/raid1/www/Hosts/bankrupt/TCREUR_Public/101026.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, October 26, 2010, Vol. 11, No. 211
Headlines
F R A N C E
NEXANS SA: S&P Puts 'BB+' Rating on CreditWatch Negative
G E R M A N Y
ATU AUTO-TEILE: S&P Assigns 'B-' Corporate Credit Rating
I R E L A N D
ALLIED IRISH: Board Has Yet to Approve New Chairman's Appointment
ANGLO IRISH: Clients Suffer US$9.7MM Losses From Flowers Venture
ANGLO IRISH: Wife of Ex-Chief Agrees to Set Aside Home Transfer
BERGANZA LTD: Goes Into Liquidation; 130 Jobs at Risk
CBOM FINANCE: Fitch Assigns 'B+' Rating to Senior Unsecured Loan
CELTIC RESIDENTIAL: S&P Cuts Rating on Class B Notes to 'BB+ (sf)'
CRYSTAL CREDIT: Moody's Cuts Rating on Class B Notes to 'C (sf)'
QUINN INSURANCE: Bidders Reluctant to Buy Whole Business
K A Z A K H S T A N
* Moody's Downgrades Debt Ratings on Various Kazakh Banks
L U X E M B O U R G
HARVEST CLO: S&P Holds 'CCC- (sf)' Ratings on Classes E & U Notes
N E T H E R L A N D S
FORNAX BV: Fitch Affirms 'CCCsf' Ratings on Two Classes of Notes
ZIGGO BOND: S&P Affirms Corporate Credit Rating at 'B+'
ZIGGO FINANCE: Moody's Assigns (P)'Ba2' Rating to Senior Notes
R U S S I A
RENAISSANCE KAZNACHEI: Moody's Assigns 'B1' Sr. Sec. Debt Rating
TMK OAO: Moody's Changes Outlook on B1 Rating on US$600 Mil. Loan
S P A I N
IM PRESTAMOS: Moody's Cuts Rating on Class C Notes to 'B3 (sf)'
T U R K E Y
KUZEY KIBRIS: To Be Sold by Government Following Bankruptcy
U N I T E D K I N G D O M
CHAMBERS: Goes Into Administration
DARBY GLASS: Enters Into Administration
DUNDEE FOOTBALL CLUB: Caretaker Manager Seeks League Leniency
EMI GROUP: Guy Hands Did Not Raise Fraud Claims v. Citi in 2007
EXPRO HOLDINGS: S&P Downgrades Corporate Credit Rating to 'B-'
FOLDING SERVICES: Guardian Products Buys Firm After Liquidation
G & S COSSEY: Goes Into Administration
GLENTORAN FOOTBALL CLUB: Faces Administration Threat Over Debts
HORSE & COUNTRY TV: Goes Into Administration
J KENNEDY: In Administration; 55 Jobs at Risk
KENDALL PRESS: Goes Into Liquidation; 29 Jobs Lost
LIMAVADY GEAR: In Administration; 27 Jobs at Risk
METRIX FUNDING: Moody's Confirms Caa3 (sf) Rating on Class E Notes
PORTSMOUTH FOOTBALL CLUB: Former Chief Waits to Make Takeover Bid
SHEBEEN CHIC: Dispute Over Rent Payments May Lead to Liquidation
SPECIALTY RETAIL: May File for Administration This Week
SVM TEXTILES: Hire Class Acquires Firm, Almost 100 Jobs Saved
WORK FOUNDATION: Lancaster University Buys Foundation
WRIGHT PRINTING: Paragon Group Acquires Firm Out of Administration
ZYTEK MOTORSPORT: Goes Into Administration
U Z B E K I S T A N
KAPITALBANK: S&P Changes Outlook to Stable; Affirms 'B-' Rating
* S&P Affirms 'B' Credit Ratings on Three Banks in Uzbekistan
X X X X X X X X
* Large Companies with Insolvent Balance Sheet
*********
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F R A N C E
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NEXANS SA: S&P Puts 'BB+' Rating on CreditWatch Negative
--------------------------------------------------------
Standard & Poor's Ratings Services said that it has placed its
'BB+' long-term corporate credit rating on French cable
manufacturer Nexans S.A. on CreditWatch with negative
implications. At the same time, the 'B' short-term corporate
credit rating on Nexans was affirmed.
Nexans has announced its intention to enter into discussions with
Dutch cable manufacturer Draka Holding N.V. to purchase all of its
outstanding ordinary shares. At this stage, Nexans has obtained
the commitment of Draka's main shareholder, Flint Beheer BV
(48.48% of the capital), to tender its shares at a price of EUR15
each, implying a total price of about EUR730 million. Based on
this price and Draka's reported net financial position of EUR337
million at end-June 2010, S&P estimates that the company's
enterprise value (excluding the preference shares) would be about
EUR1.1 billion.
"Considering the considerable size of the potential acquisition,
S&P believes that Nexans' credit quality could weaken if the
company debt finances a significant portion of the deal," said
Standard & Poor's credit analyst Barbara Castellano.
S&P expects to resolve the CreditWatch placement within the next
three months, depending on availability of information and the
timetable of the transaction. Key elements in S&P's assessment
include the final purchase price; the financial structure
(especially the size of the additional debt); shareholder,
regulatory, and other approvals, as needed; and S&P's evaluation
of the combined business risk profile. S&P will also need to
review the capital structure of the enlarged group and assess
recovery prospects of existing and potentially new debt
instruments.
"At this early stage, S&P believes that any lowering of the long-
term corporate credit rating would likely be limited to one
notch," said Ms. Castellano.
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G E R M A N Y
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ATU AUTO-TEILE: S&P Assigns 'B-' Corporate Credit Rating
--------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
final 'B-' long-term corporate credit rating to Germany-based
repair shop and auto parts distributor A.T.U Auto-Teile Unger
Handels GmbH & Co. KG. The outlook is stable.
In addition, S&P assigned its final 'B-' issue rating to EUR450
million senior secured notes due 2014 issued by ATU, consisting of
a EUR375 million fixed-rate tranche paying 11% and a EUR75 million
floating-rate tranche with a margin of 9.75% above EURIBOR. S&P
also assigned a recovery rating of '4' to the notes, indicating
its expectation of average (30%-50%) recovery in an event of
payment default.
The 'B-' corporate credit ratings on ATU reflect S&P's view of the
group's highly leveraged financial risk profile, very aggressive
financial policy, and weak business risk profile. S&P considers
the company's liquidity profile to be adequate following the
refinancing, with no maturities until the notes fall due in 2014.
The stable outlook reflects S&P's view that ATU's liquidity
position will enable the company to withstand pressure on its
operating performance to a certain degree.
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I R E L A N D
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ALLIED IRISH: Board Has Yet to Approve New Chairman's Appointment
-----------------------------------------------------------------
Simon Carswell at The Irish Times reports that the board of Allied
Irish Banks has yet to approve the appointment of David Hodgkinson
-- the former chief operating officer of UK bank HSBC, selected in
a process managed by the National Treasury Management Agency
(NTMA) -- as its new executive chairman.
According to The Irish Times, Mr. Hodgkinson has been approached
to lead a new management team but the AIB board must approve his
appointment even though the bank will shortly fall into majority
State ownership.
The NTMA manages the Government's banking bailouts and the State's
interests in five of the six financial institutions in which the
Government has controlling or minority shareholdings, The Irish
Times discloses.
The Irish Times relates the bank said Dan O'Connor, executive
chairman, and managing director Colm Doherty would depart after
the second Government bailout of the bank was announced last
month, as AIB's capital bill was raised to EUR10.4 billion by the
Financial Regulator.
The bank had been selling overseas businesses and planning a
rights issue to raise an initial target of EUR7.4 billion, but
higher losses on property loans will lead to the Government taking
a stake of more than 90%, The Irish Times discloses.
The Irish Times notes it is understood Mr. Hodgkinson may step
back to the role non-executive chairman of the bank after
establishing a new management team.
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: Clients Suffer US$9.7MM Losses From Flowers Venture
----------------------------------------------------------------
Emmet Oliver at Irish Independent reports that clients of Anglo
Irish Bank who joined a partnership together shortly before the
bank was nationalized have sustained losses of US$9.7 million
(EUR6.9 million) from the venture, which ploughed all its money
into a JC Flowers fund aimed at the banking sector.
According to Irish Independent, there is now only US$6.2 million
of equity left in the fund for the partners after an impairment
was incurred because of the global downturn, its 2009 accounts
filed in the UK show.
The Anglo Irish JCF 1 limited liability partnership was set up
when Sean FitzPatrick and David Drumm were in charge of the bank
and the reasons for setting it up are being looked at by the
current management, led by Mike Aynsley, Irish Independent states.
Results for the partnership show it was set up on October 24,
weeks after the bank was brought under the government guarantee
scheme, Irish Independent discloses.
Irish Independent says the accounts show the partnership's
principal activity was to invest in JC Flowers II, a private
equity fund that invests in banks globally. JC Flowers was
founded by Christopher Flowers, the US private equity investor,
Irish Independent ntoes. Mr. Flowers has been chasing a number of
banking deals in Ireland in the past year and half, including EBS,
Irish Independent relates.
The investment made by the partnership is registered in the name
of Anglo Irish Bank which holds the investment for the benefit of
the partners, Irish Independent discloses.
The accounts show that turnover, from the Flowers fund, only
produced US$255,038 in income, with the overall investment falling
in value by US$9.9 million, leaving losses of US$9.7 million to be
absorbed by the various partners, according to Irish Independent.
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 Sept. 17,
2010, Fitch Ratings affirmed Anglo Irish Bank Corporation Ltd.'s
Individual Rating at 'E'. It also affirmed its ratings on the
bank's Lower Tier 2 Subordinated Notes at 'CCC' and Tier 1 Notes
at 'C'.
As reported by the Troubled Company Reporter-Europe on Sept. 15,
2010, Moody's Investors Service said it is maintaining its review
for possible downgrade on the A3/P-1 deposit and senior debt
ratings, and on the Ba1 subordinated debt rating of Anglo Irish
Bank Corporation. The junior subordinated debt is downgraded to C
from Caa2. The backed-Aa2 rating (stable outlook) on the
government guaranteed debt, the C rating on the bank's tier 1
securities and the E bank financial strength rating -- mapping to
Caa1 on the long-term scale -- are unaffected by this rating
action.
ANGLO IRISH: Wife of Ex-Chief Agrees to Set Aside Home Transfer
---------------------------------------------------------------
Mary Carolan at The Irish Times reports that the wife of former
Anglo Irish Bank chief executive David Drumm has agreed that the
controversial May 2009 transfer into her sole ownership of the
couple's former luxury home in Co Dublin should be overturned.
The Irish Times relates the agreement effectively brings to an end
legal proceedings here by Anglo against Lorraine Drumm but the
case against her husband remains outstanding.
The Irish Times relates Mr. Justice Peter Kelly was told at the
Commercial Court on Thursday that Mrs. Drumm is prepared to give
her "irrevocable consent" to the setting aside of the May 2009
transfer of the ownership of the property at Abington, Malahide,
from the joint names of the Drumms into her sole name.
According to The Irish Times, Mr. Justice Kelly was also told
Anglo, which claimed the May 2009 transfer was "a fraud on
creditors" of Mr. Drumm -- the couple insisted it was for
"taxation reasons" -- was prepared to accept that irrevocable
consent.
The Irish Times relates because the US trustee in bankruptcy was
now involved -- by virtue of all Mr. Drumm's assets being vested
in the trustee -- a final order setting aside the transfer could
not be made now.
The Irish Times notes John Hennessy SC, who is representing Anglo,
said no final order setting aside the transfer can be made yet
because matters have been complicated by Mr. Drumm's action in
filing for bankruptcy in the United States and because he is also
a party to the transfer arrangement.
Counsel also asked that an injunction granted to the bank which
restrains Mrs. Drumm from proceeding with her proposal to re-
transfer the property back into the couple's joint names remain in
place until Tuesday, The Irish Times discloses. Mr. Justice
Kelly, as cited by The Irish Times, said he would continue the
injunction to Tuesday.
The Irish Times relates the judge also asked Mr. Hennessy whether
there was any indication from the US trustee whether she intended
to appear at next Tuesday's listing of the Anglo proceedings
against Mr. Drumm over unpaid loans of EUR8.5 million.
The US trustee has applied to the courts there to instruct counsel
concerning the action in Ireland against Mr. Drumm, which had been
scheduled for hearing next Tuesday but has been put on hold
pending notification to the Commercial Court of the trustee's
stance on the proceedings, according to The Irish Times.
The action against Mr. Drumm was due to open next Tuesday at the
Commercial Court with the case against Mr. and Mrs. Drumm over the
Abington transfer to be heard immediately afterwards, The Irish
Times states.
Creditors Meeting
Separately, Colm Keena at The Irish Times reports that Mr. Drumm
has called a creditors meeting in Boston as part of his US
bankruptcy application.
According to The Irish Times, Mr. Drumm, with an address at Old
Colony Road, Wellesley, Massachusetts, has called the meeting for
November 16, at an address in Boston.
The Irish Times relates Mr. Drumm also supplied the courts with a
list of creditors, though not the amounts owed to them.
As reported by the Troubled Company Reporter-Europe on Oct. 19,
2010, Bloomberg News said Mr. Drumm filed for bankruptcy,
months after the bank sought repayment of loans from him.
Bloomberg disclosed Mr. Drumm, who resigned from the Dublin-based
bank in December 2008, listed assets and liabilities at US$1
million to US$10 million on Oct. 14 in U.S. Bankruptcy Court in
Boston. Anglo Irish Bank's lawyers told a court in Dublin in
December that the bank is seeking repayment of loans valued at
about EUR8 million (US$11.3 million) from Mr. Drumm, according to
Bloomberg. His liabilities are primarily business debts,
Bloomberg said, citing the Oct. 14 filing under Chapter 7 of the
U.S. Bankruptcy Code.
About Anglo Irish Bank
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 Sept. 17,
2010, Fitch Ratings affirmed Anglo Irish Bank Corporation Ltd.'s
Individual Rating at 'E'. It also affirmed its ratings on the
bank's Lower Tier 2 Subordinated Notes at 'CCC' and Tier 1 Notes
at 'C'.
As reported by the Troubled Company Reporter-Europe on Sept. 15,
2010, Moody's Investors Service said it is maintaining its review
for possible downgrade on the A3/P-1 deposit and senior debt
ratings, and on the Ba1 subordinated debt rating of Anglo Irish
Bank Corporation. The junior subordinated debt is downgraded to C
from Caa2. The backed-Aa2 rating (stable outlook) on the
government guaranteed debt, the C rating on the bank's tier 1
securities and the E bank financial strength rating -- mapping to
Caa1 on the long-term scale -- are unaffected by this rating
action.
