/raid1/www/Hosts/bankrupt/TCREUR_Public/101207.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, December 7, 2010, Vol. 11, No. 241
Headlines
F R A N C E
COMPAGNIE GENERALE: S&P Gives Negative Outlook; Keeps BB- Rating
G E R M A N Y
QIMONDA AG: Administrator Files Action Against Infineon
G R E E C E
AGRICULTURAL BANK: Government Rules Out Merger
NAVIOS MARITIME: Moody's Gives Stable Outlook; Affirms B3 Rating
I R E L A N D
ALLIED IRISH: Bondholders to Sue Government Over "Haircuts"
ANGLO IRISH: Bondholders Set to Receive CDS Payouts on Dec. 9
ANGLO IRISH: Neary Questioned Over Balance Sheet Management
WHELAN GROUP: High Court Calls for Wind-Up of 5 Whelan Units
* IRELAND: Legislation on Junior Debt Burden Sharing Expected
* Moody's Reviews Ratings on Various Irish Banking Institutions
* Moody's Reviews Ratings on Six Irish RMBS Transactions
N E T H E R L A N D S
TRUVO NV: S&P Assigns 'B-' Long-Term Corporate Credit Rating
N O R W A Y
PETROLEUM GEO-SERVICES: S&P Raises Corp. Credit Rating to 'BB'
R O M A N I A
ROMPETROL GROUP: S&P Affirms 'B' Corporate Credit Rating
R U S S I A
TATFONDBANK JSC: Moody's Corrects Rating History on Deposit Rating
TATFONDBANK JSC: Moody's Assigns 'B2' Rating on Sr. Unsecured Debt
U N I T E D K I N G D O M
CORNBURY MUSIC: Goes Into Liquidation With GBP1.5 Million Debt
INVESTEC BANK: Fitch Affirms 'BB+' Rating on Junior Debt
MOUCHEL GROUP: Bankers Appoint Deloitte to Conduct Review
RMAC 2004-NSP2: Fitch Lowers Rating on Class A3 Notes to 'BB'
ROK PLC: Galliford Try and Kier to Bid for Part of Firm
ROYAL BANK: Cleared by FSA of Wrongdoing During Financial Crisis
WATFORD FOOTBALL CLUB: Lord Ashcroft to Sell GBP1.5MM Stake
X X X X X X X X
* EUROPE: Bailed-Out Banks Must Draw Up Restructuring Plans
* Large Companies with Insolvent Balance Sheet
*********
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F R A N C E
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COMPAGNIE GENERALE: S&P Gives Negative Outlook; Keeps BB- Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised its
outlook on France-based oil and gas seismic group Compagnie
Generale de Geophysique - Veritas to negative from stable.
At the same time, S&P affirmed the 'BB-' long-term corporate
credit rating.
In addition, S&P affirmed its 'BB-' issue rating on CGGV's
unsecured bonds and its 'BB' issue rating on its secured bonds.
The recovery rating on these issues is unchanged at '3' and '2'
respectively.
"The outlook revision reflects S&P's expectation of continued weak
operating performance in 2010 and the first half of 2011, as
marine margins may remain squeezed as a result of vessel
overcapacity," said Standard & Poor's credit analyst Per Karlsson.
"Consequently, CGGV's credit metrics may prove inconsistent with
the current ratings," he added.
At the time of a previous rating action on CGGV in May 2010, S&P
assumed that a recovery would materialize in the second half of
2010, whereas S&P now thinks this may be delayed until the middle
of 2011. Moreover, the timing of a recovery remains uncertain,
even if higher oil prices point to a pick-up in demand.
S&P has revised CGGV's business risk profile to 'weak' from
'fair', reflecting the group's currently poor profitability. In
particular S&P views CGGV's current 3.5% adjusted EBIT margins in
its marine and land seismic services divisions as weak and much
lower than the margins of its peers; at the same time S&P
recognize the adequate and resilient profits of its seismic
equipment manufacturing division. S&P continue to qualify CGGV's
financial risk profile as 'aggressive'.
CGGV reported unadjusted EBITDA was only US$499 million in the
first nine months of 2010, down from US$746 million in the
corresponding period of 2009. Even allowing for a stronger fourth
quarter, S&P now expect full-year 2010 EBITDA to be below S&P's
previous expectation of US$800 million (and below US$500 million
when adjusted for multi-client spending). On the basis of S&P's
expectation of a delayed market recovery, S&P anticipates only a
modest improvement in 2011.
As a result, S&P estimate that CGGV's fully-adjusted ratio of
funds from operations to debt will decrease from 24% in 2009 to
10%-15% in 2010, which is lower than S&P's previous expectations.
CGGV's adjusted net debt at the end of September 2010 stood at a
sizeable US$2.7 billion (including operating leases of US$880
million).
Furthermore, the group's free operating cash flow was negative
US$70 million in the first nine months of 2010, partly due to
adverse working capital movement in the third quarter. In its
base-case credit scenario, S&P expects CGGV's near-term free
operating cash flow to remain negative, in view of continued high
capital expenditure projected in 2011-2012.
The negative outlook reflects the likelihood of pressure on the
ratings in the event that CGGV's operating performance remains
weak and/or if the group's adjusted FFO to debt ratio falls below
15% without near-term prospects of recovery. Negative free cash
flow or further increases in already significant adjusted debt
could also lead to a lower rating.
A ratio of adjusted FFO to debt of 20% on average (15% to 20% over
the cycle) and operating margins of 5%-10% would be commensurate
with the current rating, provided that free cash flow remains
adequate.
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G E R M A N Y
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QIMONDA AG: Administrator Files Action Against Infineon
-------------------------------------------------------
The insolvency administrator dealing with the bankruptcy estate of
Qimonda AG, Dr. Michael Jaffe has filed an action in the District
Court Munich I seeking a declaratory judgment against Infineon
Technologies in an unspecified amount.
The action asserts that, in connection with the carve-out of the
memory business to Qimonda AG, Infineon utilized a previously
formed shell company and "economically re-established" this
company through the transfer of the memory business. The action
further asserts that Infineon neglected to provide the company
register with the declaration required by German company law in
these circumstances and that, as a consequence of the alleged
breach of this register-related legal formality, Infineon is
obliged to refund to Qimonda the amount by which the actual
company assets of Qimonda at the time insolvency proceedings were
opened were less than Qimonda's equity capital (i.e, a liability
for impairment of capital). The action seeks to establish a basic
obligation to pay on the part of Infineon, as the administrator
does not currently consider himself to be in a position to put a
concrete figure on the amount of his alleged claim.
Infineon regards the action as without merit, based on the expert
opinions of a prominent law firm and a respected professor of
jurisprudence. The requirements for the "economic re-
establishment" of a shell company were not present in these
circumstances. The contribution of the memory business to Qimonda
AG was carried out in compliance with all register-related
requirements and no objection was raised by the competent court at
the time of the carve-out. Even if the requirements for the
"economic re-establishment" were present, the legal consequences
asserted are entirely disproportionate as the action merely claims
the omission of a register-related formality. Infineon had
refuted the circumstances alleged and the legal consequences
deriving from these already before the action was brought and
intends to defend itself vigorously against this action through
all stages of the proceedings.
About Qimonda AG
Qimonda AG (NYSE: QI) -- http://www.qimonda.com/-- is a leading
global memory supplier with a diversified DRAM product portfolio.
The Company generated net sales of EUR1.79 billion in financial
year 2008 and had -- prior to its announcement of a repositioning
of its business -- approximately 12,200 employees worldwide, of
which 1,400 were in Munich, 3,200 in Dresden and 2,800 in
Richmond, Va.
Qimonda AG commenced insolvency proceedings in a local court in
Munich, Germany, on January 23, 2009. On June 15, 2009, QAG filed
a petition (Bankr. E.D. Va. Case No. 09-14766) for relief under
Chapter 15 of the U.S. Bankruptcy Code.
Qimonda North America Corp., an indirect and wholly owned
subsidiary of QAG, is the North American sales and marketing
subsidiary of QAG. QNA is also the parent company of Qimonda
Richmond LLC. QNA and QR sought Chapter 11 protection (Bankr.
D. Del. Case No. 09-10589) on Feb. 20, 2009. Mark D. Collins,
Esq., Michael J. Merchant, Esq., and Maris J. Finnegan, Esq.,
at Richards Layton & Finger PA, represent the Debtors.
Roberta A. DeAngelis, the United States Trustee for Region 3,
appointed seven creditors to serve on an official committee of
unsecured creditors. Jones Day and Ashby & Geddes represent the
Committee. In its bankruptcy petition, Qimonda Richmond, LLC,
estimated more than US$1 billion in assets and debts. The
information, the Debtors said, was based on Qimonda Richmond's
financial records which are maintained on a consolidated basis
with Qimonda North America Corp.
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G R E E C E
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AGRICULTURAL BANK: Government Rules Out Merger
----------------------------------------------
Tom Stoukas at Bloomberg News reports that Greek Deputy Finance
Minister Filippos Sachinidis denied press reports that the
government plans to merge state-controlled Agricultural Bank
(ATEBank), Hellenic Postbank SA and the Loans and Deposits Fund.
According to Bloomberg, Mr. Sachinidis said the state will
participate in the Agricultural Bank's share capital increase in
line with its holding.
Capital.gr reports that ATEBank will reduce its workforce by 1,000
persons, cut payouts by 10%, shut down branches and sell all its
non-bank holdings as part of its restructuring plan.
Capital.gr says ATEBank will go through the merger so as to create
a strong state run banking pillar. The Greek government is
expected to sell a stake of the new bank after the merger,
Capital.gr states.
As reported by the Troubled Company Reporter-Europe on July 28,
2010, Dow Jones Newswires said that the ATEBank failed a stress-
test conducted by European regulators of the European Union's
banking sector. ATEBank said that under the worst-case scenario,
the bank's Tier 1 capital ratio would fall to 4.36% -- well below
the 6% threshold set by regulators -- and that it would need to
raise EUR242.6 million in new capital, promising to seek fresh
cash from investors, according to Dow Jones.
The Agricultural Bank of Greece is a commercial bank based in
Athens, Greece.
* * *
As reported by the Troubled Company Reporter-Europe on July 20,
2010, Fitch Ratings downgraded the Agricultural Bank of Greece's
Individual Rating to 'D/E' from 'C/D'. It placed the rating on
Watch Evolving.
NAVIOS MARITIME: Moody's Gives Stable Outlook; Affirms B3 Rating
----------------------------------------------------------------
Moody's Investors Service has changed the rating outlook on Navios
Maritime Holdings to stable from negative. At the same time, the
rating agency has affirmed Navios's B1 corporate family rating and
probability-of-default rating, as well as both its B3 senior
unsecured and Ba3 senior secured ratings.
Ratings Rationale
"The change of outlook to stable from negative reflects Moody's
belief that, from the end of the current year, Navios will be able
to generate the credit metrics that the rating agency had outlined
as required to stabilize its rating," says Marco Vetulli, a
Moody's Vice President-Senior Credit Officer and lead analyst for
Navios. "This view is based on Navios's recently published Q3
2010 results, on the back of the good visibility of the group's
revenues (given its charter-out policy based on long-term
contracts) and the stable structure of its operating costs (as a
result of not only the low average age of its fleet but also of
the efforts of its in- house technical management team)," adds
Mr. Vetulli.
