/raid1/www/Hosts/bankrupt/TCREUR_Public/101214.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 14, 2010, Vol. 11, No. 246
Headlines
C R O A T I A
AGROKOR DD: Improved Performance Cues Moody's Positive Outlook
F R A N C E
BELVEDERE SA: Misses Deadlines to Repay Bondholders
VALEO SA: Moody's Affirms 'Ba1' Corporate Family Rating
I C E L A N D
GLITNIR BANK: PwC Missed Warning Signs Prior to 2008 Collapse
LANDSBANKI ISLANDS: Government Settles Icesave Banking Dispute
LANDSBANKI ISLANDS: PwC Missed Warning Signs Prior to Collapse
I R E L A N D
ANGLO IRISH: Submits Joint Bid for Quinn Insurance
BANK OF IRELAND: Junior Bondholders Must Decide to Accept Losses
GREEN FIELDS: S&P Assigns 'BB+' Rating to 2011-1 Class A Notes
MURRAY RENTAL: Posted EUR6 Million Loss in 2008
QUINN INSURANCE: Gets Anglo-Liberty Mutual Joint Takeover Bid
SHELBOURNE HOTEL: Listed for Strike-Off by Companies Registrar
WORKCAST: Goes Into Receivership
K A Z A K H S T A N
MORTGAGE GUARANTEE: S&P Affirms 'BB-' Issuer Credit Rating
L I T H U A N I A
ALD UAB: Bankruptcy Petitions Filed in Vilnius Court
N E T H E R L A N D S
HALCYON STRUCTURED: S&P Raises Rating on Class E Notes to 'B-'
P O R T U G A L
* Moody's Reviews Ratings of Portuguese Banks for Downgrade
R U S S I A
AK SIBUR: To Face Liquidation Under Debt Settlement Terms
S P A I N
BARCELONA: Has EUR170 Million Sponsorship Deal with Qatar
U N I T E D K I N G D O M
CJ HAUGHEY: Goes Into Administration, 250 Jobs Axed
CRUSADERS: May Come Out of Administration, Suffer Points Deduction
PIPE HOLDINGS: Moody's Assigns 'B3' Rating to Senior Notes
POWERFUEL PLC: CCS Project for Sale Following Administration
PUNCH TAVERNS: Shareholders Seek Radical Action to Cut Debt
X X X X X X X X
* EUROPE: EU Leaders to Meet This Week to Discuss Debt Mechanism
* Large Companies with Insolvent Balance Sheet
*********
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C R O A T I A
=============
AGROKOR DD: Improved Performance Cues Moody's Positive Outlook
--------------------------------------------------------------
Moody's Investors Service has changed the outlook on the ratings
of Agrokor d.d. to positive from stable.
"The change in outlook to positive from stable reflects the
improved operating performance of the company during the first
nine months of 2010 combined with the enhanced headroom under its
bank debt covenants and improved debt maturity profile ", says
Tanya Savkin, Moody's lead analyst for Agrokor.
At September 30, 2010, Agrokor reported stable year-on-year
revenue at c. HRK19.7 billion and improvement in operating profit
by 6.8% to c. HRK1.1 billion. This was driven by continuing cost
savings, positive effect from previous year investments and
divestments of low-margin businesses. Despite the macroeconomic
environment in its key markets remaining challenging -- although
improving marginally compared to 2009 -- Agrokor managed to
increase or maintain its market share in key segments.
At the same time, Agrokor further decreased its reliance on short-
term financing by using the proceeds of the EUR400 million senior
unsecured bond issued in December 2009 and EUR352 million
syndicated loan facility issued in June 2010 to repay some of its
short term debt. Following the loosening of maintenance covenant
levels under the syndicated loan facility, covenant headroom has
increased but remains below 10%. The company remains free cash
flow negative for the first nine months of 2010.
Moody's believes the ratings could potentially be upgraded if
operational performance remains solid, and financial discipline
leads to covenant headroom sustained above 10% combined with
debt/EBITDA (as adjusted by Moody's) around 4.5x. A rating
downgrade could occur if, inter alia, debt/EBITDA (as defined by
Moody's) moved above 5.5x. Any concern over the company's ability
to repay or roll over in a timely fashion its short-term bank
facilities would also be negative for the rating.
The last rating action was implemented on 24 November 2009 when
Moody's assigned (P)B2 rating to Agrokor's proposed EUR400 million
notes with stable outlook.
Based in Zagreb, Agrokor d.d. is the largest company in Croatia,
with operations in food and beverages, as well as food retailing.
Beyond Croatia, the company also operates in Serbia, Bosnia and
Herzegovina (B&H), Montenegro, Slovenia, Macedonia and Hungary.
In 2009, the company reported revenue of HRK 26.5 billion.
===========
F R A N C E
===========
BELVEDERE SA: Misses Deadlines to Repay Bondholders
---------------------------------------------------
Heather Smith at Bloomberg News, citing Les Echos, reports that
Belvedere SA missed deadlines to repay bondholders, sell assets or
reduce its management's own stake under its bankruptcy recovery
plan.
According to Bloomberg, the newspaper, citing Alain Ribeyre, a
lawyer for Belvedere, said the company doesn't risk being placed
in bankruptcy again because it isn't at risk of insolvency.
Bloomberg relates that the newspaper said the company has made a
first payment to bondholders, for EUR22.3 million (US$29.4
million), while the trustees had anticipated EUR43.5 million.
As reported by the Troubled Company Reporter-Europe, Bloomberg
News said that Belvedere was granted protection from creditors in
July 2008 after violating the terms of its notes by repurchasing
more of its stock than allowed.
Belvedere SA -- http://www.belvedere.fr/-- is a France-based
company engaged in the production and distribution of beverages.
The Company's range of products includes vodka and spirits, wines,
and other beverages, under such brands as Sobieski, William Peel,
Marie Brizard, Danzka and others. Belvedere SA operates through
its subsidiaries, including Belvedere Czeska, Belvedere
Scandinavia, Belvedere Baltic, Belvedere Capital Management,
Sobieski SARL and Sobieski USA, among others. It is present in a
number of countries, such as Poland, Lithuania, Bulgaria, Denmark,
France, Spain, Russia, Ukraine, the United States and others. In
addition, the Company holds a minority stake in Abbaye de
Talloires, involved in the hotel and wellness center.
VALEO SA: Moody's Affirms 'Ba1' Corporate Family Rating
-------------------------------------------------------
Moody's Investors Service affirmed the Ba1 Corporate Family Rating
of Valeo S.A., and revised the rating outlook to positive.
The change in Valeo's rating outlook to positive acknowledges the
significant recovery in Valeo's operating performance during the
first half of fiscal year 2010 compared to the previous year
supported by increasing automotive productions volumes as well as
the group's reshaped cost structure. Valeo reported a continued
strong improvement in revenues in Q3 2010 (+22%) compared to the
previous year third quarter and revised upwards its operating
margin guidance for full fiscal year 2010 above 6.1%.
While Valeo remains exposed to the cyclicality of automotive
production, the positive outlook reflects Moody's increased
confidence that Valeo can sustain reasonable credit metrics
throughout the cycle. The group's improved cost structure and
record order intake as per June 30, 2010, representing 1.6x
original equipment sales should enable the group to maintain
reasonable credit metrics in case prospects for the car industry
would weaken again.
In addition, the positive outlook incorporates Moody's view, that
the group will preserve a balanced capital structure and the
adequacy of its liquidity profile going forward.
Valeo's ability to sustain the current positive trend in its
operating performance cash generation will be a key consideration
for further rating improvement. Moody's would consider to upgrade
Valeo's ratings should the company be able to evidence solid
profitability (i.e. above 5%) and establish a solid track record
of key credit metrics as anticipated for 2010 (i.e. (i) material
FCF generation, (ii) debt to ebitda as adjusted by Moody's below
2.5 % and (iii) RCF/Net Debt around 25 %).
Major risks in Moody's view are a more pronounced decline in
production rates, in Europe or elsewhere, driven by a
deterioration in the overall economic environment, increasing
price pressure from OEM-customers and potential volatility in raw
material costs.
Outlook Actions:
Issuer: Valeo S.A.
-- Outlook, Changed To Positive From Stable
The last rating action on Valeo was an upgrade of Valeo's CFR to
Ba1 (stable outlook) from Ba2 (stable outlook) on July 29, 2010.
Headquartered in Paris, Valeo S.A., is one of the leading global
suppliers of automotive components. In 2009, Valeo generated net
sales of EUR7.5 billion.
=============
I C E L A N D
=============
GLITNIR BANK: PwC Missed Warning Signs Prior to 2008 Collapse
-------------------------------------------------------------
PricewaterhouseCoopers is alleged to have missed numerous warning
signs about the state of Iceland's banks long before they
collapsed in 2008, according to a leaked investigation that
exposes widespread irregularities among the doomed lenders, Andrew
Ward at The Financial Times reports.
According to the FT, the findings were made by a team of
international investigators in reports commissioned by the
Icelandic special prosecutor who is probing possible criminal
wrongdoing before the bank crash.
The FT relates that the studies found that Landsbanki and Glitnir,
two of the failed Icelandic banks, had "grossly overstated" their
financial strength, hidden large risk exposures and failed to
disclose the full extent of lending to the banks' owners and other
related parties.
The banks were already in deep trouble at the end of 2007, the FT
states.
It is claimed that PwC showed "negligence" in failing to spot
financial misstatements that should have led to the banks losing
their operating licenses, according to the reports, seen by the
FT.