BERGANZA LTD: Goes Into Liquidation; 130 Jobs at Risk
-----------------------------------------------------
Laura Slattery at The Irish Times reports that Berganza Ltd,
trading as Pulse Accessories, has gone into liquidation, putting
130 jobs at risk.
The Irish Times relates the 130 workers, who held a mix of full
and part-time positions, were made redundant on October 19, the
date of the High Court order.
However, provisional liquidator Ken Fennell of corporate recovery
specialists Kavanagh Fennell said he was hopeful that an investor
can be found to buy the company as a going concern, The Irish
Times relates.
A number of expressions of interest in the firm have been lodged
with his office to date, according to The Irish Times.
According to The Irish Times, Mr. Fennell has asked that further
expressions of interest be made by the close of business today,
October 26. He will be advertising the sale details in the coming
days, the report adds.
Berganza Ltd, trades as the fashion jewellery retailer Pulse
Accessories at 27 stores across Ireland and as the wholesale
jewellery supplier Impulse Products. The business had stores in
16 counties.
CBOM FINANCE: Fitch Assigns 'B+' Rating to Senior Unsecured Loan
----------------------------------------------------------------
Fitch Ratings has assigned CBOM Finance p.l.c.'s upcoming issue of
senior unsecured loan participation notes an expected Long-term
rating of 'B+' with a Recovery Rating of 'RR4'.
The final rating of the notes is contingent upon the receipt of
final documentation conforming to information already received.
CBOM Finance p.l.c., an Ireland-domiciled special-purpose vehicle,
will use the proceeds from the note issuance to finance a senior
unsecured loan to Credit Bank of Moscow ('B+'/Stable) and will
only pay noteholders principal and interest received from the
bank.
Credit Bank of Moscow was among 40 largest Russian banks by assets
at end-H110, and its core business is providing banking services
to medium-sized trading companies. It is fully owned by a Russian
businessman, Roman Avdeev.
CELTIC RESIDENTIAL: S&P Cuts Rating on Class B Notes to 'BB+ (sf)'
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered and kept on CreditWatch
negative its credit ratings on all rated notes in Celtic
Residential Irish Mortgage Securitisation No. 9 PLC and Celtic
Residential Irish Mortgage Securitisation No. 10 PLC.
S&P believes that a growing proportion of the mortgages in the
pools underlying Celtic 9 and Celtic 10 is falling into negative
equity as house prices continue to fall in Ireland. Irish house
prices declined a further 1.7% in 2Q 2010 and are now at 2002
levels, in its view. S&P expects house prices to decline further
and bottom out in 2011. S&P also expects Ireland's GDP to
decrease by a further 0.8% in 2010 and unemployment levels to peak
at 13.5%.
While S&P understands that loans in both pools are currently going
through payment modification programs, S&P see that there remains
uncertainty about the concentration of such loans in each pool.
In S&P's opinion, this will lead to compressed constant prepayment
levels and may also delay the foreclosure process. S&P is
continuing its analysis in this area and, depending on the
outcome, this may result in further negative rating actions. This
is why S&P has kept the notes on CreditWatch negative.
In Celtic 9, 90+ day delinquencies increased to 9.72%, from 8.42%
in S&P's last review in July 2010. In Celtic 10, 90+ day
delinquencies increased to 8.61%, from 6.53% in April 2010.
Later-stage arrears in both pools appear to be increasing and
stagnating, indicating, in S&P's view, that few loans come out of
arrears once they become delinquent and few loans leave the pool
through foreclosure.
Total arrears in Celtic 10 are greater than Celtic 9 levels,
despite being a less seasoned pool. S&P believes this is because
a greater proportion of loans in Celtic 10 were originated when
house prices were at their peak, leading to a higher concentration
of loans in negative equity.
Celtic 9 and 10 are Irish residential mortgage-backed securities
transactions with loans originated by First Active. Celtic 9
closed in November 2005 and Celtic 10 in August 2006.
Ratings List
Ratings Lowered and Kept on Creditwatch Negative
Celtic Residential Mortgage Securitisation No. 9 PLC
EUR1,750 Million Residential Mortgage-Backed Floating-Rate Notes
Rating
------
Class To From
----- -- ----
A2 AA- (sf)/Watch Neg AAA (sf)/Watch Neg
B BBB (sf)/Watch Neg A (sf)/Watch Neg
Celtic Residential Mortgage Securitisation No. 10 PLC
EUR1,790 Million Residential Mortgage-Backed Floating-Rate Notes
Rating
------
Class To From
----- -- ----
A2 A (sf)/Watch Neg AAA (sf)/Watch Neg
B BB+ (sf)/Watch Neg A (sf)/Watch Neg
CRYSTAL CREDIT: Moody's Cuts Rating on Class B Notes to 'C (sf)'
----------------------------------------------------------------
Moody's Investors Service said it has taken these rating actions
on two classes of notes issued by Crystal Credit Ltd (Issuer):
-- EUR108M A Notes, Downgraded to Caa1 (sf); previously on Sep
14, 2010 B3 (sf) Placed Under Review for Possible Downgrade
-- EUR81M B Notes, Downgraded to C (sf); previously on Sep 14,
2010 Caa2 (sf) Placed Under Review for Possible Downgrade
Ratings Rationale
This rating action concludes the review that was initiated in
September 2010 which was prompted by a continued increase in the
reported aggregate losses and provisions from the insurers.
The losses from underwriting years 2006 and 2007 are now well
developed and provisioned for and Moody's expects the ultimate
losses to be in line with current paid and provisioned losses.
However, losses from underwriting year 2008 are expected to
develop further. The recently reported aggregate loss for the
three underwriting years of EUR786 million is in excess of Moody's
previous estimates of EUR735 million. While Moody's does not
expect a considerable increase from recently reported aggregate
losses, it notes that there is still uncertainty around this
projection. The highly leveraged nature of this asset type also
means that a moderate increase in default rates could result in a
material increase in loss ratios, even if exposures had run off
significantly. Based on EUR786 million losses reported in
September 2010 and potential further increase based on Moody's
analysis, Moody's now expects that the Class B notes are likely to
experience substantial losses in line with a C (sf) rating. In
addition, Moody's believes that the likelihood of occurrence of a
loss for Class A has also increased. Although the loss is still
expected to be minimal, Moody's believes that there is a
meaningful (i.e. greater than 10%) probability of large potential
losses for Class A and is, therefore, in line with a Caa1 (sf)
rating.
The transaction transfers credit risk on a mezzanine tranche of a
pro-rata share of Swiss Re's trade credit re-insurance business
(Swiss Re retains a 10% minimum share). The transaction reflects
the ratio of ceded losses to the gross premium received by Swiss
Re from cedent insurers. As such, the transaction's structure
envisions that the Issuer will pay a protection amount to Swiss Re
if the aggregate losses for underwriting years 2006, 2007 and 2008
exceed EUR666 million. This protection amount will be drawn from
the proceeds of the sale of the Notes, which, otherwise will be
repaid to Note holders at the transactions maturity.
The various attachment points, as a ratio of claims and reserves
to gross premium are: Class A: 90%, Class B: 81%, Class C: 74%.
Moody's has initially analyzed this transaction using a bespoke
Monte Carlo simulation model which generates the three year loss
ratio distribution for Swiss Re's trade credit re-insurance
business. The key inputs are A) defaults of each of the risks in
the pool, and B) the Loss given default of each entity in the
pool. In order to asses (B), Moody's examines the Assigned Credit
Limit of the entity, and the Possible Maximum Loss. The resulting
Loss Given Default of the i'th entity will be given by: Loss(i) =
ACL(i) * PML(i).
However, the model output is only of limited use at this stage in
the transaction's lifecycle. Losses from UY 2006 and 2007 are
almost fully developed whereas losses from UY 2008 are still
increasing. Moody's therefore carried out a simple static
extrapolation of the loss ratios to arrive at the ultimate loss
ratios for the UY 2008. The results from this exercise are also
"sense checked" against more detailed confidential numbers
produced by Swiss Re. As the Notes indicate a high probability of
default, Moody's also used "Moody's approach to rating structured
finance securities in default" published in November 2009 as a
part of its approach.
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 source used to prepare the credit rating is these:
parties involved in the ratings.
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 adopts all necessary measures so that the information it
uses in assigning a credit rating is of sufficient quality and
from sources MOODY'S considers to be reliable including, when
appropriate, independent third-party sources. However, MOODY'S is
not an auditor and cannot in every instance independently verify
or validate information received in the rating process.
QUINN INSURANCE: Bidders Reluctant to Buy Whole Business
--------------------------------------------------------
Emmet Oliver and Maeve Dineen at Irish Independent report that
several of the bidders for Quinn Insurance are not prepared to buy
the entire company, particularly its outstanding claims, while
others are now seeking State protection if these claims exceed
forecasts.
According to Irish Independent, it is understood that Anglo Irish
Bank has bid for the entire company, but the reluctance of others
to buy the whole business intact raises questions over who will
absorb the long-term cost of the claims at the company, which
amounted to EUR1 billion at the end of 2008.
Irish Independent relates five firms, including Anglo, have been
shortlisted in the bidding process, but some bidders only want to
buy the existing customer base, but not what is known as the
backbook, the liabilities that arise from decisions of the
previous management. There is no question about the liabilities
not being met in some way, Irish Independent states.
Irish Independent notes a range of measures could come into play
if the claims are not part of any new structure.
First, cash reserves are present at Quinn Insurance to absorb a
portion of the liabilities, and other assets, including goodwill
from a sale, can also be offset against the liabilities, according
to Irish Independent.
Irish Independent notes there is a danger that if these measures
were not enough, the Insurance Compensation Fund, which contains
EUR30 million, could be called upon.
Irish Independent understands that any bidders not prepared to
take on the existing liabilities will be expected to pay a higher
premium for the remainder of the business.
The firm is being sold by Australian bank Macquarie, after being
hired by administrators Grant Thornton, Irish Independent
recounts. It is possible that it will be broken up and the
portion sold, minus the outstanding claims, put into a new
vehicle, Irish Independent discloses.
As reported by the Troubled Company Reporter-Europe on Oct. 19,
2010, The Irish Times said that the joint administrators of Quinn
Insurance already gave Financial Regulator Matthew Elderfield the
findings of their investigation into alleged breaches of insurance
regulations which resulted in their appointment earlier this year.
No details of the findings were revealed to the court and the
regulator will now decide what steps, if any, to take, according
to The Irish Times.
As reported by the Troubled Company Reporter-Europe, The Irish
Times said the Financial Regulator put Quinn Insurance into
administration in March 2010 after his office discovered
guarantees had been provided by the insurer's subsidiaries as far
back as 2005 on Quinn Group debts of more than EUR1.2 billion.
The regulator said the guarantees reduced the amount the firm had
in reserve to protect policyholders against possible claims,
putting 1.3 million customers at risk, according to The Irish
Times.
Quinn Insurance is owned by Sean Quinn, Ireland's richest man, and
his family. The company has more than 20% of the motor and health
insurance market in Ireland. Employing almost 2,800 people in
Britain and Ireland, it was founded in 1996 and entered the UK
market in 2004.
===================
K A Z A K H S T A N
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* Moody's Downgrades Debt Ratings on Various Kazakh Banks
---------------------------------------------------------
Moody's downgraded the long-term senior unsecured and subordinated
debt ratings of Kazkommertsbank, Halyk Bank, Bank CenterCredit and
Alliance Bank. The list of the affected ratings are provided
below.
Kazkommertsbank
-- Foreign currency senior unsecured debt rating: downgraded to
B2 from Ba3
-- Foreign currency subordinated debt rating: downgraded to B3
from B1
-- The outlook on the deposit and debt ratings is negative, the
outlook on the BFSR is stable
Halyk Bank
-- Foreign currency senior unsecured debt rating: downgraded to
Ba3 from Ba2
-- The outlook on all ratings is stable
Bank CenterCredit
-- Foreign currency senior unsecured debt rating: downgraded to
B1 from Ba3
-- The outlook on the deposit and debt ratings is negative, the
outlook on the BFSR is stable
Alliance Bank
-- Local and Foreign currency senior unsecured debt rating:
downgraded to Caa2 from B3
-- Local currency subordinated debt rating: downgraded to Caa3
from Caa1
-- The outlook on the deposit and debt ratings is developing,
the outlook on the BFSR is stable
Ratings Rationale
This rating action reflects Moody's reassessment of the Kazakh
government's willingness to provide support to senior and
subordinated debt holders of systemically important banks,
following the default and debt restructuring of three Kazakh banks
(BTA Bank, Alliance Bank and Temirbank) in 2009. Importantly, the
government's actions in all three restructurings led to depositors
not sustaining any loss of principal, whereas holders of senior
unsecured and subordinated debt incurred substantial losses.
Moody's see little reason to expect that the government will
change its approach towards banks' debt holders going forward.
Therefore Moody's removed in full the systemic support assumptions
in all Kazakh banks' debt ratings, which previously benefited from
low or moderate probability of systemic support. As a result, the
debts of these four institutions are now rated at the same level
as their Baseline Credit Assessments (their stand-alone ratings).
Moody's also removed the systemic support assumptions from ATF
Bank's debt ratings, however this does not change its Ba2 senior
unsecured debt rating as it also incorporates high level of
support from the Italian Unicredit Group, ATF Bank's ultimate
parent.
Moody's continues to factor in some systemic support - low or
moderate- in the deposit ratings of the affected Kazakh banks that
Moody's view as systemically important. Accordingly, their
deposit ratings remain unchanged and now rank 1-2 notches above
their senior unsecured debt ratings. This approach is based on
the support that the government has provided to these banks
(including the defaulted banks), allowing them to honor their
obligations to depositors.
Moody's ratings on other Kazakh banks are unaffected by the
announcement because their ratings did not receive any uplift from
systemic support.
Moody's previous rating action on Kazkommertsbank was on 09 August
2010, when the outlook on the bank's E+ BFSR was changed to stable
from negative.
Moody's previous rating action on Halyk Bank was on 25 August
2010, when the outlook was changed to stable from negative on the
bank's Ba2 local and foreign currency deposit ratings, Ba2 foreign
currency senior unsecured debt rating and the D- BFSR.
Moody's previous rating action on Bank CenterCredit was on 29
January 2010, when the bank's junior subordinated debt rating was
downgraded from B2 to B3.