Moody's had previously indicated that Navios's rating outlook
could be stabilized by a reduction in the group's adjusted
leverage and an improvement in its cash flow generation, as
reflected by: (i) a retained cash flow/net debt ratio regularly
above 10%; (ii) a debt/EBITDA ratio decreasing to below 6x; and
(iii) EBIT/interest coverage remaining above 1.5x. However, these
guidelines do not take into consideration the impact on Navios's
credit metrics of its consolidation of Navios Acquisition
Maritime, its tanker vehicle.
"Moody's believes that Navios's business profile remained
resilient during the past two years, notwithstanding the weak
economic environment, and that the group will benefit from the
increase in its production volumes over the recent years, because
all of the group's newly built vessels have already been chartered
out on a long-term basis at market-rate charter costs," says
Mr. Vetulli.
"Therefore, the rating is predicated on Moody's assumption that,
given that Navios has now terminated its ambitious capital
investment plan, it will be able exploit the free cash flow
generated by its operations in order to further improve its
capital structure, thus strengthening its position in the current
rating category from 2011," adds Mr. Vetulli.
"If Navios's financial policy were to substantially deviate from
Moody's expectation, the current rating could come under immediate
negative pressure," concludes Mr. Vetulli.
The stable outlook reflects Moody's view that Navios's financial
profile and credit metrics are well positioned in the B1 rating
category.
Moody's could consider a ratings upgrade if Navios were to exhibit
these credit metrics on a sustainable basis: (i) adjusted
EBIT/interest coverage approaching 3.5x; (ii) a debt/EBITDA ratio
falling below 5x; and (iii) an RCF/net adjusted debt ratio rising
above the mid-teens in percentage terms.
The ratings could be downgraded if Navios's appetite for growth
were to translate into new potential debt-funded investments
and/or an increasing commitment to provide shareholders with an
unexpectedly large dividend distribution or share buyback, which
could imply not only further leveraging of the group's capital
structure but also a consequent lack of FCF generation, from 2011.
A downgrade could also follow if Navios were to exhibit these
credit metrics: (i) an RCF/net debt ratio below 10%; (ii) a
debt/EBITDA ratio failing to decrease to below 6x; or (iii)
EBIT/interest coverage remaining below 1.5x.
Furthermore, immediate downward pressure on the ratings could
result from concerns regarding liquidity.
Moody's most recent rating action on Navios was implemented on
October 20, 2009, when the rating agency assigned a provisional
P(Ba3) senior secured rating to the group's proposed issuance of
secured notes maturing in October 2017.
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I R E L A N D
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ALLIED IRISH: Bondholders to Sue Government Over "Haircuts"
-----------------------------------------------------------
Harry Wilson at The Telegraph reports that bondholders in Allied
Irish Bank are preparing to sue the Irish state over losses they
expect to be forced to take, in a move that may imperil attempts
by the government to raise fresh funds next year.
The Telegraph relates that the investors, who include some of the
world's largest fixed-income pension and insurance funds, held
talks on Friday about taking the Irish government to court if it
forces a second round of "haircuts" on the value of subordinated
debt issued by Allied Irish.
The Telegraph says what makes the latest bondholder group's action
particularly significant is that it is dominated by "long-only"
investors and not so-called "speculators" like hedge funds.
Law firm Bingham McCutchen is understood to be organizing the
group and hosted a conference call on Friday for Allied Irish
investors that wish to take legal action, The Telegraph discloses.
The Telegraph relates that in June 2009, holders of Tier 1 and
Tier 2 bonds in Allied Irish accepted a new issue of lower Tier 2
debt as part of an exchange offer that saw investors lose 33pc to
50pc of the face value of their investment. The latest threat of
"haircuts" has enraged holders, given the repeated assurances from
Irish and European authorities over the financial strength of
Allied Irish, The Telegraph states.
According to The Telegraph, unlike Anglo Irish and Irish
Nationwide, Allied Irish was subject to the European bank stress
tests. Allied Irish passed, but after last month's EUR85 billion
(GBP72 billion) bailout, it is expected to be almost completely
nationalized, with creditors set to take more of the pain, The
Telegraph notes.
Allied Irish Banks, p.l.c., together with its subsidiaries --
http://www.aibgroup.com/-- conducts retail and commercial banking
business in Ireland. It also provides corporate lending and
capital markets activities from its head office at Bankcentre and
from Dublin's International Financial Services Centre. The Group
also has overseas branches in the United States, Germany, France
and Australia, among other locations. The business of AIB Group
is conducted through four operating divisions: AIB Bank Republic
of Ireland division, Capital Markets division, AIB Bank UK
division, and Central & Eastern Europe division. In February
2008, the Group acquired the AmCredit mortgage business in the
Baltic states of Latvia, Lithuania and Estonia. In September
2008, the Group also acquired a 49.99% shareholding in BACB.
* * *
As reported by the Troubled Company Reporter-Europe on Dec. 1,
2010, Fitch Ratings downgraded Allied Irish Banks plc's lower tier
2 subordinated debt to 'B' from 'BB'. It also downgraded AIB's
upper tier 2 to 'CC' from 'B' Rating Watch Negative and tier 1
debt securities to 'CC' from 'B-' RWN and 'CCC'. The ratings of
the UT2 and T1 securities were removed from RWN.
ANGLO IRISH: Bondholders Set to Receive CDS Payouts on Dec. 9
-------------------------------------------------------------
Simon Carswell at The Irish Times reports that the subordinated
bondholders at Anglo Irish Bank who took out insurance on their
investment by paying for credit default swaps (CDS) may receive
settlements on Thursday against losses from the bank's ongoing
debt exchange.
The Irish Times relates that the International Swaps and
Derivatives Association said Wednesday that CDS traders plan to
settle contracts on Anglo at auctions on December 9 but it was not
bound by this date as it was agreeing the settlement terms for
each CDS auction.
The Irish Times says the prospect of subordinated bondholders
recovering most of their losses from CDS insurance, which is
optional, may encourage investors in the two remaining bond offers
to sign up to the deal. The bank will learn on December 22
whether investors holding two other subordinated bonds maturing in
2014 and 2016 have agreed to the exchange, The Irish Times
discloses.
As reported by the Troubled Company Reporter-Europe on Nov. 26,
2010, The Financial Times said investors who bought protection
against Anglo defaulting on its debt are to receive pay-outs,
after an industry ruling on the bank's restructuring of its bonds.
The FT said an auction will be held to settle US$379 million of
credit default swaps linked to the bonds of the Irish lender, in
the first decision of its kind for a eurozone bank. The FT
disclosed the Isda, the trade body for the derivatives market, on
Nov. 24 said that a committee had decided that Anglo's recent bond
tender plans constituted a so-called "restructuring credit event".
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 Sept. 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 Dec. 1,
2010, DBRS downgraded the ratings of the Euro Dated Subordinated
Notes (specifically the EUR325.2 million Floating Rate
Subordinated Notes due 2014, EUR500 million Callable Subordinated
Floating Rate Notes due 2016 and the EUR750 million Dated
Subordinated Floating Rate Notes due 2017) (collectively referred
to as the 2017 Notes) issued by Anglo Irish Bank Corporation
Limited (Anglo Irish or the Bank) to 'D' from 'C'. DBRS said the
downgrade follows the execution of the Bank's note exchange offer.
The default status for the exchanged and now-extinguished 2017
Notes reflects DBRS's view that bondholders were offered limited
options, which, as discussed in DBRS's press release dated
October 25, 2010, is considered a default per DBRS policy.
On Oct. 29, 2010, the Troubled Company Reporter-Europe reported
that Standard & Poor's Ratings Services lowered its rating on
Anglo Irish Bank Corp. Ltd.'s nondeferrable dated subordinated
debt (lower Tier 2) securities to 'D' from 'CCC'. The downgrade
of the lower Tier 2 debt rating reflects S&P's opinion that the
bank's exchange offer is a "distressed exchange" and tantamount to
default in accordance with its criteria.
ANGLO IRISH: Neary Questioned Over Balance Sheet Management
-----------------------------------------------------------
Simon Carswell at The Irish Times reports that former financial
regulator Pat Neary has told one of the investigators into Anglo
Irish Bank that it was not surprising banks would carry out
transactions to put "a gloss" on their published accounts.
The Irish Times relates Mr. Neary also told investigators he was
never shown in advance a balance sheet for Anglo for the year
ending September 30, 2008, by anyone at the bank.
According to The Irish Times, the investigations are examining the
EUR7 billion in deposits placed with the bank by Irish Life and
Permanent (IL&P) over the bank's 2008 financial year-end. The
Irish Times says the deposits masked the heavy losses of deposits
during September 2008 when the global banking crisis led to a run
on Anglo. They made the bank look healthier than it was when it
reported annual results, The Irish Times states.
The regulator has consistently maintained it never approved the
Anglo-IL&P transactions, The Irish Times notes. He was being
questioned about so-called "balance sheet management" by banks for
their accounts, The Irish Times relates.
Anglo is being investigated by the Garda Bureau of Fraud
Investigation, the Office of the Director of Corporate
Enforcement, and former comptroller and auditor general John
Purcell, who was appointed by the Chartered Accountants Regulatory
Board (Carb) to examine the role played by chartered accountants,
The Irish Times discloses.
The complaints committee of Carb appointed Mr. Purcell in February
2009 to investigate issues relating to directors' loans and other
matters at Anglo, The Irish Times recounts. Mr. Purcell, The
Irish Times says, is investigating possible breaches of the
institute's bylaws and rules of professional conduct. He is
examining the role of Anglo chairman Sean FitzPatrick, chief
executive David Drumm, Mr. McAteer and ILP finance director
Peter Fitzpatrick, according to The Irish Times.
He is also looking at the role of accountancy firm Ernst and
Young, who were Anglo's auditors, The Irish Times notes.
The Irish Times relates a Carb spokesman said Mr. Purcell would
submit a report on the four accountants before the end of the year
and on Ernst and Young in the new year.
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 Sept. 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 Dec. 1,
2010, DBRS downgraded the ratings of the Euro Dated Subordinated
Notes (specifically the EUR325.2 million Floating Rate
Subordinated Notes due 2014, EUR500 million Callable Subordinated
Floating Rate Notes due 2016 and the EUR750 million Dated
Subordinated Floating Rate Notes due 2017) (collectively referred
to as the 2017 Notes) issued by Anglo Irish Bank Corporation
Limited (Anglo Irish or the Bank) to 'D' from 'C'. DBRS said the
downgrade follows the execution of the Bank's note exchange offer.
The default status for the exchanged and now-extinguished 2017
Notes reflects DBRS's view that bondholders were offered limited
options, which, as discussed in DBRS's press release dated
October 25, 2010, is considered a default per DBRS policy.
