigns BB+ Rating on Subordinated Bonds
---------------------------------------------------------------
Fitch Ratings has assigned Kazakhstan-based Subsidiary Bank
Sberbank of Russia 's two KZT5bn subordinated bonds each Long-term
local currency ratings of 'BB+' and National Long-term ratings of
'AA-(kaz)'. The bank is rated Long-term local currency Issuer
Default 'BBB-' and National Long-term 'AA(kaz)', both with Stable
Outlook.
The Series 1 issue carries a fixed interest rate of 9% and matures
in 2017. The interest rate for the Series 2 bond is 10% in the
first year and thereafter set semi-annually based on the annual
inflation rate plus one percentage point premium with a 10% cap
and 4% floor. The Series 2 issue matures in August 2019.
The Long-term ratings of the subordinated bonds are notched one
level below SBK's senior debt, reflecting the former's lower
recovery prospects for investors.
SBK, formerly Texakabank, was established in 1993 in Kazakhstan
and acquired by Russia-based Sberbank ('BBB'/Stable) in 2007. At
end-H110, SBK had a 2.1% market share of banking system assets.
Sberbank owns more than 99% of SBK.
===================
L U X E M B O U R G
===================
STANTON CDO: S&P Downgrades Rating on Class C Notes to 'D'
----------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D' from 'CC' its
credit rating on Stanton CDO I S.A.'s class C notes.
The rating action follows the liquidation of Stanton CDO I's
assets, the distribution of the proceeds, and publication of the
transaction's final distribution report.
The assets were liquidated in accordance with the class A-1
noteholders' election in March 2010 to enforce security over the
portfolio. The vote followed an event of default, under the terms
and conditions of the notes, which occurred in May 2009.
According to the final noteholder valuation report, classes A-1A,
A-1B, and A-1U received full payment of principal outstanding, but
all other classes experienced principal losses.
S&P's rating on the class C deferrable notes addresses ultimate
payment of interest and principal. As the class experienced
principal losses in the final distribution of collateral assets,
S&P is lowering its rating to 'D'.
S&P's ratings on classes A-1, A-2, and B address timely payment of
interest and ultimate payment of principal. S&P lowered its
ratings on these classes to 'D' in May 2010 following earlier
interest payment defaults.
Stanton CDO I is a cash flow collateralized debt obligation of
CDOs transaction that closed in October 2003. Stanton CDO I's
portfolio comprised primarily mezzanine tranches of U.S. CDOs of
corporate loans, and to a lesser extent emerging market CDOs and
CDOs of asset-backed securities.
===========
R U S S I A
===========
BANK VTB: Moody's Affirms 'D-' Bank Financial Strength Ratings
--------------------------------------------------------------
Moody's Investors Service has affirmed the D- stand-alone bank
financial strength ratings of Bank VTB and its two subsidiaries:
VTB24 and Bank VTB North-West, and changed the outlook on those
ratings to stable from negative. At the same time, Moody's has
affirmed the banks' Baa1 supported long-term local and foreign
currency deposit, and Baa1/Baa2 senior/subordinated debt ratings,
with stable outlooks. The banks' P-2 short-term local and foreign
currency deposit ratings were also affirmed. Concurrently,
Moody's Interfax Rating Agency affirmed VTB24 and VTB NW's Aaa.ru
national scale rating; national scale ratings carry no specific
outlook.
Moody's assessment is primarily based on VTB, VTB24 and VTB NW's
audited financial statements for 2009 prepared under IFRS, signed
on March 25, 2010, March 25, 2010 and March 22, 2010,
respectively. At the same time, Moody's caution that Moody's
assessment, in part, incorporates information from non-audited
interim consolidated statements under IFRS, signed by VTB on
May 31, 2010 (Q1 2010 statements), and by VTB NW on August 9, 2010
(H1 2010).
"According to Moody's, the rating actions on VTB and its Russian
subsidiaries VTB24 and Bank VTB North-West reflect the stable
trends in the banks' financial fundamentals," says Eugene
Tarzimanov, a Moody's Vice-President -- Senior Analyst and lead
analyst for the banks. "The operating environment in Russia is
showing signs of improvement after a turbulent 2009, with the
economy growing 2.9% in Q1 2010. The asset quality of the banks,
which has been a particular concern since late 2008 when the
crisis hit Russia, is stabilizing; in addition, provisions and
capital buffers appear adequate to offset expected credit losses
under Moody's base case stress-tests."
VTB
Although problem loans are likely to grow somewhat at VTB before
peaking in H2 2010, Moody's believes that VTB has already
identified most large problem exposures. Loans overdue by more
than 90 days increased to 10.2% of gross loans at Q1 2010
(unaudited data), from 9.8% at YE2009 (2008: 1.9%). This level
appears to be in line with Russian peers. NPLs were 96% covered
by provisions, with a provisions/gross loans ratio of 9.8% at Q1
2010. In addition, the bank's total CAR of 22.2% at Q1 2010
(unaudited) indicates that VTB has an adequate buffer against
further potential credit losses.
Customer deposits -- VTB's core funding base accounting for 54% of
liabilities -- have grown by 43% in 2009, a high level considering
the stress in the banking system seen last year (all data under
IFRS). VTB's liquidity appears to be adequate, with cash, cash
equivalents and relatively liquid securities accounting for around
22% of total assets at Q1 2010 (unaudited data). Although Moody's
sees some near-term refinancing risks for VTB due to a large share
of wholesale and bilateral borrowings in liabilities, the group
has been successful so far in attracting new funds from the
market. In 2010 to date, VTB has raised around US$2.6 billion
through six wholesale deals. In addition, in case of need VTB has
access to uncollateralized facilities from the Russian Central
Bank of around US$31 billion.
Negative BFSR drivers for VTB include the possibility of
government interference in the bank's business, weak asset
quality, high single-party and industry concentrations in loans,
and significant reliance on market funding.
VTB 24
VTB 24, the retail/SME arm of the group, reported adequate
financial results for 2009, despite the rapid increase in
provisions. Loans overdue by more than 90 days accounted for 8.3%
of gross loans at YE2009, and were almost fully provisioned. In
Moody's view, VTB24's Tier 1 capital ratio, at 18.8% at YE2009,
provides a good buffer against credit losses.
VTB24's liquidity appears to be adequate, supported by an inflow
of retail and SME deposits that grew by 44% in 2009, and by a
further 13% in H1 2010. Given its limited market borrowings,
Moody's estimates that VTB24's refinancing risk is relatively low.
Negative BFSR drivers for VTB24 include pressured asset quality,
large maturity mismatches between assets and liabilities,
corporate governance concerns reflecting the parent's shortcomings
in this area, and moderate core profitability.
VTB NW
VTB NW, a predominantly corporate bank active in St. Petersburg
and the Russian North West district, reported strong financial
results for H1 2010 (unaudited). The bank appeared to have posted
a net profit for H1 2010 of RUB3.7 billion (same period of 2009:
RUB2.3 billion), indicating a ROA of 3.3% (annualized) for that
period. In terms of asset quality, VTB NW reported that its
impaired loans amounted to 10.1% of gross loans at 30 June 2010
(unaudited). The level of loan loss provisions (amounting to 9.6%
of gross loans at that date) and the bank's total CAR (16.9%)
appeared to provide an adequate buffer against potential credit
losses anticipated by Moody's.
In June 2010, VTB's shareholders approved the merger of VTB NW
into VTB. This process is targeted for completion in Q1 2011. As
a result, VTB NW will become a regional branch of VTB, and will
cease to hold a separate banking license. This merger has been in
the works for a number of years already, and Moody's does not
expect material operational risks to materialize. In addition,
VTB NW's management does not foresee that wholesale debt will be
accelerated because of the merger.
VTB NW's BFSR remains pressured by the bank's significant
concentrations on both sides of the balance sheet, relatively weak
quality of the loan book, and developing corporate governance
practices.
Debt and Deposit Ratings
VTB's debt/deposit ratings continue to enjoy unconditional support
from the Russian government. In Moody's opinion, this is due to
VTB's systemic importance in Russia. In turn, the debt/deposit
ratings of VTB24 and VTB NW are fully supported by VTB. In
Moody's view, those subsidiaries are fully integrated into the
group, and are strategically important for VTB. VTB24 is the
retail/SME arm of VTB, while VTB NW is active in a region of high
importance for VTB.
Moody's previous rating actions on VTB, VTB24 and VTB NW were on
February 24, 2009, when Moody's changed the outlooks on the D-
BFSRs of those banks to negative from stable, on expectations that
the global economic crisis would have an increasingly negative
impact on the Russian economy and those banks' intrinsic strength.
Headquartered in Moscow, the Russian Federation, VTB reported --
as at March 31, 2010 -- total assets of RUB3.4 trillion, total
equity of RUB520 billion and net IFRS profit of RUB15.3 billion.
