/raid1/www/Hosts/bankrupt/TCREUR_Public/110315.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, March 15, 2011, Vol. 12, No. 52
Headlines
A U S T R I A
HOLZINDUSTRIE HAUPL: In Liquidation; Auction Set for End of May
B U L G A R I A
ALLIANZ BANK: Fitch Affirms Individual Rating at 'D'
C Z E C H R E P U B L I C
SAZKA AS: Is in Bankruptcy, Board Member Says
F R A N C E
COMPAGNIE GENERALE: Fitch Upgrades Hybrid Bond Rating to 'BB+'
NATIXIS SA: S&P Publishes 'D' Rating to Total Return Notes
G E R M A N Y
ARCANDOR AG: Bankruptcy Complaints "Groundless," Ex-CEO Says
EUROHYPO AG: Fitch Downgrades Subordinated Debt Rating to 'BB+'
H U N G A R Y
MAGYAR TELECOM: Moody's Affirms 'B2' Corporate Family Rating
I R E L A N D
COLLIGO FUNDING: Moody's Cuts Ratings on Various Notes to 'Caa1'
* Moody's Downgrades Ratings on 50 Tranches From 17 Irish RMBS
I T A L Y
BANCASAI SPA: S&P Cuts Counterparty Credit Ratings to 'BB+/B'
SESTANTE FINANCE: S&P Cuts Rating on Class B Notes to 'BB (sf)'
L U X E M B O U R G
INTELSAT SA: Incurs US$507.77 Million Net Loss in 2010
N E T H E R L A N D S
ABN AMRO: S&P Raises Ratings on Junior Subordinated Debt to 'B'
P O L A N D
CENTRAL EUROPEAN: S&P Downgrades Corporate Credit Rating to 'B'
R U S S I A
INSURANCE GROUP: Fitch Maintains 'BB' Insurer Strength Rating
MOBILE TELESYSTEMS: S&P Affirms 'BB' Corporate Credit Rating
SISTEMA JSFC: S&P Gives Negative Outlook; Affirms 'BB' Rating
SOTSGORBANK OJSC: Moody's Reviews 'E+' Financial Strength Rating
S P A I N
CTH: Seeks Negotiation with Creditors to Avert Administration
OBRASCON HUARTE: Moody's Affirms 'Ba2' Corporate Family Rating
OBRASCON HUARTE: Fitch Assigns 'BB-' Rating to Unsecured Bonds
S W I T Z E R L A N D
CROWN FOREX: Judge Allows Feds to Join US$84 Mil. Fraud Suit
T U R K E Y
EUROBANK TEKFEN: Moody's Gives Negative Outlook on 'D-' Rating
U N I T E D K I N G D O M
BENNETTS: Hopes of Rescue Plan Following Administration
GLOBAL SHIP: Reports US$1.22 Million Net Income in 4th Quarter
HIGHWOOD BREWERY: Goes Into Liquidation; 50 Jobs Lost
JJB SPORTS: JD Sports Backs Out of Takeover Plan
JJB SPORTS: Eyes GBP65 Million Proposed Equity Capital Raising
LICK UK: Top Copy Unit Enters Insolvency Proceedings
NATTRASS: Goes Into Administration Due to Fall of Revenues
ODDBINS: To Shut Down Shops Under Rescue Plan
TOM WOODS: Goes Into Receivership, Owes GBP2 Million
WREN EXTRA: Proceeds with Company Voluntary Arrangement
X X X X X X X X
* S&P's Global Corporate Default Tally Remains at Three in 2011
* Large Companies with Insolvent Balance Sheets
*********
=============
A U S T R I A
=============
HOLZINDUSTRIE HAUPL: In Liquidation; Auction Set for End of May
---------------------------------------------------------------
Timber Trades Journal reports that Austrian sawmiller
Holzindustrie Haupl GmbH is being liquidated after several
"difficult" years.
"After a difficult period of several years and various futile
attempts to find an entrepreneur to continue the company, the
liquidator Dr. Martin Stossier from Wels has now drawn a line and
ordered the auction of machinery and all operational and business
fittings," TTJ quotes Andreas Roucka, managing director of auction
firm Karner & Dechow, as saying. "As Haupl has invested massively
in production over the last few years, great demand is anticipated
from all over the world."
An auction will take place at the end of May, with a detailed
asset list and photos available to view at www.karner-dechow.at
from March 16, TTJ reports.
Holzindustrie Haupl GmbH, whose Web site cites the company as
having an annual sawn timber capacity of more than 1 million m3,
was once a leading operator in the European sawmilling sector with
200 employees and a EUR72 million annual turnover. The company
was founded in 1860 and 90% of its products were exported to some
30 countries.
===============
B U L G A R I A
===============
ALLIANZ BANK: Fitch Affirms Individual Rating at 'D'
----------------------------------------------------
Fitch Ratings has affirmed Allianz Bank Bulgaria AD's Long-term
Issuer Default Rating at 'BBB+' with a Negative Outlook, Short-
term IDR at 'F2', Individual Rating at 'D' and Support Rating at
'2'. The bank's Long-term IDR is capped by Bulgaria's Country
Ceiling of 'BBB+', and the Negative Outlook reflects that on
Bulgaria's sovereign ratings (Long-term foreign currency IDR 'BBB-
'; Long-term local currency IDR 'BBB').
ABB's IDRs and Support Rating are driven by the high probability
of support if needed from Allianz SE (rated 'AA-'/Stable), as long
as it remains ABB's major shareholder. Allianz SE has insurance
activities in many Central and East European countries. However,
the banking operations of Allianz SE in the region have declined
in recent months, following the sales of majority-owned banks in
Hungary (in June 2010) and Poland (in November 2010), due to poor
performance.
Fitch believes that ABB will be supported by Allianz SE if needed
as long as the current shareholder structure continues. Despite
the recent disposals in CEE, Allianz SE does not presently appear
to have plans to sell ABB.
The bank's Individual Rating reflects a relatively liquid balance
sheet and limited refinancing risk, but also deterioration in
asset quality, weak recent financial performance and a small
franchise. ABB is a small bank in Bulgaria, the 12th-largest by
total assets at end-Q310.
ABB's operating profitability weakened during 2010 despite
reasonable loan growth mainly due to material loan impairment
charges (LICs, 81% of the pre-impairment operating profit at end-
2010). Although Fitch expects LICs to remain high in 2011, these
should moderate as the economy in Bulgaria gradually stabilizes.
The loans past-due by 90 days/gross loans increased to 6.6% at
end-2010 (4.3% at end-2009), but this compared favorably to the
Bulgarian banking sector (12% at end-2010). Market risks are
contained and are mainly related to interest rate exposures.
Customer funding accounted for 88% of ABB's total funding at end-
2010. Refinancing risk is manageable while liquidity is supported
by a healthy, albeit increasing, loans/customer deposits ratio
(84%) and a portfolio of government bonds (11.2% of total assets
at end-2010). ABB's capitalization is adequate given the bank's
risk profile with Fitch core capital and Tier 1 capital ratios of
14.6% at end-2010.
===========================
C Z E C H R E P U B L I C
===========================
SAZKA AS: Is in Bankruptcy, Board Member Says
---------------------------------------------
Krystof Chamonikolas at Bloomberg News reports that Roman
Jecminek, board member of Sazka AS, said in an interview for Mlada
Fronta Dnes that the company is in bankruptcy and cannot take more
loans.
According to Bloomberg, Mr. Jecminek told the Prague-based
newspaper that Sazka should declare bankruptcy to speed up
restructuring and prevent further damage to its credibility.
Sazka AS is a provider of lotteries and sport betting games in the
Czech Republic.
===========
F R A N C E
===========
COMPAGNIE GENERALE: Fitch Upgrades Hybrid Bond Rating to 'BB+'
--------------------------------------------------------------
Fitch Ratings has upgraded France-based Compagnie Generale des
Etablissements Michelin's and Compagnie Financiere Michelin's
Long-term Issuer Default Ratings and senior unsecured ratings to
'BBB' from 'BBB-'. The Outlooks on the Long-term IDRs are
Positive. Fitch has also upgraded both entities' Short-term IDRs
to 'F2' from 'F3' and Michelin's hybrid bond rating to 'BB+' from
'BB'. CFM is the group's finance arm and the intermediate holding
entity for Michelin's non-domestic operations.
The upgrades reflects Fitch's view that Michelin's performance
demonstrated resilience throughout the sharp downturn in the
global vehicle and tyre markets in 2008/2009, with funds from
operations increasing continuously over the past three years. On
the back of the high-margin tyre replacements business segment,
which represents about three-quarters of Michelin's sales, and
with the strong recovery of the highly cyclical and relatively
low-margin original equipment automotive business, the company
achieved 20.8% year on year sales growth and 13.4% unit volume
growth during fiscal year 2010 resulting in a 15.9% EBITDAR
margin. This is expected to remain stable over the coming years.
The strong recovery in 2010 and a successful EUR1.2 billion rights
issue also significantly improved Michelin's adjusted net leverage
to 1.1x from 2.2x at FYE09, while total adjusted gross debt
declined to 1.9x at FYE10 from 2.9x at FYE09.
The Positive Outlook reflects Fitch's expectations that Michelin's
operating margin could rise sustainably to 10% or more in the
short to medium term, notably as a result of investments in
productive capabilities in China and India, as well as the fact
that free cash flow could grow significantly after 2011. In line
with Michelin, Fitch expects unit sales to grow by at least 6.5%
in 2011 and by 3.5% per annum thereafter.
Fitch's primary concerns are the impact of rising raw material
prices and the aggressive pricing pressures from original
equipment manufacturers in the OE tyre markets. Rubber, which is
Michelin's primary cost component, doubled in price in 2010,
partly due to revived strong demand from emerging markets and as a
result of poor rubber plantation harvests in Southeast Asia. This
was mitigated by Michelin's strong reputation and brand
recognition, which allows the company to adjust tyre prices to
match the increasing cost of raw materials (especially rubber and
metals). As at FYE10, 75% of Michelin's additional costs of
EUR1.5 billion, had been mitigated by tyre price adjustments in
2010 and 2011, as well as implementing raw material indexation
clauses. However, rubber prices are expected to increase further
(16.3% during January 2011 vs end-December 2010). Fitch believes
that a lag in price adjustments to raw material cost increases
during 2011may lead to negative pressure on Michelin's 2011
profitability, but from 2012 onwards, notably thanks to the raw
material indexation clauses, Fitch considers it is likely Michelin
will achieve an EBIT margin target of 10% or more.
Michelin intends to spend EUR1.35 billion between 2011 and 2015 on
a tyre production plant in China. Although this capex can be
considered discretionary, competitive pressures from peers, many
of whom have expressed similar intentions, may force Michelin to
act. FCF may decline to negative levels in 2011 as a result of
the exceptionally high capex of EUR1.6 billion in 2011, dividend
payment, and lag in price adjustments to raw material price
increases. Michelin has provided similar guidance for 2011, with
positive FCF expected between 2011 and 2015. Fitch expects FCF to
return to above 5% of sales in the medium term.
NATIXIS SA: S&P Publishes 'D' Rating to Total Return Notes
----------------------------------------------------------
Standard & Poor's Ratings Services published its current 'D' issue
rating and provided the rating transitions on the EUR169,000,000
Total Return Notes due 2013 issued in January 2007 by French bank
Natixis S.A. (A+/Stable/A-1; then called IXIS Corporate &
Investment Bank). The TRNs are linked to an amount of
US$220,000,000 Class S Floating-Rate Notes issued by Tensyr
Limited.
Due to an administrative error, the issue rating on the TRNs was
not entered into S&P's rating database when originally assigned,
and as a result was neither published nor updated.