On Oct. 29, 2010, the Troubled Company Reporter-Europe reported
that Standard & Poor's Ratings Services lowered its rating on
Anglo Irish Bank Corp. Ltd.'s nondeferrable dated subordinated
debt (lower Tier 2) securities to 'D' from 'CCC'. The downgrade
of the lower Tier 2 debt rating reflects S&P's opinion that the
bank's exchange offer is a "distressed exchange" and tantamount to
default in accordance with its criteria.
WHELAN GROUP: High Court Calls for Wind-Up of 5 Whelan Units
------------------------------------------------------------
The Irish Times reports that the High Court has ordered the wind
up of five companies in the Whelan group after the directors of
the companies on Friday withdrew their petition for court
protection.
The five companies in liquidation are Whelan Group (Ennis) Ltd;
Whelans Limestone Quarries (Contracts) Ltd; Whelans Limestone
Quarries Ltd; Whelans Quarries (Carraigtwohill) Ltd and Shannon
Explosives Ltd.
The Irish Times relates the directors said they "profoundly
regretted" that some 120 jobs will be lost.
According to the Irish Times, the companies have some 2,000
creditors with the largest secured creditor being the National
Asset Management Agency (Nama) which has taken over some
EUR50 million debts owed to Anglo Irish Bank and opposed
examinership due to the proposed large write down of secured
debts.
Other creditors of the companies included:
-- Bank of Scotland Ireland, who is owed EUR12 million;
-- the Revenue, who is owed EUR641,000;
-- Irish Cement Ltd, who is owed EUR4 million; and
-- Lagan Cement, who is owed EUR383,000.
The Irish Times notes that Lagan Cement had also brought a
petition to wind up one of the Whelan companies and its proposed
liquidator, Carl Dillon, was appointed by Mr. Justice Brian
McGovern as liquidator of all five companies. The judge made
orders for the companies' directors to file statements of affairs
by January 28th next year, the Irish Times relates.
The Irish Times says the directors had argued the companies had a
reasonable prospect of survival on the basis of a proposed
survival scheme involving sale of non-core assets, mostly
property; procuring investment and the support of Nama and the
banks.
According to the Irish Times, the petition for examinership was
due for hearing Friday but at the outset, John O'Donnell SC, for
the companies, told Mr. Justice McGovern an independent accountant
had expressed the view the companies did not have a reasonable
prospect of survival given the decision by Nama to oppose the
petition.
The Whelan companies had said they have a consolidated deficit
of some EUR10 million as a going concern rising to about
EUR50 million if placed in liquidation, the Irish Times discloses.
The Whelan Group is one of the largest concrete suppliers in
Ireland.
* IRELAND: Legislation on Junior Debt Burden Sharing Expected
-------------------------------------------------------------
Irene Chapple at Dow Jones Newswires reports that Ireland's
finance minister Brian Lenihan said Wednesday that the approach
used in Anglo Irish Bank Corp, where holders of subordinate debt
face shouldering a large chunk of the burden, may be used for
other Irish institutions getting big state support.
Dow Jones relates Mr. Lenihan, giving a statement on the EU/IMF
program for Ireland and its recovery plan, said the Anglo Irish
approach "will also have to be considered in other situations
where an institution receives substantial and significant state
assistance."
According to Dow Jones, Mr. Lenihan said legislation enabling this
is being drafted and should be announced soon.
Dow Jones in the statement Mr. Lenihan said senior debt would be
honored as "the strongly held belief among our European partners
is that any move to impose burden sharing on this group of
investors would have the potential to create a huge wave of
further negative market sentiment towards the euro zone and its
banks system."
* Moody's Reviews Ratings on Various Irish Banking Institutions
---------------------------------------------------------------
Moody's Investors Service has placed on review for possible
downgrade the remaining ratings of Bank of Ireland, Irish Life &
Permanent and Allied Irish Banks which had not already been placed
under review for possible downgrade, and the bank financial
strength rating of EBS Building Society. These ratings were
placed on review for possible downgrade:
* Allied Irish Banks: The D bank financial strength rating.
* Bank of Ireland: Dated subordinated debt (currently rated Ba1),
junior subordinated debt (rated Ba3), cumulative Tier 1 debt
(rated B1), non-cumulative preference shares (rated Caa1) and
the D+ BFSR.
* EBS Building Society: The D BFSR.
* Irish Life & Permanent: Dated subordinated debt (currently rated
Ba3), junior subordinated debt (rated B1), and the D BFSR.
All the other ratings of BoI, IL&P and AIB had been placed under
review either in October or November, at which time the senior
debt ratings of Anglo Irish Bank and of Irish Nationwide Building
Society were also placed under review for possible downgrade (the
junior debt ratings of those two banks are already based on an
Expected Loss approach and rated at the lowest level, C). The Ca
rating of non-cumulative Tier 1 instruments of EBS (issued through
EBS Capital No1 S.A.) is unaffected by this action.
Ross Abercromby, Vice President and lead analyst for Irish banks
at Moody's said: "While the November 28 EU/IMF support package for
Ireland announced sizeable capital injections and a contingent
capital fund for these banks, the December 1 confirmation by the
Irish government that legislation will be introduced to enable
losses to be imposed on subordinated debt significantly increases
the potential for losses on the junior securities. The EU/IMF
announcement also reaffirmed the government's intention to
restructure the Irish banking system. While such a restructuring
would strengthen the overall position of the system, it leaves
each of the banks, individually, in an uncertain position. In
addition, notwithstanding the solvency support the package
contained, all of these banks remain highly dependent on external
support for day to day funding. In response Moody's are placing
on review for possible downgrade the ratings of the junior
securities of BoI and IL&P and the financial strength assessments
of the four banks."
Rating Rationale on Junior Securities
The pressure to share some of the capital burden of the Irish
government with more junior creditors has increased significantly,
in view of the strain which the sizeable capital injections place
on the Irish government's finances. As a result, the government
announced on September 30 that it would introduce legislation that
would allow losses to be imposed on subordinated debt, and this
was reaffirmed on December 1. At this stage, it is unclear which
institutions will be included in the burden sharing but the
decision will be based on the level of support and capital
received from the government as well as the viability of the
institutions in the absence of the support. The recent statements
by the Irish government also discuss the potential for deeply
discounted exchanges or buybacks along similar lines as the
exchange offer at an 80% haircut to par for Anglo Irish Bank. Any
such exchange would very likely be viewed as a distressed exchange
by Moody's.
The most likely outcome of the review is therefore that the
ratings for these junior securities will be placed in the low
single 'B' or 'Caa' range, a rating level more commensurate with
Moody's view on the probability of impairments and expected loss
that investors may potentially face. If distressed exchanges do
take place or losses are imposed, the ratings could well be
downgraded further, to reflect the actual level of loss incurred.
Rating Rationale for Banks' Standalone Ratings
The EU/IMF support package for Ireland and its banking system is
positive for the capital profiles of the Irish banks, making
available funds for bank recapitalization that will in turn
provide a significantly improved buffer to absorb any future loan
losses. This is intended to instill greater investor confidence
and underpin the banks' financial fundamentals. The announcement
also reaffirmed the government's intention to restructure the
Irish banking system. While such a restructuring would strengthen
the overall position of the system, it leaves each of the banks,
individually, in an uncertain position. Therefore the review will
assess the impact of the planned reorganization (to the extent any
details become available) on each of the banks' franchise value
and credit profile. More generally, the operating environment for
the Irish banks remains highly volatile and uncertain and
therefore the review will also assess the implications of this for
banks' asset quality and earnings performance in the medium term.
However, all four banks remain under significant short-term
funding pressure, and highly reliant on external support. The
review process will therefore also focus on the liquidity profiles
of the banks and in particular whether the recapitalization can
re-open their access to the capital markets, thereby reducing
their high reliance on central bank funding.
Consistent with Moody's definitions, for banks which, following
that review, Moody's expect to need material on-going support, the
stand-alone BFSR could be placed as low as the E+ range
(translating to B1 -- B3 on the long-term scale), at least until
the need for on-going support has diminished.
Other Banks
The ratings of the other Irish banks are unaffected by this rating
action as they are not going to be supported as part of this
package and the rating uplift primarily stems from parental
support. These banks include KBC Bank Ireland (Baa2 negative; D-
/Ba3 negative), Bank of Scotland (Ireland) (Baa1, negative; D-/Ba3
negative), Ulster Bank Ireland (A2, negative; D-/Ba3 negative),
Zurich Bank (A1, review for possible upgrade; D-/Ba3 negative) and
Hewlett Packard International Bank (A2, stable; C-/Baa1 stable).
None of these banks have participated in the Irish government's
guarantee schemes.
Moody's last rating action on Bank of Ireland, EBS Building
Society and Irish Life & Permanent was on November 25, 2010 when
the short-term bank deposit and debt ratings were placed on review
for possible downgrade. In addition the dated subordinated debt
of EBS, and the dated subordinated debt, junior subordinated debt,
cumulative Tier 1 securities and non-cumulative preference shares
of Allied Irish Banks were also placed on review for possible
downgrade.
* Moody's Reviews Ratings on Six Irish RMBS Transactions
--------------------------------------------------------
Moody's Investors Service placed the Aaa(sf) ratings on 6 Irish
residential mortgage-backed securities and one balance sheet
collateralised loan obligation on review for possible downgrade.
Moody's also placed all mezzanine and junior mezzanine ratings on
5 Irish RMBS tranches on review for downgrade. A complete list of
all 26 affected tranches placed on review for downgrade can be
found at the end of this press release. Moody's previously placed
its other ratings on Irish RMBS on review for possible downgrade
in July and October 2010.
Despite the recent EU/IMF agreement, Moody's believes the medium
term stress on Irish structured finance transactions will be
greater than Moody's expected as recently as last summer. Moody's
anticipate further stress on borrowers from the austerity measures
necessary to manage the increasing government debt burden
resulting from the bail-out of the banking sector.
The rating actions reflect Moody's expectation that RMBS and SME
corporate performance will deteriorate further in the context of
increasing uncertainty to Ireland's economic outlook. At this
time Moody's no longer views Aaa(sf) ratings as achievable for
Irish structured finance deals, except, for example, those with
very short remaining maturities. All ratings on the 22
outstanding Irish RMBS and the sole Irish CLO are now on review
for possible downgrade.
Aaa(sf) Not Achievable on Most Irish Securitizations
in Current Environment
Due to Ireland's increasingly uncertain economic situation and
pending rating actions on the sovereign and banking sector in
Ireland, Aaa(sf) ratings are not currently achievable in Ireland
for most structured finance transactions, independent of the
credit enhancement made available.
As described in a Moody's sector comment published on November 22
(" Ireland's EU/IMF Bailout is Major Step Addressing Credit Risks,
but Greater Weaknesses Are Exposed") the increase in the Irish
Republic's debt burden exceeds Moody's expectations as of last
October when Moody's placed Ireland's Aa2 rating on review for
possible downgrade; Moody's most likely scenario is a multi-notch
downgrade for the Irish sovereign rating, leaving the rating in
the investment-grade category.
In addition, the majority of Irish bank ratings are on review for
possible downgrade, reflecting the uncertainties on the Irish
banking sector. That review raises concerns about operational
risks for Irish structured finance transactions in extreme
scenarios, because of key roles (such as servicing, cash
management, hedging) that Irish banks perform for the securitized
pools.