Moody's cautions that this data, although under IFRS, is not
audited.
Headquartered in Moscow, the Russian Federation, VTB24 reported --
as at December 31, 2009 -- total assets of RUB712 billion, total
equity of RUB81 billion and net IFRS profit of RUB4.9 billion.
This data is audited under IFRS.
Headquartered in St. Petersburg, the Russian Federation, VTB NW
reported -- as at June 30, 2010 -- total assets of RUB215 billion,
total equity of RUB30 billion and net IFRS profit of RUB3.7
billion. Moody's cautions that this data, although under IFRS, is
not audited.
* ALTAI REGION: Fitch Affirms Long-Term Currency Ratings at 'BB'
----------------------------------------------------------------
Fitch Ratings has affirmed the Altai Region's Long-term foreign
and local currency ratings at 'BB' respectively, while affirming
the Russian region's Short-term foreign currency rating at 'B'.
The agency has also affirmed the region's National Long-term
rating at 'AA-(rus)'. All the Long-term rating Outlooks are
Stable.
The affirmation of the region's ratings reflects its satisfactory
budget performance, low debt, and sound management practices.
However, the ratings also consider the relatively small scale of
the region's economy and its modest fiscal capacity. The Stable
Outlooks reflect Fitch's expectation for the continuation of the
region's sustainable public finance and debt management policies,
leading to maintenance of sound margins and low debt in 2010 and
in the medium term.
The Altai region's budgetary performance was satisfactory,
although the operating balance decreased to 12.6% of operating
revenue in 2009 from 17.6% in 2008. The margins were negatively
affected by the financial turmoil and deceleration of the national
economy. However, the region's budgetary performance was
stabilized by federal current transfers, which increased by 19.5%
y-o-y in 2009 and allowed Altai to post a surplus before debt
variation at 3.1% of total revenue (2008: negative 0.03%). Fitch
expects Altai's full-year margin to be about 12%-14%.
The region had a positive net debt position in 2009 whilst its
direct risk was below one month of the current balance and less
than one percent of current revenue. The contingent liabilities,
stemming from the region's broad public sector and issued
guarantees are moderate and well monitored, and thus pose minor
indirect risk. Altai's public finance and debt management
practices are very prudent by national and international
standards, and Fitch expects the region's direct risk and direct
risk coverage ratios to remain at a safe level in 2010 and going
further forward.
The region's economy is modest in size, and also reflects its
below national median wealth metrics. However, Altai's per capita
gross regional product (GRP) increased to 82% of the median Russia
region's in 2008, from 68% in 2007. The region's economy is
diversified with agriculture representing 15% of GRP and its
limited profitability affects the size of the region's tax base
and potential expansion. However, the counter-cyclical nature of
agriculture and the food processing industry mitigated the
region's vulnerability to negative macro-economic shocks in 2009.
Altai's fiscal capacity is below that of the average level for
Russian regions and it therefore receives financial aid from the
federal government, equalizing its budget capacity. The region's
limited revenue flexibility is countered by federal transfers,
which have been particularly important during the turbulent macro-
economic environment.
The Altai region is located in southwest Siberia, on the border
with Kazakhstan. Its gross regional product accounted for 0.8% of
Russia's national gross domestic product in 2008, whilst its
population represented 1.8% of the national total.
===========================
U N I T E D K I N G D O M
===========================
CARPETS OF KIDDERMINSTER: In Administration; 50 Jobs at Risk
------------------------------------------------------------
Manufacturing News reports that Carpets of Kidderminster has gone
into administration, putting 50 jobs at risk.
According to the report, in a statement on its Web site, the firm
said: "Andrew Fender was appointed administrator on August 16.
The administrator now manages the affairs, business and property
of the company. The administrator acts as agent only and without
personal liability."
Carpets of Kidderminster is a Worcestershire-based carpet
manufacturer. It specializes in Axminster, woven carpets and
supplies both the commercial and residential markets, according to
Manufacturing News.
CDC LEISURE: Owes AIB GBP7.7 Million, Report Shows
--------------------------------------------------
CDC Leisure collapsed after factors, including a large tax bill,
meant it could no longer meet its bank loan repayments, BBC News
says, citing the administrator's report filed at Companies House
last week.
According to BBC, the report shows CDC, which was placed into
administration in June, owed GBP350,000 to the HM Revenue and
Customs.
BBC says the firm also suffered severe losses on several events it
promoted in 2009. The bulk of its debts are to AIB, which is owed
more than GBP7,772,569, BBC discloses. According to BBC, other
factors contributing the company's demise included "a reduction in
turnover in bars in general" and "a decrease in the profit level
provided by outside music events".
The administrator, John Hansen of KPMG, said that he is attempting
to sell the business as a going concern and that a number of
parties have already expressed an interest in buying it, BBC
notes.
CDC Leisure owned Belfast's Limelight music venue.
FLIGHT OPTIONS: Faces Liquidation; Meeting Set for September
------------------------------------------------------------
Kevin Reed at Accountancy Age reports that liquidators from BDO
are to be appointed to tour operator Kiss Flights, the trading
name for Flight Options.
According to Accountancy Age, Malcolm Cohen and David Gilbert of
BDO will be appointed liquidators of Flight Options and Travel
Plus, which trades under several names -- most prominently Kiss
Flights.
"The business suffered as a result of the challenging economic
conditions in the UK travel market, compounded by issues such as
the volcanic ash crisis, localized industrial action, and economic
factors in Greece together with the collapse of Goldtrail Travel,"
Accountancy Age quoted Mr. Cohen as saying. "Formal notices will
be issued to all shareholders and creditors in due course,
formally convening the meetings to place the companies into
liquidation in early September."
Separately, Accountancy Age's Rachel Singh reports that PwC
partner Ian Oakley-Smith said no one expected Kiss Flights to fall
into administration at the height of the holiday season.
Flight Options on Aug. 17 had ceased trading affecting about
70,000 people.
Mr. Oakley-Smith, as cited by Accountancy Age, said to see a
flight business run out of money during the height of the holiday
season was unexpected. He added budget holiday operators such as
Goldtrail, Sun4U and Kiss Flights work off low margins and
emergency reserves which have been eroded by the downturn,
Accountancy Age notes.
As reported by the Troubled Company Reporter-Europe on Aug. 19,
2010, Daily Express disclosed the company ceased trading at 5:00
p.m. on Aug. 17.
Flight Options is a budget travel firm based in London.
FOUR SEASONS: Nears Debt Deal With Majority of Lenders
------------------------------------------------------
Anousha Sakoui and Dan Thomas at The Financial Times report that
Four Seasons Health Care is close to sealing a second-round
renegotiation of its GBP600 million debt as a majority of lenders
have agreed to back its latest restructuring plan.
The FT says the approval counters the threat of an imminent sale
of the company to repay its debts and could set a precedent for
future restructurings on complex property backed financing.
According to the FT, people with knowledge of the transaction said
Four Seasons' plan includes a novel twist, an arrangement to find
buyers for the bonds of dissenting investors if they agreed to
vote for the deal.
The company, which last September reached a deal with lenders to
restructure part of its debt after more than a year of talks, had
been forced back into talks with holders of the GBP600 million of
bonds that were left outstanding, the FT notes. Four Seasons,
advised by Gleacher Shacklock, has been seeking to extend for a
year loans on which the bonds are secured and are due for
September repayment, the FT states.
The FT relates in a Friday statement, the special purpose vehicle
that issued the bonds as part of a securitization of the company's
property portfolio said 75% of each class of bonds had signed up
to vote in favor of a debt deal.
To get votes, the company arranged with Deutsche Bank to buy, or
find third-party buyers for bondholders, including those that
opposed the deal and did not wish to be noteholders in the
securitization, the FT 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.
LIVERPOOL FOOBALL: Kenny Huang Drops Out of Bidding Race
--------------------------------------------------------
Roger Blitz and Sharlene Goff at The Financial Times report that
Chinese sports entrepreneur Kenny Huang said he was withdrawing
from the Liverpool football club sale process.
The FT relates Mr. Huang and his QSL Sports company, which has an
office in Beijing, issued a statement saying it had been working
on a strategy to capitalize the club and fund a new stadium. "We
regret that we will not have the opportunity to implement this
strategy," the statement said, according to the FT.
The FT says Mr. Huang was frustrated with the board's progress,
while the decision by some of the bidders to go public with their
intentions is thought to have irritated board chairman Martin
Broughton. The focus of media attention has not only complicated
the sale, but is thought to have put off some potential buyers,
the FT states.
The board earlier said the sale process was uncertain, the FT
notes.
As reported by the Troubled Company Reporter-Europe on Aug. 17,
2010, ESPN Soccernet said that there is speculation whether the
Liverpool Football Club can avoid going into administration.