Moody's previous rating action on Alliance Bank was on 02 July
2010, when the bank's local and foreign currency deposit ratings
were upgraded to B3 from Caa3, E BFSR, translating to a BCA of
Caa2, was affirmed.
Regulatory Disclosures
Information sources used to prepare the credit rating are these:
parties involved in the ratings, public 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.
The rating has been disclosed to the rated entity or its
designated agents and issued with no amendment resulting from that
disclosure.
MOODY'S adopts all necessary measures so that the information it
uses in assigning a credit rating is of sufficient quality and
from sources MOODY'S considers to be reliable including, when
appropriate, independent third-party sources. However, MOODY'S is
not an auditor and cannot in every instance independently verify
or validate information received in the rating process.
===================
L U X E M B O U R G
===================
HARVEST CLO: S&P Holds 'CCC- (sf)' Ratings on Classes E & U Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
Harvest CLO I S.A.'s class A, B, C, D, and Q notes. At the same
time, S&P affirmed its ratings on the class E and U notes and
withdrew its ratings on the class S and T notes.
Since S&P last took rating action on Harvest CLO I in December
2009, S&P has observed improvements in the performance of the
transaction, notably an increase in the credit enhancement for all
notes. The deal is post its re-investment period and principal
proceeds are used to redeem the notes in sequential order on
payment dates. In S&P's opinion, the improvement in credit
enhancement is due to two main factors: The amortization of the
class A notes using principal proceeds, and diversion of interest
proceeds to cure the breach of the class C par-value test.
In S&P's view, the increase in credit enhancement for the class A,
B, C, and D notes is commensurate with higher ratings than those
currently assigned, and S&P has therefore raised its ratings on
these classes. However, S&P considers that the credit enhancement
currently available to Class E is not commensurate with a higher
rating, and S&P has therefore affirmed its rating on this class.
As reported in recent transaction reports, the class C, D, and E
par-value tests are currently in breach. As a result, there have
been no distributions this year to the subordinated class F notes,
which form part of the class Q and U combination notes. However,
S&P's cash flow analysis shows it is likely that the rated
balances of classes Q and U will be repaid if classes D and E,
their respective rated components, ultimately repay in full. S&P
has therefore raised its rating on the class Q notes to 'B-' from
'CCC+', in line with the rating on the class D notes, and affirmed
its 'CCC-' rating on the class U notes.
S&P has recently been informed that the class S and T combination
notes were split into their component parts, earlier this year.
In S&P's opinion, combination note ratings are therefore no longer
applicable on these classes. Therefore, S&P has withdrawn its
ratings on the class S and T combination notes.
Harvest CLO I is a cash flow collateralized loan obligation
securitizing a pool of loans to primarily speculative-grade
corporate firms. The transaction closed in April 2004 and is
managed by Mizuho Investment Management (U.K.) Ltd.
Ratings List
Harvest CLO I S.A.
EUR514.3 Million Fixed- and Floating-Rate Notes
Ratings Raised
Rating
------
Class To From
----- -- ----
A-1 AA+ (sf) A+ (sf)
A-2 AA+ (sf) A+ (sf)
B-1 A+ (sf) BBB (sf)
B-2 A+ (sf) BBB (sf)
C BBB- (sf) BB (sf)
D B- (sf) CCC+ (sf)
Q (combo) B- (sf) CCC+ (sf)
Ratings Affirmed
Class Rating
----- ------
E CCC- (sf)
U (combo) CCC- (sf)
Ratings Withdrawn
Rating
------
Class To From
----- -- ----
S (combo) NR BBB (sf)
T (combo) NR A+ (sf)
NR -- Not rated.
=====================
N E T H E R L A N D S
=====================
FORNAX BV: Fitch Affirms 'CCCsf' Ratings on Two Classes of Notes
----------------------------------------------------------------
Fitch Ratings has revised the Outlook on Fornax (Eclipse 2006-2)
B.V. Class A to Class C notes to Stable from Negative and affirmed
the ratings.
The rating actions reflect generally the stable performance of the
underlying loans over the past 12 months. During this period two
loans have prepaid which, along with scheduled and unscheduled
amortization, has helped to reduce outstanding debt to EUR239.2
million (from EUR545.1 million at closing). Only nine of the 19
loans originated at closing remain outstanding.
Taken together, the loan prepayments have reduced credit risk to
noteholders. The French retail (7.1%) and Montrouge (6%) loans
both prepaid in full (in November 2009 and July 2010
respectively); principal from the latter was used to pay down the
Class A notes only, while the former led to a 50% sequential and
50% pro rata pay-down of class B through F notes. A revaluation
of the collateral securing the Anec Blau loan, a grade A shopping
centre, encouraged the sponsor to reduce its borrowing by EUR6.1
million to cure the consequent LTV breach (set at 65%). This loan
matures in February and should repay successfully. In the absence
of any loan defaults, principal receipts from this EUR42.6 million
loan and the EUR4.2 million Toulouse 2 loan - both high quality
loans - are solely capable of being used to repay the class A
notes.
The largest loan remaining in the pool is now the Century Centre
loan (18%), secured by a single, predominantly retail property in
the prime office/retail district of Antwerp, Belgium. The
property was revalued in Q110, showing only a 1.3% fall in MV from
a year earlier. Vacancy remains low at under 6%, though this is
up from 3.6% at closing. While the loan matures in 2.5 years
time, the current WA lease term to first break (for tenants
currently in occupation) is almost five years in excess of this,
which provides strength to the loan.
The Bielefeld/Berlin loan (10.7%) remains watch-listed by the
servicer owing to payment shortfalls (covered by the sponsor to
date). The loan is secured by a number of average quality
multifamily assets located in Bielfield, west Germany, as well as
a mixed retail and office property in Berlin's "City West" (42% of
MV). This loan is at risk of formal default, although this is
already reflected in the ratings.
The remaining six loans have performed steadily over the last 12
months, and with the exception of the (16.7%) Cassina Plaza loan,
all continue to have WA lease term to first break comfortably in
excess of their maturities.
-- EUR46.8m class A (XS0267553443) affirmed at 'AAAsf'; Outlook
revised to Stable from Negative
-- EUR90.9m class B (XS0267554334) affirmed at 'AAAsf'; Outlook
revised to Stable from Negative
-- EUR31.9m class C (XS0267554508) affirmed at 'AAsf'; Outlook
revised to Stable from Negative
-- EUR19.9m class D (XS0267554920) affirmed at 'BBBsf'; Outlook
Negative
-- EUR24.8m class E (XS0267555570) affirmed at 'B-sf'; Outlook
Negative
-- EUR16.8m class F (XS0267555737) affirmed at 'CCCsf'; Recovery
Rating (RR) of 'RR5'
-- EUR8.0m class G (XS0267556032) affirmed at 'CCCsf'; Recovery
Rating of 'RR6'
ZIGGO BOND: S&P Affirms Corporate Credit Rating at 'B+'
-------------------------------------------------------
Standard & Poor's Ratings Services said that it has affirmed its
'B+' long-term corporate credit rating on Netherlands-based
leading cable operator Ziggo Bond Co. B.V.
In addition, S&P assigned a 'B+' long-term corporate credit rating
to Ziggo's fully owned subsidiary Amsterdamse Beheer en
Consultingmaatschappij B.V. and assigned a 'BB' issue rating to
the proposed EUR500 million senior secured notes, to be issued by
special purpose vehicle Ziggo Finance B.V. (not rated). S&P
understand that the notes proceeds will be passed through to the
group via a back-to-back loan. S&P has also assigned a 'BB' issue
rating to this proposed loan (the SPV new term loan E) which has
several guarantors, including ABC B.V. The recovery rating on the
proposed loan is '1', reflecting S&P's expectation of very high
(90%-100%) recovery in the event of a payment default.
S&P has affirmed the 'B' rating on Ziggo's unsecured notes and the
related recovery ratings remain unchanged at '5'.
"The ratings on Ziggo continue to be constrained by the group's
financial risk profile, which S&P assesses as highly leveraged,"
said Standard & Poor's credit analyst Xavier Buffon.
S&P considers that the company's ultimate ownership by private
equity sponsors makes the stability of its equity uncertain. In
particular, for its analysis S&P calculate an adjusted leverage
ratio including shareholder loans sitting at Zesko B.V., an
indirect holding company above Ziggo and outside the restricted
group. These loans, which totaled EUR2 billion at end-September
2010, are outside the restricted obligor group, noncash paying,
structurally subordinated, and not cross defaulted with the
restricted obligor group's debt. But given that they mature
between mid-2015 and early 2016, S&P cannot rule out that their
refinancing could to a degree affect Ziggo's credit quality.
This weakness is partly offset by S&P's assessment of Ziggo's
business risk profile as satisfactory, reflecting its highly
attractive wealthy domestic market, and the company's strong
market positions, solid margins, and a state-of-the-art
proprietary network.
"The stable outlook reflects S&P's belief that Ziggo's
satisfactory business risk profile will likely underpin continued
strong free cash flow generation," said Mr. Buffon.
Rating upside is possible in S&P's view in the medium term if
Ziggo maintains steady debt deleveraging. Conversely, rating
pressure could occur if smooth refinancing of the hefty maturities
looming in 2014-2015 were not prepared well in advance or appeared
increasingly uncertain, or if any refinancing of shareholder loans
sitting outside the restricted group were to affect Ziggo's
financial profile.
ZIGGO FINANCE: Moody's Assigns (P)'Ba2' Rating to Senior Notes
--------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)Ba2 rating
to the senior secured notes due 2017 to be issued by Ziggo Finance
B.V. Ziggo has a Ba3 corporate family rating, with a stable
outlook.
Ratings Rationale
The (P)Ba2 rating on the new notes -- one notch higher than the
CFR -- reflects their senior secured position within Ziggo's
capital structure ahead of the EUR1.2 billion senior unsecured
notes rated B2, due 2018. Should the issue launch size of EUR500
million be changed based on investor demand, this will not impact
the ratings provided that the funds are all used to prepay pari-
passu senior secured bank debt.
Proceeds from this issuance will be on-lent to the Ziggo group via
a new tranche (Facility E) within the existing EUR3.4 billion
(EUR2.4 billion outstanding) senior credit facility, which was
established in 2006 as part of the formation of the Ziggo group.
The rating on the 2017 Notes reflects their pari passu interest
over the same security and guarantee package as the senior bank
debt. The (P)Ba2 rating on the Notes is based on the assumption
that the security package will include amongst other things,
security over the network assets. The proceeds will be used to
prepay amounts under tranches A, B and C.
Moody's issues provisional instrument ratings in advance of the
final sale of securities; these ratings reflect only Moody's
preliminary credit opinion regarding the transaction. Upon a
conclusive review of the final documentation, Moody's will
endeavor to assign a definitive rating to the notes. A definitive
rating may differ from a provisional rating, for example if there
are material changes to the terms of the notes such as the nature
of the security.
The new notes will benefit from incurrence covenants including a
4.25x group senior secured leverage test. Despite entering the
group as Facility E of the bank debt, they will not benefit from
the existing bank maintenance financial covenants. Although the
Notes indirectly rank pari passu with the bank debt following
enforcement, control over enforcement processes shared with the
banks is subject to certain voting limitations.
The Ba3 CFR continues to reflect (i) Ziggo's leading position in
the cable market in the Netherlands; (ii) Ziggo's solid growth
prospects over the medium term; (iii) its de-leveraging
trajectory; and (iv) positive free cash flow generation. This
proposed issuance, following the previous issuance of 2018 notes,
will further improve Ziggo's maturity profile. At the same time,
the rating reflects (i) the competitive nature of the Dutch cable
and telecoms market; and (ii) Ziggo's still-relatively high
leverage, at approximately 4.8x Debt to EBITDA (as adjusted by
Moody's).
For the nine months through September 2010, Ziggo has reported
results that have been in line with Moody's expectations, with a
continued successful take up in its "all-in-one" triple-play
bundle. This supported the growth in Revenue Generating Units and
Average Revenue per User, and hence the total revenues for the
group. Moody's understands that the company has maintained strong
EBITDA margin well over 50%, in part due to cost management.
Moody's notes that Ziggo has revised downward its target guidance
for capex in 2010 to EUR190 million (including EUR25 million of
integration capex), compared with EUR252 million last year, which
will further support free cash flow generation and further de-
leveraging. Ziggo now offers high broadband speeds up to 120 Mbps
across its entire geographic market, following the completion of
its investment in DOCSIS 3.0.
What Could Change the Rating -- Up
Positive pressure on the rating could develop if the company's
leverage falls well below 4.5x Debt to EBITDA.
What Could Change the Rating - Down
The ratings could be downgraded if: (i) the leverage increases
above 5.5x on a sustained basis; (ii) the company's operating
performance weakens substantially which will result in a
significant reduction in EBITDA margins; and / or (iii) the
company incurs material capital expenditure which could result in
negative free cash flow generation.
Moody's issues provisional instrument ratings in advance of the
final sale of securities; these ratings reflect only Moody's
preliminary credit opinion regarding the transaction. Upon a
conclusive review of the final documentation, Moody's will
endeavor to assign a definitive rating to the notes. A definitive
rating may differ from a provisional rating.
Ziggo, with central offices in Utrecht, is the largest cable
operator in the Netherlands. In the last twelve months to 30
September 2010, the company reported approximately EUR1.4 billion
in revenue and EUR764 million in recurring EBITDA.
Regulatory Disclosures
Information sources used to prepare the credit rating are these:
parties 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 assigning a credit rating.
The rating has been disclosed to the rated entity or its
designated agents and issued with no amendment resulting from that
disclosure.
MOODY'S adopts all necessary measures so that the information it
uses in assigning a credit rating is of sufficient quality and
from sources MOODY'S considers to be reliable including, when
appropriate, independent third-party sources. However, MOODY'S is
not an auditor and cannot in every instance independently verify
or validate information received in the rating process.
===========
R U S S I A
===========
RENAISSANCE KAZNACHEI: Moody's Assigns 'B1' Sr. Sec. Debt Rating
----------------------------------------------------------------
Moody's Investors Services has assigned a B1 long-term global
local currency debt rating to senior secured debt of Renaissance
Kaznachei, which benefits from an explicit and irrevocable
guarantee issued by Renaissance Financial Holding Limited (RFHL,
rated B1/Not Prime). The rating carries a stable outlook. Any
subsequent local currency senior secured debt issuance by
Renaissance Kaznachei will be rated at the same level subject to
there being no material change in RFHL's overall credit rating
and/or in the terms and conditions of this new debt issuance.