As part of the rating review, Moody's will examine (a) the
exposure of the transactions to the sovereign risk, and (b) assess
in detail the operational risks associated with the Irish banks
acting as transaction parties. A critical component of this
assessment will be the outcome of the rating reviews for the
sovereign and bank ratings.
Further Deterioration Expected on Underlying Pool Performance
Moody's anticipates further deterioration in the performance of
Irish pools of residential mortgage loans. Please see the Special
Comment entitled "Key credit drivers of Irish mortgage borrower
default" published on 1st December 2010 for a detailed discussion
of the evolution of the economic stress on Irish borrowers.
Arrears on existing Irish RMBS transactions continue to increase
(Moody's latest index shows 90-day plus delinquencies at 5.1% of
RMBS prime pools as of September vs. 4.4% in June of this year).
Additionally, Irish Central Bank data show that an additional 5%
of loans are current only because of loan modifications. Moody's
expect greater loan modification going forward and limited
appetite from lenders to enforce on highly delinquent loans.
Unemployment has increased to 13.6% and is expected to remain
relatively stable for coming two years.
Irish house prices fell about 35% to date from peak in late 2006
further decline is expected in the coming two years, possibly
reaching an overall 45%, possibly 50% house price decline over the
next 2 years. All RMBS have securitized pools with some loans
currently in negative equity; the proportion ranging from 7% to
60% depending on the transaction.
In the light of weakening collateral performance, Moody's will, as
part of its rating review of the structured finance transactions,
re-assess the key performance parameters, including roll-rates,
life time pool losses, repayment assumptions and credit
enhancement requirements.
Timing of SF Rating Actions
Once Moody's has concluded its review of the Irish government
rating and the ratings of the Irish banks, it will finalize the
review of the structured finance ratings for the affected
transactions and communicate to the market its new assumptions and
rating levels.
List of Affected Ratings
RMBS
Issuer: Celtic Residential Irish Mortgage Securisation No. 11 PLC
-- EUR385M A2a Certificate, Aaa (sf) Placed Under Review for
Possible Downgrade; previously on Dec 14, 2006 Definitive
Rating Assigned Aaa (sf)
-- US$328M A2b Certificate, Aaa (sf) Placed Under Review for
Possible Downgrade; previously on Dec 14, 2006 Assigned Aaa
(sf)
Issuer: Celtic Residential Irish Mortgage Securitisation No. 16
LTD
-- EUR260M A1 Certificate, Aaa (sf) Placed Under Review for
Possible Downgrade; previously on Apr 6, 2010 Assigned Aaa
(sf)
-- EUR260M A2 Certificate, Aaa (sf) Placed Under Review for
Possible Downgrade; previously on Apr 6, 2010 Assigned Aaa
(sf)
-- EUR257M A3 Certificate, Aaa (sf) Placed Under Review for
Possible Downgrade; previously on Apr 6, 2010 Assigned Aaa
(sf)
Issuer: Celtic Residential Irish Mortgage Securitisation No.12
Ltd.
-- EUR487.5M A2 Notes, Aaa (sf) Placed Under Review for Possible
Downgrade; previously on Jun 29, 2007 Definitive Rating
Assigned Aaa (sf)
-- EUR39M B Notes, Baa1 (sf) Placed Under Review for Possible
Downgrade; previously on Aug 12, 2010 Downgraded to Baa1 (sf)
-- EUR87.75M C Notes, B3 (sf) Placed Under Review for Possible
Downgrade; previously on Aug 12, 2010 Downgraded to B3 (sf)
Issuer: Clogher Securities Ltd
-- EUR1900M A Notes, Aaa (sf) Placed Under Review for Possible
Downgrade; previously on Apr 23, 2009 Assigned Aaa (sf)
Issuer: Fastnet Securities 7 Ltd
-- EUR375M A1 Certificate, Aaa (sf) Placed Under Review for
Possible Downgrade; previously on Mar 23, 2009 Assigned Aaa
(sf)
-- EUR375M A2 Certificate, Aaa (sf) Placed Under Review for
Possible Downgrade; previously on Mar 23, 2009 Assigned Aaa
(sf)
-- EUR375M A3 Certificate, Aaa (sf) Placed Under Review for
Possible Downgrade; previously on Mar 23, 2009 Assigned Aaa
(sf)
Issuer: Fastnet securities 8 Ltd
-- EUR483M A1 Certificate, Aaa (sf) Placed Under Review for
Possible Downgrade; previously on Jul 22, 2010 Assigned Aaa
(sf)
-- EUR483M A2 Certificate, Aaa (sf) Placed Under Review for
Possible Downgrade; previously on Jul 22, 2010 Assigned Aaa
(sf)
-- EUR483M A3 Certificate, Aaa (sf) Placed Under Review for
Possible Downgrade; previously on Jul 22, 2010 Assigned Aaa
(sf)
Issuer: Lansdowne Mortgage Securities No. 1 p.l.c
-- EUR258M A2 Certificate, Aa1 (sf) Placed Under Review for
Possible Downgrade; previously on Dec 11, 2009 Downgraded to
Aa1 (sf)
-- EUR13.85M M1 Certificate, A1 (sf) Placed Under Review for
Possible Downgrade; previously on Dec 11, 2009 Downgraded to
A1 (sf)
-- EUR9.25M M2 Certificate, Ba1 (sf) Placed Under Review for
Possible Downgrade; previously on Dec 11, 2009 Downgraded to
Ba1 (sf)
-- EUR11.1M B1 Certificate, Caa2 (sf) Placed Under Review for
Possible Downgrade; previously on Dec 11, 2009 Downgraded to
Caa2 (sf)
Issuer: Lansdowne Mortgage Securities No. 2 p.l.c.
-- EUR372.75M A2 Certificate, A2 (sf) Placed Under Review for
Possible Downgrade; previously on Dec 11, 2009 Downgraded to
A2 (sf)
-- EUR15.75M M1 Certificate, Ba2 (sf) Placed Under Review for
Possible Downgrade; previously on Dec 11, 2009 Downgraded to
Ba2 (sf)
-- EUR11.8M M2 Certificate, Caa2 (sf) Placed Under Review for
Possible Downgrade; previously on Dec 11, 2009 Downgraded to
Caa2 (sf)
Issuer: Phoenix Funding 2 Limited
-- EUR7125M A Notes, Aa2 (sf) Placed Under Review for Possible
Downgrade; previously on Sep 1, 2010 Downgraded to Aa2 (sf)
-- EUR375M B Notes, B1 (sf) Placed Under Review for Possible
Downgrade; previously on Sep 1, 2010 Downgraded to B1 (sf)
Issuer: Phoenix funding 3 Limited
-- EUR160M B Notes, Ba2 (sf) Placed Under Review for Possible
Downgrade; previously on Sep 1, 2010 Downgraded to Ba2 (sf)
Balance sheet CLO
Issuer: Liffey Funding No. 1 Limited
-- EUR1419.99M Class A EUR2010-01 Notes Notes, Aaa (sf) Placed
Under Review for Possible Downgrade; previously on Feb 24,
2010 Assigned Aaa (sf)
=====================
N E T H E R L A N D S
=====================
TRUVO NV: S&P Assigns 'B-' Long-Term Corporate Credit Rating
------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'B-'
long-term corporate credit rating to international publisher of
classified directories Truvo N.V. and related entity Talon PIKco
N.V. The outlook is negative.
At the same time, S&P assigned:
* A 'B+' issue rating to Truvo's EUR25 million super senior
revolving credit facility due 2015. The recovery rating on
this facility is '1', indicating S&P's expectation of very high
(90%-100%) recovery in the event of a payment default.
* A 'B-' issue rating to Truvo's EUR350 million senior secured
term loan facility A due 2015. The recovery rating on this
facility is '3', indicating S&P's expectation of meaningful
(50%-70%) recovery for secured creditors in the event of a
payment default.
* A 'CCC' issue rating to the second-lien facilities borrowed at
Truvo. The recovery rating on this debt is '6', indicating
S&P's expectation of negligible (0%-10%) recovery for creditors
in the event of a payment default.
* A 'CCC' issue rating to the subordinated payment-in-kind (PIK)
notes issued at the PIKco level. The recovery rating on this
debt is '6', indicating S&P's expectation of negligible (0%-10%)
recovery for creditors in the event of a payment default.
"The rating actions follow Truvo's emergence from bankruptcy on
Nov. 30, 2010, after a U.S. court approved the group's capital
restructuring plan," said Standard & Poor's credit analyst
Carlo Castelli.
Truvo's reported debt currently stands at about EUR450 million,
plus about EUR20 million outstanding under a EUR42 million
Portuguese facility (ring-fenced and nonrecourse to the company).
This compares with approximately EUR1.6 billion of debt (excluding
the shareholder loan) prior to the capital restructuring.
"Although the lower debt burden significantly improves Truvo's
credit metrics and liquidity position, S&P anticipates that the
group's leverage will remain high in the medium term," said
Mr. Castelli. "This is because S&P believes the group's operating
performance will continue to be weak over the short to medium
term. As a consequence, S&P calculate adjusted gross debt to
EBITDA (including the PIK notes) remaining at more than 7.5x over
the next few years."
In S&P's opinion, Truvo's operating performance will likely remain
under strain as a result of an ongoing difficult economic
environment in its main countries of operation (Belgium, Ireland,
and Portugal). Furthermore, there are major structural changes
affecting the Yellow Pages business model, such as the shift in
SME advertising expenses from print to online media, where the
competitive environment is significantly tougher.
In particular, S&P believes liquidity may come under renewed
pressure over the next 12-18 months if the group fails to
stabilize its operating performance over this time. While S&P
anticipates that Truvo should have sufficient liquidity sources
over the near to medium term to cover modest debt amortization
requirements, S&P thinks covenant headroom could tighten rapidly
under S&P's scenario of a mid-single digit top-line decline in
2011. Under this scenario, S&P believes the group's leverage,
profitability, and cash flow generation could be negatively
affected over the next few quarters.
S&P could lower the rating if Truvo were to prove unsuccessful in
stabilizing its operating performance in the next 12-18 months,
resulting in a significant tightening of covenant headroom in the
period.
Conversely, S&P could revise the outlook to stable if Truvo were
to manage to stabilize its top-line performance (thanks to a
successful on-line strategy) and EBITDA during the above-mentioned
period, while maintaining adequate liquidity and covenant
headroom.
===========
N O R W A Y
===========
PETROLEUM GEO-SERVICES: S&P Raises Corp. Credit Rating to 'BB'
--------------------------------------------------------------
On Dec. 2, 2010, Standard & Poor's Ratings Services raised its
long-term corporate credit rating on Norway-based seismic marine
operator Petroleum Geo-Services ASA to 'BB' from 'BB-'. The
outlook is stable.
At the same time S&P raised the issue rating on US$400 million
2.7% convertible notes to 'B+' from 'B'. The recovery rating on
the notes remains '6', indicating S&P's expectations of negligible
(0%-10%) recovery in an event of payment default.