According to ESPN Soccernet sources, there can be no guarantee
that a sale can be concluded before the current financing
arrangements run out in six weeks time. ESPN Soccernet said the
club deep in the red -- so badly so that their accountants have
qualified their accounts for two years running -- and it is
understood that the latest accounts, for the year to the end of
July 2010 will show a further deterioration of the situation, even
before taking into account a GBP2.5 million a week in fees --
which hits GBP60 million extra debt by October 6 -- the owners are
running up towards their latest bank extension. ESPN Soccernet
said administration can no longer be entirely ruled out, given the
depth to which the club's finances have plummeted. At present,
administration is not thought the most likely scenario for
Liverpool, ESPN Soccernet noted. If there is no sale by October,
Royal Bank of Scotland could, of course, merely roll over the
loan, extend it, but that would not break the log-jam which exists
at the moment, ESPN Soccernet stated. Current owners Tom Hicks
and George Gillett have valued the club at up to GBP800 million,
but there are no signs that any potential bidder is prepared to
match that, according to ESPN Soccernet. And it may be that as
the October deadline for RBS to make a decisive move on the future
of Liverpool looms, the value will slip further below the GBP350
million previously mentioned, ESPN Soccernet noted. The key issue
for those trying to sell the club is whether they can find a
credible buyer who will pay down the debt, build a new stadium and
invest in players, ESPN Soccernet said.
Liverpool Football Club and Athletic Grounds owns and operates one
of the more popular and most successful franchises in the UK
Premier League. Known as The Reds, Liverpool has won 18 first
division titles and seven FA Cups since it was founded by John
Houlding in 1892. In addition to the football club, the company
owns and operates Anfield Stadium, Liverpool's home ground. The
company generates revenue primarily through sponsorships,
broadcasting fees, and ticket sales. The company was acquired by
US businessmen George Gillett and Tom Hicks in 2007.
LUMIERE LEEDS: To Seek Liquidation
----------------------------------
BBC News reports that Lumiere Leeds LP, the firm behind the
Lumiere skyscraper project in Leeds, confirmed plans to seek
liquidation.
BBC relates the GBP225 million Lumiere scheme was put on hold in
2008. At the time, millions of pounds worth of deposits were
frozen, BBC notes.
In May, investors started the process of taking legal action
against the developers in an attempt to get their deposits back,
BBC discloses.
"The development is no longer commercially viable and regretfully,
despite the strenuous efforts of Lumiere LP's directors and
partners, the decision has been taken to hold a creditors' meeting
on September 1, 2010, to begin the process of liquidating the
assets," BBC quoted Lumiere Leeds as saying in a statement.
"Lumiere LP believes this is the best course of action for buyers
who have reserved apartments off-plan at the development."
According to BBC, the firm said investors would be able to lodge a
claim for their deposits against an insurance policy which was
taken out to protect their interests.
===============
X X X X X X X X
===============
* EUROPE: Panel Proposes Bond Investors Bear Future Bank Bailouts
-----------------------------------------------------------------
John Glover and Gavin Finch at Bloomberg News report that the
Basel Committee on Banking Supervision is proposing that debt
counted as bank capital should be converted to stock or written
off in a crisis, forcing bond investors to bear some of the cost
of future bailouts.
Bloomberg relates the committee on Thursday said in a consultative
paper that all regulatory capital instruments sold by banks should
be capable of absorbing losses if the company can't fund itself.
Bloomberg says the committee, which sets international banking
rules, wants to avoid a repeat of the financial crisis when
government assistance to failing banks helped holders of some
subordinated bonds dodge losses. Banks' cost of capital may rise
as investors demand compensation for the increased risk they won't
be repaid, Bloomberg notes.
According to Bloomberg, the committee said proposals will reduce
moral hazard and excessive risk-taking by discouraging investors
from buying securities with the assumption they will avoid losses
if a bank fails. It would also make private investors the first
source of new equity to rescue a bank when it nears collapse,
cutting down on the need for government bailouts, Bloomberg
discloses.
The committee, as cited by Bloomberg, said it will welcome
comments on the proposals until Oct. 1.
The Basel committee, which represents central banks and regulators
in 27 nations and sets capital standards for banks worldwide, was
asked by Group of 20 leaders to draft rules after the worst
financial crisis since the 1930s, Bloomberg recounts. The
committee is planning to present a final package of reforms to the
G-20 leaders meeting in Seoul in November, Bloomberg states.
* Large Companies with Insolvent Balance Sheet
----------------------------------------------
Total
Shareholders Total
Equity Assets
Company Ticker (US$) (US$)
------- ------ ------ ------
AUSTRIA
-------
CHRIST WATER TEC CWT AV -5754287.761 165995618.1
CHRIST WATER TEC C7W GR -5754287.761 165995618.1
CHRIST WATER TEC CWT PZ -5754287.761 165995618.1
CHRIST WATER TEC CWT EU -5754287.761 165995618.1
CHRIST WATER TEC CRSWF US -5754287.761 165995618.1
CHRIST WATER TEC CWT EO -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 LBROF US -109013328 171684389.1
LIBRO AG LB6 GR -109013328 171684389.1
LIBRO AG LIB AV -109013328 171684389.1
LIBRO AG LIBR AV -109013328 171684389.1
SKYEUROPE SKYP PW -89480486.93 159076577.5
SKYEUROPE SKY PW -89480486.93 159076577.5
SKYEUROPE HLDG SKY LI -89480486.93 159076577.5
SKYEUROPE HLDG SKY EO -89480486.93 159076577.5
SKYEUROPE HLDG SKYA PZ -89480486.93 159076577.5
SKYEUROPE HLDG SKY EU -89480486.93 159076577.5
SKYEUROPE HLDG SKY AV -89480486.93 159076577.5
SKYEUROPE HLDG S8E GR -89480486.93 159076577.5
SKYEUROPE HLDG SKURF US -89480486.93 159076577.5
SKYEUROPE HLDG SKYPLN EO -89480486.93 159076577.5
SKYEUROPE HLDG SKYV IX -89480486.93 159076577.5
SKYEUROPE HLDG SKYPLN EU -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