Instead, the banks stepped up their deposit-taking in 2008 --
including billions of euros deposited by British and Dutch
customers in Landsbanki's Icesave online accounts -- in a
desperate bid to avoid collapse, the FT says.
The reports, prepared by French and Norwegian experts who have
been supporting the Icelandic criminal inquiry, argue that losses
from the eventual crash would have been reduced had PwC not given
its endorsement to the faulty accounts at the end of 2007,
according to the FT.
A spokesman for PwC declined to comment on the findings, but said
the company stood by its audits, the FT notes.
About Glitnir Banki
Headquartered in Reykjavik, Iceland, Glitnir banki hf --
http://www.glitnir.is/-- offers an array of financial services to
corporation, financial institutions, investors and individuals.
Iceland's government took control of Glitnir, along with two other
financial institutions -- Landsbanki Islands hf and Kaupthing Bank
hf -- after it failed to obtain short-term funding. The District
Court of Reykjavik granted a Moratorium order on Glitnir on
Nov. 24 2008. Glitnir said the Moratorium is not a bankruptcy
proceeding and does not affect its banking licenses or its ability
to operate as a bank. The Moratorium is a specialized proceeding
under Icelandic law designed to provide it with appropriate global
protection from legal action taken by its creditors, Glitnir
pointed out.
Steinunn Gudbjarsdottir, as the duly authorized foreign
representative for Glitnir banki hf, sought creditor protection
for the bank under Chapter 15 of the U.S. Bankruptcy Code on
November 26, 2008 (Bankr. S.D.N.Y. Case No. 08-14757). According
to Bloomberg, Glitnir's assets in the United States comprised of
bank accounts and loans provided to U.S. companies. The company,
Bloomberg citing papers filed with the Court, issued 22 short- and
long-term notes for about US$7 billion in the country.
LANDSBANKI ISLANDS: Government Settles Icesave Banking Dispute
--------------------------------------------------------------
BBC News reports that Iceland has reached a deal aimed at settling
the Icesave banking dispute with the UK and Netherlands.
According to BBC, Iceland's government has agreed to pay back the
estimated EUR4 billion (GBP3.4 billion; US$5.3 billion) the UK and
Dutch governments spent reimbursing citizens who lost money in the
collapse of Icesave.
BBC relates that representatives of the three countries met in
London to agree the final terms of a deal.
BBC says repayments will begin in 2016 and will be completed by
2046.
The terms of the agreement must now be approved by Iceland's
parliament and president, BBC notes.
Negotiations over the repayments have been going on for the past
two years, since Icesave's parent company, Landsbanki, collapsed
at the end of 2008, BBC recounts.
According to BBC, Iceland will pay an interest rate on its
outstanding debt of 3% to the Dutch and 3.3% to the UK from 2011.
Those terms are better than a previous deal, subsequently voted
down by Icelandic voters in a referendum, which included an
interest rate of 5.5%, BBC notes.
BBC relates that the Dutch finance ministry said in a statement
that the Netherlands will receive EUR1.3 billion.
The UK government put more than GBP2 billion into the Financial
Services Compensation Scheme to cover Icesave account holders, BBC
discloses.
According to BBC, Lee Buchheit, a US lawyer who led Iceland's
negotiating team, said the different interest rates for the UK and
the Netherlands reflected the differing amounts the two countries
had to pay to raise funds on the open markets. Mr. Buchheit, as
cited by BBC, said the indications were that the bulk of the debt,
excluding interest payments, would be covered by the sale of the
assets of Landsbanki.
Iceland was plunged into a deep recession following the collapse
of its leading banks, including Icesave's parent company
Landsbanki, in 2008, BBC recounts.
About Landsbanki Islands
Landsbanki Islands hf, also commonly known as Landsbankinn in
Iceland, is an Icelandic bank. The bank offered online savings
accounts under the "Icesave" brand. On October 7, 2008, the
Icelandic Financial Supervisory Authority took control of
Landsbanki and two other major banks.
Landsbanki filed for Chapter 15 protection on Dec. 9, 2008 (Bankr.
S.D. N.Y. Case No.: 08-14921). Gary S. Lee, Esq., at Morrison &
Foerster LLP, represents the Debtor. When it filed for protection
from its creditors, it listed assets and debts of more than
US$1 billion each.
LANDSBANKI ISLANDS: PwC Missed Warning Signs Prior to Collapse
--------------------------------------------------------------
PricewaterhouseCoopers is alleged to have missed numerous warning
signs about the state of Iceland's banks long before they
collapsed in 2008, according to a leaked investigation that
exposes widespread irregularities among the doomed lenders, Andrew
Ward at The Financial Times reports.
According to the FT, the findings were made by a team of
international investigators in reports commissioned by the
Icelandic special prosecutor who is probing possible criminal
wrongdoing before the bank crash.
The FT relates that the studies found that Landsbanki and Glitnir,
two of the failed Icelandic banks, had "grossly overstated" their
financial strength, hidden large risk exposures and failed to
disclose the full extent of lending to the banks' owners and other
related parties.
The banks were already in deep trouble at the end of 2007, the FT
states.
It is claimed that PwC showed "negligence" in failing to spot
financial misstatements that should have led to the banks losing
their operating licenses, according to the reports, seen by the
FT.
Instead, the banks stepped up their deposit-taking in 2008 --
including billions of euros deposited by British and Dutch
customers in Landsbanki's Icesave online accounts -- in a
desperate bid to avoid collapse, the FT says.
The reports, prepared by French and Norwegian experts who have
been supporting the Icelandic criminal inquiry, argue that losses
from the eventual crash would have been reduced had PwC not given
its endorsement to the faulty accounts at the end of 2007,
according to the FT.
A spokesman for PwC declined to comment on the findings, but said
the company stood by its audits, the FT notes.
About Landsbanki Islands
Landsbanki Islands hf, also commonly known as Landsbankinn in
Iceland, is an Icelandic bank. The bank offered online savings
accounts under the "Icesave" brand. On October 7, 2008, the
Icelandic Financial Supervisory Authority took control of
Landsbanki and two other major banks.
Landsbanki filed for Chapter 15 protection on Dec. 9, 2008 (Bankr.
S.D. N.Y. Case No.: 08-14921). Gary S. Lee, Esq., at Morrison &
Foerster LLP, represents the Debtor. When it filed for protection
from its creditors, it listed assets and debts of more than
US$1 billion each.
=============
I R E L A N D
=============
ANGLO IRISH: Submits Joint Bid for Quinn Insurance
--------------------------------------------------
Simon Carswell at The Irish Times reports that the deadline for
second-round bids for Quinn Insurance passed on Dec. 8 as the
likelihood of a sale to a trade buyer grows amid uncertainty over
the future of State-owned Anglo Irish Bank.
The Irish Times relates that the bank has submitted a joint bid
with US insurance giant Liberty Mutual, which has also submitted
an offer to take over the general insurance part of the firm.
According to The Irish Times, Anglo has shelved plans for a solo
offer due to considerable regulatory hurdles facing the proposal
as the cost of the bank has soared to as much as EUR34 billion.
The Irish Times says a sale to a trade player with existing Irish
operations would likely lead to a sharp downsizing of the firm and
further job losses. It could also lead to the Quinn family losing
ownership of the insurer, which Mr. Quinn has said he must retain
if he is to repay loans of EUR2.8 billion to Anglo due mostly on
share losses in the bank, The Irish Times notes.
Most of the trade bidders circling Quinn Insurance are interested
in taking over its customers rather than the overall operation,
The Irish Times states.
According to The Irish Times, a preferred bidder may be named
before the end of the year but further due diligence may be
required until early 2011.
Meanwhile, debt restructuring talks are continuing with the
syndicate of banks and bondholders owed EUR1.3 billion by the
Quinn Group, The Irish Times discloses.
Under the Anglo-Liberty bid, the US firm would invest less than
EUR200 million in capital while the bank would seek to issue
EUR500 million of new State-backed debt to Quinn's banks and
bondholders, according to The Irish Times. This would be in
return for the lending syndicate releasing the insurer from
guarantees provided by the group over its debts, the discovery of
which prompted the regulator to move against the firm, The Irish
Times notes.
As reported by the Troubled Company Reporter-Europe, The Irish
Times said the Financial Regulator put Quinn Insurance into
administration in March 2010 after his office discovered
guarantees had been provided by the insurer's subsidiaries as far
back as 2005 on Quinn Group debts of more than EUR1.2 billion.
The regulator said the guarantees reduced the amount the firm had
in reserve to protect policyholders against possible claims,
putting 1.3 million customers at risk, according to The Irish
Times.
About Quinn Insurance
Quinn Insurance is owned by Sean Quinn, Ireland's richest man, and
his family. The company has more than 20% of the motor and health
insurance market in Ireland. Employing almost 2,800 people in
Britain and Ireland, it was founded in 1996 and entered the UK
market in 2004.
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.
BANK OF IRELAND: Junior Bondholders Must Decide to Accept Losses
----------------------------------------------------------------
Jennifer Hughes, Anousha Sakoui, Sharlene Goff and John Murray-
Brown at The Financial Times report that Bank of Ireland's junior
bondholders must this week decide whether to lose almost half the
face value of their investments or hold out and take their chances
under new rules designed to force subordinated bondholders to
share the burden of losses in struggling institutions.
The FT relates that Brian Lenihan, Irish finance minister, will
introduce tomorrow a legislation to increase government powers to
impose losses on junior debtholders should voluntary tender offers
be rejected.