"The rating action reflects a significant strengthening of the
group's balance sheet and increasingly prudent policies. In
addition, S&P believes that PGS' marine operating margins will
continue to resist the current sharp downturn better than those of
its peers," said Standard & Poor's credit analyst Per Karlsson.
A recent US$270 million equity injection will strengthen PGS'
liquidity further and partly pre-finance two new Ramform vessels
that will be delivered 2013 and 2014. PGS reduced its debt
earlier in 2010 through important disposals, which together with
the equity injection should ensure that the company's financial
profile will remain strong through the current industry downturn.
S&P previously expected seismic margins to strongly pick up in
late 2010, whereas S&P now expects conditions to remain
challenging into 2011.
As a result, S&P now think that PGS' adjusted ratios of funds from
operations to debt and debt to EBITDA will stay above 35% and
below 2.3x respectively for the next few years. This is despite
continued weak industry conditions and likely higher medium-term
capital spending by PGS. S&P notes that management has undertaken
a number of prudent actions to reduce debt: adjusted debt has been
reduced from US$1.6 billion early in 2008 to a projected US$550
million-US$600 million as at year-end 2010. Recent debt reduction
initiatives have clearly demonstrated management's willingness to
bolster the financial strength of the group. The two new vessels
on order will have a combined cost of about US$500 million and
will, under S&P's credit scenario, give rise to some negative FOCF
and increase in debt in 2012. S&P expects the operating
environment to have improved by then.
For 2010, S&P expects PGS to achieve adjusted EBITDA (after
deduction of US$180 million-US$200 million in capitalized multi-
client cash spending) to weaken to US$250 million-US$275 million
from US$506 million in 2009. S&P expects adjusted EBITDA to
increase gradually to US$300 million-US$350 million in 2011-2012.
Industrial capital spending (excluding capitalized multi-client
cash spending) should, however, also rise from about US$200
million to US$300 million-US$400 million in subsequent years as a
result of the new vessel acquisitions. S&P notes a management
announcement that dividend payments may be reassumed in 2012. The
ratings assume that any pay-out would be manageable without
materially increasing leverage.
S&P continue to classify PGS' financial risk profile as
'significant' and its business risk as 'weak'. The latter factors
in significant sector volatility: in 2010 industry conditions have
weakened sharply due to pressure on prices and capacity
oversupply. PGS' operating margins after depreciation and
amortization have, for instance, decreased to about 10% for the
year in S&P's estimation. Positively, S&P thinks PGS' margins are
likely to remain stronger than those of its peers due to the
group's demonstrated lower cost position and more efficient fleet,
and the resulting high fleet utilization rate.
The stable outlook reflects S&P's expectations that PGS' financial
profile will remain in line with the ratings through the current
industry downturn.
=============
R O M A N I A
=============
ROMPETROL GROUP: S&P Affirms 'B' Corporate Credit Rating
--------------------------------------------------------
Standard & Poor's Ratings Services said that it has affirmed its
'B' long-term corporate credit rating on Romania-based oil
refining and marketing company Rompetrol Group N.V. At the same
time, the rating was removed from CreditWatch, where it had been
placed with negative implications on Sept. 22, 2010. The outlook
is negative.
The rating on TRG, whose main operating assets are in Romania
(local currency BBB-/Stable/A-3; foreign currency BB+/Stable/B),
reflect S&P's opinion of the company's "vulnerable business" risk
profile and "highly leveraged" financial risk profile. S&P assess
TRG's standalone credit profile as highly vulnerable, at 'ccc+'.
"S&P has factored two notches into the rating for extraordinary
parental support from the company's 100% shareholder, Kazakhstan-
based JSC NC KazMunayGas (BB+/Stable/--)," said Standard & Poor's
credit analyst Lucas Sevenin.
On Sept. 10, 2010, the Romanian National Tax Management Agency
issued a distraint order on part of TRG's main asset, the
Petromidia refinery, against a GBP570 million convertible bond.
On Sept. 30, Petromidia converted the outstanding bond into
shares, diluting TRG's stake in the refinery to 54% and giving the
Romanian state a 44% stake. S&P believes the Romanian government
will pursue an exit strategy, and it is still disputing
Petromidia's right to having converted the bond into shares.
S&P's rating on TRG continues to depend largely on the company
receiving financial support from its parent KMG.
"However, a credit cliff exists in the event of such timely
support not materializing, since TRG remains fully dependent on
continued financial support from KMG to complete its investment
program and cover possible shortfalls in its cash flow from
operations," said Mr. Sevenin.
Furthermore, S&P believes such support would become less
predictable if TRG were required to buy back the state's minority
shares in Petromidia at a price higher than the relevant benchmark
or if the Romanian legal system failed to accept TRG's
interpretation of the bond's conversion terms.
"A downgrade in the next 12 months could occur if state-controlled
KMG fails to reach a solution with the Romanian government
regarding the conversion of the hybrid instrument either due to an
unfavorable court ruling or a deadlock in the negotiations," said
Mr. Sevenin.
In such circumstances, Standard & Poor's would view continued
timely parent support by KMG to be less predictable; a rating
cliff exists in the absence of such timely financial support,
given S&P's negative free cash flow forecasts for TRG in 2010 and
2011. Other negative rating factors include any interruptions in
TRG's operations (thus far not the case) as a result of the
conflict with the Romanian government, or higher losses than S&P
currently anticipate, in the event of a deterioration in the
Romanian economy or in the refining industry.
S&P could revise the outlook to stable if negotiations lead to a
resolution of the dispute and S&P see evidence of KMG's continued
financial support for TRG, together with an improvement in TRG's
business performance.
===========
R U S S I A
===========
TATFONDBANK JSC: Moody's Corrects Rating History on Deposit Rating
------------------------------------------------------------------
Moody's Investors Service has corrected the rating history of the
Tatfondbank's long-term global local currency deposit rating.
Due to an administrative error, local currency bank deposits were
inadvertently omitted from a rating action on 4 May 2007, when the
ratings were upgraded to B2 from B3. In press releases dated
November 11, 2008 and March 16, 2009, however, Moody's correctly
reported the rating on the local currency deposits at B2.
The corrected rating history for the bank's global local currency
bank deposit rating is:
* 10 April 2007 -- B3 rating assigned
* 4 May 2007 -- B3 rating upgraded to B2
* 11 November 2008 -- B2 rating put on review for possible
downgrade
* 16 March 2009 -- B2 rating confirmed.
TATFONDBANK JSC: Moody's Assigns 'B2' Rating on Sr. Unsecured Debt
------------------------------------------------------------------
Moody's Investors Service has assigned a B2 long-term global local
currency debt rating to the Tatfondbank's senior unsecured debt.
The rating carries a negative outlook. Any subsequent senior
unsecured debt issuance by Tatfondbank will be rated at the same
rating level subject to there being no material change in the
bank's overall credit rating.
The rating of B2 has been assigned to these debt instruments:
-- Ru.Rub1000M Senior Unsecured Regular Bond Due 2012
-- Ru.Rub1500M Senior Unsecured Regular Bond Due 2011
-- Ru.Rub2000M 15% Senior Unsecured Regular Bond Due 2012
-- Ru.Rub2000M 11% Senior Unsecured Regular Bond Due 2013
Ratings Rationale
The assigned rating is in line with Tatfondbank's global local
currency deposit rating of B2 , which is in turn based on (i) the
bank's E+ bank financial strength rating (BFSR; mapping to a
baseline credit assessment of B3); and (ii) Moody's assessment of
a moderate probability of support in the event of need from the
bank's shareholder -- the government of the Republic of Tatarstan
(long-term rating Ba1/Negative) -- which results in one-notch
uplift from TFB's BCA of B3.
The rating reflects the bank's entrenched position in the banking
market in its home Republic of Tatarstan, a region located in the
European part of Russia. However, it is constrained by the bank's
weak financial fundamentals, such as high level of borrower
concentration, a retail - hence potentially volatile - funding
base, and large volume of related-party business.
Headquartered in Kazan, Russia, Tatfondbank reported total IFRS
assets (unaudited) of RUB52.3 billion and total equity of RUB6.3
billion as at June 30, 2010. The bank's net IFRS profits for the
first-half 2010 amounted to RUB115.8 million.
===========================
U N I T E D K I N G D O M
===========================
CORNBURY MUSIC: Goes Into Liquidation With GBP1.5 Million Debt
--------------------------------------------------------------
Chantelle Dietz at Event Magazine reports that Cornbury Music
Festival Ltd, the company that launched the Cornbury Festival, has
gone into liquidation.
According to Event Magazine, the festival itself was sold to
independent concert promoter 3a Entertainment in October, but the
company that set it up now lies in the hands of administrators
Carter Clarke.
Event Magazine says the company, owned by Hugh Phillimore, owed
creditors ranging from music stars to charities almost
GBP1.5 million.
Event Magazine relates that among those named on the company's
list of creditors are Crowded House (GBP15,300), Paul Simon
(GBP33,077) and St John Ambulance (GBP3,999). More than half of
the debts (GBP773,083) are owed to Mr. Phillimore's other company,
Sound Advice, which has produced events including Prince William's
21st, Elton John's wedding and Price Charles' 50th.
Cornbury Music Festival Ltd has run Oxfordshire's biggest music
festival for seven years.
INVESTEC BANK: Fitch Affirms 'BB+' Rating on Junior Debt
--------------------------------------------------------
Fitch Ratings has affirmed Investec Bank Plc's ratings at Long-
term Issuer Default 'BBB,' Short-term IDR 'F3', Individual 'C,'
Support '5' and Support Rating Floor 'No Floor.' The Outlook is
Negative.
The ratings reflect deterioration in IBP's asset quality, notably
from considerable property-related lending. The ratings also
reflect IBP's established mid-market corporate/private bank
franchise, reasonable income diversification, robust customer
deposits growth, improved liquidity, adequate capitalization (for
IBP's risk profile), acceptable market risk and reduced risk
appetite.
The Negative Outlook reflects IBP's low, albeit improving,
recurring profitability and weakened asset quality. Fitch
believes that loan impairments will remain high in the difficult
operating environment. A downgrade could occur if IBP fails to
sustain improvements in its quality of earnings, or if further
asset quality deterioration is worse than expected.
IBP's performance has been negatively affected by high loan
impairment charges and a fall in business volumes in the difficult
operating environment. Costs have also risen. However, the bank
has remained profitable. Performance is buoyed by principal
income, but this is proprietary in nature and potentially
volatile. Fitch notes some uptick in investment banking activity
and capital market lending from March to September 2010, which has
increased net interest and fee income. However, loan growth
targets are modest in the medium term.
The main asset quality problems have arisen with property-related
loans extended by IBP's Irish branch within Ireland and in
property development lending. Gross loan defaults rose to a
fairly high 6.7% of core loans at March 31, 2010 from 5.6% at
March 31, 2009. In Fitch's view, loan impairments will remain
high in FY11, although impairments are likely to have peaked in
FY10. The bank has ceased lending in Ireland and is reducing the
proportion of property development loans. Reserve coverage of
impaired loans was a low 27% at end-March 2010 but when collateral
is included, total coverage was an adequate 110%.