CROATIA
-------
BRODOGRADE INDUS 3MAJRA CZ -464934142.4 272013070.7
IPK OSIJEK DD OS IPKORA CZ -32978857.72 151587609.9
MAGMA DD MGMARA CZ -764475.9867 141322122.7
OT OPTIMA TELEKO 2299892Z CZ -69895909.13 116266542.5
OT-OPTIMA TELEKO OPTERA CZ -69895909.13 116266542.5
VUPIK DD VPIKRA CZ -8861479.441 112509976.8
CYPRUS
------
LIBRA HOLIDA-RTS LGWR CY -27821889.5 240947718
LIBRA HOLIDA-RTS LBR CY -27821889.5 240947718
LIBRA HOLIDAY-RT 3167808Z CY -27821889.5 240947718
LIBRA HOLIDAYS LHGCYP EU -27821889.5 240947718
LIBRA HOLIDAYS LHGR CY -27821889.5 240947718
LIBRA HOLIDAYS LHGCYP EO -27821889.5 240947718
LIBRA HOLIDAYS G LHG EO -27821889.5 240947718
LIBRA HOLIDAYS G LHG PZ -27821889.5 240947718
LIBRA HOLIDAYS G LHG 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
URALS ENERGY PUB UREYF US -107167000 889168000
URALS ENERGY PUB UEN EO -107167000 889168000
URALS ENERGY PUB UEN IX -107167000 889168000
URALS ENERGY PUB U5S TH -107167000 889168000
URALS ENERGY PUB UENEUR EO -107167000 889168000
URALS ENERGY PUB UEN PZ -107167000 889168000
URALS ENERGY PUB UEN EU -107167000 889168000
URALS ENERGY PUB UEN PG -107167000 889168000
URALS ENERGY PUB U5S GR -107167000 889168000
URALS ENERGY PUB UEN LN -107167000 889168000
URALS ENERGY PUB UENGBP EO -107167000 889168000
CZECH REPUBLIC
--------------
CKD PRAHA HLDG CKDPF US -89435858.16 192305153
CKD PRAHA HLDG CKDH US -89435858.16 192305153
CKD PRAHA HLDG 297687Q GR -89435858.16 192305153
CKD PRAHA HLDG CKDH CP -89435858.16 192305153
CKD PRAHA HLDG CDP EX -89435858.16 192305153
SETUZA AS 2994767Q EO -61453764.17 138582273.6
SETUZA AS SETU IX -61453764.17 138582273.6
SETUZA AS SZA EX -61453764.17 138582273.6
SETUZA AS 2994763Q EU -61453764.17 138582273.6
SETUZA AS SETUZA PZ -61453764.17 138582273.6
SETUZA AS 2994759Q EO -61453764.17 138582273.6
SETUZA AS 2994755Q EU -61453764.17 138582273.6
SETUZA AS SETUZA CP -61453764.17 138582273.6
SETUZA AS SZA GR -61453764.17 138582273.6
DENMARK
-------
ELITE SHIPPING ELSP DC -27715991.74 100892900.3
ISS GLOBAL A/S 241863Z DC -2811647.728 7972333363
OBTEC OBT DC -18360748.78 147485890.1
OBTEC OBTEC DC -18360748.78 147485890.1
OBTEC-NEW SHARES OBTECN DC -18360748.78 147485890.1
OBTEC-OLD OBTN DC -18360748.78 147485890.1
ROSKILDE BANK ROSKF US -532868894.9 7876687324
ROSKILDE BANK ROSK EU -532868894.9 7876687324
ROSKILDE BANK ROSK PZ -532868894.9 7876687324
ROSKILDE BANK RKI GR -532868894.9 7876687324
ROSKILDE BANK ROSBF US -532868894.9 7876687324
ROSKILDE BANK RSKC IX -532868894.9 7876687324
ROSKILDE BANK ROSK EO -532868894.9 7876687324
ROSKILDE BANK ROSK DC -532868894.9 7876687324
ROSKILDE BANK-RT 916603Q DC -532868894.9 7876687324
ROSKILDE BAN-NEW ROSKN DC -532868894.9 7876687324
ROSKILDE BAN-RTS ROSKT DC -532868894.9 7876687324
SANISTAL AS-B SNISF US -1029838.038 546820905.2
SANISTAL AS-B SANIB EU -1029838.038 546820905.2
SANISTAL AS-B SANL DC -1029838.038 546820905.2
SANISTAL AS-B SANIBEUR EU -1029838.038 546820905.2
SANISTAL AS-B SANI/B PZ -1029838.038 546820905.2
SANISTAL AS-B SANIB EO -1029838.038 546820905.2
SANISTAL AS-B SNSC IX -1029838.038 546820905.2
SANISTAL AS-B SANIB BY -1029838.038 546820905.2
SANISTAL AS-B SANIBEUR EO -1029838.038 546820905.2
SANISTAL AS-B SANIB DC -1029838.038 546820905.2
SANISTAL-B NEW SANLN DC -1029838.038 546820905.2
SCANDINAVIAN BRA SBS1EUR EO -18360748.78 147485890.1
SCANDINAVIAN BRA SBSD PZ -18360748.78 147485890.1
SCANDINAVIAN BRA SBS1 BY -18360748.78 147485890.1
SCANDINAVIAN BRA SBS1 EU -18360748.78 147485890.1
SCANDINAVIAN BRA SBSC IX -18360748.78 147485890.1
SCANDINAVIAN BRA SBS DC -18360748.78 147485890.1
SCANDINAVIAN BRA SBS1EUR EU -18360748.78 147485890.1
SCANDINAVIAN BRA SBS1 EO -18360748.78 147485890.1
FRANCE
------
BELVEDERE - RTS 702036Q FP -240506200.5 1000204586
BELVEDERE - RTS 554451Q FP -240506200.5 1000204586
BELVEDERE SA BELV NM -240506200.5 1000204586
BELVEDERE SA BED GR -240506200.5 1000204586
BELVEDERE SA BELV FP -240506200.5 1000204586
BELVEDERE SA BVD EU -240506200.5 1000204586
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GREECE
------
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NAOUSSA SPIN -RT NAOYD GA -163114853.6 286539436.9
NAOUSSA SPIN-AUC NAOYKE GA -163114853.6 286539436.9
NAOUSSA SPINNING NML1 GR -163114853.6 286539436.9
NAOUSSA SPINNING NML GR -163114853.6 286539436.9
NAOUSSA SPIN-RTS NAOYKR GA -163114853.6 286539436.9
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 RAKOF US -100972173.9 244951680.3
RADIO KORASSIDIS KORA GA -100972173.9 244951680.3
RADIO KORASSIDIS RKC GR -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 UTEX EU -163114853.6 286539436.9
UNITED TEXTILES UTEX GA -163114853.6 286539436.9
UNITED TEXTILES NAOSF US -163114853.6 286539436.9
UNITED TEXTILES NAOYK GA -163114853.6 286539436.9
UNITED TEXTILES UTEX EO -163114853.6 286539436.9
UNITED TEXTILES UTEX PZ -163114853.6 286539436.9
HUNGARY
-------
HUNGARIAN TELEPH HUGC IX -73724000 827192000
HUNGARIAN TELEPH HUC GR -73724000 827192000
HUNGARIAN TELEPH HUC EX -73724000 827192000
INVITEL HOLD-ADR IHO US -73724000 827192000
INVITEL HOLD-ADR INVHY US -73724000 827192000
INVITEL HOLD-ADR 0IN GR -73724000 827192000
INVITEL HOLDINGS 3212873Z HB -73724000 827192000
MALEV LTD MALEV HB -75737819.4 251668964.4
IRELAND
-------
BOUNDARY CAPITAL BCP1 EO -10192301.85 119787800.5
BOUNDARY CAPITAL BCP1 PZ -10192301.85 119787800.5
BOUNDARY CAPITAL BCP1 PG -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 BCM GR -10192301.85 119787800.5
BOUNDARY CAPITAL BCPI IX -10192301.85 119787800.5
BOUNDARY CAPITAL BCP LN -10192301.85 119787800.5
IBERBOND 2004 PL 3485334Z ID -774220.0848 539890478.9
JAMES HARDIE IND HAH AU -117900000 2178800128
JAMES HARDIE IND HAH NZ -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 JHIUF US -117900000 2178800128
JAMES HARDIE-CDI JHA TH -117900000 2178800128
JAMES HARDIE-CDI JHX AU -117900000 2178800128
JAMES HARDIE-CDI JHA GR -117900000 2178800128
MCINERNEY HLDGS MCI EU -132691148.8 374303706.5
MCINERNEY HLDGS MK9C PZ -132691148.8 374303706.5
MCINERNEY HLDGS MCIGBX EO -132691148.8 374303706.5
MCINERNEY HLDGS MCI IX -132691148.8 374303706.5
MCINERNEY HLDGS MK9 GR -132691148.8 374303706.5
MCINERNEY HLDGS MCIGBX EU -132691148.8 374303706.5
MCINERNEY HLDGS MCII IX -132691148.8 374303706.5
MCINERNEY HLDGS MCI PO -132691148.8 374303706.5
MCINERNEY HLDGS MNEYF US -132691148.8 374303706.5
MCINERNEY HLDGS MCI ID -132691148.8 374303706.5