The publishing of the issue rating on the TRNs does not affect
S&P's counterparty credit or other issue ratings on Natixis.
S&P is also providing below the rating history on the TRNs, as it
should have been published. The issue rating on the TRNs is
largely based on the creditworthiness of the Tensyr Class S notes.
Accordingly, the rating transitions below reflect the
deterioration in the creditworthiness of the Tensyr Class S notes.
Rating History
* Natixis S.A. EUR169,000,000 Total Return Notes linked to
US$220,000,000 Class S Floating-Rate Notes issued by Tensyr
Limited
=============
G E R M A N Y
=============
ARCANDOR AG: Bankruptcy Complaints "Groundless," Ex-CEO Says
------------------------------------------------------------
Niklas Magnusson at Bloomberg News, citing Frankfurter Allgemeine
Sonntagszeitung, reports that Thomas Middelhoff, the former chief
executive officer of Arcandor AG, said any complaints made against
him regarding the bankruptcy of the company are "completely
groundless and absurd."
Mr. Middelhoff said that under his management, there would not
have been a bankruptcy, Bloomberg reports, citing the German
newspaper.
As reported by the Troubled Company Reporter-Europe on Feb 22,
2011, Bloomberg News, citing Financial Times Deutschland, said
that German insolvency administrator Klaus Hubert Goerg filed a
second suit for exaggerated business expenses and too high bonuses
against Mr. Middelhoff.
About Arcandor AG
Germany-based Arcandor AG (FRA:ARO) -- http://www.arcandor.com/--
formerly KarstadtQuelle AG, is a tourism and retail group. Its
three core business areas are tourism, mail order services and
department store retail. The Company's business areas are covered
by its three operating segments: Thomas Cook, Primondo and
Karstadt. Thomas Cook Group plc is a tour operator with
operations in Europe and North America, set up as a result of a
merger between MyTravel and Thomas Cook AG. It also operates the
e-commerce platform, Thomas Cook, supporting travel services.
Primondo has a portfolio of European universal and specialty mail
order companies, including the core brand Quelle. Karstadt
operates a range of department stores, such as cosmopolitan
stores, including KaDeWe (Kaufhaus des Westens), Karstadt
Oberpollinger and Alsterhaus; Karstadt brand department stores;
Karstadt sports department stores, offering sports goods in a
variety of retail outlets, and a portal, karstadt.de that offers
online shopping, among others.
As reported by the Troubled Company Reporter-Europe, a local court
in Essen formally opened insolvency proceedings for Arcandor on
September 1, 2009. The proceedings started for the Arcandor
holding company and for 14 units, including the Karstadt
department-store chain and Primondo mail-order division. Arcandor
filed for bankruptcy protection after the German government turned
down its request for loan guarantees.
EUROHYPO AG: Fitch Downgrades Subordinated Debt Rating to 'BB+'
---------------------------------------------------------------
Fitch Ratings has downgraded Germany-based EUROHYPO AG's and its
100%-owned Luxembourg-based subsidiary EUROHYPO Europaeische
Hypothekenbank SA's Long-term Issuer Default Ratings to 'A-' from
'A' and removed them from Rating Watch Negative. The Outlook is
Stable. The agency has also downgraded EUROHYPO's subordinated
debt rating to 'BB+' from 'A-' and removed it from RWN.
The downgrade of the IDRs follows EUROHYPO's announcement that the
profit it had targeted for 2011 will be delayed into 2012, which
decreases the likelihood that the bank can successfully restore
financial strength in the short term. The downgrade of the
subordinated debt rating reflects Fitch's view that the new German
bank resolution regime considerably lowers the likelihood of full
support for subordinated debt holders in banks that could be faced
with resolution.
At the same time, Fitch has affirmed EUROHYPO's and EUROHYPO Lux's
Short-term IDRs at 'F1' and their Support Ratings at '1'.
EUROHYPO's Support Rating Floor is also affirmed at 'A-'.
EUROHYPO's ratings are based on support and therefore the rating
actions reflect Fitch's view of how further support, should it be
required, is likely to flow into the bank. The Long-term IDR was
previously based on potential support from EUROHYPO's parent bank,
Commerzbank AG ('A+'/'F1+') and is now at its Support Rating
Floor. This reflects Fitch's view that the German authorities
will now most likely need to find a way of resolving EUROHYPO
separately from Commerzbank.
The European Commission requires Commerzbank to sell EUROHYPO by
end-2014. In Fitch's view, the slow progress in turning EUROHYPO
around increases the medium-term likelihood of a restructuring of
EUROHYPO in connection with the new German bank resolution regime.
In the meantime, EUROHYPO still benefits from a declaration of
backing (Patronatserklaerung) from Commerzbank, expressing its
commitment that it will ensure that EUROHYPO can meet its
obligations. In addition, the profit and loss transfer agreement
between Commerzbank and EUROHYPO is still in place. EUROHYPO
draws on Commerzbank's resources for a substantial part of its
unsecured funding.
Fitch's view that support for EUROHYPO from the German authorities
remains highly probable is based on the bank's size and EUROHYPO's
importance for the German Pfandbrief market. EUROHYPO is
Germany's largest Pfandbrief issuer. Any changes in Fitch's view
on external support would trigger further rating actions.
EUROHYPO Lux's Support Rating is driven by institutional support
from EUROHYPO due to EURHYPO Lux's strategic importance to
EUROHYPO as it provides access to an alternative funding source
for its public sector lending business (Lettre de Gage Publique)
and is strongly integrated within the group.
The 'CCC' rating of hybrid securities issued by EUROHYPO's Capital
Funding Trust I and II has been affirmed and removed from RWN.
The rating actions are:
EUROHYPO:
-- Long-term IDR: downgraded to 'A-' from 'A', removed from RWN,
Outlook Stable
-- Short-term IDR: affirmed at 'F1'
-- Support Rating: affirmed at '1'
-- Support Rating Floor: affirmed at 'A-'
-- Senior unsecured debt: downgraded to 'A-' from 'A', removed
from RWN
-- Subordinated debt: downgraded to 'BB+' from 'A-', removed
from RWN
EUROHYPO Lux:
-- Long-term IDR: downgraded to 'A-' from 'A', removed from RWN,
Outlook Stable
-- Short-term IDR: affirmed at 'F1'
-- Support Rating: affirmed at '1'
-- EUROHYPO Capital Funding Trust I/II preferred stock
(XS0169058012, DE000A0DZJZ7): affirmed at 'CCC', removed from
RWN
=============
H U N G A R Y
=============
MAGYAR TELECOM: Moody's Affirms 'B2' Corporate Family Rating
------------------------------------------------------------
Moody's Investors Service affirmed Magyar Telecom B.V.'s B2
corporate family rating with a negative outlook and placed the B1
rating on its outstanding EUR270 million senior secured notes due
2016 on review for possible downgrade.
The review follows Invitel's announcement of (i) a request for
consent from holders of the notes to allow for a tap issuance of
up to EUR80 million and (ii) a tender offer to refinance its
outstanding EUR69 million senior floating-rate-notes (FRN) due
2013 using the proceeds from the tap issuance.
Upon successful completion of the consent process and repayment of
the senior FRNs, Invitel's debt structure would be comprised of
senior secured notes only (in the amount of approximately EUR350
million) and as such, the rating of the secured notes will not
benefit from any uplift from the presence of more junior debt
within Invitel's capital structure. Hence Moody's would expect to
downgrade the senior secured notes to B2 (in-line with the CFR)
following completion of the transaction.
In addition, Moody's notes that the consent process will allow
Invitel to use the remaining proceeds from the sale of Invitel
International and part of Fibernet's assets for general corporate
purposes including business acquisitions beyond the 365-day limit
under the existing senior secured notes.
The affirmation of the CFR and negative outlook reflect the
improvement in the company's maturity profile that would result
from the successful completion of the transaction, while at the
same time incorporate the continuing challenges that Invitel faces
in its business. Moody's changed the outlook on Invitel's ratings
to negative from stable on Feb. 2, 2011.
Headquartered in Budaors, Hungary, Invitel is the second-largest
fixed-line telecommunications provider in Hungary. Invitel is
100% owned by Mid-Europa Partners.
=============
I R E L A N D
=============
COLLIGO FUNDING: Moody's Cuts Ratings on Various Notes to 'Caa1'
----------------------------------------------------------------
Moody's Investors Service has downgraded to Caa1 these classes of
notes issued by Colligo Funding Limited (amounts reflecting
initial outstandings):
-- USUS$1,324,781,216 Class A1 Notes, Downgraded to Caa1 (sf)
and
Remains On Review for Possible Downgrade; previously on Feb
14, 2011 Baa3 (sf) Placed Under Review for Possible Downgrade
-- USUS$1,324,781,216 Class A2 Notes, Downgraded to Caa1 (sf)
and
Remains On Review for Possible Downgrade; previously on Feb
14, 2011 Baa3 (sf) Placed Under Review for Possible Downgrade
-- USUS$1,324,781,216 Class A3 Notes, Downgraded to Caa1 (sf)
and
Remains On Review for Possible Downgrade; previously on Feb
14, 2011 Baa3 (sf) Placed Under Review for Possible Downgrade
Moody's has not assigned a rating to the Subordinated Commercial
Mortgage Backed Variable Rate Notes due 2027. The rating of the
Class A1, A2 and A3 Notes were placed on review for possible
downgrade on Feb. 14, 2011.
Ratings Rationale
The rating action is a result of the downgrade of the bank deposit
ratings of Anglo Irish Bank Corporation Limited. On March 3,
2011, Moody's downgraded Anglo Irish's bank deposit ratings to
Caa1/Not-Prime and kept the ratings on review for possible
downgrade. Anglo Irish's unguaranteed senior debt rating of Caa1
has been on review for possible downgrade since Feb. 11, 2011.
For further information on the rating action taken by Moody's
Financial Institutions Group on Anglo Irish please refer to
"Moody's downgrades bank deposit ratings of Anglo Irish and Irish
Nationwide to Caa1/N-P" published on March 3, 2011.
Colligo Funding Limited is a CMBS transaction backed by USUS$
denominated loans which originally closed in May 2008 and was
subject to a restructuring in February 2009. In this transaction,
Anglo Irish is involved as originator, servicer, borrower-level
interest rate swap counterparty, issuer-level interest rate swap
counterparty, liquidity facility provider, account bank and lender
of further advances.
As Moody's stated in previous press releases with the latest from
Feb. 14, 2011, the Senior Notes of the Issuer maintain credit-
linkage to Anglo Irish in respect of its involvement as various
transaction counterparty listed above and also as the Account Bank
where approximately 51% of the outstanding balance of the Senior
Notes as per Jan. 31, 2011 interest payment date (IPD) was
deposited as cash collateral. The cash which is still deposited
with Anglo Irish is to be distributed to the Senior Notes on the
next three IPDs.
The Senior Notes remain on review for possible downgrade pending
the review action on Anglo Irish's senior unsecured and bank
deposit ratings.
Moody's prior rating action on the Colligo Funding Limited
transaction is summarized in a Press Release dated Feb. 14, 2011,
while Moody's full review of the transaction is summarized in a
Press Release dated Nov. 22, 2010. The last Performance Overview
for this transaction was published on Oct. 22, 2010. Please see
the ratings tab on the issuer / entity page on moodys.com for the
last rating action and the ratings history.
Moody's Investors Service did not receive or take into account a
third-party due diligence report on the underlying assets or
financial instruments related to the monitoring of this
transaction in the past six months.
* Moody's Downgrades Ratings on 50 Tranches From 17 Irish RMBS
--------------------------------------------------------------
Moody's Investors Service downgraded the ratings of 50 tranches in
17 prime Irish residential mortgage-backed securities. Moody's
maintains the ratings on 16 tranches on review for possible
downgrade pending the conclusion of Moody's review of its ratings
on Irish banks and the implementation of a variety of proposals by
the transactions' sponsors including, the implementation of
structural changes to mitigate operational risks and/or increasing
credit enhancement.