IBP had strong customer deposit growth in FY10. This extended the
tenor of funding and reduced exposure to wholesale funding. Fitch
views strengthened funding and liquidity positively -- the latter
supported by high liquid assets. Capital is adequate, and has
been strengthened after a share issue in 2010.
IBP is a wholly-owned subsidiary of Investec Plc, listed in the
UK, which is part of the South African-based Investec group of
companies. IBP's main business units are private banking, capital
markets, investment banking and property activities. IBP's
property-related exposures are largely to private clients and
include development and planning loans but also loans secured by
underlying rental income. IBP's subsidiaries include Investec
Bank (Australia) Ltd ('BBB'/Negative).
Fitch has affirmed these ratings of Investec Bank Plc:
-- Long-term IDR 'BBB'; Outlook Negative
-- Short-term IDR 'F3'
-- Individual Rating 'C'
-- Support Rating '5'
-- Support Rating Floor 'No Floor'
-- Subordinated debt 'BBB-'
-- Junior subordinated debt 'BB+'.
MOUCHEL GROUP: Bankers Appoint Deloitte to Conduct Review
---------------------------------------------------------
Alistair Gray at The Financial Times reports that Mouchel Group
plc on Thursday said its bankers had appointed Deloitte to conduct
a review of the business ahead of an expected refinancing.
The FT relates the company said the banking syndicate, including
Royal Bank of Scotland, Lloyds Banking Group, and Barclays, had
drafted in the professional services firm.
According to the FT, people familiar with the situation said the
"limited scope review", conducted with the agreement of the
company, would focus on the likely effect of government spending
cuts on Mouchel's contracts.
The FT notes analysts said the move by lenders was unsurprising
given that Mouchel had said in October it was in talks to
refinance its GBP180 million (US$281 million) credit facilities.
Mouchel issued a profit warning a fortnight before its full-year
results, after an audit led by PwC prompted a "more cautious view"
of how much the group expected to be paid for several public
sector projects, the FT recounts.
The company, whose jobs range from maintaining roads to advising
local authorities, subsequently axed its dividend after full-year
pre-tax losses widened, the FT discloses.
According to the FT, John Lawson, analyst at Investec, said the
move to appoint Deloitte highlighted worries about whether the
business could "continue as a going concern. We cannot rule out
further profit warnings".
Mouchel Group plc -- http://www.mouchel.com/-- is a consulting
and business services company supporting clients in developing and
managing their infrastructure assets. The Company operates in
three segments: Government Services, Regulated Industries and
Highways. The Government Services segment provides a range of
services to central and local government together with health and
education authorities. The Regulated Industries segment provides
a portfolio of consulting, design, asset modeling and asset
management, and is a provider in the water sector. It supports
the development of new product and systems technologies in the
areas of leakage management, flood prevention, water treatment and
public health. The Highways segment delivers a planning, design,
maintenance and operations service to highway authorities. It
enables the management of the movement of people, goods and
services.
RMAC 2004-NSP2: Fitch Lowers Rating on Class A3 Notes to 'BB'
-------------------------------------------------------------
Fitch Ratings has downgraded one and affirmed four tranches of the
AMBAC-wrapped RMAC PLC series UK non-conforming RMBS. The agency
has also placed all tranches of RMAC 2004-NSP2 PLC on Rating Watch
Negative.
The RWN on RMAC 2004-NSP2 PLC reflects Fitch's continued concern
regarding the continuation of AMBAC's role as the currency swap
provider following AMBAC's default in November 2010. Fitch has
been informed that AMBAC Financial Services, LLC will continue to
serve as the currency swap provider for this transaction and the
next payment due for December interest payment date has already
been scheduled. The RWN reflects the agency's concern that
payments from a defaulted counterparty could fail with limited
notice. Fitch will resolve the RWN following the December IPD.
Although AMBAC Financial Services, LLC is committed in its role as
currency swap provider, Fitch assumes that the transaction does
not have a currency swap provider as AMBAC Financial Services, LLC
is not a rated entity. For this reason, the class A3 notes have
been downgraded as they are exposed to potential currency
movements due on the euro and US dollar class A2 notes that will
be paid principal before the A3 notes are redeemed. The class A2
notes are expected to pay in full without any principal loss, even
in a significant currency stress, and have therefore been
affirmed. However, this would be at the expense of the A3 notes,
due to the transaction's sequential amortization structure. As
the class A2 notes are redeemed first, the exposure to currency
volatility will reduce at each IPD, and could therefore result in
the rating of the class A3 notes improving over time if the
currency swap remains in place.
All five transactions in the RMAC series have seen improved
borrower affordability which has helped improve the overall
collateral performance of the reviewed transactions. Along with
loans in arrears for more than three months showing signs of
improvement, the numbers of new repossessions have also been
limited. Fitch also notes that the cumulative losses realized for
these transactions have been exceptionally low compared with their
counterparts within UK non-conforming RMBS.
Credit enhancement levels for the outstanding notes are expected
to continue to build up over the coming quarters due to full
sequential amortization and floored target overcollateralization
amounts. The transactions' excess spread is also expected to
contribute to clearing any realized losses.
Fitch remains cautious over the future performance of the
transactions as they continue to decrease in size and have now
amortized to levels less than 10% of their initial outstanding
balance. Fitch's concerns relate to the possibility of adverse
selection and the reducing ability of income generation if the
performing balance of loans reduces over time. In Fitch's view,
the available overcollateralization and the available liquidity
facilities should prevent any negative rating action. However,
the agency notes that performance variables may become
increasingly volatile as the pools get smaller.
Ratings are:
RMAC 2003-NS2 plc:
-- Class A3 (ISIN XS0171105439) affirmed at 'AA+'; Outlook
Stable; assigned a Loss Severity Rating of 'LS-1'
RMAC 2003-NS3 plc:
-- Class A3 (ISIN XS0177532743) affirmed at 'AA+'; Outlook
Stable; assigned a Loss Severity Rating of 'LS-1'
RMAC 2003-NS4 plc:
-- Class A3 (ISIN XS0179780803) affirmed at 'AA-'; Outlook
Stable; assigned a Loss Severity Rating of 'LS-1'
RMAC 2004-NS1 plc:
-- Class A3 (ISIN XS0185375325) affirmed at 'A+'; Outlook
Stable; assigned a Loss Severity Rating of 'LS-1'
RMAC 2004-NSP2 PLC
-- Class A2a (ISIN XS0194464334): 'A-' on Rating Watch Negative;
assigned a Loss Severity Rating of 'LS-1'
-- Class A2b (ISIN XS0194464763): 'A-' on Rating Watch Negative;
assigned a Loss Severity Rating of 'LS-1'
-- Class A2c (ISIN XS0194465141): 'A-' on Rating Watch Negative;
assigned a Loss Severity Rating of 'LS-1'
-- Class A3 (ISIN XS0194465653) downgraded to 'BB' from 'A-'; on
Rating Watch Negative; assigned a Loss Severity Rating of
'LS-1'
ROK PLC: Galliford Try and Kier to Bid for Part of Firm
-------------------------------------------------------
Graham Ruddick of The Telegraph reports that construction
companies Galliford Try and Kier are setting up new divisions in
order to take advantage of Rok Plc's collapse and are recruiting
former employees of the failed building repairs group. The report
relates that the construction companies are understood to have set
up new businesses after deciding against making bids for parts of
Rok Plc.
As reported by the Troubled Company Reporter-Europe on Nov. 10,
2010, Wiltshire Times said Rok Plc and Rok Building Limited went
into administration and Robert Hunt, Michael Jarvis, and Robert
Lewis and Jeremy Webb, all of PricewaterhouseCoopers, were
appointed as joint administrators.
According to The Telegraph, Galliford Try is understood to have
set up a new division in the South West of England targeting Rok
Plc's affordable housing clients. The report notes that the
company has recruited 10 staff, including employees from
Leadbitter, another construction group, and has an initial
portfolio of three contracts.
Both Galliford Try and Kier believe that there is plenty of
potential work to build their divisions around, despite the
economic downturn, the report says.
Last month, The Telegraph discloses, Balfour Beatty struck a deal
to buy parts of Rok Plc, saving 381 jobs at the company. The
report relates that Balfour Beatty have paid between GBP5 million
and GBP10 million for Rok's construction operations in Milton
Keynes, Gatwick and Heathrow and the social housing building
businesses based in the South West and North West of England.
The report notes that PwC has been striving to sell off the group
but the Balfour agreement is the only one to have been struck,
despite more than 100 expressions of interest being received.
This has meant that the vast majority of Rok's 3,800 staff have
been made redundant, The Telegraph relates.
ROK Plc -- http://www.rokgroup.com/-- is a holding company of a
group of companies providing response maintenance, planned repairs
and refurbishment and new build services in the United Kingdom.
The Company operates in three segments: response maintenance;
planned repairs and refurbishment, and new build. Rok Plc
provides a range of plumbing, heating and electrical (PHE)
services. The Company's wholly owned subsidiaries include Rok
Building Limited, Rok Development Limited, Richardson Projects
Limited, LAS Plant Limited, Rok Civil Engineering Limited and
Tulloch Transport Limited.
ROYAL BANK: Cleared by FSA of Wrongdoing During Financial Crisis
----------------------------------------------------------------
BBC News reports that Royal Bank of Scotland has been cleared of
any wrongdoing in the years running up to the financial crisis by
the UK's financial watchdog.
According to BBC, after completing an investigation which began in
May 2009, the Financial Services Authority (FSA) said RBS had made
"a series of bad decisions".
RBS is 84%-owned by the government after it was bailed out during
the financial crisis, BBC notes.
BBC says it has been criticized for over-stretching itself in the
takeover of ABN Amro bank in 2007. The takeover, as well as the
bank's "aggressive expansion" into investment banking, was singled
out by the FSA as a bad call, BBC discloses. BBC notes the
authority said it and other bad decisions "were not the result of
any lack of integrity by any individual and we did not identify
any instances of fraud or dishonest activity by senior individuals
or a failure of governance on part of the board".
Former chief executive Sir Fred Goodwin was singled out for
criticism at the time for his role in RBS's downfall, BBC relates.
The FSA, as cited by the BBC, said it would be taking no
enforcement action as a result of the investigation, either
against the firm or against individuals.
As reported by the Troubled Company Reporter-Europe on Nov. 10,
2010, BBC said RBS plunged back into the red with a GBP1.4 billion
(US$2.3 billion) pre-tax loss during the three months to
September. BBC disclosed RBS blamed the loss on changes to the
"fair value" of its own debt.
About RBS
The Royal Bank of Scotland Group plc (NYSE:RBS) --
http://www.rbs.com-- is a holding company of The Royal Bank of
Scotland plc (Royal Bank) and National Westminster Bank Plc
(NatWest), which are United Kingdom-based clearing banks. The
company's activities are organized in six business divisions:
Corporate Markets (comprising Global Banking and Markets and
United Kingdom Corporate Banking), Retail Markets (comprising
Retail and Wealth Management), Ulster Bank, Citizens, RBS
Insurance and Manufacturing. On October 17, 2007, RFS Holdings
B.V. (RFS Holdings), a company jointly owned by RBS, Fortis N.V.,
Fortis SA/NV and Banco Santander S.A. (the Consortium Banks) and
controlled by RBS, completed the acquisition of ABN AMRO Holding
N.V. (ABN AMRO). In July 2008, the company disposed of its entire
interest in Global Voice Group Ltd.