The rating of B1 was assigned to these debt instruments:
The rouble bond programme which will facilitate these issuances:
-- RUB3.000 billion senior bond due in five years
-- RUB4.000 billion senior bond due in five years
-- RUB5.000 billion senior bond due in five years
-- a first drawdown due 2015
Ratings Rationale
The assigned rating is in line with RFHL's global local currency
issuer rating of B1. It does not incorporate any expectation of
systemic or shareholder support for RFHL in case of need.
Moody's notes that the rating is constrained by (i) risky and
unstable markets where the Renaissance group operates, aggravated
by concentration of revenues on a limited number of products and
lack of geographical diversification; (ii) diminished competitive
power as markets are re-shaped; (iii) significant appetite for
market and credit risks in long term strategic positions; (iv)
sizeable "cliff risk" in terms of liquidity if major market
dislocation occurs; and (v) a complex organizational structure
consisting of a large number of individual entities, which could
result in some structural subordination from operating entities
and exposure to various legal risks, while poor regulation of
Russian securities markets may fail to limit and control industry-
related and company-specific risks -- albeit significantly
mitigated by the fact that more than 50% of business is booked
under EU Regulations.
At the same time, Moody's observes that the rating is supported by
(i) its solid position in the Commonwealth of Independent States
(CIS) investment banking market; (ii) the relatively low risk
appetite for short term market and credit risks assumed in the
company's day-to-day activities; (iii) relatively low leverage
which is beneficial for liquidity (which is currently adequate and
is capable of withstanding medium-sized shock), and its capital
cushion is sufficiently adequate to accommodate credit and market
risks; and (iv) the ability -- as historically demonstrated by the
management (shareholder) team -- to quickly adjust to new business
realities and anticipate challenges in the operating environment.
RFHL reported total (audited) consolidated assets of US$3.2
billion, total equity of US$1.1 billion at year-end 2009 and net
profit of US$12 million.
Regulatory Disclosures
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 assigning a credit rating.
MOODY'S adopts all necessary measures so that the information it
uses in assigning a credit rating is of sufficient quality and
from sources MOODY'S considers to be reliable including, when
appropriate, independent third-party sources. However, MOODY'S is
not an auditor and cannot in every instance independently verify
or validate information received in the rating process.
TMK OAO: Moody's Changes Outlook on B1 Rating on US$600 Mil. Loan
-----------------------------------------------------------------
Moody's Investors Service has changed the outlook on B1 Corporate
Family Rating for TMK, the B1 rating for US$600 million Loan
Participation Notes due 2011 from negative to stable. At the same
time, Moody's Interfax Rating Agency, which is majority owned by
Moody's, changed the outlook on A2.ru national scale credit rating
to stable.
The change in outlook reflects the fact that the negative global
environment for the pipe industry, which prevailed for the major
part of 2009, is now gradually improving. Moody's also
acknowledges that TMK has evidenced materially improved credit
metrics, admittedly from the weak 2009 level, resulting from
higher capacity utilization levels, rising volumes of shipments
and increasing prices for seamless and welded pipes for the oil
and gas industry.
Demand from Russian oil and gas companies is rising on the back of
a number of large scale pipeline projects being implemented by
Transneft and Gazprom. As a result, TMK's longitudinal welded
large-diameter pipe mill at Volzhsky is now fully loaded with the
order backlog extending into the first half of 2011. Furthermore,
the completion of Volzhsky's seamless mill upgrade program will
provide the Company with an additional 300,000 t of seamless pipe
rolling capacity. At the same time the sales volumes at TMK IPSCO
in the US indicate improving demand for pipe products supported in
particular by growing shale gas developments. The U.S. drilling
environment showed impressive growth in the first quarter of 2010
with a 23% increase in the U.S. rig count. The demand for TMK
IPSCO pipe products allowed to increase capacity utilization
levels to above 70%. As a result, in 1H 2010 TMK IPSCO sales
increased by 116% to US$620 million and EBITDA increased by 421%
to US$122 million Y-o-Y.
Moody's also notes that in the past 12 months TMK successfully
redeemed US$300 million Eurobond, reset financial covenants and
improved its liquidity position by the placement of a US$412
million convertible bond in February 2010. Nonetheless even if
its debt maturity profile has improved the company still faces
significant maturities in 2011 and 2012. The change of outlook to
stable incorporates the agency expectations that the current
economic environment in Russia, and the discussions engaged with
its financial counterparties, should allow the company to deal
with these upcoming maturities through a number of options
including a possible placement of a Russian RUR bond and
additional bank facilities.
Moody's notes that that the elevated leverage of debt/EBITDA at
the end of 2009 at 10.3x has nearly been halved as at June end,
2010 and is on course in Moody's opinion to move down close to 4x
by the end of 2010.
To maintain the current rating at B1, TMK will need to sustain a
continued improvement in its operating performance and to reduce
sequentially its leverage so that its debt/EBITDA reach 4x by the
end of 2010 and 3.5x by the end of 2011. In addition, the agency
would expect that the company executes swiftly its refinancing
strategy so that its liquidity is further strengthened in the next
few months, and that TMK continues to centralize its refinancing
at parent level so that priority debt (ie secured and/or at Opco
level) would be reduced overtime.
For a rating upgrade, the agency would require TMK to: 1) generate
positive FCF which would be used to reduce the outstanding debt
and 2) reach a debt/EBITDA rating materially below 3x on a
sustainable basis. The liquidity profile would also need to be
strengthened further with a more even debt maturity profile.
The last rating action was implemented on May 07, 2009 when
Moody's downgraded the Ba3 Corporate Family Rating for TMK, the
Ba3 rating for the US$300 million Loan Participation Notes due
2009 and US$600 million Loan Participation Notes due 2011 to B1.
At the same time, Moody's Interfax Rating Agency downgraded a
Aa3.ru national scale credit rating to A2.ru. The outlook was
left unchanged at negative.
TMK is Russia's largest and one of the world's leading producer of
value-added steel pipe products for the oil & gas industry. In
2009 TMK shipped 2.79 million tonnes of pipe products (13% down
YoY), generated revenues of US$3.46 billion (39% decrease YoY) and
reported EBITDA of US$373 million (63% decrease YoY). In 1H 2010
TMK generated US$2.57 billion in revenue and reported US$415
million of EBITDA. In the first 9 months of 2010 the Company
shipped 2.86 million tonnes of pipes, a 49% increase from the same
period of 2009. Prior to IPO TMK was fully owned by Mr.
Pumpyanskiy. His current shareholding is 69.68%.
=========
S P A I N
=========
IM PRESTAMOS: Moody's Cuts Rating on Class C Notes to 'B3 (sf)'
---------------------------------------------------------------
Moody's Investors Service took these rating actions on notes
issued by IM Prestamos Fondos Cedulas, FTA.
-- EUR344.1M Class A Notes due 2022 (currently EUR
292,456,095.60 outstanding), Downgraded to Baa2 (sf);
previously on Dec 30, 2009 Downgraded to A3 (sf)
-- EUR6.9M Class B Notes due 2022 (currently EUR5,729,336.34
outstanding), Downgraded to B1 (sf); previously on Dec 30,
2009 Downgraded to Ba2 (sf)
-- EUR0.9M Class C Notes due 2022, Downgraded to B3 (sf);
previously on Dec 30, 2009 Downgraded to B2 (sf)
The Aaa rating of the EUR40 million Liquidity Line remains
unchanged.
Ratings Rationale
This transaction is a static cash CBO of portions of subordinated
loans funding the reserve funds of 11 (at closing 14) Spanish
multi-issuer covered bonds which can be considered as a
securitization of a pool of Cedulas. Each SMICB is indeed backed
by a group of Cedulas which are bought by a fund, which in turn
issues SMICBs. The Cedulas holders are secured by the issuer's
entire mortgage book. The subordinated loans backing the IM
Prestamos transaction represent the first loss pieces (as the
loans fund the reserve funds) in the respective SMICB structures
(or structured cedulas). Therefore, this transaction is exposed
to the risk of several Spanish financial institutions defaulting
under their mortgage covered bonds (Cedulas)
Moodys said the rating actions are a result of: (i) primarily, the
decline in credit quality of some of the issuers of Cedulas
backing the SMICBs, and (ii) as a contributory factor, the
deterioration in the quality of the collateral backing the SMICBs.
In reaching its rating decisions, Moody's considers that should a
C‚dulas issuer default, it is likely that the reserve funds that
form the underlying portfolio of IM Prestamos would require to be
drawn upon to make good the potential shortfall suffered by the
underlying Cedulas holders. The extent of such potential
shortfall is dependent on the level of over collateralization and
quality of the issuer's underlying pool. Moody's analysis
indicates that in the light of such potential shortfalls, the
credit quality of the reserve funds of the 11 SMICBs that
currently form the portfolio of IM Prestamos Fondos Cedulas is
more consistent with ratings in a Ba1-A2 range. This compares
with a credit quality of Baa2 --A2 for the same reserve funds in
December 2009 when IM Prestamos rated notes were last actioned.
Of the reserve funds from the 11 SMICBs in the pool, 5 maintained
their December 2009 credit quality, 4 have deteriorated by one
notch and 2 are worse by 2 and 3 notches respectively.
Moody's undertook a number of sensitivity runs to incorporate (i)
a 15% and 30% stress to the default probabilities of the
underlying structured cedulas combined with correlations of c 50%
and 60%. In addition, the Cedulas issued by the weakest issuer
were stressed by notching their implied rating by 3 notches. In
the runs with DP and correlation stress, model outputs for the
Classes A/B/C notes were affected by around 0.5 -1 notches from
the base case of no DP stress and 50% correlation. The
aforementioned 3 notch stress on the cedulas of the weakest issuer
resulted in a deterioration of the model output of the three
classes of notes in the range of 1-3 notches.
Rating actions taken are based on a consideration of the above
scenarios and other factors including the size and quality of the
subordination available to the rated tranches.
Moody's notes that the transaction is exposed to the credit
quality of cedulas issued by 41 Spanish financial institutions
including many savings banks (cajas). These cajas are involved in
a consolidation process that will result in a significant decrease
in their number by the year end. Furthermore, this consolidation
can take two main forms, one in which participants consolidate in
a new legal entity thus aggregating their mortgage pools, and the
other in which the participants maintain their legal status and
mortgage pools separation while sharing certain resources and
functions such as risk and liquidity management. Therefore, there
remains a significant degree of uncertainty with regard to the
near term outlook for the credit quality of the IM Prestamos
transaction portfolio, which will depend on the size and credit
quality of the institutions involved and the form of
consolidation. Moody's will closely follow the impact of this
industry-wide consolidation on the rated notes.
Except as detailed above for the sensitivity runs, underlying
C‚dulas default probabilities and recovery rates used in Moody's
model are in line with Moody's covered bond rating methodology
assumptions.
The relatively high credit quality of the reserve funds of SMICBs
is largely driven by high recovery rate assumptions on the
underlying Cedulas. The ratings of the IM Prestamos Fondos
C‚dulas, FTA notes are thus sensitive to these recovery rate
assumptions.
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 tranche in the structure.
A fuller explanation of the rating methodology used to rate SMICBs
and associated items may be found in the paper 'Rating Spanish
Multi-Issuer Covered Bonds' published on 14 September 2009.
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 and confidential and proprietary
Moody's Investors Service 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 adopts all necessary measures so that the information it
uses in assigning a credit rating is of sufficient quality and
from sources MOODY'S considers to be reliable including, when
appropriate, independent third-party sources. However, MOODY'S is
not an auditor and cannot in every instance independently verify
or validate information received in the rating process.
===========
T U R K E Y
===========
KUZEY KIBRIS: To Be Sold by Government Following Bankruptcy
-----------------------------------------------------------
Benjamin Harvey at Bloomberg News, citing Haberturk newspaper,
reports that Turkish Cypriot Prime Minister Irsen Kucuk said he
plans to sell the main civil airport and create a new airline
after Kuzey Kibris Turk Havayollari, the government-run carrier,
went bankrupt.
According to Bloomberg, the newspaper said the airline will be
renamed and sold with the Turkish Cypriot administration having a
less than 51% stake and limited management rights.
Bloomberg relates Mr. Kucuk, as cited by Haberturk, said he
expected a tender for the Ercan airport sale to be held in early
2011.
===========================
U N I T E D K I N G D O M
===========================
CHAMBERS: Goes Into Administration
----------------------------------
Chambers had gone into administration.
According to BBC News, the company's administrator said there was
no threat of job losses among its 85 staff and its services would
continue as normal.
The report relates that this includes a contract with the
Department for Regional Development to provide door-to-door
transport for people with disabilities. The Moneymore-based
firm's private hire operation has been sold, the report notes.
Chambers is an independent bus company in Northern Ireland.
The bus company was owned by the Chambers family for 40 years, but
was bought in 2007 by Northern Ireland-based venture capital firm
Enterprise Equity.
DARBY GLASS: Enters Into Administration
---------------------------------------
Eleven people have been temporarily laid off at Darby Glass that
had gone into administration, thisisscunthorpe reports. The
report relates that the disclosure will affect around one-sixth of
the 62 employees at the Scunthorpe firm.
According to the report, administrators from SFP were appointed
last week after the glass-making company ran up debts totaling
GBP820,000. But they remain confident of finding a buyer for the
business, the report relates.
thisisscunthorpe notes SFP spokesman Simon Plant said: "There has
been an encouraging response to our desire to sell Darby Glass as
a going concern." The report relates Mr. Plant said that
advertisements in the national and trade press had resulted in a
number of inquiries.
The report notes that would-be buyers of the factory in
Sunningdale Road are being told the purchase would include
unencumbered plant and machinery.
Turn-over in the last financial year was GBP4 million and in the
seven months up to last month reached GBP2.3 million, the report
adds.
The remaining Darby workers, the report notes, most of whom are
represented by the trade union Unite, have been told it is in
their best interest for the company to continue trading long
enough to conclude a successful sale and protect as many jobs as
possible.
If the business is sold off as a going concern it is usual for the
new owners to pay any arrears in wages that may be outstanding,
the report adds.
Darby Glass is an independent processor of flat glass that was
launched in 1973 by university graduate Mike Darby and his wife
Joan in a rented workshop in the town's Doncaster Road, where six
staff was employed. By 1988, the company was employing 500 staff
on 12 sites in the UK and was floated on the London Stock Exchange
as a GBP22 million-a-year firm.
DUNDEE FOOTBALL CLUB: Caretaker Manager Seeks League Leniency
-------------------------------------------------------------
Jim Spence at BBC News reports that Dundee Football Club Caretaker
Manager Barry Smith is pleading for leniency when the Scottish
Football League will impose a penalty on the club for going into
administration.