MCINERNEY HLDGS MCI LN -132691148.8 374303706.5
MCINERNEY HLDGS MCI VX -132691148.8 374303706.5
MCINERNEY HLDGS MK9 PO -132691148.8 374303706.5
MCINERNEY HLDGS MCI EO -132691148.8 374303706.5
MCINERNEY HLDGS MCIGBP EO -132691148.8 374303706.5
MCINERNEY PROP-A MYP LN -132691148.8 374303706.5
MCINERNEY PROP-A MCIYF US -132691148.8 374303706.5
MCINERNEY PROP-A MYP ID -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 LN -132691148.8 374303706.5
MCINERNEY -RT NP MCIN ID -132691148.8 374303706.5
MCINERNEY-ADR MNEYY US -132691148.8 374303706.5
PAYZONE PLC PAYZ EU -138030903.2 510010035.3
PAYZONE PLC PAYZ PG -138030903.2 510010035.3
PAYZONE PLC PAYZ LN -138030903.2 510010035.3
PAYZONE PLC PAYZ EO -138030903.2 510010035.3
PAYZONE PLC 4P6 GR -138030903.2 510010035.3
PAYZONE PLC PAYZ IX -138030903.2 510010035.3
PAYZONE PLC PAYZ PZ -138030903.2 510010035.3
WATERFORD - RTS 508519Q LN -505729895.2 820803256
WATERFORD - RTS WWWA ID -505729895.2 820803256
WATERFORD - RTS 508523Q LN -505729895.2 820803256
WATERFORD - RTS WWWB ID -505729895.2 820803256
WATERFORD - RTS WWWB GR -505729895.2 820803256
WATERFORD - RTS WWWA GR -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 WWWD ID -505729895.2 820803256
WATERFORD WED-RT 586552Q LN -505729895.2 820803256
WATERFORD WED-RT WTFR LN -505729895.2 820803256
WATERFORD WED-RT 586556Q LN -505729895.2 820803256
WATERFORD WED-RT WWWC ID -505729895.2 820803256
WATERFORD WED-RT WWWD GR -505729895.2 820803256
WATERFORD WED-UT WTFU PO -505729895.2 820803256
WATERFORD WED-UT WWW PO -505729895.2 820803256
WATERFORD WED-UT WTFUGBX EO -505729895.2 820803256
WATERFORD WED-UT WTFU LN -505729895.2 820803256
WATERFORD WED-UT WTFU EU -505729895.2 820803256
WATERFORD WED-UT WTFU IX -505729895.2 820803256
WATERFORD WED-UT WTFU VX -505729895.2 820803256
WATERFORD WED-UT WWWD PZ -505729895.2 820803256
WATERFORD WED-UT WWW GR -505729895.2 820803256
WATERFORD WED-UT WTFUGBX EU -505729895.2 820803256
WATERFORD WED-UT WTFU EO -505729895.2 820803256
WATERFORD WED-UT WTFU ID -505729895.2 820803256
WATERFORD WE-RTS WTFN LN -505729895.2 820803256
WATERFORD WE-RTS WTFF ID -505729895.2 820803256
WATERFORD WE-RTS WTFN ID -505729895.2 820803256
WATERFORD WE-RTS WTFN VX -505729895.2 820803256
WATERFORD WE-RTS WTFF LN -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
ICELAND
-------
AVION GROUP B1Q GR -223780352 2277882368
EIMSKIPAFELAG HF HFEIM EO -223780352 2277882368
EIMSKIPAFELAG HF HFEIM IR -223780352 2277882368
EIMSKIPAFELAG HF HFEIMEUR EU -223780352 2277882368
EIMSKIPAFELAG HF HFEIM EU -223780352 2277882368
EIMSKIPAFELAG HF HFEIMEUR EO -223780352 2277882368
EIMSKIPAFELAG HF HFEIM PZ -223780352 2277882368
EIMSKIPAFELAG HF AVION IR -223780352 2277882368
ITALY
-----
AEDES AXA+W AEAXAW IM -24405906.61 1350851664
AEDES SPA LLB GR -24405906.61 1350851664
AEDES SPA AE PZ -24405906.61 1350851664
AEDES SPA AE IM -24405906.61 1350851664
AEDES SPA AEDSF US -24405906.61 1350851664
AEDES SPA AEDI IX -24405906.61 1350851664
AEDES SPA AE EO -24405906.61 1350851664
AEDES SPA AE EU -24405906.61 1350851664
AEDES SPA AE TQ -24405906.61 1350851664
AEDES SPA RNC AEDE IM -24405906.61 1350851664
AEDES SPA-OPA AEOPA IM -24405906.61 1350851664
AEDES SPA-OPA AEDROP 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 BIE1 PZ -6731364.698 131141946.1
BIOERA BIE EU -6731364.698 131141946.1
BIOERA BIE1 IX -6731364.698 131141946.1
BIOERA B2A GR -6731364.698 131141946.1
BIOERA BIE IM -6731364.698 131141946.1
BIOERA BIE EO -6731364.698 131141946.1
CART SOTTRI-BIND DEM IM -11146475.29 128859802.9
CIRIO FINANZIARI CRO IM -422095869.5 1583083044
CIRIO FINANZIARI FIY GR -422095869.5 1583083044
COIN SPA GC IX -154057608.3 800526929.5
COIN SPA GUCIF US -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 CITU IX -137726596.3 527372691.4
COMPAGNIA ITALIA CGLUF US -137726596.3 527372691.4
COMPAGNIA ITALIA ICT IM -137726596.3 527372691.4
CREDITO FONDIARI CRF IM -200209050.3 4213063202
CREDITO FOND-RTS CRFSA IM -200209050.3 4213063202
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 PZ -194331003.9 255327730
I VIAGGI DEL VEN VVE IX -194331003.9 255327730
I VIAGGI DEL VEN VVE IM -194331003.9 255327730
I VIAGGI DEL VEN VVE EO -194331003.9 255327730
I VIAGGI DEL VEN IVGIF US -194331003.9 255327730
I VIAGGI DEL VEN IV7 GR -194331003.9 255327730
I VIAGGI DEL VEN VVE EU -194331003.9 255327730
I VIAGGI DEL VEN VVE TQ -194331003.9 255327730
I VIAGGI-RTS VVEAA IM -194331003.9 255327730
MERIDIANA FLY E7N GR -4509742.055 181807336
MERIDIANA FLY EEZ TQ -4509742.055 181807336
MERIDIANA FLY EEZ PZ -4509742.055 181807336
MERIDIANA FLY EFLYF US -4509742.055 181807336
MERIDIANA FLY EEZ IM -4509742.055 181807336
MERIDIANA FLY MEF IM -4509742.055 181807336
MERIDIANA FLY EEZ EO -4509742.055 181807336
MERIDIANA FLY EEZ EU -4509742.055 181807336
MERIDIANA FLY SP MEFAXA IM -4509742.055 181807336
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 ONTI IX -3191558.267 123347206.3
OMNIA NETWORK SP ONT EU -3191558.267 123347206.3
OMNIA NETWORK SP ONT IM -3191558.267 123347206.3
OMNIA NETWORK SP ONT PZ -3191558.267 123347206.3
OMNIA NETWORK SP ONT EO -3191558.267 123347206.3
OMNIA NETWORK SP ONT TQ -3191558.267 123347206.3
PARMALAT FINANZI PMT LI -18419390029 4120687886
PARMALAT FINANZI PRF IM -18419390029 4120687886
PARMALAT FINANZI PARAF US -18419390029 4120687886
PARMALAT FINANZI PMLFF US -18419390029 4120687886
PARMALAT FINANZI PAF GR -18419390029 4120687886
PARMALAT FINANZI FICN AV -18419390029 4120687886
PARMALAT FINANZI PRFI VX -18419390029 4120687886
PARMALAT FINA-RT PRFR AV -18419390029 4120687886
RISANAMEN-RNC OP RNROPA IM -51818228.1 3959683341
RISANAMENTO NAPO RN5 GR -51818228.1 3959683341
RISANAMENTO -OPA RNOPA IM -51818228.1 3959683341
RISANAMENTO -RNC RNR IM -51818228.1 3959683341
RISANAMENTO SPA RN IX -51818228.1 3959683341
RISANAMENTO SPA RNGBP EO -51818228.1 3959683341
RISANAMENTO SPA RN IM -51818228.1 3959683341
RISANAMENTO SPA RN TQ -51818228.1 3959683341
RISANAMENTO SPA RN EU -51818228.1 3959683341
RISANAMENTO SPA RSMNF US -51818228.1 3959683341
RISANAMENTO SPA RN PZ -51818228.1 3959683341
RISANAMENTO SPA RN EO -51818228.1 3959683341
RISANAMENTO SPA RNGBX EO -51818228.1 3959683341
RISANAMENTO SPA RNGBX EU -51818228.1 3959683341
RISANAMENTO-RTS RNAA IM -51818228.1 3959683341
SNIA BPD SN GR -141933883.9 150445252.4
SNIA BPD-ADR SBPDY US -141933883.9 150445252.4
SNIA SPA SNIA GR -141933883.9 150445252.4