WATFORD FOOTBALL CLUB: Lord Ashcroft to Sell GBP1.5MM Stake
-----------------------------------------------------------
Nick Fletcher at guardian.co.uk reports that Watford Football Club
Chairman and former England boss Graham Taylor said that Lord
Ashcroft, who helped to save the club Watford from going into
administration last year, is in talks to sell his GBP1.5 million
stake in the business. The report notes that Lord Ashcroft is
said to be the controversial Tory donor and former deputy chairman
of the party.
According to guardian.co.uk, in a statement issued by the club's
parent company, Watford Leisure, at the request of the Takeover
Panel, Mr. Ashcroft is in talks with a potential buyer of his 37%
stake, which could lead to a takeover for the whole company. The
talks are at a very early stage and there is no guarantee that an
offer would be made, the report notes.
Mr. Ashcroft, who holds the stake through his private company
Fordwat, has been the club's major shareholder since 2006. At the
end of last year, he clashed with the then chairman Jimmy Russo --
boss of Valley Grown Salads, which holds 29.98% of the club --
over future strategy and control of the club, guardian.co.uk
notes. The report relates that ahead of an annual meeting, Mr.
Russo and his brother Vincent, then vice-chairman, resigned and
sought repayment of a near-GBP5 million investment in Watford.
This could have pushed the club under, but Mr. Ashcroft lent the
company a total of GBP6.5 million to help reduce its debt and keep
it a going concern, the report notes.
Mr. Ashcroft, guardian.co.uk says, later exchanged his loans for
the bulk of a GBP10 million bond issue.
Since in effect of saving the club however, Mr. Ashcroft has made
little secret of his desire to dispose of his stake, the report
adds.
Watford Football Club is an English professional association
football club based in Watford, Hertfordshire.
===============
X X X X X X X X
===============
* EUROPE: Bailed-Out Banks Must Draw Up Restructuring Plans
-----------------------------------------------------------
Aoife White at Bloomberg News reports that lenders must draw up
restructuring plans from next year in return for government
capital injections or asset transfers to so-called bad banks under
European Union measures announced Wednesday.
Every bank in the EU "having recourse to state support in the form
of capital or impaired asset measures will have to submit a
restructuring plan", the European Commission said, according to
The Irish Times. Until now "this was limited to distressed
banks".
The Irish Times relates Joaquin Almunia, the EU's competition
commissioner, said Wednesday the measure was part of a plan to
phase out crisis-aid rules for banks "to prepare a gradual return"
to normal market functioning.
The Irish Times says EU policymakers are trying to wean banks off
government help to avoid harming competition. According to
report, Mr. Almunia extended the crisis rules into 2011 and told
European lawmakers Wednesday that "market conditions permitting,
we should return to the normal state-aid regime on January 1,
2012."
The commission has already sought divestments to compensate for
the state help banks received, The Irish Times notes.
* Large Companies with Insolvent Balance Sheet
----------------------------------------------
Total
Shareholders Total
Equity Assets
Company Ticker (US$) (US$)
------- ------ ------ ------
AUSTRIA
-------
CHRIST WATER TEC CWT AV -5754287.761 165995618.1
CHRIST WATER TEC CWT EO -5754287.761 165995618.1
CHRIST WATER TEC CWT PZ -5754287.761 165995618.1
CHRIST WATER TEC CWTE IX -5754287.761 165995618.1
CHRIST WATER TEC CWT EU -5754287.761 165995618.1
CHRIST WATER TEC CRSWF US -5754287.761 165995618.1
CHRIST WATER TEC C7W GR -5754287.761 165995618.1
CHRIST WATER-ADR CRSWY US -5754287.761 165995618.1
KA FINANZ AG 3730Z AV -359597327 30679270533
LIBRO AG LBROF US -110486313.8 174004185
LIBRO AG LIB AV -110486313.8 174004185
LIBRO AG LB6 GR -110486313.8 174004185
LIBRO AG LIBR AV -110486313.8 174004185
SKYEUROPE SKYP PW -89480486.93 159076577.5
SKYEUROPE SKY PW -89480486.93 159076577.5
SKYEUROPE HLDG SKY EO -89480486.93 159076577.5
SKYEUROPE HLDG SKYA PZ -89480486.93 159076577.5
SKYEUROPE HLDG SKY AV -89480486.93 159076577.5
SKYEUROPE HLDG S8E GR -89480486.93 159076577.5
SKYEUROPE HLDG SKY LI -89480486.93 159076577.5
SKYEUROPE HLDG SKY EU -89480486.93 159076577.5
SKYEUROPE HLDG SKYPLN EO -89480486.93 159076577.5
SKYEUROPE HLDG SKYV IX -89480486.93 159076577.5
SKYEUROPE HLDG SKURF US -89480486.93 159076577.5
SKYEUROPE HLDG SKYPLN EU -89480486.93 159076577.5
SKYEUROPE HOL-RT SK1 AV -89480486.93 159076577.5
STYROL HOLDING 1 3321155Z AV -69327699.53 1925984640
BELGIUM
-------
SABENA SA SABA BB -85494497.66 2215341060
CYPRUS
------
LIBRA HOLIDA-RTS LBR CY -39648682.41 209021322.6
LIBRA HOLIDA-RTS LGWR CY -39648682.41 209021322.6
LIBRA HOLIDAY-RT 3167808Z CY -39648682.41 209021322.6
LIBRA HOLIDAYS LHGR CY -39648682.41 209021322.6
LIBRA HOLIDAYS LHGCYP EO -39648682.41 209021322.6
LIBRA HOLIDAYS LHGCYP EU -39648682.41 209021322.6
LIBRA HOLIDAYS G LHG CY -39648682.41 209021322.6
LIBRA HOLIDAYS G LHG PZ -39648682.41 209021322.6
LIBRA HOLIDAYS G LHG EO -39648682.41 209021322.6
LIBRA HOLIDAYS G LHG EU -39648682.41 209021322.6
LIBRA HOLIDAYS-P LBHG PZ -39648682.41 209021322.6
LIBRA HOLIDAYS-P LBHG CY -39648682.41 209021322.6
CZECH REPUBLIC
--------------
CKD PRAHA HLDG CKDH CP -89435858.16 192305153
CKD PRAHA HLDG CKDPF US -89435858.16 192305153
CKD PRAHA HLDG CKDH US -89435858.16 192305153
CKD PRAHA HLDG CDP EX -89435858.16 192305153
CKD PRAHA HLDG 297687Q GR -89435858.16 192305153
SETUZA AS 2994767Q EO -61453764.17 138582273.6
SETUZA AS SETU IX -61453764.17 138582273.6
SETUZA AS SZA EX -61453764.17 138582273.6
SETUZA AS 2994755Q EU -61453764.17 138582273.6
SETUZA AS 2994763Q EU -61453764.17 138582273.6
SETUZA AS SZA GR -61453764.17 138582273.6
SETUZA AS SETUZA PZ -61453764.17 138582273.6
SETUZA AS SETUZA CP -61453764.17 138582273.6
SETUZA AS 2994759Q EO -61453764.17 138582273.6
DENMARK
-------
ELITE SHIPPING ELSP DC -27715991.74 100892900.3
OBTEC OBT DC -14919946.34 138400232.8
OBTEC OBTEC DC -14919946.34 138400232.8
OBTEC-NEW SHARES OBTECN DC -14919946.34 138400232.8
OBTEC-OLD OBTN DC -14919946.34 138400232.8
ROSKILDE BANK ROSK EO -532868894.9 7876687324
ROSKILDE BANK RKI GR -532868894.9 7876687324
ROSKILDE BANK RSKC IX -532868894.9 7876687324
ROSKILDE BANK ROSKF US -532868894.9 7876687324
ROSKILDE BANK ROSK PZ -532868894.9 7876687324
ROSKILDE BANK ROSBF US -532868894.9 7876687324
ROSKILDE BANK ROSK DC -532868894.9 7876687324
ROSKILDE BANK ROSK EU -532868894.9 7876687324
ROSKILDE BANK-RT 916603Q DC -532868894.9 7876687324
ROSKILDE BAN-NEW ROSKN DC -532868894.9 7876687324
ROSKILDE BAN-RTS ROSKT DC -532868894.9 7876687324
SANISTAL AS-B SANIB BY -11789341.08 491776701.8
SANISTAL AS-B SANIBEUR EO -11789341.08 491776701.8
SANISTAL AS-B SNSC IX -11789341.08 491776701.8
SANISTAL AS-B SANL DC -11789341.08 491776701.8
SANISTAL AS-B SANIB DC -11789341.08 491776701.8
SANISTAL AS-B SNISF US -11789341.08 491776701.8
SANISTAL AS-B SANIB EO -11789341.08 491776701.8
SANISTAL AS-B SANIB EU -11789341.08 491776701.8
SANISTAL AS-B SANI/B PZ -11789341.08 491776701.8
SANISTAL AS-B SANIBEUR EU -11789341.08 491776701.8
SANISTAL-B NEW SANLN DC -11789341.08 491776701.8
SCANDINAVIAN BRA SBS1 EO -14919946.34 138400232.8
SCANDINAVIAN BRA SBS1 EU -14919946.34 138400232.8
SCANDINAVIAN BRA SBS DC -14919946.34 138400232.8
SCANDINAVIAN BRA SBS1 BY -14919946.34 138400232.8
SCANDINAVIAN BRA SBS1EUR EO -14919946.34 138400232.8
SCANDINAVIAN BRA SBS1EUR EU -14919946.34 138400232.8
SCANDINAVIAN BRA SBSC IX -14919946.34 138400232.8
SCANDINAVIAN BRA SBSD PZ -14919946.34 138400232.8
FRANCE
------
BELVEDERE - RTS 554451Q FP -240506200.5 1000204586
BELVEDERE - RTS 702036Q FP -240506200.5 1000204586
BELVEDERE SA BELV FP -240506200.5 1000204586
BELVEDERE SA BED GR -240506200.5 1000204586
BELVEDERE SA BVD EO -240506200.5 1000204586
BELVEDERE SA BEVD IX -240506200.5 1000204586
BELVEDERE SA BVD FP -240506200.5 1000204586
BELVEDERE SA BVD EU -240506200.5 1000204586
BELVEDERE SA BVD PZ -240506200.5 1000204586
BELVEDERE SA BED TH -240506200.5 1000204586
BELVEDERE SA BVDRF US -240506200.5 1000204586
BELVEDERE SA BELV NM -240506200.5 1000204586
BELVEDERE SA-NEW 946529Q FP -240506200.5 1000204586
BELVEDERE SA-NEW BVDNV FP -240506200.5 1000204586
BELVEDERE SA-RTS BVDDS FP -240506200.5 1000204586
CADES 211430Z FP -1.32E+11 9983888303
CARRERE GROUP CAR2 EO -9829592.638 279906700
CARRERE GROUP CRRHF US -9829592.638 279906700
CARRERE GROUP CARG FP -9829592.638 279906700
CARRERE GROUP CAR FP -9829592.638 279906700
CARRERE GROUP CARF PZ -9829592.638 279906700
CARRERE GROUP CAR2 EU -9829592.638 279906700
CARRERE GROUP CRGP IX -9829592.638 279906700
CARRERE GROUP XRR GR -9829592.638 279906700
CHAINE ET TRAME CHTR FP -58947458.16 116889783.9
CHAINE ET TRAME CTRM FP -58947458.16 116889783.9
COMPAGNIE IMMOBI CIMB EO -18851260.64 237751743.8
COMPAGNIE IMMOBI CIMB FP -18851260.64 237751743.8