According to the report, the First Division side is facing a
points deduction, with an announcement expected at the beginning
of next week. "The players and the fans will be punished," BBC
quoted Mr. Smith as saying. "Players want to play at the highest
level they can. If that's taken away from them through no fault of
their own then I think that is disappointing."
The SFL held a board meeting at Hampden on October 21, 2010, with
two Dens Park directors attending. The report relates that the
club's administrator Bryan Jackson will be questioned at another
gathering on October 28, 2010, to assess the club's prospects of
survival.
BBC notes that although the sanctions could be announced on
October 28's meeting; it is thought that any decision on
punishment will be revealed early the following week. Dundee
would then have the right of appeal to the Scottish Football
Association, the report adds.
Dundee Football Club -- http://www.thedees.co.uk/-- is a Scottish
football club.
EMI GROUP: Guy Hands Did Not Raise Fraud Claims v. Citi in 2007
---------------------------------------------------------------
Andrew Edgecliffe-Johnson at The Financial Times report that a
court heard on Friday that Guy Hands did not raise his allegation
that Citigroup had fraudulently misled his Terra Firma private
equity group during the May 2007 buyout of EMI Group before suing
the bank that financed the ill-starred deal more than two years
later.
According to the FT, as late as August 2009, Terra Firma prepared
a presentation to senior Citigroup executives, emphasizing their
"long, mutually beneficial relationship" in which the bank had
earned US$372 million in fees, even after Mr. Hands says he knew
that his friend and closest banking advisor, Citigroup's David
Wormsley, had lied to him.
Mr. Hands alleges that, in three conversations on the eve of a
Monday morning bid deadline, Mr. Wormsley told him that Cerberus,
a rival private equity group, would bid 262p per share for EMI,
and that without that information Terra Firma would not have
offered 265p that day, the FT discloses. Citigroup vehemently
denies the charges, the FT notes.
The FT relates on his third day giving evidence, Mr. Hands told
the court that Citigroup had made a profit of about US$500 million
from its loans to EMI. The bank and its affiliates had also
invested a combined EUR409 million (US$570 million) in the two
Terra Firma funds that put up the equity for the EMI buyout, he
added, in a sign of how much is at stake for the two parties,
according to the FT.
Mr. Hands has said that he only became aware that Cerberus had not
made a bid in September 2007, the FT notes.
Mr. Hands, asked why Terra Firma did not take the opportunity to
back out of the bid after credit markets crashed but before it had
90% acceptances from shareholders, said "it would have finished
us" from being able to make other deals in future had it done so,
the FT discloses.
He added it would have been "totally devastating" for Citigroup's
reputation had the bank tried to get out of its financing
agreement, the FT relates.
Banking Covenants
As reported by the Troubled Company Reporter-Europe on Aug. 19,
2010, the FT said that an assessment by Maltby Capital, EMI's
private equity owner, shows that EMI will fall short of its
banking covenants until 2015 and will need a far larger injection
of fresh equity next year than the GBP87.5 million (US$136
million) it received in 2010. The FT disclosed that while Maltby
outlines strong operational improvements in the business in its
annual report, the gains remain insufficient to satisfy tightening
banking covenants, raising the pressure for a renegotiation with
Citigroup to avoid breaching the terms of the GBP3.04 billion debt
due between 2014 and 2017. The FT noted that although it has a
provisional commitment from Terra Firma funds to provide the
GBP26.9 million it expects to need for the periods ending June 30,
September 30 and December 31 this year, it expects "a further
significant shortfall" when the covenant is tested at the end of
March 2011. The FT said EMI could require "substantially in
excess" of the GBP87.5 million in equity cures injected in 2010.
Further smaller sums may also be required for the remaining three
covenant tests in 2011, the FT stated.
EMI Group Ltd. -- http://www.emigroup.com/-- is the fourth
largest record company in terms of market share (behind Universal
Music Group, Sony Music Entertainment, and Warner Music Group).
It houses recorded music segment EMI Music and EMI Music
Publishing. EMI Music distributes CDs, videos, and other formats
primarily through imprints and divisions such as Capitol Records
and Virgin, and sports a roster of artists such as The Beastie
Boys, Norah Jones, and Lenny Kravitz. EMI Music Publishing, the
world's largest music publisher, handles the rights to more than a
million songs. EMI Music operates through regional divisions (EMI
Music North America, International, and UK & Ireland). Private
equity firm Terra Firma owns EMI.
EXPRO HOLDINGS: S&P Downgrades Corporate Credit Rating to 'B-'
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its
corporate credit rating on oil field services company Expro
Holdings U.K. 3 Ltd. to 'B-' from 'B'. The outlook remains
negative.
At the same time, the issue rating on Expro's US$1.35 billion bank
loan was lowered to 'B' from 'B+', while that on the company's
US$100 million revolver was lowered to 'BB-' from 'BB' and that on
Expro's US$777 million mezzanine facility was lowered to 'CCC+'
from 'B-'. The recovery ratings on these instruments are
unchanged at '2', '1+', and '5', respectively, indicating S&P's
expectation of substantial (70%-90%), full (100%), and modest
(10%-30%) recovery in the event of a payment default.
In addition, the issue rating on the US$1.4 billion senior secured
notes issued by related entity Expro Finance Luxembourg S.C.A.
was lowered to 'B' from 'B+'. The recovery rating on this
instrument is unchanged at '2', reflecting S&P's expectation of
substantial (70%-90%) recovery in the event of a payment default.
Expro's reported net financial debt stood at US$2.05 billion at
the end of June 2010.
"The downgrade follows Expro's weaker-than-anticipated financial
performance in financial 2009/2010 that has subsequently continued
in the first quarter of the current financial year, to June 30,
2010," said Standard & Poor's credit analyst Paul Watters. "S&P
now anticipates full-year EBITDA for financial 2010/2011 of
approximately US$280 million on a like-for-like basis (pre-
exceptional items and excluding nonrecurring project and metering
development costs). This performance is 10%-15% below S&P's
projections that were factored into the initial rating."
The other key negative underpinning S&P's downgrade relates to the
much weaker negative free operating cash flow S&P now anticipate
this financial year (ending March 2011), at more than $100
million. The net result is that credit measures are no longer
commensurate with a 'B' rating, in S&P's opinion.
On the positive side, S&P notes two developments: First, in
September Expro completed its US$114 million acquisition of Asia-
based PTI, a complementary business providing production
facilities and systems to the upstream oil and gas industry.
Second, a material increase in tendering activity in the April-
June 2010 quarter, with the result that Expro's order book has
increased by 25% from bottom of the cycle levels.
The ratings on Expro primarily reflect the company's highly
leveraged financial risk profile, mitigated to a degree by its
fair business risk profile. Key rating constraints include
Expro's high debt levels, weaker-than-we-anticipated cash flow
generation, and expected limited deleveraging over the next two
years.
In S&P's view, there are risks surrounding Expro's current
operating environment, the pace of future pick-up in demand for
deepwater offshore services, and related improvements in Expro's
EBITDA and free cash flow generation. Expro's deleveraging is
highly dependent on a sustainable rise in future EBITDA. The
current rating assumes adjusted debt to EBITDA improving to
approximately 6.5x by end-March 2012 (from an expected 7.3x at
end-March 2011).
S&P could potentially downgrade Expro if free operating cash flow
were to continue to meaningfully drain liquidity in 2011/2012,
threatening a breach in the cash flow coverage covenant; or in the
absence of any material rise in EBITDA in future years. Credit-
supportive elements would include a material strengthening of
EBITDA in later quarters of this, or the next, financial year,
combined with neutral or positive free cash flow.
FOLDING SERVICES: Guardian Products Buys Firm After Liquidation
---------------------------------------------------------------
Adam Hooker at PrintWeek reports that finishing house Folding
Services Ltd. has been bought out of liquidation by Guardian
Products.
Guardian Products managing director Matthew Nichols said the
investment will enable the company to bring finishing in-house,
broadening its product portfolio, PrintWeek relates.
According to PrintWeek, four Folding Services employees have been
taken on by Guardian Products, which will also move the business
into its Bury St Edmunds site in December.
Folding Services went into liquidation with Steven Law of Ensors
on October 4, 2010, after running into financial problems during
the recession.
Guardian Products is owned by Precision Direct Marketing. The
group has a turnover of around GBP7 million and employs 50 staff.
UK-based Folding Services Ltd. provides a number of services
including specialist folding.
G & S COSSEY: Goes Into Administration
--------------------------------------
G & S Cossey goes into administration.
Jonathan Hudston at Real West Dorset reports that G & S Cossey of
Bridgwater in Somerset stopped deliveries to infant classes just
before half-term.
The report notes that the NHS -- which manages the Government's
School Fruit and Vegetable Scheme -- is now looking for another
supplier. The report relates that it could take up to 28 days to
find one.
Aside from Dorset, primary schools in Somerset, Devon and Torbay
are affected, the report notes.
G & S Cossey is the supplier of free break-time fruit and
vegetables to primary schoolchildren in Dorset.
GLENTORAN FOOTBALL CLUB: Faces Administration Threat Over Debts
---------------------------------------------------------------
There are fears that Glentoran Football Club could go into
administration as they owe Revenue and Customs more than
GBP250,000, BBC News reports. The report relates that Glentoran's
cash crisis has deepened after Revenue and Customs told the club
it will start court proceedings in a bid to recover money it is
owed.
BBC Sport understands the Glens owe the taxman in excess of
GBP250,000 and possibly as much as GBP300,000.
According to the report, the club could go into administration,
either forced to by Revenue and Customs or by voluntary
administration. The report relates the club has been struggling
financially for some time and five top players were placed on the
transfer list in May in an attempt to reduce the wage bill.
BBC News recalls that the Irish FA, Glentoran and Revenue and
Customs held discussions in April 2009 on how the club could start
to repay the debt. The report relates that at that meeting an
agreement was reached on a figure that the east Belfast club would
pay in installments for the next year. That took them up to April
this year and the plan at that stage was for the terms to be re-
negotiated, the report notes.
However, BBC News notes, it appears Revenue and Customs wants the
money it is owed from football clubs at all levels as soon as
possible, and it is believed they have been given 12 months to
clear their debts. That would be a monthly payment of
approximately GBP25,000 for Glentoran, the report discloses.
BBC News notes that the club is not in a position to agree to this
payment structure so Revenue and Customs has decided to initiate
court proceedings. Glentoran's overall debts are believed to be
in excess of GBP1 million and the club now faces an uncertain
future, the report relates.
Meanwhile, BBC News adds, the club confirmed that Jim Rodgers,
former Lord Mayor of Belfast, has resigned from the board of
directors after 10 years service.
Glentoran Football Club is an Irish League club.
HORSE & COUNTRY TV: Goes Into Administration
--------------------------------------------
Charlotte White at House and Hound reports that Horse & Country TV
(HCTV) decided to go into administration.
According to the report, a letter sent from HCTV to shareholders
on October 15, 2010, said: "Since 2009 the company has been
largely funded by Hemisphere Capital, which is owed approximately
GBP400,000 plus accrued interest. Hemisphere has called for its
immediate repayment." The report relates the letter said that the
company cannot pay this money to Hemisphere -- which is owned by
HCTV chief executive Heather Killen -- and so would be put into
administration.
An unnamed spokesman for the TV station told H&H: "The company is
being restructured but will continue to run uninterrupted and our
TV channel will continue to broadcast." When asked whether the
disciplines would recoup their losses, she added: "None of the
sports will be out of pocket but may have to renegotiate with the
channel."
The report notes the spokesman said that a new company would be
created to take over the key elements of the business of the old
Horse & Country TV Ltd, which will be placed into administration.
"Our staff and commercial partners will also be unaffected by this
move and the new company will be talking to shareholders of the
old company (including British Eventing, British Dressage and
British Showjumping) about their participation going forward," the
report quoted the spokesman as saying.
About H&C TV
H&C TV was launched in 2006 to service the UK equestrian, eventing
and dressage sports industries. Other senior managers who joined
the company included former ITV exec Jonathan Rippon, ex-IMG exec
Mark Young and former BBC governor Roger Jones.
J KENNEDY: In Administration; 55 Jobs at Risk
---------------------------------------------
News Letter reports that a spokesperson for J Kennedy & Co
(Contractors) Ltd and Kennedy Concrete Products Ltd confirmed that
a significant portion of the business had been placed in
administration, putting 55 jobs in Coleraine at risk.
According to News Letter, a statement on behalf of the family-run
firm blamed the ongoing conditions in the sector.
"Unfortunately due to the current economic downturn which has
impacted heavily on the construction industry in Northern Ireland,
coupled with the lack of support available within the banking
sector, the directors of the companies felt they had no option but
to cease operations with immediate effect," a statement said,
according to News Letter.
News Letter notes a spokesman for the Kennedy Group confirmed that
all other Group companies, interests and operations were
unaffected by Saturday's decision and would continue trading as
normal.
J Kennedy & Co (Contractors) Ltd and Kennedy Concrete Products Ltd
are building contractors based in Northern Ireland.
KENDALL PRESS: Goes Into Liquidation; 29 Jobs Lost
--------------------------------------------------
Manchester Evening News reports that Kendall Press has gone into
liquidation, leaving all its 29 employees without jobs. Kevin
Lucas and Philip Wood from the Manchester office of insolvency
firm BCR were appointed joint liquidators earlier last week.
The GBP1.5 million-turnover company had suffered a 40% decline in
turnover in the last 18 months, the report says.
According to Manchester Evening News, BCR is currently working on
a sale of the business and certain assets.
"The company had suffered a few years earlier when funding was
restricted and a winding up petition was served by HMRC, leading
to its bank account being frozen, which obviously lead to a number
of other problems arising," the Manchester Evening News quoted
Mr. Lucas as saying.
Kendall Press is a Trafford-based printing company. Kendall
Press was owned by directors Craig Kendall and Harry Washbourne.
LIMAVADY GEAR: In Administration; 27 Jobs at Risk
-------------------------------------------------
BBC News reports that The Limavady Gear Company has gone into
administration, putting 27 jobs at risk.
A significant number of redundancies will be made, BBC says,
citing the company's administrators.
BBC relates in a statement, administrators Cavanagh Kelly of
Dungannon, said they were assessing the options.
According to BBC, the administrators said they were prepared to
trade for a period to see if the business could be sold as a going
concern.
Based at the former Seagate factory, The Limavady Gear Company is
an engineering firm. The firm specializes in precision
engineering and manufacturing for heavy industry.