SNIA SPA SN EU -141933883.9 150445252.4
SNIA SPA SNIB GR -141933883.9 150445252.4
SNIA SPA SIAI PZ -141933883.9 150445252.4
SNIA SPA SBPDF US -141933883.9 150445252.4
SNIA SPA SIAI IX -141933883.9 150445252.4
SNIA SPA SN TQ -141933883.9 150445252.4
SNIA SPA SSMLF US -141933883.9 150445252.4
SNIA SPA SN IM -141933883.9 150445252.4
SNIA SPA SNIXF US -141933883.9 150445252.4
SNIA SPA SN EO -141933883.9 150445252.4
SNIA SPA - RTS SNAAW IM -141933883.9 150445252.4
SNIA SPA- RTS SNAXW IM -141933883.9 150445252.4
SNIA SPA-2003 SH SN03 IM -141933883.9 150445252.4
SNIA SPA-CONV SA SPBDF US -141933883.9 150445252.4
SNIA SPA-DRC SNR00 IM -141933883.9 150445252.4
SNIA SPA-NEW SN00 IM -141933883.9 150445252.4
SNIA SPA-NON CON SPBNF US -141933883.9 150445252.4
SNIA SPA-RCV SNIVF US -141933883.9 150445252.4
SNIA SPA-RCV SNR IM -141933883.9 150445252.4
SNIA SPA-RIGHTS SNAW IM -141933883.9 150445252.4
SNIA SPA-RNC SNRNC IM -141933883.9 150445252.4
SNIA SPA-RNC SNIWF US -141933883.9 150445252.4
SNIA SPA-RTS SNSO IM -141933883.9 150445252.4
SNIA SPA-RTS SNAA IM -141933883.9 150445252.4
SOCOTHERM SPA SCTI PZ -161739278.5 398222827.1
SOCOTHERM SPA SOCEF US -161739278.5 398222827.1
SOCOTHERM SPA SCT EU -161739278.5 398222827.1
SOCOTHERM SPA SCTM IX -161739278.5 398222827.1
SOCOTHERM SPA SCT TQ -161739278.5 398222827.1
SOCOTHERM SPA SCT IM -161739278.5 398222827.1
SOCOTHERM SPA SCT EO -161739278.5 398222827.1
TAS TECNOLOGIA TAS IM -4091557.635 172374242
TAS TECNOLOGIA TAS PZ -4091557.635 172374242
TAS TECNOLOGIA TAQ GR -4091557.635 172374242
TAS TECNOLOGIA TAS EU -4091557.635 172374242
TAS TECNOLOGIA TAS TQ -4091557.635 172374242
TAS TECNOLOGIA TAS EO -4091557.635 172374242
TAS TECNOLOGIA TAS NM -4091557.635 172374242
TECNODIFF ITALIA TDI NM -89894162.82 152045757.5
TECNODIFF ITALIA TDIFF US -89894162.82 152045757.5
TECNODIFF ITALIA TEF GR -89894162.82 152045757.5
TECNODIFF ITALIA TDI IM -89894162.82 152045757.5
TECNODIFF-RTS TDIAOW NM -89894162.82 152045757.5
TECNODIFFUSIONE TDIAAW IM -89894162.82 152045757.5
TISCALI - RTS TIQA GR -91679652.81 569172229.5
TISCALI - RTS TISAAW IM -91679652.81 569172229.5
TISCALI SPA TISGBX EO -91679652.81 569172229.5
TISCALI SPA TIS IM -91679652.81 569172229.5
TISCALI SPA TIS NQ -91679652.81 569172229.5
TISCALI SPA TISN VX -91679652.81 569172229.5
TISCALI SPA TISN IM -91679652.81 569172229.5
TISCALI SPA TIS TQ -91679652.81 569172229.5
TISCALI SPA TSCXF US -91679652.81 569172229.5
TISCALI SPA TISN NA -91679652.81 569172229.5
TISCALI SPA TIQ1 GR -91679652.81 569172229.5
TISCALI SPA TISGBX EU -91679652.81 569172229.5
TISCALI SPA TIS NR -91679652.81 569172229.5
TISCALI SPA TIS EO -91679652.81 569172229.5
TISCALI SPA TIS EB -91679652.81 569172229.5
TISCALI SPA TIS NA -91679652.81 569172229.5
TISCALI SPA TIS FP -91679652.81 569172229.5
TISCALI SPA TISN IX -91679652.81 569172229.5
TISCALI SPA TIS EU -91679652.81 569172229.5
TISCALI SPA TISGBP EO -91679652.81 569172229.5
TISCALI SPA TIS PZ -91679652.81 569172229.5
TISCALI SPA TIS VX -91679652.81 569172229.5
TISCALI SPA TIQG IX -91679652.81 569172229.5
TISCALI SPA TISN FP -91679652.81 569172229.5
TISCALI SPA TIS IX -91679652.81 569172229.5
TISCALI SPA TIQ GR -91679652.81 569172229.5
TISCALI SPA- RTS TISAXA IM -91679652.81 569172229.5
TISCALI SPA- RTS 3391621Q GR -91679652.81 569172229.5
LUXEMBOURG
----------
CARRIER1 INT-AD+ CONE ES -94729000 472360992
CARRIER1 INT-ADR CONEQ US -94729000 472360992
CARRIER1 INT-ADR CONE US -94729000 472360992
CARRIER1 INT-ADR CONEE US -94729000 472360992
CARRIER1 INTL CJN GR -94729000 472360992
CARRIER1 INTL CJN NM -94729000 472360992
CARRIER1 INTL CJNA GR -94729000 472360992
CARRIER1 INTL SA CONEF US -94729000 472360992
CARRIER1 INTL SA 1253Z SW -94729000 472360992
INTELSAT ILMA GR -325921984 17266143232
INTELSAT SA 2237Z US -325921984 17266143232
NETHERLANDS
-----------
BAAN CO NV-ASSEN BAANA NA -7854741.409 609871188.9
BAAN COMPANY NV BAAN IX -7854741.409 609871188.9
BAAN COMPANY NV BAAN EO -7854741.409 609871188.9
BAAN COMPANY NV BAAN PZ -7854741.409 609871188.9
BAAN COMPANY NV BAAVF US -7854741.409 609871188.9
BAAN COMPANY NV BNCG IX -7854741.409 609871188.9
BAAN COMPANY NV BAAN NA -7854741.409 609871188.9
BAAN COMPANY NV BAAN EU -7854741.409 609871188.9
BAAN COMPANY NV BAAN GR -7854741.409 609871188.9
BAAN COMPANY-NY BAANF US -7854741.409 609871188.9
CEVA GROUP PLC 976811Z NA -310987042.7 5613530996
LIBERTY GL EU-A UPC NA -5505478850 5112616630
UNITED PAN -ADR UPEA GR -5505478850 5112616630
UNITED PAN-A ADR UPCOY US -5505478850 5112616630
UNITED PAN-EUR-A UPC LI -5505478850 5112616630
UNITED PAN-EUR-A UPC LN -5505478850 5112616630
UNITED PAN-EUROP UPE GR -5505478850 5112616630
UNITED PAN-EUROP UPCEF US -5505478850 5112616630
UNITED PAN-EUROP UPC VX -5505478850 5112616630
UNITED PAN-EUROP UPCOF US -5505478850 5112616630
UNITED PAN-EUROP UPE1 GR -5505478850 5112616630
NORWAY
------
INTEROIL EXPLORA IOXEUR EO -48022000 186064000
INTEROIL EXPLORA INOX NO -48022000 186064000
INTEROIL EXPLORA IOXUSD EO -48022000 186064000
INTEROIL EXPLORA IROIF US -48022000 186064000
INTEROIL EXPLORA IOX NO -48022000 186064000
INTEROIL EXPLORA IOX PZ -48022000 186064000
INTEROIL EXPLORA IOXUSD EU -48022000 186064000
INTEROIL EXPLORA IOX BY -48022000 186064000
INTEROIL EXPLORA IOX IX -48022000 186064000
INTEROIL EXPLORA IOX EU -48022000 186064000
INTEROIL EXPLORA IOX EO -48022000 186064000
INTEROIL EXPLORA IOXEUR EU -48022000 186064000
PETRO GEO-SERV PGS VX -18066142.21 399710323.6
PETRO GEO-SERV PGS GR -18066142.21 399710323.6
PETRO GEO-SERV 265143Q NO -18066142.21 399710323.6
PETRO GEO-SERV-N PGSN NO -18066142.21 399710323.6
PETRO GEO-SV-ADR PGSA GR -18066142.21 399710323.6
PETRO GEO-SV-ADR PGOGY US -18066142.21 399710323.6
PETROJACK AS JACKEUR EU -54932000 191586000
PETROJACK AS JACKEUR EO -54932000 191586000
PETROJACK AS POJKF US -54932000 191586000
PETROJACK AS JACK EU -54932000 191586000
PETROJACK AS JACK EO -54932000 191586000
PETROJACK AS P3J GR -54932000 191586000
PETROJACK AS JACO IX -54932000 191586000
PETROJACK AS JACK NO -54932000 191586000
PETROJACK AS JACK PZ -54932000 191586000
PETROJACK AS JACK BY -54932000 191586000
RESERVOIR EXPL RXTEUR EU -34076000 185510000
RESERVOIR EXPL RXT EU -34076000 185510000
RESERVOIR EXPL RXTB NO -34076000 185510000
RESERVOIR EXPL RXAEF US -34076000 185510000
RESERVOIR EXPL RXTEUR EO -34076000 185510000
RESERVOIR EXPL 5RS GR -34076000 185510000
RESERVOIR EXPL RXT BY -34076000 185510000