COMPAGNIE IMMOBI CIMB PZ -18851260.64 237751743.8
COMPAGNIE IMMOBI CIMB EU -18851260.64 237751743.8
EMPAIN GRAHAM DV EMGD FP -18851260.64 237751743.8
GRANDE PAROISSE GDPXF US -927267926.9 629287290
GRANDE PAROISSE GAPA FP -927267926.9 629287290
GRANDE PAROISSE GDPA FP -927267926.9 629287290
LAB DOLISOS LADL FP -27752176.19 110485462.4
LAB DOLISOS DOLI FP -27752176.19 110485462.4
MATUSSIERE & FOR 1007765Q FP -77896683.67 293868350.8
MATUSSIERE & FOR MTUSF US -77896683.67 293868350.8
MB RETAIL EUROPE CTRF IX -58947458.16 116889783.9
MB RETAIL EUROPE MBRE FP -58947458.16 116889783.9
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MB RETAIL EUROPE MBRE EO -58947458.16 116889783.9
MB RETAIL EUROPE MBRE EU -58947458.16 116889783.9
OROSDI OROS FP -35006822.54 151870593.9
OROSDI-BACK BACK IX -35006822.54 151870593.9
OROSDI-BACK ORBA FP -35006822.54 151870593.9
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OROSDI-BACK OROS EO -35006822.54 151870593.9
OROSDI-BACK OROS EU -35006822.54 151870593.9
PAGESJAUNES GRP PAJ EB -2806466942 928971577.5
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RESEAU FERRE FRA 224063Z FP -1967530419 70147358617
RHODIA SA RHA VX -726840112.3 5945870566
RHODIA SA RHD GR -726840112.3 5945870566
RHODIA SA 2324011Q EU -726840112.3 5945870566
RHODIA SA RHAGBX EU -726840112.3 5945870566
RHODIA SA RHADF US -726840112.3 5945870566
RHODIA SA RHA EU -726840112.3 5945870566
RHODIA SA 3218857Q IX -726840112.3 5945870566
RHODIA SA RHA BQ -726840112.3 5945870566
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RHODIA SA RHA GK -726840112.3 5945870566
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RHODIA SA RHANR PZ -726840112.3 5945870566
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RHODIA SA 2324015Q EO -726840112.3 5945870566
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RHODIA SA RHA PZ -726840112.3 5945870566
RHODIA SA RHA TQ -726840112.3 5945870566
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SDR CENTREST 117241Q FP -132420119.6 252176017.2
SOBIESKI BVD PW -240506200.5 1000204586
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GEORGIA
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DEVELICA DEUTSCH DDE PG -86990929.38 1142447974
DEVELICA DEUTSCH D4B GR -86990929.38 1142447974
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GERMANY
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AGOR AG DOO GR -482446.6262 144432986.2
AGOR AG DOO EO -482446.6262 144432986.2
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MANIA TECHNOLOGI 2260970Z GR -35060806.5 107465713.6
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MATERNUS KLINI-N MAK1 GR -14400749.54 155241036.1
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GREECE
------
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HUNGARY
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BRODOGRADE INDUS 3MAJRA CZ -464934142.4 272013070.7
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OT OPTIMA TELEKO 2299892Z CZ -67294802 105169944.1
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ICELAND
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EIMSKIPAFELAG HF HFEIM IR -223780352 2277882368
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IRELAND
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IBERBOND 2004 PL 3485334Z ID -774220.0848 539890478.9
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PAYZONE PLC PAYZ LN -138030903.2 510010035.3
PAYZONE PLC PAYZ EU -138030903.2 510010035.3
PAYZONE PLC 4P6 GR -138030903.2 510010035.3
WATERFORD - RTS 508523Q LN -505729895.2 820803256
WATERFORD - RTS 508519Q LN -505729895.2 820803256
WATERFORD - RTS WWWB ID -505729895.2 820803256
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WATERFORD - RTS WWWA GR -505729895.2 820803256
WATERFORD - RTS WWWA ID -505729895.2 820803256
WATERFORD W-ADR WATWY US -505729895.2 820803256
WATERFORD WDGEWD WATFF US -505729895.2 820803256
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WATERFORD WED-RT 586556Q LN -505729895.2 820803256
WATERFORD WED-RT 586552Q LN -505729895.2 820803256
WATERFORD WED-RT WTFR LN -505729895.2 820803256
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WATERFORD WED-RT WWWD GR -505729895.2 820803256
WATERFORD WED-UT WWW PO -505729895.2 820803256
WATERFORD WED-UT WTFU EU -505729895.2 820803256
WATERFORD WED-UT WTFUGBX EU -505729895.2 820803256
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WATERFORD WED-UT WTFU LN -505729895.2 820803256
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WATERFORD WED-UT WTFU ID -505729895.2 820803256
WATERFORD WED-UT WTFU VX -505729895.2 820803256
WATERFORD WED-UT WTFU EO -505729895.2 820803256
WATERFORD WED-UT WWW GR -505729895.2 820803256
WATERFORD WED-UT WTFU IX -505729895.2 820803256
WATERFORD WED-UT WTFUGBX EO -505729895.2 820803256
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WATERFORD WE-RTS WTFF LN -505729895.2 820803256
WATERFORD WE-RTS WTFN VX -505729895.2 820803256
WATERFORD WE-RTS WTFN ID -505729895.2 820803256
WATERFORD-ADR UT WFWA GR -505729895.2 820803256
WATERFORD-ADR UT WATFZ US -505729895.2 820803256
WATERFORD-SUB 3001875Z ID -505729895.2 820803256
ITALY
-----
BINDA SPA BND IM -11146475.29 128859802.9
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
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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
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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
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GAZ-FINANS GAZF RU -56134.51262 232319905.4
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SERBIA
------
RAFO SA RAF RO -457922636.3 356796459.3
DUVANSKA DIVR SG -32792314.86 122255596.4
PINKI AD PNKI SG -36537862.34 120707518
SWEDEN
------
ALLOKTON AB ALOKB SS -65101427.97 472693765.1
NOBINA 1099Z SS -13023225.28 483974246.5
PHADIA AB 842347Z SS -140406774.4 2127579095
SLOVENIA
--------
ISTRABENZ ITBG PZ -2656618.996 1087540134
ISTRABENZ ITBG SV -2656618.996 1087540134
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SPAIN
-----
ACTUACIONES ACTI AGR SM -231062375.2 529525187.2
AGRUPACIO - RT AGR/D SM -231062375.2 529525187.2
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TURKEY
------
BESIKTAS FUTBOL BJKASM TI -12825040.91 182756610.7
BESIKTAS FUTBOL BKTFF US -12825040.91 182756610.7
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MUDURNU TAVUKC-N MDRNUN TI -64930189.62 160408172.1
MUDURNU TAVUKCUL MDRNU TI -64930189.62 160408172.1
SIFAS SIFAS TI -15439198.6 130608104
TUTUNBANK TUT TI -4024959602 2643810457
YASARBANK YABNK TI -4024959602 2643810457
UKRAINE
-------
AZOVZAGALMASH MA AZGM UZ -42249434.54 336677635.6
DONETSKOBLENERGO DOON UZ -215735271.8 391924242.8
IVANO-FRANKIVSKG FGAZ UZ -358461.9249 108886163.6
LUGANSKGAS LYGZ UZ -16910611.07 109918477.6
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UNITED KINGDOM
--------------
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SMITHS NEWS PLC NWS1 BQ -95712237.17 277933611.8
SMITHS NEWS PLC NWS LN -95712237.17 277933611.8
SMITHS NEWS PLC NWS2GBP EO -95712237.17 277933611.8
SMITHS NEWS PLC NWS2 EU -95712237.17 277933611.8
SMITHS NEWS PLC NWS1GBP EO -95712237.17 277933611.8
SMITHS NEWS PLC SMWPY US -95712237.17 277933611.8
SMITHS NEWS PLC NWS2 EO -95712237.17 277933611.8
SMITHS NEWS PLC NWS2EUR EU -95712237.17 277933611.8
SMITHS NEWS PLC NWS VX -95712237.17 277933611.8
SMITHS NEWS PLC NWS1 EU -95712237.17 277933611.8
SMITHS NEWS PLC NWS1 EO -95712237.17 277933611.8
SMITHS NEWS PLC NWS2EUR EO -95712237.17 277933611.8
STV GROUP PLC SMG PZ -61797602.82 173123066.5
STV GROUP PLC SMG VX -61797602.82 173123066.5
STV GROUP PLC STVGEUR EU -61797602.82 173123066.5
STV GROUP PLC STVG LN -61797602.82 173123066.5
STV GROUP PLC STVGEUR EO -61797602.82 173123066.5
STV GROUP PLC STVG EU -61797602.82 173123066.5
STV GROUP PLC SMG IX -61797602.82 173123066.5
STV GROUP PLC SMGPF US -61797602.82 173123066.5
STV GROUP PLC STVGGBP EO -61797602.82 173123066.5
STV GROUP PLC STVG VX -61797602.82 173123066.5
STV GROUP PLC STVG EO -61797602.82 173123066.5
TELEWEST COM-ADR TWSTD US -3702234581 7581020925
TELEWEST COM-ADR TWSTY US -3702234581 7581020925
TELEWEST COM-ADR TWT$ LN -3702234581 7581020925
TELEWEST COM-ADR 940767Q GR -3702234581 7581020925
TELEWEST COMM TWT VX -3702234581 7581020925
TELEWEST COMM 715382Q LN -3702234581 7581020925
TELEWEST COMM 604296Q GR -3702234581 7581020925
TELEWEST COMM TWSTF US -3702234581 7581020925
THORN EMI PLC THNE FP -2265916257 2950021937
THORN EMI-ADR THN$ LN -2265916257 2950021937
THORN EMI-ADR TORNY US -2265916257 2950021937
THORN EMI-CDR THN NA -2265916257 2950021937
THORN EMI-REGD 1772Q GR -2265916257 2950021937
TI AUTOMOTIVE-A 6525Z LN -298787496.1 1730489867
TOPPS TILES PLC TPT PO -49423537.13 155303750.4
TOPPS TILES PLC TPT VX -49423537.13 155303750.4
TOPPS TILES PLC TPTJY US -49423537.13 155303750.4
TOPPS TILES PLC TPT EU -49423537.13 155303750.4
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 * * *