METRIX FUNDING: Moody's Confirms Caa3 (sf) Rating on Class E Notes
------------------------------------------------------------------
Moody's Investors Service has confirmed the ratings of 7 classes
of notes issued by Metrix Funding No 1 Plc.
Issuer: Metrix Funding No 1 Plc
-- GBP32M Class C-1 Notes, Confirmed at Baa2 (sf); previously on
Jul 22, 2010 Baa2 (sf) Placed Under Review for Possible
Downgrade
-- EUR56.2M Class C-2 Notes, Confirmed at Baa2 (sf); previously
on Jul 22, 2010 Baa2 (sf) Placed Under Review for Possible
Downgrade
-- GBP36M Class D-1 Notes, Confirmed at B1 (sf); previously on
Jul 22, 2010 B1 (sf) Placed Under Review for Possible
Downgrade
-- EUR50.3M Class D-2 Notes, Confirmed at B1 (sf); previously on
Jul 22, 2010 B1 (sf) Placed Under Review for Possible
Downgrade
-- GBP30M Class E-1 Notes, Confirmed at Caa3 (sf); previously on
Jul 22, 2010 Downgraded to Caa3 (sf) and Placed Under Review
for Possible Downgrade
-- EUR27.03M Class E-2 Notes, Confirmed at Caa3 (sf); previously
on Jul 22, 2010 Downgraded to Caa3 (sf) and Placed Under
Review for Possible Downgrade
-- US$3M Class E-3 Notes, Confirmed at Caa3 (sf); previously on
Jul 22, 2010 Downgraded to Caa3 (sf) and Placed Under Review
for Possible Downgrade
This transaction, which closed in December 2005, is a cash
collateralized loan obligation of senior unsecured corporate loans
mostly incorporated in the UK. The internal ratings assigned to
the borrowers by the originator HSBC Bank plc are used to
determine the default probabilities of the borrowers in this
transaction. These internal ratings are converted to Moody's
rating scale according to a mapping.
According to the September 2010 cash manager's report, the
outstanding portfolio totalled GBP850 million, consisting of 156
loans made to 47 borrowers, and there were GBP39 million
equivalent in the principal collection accounts. The
replenishment period ended in November of 2009, since then the
portfolio is static and has amortized by 58%. On the liabilities
side, the class A notes have redeemed by 65% since the start of
the amortization period one year ago. The WAL of the current
portfolio is approximately 2 years.
In July 2010 the ratings of classes C and D were placed on review
for downgrade and the rating of class E was downgraded to Caa3 and
left on review for further possible downgrade. Moody's concludes
its review confirming the ratings of class C, class D and class E.
These rating confirmations are mainly driven by the fast
amortization of the portfolio and class A notes, the significant
size the reserve account and the excess spread generated by the
assets. The combined impact of these factors largely compensates
the effect of the credit deterioration currently experienced by
the underlying portfolio. Such deterioration is observed through
a decline in the average credit rating as measured through the
portfolio weighted average rating factor 'WARF' which in the
September 2010 report was 2610 compared to the 1524 of the last
rating action (September 2009) and to a covenanted maximum of 630.
According to the September 2010 cash manager's report, roughly
GBP349 million (41%) of assets in the pool are below the minimum
required credit rating, which includes a 15% bucket of the
portfolio mapped to a Moody's equivalent rating of Ca while, based
on the terms and conditions of the transaction, there are no
defaulted assets as reported in the cash manager's report.
However, GBP88 million (10%) of assets are currently rated in the
defaulted category by HSBC; such assets will also appear as
defaulted in the transaction if still outstanding and not cured
after a grace period of 3 months after the default date, which
should increase the PDL balance in Metrix Funding. Currently
there is one delinquent loan with a notional of GBP0.7 million
that has been delinquent for 9 months; a principal deficiency
ledger of GBP0.35 million is associated to that asset. The over-
collateralization ratios are currently 138%, 124%, 112%, 102% and
96% respectively on classes A, B, C, D and E.
As a base case, Moody's analyzed the underlying collateral pool
with an adjusted weighted average rating factor of 1982 (excluding
Ca assets) and a weighted-average recovery rate of 34.14%
(excluding Ca assets). In addition, the global correlation was
increased from 3% to 5% reflect the high level of geographical
concentration of the underlying loans in the UK and the fact that
they are all originated and serviced by HSBC.
Moody's additionally ran sensitivity analyses on key parameters
for the rated notes. Among these, Moody's considered the impact
of assets observing recovery rates between 20% and 50% in the
event of a default versus the base case assumption of 34%.
Moody's found that applying such recovery rates would not impact
the model results by more than one notch, except for class C that
could be affected by two notches compared to the base case. In
order to assess the impact of potential decrease of the margin
paid by the underlying assets on the rated notes, a sensitivity
run consisting in decreasing the portfolio weighted average spread
from 1.46% to 1.15% was done, which at worst had a negative one
notch impact on the model outputs. Moody's also considered the
impact of further stresses to large single exposures. Moody's
current ratings do not deviate by more than two notches from the
model results of these sensitivity runs.
In addition, the equivalent Moody's ratings of the underlying
referenced assets used in Moody's analysis are obtained through a
mapping process between the originator's internal rating scale and
Moody's public rating scale. To compensate for the absence of
credit indicators such as ratings reviews and outlooks in mapped
ratings, a half notch stress was applied to the mapping scale. In
addition, large single exposure to obligors have been considered
for the analysis and applied a stress applicable to concentrated
pools with non publicly rated issuers as per the report titled
"Updated Approach to the Usage of Credit Estimates in Rated
Transactions" published in October 2009. Because this mapping was
performed more than two years ago, an additional stress was
applied to capture potential deviations from the established
mapping.
Due to the impact of revised and updated key assumptions
referenced in "Moody's Approach to Rating Collateralized Loan
Obligations" and "Annual Sector Review (2009): Global CLOs", key
model inputs used by Moody's in its analysis, such as par,
weighted average rating factor, diversity score, and weighted
average recovery rate, may be different from the numbers reported
by the cash manager.
Under this methodology, due to the fact that the portfolio is now
static as it has entered the amortizing stage, Moody's relied on a
simulation based framework. Moody's therefore used CDOROM, to
generate default and recovery scenarios for each asset in the
portfolio and then a cash-flow model in order to compute the
associated loss to each tranche in the structure.
The cash flow model used for this transaction, whose description
can be found in the methodology listed above, is Moody's EMEA
Cash-Flow model.
PORTSMOUTH FOOTBALL CLUB: Former Chief Waits to Make Takeover Bid
-----------------------------------------------------------------
Former Hull Chief Paul Duffen is ready to make a shock attempt to
buy Portsmouth Football Club Ltd. from new saviour Balram
Chainrai, Mirror Football reports.
According to the report, Hong Kong-based businessman Chainrai is
taking Portsmouth out of administration almost eight months after
putting them into it with debts which approached GBP130 million.
But Mr. Chainrai may cash in on Pompey almost as soon as the ink
is dry on the agreement now that his GBP15 million worth of
investment has been protected, the report relates.
The report notes that the stumbling block was in agreeing to pay
back previous owner, Sacha Gaydamak, GBP2.2 million for a loan
repayment to Barclays Bank.
Paris-based Gaydamak agreed to accept the payment over five years
and Pompey can now return to Mr. Chainrai's control, the report
notes. But the buying and selling may not end there if City
businessman Duffen is successful in his takeover plans, the report
says.
Mr. Duffen, the report discloses, is ready to pay around GBP10
million for Pompey.
About Portsmouth Football Club
Portsmouth Football Club Ltd. -- http://www.portsmouthfc.co.uk/--
operates Portsmouth FC, a professional soccer team that plays in
the English Premier League. Established in 1898, the club boasts
two FA Cups, its last in 2008, and two first division
championships. Portsmouth FC's home ground is at Fratton Park;
the football team is known to supporters as Pompey. Dubai
businessman Sulaiman Al-Fahim purchased the club from Alexandre
Gaydamak in 2009. A French businessman of Russian decent,
Mr. Gaydamak had controlled Portsmouth Football Club since 2006.
SHEBEEN CHIC: Dispute Over Rent Payments May Lead to Liquidation
----------------------------------------------------------------
InsolvencyJournal.ie, citing the Sunday Business Post's Nicola
Cooke, reports that a dispute over rent payments between
restaurateur Jay Bourke and landlords of his Dublin venue Shebeen
Chic could end up with the business being wound up.
The report says the rent had been set at EUR156,000 per annum in
2008, but reduced to EUR100,000 in September 2009.
According to the report, Mr. Bourke believed this reduced figure
was the new rate, but landlords Kenneally McAuliffe auctioneers
contend this was a four-month "breathing space" and that the rent
was to increase again in January of this year.
Shebeen Chic is a restaurant and bar on Georges Street Dublin 2
Ireland.
SPECIALTY RETAIL: May File for Administration This Week
-------------------------------------------------------
Abigail Moses at Bloomberg News, citing the Sunday Times, reports
that Specialty Retail Group may file for administration this week.
Bloomberg relates the Times said the company hired Zolfo Cooper to
prepare for insolvency.
Specialty Retail Group is a chain of menswear stories in the U.K.
SVM TEXTILES: Hire Class Acquires Firm, Almost 100 Jobs Saved
-------------------------------------------------------------
Almost 100 retail jobs in SVM Textiles Ltd have been saved after a
business restructuring, Belfast Telegraph reports.
The report notes that SVM Textiles, headed up by Sam Morrison,
went into administration but its assets have now been bought by
sister company Hire Class.
According to the report, high rents for the shops have forced the
restructuring.
The report notes Mr. Morrison said that the business would
continue to focus on popular brands such as Diesel, G-STAR, Ugg
and Paul's Boutique.
Belfast Telegraph reports that news of SVM's restructuring comes
after figures showed retail sales volumes were weaker than
expected in September due to anxiety over the government's
deficit-busting cuts.
Headquartered in Northern Ireland, SVM Textiles Ltd was set up in
1987, operates nine fashion shops including Clockwork Orange
stores and franchise outlets selling the Tommy Hilfiger brand. It
also operated the Miss Sixty franchise through a store in
Belfast's Wellington Place.
WORK FOUNDATION: Lancaster University Buys Foundation
-----------------------------------------------------
Kevin Reed at Accountancy Age reports that advisers from FRP
Advisory have sold insolvent think-tank The Work Foundation to
Lancaster University in a pre-packaged deal.
According to Accountancy Age, Jason Baker and Jonathan Birch of
FRP Advisory were appointed as joint provisional liquidators,
following a winding-up petition based on the foundation's pension
deficit that rendered the charity insolvent.
Accountancy Age relates that following discussions and having
received an offer for the charity's business, the foundation's
board considered that the only mechanism available to the charity
to affect a sale would be through an insolvency process. This was
undertaken in consultation with all the relevant regulators and
key creditors, the report notes.
"Having met with representatives of most major creditors, of which
the pension fund is the largest, it was agreed with them that the
best possible outcome was to sell The Work Foundation as a going
concern to an interested party where there were strong natural
synergies," Accountancy Age quotes Mr. Baker as saying.
"Regrettably, there will be a shortfall to creditors as a
consequence of the sale, this will be minimized. In achieving
this outcome, all 43 jobs have been safeguarded and the strong
heritage of The Work Foundation has been preserved. Unfortunately
a pension deficit is becoming a critical issue for many
organizations, both public and private, in particular, the third
sector."
The Work Foundation was the sponsoring employer for a defined
benefit pension fund established in 1951 and closed to new members
in October 2001. The Scheme has around 600 members,
(approximately 400 deferred members, 200 current members and three
active members).
WRIGHT PRINTING: Paragon Group Acquires Firm Out of Administration
------------------------------------------------------------------
Adam Hooker at PrintWeek reports that Paragon Group UK, part of
the Paragon Group, has acquired the trade and assets of Wright
Printing Services out of administration. The report relates that
the company entered into administration with Robert Adamson of
Mazars Business Recovery on October 13, 2010.
According to the report, Paragon Group will continue to trade the
business from its Rotherham-site, while 48 employees have been
taken on as part of the acquisition.
Headquartered in Rotherham, United Kingdom, Wright Printing
Services is a 40 year old printing company. Wright Printing
Services provides a range of services including business
stationery, promotional materials, laser and continuous forms, NCR
sets, books and pads and reel to reel direct mail.
ZYTEK MOTORSPORT: Goes Into Administration
------------------------------------------
Zytek Motorsport went into administration on October 15, 2010,
after a deal to sell the remaining shares to its largest
individual shareholder Ginetta Chairman Lawrence Tomlinson fell
through, Planetlemans reports.
According to the report, Mr. Tomlinson commented: "The deal kept
changing and eventually enough was enough. The business has been
badly managed for the last 18 months. Zytek's customers and
employees have been badly treated as resources have been diverted
to non-core activity behind mine and the Board of Directors backs.
I have started a GBP5 million law suit against Bill Gibson, a
Director of Zytek Motorsport and Zytek Group. Ginetta will
continue to build on its phenomenal success and is recruiting more
engineers to strengthen its team and develop more new cars and
engines in house."
With Zytek Motorsport now into administration the future of the
recently announced partnership with Nissan Motorsports
International to provide engines for the LMP2 class from 2011
onwards is also unclear, the report adds.
Zytek Motorsport (formerly Zytek Engineering) is a British
automotive motorsport company
===================
U Z B E K I S T A N
===================
KAPITALBANK: S&P Changes Outlook to Stable; Affirms 'B-' Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised its
outlook on Uzbekistan-based Kapitalbank to stable from negative.
At the same time, the 'B-' long-term and 'C' short-term
counterparty credit ratings were affirmed.
"The outlook revision reflects the stabilization and improvement
in the bank's liquidity management following the resolution of the
legal proceedings against a number of its shareholders in the
second quarter of 2010," said Standard & Poor's credit analyst
Sergey Voronenko.
The ratings on Kapitalbank reflect its weak capitalization and
provisioning coverage, poorly diversified franchise and lending
portfolio, and credit risks in the context of the risky operating
environment in the Republic of Uzbekistan (not rated). These
negative factors are partly offset by Kapitalbank's good brand
recognition and geographic presence in Uzbekistan; adequate core
earnings; and good and improved levels of liquidity.
The ratings on Kapitalbank reflect its stand-alone credit profile,
with no notches or uplift for potential extraordinary parental or
governmental support due to its low systemic importance and
uncertainty about whether the bank's shareholders would be able to
provide sufficient support in case of need.
Kapitalbank's final beneficiaries are not disclosed publicly and
in S&P's view its ownership structure lacks transparency. S&P's
ratings are based on the understanding that the ultimate control
over the bank belongs to a limited group of people.