RESERVOIR EXPL RXT NO -34076000 185510000
RESERVOIR EXPL RXT PZ -34076000 185510000
RESERVOIR EXPL RXT IX -34076000 185510000
RESERVOIR EXPL RXT EO -34076000 185510000
RESERVOIR EXPL-A RXTA NO -34076000 185510000
RESERVOIR-RTS RXTUR NO -34076000 185510000
RESERVOIR-RTS RXTS NO -34076000 185510000
POLAND
------
KROSNO KROS IX -2241614.766 111838141.2
KROSNO KRS1EUR EU -2241614.766 111838141.2
KROSNO KRS PW -2241614.766 111838141.2
KROSNO KRS LI -2241614.766 111838141.2
KROSNO KRS1EUR EO -2241614.766 111838141.2
KROSNO SA KRS PZ -2241614.766 111838141.2
KROSNO SA KRS1 EU -2241614.766 111838141.2
KROSNO SA KRS1 EO -2241614.766 111838141.2
KROSNO SA KROSNO PW -2241614.766 111838141.2
KROSNO SA KRNFF US -2241614.766 111838141.2
KROSNO SA-RTS KRSP PW -2241614.766 111838141.2
KROSNO-PDA-ALLT KRSA PW -2241614.766 111838141.2
TOORA 2916661Q EO -288818.3897 147004954.2
TOORA TOR PW -288818.3897 147004954.2
TOORA 2916665Q EU -288818.3897 147004954.2
TOORA TOR PZ -288818.3897 147004954.2
TOORA-ALLOT CERT TORA PW -288818.3897 147004954.2
PORTUGAL
--------
CARRIS FERRO DE 3482366Z PL -854280773.4 252500907.6
COFINA COFI PL -4067307.986 329785890.1
COFINA CFASF US -4067307.986 329785890.1
COFINA COFSI IX -4067307.986 329785890.1
COFINA SGPS SA CFN1 PZ -4067307.986 329785890.1
COFINA SGPS SA CFNX PX -4067307.986 329785890.1
COFINA SGPS SA COFI EO -4067307.986 329785890.1
COFINA SGPS SA COFI TQ -4067307.986 329785890.1
COFINA SGPS SA CFN PL -4067307.986 329785890.1
COFINA SGPS SA COFI EU -4067307.986 329785890.1
CP - COMBOIOS DE 1005Z PL -2809601115 1890209624
PARQUE EXPO 98 S 3482350Z PL -135582031.5 432824747.2
PORCELANA VISTA PVAL PL -64841467.39 140647736.3
REFER-REDE FERRO 1250Z PL -1611845937 2225160725
SOCIEDADE DE TRA 1253Z PL -382109074.2 119848180.8
SPORTING-SOC DES SCDF EO -22452984.49 177676573.7
SPORTING-SOC DES SCPL IX -22452984.49 177676573.7
SPORTING-SOC DES SCG GR -22452984.49 177676573.7
SPORTING-SOC DES SCDF EU -22452984.49 177676573.7
SPORTING-SOC DES SCDF PL -22452984.49 177676573.7
SPORTING-SOC DES SCP PL -22452984.49 177676573.7
SPORTING-SOC DES SCP1 PZ -22452984.49 177676573.7
SPORTING-SOC DES SCPX PX -22452984.49 177676573.7
TAP SGPS TAP PL -239565845.5 3126533533
VAA VISTA ALEGRE VAF PL -64841467.39 140647736.3
VAA VISTA ALEGRE VAF EO -64841467.39 140647736.3
VAA VISTA ALEGRE VAF EU -64841467.39 140647736.3
VAA VISTA ALEGRE VAFX PX -64841467.39 140647736.3
VAA VISTA ALEGRE VAF PZ -64841467.39 140647736.3
VAA VISTA AL-RTS VAAS PL -64841467.39 140647736.3
VAA VISTA AL-RTS VAA9S PL -64841467.39 140647736.3
VAA VISTA ALTAN VAFKX PX -64841467.39 140647736.3
VAA VISTA ALTAN VAFK EU -64841467.39 140647736.3
VAA VISTA ALTAN VAFK PL -64841467.39 140647736.3
VAA VISTA ALTAN VAFK PZ -64841467.39 140647736.3
VAA VISTA ALTAN VAFK EO -64841467.39 140647736.3
ROMANIA
-------
OLTCHIM RM VALCE OLTEUR EO -89344235.29 511515508.8
OLTCHIM RM VALCE OLT EO -89344235.29 511515508.8
OLTCHIM RM VALCE OLTCF US -89344235.29 511515508.8
OLTCHIM RM VALCE OLT EU -89344235.29 511515508.8
OLTCHIM RM VALCE OLT RO -89344235.29 511515508.8
OLTCHIM RM VALCE OLTEUR EU -89344235.29 511515508.8
OLTCHIM RM VALCE OLT PZ -89344235.29 511515508.8
RAFO SA RAF RO -457922636.3 356796459.3
UZINELE SODICE G UZIM RO -62313938.86 107275526.8
RUSSIA
------
ALLIANCE RUSSIAN ALRT RU -13189413.03 138268688.3
AMO ZIL ZILL RM -94581153.47 400666384.3
AMO ZIL-CLS ZILL RU -94581153.47 400666384.3
AMO ZIL-CLS ZILL* RU -94581153.47 400666384.3
AMUR SHIP-BRD AMZS* RU -137530791.8 945775662.6
AMUR SHIP-BRD AMZS RU -137530791.8 945775662.6
DAGESTAN ENERGY DASB* RU -23504511.21 181781762
DAGESTAN ENERGY DASB RU -23504511.21 181781762
DAGESTAN ENERGY DASB RM -23504511.21 181781762
EAST-SIBERIA-BRD VSNK RU -12441674.89 197590852.8
EAST-SIBERIA-BRD VSNK* RU -12441674.89 197590852.8
EAST-SIBERIAN-BD VSNK$ RU -12441674.89 197590852.8
FINANCIAL LEASIN FLKO RM -45555537.68 466377160.5
FINANCIAL LEASIN 137282Z RU -45555537.68 466377160.5
FINANCIAL LE-BRD FLKO RU -45555537.68 466377160.5
FINANCIAL LE-BRD FLKO* RU -45555537.68 466377160.5
GAZ-FINANS GAZF RU -56134.51262 232319905.4
GLOBEX-FINANS OSOLC RU -2727106.54 130285030.8
KOMPANIYA GL-BRD GMST* RU -24995189.6 1208685689
KOMPANIYA GL-BRD GMST RU -24995189.6 1208685689
KORPORACIJA -BRD FZTR RU -43512907.03 252572142
KORPORACIJA FAZO FZTR$ RU -43512907.03 252572142
KORPORACIJA-BRD FZTR* RU -43512907.03 252572142
MIAN-DEVELOPMENT MAEQY RU -695445.1747 424399991
MZ ARSENAL-$BRD ARSE RU -10888450.88 200936505.4
MZ ARSENAL-BRD ARSE$ RU -10888450.88 200936505.4
MZ ARSENAL-BRD ARSE* RU -10888450.88 200936505.4
PARNAS-M PRSM RU -138592.4742 127637318.8
RK-GAZSETSERVIS RKGS RU -54665229.61 153223493.4
RUSSIAN TEXT-CLS ALRTG RU -13189413.03 138268688.3
RUSSIAN TEXT-CLS ALRT* RU -13189413.03 138268688.3
SEVKABEL-FINANS SVKF RU -83036.46173 102680373.6
SISTEMA HALS HALS RM -343701984 1217284096
SISTEMA HALS-BRD HALS RU -343701984 1217284096
SISTEMA HALS-BRD HALS* RU -343701984 1217284096
SISTEMA HALS-GDR HALS TQ -343701984 1217284096
SISTEMA HALS-GDR HALS IX -343701984 1217284096
SISTEMA HALS-GDR SYR GR -343701984 1217284096
SISTEMA HALS-GDR HALS LI -343701984 1217284096
SISTEMA HALS-MSE HALSM RU -343701984 1217284096
SISTEMA HALS-T+0 HALSG RU -343701984 1217284096
SISTEMA-GDR 144A SEMAL US -343701984 1217284096
SISTEMA-GDR 144A 86PN LI -343701984 1217284096
TERNEYLES-BRD TERL RU -11828435.57 197558375.8
TERNEYLES-BRD TERL* RU -11828435.57 197558375.8
TRANSAERO AIRLIN TRNS* RU -21542426.88 1094294837
TRANSAERO AIRLIN TRNS RU -21542426.88 1094294837
URGALUGOL-BRD YRGL* RU -20412374.13 110116321.9
URGALUGOL-BRD YRGL RU -20412374.13 110116321.9
URGALUGOL-BRD-PF YRGLP RU -20412374.13 110116321.9
VOLGOGRAD KHIM VHIM* RU -22920234.24 142367839.8
VOLGOGRAD KHIM VHIM RU -22920234.24 142367839.8
WILD ORCHID ZAO DOAAN RU -12242338.85 164182102.7
ZAPSIBGASP-Q PFD ZSGPP$ RU -1248066.61 125676622.6
ZAPSIBGASPRO-BRD ZSGP RU -1248066.61 125676622.6
ZAPSIBGASPRO-BRD ZSGP* RU -1248066.61 125676622.6
ZAPSIBGASPROM-B ZSGP$ RU -1248066.61 125676622.6
ZAPSIBGASPRO-PFD ZSGPP* RU -1248066.61 125676622.6
ZAPSIBGASPRO-PFD ZSGPP RU -1248066.61 125676622.6
ZIL AUTO PLANT ZILL$ RU -94581153.47 400666384.3
ZIL AUTO PLANT-P ZILLP RM -94581153.47 400666384.3
ZIL AUTO PLANT-P ZILLP RU -94581153.47 400666384.3
ZIL AUTO PLANT-P ZILLP* RU -94581153.47 400666384.3
SERBIA
------
DUVANSKA DIVR SG -32792314.86 122255596.4