Ratings Rationale
The rating actions are due principally to the weak and rapidly
deteriorating performance of the collateral as a result of the
weakened macro-economic environment and the increased operational
risks linked to the weaker credit quality of Irish banks acting as
key transaction parties. On Feb. 11, 2011, Moody's announced that
top-rated notes of Irish RMBS transactions would suffer multi-
notch downgrades as a result of rating actions taken on most of
the Irish bank ratings.
The difference in the magnitude of rating actions on the senior
notes of the various Irish RMBS is due to the significant
difference in the amount of credit enhancement available within
each transaction to withstand Moody's updated loss assumptions.
Moody's downgraded seventeen of the senior notes from Aaa (sf) to
the A (sf) range, nine senior notes to the Aa (sf) range, six
senior notes to the Baa (sf) range and one to Ba2 (sf). The
downgrade of the senior notes in Wolfhound 2008-1 to Ba2 (sf) from
Aaa (sf) reflects the low credit enhancement at 9.3% of note
balance compared to a revised loss assumption of 8.0% of current
pool balance.
Among the mezzanine and junior notes, Moody's has downgraded
sixteen tranches to below investment grade.
As previously expressed in a Moody's press release dated
Dec. 2, 2010, Moody's believe that due to Ireland's increasingly
uncertain economic situation and pending rating actions on the
banking sector in Ireland, Aaa (sf) ratings are not currently
achievable in Ireland for most structured finance transactions,
independent of the credit enhancement available. Aa1(sf) is
currently achievable for transactions that can sustain high
stressed scenarios, thanks to a combination of very high level of
credit enhancement and low exposure to operational risks.
Key Collateral Assumptions Revised
Moody's increased its lifetime expected loss assumptions to a
range of 3.5% to 13.0% of the current pool balance for the Irish
RMBS reviewed. The prior range was 0.6% to 8.0% of the original
balance. In setting its collateral loss assumptions Moody's
considered arrears and potential loss severities in light of the
composition of the collateral portfolio.
As of December 2010, the 90 plus days arrears in Moody's rated
transactions have gradually increased to 5.7% of pool balance from
2.9% from a year earlier, as shown in Moody's latest indices for
Irish RMBS published mid January. 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.
The rating agency expects arrears levels to continue to rise
through 2011 and to remain at elevated levels for several years.
Increasing unemployment and lower incomes arising from the
austerity measures will continue to hurt borrowers' ability to
fulfill their financial obligations. Irish borrowers would also
be affected negatively by interest rate increase as mortgage loans
are predominantly floating rate. In addition to higher arrears,
loss severities will rise as the proportion of loans in negative
equity increases, the range is currently 7% to 60% depending on
the transaction. Losses will also increase as a result of the
oversupply of housing, lack of refinancing causing fewer sales and
a further decline in house prices, expected to be equal to
approximately 45% decline from peak to trough in the base case.
In Moody's view lenders will continue to avoid recognizing these
losses by offering more loan modifications going forward,
reflecting lenders' and regulator's limited appetite to enforce on
highly delinquent loans.
Many of the pools in the RMBS rated by us have above-average risk
features compared to the Irish mortgage market. Moody's notes
that 12 of the 18 transactions have weighted average indexed loan-
to-value ratios of greater than 100 percent. Since mortgages for
buy-to-let properties are riskier than mortgages for owner-
occupied properties, the collateral portfolios with high
concentrations of BTL, such as Fastnet Securities 8 Ltd, saw the
biggest increases in expected loss assumptions.
Moody's revised the MILAN Credit Enhancement assumptions
considering the likely performance of pools during severe stress
scenarios including restructuring of government debt, systemic
banking crisis and more severe version of the current austerity
plan. MILAN CE have been revised and are now ranging from 17.5%
to 40%.
Operational Risks
Following the recent downgrade of Irish banks to mostly below
investment grade levels, operational risk exposure is a key
consideration in determining the ultimate rating levels achievable
on each Irish RMBS transaction.
Specifically, Moody's assessed the risk of a disruption in the
performance of one of the key transaction parties. The rating
agency evaluated the credit worthiness of the key entities in each
transaction that act as the servicer, cash manager, or account
bank. Moody's also considered the strength of the structural
features, such as back-up arrangements, that help provide for a
successor in the event of a disruption.
The degree of linkage of ratings of the senior tranches of the
Irish RMBS ratings with the credit quality of the key transaction
parties vary from moderate to high depending on the strength of
operational risks mitigants that are in place in each the various
transactions. Some of the Irish RMBS ratings remain on review for
possible downgrade pending the implementation of restructurings
proposed by sponsors and Moody's review of Irish bank ratings.
Key Rating Rationale Per Transactions
Moody's Rated Celtic Transactions
(CELTIC No. 9, 10, 11, 12, 13 and 16)
Ulster Bank Ireland (A2/P-1) originated these transactions between
November 2005 and April 2010. The main driver for the downgrades
of the most senior notes in Celtic 11 (Aa1 (sf)), Celtic 12 (Aa2
(sf)), Celtic 13 (Aa2 (sf)) and Celtic 16 (Aa2 (sf)) was Moody's
view that Aaa (sf) is not achievable in the current environment
because of the exposure of these transactions to systemic country
risk and the impact of sovereign and banking stress in Ireland in
severe stress scenarios. Celtic 9 and Celtic 10 had multi-notch
downgrades to their senior notes to A3 (sf) and Baa2 (sf),
respectively, mainly as a result of the worsening performance of
their portfolios.
* Operational Risk -- Ulster Bank Ireland is the servicer and cash
manager for all transactions.
* Key Collateral Assumptions -- Moody's has increased its expected
loss assumptions (EL) considering that the 90 plus days arrears
levels have doubled on the Celtic transactions originated prior
to 2010. Since Celtic 11 and Celtic 13 are among the better
performers of the Celtic series (90 plus days arrears levels of
4.3% and 5% of current balance, respectively), their loss
assumptions are lower than other Celtic transactions. Celtic
16, although a relatively new transaction, has a very high
proportion on non-owner occupied loans 66% and therefore a
higher expected loss assumption. Moody's revised the MILAN Aaa
CE assumptions (MILAN) for all the transactions to incorporate
additional stress scenarios to take into account systemic
country risk and the impact of sovereign and banking stress in
Ireland.
* Celtic 9, EL revised to 2.9% of original balance (5.5% of
current balance), MILAN to 24%
* Celtic 10, EL revised to 3.7% of original balance (6% of current
balance), MILAN to 24%
* Celtic 11, EL revised to 2.7% of original balance (4% of current
balance), MILAN to 20%
* Celtic 12, EL revised to 4.6% of original balance (6.5% of
current balance), MILAN to 26%
* Celtic 13, EL revised to 3.6% of original balance (4.5% of
current balance), MILAN to 22.5%
* Celtic 16, EL revised to 12.7% of original balance (13% of
current balance), MILAN to 39%.
EMERALD MORTGAGES No. 4
EBS Building Society (Ba2, under review for possible downgrade)
originated this RMBS transaction. Weak collateral performance is
the main driver of the rating downgrade for the senior notes to
Baa1 (sf) and the multi-notch downgrade on the mezzanine and
junior notes.
* Operational Risk -- EBS Building Society is the servicer and
cash manager for this transaction and is in the process of
amending the transaction documentation to incorporate back-up
arrangements.
* Key Collateral Assumptions -- Moody's has increased its expected
loss assumption (EL) to 2.6% of the original balance of the
loans (4% of current balance) as a result of the worse-than-
expected performance of the pool. Currently reports show 5% of
the pool with arrears levels of 90 plus days (15% up from one
year ago), including 2% of the current balance, which are 360
plus days in arrears. Moody's revised the MILAN Aaa CE
assumption (MILAN) to 20% to incorporate additional stress
scenarios to take into account systemic country risk and the
impact of sovereign and banking stress in Ireland.
MOODY'S RATED FASTNET TRANSACTIONS (FASTNET No. 2, 4, 5, 7 and 8)
Irish Life & Permanent plc (Ba2, under review for possible
downgrade) originated these transactions. The high linkage to
Irish Life & Permanent as the servicer and cash manager is the
main driver in the ratings downgrade for the senior notes in
Fastnet 4 to A1 (sf), under review for possible downgrade; Fastnet
5 A1 (sf), under review for possible downgrade; Fastnet 7 A3 (sf)
under review; and Fastnet 8 A1 (sf), under review for possible
downgrade. Moody's downgraded the senior notes in Fastnet 2 to A3
(sf), under review for possible downgrade, primarily for
performance reasons. However, all the senior notes in these
transactions remain on review for possible downgrade pending the
outcome of a proposal by the issuers to mitigate operational risk
and Moody's review of the ratings of Irish banks.
* Operational Risk -- Currently, no back-up arrangements are in
place for either the servicing or cash management. Irish Life &
Permanent plc informed Moody's that it is in the process of
amending the transaction documentation to introduce back-up
parties and other structural features to address operational
risk concerns.
* Key Collateral Assumptions - Moody's has increased its expected
loss assumptions (EL) in all five of these Fastnet transactions
as a result of their weak performance. Moody's believes that
Fastnet 7 and Fastnet 8 will suffer the greatest level of losses
of the Fastnet transactions as they both have weighted average
indexed LTVs of greater than 100%. Moody's revised the MILAN
Aaa CE assumptions (MILAN) for all five Fastnet transactions.
Fastnet 4 has the lowest credit enhancement assumption as a
result of the significantly lower weighted average indexed LTV
of the portfolio (75% compared to 118% in Fastnet 8). Fastnet 7
and 8 have the highest credit enhancement assumptions as a
result of the high level of non-owner occupied loans in the
portfolio (over 70% in both pools at close).
* Fastnet 2, EL revised to 3.2% of original balance (5% of current
balance), MILAN to 22.5%
* Fastnet 4, EL revised to 2.8% of original balance (3.5% of
current balance), MILAN to 17.5%
* Fastnet 5, EL revised to 5.2% of original balance (6% of current
balance), MILAN to 24%
* Fastnet 7, EL revised to 12.3% of original balance (13% of
current balance), MILAN to 40%
* Fastnet 8, EL revised to 12.6% of original balance (13% of
current balance), MILAN to 39%.
Kildare Securities
ICS Building Society (Deposit Rating Baa3, under review for
possible downgrade/P-3, under review for possible downgrade),
which is a subsidiary of Bank of Ireland (Ba1, under review for
possible downgrade), originated this transaction. The main driver
for the multi-notch downgrade of the senior note to A3 (sf), under
review for possible downgrade, is the strong degree of linkage
between the transaction and ICS Building Society. Therefore the
senior notes remain on review pending the outcome of Moody's
review of Irish banks as they are sensitive to a downgrade of the
ratings of ICS Building Society.
* Operational Risk -- ICS Building Society is both the servicer
and cash manager and there are no back-up arrangements in place.
* Key Collateral Assumptions -- Moody's has increased its expected
loss assumption (EL) in this transaction to 2.4% of original
balance (4% of current balance). This assumption is at the
lower end of the range for the revised EL of the Irish RMBS as a
result of the comparatively low level of arrears (3.1% of
current balance that is 90 plus days in arrears compared with
5.7% for the Irish Prime RMBS index). Moody's increased the
MILAN Aaa CE assumption (MILAN) for this transaction to 20% in
order to incorporate additional stress scenarios to take into
account systemic country risk and the impact of sovereign and
banking stress in Ireland.