The FT says the legislation's timing has complicated the decision
that Bank of Ireland bondholders must make on the bank's offer.
The bondholders face a deadline of 5:00 p.m. this Thursday,
according to the FT.
The exchange is the first part of Bank of Ireland's efforts to
raise privately the EUR2.2 billion (GBP1.8 billion) of fresh
capital regulators have demanded it must find by February, the FT
discloses.
According to the FT, bondholders have been offered a slight
premium to the market price at between 46% and 57.5% of face value
depending on the bond they hold. However, the bank will only
accept tenders worth up to EUR1.5 billion of the EUR3.1 billion
outstanding -- adding to the complexity of the decision the
bondholders must make, since if the bank's capital raising is
successful, the value of the untendered bonds could rise, the FT
states.
Junior bondholders in struggling banks tend to be a mix of
distressed debt specialists who buy the bonds at deep discounts to
face value in the hope of profiting from any premium offered in an
exchange, and investors who perhaps bought in at face value,
according to the FT.
Headquartered in Dublin, Bank of Ireland --
http://www.bankofireland.com/-- provides a range of banking and
other financial services. These include checking and deposit
services, overdrafts, term loans, mortgages, business and
corporate lending, international asset financing, leasing,
installment credit, debt factoring, foreign exchange facilities,
interest and exchange rate hedging instruments, executor, trustee,
life assurance and pension and investment fund management, fund
administration and custodial services and financial advisory
services, including mergers and acquisitions and underwriting.
The Company organizes its businesses into Retail Republic of
Ireland, Bank of Ireland Life, Capital Markets, UK Financial
Services and Group Centre. It has operations throughout Ireland,
the United Kingdom, Europe and the United States.
* * *
As reported by the Troubled Company Reporter-Europe on Dec. 8,
2010, DBRS downgraded the Dated Subordinated Debt ratings of The
Governor and Company of the Bank of Ireland (Bank of Ireland or
the Group), to BB from 'A' to reflect the elevated risk of adverse
action by the government.
As reported by the Troubled Company Reporter-Europe on Nov. 4,
2010, Moody's Investors Service assigned A3/P-2 bank deposit
ratings and a D+ bank financial strength rating to Bank of Ireland
(UK) plc. Moody's said the outlook is stable.
GREEN FIELDS: S&P Assigns 'BB+' Rating to 2011-1 Class A Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary 'BB+
(sf)' credit rating to Green Fields Capital Ltd.'s EUR75 million
series 2011-1 class A notes, which it will issue under the
principal-at-risk variable-rate note program sponsored by Swiss
Reinsurance Company Ltd. This will be the first series of notes
issued under this program.
The notes to be issued will be exposed to French windstorm risks
between Jan. 1, 2011, and Dec. 31, 2014. They will cover events
above an index value of 620 million on an occurrence basis, with
an exhaustion point of 718 million.
Industry loss figures to be reported by PERILS in combination with
predetermined payout factors will be used to determine any losses
under the class A notes following an event.
Green Fields Capital is a special-purpose entity incorporated
under the laws of Ireland.
Swiss Re is a global multiline provider of reinsurance. The
proceeds of the notes will serve to provide Swiss Re with a source
of industry loss cover for reinsurance provided to Groupama S.A.
(A-/Stable/--), covering windstorms in France over four European
wind seasons.
The collateral will be invested in putable notes issued by the
European Bank for Reconstruction and Development.
The risk modeling is based on RMS's Europe Windstorm Model Version
6.0 using the 2010 PERILS industry exposure database.
MURRAY RENTAL: Posted EUR6 Million Loss in 2008
-----------------------------------------------
Murray Car Rental recorded a loss after tax of EUR6 million in
2008, Donal O'Donovan at Irish Independent reports, citing the
most recent accounts filed with the Companies Registration Office.
According to Irish Independent, the loss came before the company
was forced to seek an examinership last year.
The most recent accounts cover the 12 months to the end of 2008
but were signed off in November of this year, Irish Independent
notes.
They recorded a fall in revenues of just over EUR1 million between
2007 and 2008 to EUR18.3 million, Irish Independent discloses.
Losses shot from EUR695,000 to more than EUR6 million over the
same period, Irish Independent states. Irish Independent says the
losses were driven in particular by exceptional costs of EUR4
million after the company wrote down the value of assets including
its fleet of cars.
In July 2009, the company and two subsidiaries were taken under
the protection of the High Court, and an examiner was appointed,
Irish Independent recounts. The court approved a Scheme of
Arrangement that saw shareholders invest EUR1.9 million -- EUR1
million covered liabilities, and the rest was working capital,
Irish Independent relates.
Murray Car Rental is based in Dublin.
QUINN INSURANCE: Gets Anglo-Liberty Mutual Joint Takeover Bid
-------------------------------------------------------------
Simon Carswell at The Irish Times reports that the deadline for
second-round bids for Quinn Insurance passed on Dec. 8 as the
likelihood of a sale to a trade buyer grows amid uncertainty over
the future of State-owned Anglo Irish Bank.
The Irish Times relates that the bank has submitted a joint bid
with US insurance giant Liberty Mutual, which has also submitted
an offer to take over the general insurance part of the firm.
According to The Irish Times, Anglo has shelved plans for a solo
offer due to considerable regulatory hurdles facing the proposal
as the cost of the bank has soared to as much as EUR34 billion.
The Irish Times says a sale to a trade player with existing Irish
operations would likely lead to a sharp downsizing of the firm and
further job losses. It could also lead to the Quinn family losing
ownership of the insurer, which Mr. Quinn has said he must retain
if he is to repay loans of EUR2.8 billion to Anglo due mostly on
share losses in the bank, The Irish Times notes.
Most of the trade bidders circling Quinn Insurance are interested
in taking over its customers rather that the overall operation,
The Irish Times states.
According to The Irish Times, a preferred bidder may be named
before the end of the year but further due diligence may be
required until early 2011.
Meanwhile, debt restructuring talks are continuing with the
syndicate of banks and bondholders owed EUR1.3 billion by the
Quinn Group, The Irish Times discloses.
Under the Anglo-Liberty bid, the US firm would invest less than
EUR200 million in capital while the bank would seek to issue
EUR500 million of new State-backed debt to Quinn's banks and
bondholders, according to The Irish Times. This would be in
return for the lending syndicate releasing the insurer from
guarantees provided by the group over its debts, the discovery of
which prompted the regulator to move against the firm, The Irish
Times notes.
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.
About Quinn Insurance
Quinn Insurance is owned by Sean Quinn, Ireland's richest man, and
his family. The company has more than 20% of the motor and health
insurance market in Ireland. Employing almost 2,800 people in
Britain and Ireland, it was founded in 1996 and entered the UK
market in 2004.
As reported by the Troubled Company Reporter-Europe, The Irish
Times said the Financial Regulator put Quinn Insurance into
administration in March 2010 after his office discovered
guarantees had been provided by the insurer's subsidiaries as far
back as 2005 on Quinn Group debts of more than EUR1.2 billion.
The regulator said the guarantees reduced the amount the firm had
in reserve to protect policyholders against possible claims,
putting 1.3 million customers at risk, according to The Irish
Times.
SHELBOURNE HOTEL: Listed for Strike-Off by Companies Registrar
--------------------------------------------------------------
Barry O'Halloran at The Irish Times reports that Shelbourne Hotel
Holdings has been listed for strike-off by the Companies
Registration Office.
Companies are normally listed for strike-off when they have failed
to file their annual returns and accounts on time, according to
The Irish Times. Being struck off means that they lose the
benefit of limited liability and can ultimately be dissolved;
however, contracts can be enforced against them in the normal way,
The Irish Times notes. They normally have to apply to the High
Court to be reinstated to the register and to have limited
liability restored, The Irish Times says.
The Irish Times relates that a spokesman for the company on Dec. 6
said that the strike-off notice was the result of an oversight and
added that the company's returns had been made up to date.
According to The Irish Times, the last set of accounts available
for the company are for 2007 and were filed 12 months ago. They
show that the business owed its banks EUR116 million at the end of
that year, The Irish Times discloses.
Shelbourne Hotel Holdings is a Dublin-based company set up by
developers John Sweeney, Bernard McNamara, Bernard Doyle and David
Courtney.
WORKCAST: Goes Into Receivership
--------------------------------
Galway news reports that Workcast has gone into receivership.
Workcast, which built the Webworks Building, is one of six
companies connected to developer Bernard McNamara which have gone
into receivership, according to Galway news.
In a report in "The Sunday Business Post," Enterprise Ireland gave
a grant of EUR4.4 million to fund the building, Galway news
relates.
Galway News discloses that along with Galway City Council, the
state agency is understood to be in talks with the receiver about
the future of the project.
Workcast is involved in building the new coach station and
Enterprise Ireland centre in Galway City.
===================
K A Z A K H S T A N
===================
MORTGAGE GUARANTEE: S&P Affirms 'BB-' Issuer Credit Rating
----------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'BB-' long-term issuer credit and 'kzA-' Kazakhstan national scale
ratings on Mortgage Guarantee Fund of Kazakhstan. The ratings
were subsequently withdrawn at MGFK's request. At the time of the
withdrawal, the outlook was stable.
MGFK is a state-owned niche market insurance guarantee provider
based in the Republic of Kazakhstan (foreign currency BBB-
/Stable/A-3; local currency BBB/Stable/A-3; Kazakhstan national
scale 'kzAAA').