The stable outlook balances the remaining credit weaknesses and
market challenges with the bank's more cautious and improved
liquidity management.
"Even though the current ratings already reflect some probability
of a further weakening in the bank's credit profile, if the bank's
liquidity eroded from the currently adequate level and if
capitalization decreased from its already weak level, S&P might
lower the ratings," said Mr. Voronenko.
An upgrade could result only if the bank demonstrated material and
sustainable improvements in its financial and business profiles,
mainly in capitalization, asset quality, and lending and funding
diversifications. But S&P currently consider this scenario as
unlikely in the near term.
* S&P Affirms 'B' Credit Ratings on Three Banks in Uzbekistan
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'B' long-term and 'B' short-term counterparty credit ratings on
National Bank For Foreign Economic Activity Of The Republic Of
Uzbekistan, Halk Bank, and Uzpromstroybank. The outlooks on all
three banks remain stable.
"The affirmations reflect S&P's view that strong ongoing
government support has somewhat sheltered the financial
performance of NBU, Halk, and Uzpromstroybank during the global
economic slowdown, and has helped them maintain adequate
capitalization and balance-sheet liquidity," said Standard &
Poor's credit analyst Sergey Voronenko.
The ratings on all three banks are constrained by Uzbekistan's
high-risk operating environment and high credit risks, accentuated
by government-directed lending and low diversity in the loan
portfolio.
The banks' status as government-related entities (and S&P's
assessment of their high systemic importance partly mitigate the
negative rating factors.
Because of its direct, visible control of the banks, S&P believes
the Uzbek government would provide timely and sufficient support
to the banks if necessary.
All three banks have significant domestic franchises and operate
to a large degree as agents of government policy in serving
particular sectors of the economy. Taking into account these
factors and due to its view of Uzbekistan's creditworthiness, S&P
factor its support expectations into the ratings of the three
banks without additional notches above their stand-alone credit
profiles.
In accordance with its criteria for GREs, S&P assess the
likelihood of extraordinary government support to both NBU and
Halk as "extremely high", based on:
The banks' "critical" role for the local economy as the largest
lender to the strategic industries (NBU) and the largest savings
bank (Halk); andBoth banks' "very strong" link with the government
via 100% state ownership. S&P assesses the likelihood of
extraordinary state support in the event of financial distress to
Uzpromstroybank as "very high", because of:
* The bank's "very important" role for Uzbekistan's economy as one
of the largest lenders to key sectors; and
* Uzpromstroy's "very strong" link with the government because of
its ownership by the Ministry of Finance (35%) and the
Uzbekistan Fund for Reconstruction and Development (26%).
The stable outlooks on NBU, Halk, and Uzpromstroybank balance high
credit risks with S&P's expectation of continued strong government
support and ownership.
"S&P is unlikely to raise the ratings on the banks without an
improvement in both Uzbekistan's creditworthiness and the banks'
stand-alone credit profiles," said Mr. Voronenko.
Ratings upside potential for the banks is limited, but their
stand-alone credit profiles could benefit from diversification of
the loan profile and funding structure, while maintaining
acceptable asset quality metrics and adequate capitalization and
liquidity.
Ratings downside would stem from a deterioration in Uzbekistan's
creditworthiness or a weakening of support from the government. A
material deterioration in the banks' stand-alone credit profiles
would also pressure the ratings.
===============
X X X X X X X X
===============
* Large Companies with Insolvent Balance Sheet
----------------------------------------------
Total
Shareholders Total
Equity Assets
Company Ticker (US$) (US$)
------- ------ ------ ------
AUSTRIA
-------
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STYROL HOLDING 1 3321155Z AV -69327699.53 1925984640
BELGIUM
-------
SABENA SA SABA BB -85494497.66 2215341060
CYPRUS
------
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CZECH REPUBLIC
--------------
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DENMARK
-------
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FRANCE
------
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GEORGIA
-------
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GERMANY
-------
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GREECE
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IRELAND
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ITALY
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BINDA SPA BNDAF US -11146475.29 128859802.9
BIOERA BIE1 IX -6731364.698 131141946.1
BIOERA BIE1 PZ -6731364.698 131141946.1
BIOERA BIE EU -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 FIY GR -422095869.5 1583083044
CIRIO FINANZIARI CRO IM -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 ICT IM -137726596.3 527372691.4
COMPAGNIA ITALIA CGLUF US -137726596.3 527372691.4
CREDITO FONDIARI CRF IM -200209050.3 4213063202
CREDITO FOND-RTS CRFSA IM -200209050.3 4213063202
EUROFLY SPA EEZ IX -14153158.14 356030320.5
EUROFLY SPA -RTS EEZAXA IM -14153158.14 356030320.5
EUROFLY SPA-RTS EURAXA IM -14153158.14 356030320.5
I VIAGGI DEL VEN VVE IM -194331003.9 255327730
I VIAGGI DEL VEN VVE EU -194331003.9 255327730
I VIAGGI DEL VEN VVE PZ -194331003.9 255327730
I VIAGGI DEL VEN VVE EO -194331003.9 255327730
I VIAGGI DEL VEN VVE IX -194331003.9 255327730
I VIAGGI DEL VEN IV7 GR -194331003.9 255327730
I VIAGGI DEL VEN VVE TQ -194331003.9 255327730
I VIAGGI DEL VEN IVGIF US -194331003.9 255327730
I VIAGGI-RTS VVEAA IM -194331003.9 255327730
MERIDIANA FLY MEF EB -14153158.14 356030320.5
MERIDIANA FLY EEZ IM -14153158.14 356030320.5
MERIDIANA FLY EEZ TQ -14153158.14 356030320.5
MERIDIANA FLY MEF IX -14153158.14 356030320.5
MERIDIANA FLY E7N GR -14153158.14 356030320.5
MERIDIANA FLY EEZ EU -14153158.14 356030320.5
MERIDIANA FLY EEZ QM -14153158.14 356030320.5
MERIDIANA FLY EEZ EO -14153158.14 356030320.5
MERIDIANA FLY MEF IM -14153158.14 356030320.5
MERIDIANA FLY EEZ PZ -14153158.14 356030320.5
MERIDIANA FLY EFLYF US -14153158.14 356030320.5
MERIDIANA FLY SP MEFAXA IM -14153158.14 356030320.5
OLCESE SPA O IM -12846689.89 179691572.8
OLCESE SPA-RTS OAA IM -12846689.89 179691572.8
OLCESE VENEZIANO OLVE IM -12846689.89 179691572.8
PARMALAT FINANZI FICN AV -18419390029 4120687886
PARMALAT FINANZI PMT LI -18419390029 4120687886
PARMALAT FINANZI PMLFF US -18419390029 4120687886
PARMALAT FINANZI PAF GR -18419390029 4120687886
PARMALAT FINANZI PRF IM -18419390029 4120687886
PARMALAT FINANZI PRFI VX -18419390029 4120687886
PARMALAT FINANZI PARAF US -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 EO -51818228.1 3959683341
RISANAMENTO SPA RNGBX EO -51818228.1 3959683341
RISANAMENTO SPA RNGBP EO -51818228.1 3959683341
RISANAMENTO SPA RN IX -51818228.1 3959683341
RISANAMENTO SPA RNGBX EU -51818228.1 3959683341
RISANAMENTO SPA RN PZ -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-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 SN IM -141933883.9 150445252.4
SNIA SPA SIAI PZ -141933883.9 150445252.4
SNIA SPA SBPDF US -141933883.9 150445252.4
SNIA SPA SN EU -141933883.9 150445252.4
SNIA SPA SN TQ -141933883.9 150445252.4
SNIA SPA SSMLF US -141933883.9 150445252.4
SNIA SPA SNIXF US -141933883.9 150445252.4
SNIA SPA SNIA GR -141933883.9 150445252.4
SNIA SPA SNIB GR -141933883.9 150445252.4
SNIA SPA SIAI IX -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 SNR IM -141933883.9 150445252.4
SNIA SPA-RCV SNIVF US -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 SNAA IM -141933883.9 150445252.4
SNIA SPA-RTS SNSO IM -141933883.9 150445252.4
SOCOTHERM SPA SCTM IX -161739278.5 398222827.1
SOCOTHERM SPA SCT EO -161739278.5 398222827.1
SOCOTHERM SPA SCT EU -161739278.5 398222827.1
SOCOTHERM SPA SCTI PZ -161739278.5 398222827.1
SOCOTHERM SPA SCT TQ -161739278.5 398222827.1
SOCOTHERM SPA SCT IM -161739278.5 398222827.1
SOCOTHERM SPA SOCEF US -161739278.5 398222827.1
TECNODIFF ITALIA TDI NM -89894162.82 152045757.5
TECNODIFF ITALIA TDI IM -89894162.82 152045757.5
TECNODIFF ITALIA TDIFF US -89894162.82 152045757.5
TECNODIFF ITALIA TEF GR -89894162.82 152045757.5
TECNODIFF-RTS TDIAOW NM -89894162.82 152045757.5
TECNODIFFUSIONE TDIAAW IM -89894162.82 152045757.5
TISCALI - RTS TIQA GR -98435968.67 498535068.5
TISCALI - RTS TISAAW IM -98435968.67 498535068.5
TISCALI SPA TIS PZ -98435968.67 498535068.5
TISCALI SPA TISGBX EO -98435968.67 498535068.5
TISCALI SPA TISM IX -98435968.67 498535068.5
TISCALI SPA TIS IM -98435968.67 498535068.5
TISCALI SPA TISN FP -98435968.67 498535068.5
TISCALI SPA TIS EO -98435968.67 498535068.5
TISCALI SPA TSCXF US -98435968.67 498535068.5
TISCALI SPA TISGBP EO -98435968.67 498535068.5
TISCALI SPA TIS IX -98435968.67 498535068.5
TISCALI SPA TIQG IX -98435968.67 498535068.5
TISCALI SPA TIS NA -98435968.67 498535068.5
TISCALI SPA TIS QM -98435968.67 498535068.5
TISCALI SPA TIS FP -98435968.67 498535068.5
TISCALI SPA TIQ1 GR -98435968.67 498535068.5
TISCALI SPA TISN NA -98435968.67 498535068.5
TISCALI SPA TIS NQ -98435968.67 498535068.5
TISCALI SPA TIS NR -98435968.67 498535068.5
TISCALI SPA TISN IM -98435968.67 498535068.5
TISCALI SPA TISN VX -98435968.67 498535068.5
TISCALI SPA TISN IX -98435968.67 498535068.5
TISCALI SPA TIQ GR -98435968.67 498535068.5
TISCALI SPA TIS VX -98435968.67 498535068.5
TISCALI SPA TISGBX EU -98435968.67 498535068.5
TISCALI SPA TIS TQ -98435968.67 498535068.5
TISCALI SPA TIS EU -98435968.67 498535068.5
TISCALI SPA TIS EB -98435968.67 498535068.5
TISCALI SPA- RTS TISAXA IM -98435968.67 498535068.5
TISCALI SPA- RTS 3391621Q GR -98435968.67 498535068.5
LUXEMBOURG
----------
CARRIER1 INT-AD+ CONE ES -94729000 472360992
CARRIER1 INT-ADR CONEE US -94729000 472360992
CARRIER1 INT-ADR CONEQ US -94729000 472360992
CARRIER1 INT-ADR CONE US -94729000 472360992
CARRIER1 INTL CJN GR -94729000 472360992
CARRIER1 INTL CJN NM -94729000 472360992
CARRIER1 INTL CJNA GR -94729000 472360992
CARRIER1 INTL SA 1253Z SW -94729000 472360992
CARRIER1 INTL SA CONEF US -94729000 472360992
INTELSAT ILMA GR -488887008 17331793920
INTELSAT SA 2237Z US -488887008 17331793920
NETHERLANDS
-----------
BAAN CO NV-ASSEN BAANA NA -7854741.409 609871188.9
BAAN COMPANY NV BAAN NA -7854741.409 609871188.9
BAAN COMPANY NV BAAN EO -7854741.409 609871188.9
BAAN COMPANY NV BAAN PZ -7854741.409 609871188.9
BAAN COMPANY NV BAAN GR -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 EU -7854741.409 609871188.9
BAAN COMPANY NV BAAN IX -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
SPYKER CARS NV SPYKF US -154336469.5 1337361332
SPYKER CARS NV SPYKR EO -154336469.5 1337361332
SPYKER CARS NV SPYKR BQ -154336469.5 1337361332
SPYKER CARS NV SPYKR NA -154336469.5 1337361332
SPYKER CARS NV L9I GR -154336469.5 1337361332
SPYKER CARS NV SPYK IX -154336469.5 1337361332
SPYKER CARS NV SPYKR TQ -154336469.5 1337361332
SPYKER CARS NV SPYKR PZ -154336469.5 1337361332
SPYKER CARS NV SPYKR EB -154336469.5 1337361332
SPYKER CARS NV SPYKR EU -154336469.5 1337361332
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 UPCEF US -5505478850 5112616630
UNITED PAN-EUROP UPCOF US -5505478850 5112616630