MOODY'S RATED PHOENIX FUNDING TRANSACTIONS
(Phoenix No. 2, 3, and 4)
KBC Bank Ireland plc (Baa3/P-3 a subsidiary of KBC Bank N.V.
(Aa3/P-1)) originated these transactions. The main driver for the
downgrades in Phoenix 3 and 4 is expected performance as
demonstrated by the significant increase in arrears levels (at
least 7% of their current portfolios are 30 days plus in arrears).
The sponsor of the transactions has informed Moody's that for all
three transactions they will increase credit enhancement and
implement structural changes to mitigate operational risk. The
current rating levels incorporate the benefit of those
restructuring and the ratings remain on review pending the
implementation of these changes.
* Operational Risk -- KBC Bank Ireland plc is the servicer and
cash manager for all three of these Phoenix transactions. There
are no back up servicers nor back up cash managers in place,
though Phoenix 3 and 4 do have rating triggers for appointing
substitute parties. KBC Ireland plc informed Moody's that it is
in the process of amending the transaction documentation to
address operational risk concerns.
* Key Collateral Assumptions -- Moody's has increased its expected
loss assumptions (EL) in all three transactions as a result of
worse-than-expected performance in all three pools. Phoenix 2
has the highest expected loss assumption of these transactions
as it has the highest level of 90 days plus in arrears (7% of
current balance versus 6.2% in Phoenix 3 and 3.5% in Phoenix 4)
and also has the highest weighted average indexed LTV (117%).
Moody's revised the MILAN Aaa CE assumptions (MILAN) for all the
transactions taking into consideration the fact that all three
transactions have at least 20% of buy-to-let loans in their
respective pools and the additional stress scenarios to take
into account systemic country risk.
* Phoenix 2, EL revised to 7.2% of original balance (8.0% of
current balance), MILAN to 32%
* Phoenix 3, EL revised to 6.3% of original balance (7.0% of
current balance), MILAN to 28%
* Phoenix 4, EL revised to 6.6% of original balance (7.0% of
current balance), MILAN to 28%.
WOLFHOUND TRANSACTIONS (2008-1, and No. 2)
Bank of Scotland Ireland (not rated, a subsidiary of Bank of
Scotland plc (Aa3)) originated these transactions. Moody's has
downgraded the senior notes in both transactions due to
performance concerns and the lack of sufficient enhancement needed
to withstand both severe and expected loss scenarios given the
combination of high arrears levels and the portfolio composition
(over 15% of BTL in both pools).
* Operational Risk -- Bank of Scotland plc is the servicer and
cash manager for these transactions.
* Key Collateral Assumptions -- Moody's has increased its expected
loss assumptions (EL) for both transactions due to weak
collateral performance. Moody's revised the MILAN Aaa CE
assumptions (MILAN) for both transactions because of the level
of BTL loans in both pools (over 15%) and the additional stress
scenarios to take into account systemic country risk.
* Wolfhound 2008-1, EL revised to 7.6% of original balance (8%
current balance), MILAN to 33%
* Wolfhound No2, EL revised to 7.8% of original balance (8%
current balance), MILAN to 33%.
Moody's Investors Service did not receive or take into account a
third-party due diligence report on the underlying assets or
financial instruments related to the monitoring of this
transaction in the past six months.
=========
I T A L Y
=========
BANCASAI SPA: S&P Cuts Counterparty Credit Ratings to 'BB+/B'
-------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its long- and
short-term counterparty credit ratings on Italy-based BancaSai SpA
to 'BB+/B' from 'BBB-/A-3'. At the same time, S&P maintained the
ratings on CreditWatch with negative implications, where they had
originally been placed on Dec. 1, 2010.
The rating actions follow a similar rating action S&P took earlier
on BancaSai's parent, Italian composite insurer Fondiaria-SAI Spa.
According to S&P's group rating methodology, S&P cap the ratings
on BancaSai, which S&P considers as a strategically important
subsidiary, at one notch below those on its parent. In addition,
S&P factor into the long-term rating one notch of uplift above
BancaSai's stand-alone credit profile. S&P's assessment
of BancaSai's SACP remains unchanged.
S&P expects to resolve the CreditWatch within the next month,
based on the resolution of S&P's CreditWatch on the parent. A
change in the ratings on Fondiaria-SAI would prompt a similar
rating action on BancaSai, as a strategically important
subsidiary.
SESTANTE FINANCE: S&P Cuts Rating on Class B Notes to 'BB (sf)'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit rating on
Sestante Finance S.r.l.'s series 5 class B notes. At the same
time, S&P kept its rating on the class A notes on CreditWatch
negative.
The lowering of the rating on the class B notes follows S&P's
review of this transaction in light of the recent performance of
the underlying asset pool. Since closing, the transaction has
experienced a steep increase in quarterly defaults, while
delinquencies have only slightly decreased over the past few
quarters.
S&P placed the rating on the class A notes on CreditWatch negative
on Jan. 18, when its updated counterparty criteria became
effective. As S&P has not received any notification of changes to
the documentation, S&P has kept the rating on this class on
CreditWatch negative.
Sestante Finance's series 5 closed in June 2008 and is an Italian
residential mortgage-backed securities transaction that
securitizes a pool of Meliorbanca SpA-originated mortgage loans
secured over residential properties in Italy.
As of the end of the latest collection period in December 2010,
mortgage loans in arrears for more than 90 days are 6.28% of the
pool, down from 6.78% in September 2010, and the cumulative gross
defaults are 12.52%, up from 11.77%.
As a result of the relatively high level of arrears and the
related steady transition of loans to default, the reserve fund is
fully depleted.
Sestante Finance's series 5 requires excess spread and eventually
the reserve fund, which is currently fully depleted, to cover the
full balance of defaulted mortgage loans. Due to the lack of
available excess spread, at the last interest payment date in
December 2010, the amount of unpaid principal deficiency ledger
recorded by the transaction was about EUR17.7 million.
The downgrade of the class B notes is a result of the rise in the
default level related to this structural feature of the
transaction. When the cumulative default rates in Sestante
Finance's series 5 reach 17.5% of the outstanding amount at
closing, Sestante Finance has to defer interest on the class B
notes and use the cash to return the balance of the PDL to zero.
S&P's ratings analysis took into consideration the likelihood that
interest on the class B notes will be deferred as a result of this
structural feature. S&P believes that while the deferral trigger
will not be breached in the short- to medium-term, the risk has
increased that the cumulative default trigger will be breached,
and accordingly S&P has lowered and removed from CreditWatch
negative the rating on the class B notes.
Ratings List
Sestante Finance S.r.l.
EUR325.48 Million Asset-Backed Floating-Rate Notes Series 5
Rating Lowered and Removed From CreditWatch Negative
Rating
------
Class To From
----- -- ----
B BB (sf) BBB (sf)/Watch Neg
Rating Remaining on CreditWatch Negative
Class Rating
----- ------
A AA (sf)/Watch Neg
===================
L U X E M B O U R G
===================
INTELSAT SA: Incurs US$507.77 Million Net Loss in 2010
------------------------------------------------------
Intelsat S.A. filed its annual report with the U.S. Securities and
Exchange Commission reporting a net loss of US$507.77 million on
US$2.54 billion of revenue for the year ended Dec. 31, 2010,
compared with a net loss of US$782.06 million on US$2.51 billion
of revenue during the prior year.
The Company also reported a net loss of US$115.07 million on
US$643.97 million of revenue for the three months ended Dec. 31,
2010, compared with a net loss of US$96.94 million on US$620.82
million of revenue for the same period during the prior year.
Intelsat CEO Dave McGlade stated, "Our fourth quarter 2010 revenue
growth of 4 percent capped a solid second half of 2010. Our
Government business grew 14 percent in the quarter and 16 percent
for 2010. Our Network Services and Media businesses were solid
despite the effects of the two satellite anomalies that occurred
in the first half of 2010. During the year, we increased and
improved capacity for future growth as new satellites entered
service, including Intelsat 14, Intelsat 16 and Intelsat 25, and
we built backlog through long-term agreements with strategic
accounts in each of our customer sets. Our contracted backlog
grew to US$9.8 billion at Dec. 31, 2010, providing visibility and
stability of future cash flows."
The Company's balance sheet at Dec. 31, 2010 showed US$17.59
billion in total assets, US$18.29 billion in total liabilities,
and US$698.94 million in total Intelsat S.A shareholder's deficit.
A full-text copy of the annual report on Form 10-K is available
for free at http://ResearchArchives.com/t/s?74d6
About Intelsat
Intelsat S.A., formerly Intelsat, Ltd., provides fixed-satellite
communications services worldwide through a global communications
network of 54 satellites in orbit as of Dec. 31, 2009, and ground
facilities related to the satellite operations and control, and
teleport services. It had US$2.5 billion in revenue in 2009.
Luxembourg-based Intelsat S.A. carries 'B' issuer credit ratings
from Standard & Poor's. It has 'Caa1' corporate family and
probability of default ratings from Moody's Investors Service.
Washington D.C.-based Intelsat Corporation, formerly known as
PanAmSat Corporation, is a fully integrated subsidiary of Intelsat
S.A., its indirect parent. Intelsat Corp. had US$7.70 billion in
assets against US$4.86 billion in debts as of Dec. 31, 2010.
=====================
N E T H E R L A N D S
=====================
ABN AMRO: S&P Raises Ratings on Junior Subordinated Debt to 'B'
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it has raised its
junior subordinated debt ratings on the GBP149 million Upper Tier
2 securities issued by Dutch bank ABN AMRO Bank N.V. to 'B' from
'CC'. In a related action, S&P affirmed its 'B' junior
subordinated rating on the bank's EUR1 billion Tier 1 instrument.
This rating action does not affect its counterparty credit ratings
on ABN AMRO.
The upgrade follows ABN AMRO's announcement on March 4, 2011, of
improved underlying results for the full-year 2010 and about its
future dividend policy and targeted plans to pay an ordinary share
dividend. The 'B' ratings on this instrument and on the Tier 1
securities reflect S&P's view that some significant risk of
deferral on the next coupon dates in March 2012 and 2013 remain
because of a European Commission ban.
"S&P now believe that ABN AMRO has a greater chance of having the
financial capacity and the EC's potential approval to pay an
ordinary share dividend in the coming 12 months than S&P assessed
in September 2010, when the bank launched its tender offer on the
Upper Tier 2 instrument that S&P considered as a distressed
exchange under its criteria," said Standard & Poor's credit
analyst Elisabeth Grandin.
Under the terms of the Tier 1 and Upper Tier 2 issues, an ordinary
share dividend payment on the bank or its holding company would
push coupon payments on those issues in the upcoming 12-month
period.
On Aug. 16, 2010, ABN AMRO communicated that the EC had imposed a
ban on coupon payment for its Tier 1 and Tier 2 instruments,
unless there was a legal obligation to do so. Indeed, the bank
paid the Feb. 17, 2011, coupon on its GBP149 million Upper Tier 2
instrument (initial amount of GBP750 million before the
September 2010 tender offer) and the March 10, 2011, coupon on the
EUR1 billion Tier 1 instrument. Both coupons were triggered by a
dividend payment on ordinary shares by the former ABN AMRO Bank
holding company that took place in April 2010. ABN AMRO stated
that the EC ban should apply to the subsequent coupon dates up to
2013, unless the bank is legally obliged to pay.
The EC in July 2010 temporarily prolonged its approval of
additional support to Fortis Bank Nederland and ABN AMRO (now
merged into ABN AMRO) and since then neither the EC nor ABN
AMRO have not made any announcements about the outcome of the
State Aid investigation. In consultation with its shareholder,
the Dutch State, ABN AMRO has communicated an ordinary share
dividend policy that targets a dividend payout of 40% of reported
annual profit. This proposed policy is subject to the outcome of
the State Aid investigation.