"At the time of the withdrawal, the ratings on MGFK reflected
S&P's expectations of a "moderately high" likelihood of timely and
sufficient extraordinary support to MGFK from the Kazakh
government in case of financial distress, as well as MGFK's "weak"
stand-alone credit profile, which S&P assessed at 'b'," said
Standard & Poor's credit analyst Boris Kopeykin.
In accordance with S&P's criteria for government-related entities,
S&P's view of the likelihood of extraordinary government support
was based on its assessment of MGFK's "limited importance" for and
"very strong" link with the government.
MGFK's 'b' stand-alone credit profile reflected the company's
limited operational experience, its small scale, weak investment
profile, and weak operating performance. These negative factors
were partly offset by the company's adequate capitalization. As
of Dec. 1, 2010, MGFK had guaranteed mortgage loans outstanding
worth about KZT72 billion, with mortgage insurance provided under
state-sponsored programs comprising about 88% of the company's
portfolio.
At the time of the withdrawal, S&P expected the share of loans
guaranteed under the state program to remain high over the next
two years. The stand-alone credit profile incorporated MGFK's
commitment to a "zero debt" policy, as well as the fact that, up
until the date of withdrawal, no valid claims--and consequently no
payments--had been made on MFGK's guarantees.
=================
L I T H U A N I A
=================
ALD UAB: Bankruptcy Petitions Filed in Vilnius Court
----------------------------------------------------
Imoniu grupe ALITA, AB has reported that both The State Social
Insurance Fund Board of the Republic of Lithuania and UAB Vilniaus
Alus have delivered applications to the Vilnius District Court for
bankruptcy of ALITA's subsidiary of UAB A.L.D.
The court has yet to set the date for the Court hearing on that
case.
All information on the Court decisions will be published by ALITA
in accordance with information disclosure requirements.
Imoniu grupe Alita AB is a Lithuania-based company engaged in the
production of alcoholic beverages.
=====================
N E T H E R L A N D S
=====================
HALCYON STRUCTURED: S&P Raises Rating on Class E Notes to 'B-'
--------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on six
classes of Halcyon Structured Asset Management CLO 2008-II B.V.'s
outstanding EUR342.8 million notes. At the same time, S&P has
affirmed its rating on one class of notes.
The rating actions follow S&P's observations of several factors in
the transaction. The transaction period has now expired and the
cash in the principal account is used to pay down the notes
sequentially.
Therefore, there has been a reduction in the outstanding principal
amount of the class A notes, which has led to an increase in the
credit enhancement. In S&P's opinion, there has been a reduction
in the gross level of defaults expected on the portfolio over the
life of the transaction, due to the improvement of the credit
quality of the portfolio, as the weighted-average life of the
transaction has reduced since its last review. The weighted-
average recovery rate of the transaction has also increased
slightly, as well as the weighted-average spread.
Halcyon Structured Asset Management CLO 2008-II is a cash flow
collateralized loan obligation transaction that securitizes loans
to primarily speculative-grade corporate firms.
Ratings List
Halcyon Structured Asset Management CLO 2008-II B.V.
EUR444 Million Subordinated Notes
Ratings Raised
Rating
------
Class To From
----- -- ----
A1 AA+ (sf) AA- (sf)
A2 A+ (sf) A- (sf)
B A- (sf) BBB (sf)
C1 BBB (sf) BB+ (sf)
C2 BBB (sf) BB+ (sf)
E B- (sf) CCC+ (sf)
Rating Affirmed
Rating
------
Class To From
----- -- ----
D B+ (sf) B+ (sf)
===============
P O R T U G A L
===============
* Moody's Reviews Ratings of Portuguese Banks for Downgrade
-----------------------------------------------------------
Moody's Investors Service has said that it will review for
possible downgrade the standalone Bank Financial Strength Ratings
as well as the senior and junior debt ratings of the Portuguese
banks listed below. At the same time, Moody's affirmed the Baa3
senior debt ratings and the Bank Financial Strength Ratings of D
and D-, respectively, of Caixa Economica Montepio Geral and Banif
-- Banco Internacional do Funchal.
Rating Rationale
Moody's said that the review for possible downgrade of the
Portuguese banks' standalone BFSRs was triggered by a combination
of (i) their high reliance on central bank liquidity while the
international wholesale markets remain mostly shut to Portuguese
banks; (ii) the Portuguese government's planned austerity measures
and the possible impact these measures may have on both earnings
and asset quality of the banks; (iii) the higher level of
uncertainty and reduced predictability of the operating
environment for the banks, which makes increased and protracted
government support of some of these banks more likely than
previously anticipated.
Accordingly, the review of the BFSRs will focus on the banks'
ability to access market funding and the cost of the ongoing
central bank liquidity support, and the banks' individual
strategies to reduce their reliance on these funding sources. At
the same time, the review will take into consideration the
possible impact of the planned austerity measures on banks' credit
metrics against the background of an uncertain growth trajectory
for the Portuguese economy.
As indicated by the fact that the lower rated BFSRs of both
Montepio and Banif have been affirmed, Moody's would not expect to
lower the standalone ratings of any of the banks below the D
category (mapping to the Baa3 to Ba3 range). Moody's believe that
this level, which implies modest intrinsic financial strength
potentially requiring some outside support at times, already
incorporates the liquidity and asset performance levels that
triggered the rating actions on the remaining banks.
Other things being equal, rating downgrades of the banks'
standalone financial strength would place downward pressure on the
banks' senior debt ratings, which have therefore also been placed
on review for possible downgrade. Moody's expects that ongoing
support by the Portuguese government is likely to mitigate some of
the pressure on senior debt ratings, which should ensure that the
banks retain a credit profile that is still commensurate with
investment grade ratings. It is for this reason that the Baa3
long-term senior ratings of Banif and Montepio have not been
placed on review. Moody's has a negative outlook on these two
banks to reflect the uncertainty in their operating environment
and the significant market pressure that the Portuguese banking
system continues to face.
The review of BPN's Baa3 debt rating for downgrade reflects the
fact that the government was unsuccessful in its second attempt to
privatise the bank which has increased, in Moody's view, the
probability of a liquidation scenario for BPN. The review will
look at the next steps the government will take to solve the
future of BPN.
Over the course of the review period, Moody's will also assess the
extent to which systemic support continues to remain applicable to
more junior capital instruments of Portuguese banks. Moody's note
a developing pattern of policy initiatives across Europe that
either has imposed selective losses on subordinated debt, most
recently in the case of Ireland, or proposes to enable regulators
the ability to do so more prospectively going forward.
Accordingly, Moody's is reviewing for downgrade the subordinated
debt ratings of Banif and Montepio, while their senior ratings and
BFSRs have been affirmed. In Moody's opinion, should the
government be forced to support banks by injecting additional
capital, it might well follow the precedent currently being
established elsewhere and look to offset this in part through
burden-sharing with junior creditor classes.
These ratings have been placed under review for possible
downgrade:
-- Caixa Geral de Depositos: on review are BFSR of D+ (mapping
to Baa3), A1/P-1 ratings for senior debt and deposit, A2 for
subordinated debt, Baa2 for junior subordinated debt and Ba1
for Tier 1 securities.
-- Banco Santander Totta: on review are BFSR of C (mapping to
A3), A1/P-1 ratings for senior debt and deposit, A2 for
subordinated debt and A3 for junior subordinated debt; the
ratings continue to incorporate unchanged high support
assumptions from its parent, Banco Santander S.A. (Aa2/P-1/B-
), which is not subject to the review.
-- Banco Espirito Santo: on review are BFSR of C- (mapping to
Baa2), A2/P-1 ratings for senior debt and deposit, A3 for
subordinated debt, Baa3 for junior subordinated debt and Ba2
for Tier 1 securities.
-- Banco BPI: on review are BFSR of C- (mapping to Baa2), A2/P-1
ratings for senior debt and deposit, A3 for subordinated
debt, Baa3 for junior subordinated debt ratings and Ba2 for
Tier 1 securities rating.
-- Espirito Santo Financial Group: on review are Baa1/P-2 issuer
rating, Baa2 ratings for subordinated debt and Ba3 for
preferred securities.
-- Banco Comercial Portugues: on review are BFSR of D+ (mapping
to Baa3), A3/P-2 ratings for senior debt and deposit, Baa1
for subordinated debt ratings and Ba3 for Tier 1 securities
rating.
-- Caixa Economica Montepio Geral: on review are the Ba1 ratings
for subordinated debt and the Ba3 for junior subordinated
debt. The BFSR of D (mapping to Ba2) and the Baa3/P-3 debt
and deposit ratings were affirmed with a negative outlook.
-- Banif-Banco Internacional do Funchal: on review are the Ba1
ratings for subordinated debt and the B1 for junior
subordinated debt. The BFSR of D- (mapping to Ba3), the
Baa3/P-3 debt and deposit ratings and the B3 for Tier 1
securities were affirmed with a negative outlook.
-- Banco Itau Europa: on review are BFSR of C- (mapping to
Baa2), Baa1/P-2 ratings for senior debt and deposit, Baa2 for
subordinated debt and Baa3 for junior subordinated debt.
-- Banco Portugues de Negocios: on review are Baa3/P-3 ratings
for deposit ratings. The BFSR of E (mapping to Caa1) was
affirmed with a developing outlook.
Headquartered in Lisbon, Portugal, CGD reported total unaudited
consolidated assets of EUR126.6 billion as of 30 September 2010.