UNITED PAN-EUROP UPE1 GR -5505478850 5112616630
UNITED PAN-EUROP UPC VX -5505478850 5112616630
UNITED PAN-EUROP UPE GR -5505478850 5112616630
ZESKO HOLDING BV 2938133Z NA -958614022.1 8358218597
POLAND
------
DRKENDY DRK PW -91135239.68 521942177.4
INTEROIL EXPLORA IOX PZ -46843000 189680992
INTEROIL EXPLORA IOX BY -46843000 189680992
INTEROIL EXPLORA IROIF US -46843000 189680992
INTEROIL EXPLORA IOX IX -46843000 189680992
INTEROIL EXPLORA IOXUSD EO -46843000 189680992
INTEROIL EXPLORA IOX EU -46843000 189680992
INTEROIL EXPLORA IOX EO -46843000 189680992
INTEROIL EXPLORA IOXEUR EO -46843000 189680992
INTEROIL EXPLORA IOXUSD EU -46843000 189680992
INTEROIL EXPLORA IOX NO -46843000 189680992
INTEROIL EXPLORA INOX NO -46843000 189680992
INTEROIL EXPLORA IOXEUR EU -46843000 189680992
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 JACK NO -54932000 191586000
PETROJACK AS P3J GR -54932000 191586000
PETROJACK AS POJKF US -54932000 191586000
PETROJACK AS JACKEUR EU -54932000 191586000
PETROJACK AS JACO IX -54932000 191586000
PETROJACK AS JACK PZ -54932000 191586000
PETROJACK AS JACK EU -54932000 191586000
PETROJACK AS JACKEUR EO -54932000 191586000
PETROJACK AS JACK BY -54932000 191586000
PETROJACK AS JACK EO -54932000 191586000
RESERVOIR EXPL RXT NO -34076000 185510000
RESERVOIR EXPL RXT BY -34076000 185510000
RESERVOIR EXPL RXT EU -34076000 185510000
RESERVOIR EXPL RXTEUR EU -34076000 185510000
RESERVOIR EXPL RXTB NO -34076000 185510000
RESERVOIR EXPL RXTEUR EO -34076000 185510000
RESERVOIR EXPL RXAEF US -34076000 185510000
RESERVOIR EXPL RXT IX -34076000 185510000
RESERVOIR EXPL 5RS GR -34076000 185510000
RESERVOIR EXPL RXT EO -34076000 185510000
RESERVOIR EXPL RXT PZ -34076000 185510000
RESERVOIR EXPL-A RXTA NO -34076000 185510000
RESERVOIR-RTS RXTS NO -34076000 185510000
RESERVOIR-RTS RXTUR NO -34076000 185510000
KROSNO KROS IX -2241614.766 111838141.2
KROSNO KRS LI -2241614.766 111838141.2
KROSNO KRS1EUR EU -2241614.766 111838141.2
KROSNO KRS PW -2241614.766 111838141.2
KROSNO KRS1EUR EO -2241614.766 111838141.2
KROSNO SA KRS PZ -2241614.766 111838141.2
KROSNO SA KROSNO PW -2241614.766 111838141.2
KROSNO SA KRS1 EU -2241614.766 111838141.2
KROSNO SA KRNFF US -2241614.766 111838141.2
KROSNO SA KRS1 EO -2241614.766 111838141.2
KROSNO SA-RTS KRSP PW -2241614.766 111838141.2
KROSNO-PDA-ALLT KRSA PW -2241614.766 111838141.2
TOORA TOR PZ -288818.3897 147004954.2
TOORA 2916665Q EU -288818.3897 147004954.2
TOORA TOR PW -288818.3897 147004954.2
TOORA 2916661Q EO -288818.3897 147004954.2
TOORA-ALLOT CERT TORA PW -288818.3897 147004954.2
PORTUGAL
--------
CARRIS FERRO DE 3482366Z PL -854280773.4 252500907.6
COFINA COFSI IX -4067307.986 329785890.1
COFINA COFI PL -4067307.986 329785890.1
COFINA CFASF US -4067307.986 329785890.1
COFINA SGPS SA CFN1 PZ -4067307.986 329785890.1
COFINA SGPS SA CFN PL -4067307.986 329785890.1
COFINA SGPS SA CFNX PX -4067307.986 329785890.1
COFINA SGPS SA COFI TQ -4067307.986 329785890.1
COFINA SGPS SA COFI EU -4067307.986 329785890.1
COFINA SGPS SA COFI EB -4067307.986 329785890.1
COFINA SGPS SA COFI EO -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 -61651485.35 126605006.5
REFER-REDE FERRO 1250Z PL -1611845937 2225160725
SOCIEDADE DE TRA 1253Z PL -382109074.2 119848180.8
SPORTING-SOC DES SCPL IX -52021160.28 159963648.5
SPORTING-SOC DES SCPX PX -52021160.28 159963648.5
SPORTING-SOC DES SCDF EU -52021160.28 159963648.5
SPORTING-SOC DES SCG GR -52021160.28 159963648.5
SPORTING-SOC DES SCP PL -52021160.28 159963648.5
SPORTING-SOC DES SCP1 PZ -52021160.28 159963648.5
SPORTING-SOC DES SCDF PL -52021160.28 159963648.5
SPORTING-SOC DES SCDF EO -52021160.28 159963648.5
TAP SGPS TAP PL -293253615.6 2901200999
VAA VISTA ALEGRE VAF EU -61651485.35 126605006.5
VAA VISTA ALEGRE VAF PL -61651485.35 126605006.5
VAA VISTA ALEGRE VAF PZ -61651485.35 126605006.5
VAA VISTA ALEGRE VAF EO -61651485.35 126605006.5
VAA VISTA ALEGRE VAFX PX -61651485.35 126605006.5
VAA VISTA AL-RTS VAA9S PL -61651485.35 126605006.5
VAA VISTA AL-RTS VAAS PL -61651485.35 126605006.5
VAA VISTA ALTAN VAFK EU -61651485.35 126605006.5
VAA VISTA ALTAN VAFK PZ -61651485.35 126605006.5
VAA VISTA ALTAN VAFKX PX -61651485.35 126605006.5
VAA VISTA ALTAN VAFK EO -61651485.35 126605006.5
VAA VISTA ALTAN VAFK PL -61651485.35 126605006.5
ROMANIA
-------
OLTCHIM RM VALCE OLTEUR EO -89344235.29 511515508.8
OLTCHIM RM VALCE OLT EU -89344235.29 511515508.8
OLTCHIM RM VALCE OLT PZ -89344235.29 511515508.8
OLTCHIM RM VALCE OLT RO -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 OLTEUR EU -89344235.29 511515508.8
RUSSIA
------
AKCIONERNOE-BRD SOVP$ RU -85860271.6 137059051.4
ALLIANCE RUSSIAN ALRT RU -13189413.03 138268688.3
AMO ZIL ZILL RM -76809638.66 360473673
AMO ZIL-CLS ZILL* RU -76809638.66 360473673
AMO ZIL-CLS ZILL RU -76809638.66 360473673
AMUR SHIP-BRD AMZS* RU -137530791.8 945775662.6
AMUR SHIP-BRD AMZS RU -137530791.8 945775662.6
BUMMASH OJSC-BRD BUMM RU -5137634.738 179599559.3
BUMMASH OJSC-BRD BUMM* RU -5137634.738 179599559.3
DAGESTAN ENERGY DASB RU -31976921.34 172137243.4
DAGESTAN ENERGY DASB RM -31976921.34 172137243.4
DAGESTAN ENERGY DASB* RU -31976921.34 172137243.4
EAST-SIBERIA-BRD VSNK* RU -17335212.17 224008514.4
EAST-SIBERIA-BRD VSNK RU -17335212.17 224008514.4
EAST-SIBERIAN-BD VSNK$ RU -17335212.17 224008514.4
FINANCIAL LEASIN FLKO RM -80794530.71 373269665.9
FINANCIAL LEASIN 137282Z RU -80794530.71 373269665.9
FINANCIAL LE-BRD FLKO* RU -80794530.71 373269665.9
FINANCIAL LE-BRD FLKO RU -80794530.71 373269665.9
GAZ-FINANS GAZF RU -56134.51262 232319905.4
IZHAVTO OAO IZAV RU -19693758.83 474754687.9
KARUSEL FINANS KAFI RU -3988742.669 101528630.9
KOMPANIYA GL-BRD GMST* RU -22053203.7 1135310362
KOMPANIYA GL-BRD GMST RU -22053203.7 1135310362
MIAN-DEVELOPMENT MAEQY RU -695445.1747 424399991
M-INDUSTRIYA SOMI RU -1091260.252 261721440.8
MZ ARSENAL-$BRD ARSE RU -14527137.73 208754934.6
MZ ARSENAL-BRD ARSE$ RU -14527137.73 208754934.6
MZ ARSENAL-BRD ARSE* RU -14527137.73 208754934.6
PARNAS-M PRSM RU -138592.4742 127637318.8
PENOPLEX-FINANS PNPF RU -754086.9373 140176163.3
PROMTRACTOR-FINA PTRF RU -18554700.19 275723244.2
RK-GAZSETSERVIS RKGS RU -54665229.61 153223493.4
RUSSIAN TEXT-CLS ALRT* RU -13189413.03 138268688.3
RUSSIAN TEXT-CLS ALRTG 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 LI -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-MSE HALSM RU -343701984 1217284096
SISTEMA HALS-T+0 HALSG RU -343701984 1217284096
SISTEMA-GDR 144A 86PN LI -343701984 1217284096
SISTEMA-GDR 144A SEMAL US -343701984 1217284096
URGALUGOL-BRD YRGL* RU -23085070.94 101919650.9
URGALUGOL-BRD YRGL RU -23085070.94 101919650.9
URGALUGOL-BRD-PF YRGLP RU -23085070.94 101919650.9
VIMPEL SHIP-BRD SOVP* RU -85860271.6 137059051.4
VIMPEL SHIP-BRD SOVP RU -85860271.6 137059051.4
VOLGOGRAD KHIM VHIM RU -27435278.35 139073353.6
VOLGOGRAD KHIM VHIM* RU -27435278.35 139073353.6
WILD ORCHID ZAO DOAAN RU -11716088.49 106082784.6
ZAPSIBGASP-Q PFD ZSGPP$ RU -1082254.288 127026139.3
ZAPSIBGASPRO-BRD ZSGP RU -1082254.288 127026139.3
ZAPSIBGASPRO-BRD ZSGP* RU -1082254.288 127026139.3
ZAPSIBGASPROM-B ZSGP$ RU -1082254.288 127026139.3
ZAPSIBGASPRO-PFD ZSGPP* RU -1082254.288 127026139.3
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SERBIA
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SWEDEN
------
ALLOKTON AB ALOKB SS -65101427.97 472693765.1
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SLOVENIA
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SPAIN
-----
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TURKEY
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UKRAINE
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UNITED KINGDOM
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TOPPS TILES PLC TPT BQ -49423537.13 155303750.4
TOPPS TILES PLC TPT LN -49423537.13 155303750.4
TOPPS TILES PLC TPT IX -49423537.13 155303750.4
TOPPS TILES PLC TPT EO -49423537.13 155303750.4
TOPPS TILES PLC TPT PZ -49423537.13 155303750.4
TOPPS TILES PLC TPT TQ -49423537.13 155303750.4
TOPPS TILES PLC TPTGBP EO -49423537.13 155303750.4
TOPPS TILES PLC TPTEUR EU -49423537.13 155303750.4
TOPPS TILES PLC TPTJF US -49423537.13 155303750.4
TOPPS TILES PLC TPTEUR EO -49423537.13 155303750.4
TOPPS TILES-NEW TPTN LN -49423537.13 155303750.4
UNIGATE PLC UNGPF US -21397232.94 474779161.6
UNIGATE PLC UNGAF US -21397232.94 474779161.6
UNIGATE PLC 1577Q GR -21397232.94 474779161.6
UNIGATE PLC UNIG LN -21397232.94 474779161.6
UNIGATE PLC-ADR UNGAY US -21397232.94 474779161.6
UNIQ PLC UNIQ LN -21397232.94 474779161.6
UNIQ PLC UNIQ VX -21397232.94 474779161.6
UNIQ PLC UGE GR -21397232.94 474779161.6
UNIQ PLC UNIQEUR EU -21397232.94 474779161.6
UNIQ PLC UNIQF US -21397232.94 474779161.6
UNIQ PLC UNIQ IX -21397232.94 474779161.6
UNIQ PLC UNQPF US -21397232.94 474779161.6
UNIQ PLC UNIQGBP EO -21397232.94 474779161.6
UNIQ PLC UNIQ EU -21397232.94 474779161.6
UNIQ PLC UNIQEUR EO -21397232.94 474779161.6
UNIQ PLC UNIQ EO -21397232.94 474779161.6
UNIQ PLC UNIQ PZ -21397232.94 474779161.6
UNIQ PLC UNIQ PO -21397232.94 474779161.6
UTC GROUP UGR LN -11904426.45 203548565
VIRGIN MOB-ASSD VMOA LN -392165437.6 166070003.7
VIRGIN MOB-ASSD VMOC LN -392165437.6 166070003.7
VIRGIN MOBILE VMOB VX -392165437.6 166070003.7
VIRGIN MOBILE UEM GR -392165437.6 166070003.7
VIRGIN MOBILE VMOB LN -392165437.6 166070003.7
VIRGIN MOBILE VGMHF US -392165437.6 166070003.7
VIRGIN MOBILE VMOB PO -392165437.6 166070003.7
WARNER ESTATE WNER PO -6076459.885 426871306.9
WARNER ESTATE WNER LN -6076459.885 426871306.9
WARNER ESTATE WNERGBP EO -6076459.885 426871306.9
WARNER ESTATE WNER EU -6076459.885 426871306.9
WARNER ESTATE WNER EO -6076459.885 426871306.9
WARNER ESTATE WNER IX -6076459.885 426871306.9
WARNER ESTATE WNER VX -6076459.885 426871306.9
WARNER ESTATE WNEHF US -6076459.885 426871306.9
WARNER ESTATE WNER PZ -6076459.885 426871306.9
WARNER ESTATE WRL GR -6076459.885 426871306.9
WATSON & PHILIP WTSN LN -120493900 252232072.9
WINCANTON PL-ADR WNCNY US -151911497.1 1420828184
WINCANTON PLC WIN PZ -151911497.1 1420828184
WINCANTON PLC WIN1 TQ -151911497.1 1420828184
WINCANTON PLC WIN VX -151911497.1 1420828184
WINCANTON PLC WIN1 BQ -151911497.1 1420828184
WINCANTON PLC WIN IX -151911497.1 1420828184
WINCANTON PLC WIN1 EU -151911497.1 1420828184
WINCANTON PLC WIN PO -151911497.1 1420828184
WINCANTON PLC WIN1 NQ -151911497.1 1420828184
WINCANTON PLC WIN1EUR EO -151911497.1 1420828184
WINCANTON PLC WIN1USD EU -151911497.1 1420828184
WINCANTON PLC WNCNF US -151911497.1 1420828184
WINCANTON PLC WIN1USD EO -151911497.1 1420828184
WINCANTON PLC WIN1EUR EU -151911497.1 1420828184
WINCANTON PLC WIN1 QM -151911497.1 1420828184
WINCANTON PLC WIN1 EO -151911497.1 1420828184
WINCANTON PLC WIN1 EB -151911497.1 1420828184
WINCANTON PLC WIN1GBP EO -151911497.1 1420828184
WINCANTON PLC WIN LN -151911497.1 1420828184
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/booksto order any title today.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA. Valerie U. Pascual, Marites O. Claro, Rousel Elaine
T. Fernandez, Joy A. Agravante, Frauline S. Abangan and Peter A.
Chapman, Editors.
Copyright 2010. All rights reserved. ISSN 1529-2754.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.
Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.
The TCR Europe subscription rate is US$625 per half-year,
delivered via e-mail. Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each. For subscription information,
contact Christopher Beard at 240/629-3300.
* * * End of Transmission * * *