===========
P O L A N D
===========
CENTRAL EUROPEAN: S&P Downgrades Corporate Credit Rating to 'B'
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it has lowered its
long-term corporate credit rating on U.S.-based Central European
Distribution Corp., the parent company of Poland-based vodka
manufacturer CEDC International sp. z o.o., to 'B' from 'B+'. The
outlook is stable.
At the same time, S&P has lowered its issue rating on CEDC's
USUS$380 million and EUR430 million senior secured notes due 2016
to 'B' from 'B+', and have lowered its issue rating on CEDC's
USUS$310 million senior unsecured convertible notes due 2013 to
'CCC+' from 'B-'.
"The downgrade reflects S&P's view of CEDC's weak 2010 operating
performance, the deterioration of its credit metrics, and its
belief that deleveraging will likely be delayed by at least a
year," said Standard & poor's credit analyst Florence Devevey.
CEDC reported EBITDA of US$144 million in 2010, down from
USUS$216 million in 2009 (pro forma). Consequently, net debt to
EBITDA (as per the covenant definition) reached almost 6.5x at
end-December 2010, significantly exceeding the 5.0x level set
in the covenant of the company's Polish zloty (PLN)330 million
(USUS$112 million) credit facility, of which only PLN130 million
(USUS$44 million) was drawn at end-February 2011. Standard &
Poor's-adjusted leverage was about 7.5x at end-December 2010 (pro
forma for the recent minority buyout). While S&P previously
anticipated that CEDC would likely reduce leverage (adjusted by
Standard & Poor's) to 5.0x in 2011, S&P now believe that CEDC will
unlikely deleverage to this level before year-end 2012.
The rating on CEDC also reflects the company's business risk
profile, which S&P views as "fair" according to its criteria,
given limited product and geographic diversification, and
significant exposure to the Russian market. Additional rating
constraints are CEDC's high leverage and strong exposure to
exchange rate fluctuations. These risks are partially mitigated,
in S&P's view, by CEDC's position as the largest vodka
manufacturer in Central Europe and its well-established regional
brands, which enable substantial free operating cash flow
generation.
The stable outlook reflects S&P's belief that CEDC's performance
will likely start recovering in 2011, as well as its view of
CEDC's robust cash generation capacity and management's declared
focus on deleveraging," said Ms. Devevey. "Rating stability also
depends on CEDC's re-establishment of its debt metrics in 2011 to
close to 6x for adjusted debt to EBITDA and to more than 2x for
EBITDA interest coverage."
A downgrade would be possible if CEDC were unable to successfully
address its covenant issues by, for example, resetting them or
arranging alternative financing. S&P could also lower the rating
if CEDC were unable to generate positive free cash flow in 2011 or
if it failed to deleverage to the level S&P mention above.
In S&P's opinion, the potential for an upgrade is currently
limited due to CEDC's high leverage and its uncertainty regarding
a significant recovery in the Russian market and the impact of the
company's marketing initiatives in Poland.
===========
R U S S I A
===========
INSURANCE GROUP: Fitch Maintains 'BB' Insurer Strength Rating
-------------------------------------------------------------
Fitch Ratings is maintaining Insurance Group MSK's Insurer
Financial Strength rating of 'BB' and National IFS rating of 'AA-
(rus)' on Rating Watch Negative.
The rating action follows the sale of 25% plus one share of
Metropolitan Insurance Group, a vehicle holding 94.5% of IG MSK,
to JSC Bank VTB ('BBB'/Stable) by the City of Moscow
('BBB'/Positive). This transaction formed part of a larger deal
when VTB acquired a 46.48% stake in Bank of Moscow ('BBB-'/RWN)
from the City of Moscow at the end of February.
The RWN takes into account the uncertainty relating to IG MSK's
strategic importance to the new shareholder, VTB. Although VTB's
share is currently a minority one, it may grow organically if VTB
obtains its targeted control over Bank of Moscow, indirect
shareholder of IG MSK. The RWN also continues to reflect Fitch's
view that the scheduled merger of IG MSK and CJSC Spasskie Vorota
may increase IG MSK's dependence on its shareholders capital
support due to the weaker financial profile of Spasskie Vorota.
If VTB gains control over IG MSK, as a supplement to the targeted
control over Bank of Moscow, resolution of the RWN on IG MSK will
depend on VTB's strategic decision on the further management of IG
MSK. If VTB remains a minority shareholder of IG MSK, resolution
of the RWN will continue to depend on Fitch's assessment of the
relative weakening of IG MSK's financial profile upon merger and
on any rating actions on Bank of Moscow.
Fitch notes that VTB already has a 100%-owned insurance
subsidiary, LLC IC VTB Insurance ('BB'/Positive), a medium-sized
non-life company with a focus on the parent bancassurance channel.
IG MSK is a large non-life insurer. It also writes part of the
premiums through parent Bank of Moscow, but its strategy is
different from that of VTB Insurance and has been increasingly
focused on the independent growth in the retail segment through
non-affiliated distribution channels. Realization of this
strategy was supported by the mergers of IG MSK with MSK-Standard
in Q110 and Spasskie Vorota, scheduled for Q111.
Fitch also notes that IG MSK's underwriting performance was weaker
than VTB Insurance's in 2009-2010 due to the differences in the
business mix, level of exposure to the challenges of the local
operating environment during the crisis and the idiosyncratic
risks of IG MSK, realized at the merger with MSK-Standard. As
there are both strengths and weaknesses in IG MSK's operational
profile compared with VTB Insurance, there is rationale for
various strategic decisions, which could be made by VTB in
relation to IG MSK.
IG MSK had gross assets of RUB31 billion at end-9M10 and gross
written premiums of RUB8 billion in 9M10. Spasskie Vorota had
gross assets of RUB12.4 billion at end-9M10 and GWP of RUB6.5
billion in 9M10. VTB Insurance had gross assets of RUB4.2 billion
at end-9M10 and GWP of RUB4.1 billion in 9M10.
MOBILE TELESYSTEMS: S&P Affirms 'BB' Corporate Credit Rating
------------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'BB' long-
term corporate credit rating and related debt ratings on Russian
telecoms operator Mobile TeleSystems (OJSC). S&P removed the
ratings from CreditWatch, where they were placed with negative
implications on Jan. 26, 2011. The outlook is negative.
The affirmation follows the announcement by MTS that its wholly
owned subsidiary Mobile TeleSystems Finance S.A. (not rated)
received the requisite consents from noteholders to remove from
the documentation on its USUS$400 million notes, due January 2012,
the restrictive covenants and events of default related to the
existence and nonpayment of an arbitral award against MTS Finance.
MTS has also previously received such consent from the holders of
the USUS$750 million notes, issued by MTS International Funding
Limited, and obtained waivers from banks to avoid acceleration of
its other debt liabilities. "This leads us to believe that the
risk of technical default is no longer applicable to any of MTS'
debt liabilities," said Standard & Poor's credit analyst Alexander
Griaznov.
"Nevertheless, S&P is revising the outlook on MTS to negative,
reflecting S&P's view of MTS' very aggressive corporate
governance," said Mr. Griaznov. S&P understands that MTS Finance
has not paid a USUS$210 million final arbitral award made on Jan.
5, 2011, in favor of Nomihold Securities Inc. (not rated) against
MTS Finance. S&P believes that by not paying the award for its
subsidiary, MTS put pressure on its bondholders, exposing them to
the risk of technical default on the notes.
S&P views the nonpayment of the final arbitral award and the risk
of a technical default as indications of very aggressive corporate
governance practices at MTS, which therefore are not commensurate
with a higher rating. A higher rating could have been otherwise
achievable based on S&P's assessment of the company's business
risk profile as "satisfactory" and its view of its moderate
leverage and strong cash flow generation. S&P also believe that
Sistema (JSFC) (BB/Negative/--), as MTS' majority shareholder,
being fully aware of the situation, did not use its control over
MTS to prevent the default of MTS' subsidiary. This leads us to
align the ratings and outlook on MTS and Sistema.
"Any negative developments that S&P believes would put in question
the legal ability of MTS to make payments on its bonds, or further
moves that S&P viewed as demonstrating aggressive corporate
governance, could lead us to lower the rating, said Mr. Griaznov.
SISTEMA JSFC: S&P Gives Negative Outlook; Affirms 'BB' Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised its
outlook on Russian telecoms holding company Sistema (JSFC) to
negative from stable, while affirming the 'BB' long-term corporate
credit rating on the company and related debt ratings.
The outlook revision comes in tandem with S&P's decision to assign
a negative outlook to Sistema's majority-owned subsidiary, Mobile
TeleSystems OJSC (MTS, BB/Negative/--), which allowed its finance
subsidiary, Mobile TeleSystems Finance S.A. (not rated), to
default after not paying an arbitration award on March 5, 2011.
"In S&P's view, Sistema did not use its control over MTS to
prevent the default by MTS Finance. This leads us to believe that
Sistema and MTS apply similar very aggressive corporate governance
practices and that the credit ratings on both companies should
consequently be aligned," said Standard & Poor's credit analyst
Alexander Griaznov.
The rating on Sistema is constrained by Standard & Poor's Ratings
Services' view of the company's aggressive financial policy, with
a strong focus on business growth, a predisposition to
acquisitions, and the cash consumption of many of its growth-
oriented business segments. In addition, Sistema has launched
capital-intensive construction of a nationwide mobile
telecommunications network in India, which in S&P's view could
limit the company's potential to generate cash.
The continuing strong performance of Sistema's core assets,
improving revenue and asset diversity, and the company's tangible
progress in streamlining operations support the rating.
The negative outlook on Sistema primarily reflects that on MTS.
If S&P lower the rating on MTS because of corporate governance
considerations, S&P would likely lower the rating on Sistema.
A negative rating action could follow if Sistema were to increase
leverage again to levels similar to those at year-end 2009 due to
acquisitions or financial policy decisions.
S&P could revise the outlook to stable in the event of a similar
rating action on MTS.
SOTSGORBANK OJSC: Moody's Reviews 'E+' Financial Strength Rating
----------------------------------------------------------------
Moody's Investors Service has placed these ratings of Sotsgorbank
on review for possible downgrade: E+ bank financial strength
rating, B3 long-term local and foreign currency long-term deposit
ratings and Baa2.ru national scale rating.
Ratings Rationale
Moody's said that the review of Sotsgorbank's ratings for a
possible downgrade reflects the substantially increased liquidity
risk and uncertainty regarding the bank's franchise. Moody's
added that it is also concerned about the quality and reliability
of the information available regarding the bank's situation.
Moody's said that it noted that the Central Bank of Russia, which
is currently carrying out an on-site inspection of the bank, so
far has not approved the appointment of the bank's new CEO
following Sotsgorbank's acquisition by a group of individuals in
October, 2010. Furthermore, Sotsgorbank's name has recently
received negative publicity in the Russian business media
regarding the bank's ownership structure and possible CBR
sanctions. Under such circumstances the rating agency said that
it believes there is a risk that the bank's liquidity position may
weaken if it experiences significant deposit outflows. Moody's
also said that the outcome of the ongoing CBR inspection, and any
consequences from this remain unknown.
Moody's said that its review will focus on the bank's liquidity
position and its ability to maintain its franchise strength. The
ratings of the bank will probably be downgraded if it becomes
unable to refinance most of its retiring obligations in the near-
term. Conversely, the ratings may be confirmed if the bank
maintains acceptable liquidity and if the uncertainties about its
franchise viability are eased over the next few months.
Moody's last rating action on Sotsgorbank was implemented on 06
April 2009, when these ratings were assigned: B3/Not Prime long-
term and short-term foreign and local currency deposit ratings, an
E+ BFSR, and a Baa2.ru NSR. A stable outlook was assigned to the
bank's BFSR and deposit ratings.