Headquartered in Lisbon, Portugal, BST reported total unaudited
consolidated assets of EUR49.7 billion as of 30 June 2010.
Headquartered in Lisbon, Portugal, BES reported total unaudited
consolidated assets of EUR82.1 billion as of 30 September 2010.
Headquartered in Lisbon, Portugal, BPI reported total unaudited
consolidated assets of EUR47.0 billion as of 30 September 2010.
Headquartered in Luxembourg, ESFG reported total unaudited
consolidated assets of EUR85.4billion as of 30 September 2010.
Headquartered in Oporto, Portugal, BCP reported total unaudited
consolidated assets of EUR99.4 billion as of 30 September 2010.
Headquartered in Lisbon, Portugal, Montepio reported total
unaudited consolidated assets of EUR17.7 billion as of 30 June
2010.
Headquartered in Funchal, Portugal, Banif reported total unaudited
consolidated assets of EUR12.0 billion as of 30 June 2010.
Headquartered in Lisbon, Portugal, BIE reported total unaudited
consolidated assets of EUR5.2 billion as of 30 September 2010.
Headquartered in Lisbon, Portugal, BPN had total audited
consolidated assets of EUR7.5 billion as at 31 December 2009.
===========
R U S S I A
===========
AK SIBUR: To Face Liquidation Under Debt Settlement Terms
---------------------------------------------------------
The Board of Directors of the SIBUR Holding has decided to
voluntarily liquidate the legal entity OJSC AK Sibur in connection
with the basic conditions of a settlement agreement with its
creditors, which was concluded in 2002.
AK Sibur, established in 1995, pursued the consolidation of the
petrochemical industry in Russia, using borrowed funds that were
mainly provided by the Gazprom group. By 2002, the company was
facing bankruptcy. In September 2002, The AK Sibur concluded a
settlement agreement with its creditors, according to which the
company pledged to repay its liabilities, in the amount of more
than RUR27 billion, by the end of 2010.
In December 2005, the amount owed to the Gazprom group were repaid
by converting the amount of the debt into shares of the newly
established SIBUR Holding, to which the ownership of all
manufacturing assets and management activities of AK Sibur were
transferred.
At present, AK Sibur, which was effectively a subsidiary of the
SIBUR Holding, has fulfilled all of its contractual obligations
according to the settlement agreement and, following the transfer
of the outstanding funds to creditors and tax authorities by the
end of 2010, the company will cease to exist.
SIBUR claims to be the leader of petrochemistry in Russia and
Eastern Europe. The Company operates across the entire
petrochemical process chain from gas processing to the production
of monomers and plastics, mineral fertilizers, tires and
industrial rubber items, as well as the processing of plastics.
=========
S P A I N
=========
BARCELONA: Has EUR170 Million Sponsorship Deal with Qatar
---------------------------------------------------------
Mark Mulligan and Roger Blitz at The Financial Times report that
Barcelona Football Club has agreed to a EUR170 million (US$225
million) sponsorship contract with the Qatari government in a deal
aimed at cutting its debt.
The FT relates that the club was set to sign a five-year contract
with the not-for-profit Qatar Foundation on Monday, which would
pay it an annual EUR30 million to have its logo on the club strip.
An initial EUR15 million would allow the Qatar investment group to
use the century-old Barcelona logo between now and the beginning
of next season, the FT states.
According to the FT, although the club is seemingly unbeatable at
the moment, its finances are in poor shape after years of alleged
profligacy and ill-fated player and property deals. The club
closed last season in the red and is saddled with net debt of
about EUR400 million, the FT discloses.
Javier Faus, the finance director, said on Friday that the Qatari
sponsorship would provide a much-needed boost to cash flow, the FT
discloses.
Sandro Rosell, club president, has vowed to double cash flow and
retire about EUR30 million in debt by the end of the season,
without selling players, according to the FT.
As reported by the Troubled Company Reporter-Europe on July 29,
2010, CNN, citing Mr. Faus, said the money problems at the club
were worse than expected. Mr. Faus said in a statement on the
Barca Web site on that a new audit by accounting firm Deloitte
revealed that the club actually made a loss of EUR77.1 million
(US$100 million) for the 2009-10 season, according to CNN. CNN
disclosed Deloitte's audit showed that income had been overstated
by US$47 million and expenses understated by US$61 million. With
an US$89 million operating loss, Deloitte also found US$14 million
in further financial expenses to be countered by US$3.9 million
after-tax profits, CNN said. Net debt had risen to US$573 million
from US$427 million a year ago, while gross debt is now US$716
million, CNN disclosed. Barcelona had to take a loan of US$200
million after struggling to pay player wages in June, CCN noted.
Futbol Club Barcelona, also known simply as Barcelona and
familiarly as Barca, is a football club based in Barcelona,
Catalonia, Spain.
===========================
U N I T E D K I N G D O M
===========================
CJ HAUGHEY: Goes Into Administration, 250 Jobs Axed
---------------------------------------------------
Sam Dimmer at Conventry Telegraph reports that CJ Haughey has gone
into administration with 250 employees losing their jobs just
weeks before Christmas. The company closed its premises on
December 3, 2010. The report relates that an unnamed spokeswoman
said that it was "pretty unlikely" that a buyer for the firm would
be found.
The firm specialized in earthworks and ground works in the
Midlands but in recent times had been forced to look elsewhere in
the United Kingdom for work because of the worsening economic
climate, according to Conventry Telegraph. The report relates
that the firm failed to cope with the downturn, and last Friday
the administrators were called in.
Headquartered in Middlemarch Business Park, near Baginton, CJ
Haughey, was founded by Chris Haughey in 1999. Initially a small
operation, they soon grew and started to take on bigger contracts.
CRUSADERS: May Come Out of Administration, Suffer Points Deduction
------------------------------------------------------------------
BBC News reports that Crusaders will start next season on minus
four points in Super League XV after being given the approval to
carry on by the Rugby Football League, BBC News reports. The
report relates that Crusaders may come out of administration on
Monday, December 13, 2010, but the RFL have still imposed a point
deduction for breaching insolvency rules.
A Crusaders statement said this "brings an end to weeks of
uncertainty," according to the report.
As reported in the Troubled Company Reporter-Europe on November 5,
2010, The Sun said that the Crusaders has gone into administration
on November 3, 2010, after former owner Leighton Samuel served a
writ on the Welsh club for GBP360,000. According to the report,
the news came hours after the Rugby League Players' Association
threatened legal action over missed pension payments. The Sun
related that the Super Leaguers will lose a minimum of nine points
before the new season starts in February. Crusaders then had a
winding-up order dismissed in London's High Court on November.
However, BBC News notes, majority of Crusaders' debts were
inherited from their time in South Wales before the new club
relocated to Wrexham a year ago under new ownership.
Owners Geoff Moss and Ian Roberts have been locked in talks with
appointed administrators O'Hara and Co for weeks in a bid to
stabilize the situation at the Racecourse Ground, BBC News says.
The report discloses that the financial negotiations are thought
to have been about the amount of debt that the current owners were
prepared to take on.
But, BBC News adds, following a meeting at their Red Hall
headquarters in Leeds on Friday, the RFL formally accepted them
into Super League XV, which starts on February 13, 2011.
Crusaders is a Welsh professional rugby league club based in
Wrexham, North Wales.
PIPE HOLDINGS: Moody's Assigns 'B3' Rating to Senior Notes
----------------------------------------------------------
Moody's Investor Service has assigned a definitive B3 rating to
the GBP150 million 9.5% senior secured notes due 2015 issued by
Pipe Holdings plc, a wholly owned subsidiary of Pipe Holdings 2
Ltd. The Notes are guaranteed by Pipe Holdings 2 and its main
operating subsidiaries and benefit from a first-lien pledge over
the clear majority of group assets.
Ratings Rationale
Moody's definitive rating on this debt obligation confirms the
provisional rating assigned on 1 November 2010. Moody's rating
rationale was set out in a press release issued on this date.
The note proceeds, together with existing cash on balance sheet,
have been used to redeem obligations under the GBP122 million
senior secures notes and the GBP66 million notes, both issued by
Pipe Holdings plc. Moody's therefore expects to withdraw the
instrument ratings for both instruments shortly.
Based in Doncaster, England, Polypipe manufactures a wide range of
plastic pipe systems, predominantly for the UK construction
market. In the last 12 months ending September 2010, the group
generated revenues of GBP268 million.
POWERFUEL PLC: CCS Project for Sale Following Administration
------------------------------------------------------------
Olivier Lejeune at Platts reports that United Kingdom's first
carbon capture and storage project has been put up for sale after
parent company, Powerfuel Plc, went into administration,
administrator KPMG said.
As reported in the Troubled Company Reporter-Europe on
December 13, 2010, Business Green said that Powerfuel Plc has gone
into administration casting further doubts over the economic
viability of the technology. It insisted that neither Powerfuel
Mining, which owns Hatfield colliery, nor Powerfuel Power, the CCS
arm, are in administration and none of the 380 staff employed at
the mine have been made redundant, according to Business Green.
Platss notes that KPMG said Powerfuel Plc fell GBP665 million
(US$1.05 billion) short of the investment needed to build a 800 MW
combined cycle gas turbine with CCS in northern England.
"Developing low carbon energy generation requires a large amount
of capital up front and the CCS development falls GBP635 million
short of the investment needed," KPMG said in a statement obtained
by the news agency. A further GBP30 million would be required to
carry out refurbishing work on the mine, KPMG added. "The
administration will enable a sales process to find a new owner,
who can both take the CCS project forward and buttress the mine,"
Platts quoted KPMG as saying.