IMK 14 OKTOBAR A IMKO SG -5175836.416 110102264.2
PINKI AD PNKI SG -36537862.34 120707518
ZASTAVA AUTOMOBI ZAKG SG -396504649.1 174692011.1
SPAIN
-----
ACTUACIONES ACTI AGR SM -231062375.2 529525187.2
AGRUPACIO - RT AGR/D SM -231062375.2 529525187.2
AMADEUS IT HOLDI AI3A GR -397888596.9 7970850431
AMADEUS IT HOLDI AMS SM -397888596.9 7970850431
AMADEUS IT HOLDI AI3A TH -397888596.9 7970850431
AMADEUS IT HOLDI AMS3 EO -397888596.9 7970850431
AMADEUS IT HOLDI AMS IX -397888596.9 7970850431
AMADEUS IT HOLDI AMS3 EB -397888596.9 7970850431
AMCI HABITAT SA AMC1 EU -24580874.45 194758143.4
AMCI HABITAT SA AMC SM -24580874.45 194758143.4
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
FERGO AISA SA AISA EO -231062375.2 529525187.2
FERGO AISA SA AISA EU -231062375.2 529525187.2
FERGO AISA SA AISA PZ -231062375.2 529525187.2
FERGO AISA SA AISA SM -231062375.2 529525187.2
MARTINSA FADESA MTF1 LI -1929870022 7764140388
MARTINSA FADESA MTF EU -1929870022 7764140388
MARTINSA FADESA 4PU GR -1929870022 7764140388
MARTINSA FADESA MFAD PZ -1929870022 7764140388
MARTINSA FADESA MTF EO -1929870022 7764140388
MARTINSA FADESA MTF SM -1929870022 7764140388
MARTINSA-FADESA MTF NR -1929870022 7764140388
SWEDEN
------
ALLOKTON AB ALOKB SS -81949466.05 495641682.4
NOBINA 1099Z SS -13023225.28 483974246.5
PHADIA AB 842347Z SS -140406774.4 2127579095
TURKEY
------
BESIKTAS FUTBOL BKTFF US -12825040.91 182756610.7
BESIKTAS FUTBOL BWX GR -12825040.91 182756610.7
BESIKTAS FUTBOL BJKAS TI -12825040.91 182756610.7
BESIKTAS FUTBOL BJKASY TI -12825040.91 182756610.7
BESIKTAS FUTBOL BJKASM TI -12825040.91 182756610.7
EGS EGE GIYIM VE EGDIS TI -7732138.551 147075066.7
EGS EGE GIYIM-RT EGDISR TI -7732138.551 147075066.7
IKTISAT FINAN-RT IKTFNR TI -46900661.12 108228233.6
IKTISAT FINANSAL IKTFN TI -46900661.12 108228233.6
MUDURNU TAVUKC-N MDRNUN TI -64930189.62 160408172.1
MUDURNU TAVUKCUL MDRNU TI -64930189.62 160408172.1
SIFAS SIFAS TI -15439198.6 130608104
TUTUNBANK TUT TI -4024959602 2643810457
YASARBANK YABNK TI -4024959602 2643810457
UKRAINE
-------
AZOVZAGALMASH MA AZGM UZ -16212049.02 277693905.5
BANK FORUM -GDR BFJG IX -5331676.798 2243068982
BANK FORUM -GDR FRMB038 RU -5331676.798 2243068982
BANK FORUM -GDR B5F GR -5331676.798 2243068982
BANK FORUM -GDR 639540Z LX -5331676.798 2243068982
BANK FORUM JSC FORM UZ -5331676.798 2243068982
DNEPROPETROVSK DMZP UZ -15926384.43 424303604.8
DONETSKOBLENERGO DOON UZ -215090745.2 394460346.2
LUGANSKGAS LYGZ UZ -16910611.07 109918477.6
LUGANSKOBLENERGO LOEN UZ -28172021.03 200011380.2
NAFTOKHIMIK PRIC NAFP UZ -23616113.15 520766522.6
NAFTOKHIMIK-GDR N3ZA GR -23616113.15 520766522.6
ODESSA OIL REFIN ONPZ UZ -111365037.3 482408362.5
ZALK - PFTS ZALK UZ -43917601.26 146530718.8
UNITED KINGDOM
--------------
4LESS GROUP FL/ LN -3088436.068 106650689.4
4LESS GROUP LI4 GR -3088436.068 106650689.4
4LESS GROUP BHL PO -3088436.068 106650689.4
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4LESS GROUP FL/ PO -3088436.068 106650689.4
4LESS GROUP LI4 TH -3088436.068 106650689.4
ADVANCE DISPLAY ADTP PZ -3015578835 2590007904
AEA TECHNOLO-FPR AATF LN -197788769.2 123048312.7
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BAYDONHILL PLC FLG OF -3088436.068 106650689.4
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STV GROUP PLC STVG VX -51512119.25 207340304
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STV GROUP PLC STVGEUR EO -51512119.25 207340304
TELEWEST COM-ADR TWSTD US -3702234581 7581020925
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TI AUTOMOTIVE-A 6525Z LN -298787496.1 1730489867
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TOPPS TILES PLC TPT BQ -49423537.13 155303750.4
TOPPS TILES PLC TPT EU -49423537.13 155303750.4
TOPPS TILES PLC TPT LN -49423537.13 155303750.4
TOPPS TILES PLC TPTEUR EU -49423537.13 155303750.4
TOPPS TILES-NEW TPTN LN -49423537.13 155303750.4
UNIGATE PLC UNGAF US -24544959.64 626057950.8
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UNIGATE PLC UNIG LN -24544959.64 626057950.8
UNIGATE PLC-ADR UNGAY US -24544959.64 626057950.8
UNIQ PLC UNIQ EU -24544959.64 626057950.8
UNIQ PLC UNIQGBP EO -24544959.64 626057950.8
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UNIQ PLC UNIQ VX -24544959.64 626057950.8
UNIQ PLC UNIQEUR EO -24544959.64 626057950.8
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UNIQ PLC UNIQ LN -24544959.64 626057950.8
UNIQ PLC UNIQF US -24544959.64 626057950.8
UNIQ PLC UNIQEUR EU -24544959.64 626057950.8
UNIQ PLC UGE GR -24544959.64 626057950.8
UNIQ PLC UNIQ PZ -24544959.64 626057950.8
UTC GROUP UGR LN -11904426.45 203548565
VIRGIN MOB-ASSD VMOC LN -392165437.6 166070003.7
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WHITE YOUNG GREE WHY LN -35008863.49 305242409.9
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WINCANTON PL-ADR WNCNY US -151911497.1 1420828184
WINCANTON PLC WIN1 NQ -151911497.1 1420828184
WINCANTON PLC WIN1 QM -151911497.1 1420828184
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WINCANTON PLC WIN1EUR EO -151911497.1 1420828184
WINCANTON PLC WIN1 EB -151911497.1 1420828184
WINCANTON PLC WIN IX -151911497.1 1420828184
WINCANTON PLC WIN1 BQ -151911497.1 1420828184
WINCANTON PLC WIN LN -151911497.1 1420828184
WINCANTON PLC WIN PO -151911497.1 1420828184
WINCANTON PLC WIN1USD EU -151911497.1 1420828184
WINCANTON PLC WIN1 TQ -151911497.1 1420828184
WINCANTON PLC WIN1 EU -151911497.1 1420828184
WINCANTON PLC WIN1EUR EU -151911497.1 1420828184
WINCANTON PLC WIN1USD EO -151911497.1 1420828184
WINCANTON PLC WNCNF US -151911497.1 1420828184
WINCANTON PLC WIN1GBP EO -151911497.1 1420828184
WINCANTON PLC WIN1 EO -151911497.1 1420828184
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WYG PLC WYGGBP EO -35008863.49 305242409.9
WYG PLC WYG EO -35008863.49 305242409.9
WYG PLC WYG LN -35008863.49 305242409.9
WYG PLC WHY IX -35008863.49 305242409.9
WYG PLC WYG PZ -35008863.49 305242409.9
WYG PLC WYGEUR EU -35008863.49 305242409.9
WYG PLC WYGEUR EO -35008863.49 305242409.9
WYG PLC WYG EU -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
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.
Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.
The TCR Europe subscription rate is US$625 per half-year,
delivered via e-mail. Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each. For subscription information,
contact Christopher Beard at 240/629-3300.
* * * End of Transmission * * *