Headquartered in Moscow, Russia, Sotsgorbank reported total assets
of USUS$456 million and shareholders' equity of USUS$67 million as
of year-end 2010, according to the bank's statutory financial
statements.
=========
S P A I N
=========
CTH: Seeks Negotiation with Creditors to Avert Administration
-------------------------------------------------------------
Aggregates Business Europe reports that CTH has applied to the
business court to try and start negotiation with its creditors in
a bid to avoid going into administration.
CTH is an aggregates company based in Spain. The group has four
plants in Huarte, Olite and Ablitas in Spain and one in Portugal
and employs 150 people, according to Aggregates Business Europe.
OBRASCON HUARTE: Moody's Affirms 'Ba2' Corporate Family Rating
--------------------------------------------------------------
Moody's Investors Service has affirmed the Ba2 corporate family
rating and probability of default rating of Obrascon Huarte Lain
S.A., as well as its existing senior unsecured instrument ratings.
At the same time, Moody's has assigned a provisional (P) Ba2/LGD3
rating to the proposed new EUR500 million senior unsecured notes.
A definitive rating will be assigned to the notes upon review of
final documentation and completion of the transaction. Outlook on
the ratings remains negative.
Ratings Rationale
The proposed bond issuance will be used to refinance OHL's EUR422
million bond due in 2012, thereby improving its debt maturity
profile.
The provisional (P)Ba2/LGD3 instrument ratings for the proposed
senior notes (due 2018 according to indicative exchange terms)
reflect their senior unsecured status and pari passu ranking with
a large majority of OHL's existing and future obligations.
Moody's recognises that OHL has managed to address a number of
concerns embedded in the negative outlook, achieving sales of
EUR4.9 billion and EBITDA of EUR1 billion for 2010 and significant
year-on-year growth in operating margins, EBITDA and EBIT. The
main growth driver was the group's concession business, which at
EUR1.5 billion sales and EUR747 million EBITDA, reported growth of
32.1% and 71.3% over the prior year. International construction
activity became the leading segment in terms of sales, accounting
for 37% of the total.
However, OHL's recourse business has weakened and remains under
stress in the current economic environment. Domestic construction
activity saw a 23% reduction in sales and a 30% drop at the EBITDA
level, driven by lower activity levels due to the substantial cuts
in government spending, while international construction activity
remained flat in terms of revenues, in line with Moody's
expectations. Overall, the construction business showed a drop in
sales of 10.4%. Going forward, Moody's expects that the decline
in domestic construction will be offset by a growing international
recourse business, which presented a y-o-y increase of 24% in its
order book.
OHL reported higher than expected recourse debt of EUR1.17 billion
as at Dec. 31, 2010 up from EUR731 million as at end-2009,
resulting in a reported recourse debt/recourse EBITDA ratio of
3.5x. The increase was due to (i) investments in concession
companies, (ii) working capital fluctuations due to the reduction
in commercial financing as a consequence of the drop of the
domestic construction activity and (iii) delayed payments by some
international customers. Nevertheless, the company expects to
reduce recourse debt in the coming months, through the sale of
non-core assets and an improvement in collections. Net reported
debt/EBITDA stood at 4.4x, improving from 4.6x reported last as of
end-2009.
The Ba2 CFR continues to take into account OHL's (i) portfolio of
businesses, through which it balances cyclical construction
activities with more predictable concession-generated revenues;
and (ii) its gradually decreasing exposure to the Spanish economy,
with its involvement in international construction projects and a
growing portfolio of Latin American infrastructure assets. At the
same time, the rating factors in: (i) the potential for volatility
in the cyclical construction industry; and (ii) the challenges OHL
faces in controlling its expanding international activities. The
outlook remains negative given the significant decline in domestic
construction activity during 2010 and higher than expected
recourse debt as at December.
Upward pressure on the rating could develop if net consolidated
debt/EBITDA (as adjusted by Moody's) falls well below 5x and gross
recourse debt/recourse EBITDA (as reported by OHL) moves to below
3.5x on a sustained basis.
The Ba2 rating could come under pressure if OHL's net consolidated
debt/EBITDA ratio (as adjusted by Moody's) increases above 5.5x
and the company's gross recourse debt/recourse EBITDA ratio (as
reported by OHL) rises above 4.0x on a sustained basis.
Moody's previous rating action on OHL was implemented on
Sept. 21, 2010, when the company's CFR, PDR and senior unsecured
ratings were downgraded to Ba2 from Ba1 with a negative outlook.
Headquartered in Madrid, OHL is one of Spain's leading
construction and concession operators, involved in environmental,
development and industrial activities. For 2010, OHL reported
sales of EUR4.9 billion and EBITDA of EUR1 billion.
OBRASCON HUARTE: Fitch Assigns 'BB-' Rating to Unsecured Bonds
--------------------------------------------------------------
Fitch Ratings has assigned Obrascon Huarte Lain's prospective
EUR500 million seven-year unsecured bond an expected 'BB-(exp)'
rating. The expected rating is in line with OHL's senior
unsecured 'BB-' rating. OHL's Issuer Default Rating is 'BB-' with
a Negative Outlook.
The final rating is contingent upon the receipt of final
documentation conforming to information already received by the
agency.
The bond will be used to refinance up to EUR421.6 million of the
existing 2012 bonds, with the remainder being used to pay down
part of the bilateral debt drawndown. The new bond is mildly
positive for OHL's ratings, extending existing bond debt
maturities by five years. The bond documentation includes
negative pledge and change of control clauses, with recourse
subsidiaries of the group allowed to procure additional
indebtedness only if the recourse net interest coverage ratio
remains above 2.5x.
OHL'S recently announced FY10 results confirmed at a de-
consolidated level net debt/EBITDAR of 3.5x (adjusted for non-
recourse debt and ring-fenced concession cash flows), just within
Fitch's guidelines for a 'BB-' IDR.
The FY10 results confirmed both the resilience of the
international construction business (revenues increased 0.4%) in
FY10 in an uncertain international environment and the difficult
Spanish construction market (revenues down 22.6%). As a result,
recourse EBITDA rose only slightly to EUR337.4 million (versus
EUR323.4 million at FYE09). The group's recourse liquidity
position improved to EUR1.3 billion, including undrawn committed
facilities (EUR792 million) and cash available (EUR520 million).
However, on a deconsolidated basis, OHL remains over-leveraged.
Leverage (Fitch adjusted recourse-adjusted net debt/EBITDAR) at
3.5x at FYE10 is still considered relatively high risk for
construction industry players, as tolerance to debt is low due to
significant operational risks such as cyclical demand, thin profit
margins and the possibility of project delays and cost overruns.
The Negative Outlook indicates that a downgrade could potentially
occur if the company underperforms Fitch's current expectations,
including a material increase in leverage and reduced covenant
headroom. Fitch will be meeting OHL's management in the next few
weeks to review the group's forecasts, and in particular the
measures it intends to take to reduce recourse debt at parent
company level.
OHL's ability to de-leverage also appears to remain constrained by
still weak non-concession construction markets, although OHL has
reported strong order book growth in international construction in
the last three months of trading to end-February 2011.
=====================
S W I T Z E R L A N D
=====================
CROWN FOREX: Judge Allows Feds to Join US$84 Mil. Fraud Suit
------------------------------------------------------------
Bankruptcy Law360 reports that a judge in Minnesota gave federal
prosecutors a green light Thursday to intervene in a U.S.
Commodity Futures Trading Commission civil suit accusing the
principals and subsidiaries of Crown Forex SA of perpetrating an
US$84 million foreign exchange scheme.
Crown Forex SA -- http://www.crownforex.com/-- was a Bassecourt,
Switzerland-based company that offered trading on 13 currency
pairs + gold and silver.
Swiss markets regulator FINMA entered a bankruptcy ruling took
over the Company on Dec. 9, 2008, and entered a ruling to
liquidate the Company on Feb. 23, 2009, following a money
laundering investigation. The regulator declared the Company
bankrupt on May 29, 2009.
===========
T U R K E Y
===========
EUROBANK TEKFEN: Moody's Gives Negative Outlook on 'D-' Rating
--------------------------------------------------------------
Moody's Investors Service has changed the outlook on Eurobank
Tekfen A.S.'s D- bank financial strength rating to negative from
stable. At the same time, the long-term global local-currency
deposit rating of Eurobank Tekfen A.S. was downgraded to Ba3 from
Ba2, thereby removing the parental support previously incorporated
into the ratings. The long-term rating now carries a negative
outlook in line with the outlook of the BFSR.
The rating action concludes the review for possible downgrade of
the GLC rating, which Moody's initiated on Dec. 20, 2010.
Ratings Rationale
The outlook on Eurobank Tekfen's BFSR was changed to negative for
these reasons:
I. The bank's very small franchise might face considerable
challenges as it expands in the highly competitive environment in
Turkey, with some uncertainty over Turkish banks' profitability
prospects in the medium-term. The success of the bank's expansion
will depend on its ability to achieve growth with appropriate
risk-adjusted returns. The time it takes for the bank to realise
these returns (or a lack of them) could further weaken the bank's
profitability and efficiency into 2012.
II. The bank has a moderate reliance on funding from its Greek
majority owner EFG Eurobank Ergasias (Ba3/Non-Prime/E+ with
negative(m) outlook), combined with some balance-sheet exposures
to EFG in the form of deposit placements, in turn collateralized
by EFG funds. As of Q3 2010 unaudited, interim financials, funds
provided by EFG represented approximately net 10% and gross 22% of
Eurobank Tekfen's balance-sheet total. Hence, the bank is
currently a net borrower from its parent. Also, Moody's
understands that any potential net placement by Eurobank Tekfen at
its parent will be subject to the local regulatory limits for
total intergroup lending for a maximum of 20% of capital. Moody's
acknowledges Eurobank Tekfen's financial flexibility in view of
the short duration of its lending portfolio as well as its
adequate alternative funding sources.
III. The bank has an increasing loans to core-deposit ratio, as a
result of its expansion strategy. As of Q3 2010 the ratio remains
comfortable at 90%, in line with that of the system's. However,
as the bank's growth continues, its overall funding profile might
become more vulnerable as it may rely on its parent EFG to a
lesser extent, given the parent's increased funding and liquidity
challenges.
The downgrade of Eurobank Tekfen's GLC rating reflects the removal
of parental support and follows the downgrade of EFG Eurobank
Ergasias's BFSR to E+ from D and of its GLC rating to Ba3 from
Ba1. EFG, through a 70% ownership, is the majority owner of
Eurobank Tekfen. Given the challenges that the parent is
currently faced with, Moody's believes that EFG has only very
limited capability to provide support to Eurobank Tekfen, in case
of need.
Nevertheless, Moody's note that both shareholders -- including
Turkish Tekfen Group (unrated) with a 30% stake -- share an
interest in the smooth operation of the bank, as evidenced by the
recent announcement of a combined capital injection and conversion
of a portion of Tier 2 capital. Based on the projected balance-
sheet composition, the bank anticipates a resulting Tier 1 ratio
of approximately 16-18%, as per BDDK standards. Adjusted for the
full risk weight of the bank's portfolio of Ba2 rated Turkish
government securities, Moody's adjusted Tier 1 ratio should range
between 10-13%, which is considered a sound capitalization level
for the bank.
Due to the removal of parental support, Eurobank Tekfen's ratings
no longer benefits from any rating uplift and hence the outlook on
its long-term ratings follow the outlook of the BFSR.
Currently there is no upward pressure on the rating. The outlook
could revert to stable if there is (i) a sustained trend of
improving core earnings that does not significantly increase the
bank's risk profile, combined with satisfactory capital levels;
and (ii) material improvements in asset quality, franchise value
and funding diversification.