Platts notes that Russian coal company Kuzbassrazregugol bought a
51% stake in Powerfuel in 2006, but the company's shareholders
were unable to fund the gap. An additional GBP665 million is
needed to develop the CCS plant and works improvement in the
Hatfield colliery, KPMG added.
Platts discloses that Powerfuel Power and Powerfuel Mining -- the
two businesses owned by Powerfuel -- have been put up for sale.
Powerfuel Plc is a Doncaster-based power group.
PUNCH TAVERNS: Shareholders Seek Radical Action to Cut Debt
-----------------------------------------------------------
Richard Wachman at The Observer reports that directors at Punch
Taverns plc will come under fire at its annual meeting this week
when shareholders demand action to reduce debt of more than GBP3
billion.
The Observer relates that the new chief executive, Ian Dyson, a
former finance director at Marks & Spencer, has promised a
strategic review of the company that overstretched itself during
the credit boom, when it made a number of highly leveraged
acquisitions. But Dyson's report will not be ready for a while
and investors are becoming impatient about the lack of progress at
the firm, which lost GBP160 million last year, The Observer notes.
According to The Observer, Mr. Dyson and Punch's chairman,
Peter Cawdron, are expected to face hostile questioning from irate
shareholders who have seen the value of their equity crash from
over GBP11.50 in January 2007 to 66p on Friday.
The Observer says management has identified 1,300 pubs that could
be sold to raise cash but several institutional investors want
more radical action, backing calls for the company to default on
two securitized loans worth about GBP2.6 billion.
Mr. Cawdron said earlier this year that conditions remained
challenging across the economy and "especially in the pub sector",
which has been hammered by the smoking ban, recession, increases
in beer duties and cut-throat competition from supermarkets, The
Observer recounts.
A large proportion of Punch's debt relates to the GBP2.7 billion
acquisition of a rival, Spirit Group, three years ago, just before
the banking crisis, The Observer states.
As reported by the Troubled Company Reporter-Europe on Dec. 9,
2010, City A.M. said that Peel Hunt analyst Paul Hickman urged
Punch Taverns to default on two securitized loans worth around
GBP2.6 billion. City A.M. said the loans, known as A and B, have
been securitized against 5,300 pubs. The pubs currently require
increasing levels of financial support from the parent company,
currently at around GBP43 million a year, City A.M. disclosed.
Mr. Hickman, as cited by City A.M., said: "It is quite clear that
the bond structure that finances most of the tenancies is
unsustainable. Punch on Dec. 6 said it was considering all its
options, which appear to include some form of debt write-off on
behalf of the bondholders, according to City A.M. City A.M. noted
that sources close to the company said it was unlikely there
would be a conclusion to Mr. Dyson's review before February.
Punch Taverns plc -- http://www.punchtaverns.com/-- is a pub
company in the United Kingdom, with over 8,400 pubs across its
leased and managed portfolio. The Company is engaged in the
trading activities in the operation of public houses either under
the leased model or as directly managed by the Company. The
leased model involves the granting of leases to tenants who
operate the pub as their own business, paying rent to the Company,
purchasing beer and other drinks from it and entering into profit
sharing arrangements for income from leisure machines. Pubs that
are directly managed involve the employment of a manager to
operate each managed pub and the Group receives all revenues
generated by the pub and is responsible for costs. During the
fiscal year ended August 23, 2008, Punch Taverns plc acquired 20
pubs and 39 pubs were sold.
===============
X X X X X X X X
===============
* EUROPE: EU Leaders to Meet This Week to Discuss Debt Mechanism
----------------------------------------------------------------
Mark Deen at Bloomberg News reports that European Union leaders
will this week discuss the creation of a permanent mechanism to
shore up over-indebted countries as the European Central Bank
tries to hammer out plans to aid the region's weakest lenders.
Bloomberg says that at a summit in Brussels on Dec. 16 and 17, the
group will confront investor skepticism about its readiness to
stem a sovereign-debt crisis that led to bailouts for Greece and
Ireland and threatens to spread.
According to Bloomberg, the Financial Times, citing people
involved in the meetings, on Saturday reported that EU officials
are considering measures that would allow the region's rescue fund
to buy bonds of distressed governments. Bloomberg notes that the
FT said the officials are also considering allowing short-term
credit lines to nations struggling to borrow but not in need of
bailouts.
* 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
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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
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LAB DOLISOS LADL FP -27752176.19 110485462.4
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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
OROSDI-BACK OROS PZ -35006822.54 151870593.9
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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PAGESJAUNES GRP PGJUF US -2806466942 928971577.5
PAGESJAUNES GRP PAJP IX -2806466942 928971577.5
PAGESJAUNES GRP PAJ LI -2806466942 928971577.5
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
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RHODIA SA 3218857Q IX -726840112.3 5945870566
RHODIA SA RHA BQ -726840112.3 5945870566
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RHODIA SA RHA IX -726840112.3 5945870566
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RHODIA SA - NEW 2335921Q FP -726840112.3 5945870566
RHODIA SA - NEW RHANV FP -726840112.3 5945870566
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RHODIA SA-RIGHTS 653447Q FP -726840112.3 5945870566
RODIGUEZ GROUP RGX GR -71997955.94 457127473.1
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RODRIGUEZ GROUP ROD TQ -71997955.94 457127473.1
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RODRIGUEZ GROUP RRGZF US -71997955.94 457127473.1
RODRIGUEZ GROUP RDGP IX -71997955.94 457127473.1
RODRIGUEZ GROUP ROD EU -71997955.94 457127473.1
SDR CENTREST 117241Q FP -132420119.6 252176017.2
SOBIESKI BVD PW -240506200.5 1000204586
TROUVAY CAUVIN ETEC FP -396977.9956 133986439.7
TROUVAY CAUVIN TVYCF US -396977.9956 133986439.7
GEORGIA
-------
DEVELICA DEUTSCH DDE PG -86990929.38 1142447974
DEVELICA DEUTSCH D4B GR -86990929.38 1142447974
DEVELICA DEUTSCH DDE PZ -86990929.38 1142447974
DEVELICA DEUTSCH DDE IX -86990929.38 1142447974
DEVELICA DEUTSCH DDE LN -86990929.38 1142447974
PEARL HOLDING 3622Z LN -133833007.2 968234065.8
GERMANY
-------
AGOR AG DOO GR -482446.6262 144432986.2
AGOR AG DOO EO -482446.6262 144432986.2
AGOR AG DOOG IX -482446.6262 144432986.2
AGOR AG NDAGF US -482446.6262 144432986.2
AGOR AG DOO EU -482446.6262 144432986.2
AGOR AG DOOD PZ -482446.6262 144432986.2
AGOR AG-RTS 2301918Z GR -482446.6262 144432986.2
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DORT ACTIEN-BRAU 944167Q GR -12689156.29 117537053.7
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MANIA TECHNOLOGI 2260970Z GR -35060806.5 107465713.6
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RINOL AG RIL GR -2.7111 168095049.1
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STROER OUT-OF-HO SAX EO -62153916.21 1072778885
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TA TRIUMPH-ACQ TWNA EU -124531122.1 313411495.3
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GREECE