Eurobank Tefken's ratings could come under further downward
pressure if there is (i) a deterioration in its liquidity or
funding position, and/or any pressures on EFG's liquidity and
capital that had adverse implications for Eurobank Tekfen; (ii) a
continual weakening of the bank's core earnings, or reductions in
capital; and (iii) further increases in non-performing loans that
would impose any risk on the bank's solvency.
The most recent rating action on Eurobank Tekfen A.S. was
implemented on Dec. 20, 2010, when Moody's placed the Ba2 long-
term GLC deposit rating under review for possible downgrade.
Headquartered in Istanbul, Turkey, Eurobank Tekfen A.S. had total
assets (audited) of TRY4.1 billion (USUS$2.7 billion) under BRSA,
at the end of December 2009.
===========================
U N I T E D K I N G D O M
===========================
BENNETTS: Hopes of Rescue Plan Following Administration
-------------------------------------------------------
Diss Express reports that Bennetts Managing Director Mike Jones
has spoken about hopes of a rescue after the firm, which has an
outlet in Diss, went into administration.
As reported in the Troubled Company Reporter-Europe on March 14,
2011, Norwich Evening News24 said Bennetts has gone into
administration, putting hundreds of jobs at risk. The report
related that Bennetts has called in administrators PKF.
"The Directors and staff have worked extremely hard over the last
two years, harder than at any other time in our history, in an
effort to address the particular challenges that the economic
climate has presented this being primarily due to the lack of
consumer confidence. We are hopeful that (administrators) PKF can
find a suitable rescue package with all due speed in order to
preserve as many jobs as possible, so that we can commence trading
again with our loyal customers," Diss Express quotes Mr. Jones as
saying.
Diss Express says that a note on the door of the Diss Victoria
Road store reads: "Phillip Long, Stephen Holgate and Matt Howard
have been appointed joint administrators of Bennetts (Retail)
Limited as of 5:00 p.m., Marxh 10, 2011. Diss Express relates
that the note also directed any enquiries to administrators PKF
(UK) LLP.
David Merrygold, corporate recovery partner of PKF stated: "We are
already in discussions with a number of parties and hopeful that
we will conclude a sale of the business within the next two
weeks," Diss Express adds.
Headquartered in Norfolk Bennetts is an independent electrical
retailer. The electrical company has its head office in Bowthorpe
and has 14 stores across the country, including outlets in
Norwich, Costessey, Great Yarmouth, Holt, Cromer, King's Lynn,
Diss and Dereham.
GLOBAL SHIP: Reports US$1.22 Million Net Income in 4th Quarter
--------------------------------------------------------------
Global Ship Lease, Inc., reported net income of US$1.22 million on
US$40.03 million of time charter revenue for the three months
ended Dec. 31, 2010, compared with net income of US$12.35 million
on US$39.88 million of time charter revenue for the same period
during the prior year.
The Company also reported a net loss of US$3.97 million on
US$158.84 million of time charter revenue for the year ended
Dec. 31, 2010, compared with net income of US$42.37 million on
US$148.71 million of time charter revenue during the prior year.
The Company's balance sheet at Dec. 31, 2010 showed US$981.02
million in total assets, US$656.46 million in total liabilities
and US$324.56 million in stockholders' equity.
Ian Webber, Chief Executive Officer of Global Ship Lease, stated,
"2010 was a year of significant progress for Global Ship Lease.
We achieved almost 100% utilization of our vessels and posted
record revenues. We proactively converted our contractual
obligation to acquire two 4,250 TEU vessels in December 2010 into
purchase options under which we have the ability to purchase one
vessel in December 2011 and the other in January 2012. Finally,
we paid down US$55.4 million of debt during the year. These steps
improve our financial flexibility going forward."
A full-text copy of the press release announcing the financial
results is available for free at:
http://ResearchArchives.com/t/s?74e0
About Global Ship Lease
London-based Global Ship Lease (NYSE: GSL, GSL.U and GSL.WS)
-- http://www.globalshiplease.com/-- is a containership charter
owner. Incorporated in the Marshall Islands, Global Ship Lease
commenced operations in December 2007 with a business of owning
and chartering out containerships under long-term, fixed rate
charters to world class container liner companies.
Global Ship Lease owns 17 vessels with a total capacity of 66,297
TEU with a weighted average age at June 30, 2010, of 6.3 years.
All of the current vessels are fixed on long-term charters to CMA
CGM with an average remaining term of 8.6 years. The Company has
contracts in place to purchase two 4,250 TEU newbuildings from
German interests for approximately US$77 million each that are
scheduled to be delivered in the fourth quarter of 2010. The
Company also has agreements to charter out these newbuildings to
Zim Integrated Shipping Services Limited for seven or eight years
at charterer's option.
As reported in the Troubled Company Reporter on May 25, 2010,
PricewaterhouseCoopers expressed substantial doubt about the
Company's ability to continue as a going concern, following the
Company's results for 2009. The independent auditors noted of the
uncertainty related to the financial situation of the Company's
charterer, CMA CGM. "If CMA CGM is unable to accomplish a
financial restructuring and ceases doing business or otherwise
fails to perform its obligations under the Company's charters,
Global Ship Lease's business, financial position and results of
operations would be materially adversely affected as it is
probable that, should the Company be able to find replacement
charters, these would be at significantly lower daily rates and
for shorter durations than currently in place. In this situation
there would be significant uncertainty about the Company's ability
to continue as a going concern."
HIGHWOOD BREWERY: Goes Into Liquidation; 50 Jobs Lost
-----------------------------------------------------
BBC News reports that The Highwood Brewery has gone into
liquidation with the loss of 50 jobs. The report says Highwood
Brewery, which made the Tom Wood range of beers, has ceased
trading and is up for sale.
BBC News relates that Charles Ranby-Gorwood from liquidator CRG
Insolvency said there had been five expressions of interest in
buying the brewery, valued at GBP600,000.
The liquidators are hopeful any buyer would re-employ staff and
continue brewing the Tom Wood brand of beer, BBC News reports.
Although no brewing has taken place recently, the plant is
equipped and ready to be used if bought.
"There have already been expressions of interest for the brewing
plant, which may enable a future for the Tom Wood's brands of
beers, although no decisions have been made by the liquidator as
offers are now being requested," BBC News quotes Mr. Ranby-Gorwood
as saying. "As around 50 jobs have been lost by the closure of
the company, if a purchaser can be found that could offer a future
for some of these former employees, then it would be beneficial."
The Highwood Brewery is North Lincolnshire's biggest brewing
business. The business was set up by Tom Wood in 1995 on the
family-owned farm.
JJB SPORTS: JD Sports Backs Out of Takeover Plan
------------------------------------------------
Rory Gallivan at ShareCast reports that JD Sports Fashion has
decided not to make an offer for its rival JJB Sports.
According to ShareCast, JD said it had asked JJB for details of a
proposed restructuring of JJB's property portfolio through a
company voluntary arrangement, but that it "received no further
information whatsoever from JJB Sports."
On the basis of the information it could garner from JJB's public
announcements, JD decided not to make an offer, ShareCast notes.
ShareCast relates that JJB said it "welcomes" the clarification
from JD Sports saying it "will enable the Company to continue to
focus exclusively on delivering its standalone restructuring plan
with the support of its stakeholders."
It added: "The board considered JD Sports' indicative proposal to
be highly conditional and lacking sufficient certainty to be
deliverable."
JJB Sports plc (JJB Sports) is a sports retailer supplying branded
sports and leisure clothing, footwear and accessories. JJB Sports
is a high street sports retailer, with 250 stores in the United
Kingdom and Eire. It provides a range of products covering United
Kingdom sports. The Company stocks all its sports brands,
supported by its own-brand and exclusive ranges. The Company's
segment includes the Company's retail operations, including any
retail stores, which are attached to fitness clubs. The Company
operates in two geographic segments: the United Kingdom and Eire.
The Company's subsidiaries include Blane Leisure Limited, Sports
Division (Eireann) Limited, Golf TV Limited, TV Sports Shop
Limited, Original Shoe Company Limited and Qubefootwear Limited.
The Company sold its fitness club operations on March 25, 2009.
JJB SPORTS: Eyes GBP65 Million Proposed Equity Capital Raising
--------------------------------------------------------------
Rhys Jones at London South East reports that JJB Sports plc
expects to raise around GBP65 million (US$104 million) through a
proposed equity capital raising to help it avoid going into
administration.
"The company currently expects the quantum of the proposed equity
capital raising to be around 65 million pounds and is in
constructive discussions with its major shareholders in relation
to their continued support," JJB said in a statement obtained by
London South East. "As announced on March 11, 2011, the company
currently expects to provide further details of its revised
business plan, anticipated funding requirements and proposed
financing arrangements on or around March 15, 2011," the statement
added.
London South East notes that JJB Sports needs creditors, including
landlords and shareholders, to back its second company voluntary
arrangement in as many years or it will likely go into
administration, threatening 6,300 jobs.
Meanwhile, the report says, rival UK sportswear retailer JD Sports
Fashion on Friday said it would not bid for JJB Sports.
JJB Sports plc (JJB Sports) is a sports retailer supplying branded
sports and leisure clothing, footwear and accessories. JJB Sports
is a high street sports retailer, with 250 stores in the United
Kingdom and Eire. It provides a range of products covering United
Kingdom sports. The Company stocks all its sports brands,
supported by its own-brand and exclusive ranges. The Company's
segment includes the Company's retail operations, including any
retail stores, which are attached to fitness clubs. The Company
operates in two geographic segments: the United Kingdom and Eire.
The Company's subsidiaries include Blane Leisure Limited, Sports
Division (Eireann) Limited, Golf TV Limited, TV Sports Shop
Limited, Original Shoe Company Limited and Qubefootwear Limited.
The Company sold its fitness club operations on March 25, 2009.
LICK UK: Top Copy Unit Enters Insolvency Proceedings
----------------------------------------------------
PrintWeek reports that Top Copy has entered into insolvency
proceedings. Top Copy, along with Lick Digital, comprises part of
the Lick UK, which traded as Lick Group.
According to PrintWeek, Paul Land, managing partner TLP Chartered
Accountants, said that "as of yet Top Copy has not been
liquidated."
"Efforts to revive the loss-making company have proved
ineffective, despite material inward investment, resulting in the
decision to seek professional advice as to the viability of the
company," PrintWeek quotes Mr. Land as saying. "Lick is committed
to ongoing customer care and service, despite the demise of Top
Copy and underlined their commitment to business as usual."
Mr. Land, as cited by PrintWeek, disclosed that Lick Group
acquired the Leeds-based business in 2009 from Prime Active
Capital, which at the time was "recognized as being both sub-scale
and loss making."
PrintWeek relates that Unite regional officer Steve Hart said
there are 11 redundancies with the potential of jobs [at Lick]
should Lick take over some of Top Copy.
"Unfortunately our members are the victims and will have to claim
their redundancy notice pay and holiday pay from the state. The
union are in contact with them and will do all it can to help,"
Mr. Hard told PrintWeek.
Lick UK, which traded as Lick Group, went into administration on
April 7, 2010. Insolvency practitioner BWC Business Solutions was
appointed as administrator.
Lick UK is a direct mail company. The group also includes Lick
Online, Lick Direct and Lick Agency. According to PrintWeek's
2009 top 500, Lick UK had a turnover of GBP3.7 million and
employed 72 staff.
NATTRASS: Goes Into Administration Due to Fall of Revenues
----------------------------------------------------------
YorkshirePost reports that Nattrass Construction has gone into
administration after a fall in revenues and rise in outgoings
caused the company to fail. The report relates that the director
of the company has called in administrator Begbies Traynor that is
trading the firm to ensure it fulfils all its current contracts.