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HUNGARY
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ICELAND
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IRELAND
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ITALY
-----
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BINDA SPA BNDAF US -11146475.29 128859802.9
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LUXEMBOURG
----------
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NETHERLANDS
-----------
BAAN CO NV-ASSEN BAANA NA -7854741.409 609871188.9
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BAAN COMPANY NV BNCG IX -7854741.409 609871188.9
BAAN COMPANY NV BAAN EU -7854741.409 609871188.9
BAAN COMPANY NV BAAN IX -7854741.409 609871188.9
BAAN COMPANY-NY BAANF US -7854741.409 609871188.9
CEVA GROUP PLC 976811Z NA -310987042.7 5613530996
LIBERTY GL EU-A UPC NA -5505478850 5112616630
SPYKER CARS NV SPYKF US -154336469.5 1337361332
SPYKER CARS NV SPYKR EO -154336469.5 1337361332
SPYKER CARS NV SPYKR BQ -154336469.5 1337361332
SPYKER CARS NV SPYKR NA -154336469.5 1337361332
SPYKER CARS NV L9I GR -154336469.5 1337361332
SPYKER CARS NV SPYK IX -154336469.5 1337361332
SPYKER CARS NV SPYKR TQ -154336469.5 1337361332
SPYKER CARS NV SPYKR PZ -154336469.5 1337361332
SPYKER CARS NV SPYKR EB -154336469.5 1337361332
SPYKER CARS NV SPYKR EU -154336469.5 1337361332
UNITED PAN -ADR UPEA GR -5505478850 5112616630
UNITED PAN-A ADR UPCOY US -5505478850 5112616630
UNITED PAN-EUR-A UPC LI -5505478850 5112616630
UNITED PAN-EUR-A UPC LN -5505478850 5112616630
UNITED PAN-EUROP UPCEF US -5505478850 5112616630
UNITED PAN-EUROP UPCOF US -5505478850 5112616630
UNITED PAN-EUROP UPE1 GR -5505478850 5112616630
UNITED PAN-EUROP UPC VX -5505478850 5112616630
UNITED PAN-EUROP UPE GR -5505478850 5112616630
ZESKO HOLDING BV 2938133Z NA -958614022.1 8358218597
POLAND
------
DRKENDY DRK PW -91135239.68 521942177.4
INTEROIL EXPLORA IOX PZ -46843000 189680992
INTEROIL EXPLORA IOX BY -46843000 189680992
INTEROIL EXPLORA IROIF US -46843000 189680992
INTEROIL EXPLORA IOX IX -46843000 189680992
INTEROIL EXPLORA IOXUSD EO -46843000 189680992
INTEROIL EXPLORA IOX EU -46843000 189680992
INTEROIL EXPLORA IOX EO -46843000 189680992
INTEROIL EXPLORA IOXEUR EO -46843000 189680992
INTEROIL EXPLORA IOXUSD EU -46843000 189680992
INTEROIL EXPLORA IOX NO -46843000 189680992
INTEROIL EXPLORA INOX NO -46843000 189680992
INTEROIL EXPLORA IOXEUR EU -46843000 189680992
PETRO GEO-SERV PGS VX -18066142.21 399710323.6
PETRO GEO-SERV PGS GR -18066142.21 399710323.6
PETRO GEO-SERV 265143Q NO -18066142.21 399710323.6
PETRO GEO-SERV-N PGSN NO -18066142.21 399710323.6
PETRO GEO-SV-ADR PGSA GR -18066142.21 399710323.6
PETRO GEO-SV-ADR PGOGY US -18066142.21 399710323.6
PETROJACK AS JACK NO -54932000 191586000
PETROJACK AS P3J GR -54932000 191586000
PETROJACK AS POJKF US -54932000 191586000
PETROJACK AS JACKEUR EU -54932000 191586000
PETROJACK AS JACO IX -54932000 191586000
PETROJACK AS JACK PZ -54932000 191586000
PETROJACK AS JACK EU -54932000 191586000
PETROJACK AS JACKEUR EO -54932000 191586000
PETROJACK AS JACK BY -54932000 191586000
PETROJACK AS JACK EO -54932000 191586000
RESERVOIR EXPL RXT NO -34076000 185510000
RESERVOIR EXPL RXT BY -34076000 185510000
RESERVOIR EXPL RXT EU -34076000 185510000
RESERVOIR EXPL RXTEUR EU -34076000 185510000
RESERVOIR EXPL RXTB NO -34076000 185510000
RESERVOIR EXPL RXTEUR EO -34076000 185510000
RESERVOIR EXPL RXAEF US -34076000 185510000
RESERVOIR EXPL RXT IX -34076000 185510000
RESERVOIR EXPL 5RS GR -34076000 185510000
RESERVOIR EXPL RXT EO -34076000 185510000
RESERVOIR EXPL RXT PZ -34076000 185510000
RESERVOIR EXPL-A RXTA NO -34076000 185510000
RESERVOIR-RTS RXTS NO -34076000 185510000
RESERVOIR-RTS RXTUR NO -34076000 185510000
KROSNO KROS IX -2241614.766 111838141.2
KROSNO KRS LI -2241614.766 111838141.2
KROSNO KRS1EUR EU -2241614.766 111838141.2
KROSNO KRS PW -2241614.766 111838141.2
KROSNO KRS1EUR EO -2241614.766 111838141.2
KROSNO SA KRS PZ -2241614.766 111838141.2
KROSNO SA KROSNO PW -2241614.766 111838141.2
KROSNO SA KRS1 EU -2241614.766 111838141.2
KROSNO SA KRNFF US -2241614.766 111838141.2
KROSNO SA KRS1 EO -2241614.766 111838141.2
KROSNO SA-RTS KRSP PW -2241614.766 111838141.2
KROSNO-PDA-ALLT KRSA PW -2241614.766 111838141.2
TOORA TOR PZ -288818.3897 147004954.2
TOORA 2916665Q EU -288818.3897 147004954.2
TOORA TOR PW -288818.3897 147004954.2
TOORA 2916661Q EO -288818.3897 147004954.2
TOORA-ALLOT CERT TORA PW -288818.3897 147004954.2
PORTUGAL
--------
CARRIS FERRO DE 3482366Z PL -854280773.4 252500907.6
COFINA COFSI IX -4067307.986 329785890.1
COFINA COFI PL -4067307.986 329785890.1
COFINA CFASF US -4067307.986 329785890.1
COFINA SGPS SA CFN1 PZ -4067307.986 329785890.1
COFINA SGPS SA CFN PL -4067307.986 329785890.1
COFINA SGPS SA CFNX PX -4067307.986 329785890.1
COFINA SGPS SA COFI TQ -4067307.986 329785890.1
COFINA SGPS SA COFI EU -4067307.986 329785890.1
COFINA SGPS SA COFI EB -4067307.986 329785890.1
COFINA SGPS SA COFI EO -4067307.986 329785890.1
CP - COMBOIOS DE 1005Z PL -2809601115 1890209624
PARQUE EXPO 98 S 3482350Z PL -135582031.5 432824747.2
PORCELANA VISTA PVAL PL -61651485.35 126605006.5
REFER-REDE FERRO 1250Z PL -1611845937 2225160725
SOCIEDADE DE TRA 1253Z PL -382109074.2 119848180.8
SPORTING-SOC DES SCPL IX -52021160.28 159963648.5
SPORTING-SOC DES SCPX PX -52021160.28 159963648.5
SPORTING-SOC DES SCDF EU -52021160.28 159963648.5
SPORTING-SOC DES SCG GR -52021160.28 159963648.5
SPORTING-SOC DES SCP PL -52021160.28 159963648.5
SPORTING-SOC DES SCP1 PZ -52021160.28 159963648.5
SPORTING-SOC DES SCDF PL -52021160.28 159963648.5
SPORTING-SOC DES SCDF EO -52021160.28 159963648.5
TAP SGPS TAP PL -293253615.6 2901200999
VAA VISTA ALEGRE VAF EU -61651485.35 126605006.5
VAA VISTA ALEGRE VAF PL -61651485.35 126605006.5
VAA VISTA ALEGRE VAF PZ -61651485.35 126605006.5
VAA VISTA ALEGRE VAF EO -61651485.35 126605006.5
VAA VISTA ALEGRE VAFX PX -61651485.35 126605006.5
VAA VISTA AL-RTS VAA9S PL -61651485.35 126605006.5
VAA VISTA AL-RTS VAAS PL -61651485.35 126605006.5
VAA VISTA ALTAN VAFK EU -61651485.35 126605006.5
VAA VISTA ALTAN VAFK PZ -61651485.35 126605006.5
VAA VISTA ALTAN VAFKX PX -61651485.35 126605006.5
VAA VISTA ALTAN VAFK EO -61651485.35 126605006.5
VAA VISTA ALTAN VAFK PL -61651485.35 126605006.5
ROMANIA
-------
OLTCHIM RM VALCE OLTEUR EO -89344235.29 511515508.8
OLTCHIM RM VALCE OLT EU -89344235.29 511515508.8
OLTCHIM RM VALCE OLT PZ -89344235.29 511515508.8
OLTCHIM RM VALCE OLT RO -89344235.29 511515508.8
OLTCHIM RM VALCE OLT EO -89344235.29 511515508.8
OLTCHIM RM VALCE OLTCF US -89344235.29 511515508.8
OLTCHIM RM VALCE OLTEUR EU -89344235.29 511515508.8
RUSSIA
------
AKCIONERNOE-BRD SOVP$ RU -85860271.6 137059051.4
ALLIANCE RUSSIAN ALRT RU -13189413.03 138268688.3
AMO ZIL ZILL RM -76809638.66 360473673
AMO ZIL-CLS ZILL* RU -76809638.66 360473673
AMO ZIL-CLS ZILL RU -76809638.66 360473673
AMUR SHIP-BRD AMZS* RU -137530791.8 945775662.6
AMUR SHIP-BRD AMZS RU -137530791.8 945775662.6
BUMMASH OJSC-BRD BUMM RU -5137634.738 179599559.3
BUMMASH OJSC-BRD BUMM* RU -5137634.738 179599559.3
DAGESTAN ENERGY DASB RU -31976921.34 172137243.4
DAGESTAN ENERGY DASB RM -31976921.34 172137243.4
DAGESTAN ENERGY DASB* RU -31976921.34 172137243.4
EAST-SIBERIA-BRD VSNK* RU -17335212.17 224008514.4
EAST-SIBERIA-BRD VSNK RU -17335212.17 224008514.4
EAST-SIBERIAN-BD VSNK$ RU -17335212.17 224008514.4
FINANCIAL LEASIN FLKO RM -80794530.71 373269665.9
FINANCIAL LEASIN 137282Z RU -80794530.71 373269665.9
FINANCIAL LE-BRD FLKO* RU -80794530.71 373269665.9
FINANCIAL LE-BRD FLKO RU -80794530.71 373269665.9
GAZ-FINANS GAZF RU -56134.51262 232319905.4
IZHAVTO OAO IZAV RU -19693758.83 474754687.9
KARUSEL FINANS KAFI RU -3988742.669 101528630.9
KOMPANIYA GL-BRD GMST* RU -22053203.7 1135310362
KOMPANIYA GL-BRD GMST RU -22053203.7 1135310362
MIAN-DEVELOPMENT MAEQY RU -695445.1747 424399991
M-INDUSTRIYA SOMI RU -1091260.252 261721440.8
MZ ARSENAL-$BRD ARSE RU -14527137.73 208754934.6
MZ ARSENAL-BRD ARSE$ RU -14527137.73 208754934.6
MZ ARSENAL-BRD ARSE* RU -14527137.73 208754934.6
PARNAS-M PRSM RU -138592.4742 127637318.8
PENOPLEX-FINANS PNPF RU -754086.9373 140176163.3
PROMTRACTOR-FINA PTRF RU -18554700.19 275723244.2
RK-GAZSETSERVIS RKGS RU -54665229.61 153223493.4
RUSSIAN TEXT-CLS ALRT* RU -13189413.03 138268688.3
RUSSIAN TEXT-CLS ALRTG RU -13189413.03 138268688.3
SEVKABEL-FINANS SVKF RU -83036.46173 102680373.6
SISTEMA HALS HALS RM -343701984 1217284096
SISTEMA HALS-BRD HALS* RU -343701984 1217284096
SISTEMA HALS-BRD HALS RU -343701984 1217284096
SISTEMA HALS-GDR HALS LI -343701984 1217284096
SISTEMA HALS-GDR HALS TQ -343701984 1217284096
SISTEMA HALS-GDR HALS IX -343701984 1217284096
SISTEMA HALS-GDR SYR GR -343701984 1217284096
SISTEMA HALS-MSE HALSM RU -343701984 1217284096
SISTEMA HALS-T+0 HALSG RU -343701984 1217284096
SISTEMA-GDR 144A 86PN LI -343701984 1217284096
SISTEMA-GDR 144A SEMAL US -343701984 1217284096
URGALUGOL-BRD YRGL* RU -23085070.94 101919650.9
URGALUGOL-BRD YRGL RU -23085070.94 101919650.9
URGALUGOL-BRD-PF YRGLP RU -23085070.94 101919650.9
VIMPEL SHIP-BRD SOVP* RU -85860271.6 137059051.4
VIMPEL SHIP-BRD SOVP RU -85860271.6 137059051.4
VOLGOGRAD KHIM VHIM RU -27435278.35 139073353.6
VOLGOGRAD KHIM VHIM* RU -27435278.35 139073353.6
WILD ORCHID ZAO DOAAN RU -11716088.49 106082784.6
ZAPSIBGASP-Q PFD ZSGPP$ RU -1082254.288 127026139.3
ZAPSIBGASPRO-BRD ZSGP RU -1082254.288 127026139.3
ZAPSIBGASPRO-BRD ZSGP* RU -1082254.288 127026139.3
ZAPSIBGASPROM-B ZSGP$ RU -1082254.288 127026139.3
ZAPSIBGASPRO-PFD ZSGPP* RU -1082254.288 127026139.3
ZAPSIBGASPRO-PFD ZSGPP RU -1082254.288 127026139.3
ZIL AUTO PLANT ZILL$ RU -76809638.66 360473673
ZIL AUTO PLANT-P ZILLP RU -76809638.66 360473673
ZIL AUTO PLANT-P ZILLP RM -76809638.66 360473673
ZIL AUTO PLANT-P ZILLP* RU -76809638.66 360473673
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
ISTRABENZ ITBG EO -2656618.996 1087540134
ISTRABENZ ITBG EU -2656618.996 1087540134
SPAIN
-----
ACTUACIONES ACTI AGR SM -231062375.2 529525187.2
AGRUPACIO - RT AGR/D SM -231062375.2 529525187.2
AMADEUS IT HOLDI AMS3 EU -397888596.9 7970850431
AMADEUS IT HOLDI AI3A GR -397888596.9 7970850431
AMADEUS IT HOLDI AMS IX -397888596.9 7970850431
AMADEUS IT HOLDI AI3A TH -397888596.9 7970850431
AMADEUS IT HOLDI AMS3 EB -397888596.9 7970850431
AMADEUS IT HOLDI AMS3 EO -397888596.9 7970850431
AMADEUS IT HOLDI AMS SM -397888596.9 7970850431
AMADEUS IT HOLDI AMADF US -397888596.9 7970850431
AMADEUS IT-ADR AMADY US -397888596.9 7970850431
AMCI HABITAT SA AMC1 EU -24580874.45 194758143.4
AMCI HABITAT SA AMC3 EO -24580874.45 194758143.4
AMCI HABITAT SA AMC SM -24580874.45 194758143.4
CAJA DE AHORROS 929362Z SM -361326816.2 37311046644
FERGO AISA -RTS AISA/D SM -231062375.2 529525187.2
FERGO AISA SA AISA EU -231062375.2 529525187.2
FERGO AISA SA AISA EO -231062375.2 529525187.2
FERGO AISA SA AISA SM -231062375.2 529525187.2
FERGO AISA SA AISA PZ -231062375.2 529525187.2
INDO INTER-RTS IDO/D SM -3523887.56 101210953.5
INDO INTL SA IDOS PZ -3523887.56 101210953.5
INDO INTL SA IDO SM -3523887.56 101210953.5
INDO INTL SA IDO EU -3523887.56 101210953.5
INDO INTL SA IDO EO -3523887.56 101210953.5
INDO INTL SA-OLD IND SM -3523887.56 101210953.5
MARTINSA FADESA 4PU GR -1841778505 6778902268
MARTINSA FADESA MFAD PZ -1841778505 6778902268
MARTINSA FADESA MTF1 LI -1841778505 6778902268
MARTINSA FADESA MTF EO -1841778505 6778902268
MARTINSA FADESA MTF SM -1841778505 6778902268
MARTINSA FADESA MTF EU -1841778505 6778902268
MARTINSA-FADESA MTF NR -1841778505 6778902268
REYAL URBIS SA REY1 EU -175599903.7 5742241668
REYAL URBIS SA REY1 EO -175599903.7 5742241668
REYAL URBIS SA REY SM -175599903.7 5742241668
REYAL URBIS SA REYU PZ -175599903.7 5742241668
TURKEY
------
BESIKTAS FUTBOL BJKASM TI -12825040.91 182756610.7
BESIKTAS FUTBOL BKTFF US -12825040.91 182756610.7
BESIKTAS FUTBOL BJKAS TI -12825040.91 182756610.7
BESIKTAS FUTBOL BWX GR -12825040.91 182756610.7
BESIKTAS FUTBOL BJKASY TI -12825040.91 182756610.7
EGS EGE GIYIM VE EGDIS TI -7732138.551 147075066.7
EGS EGE GIYIM-RT EGDISR TI -7732138.551 147075066.7
IKTISAT FINAN-RT IKTFNR TI -46900661.12 108228233.6
IKTISAT FINANSAL IKTFN TI -46900661.12 108228233.6
MUDURNU TAVUKC-N MDRNUN TI -64930189.62 160408172.1
MUDURNU TAVUKCUL MDRNU TI -64930189.62 160408172.1
SIFAS SIFAS TI -15439198.6 130608104
TUTUNBANK TUT TI -4024959602 2643810457
YASARBANK YABNK TI -4024959602 2643810457
UKRAINE
-------
AZOVZAGALMASH MA AZGM UZ -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
LUGANSKOBLENERGO LOEN UZ -28172021.03 200011380.2
NAFTOKHIMIK PRIC NAFP UZ -23616113.15 520766522.6
NAFTOKHIMIK-GDR N3ZA GR -23616113.15 520766522.6
ODESSA OIL REFIN ONPZ UZ -111365037.3 482408362.5
ZALK - PFTS ZALK UZ -43917601.26 146530718.8
UNITED KINGDOM
--------------
ADVANCE DISPLAY ADTP PZ -3015578835 2590007904
AEA TECHNOLO-FPR AATF LN -197788769.2 123048312.7
AEA TECHNOLO-FPR AATF PZ -197788769.2 123048312.7
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AEA TECHNOLOGY AAT PO -197788769.2 123048312.7
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AEA TECHNOLOGY AAT PZ -197788769.2 123048312.7
AEA TECHNOLO-NPR AATN PZ -197788769.2 123048312.7
AEA TECHNOLO-NPR AATN LN -197788769.2 123048312.7
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AMEY PLC AMY VX -48862569.33 931527720.5
AMEY PLC AMEYF US -48862569.33 931527720.5
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ANKER PLC ANK LN -21861359.81 115463159
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ANKER PLC - ASSD ANKB LN -21861359.81 115463159
ANKER PLC-ASSD ANKA LN -21861359.81 115463159
ATKINS (WS) PLC ATK EU -128972861.1 1328162171
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BRADSTOCK GROUP BSKGF US -1855444.443 268563822.5
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STV GROUP PLC SMG PZ -61797602.82 173123066.5
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STV GROUP PLC STVG LN -61797602.82 173123066.5
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STV GROUP PLC STVG EU -61797602.82 173123066.5
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STV GROUP PLC STVG VX -61797602.82 173123066.5
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TELEWEST COM-ADR TWSTD US -3702234581 7581020925
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THORN EMI PLC THNE FP -2265916257 2950021937
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TI AUTOMOTIVE-A 6525Z LN -298787496.1 1730489867
TOPPS TILES PLC TPT PO -49423537.13 155303750.4
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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
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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
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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
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UNIQ PLC UNIQEUR EU -21397232.94 474779161.6
UNIQ PLC UNIQF US -21397232.94 474779161.6
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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
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UNIQ PLC UNIQ PO -21397232.94 474779161.6
UTC GROUP UGR LN -11904426.45 203548565
VIRGIN MOB-ASSD VMOA LN -392165437.6 166070003.7
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VIRGIN MOBILE VMOB VX -392165437.6 166070003.7
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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
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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, Julie Anne G. Lopez, 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 * * *