No redundancies among the eight employees are planned at this
stage, according to YorkshirePost.
"The company suffered from a drop in revenues immediately after
investing in two large pieces of plant, and the combined effects
of the fall in business and rise in outgoings caused the failure."
We are actively trading the business, and ensuring all contracts
are delivered, but at the same time we are seeking a buyer for the
company and its assets," Yorkshire quotes Joint administrator
Andrew MacKenzie as saying.
Headquartered in Ampleforth, Nattrass Construction specializes in
piling and drilling work for construction projects.
ODDBINS: To Shut Down Shops Under Rescue Plan
---------------------------------------------
Zoe Wood at guardian.co.uk reports that Oddbins has confirmed
plans to shut a third of its shops and to ask the owners of the 89
outlets that stay open for lower rents.
According to guardian.co.uk, the retailer said a company voluntary
arrangement, a legal agreement with landlords designed to slash
store rent costs, was part of a rescue plan being drawn up with
the help of restructuring experts at Spectrum Corporate Finance
and Deloitte. It has been in talks to bring in a new investor to
shore up its finances and is expected to announce the outcome this
week, guardian.co.uk says.
Oddbins managing director Simon Baile, as cited by guardian.co.uk,
said that the core business was profitable but challenging trading
conditions meant "it cannot continue in its current form".
Oddbins sells wine, spirits and other related products. The Head
Office is in Wimbledon, London and the company has over 227
branches spread across the UK, Ireland and France.
TOM WOODS: Goes Into Receivership, Owes GBP2 Million
----------------------------------------------------
This is Lincolnshire reports that Tom Woods Beer has gone into
receivership and has called in liquidators with reported debts of
GBP2 million.
The brewery, which was known for brews such as Jolly Ploughman and
Harvest Bitter, had been a possibility for participants in the
Lincoln Campaign for Real Ale branch's LocAle scheme, which aims
to get pubs serving beer from within 25 miles, according to this
is Lincolnshire. However, the report relates that it yet may be
again after insolvency expert Charles Ranby-Gorwood claimed five
people had already shown interest in buying the brew plant.
"That may enable a future for the Tom Woods brands of beer,
although no decisions have been made by the liquidator as offers
are now being requested. If a purchaser can be found who could
offer a future for some of the 50 former employees, then it would
be beneficial," this is Lincolnshire quotes Mr. Ranby-Gorwood as
saying.
Headquartered in Melton High Wood Farm in North Lincolnshire,
Tom Woods Beer is a county brewery.
WREN EXTRA: Proceeds with Company Voluntary Arrangement
-------------------------------------------------------
Wren Extra Care Group plc has entered into a Company Voluntary
Arrangement ("CVA").
As announced on Oct. 5, 2010, LPA receivers were appointed to Wren
Estates Ltd, a subsidiary company within the group. Also as
previously announced on Oct. 6, 2010 LPA receivers were appointed
to Warlingham Developments Ltd ("WD") and Warlingham Developments
Two Ltd ("WD2"), which are not group companies but companies with
which Wren Estates Ltd has profit share arrangements. In both
instances the Group has fully co-operated with the LPA receivers
GVA Grimley Ltd. The Group has not as yet been notified of the
intentions of either of the LPA receivers or of sums due to its
main lender.
Further to these announcements, the Royal Bank of Scotland, the
Company's bankers, have now instructed GVA Grimley to embark on a
program of disposing of the properties of the principal trading
subsidiary, Wren Estates Ltd. These actions will leave the Group
with no assets to continue trading with and with a shortfall on
the bank's security after the realisation and sale of the
assets.
As a result the Directors of Wren have decided that the only
option available to the Company to potentially preserve some value
for stakeholders is to immediately proceed with a CVA. It is
hoped that this CVA will provide protection for creditors while
offering some prospect to shareholders of preserving some value
for their investment.
A CVA is a formal procedure introduced by Part 1 of the Insolvency
Rules 1986 which enables a company to agree with its creditors a
composition in satisfaction of its debts. The CVA is approved
either if (1) it has been agreed by both the meeting of creditors
and the meeting of members or (2) it has been approved by
creditors only, subject to a member's right to apply to court
within 28 days of (i) the day on which the decision was taken by
the creditors' meeting or (ii) where the decision of the members
was taken on a later day, that day.
The CVA Proposals have been posted to the Company by Antony Batty
of Antony Batty & Co, licensed insolvency practitioners and the
creditors and members meetings are to be held on Friday, March 11,
2011. Copies of the documents are available from Antony Batty and
Co at 3 Field Court, Gray's Inn, London WC1R 5EF.
Wren Extra Care Group plc is the property development group and
specialist retirement home developer of Extra Care facilities.
===============
X X X X X X X X
===============
* S&P's Global Corporate Default Tally Remains at Three in 2011
---------------------------------------------------------------
The 2011 global corporate default tally remains at three issuers
after no issuers defaulted this week, said an article published
March 11 by Standard & Poor's, titled "Global Corporate Default
Update (March 4 - 10, 2011) (Premium)."
Two of these defaults were based in the U.S. and one was based in
the Czech Republic. By comparison, 19 global corporate issuers
defaulted at this time last year (15 U.S.-based issuers and one
each based in Argentina, Australia, Bahrain, and Canada).
All three of this year's defaulters missed interest or principal
payments, which was one of the top reasons for default last year.
Of the defaults in 2010, 28 defaults resulted from missed interest
or principal payments, 25 defaults resulted from Chapter 11 and
foreign bankruptcy filings, 23 from distressed exchanges, three
from receiverships, one from regulatory directives, and one from
administration.
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Shareholders Total
Equity Assets
Company Ticker (US$) (US$)
------- ------ ------ ------
AUSTRIA
-------
CHRIST WATER TEC CWT AV -5754287.761 165995618.1
CHRIST WATER TEC CWT EU -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 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 LB6 GR -110486313.8 174004185
LIBRO AG LIBR AV -110486313.8 174004185
LIBRO AG LIB AV -110486313.8 174004185
SKYEUROPE SKY PW -89480486.93 159076577.5
SKYEUROPE SKYP PW -89480486.93 159076577.5
SKYEUROPE HLDG S8E GR -89480486.93 159076577.5
SKYEUROPE HLDG SKY EO -89480486.93 159076577.5
SKYEUROPE HLDG SKURF US -89480486.93 159076577.5
SKYEUROPE HLDG SKYPLN EO -89480486.93 159076577.5
SKYEUROPE HLDG SKYV IX -89480486.93 159076577.5
SKYEUROPE HLDG SKY AV -89480486.93 159076577.5
SKYEUROPE HLDG SKY EU -89480486.93 159076577.5
SKYEUROPE HLDG SKYPLN EU -89480486.93 159076577.5
SKYEUROPE HLDG SKY LI -89480486.93 159076577.5
SKYEUROPE HLDG SKYA PZ -89480486.93 159076577.5
SKYEUROPE HOL-RT SK1 AV -89480486.93 159076577.5
STYROL HOLDING 1 3321155Z AV -69327699.53 1925984640
BELGIUM
-------
ANTWERP GATEWAY 496769Z BB -32782697.75 277992457.9
BNP PARIBAS PERS 3746820Z BB -772235.7209 1849392275
CARGILL OIL PACK 3726474Z BB -7488364.856 169328065.3
COMPAGIMMOBDU BR 3727538Z BB -5867835.156 164809970.6
EON BELGIUM NV 3730258Z BB -8101077.851 251156828.9
ESKO-GRAPHICS NV 4787937Z BB -6715626.693 185307390
EXPLORER NV 4289181Z BB -11594573.86 281605390.1
FINANCIETOREN NV 3729210Z BB -51909123.58 888376929.7
IRUS ZWEIBRUCKEN 3738979Z BB -17020631.49 106188034.9
KIA MOTORS BELGI 3729658Z BB -84207037.59 162372194.6
KOREAN MOTOR CO 4161341Z BB -6368236.209 149093852.6
LE FOYER BRUXELL 3729226Z BB -2010007.275 146190935.1
PETROPLUS REFINI 3431339Z BB -4108704.537 123751460.5
SABENA SA SABA BB -85494497.66 2215341060
SAPPI EUROPE SA 3732894Z BB -134605574.3 160456926.7
SCARLET BELGIUM 4171157Z BB -28951981.88 137456526.6
SCARLETT BUSINES 3724850Z BB -71847152.77 130053838
SOCIETE NATIONAL 3726762Z BB -39045403.07 506987163.1
ST GOBAIN SEKURI 3737571Z BB -5584182.533 111065610.4
TI GROUP AUTOMOT 3903298Z BB -42078648.86 140322030.3
UNIVERSAL MUSIC 3738307Z BB -12191533.66 143700285.8
CROATIA
-------
BRODOGRADE INDUS 3MAJRA CZ -479687934.9 336695385.5
IPK OSIJEK DD OS IPKORA CZ -3959722.961 117585184.1
CYPRUS
------
LIBRA HOLIDA-RTS LGWR CY -39648682.41 209021322.6
LIBRA HOLIDA-RTS LBR CY -39648682.41 209021322.6
LIBRA HOLIDAY-RT 3167808Z CY -39648682.41 209021322.6
LIBRA HOLIDAYS LHGCYP EO -39648682.41 209021322.6
LIBRA HOLIDAYS LHGR CY -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 EU -39648682.41 209021322.6
LIBRA HOLIDAYS G LHG PZ -39648682.41 209021322.6
LIBRA HOLIDAYS G LHG EO -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 297687Q GR -89435858.16 192305153
CKD PRAHA HLDG CKDPF US -89435858.16 192305153
CKD PRAHA HLDG CKDH CP -89435858.16 192305153
CKD PRAHA HLDG CDP EX -89435858.16 192305153
CKD PRAHA HLDG CKDH US -89435858.16 192305153
SETUZA AS SZA GR -61453764.17 138582273.6
SETUZA AS SZA EX -61453764.17 138582273.6
SETUZA AS SETUZA CP -61453764.17 138582273.6
SETUZA AS 2994759Q EO -61453764.17 138582273.6
SETUZA AS 2994763Q EU -61453764.17 138582273.6
SETUZA AS 2994755Q EU -61453764.17 138582273.6
SETUZA AS 2994767Q EO -61453764.17 138582273.6
SETUZA AS SETU IX -61453764.17 138582273.6
SETUZA AS SETUZA PZ -61453764.17 138582273.6
DENMARK
-------
BRIGHTPOINT EURO 4506883Z DC -18616347.98 189113937.7
CARLSBERG IT A/S 4503891Z DC -47250912.74 105417004.1
ELITE SHIPPING ELSP DC -27715991.74 100892900.3
ISS GLOBAL A/S 241863Z DC -117685581.4 8499171616
LAURITZEN TANKER 3979732Z DC -4428758.299 209128207.5
NATURGAS FYN DIS 3984844Z DC -2862743.662 194651514.3
NESTLE DANMARK A 3896690Z DC -31272771.75 160779160.7
OBTEC OBTEC DC -14919946.34 138400232.8
OBTEC OBT DC -14919946.34 138400232.8
OBTEC-NEW SHARES OBTECN DC -14919946.34 138400232.8
OBTEC-OLD OBTN DC -14919946.34 138400232.8
ORESUNDSBRO KONS 1015Z SS -583944155.3 3614975702
OSTERFALLEDPARKE 3985676Z DC -26063679.19 302533679.4
OW SUPPLY & TRAD 3986892Z DC -4299263.6 165798961.3
REITAN SERVICEHA 3984284Z DC -1371178.576 127192706
ROSKILDE BANK ROSK PZ -532868894.9 7876687324
ROSKILDE BANK RKI GR -532868894.9 7876687324
ROSKILDE BANK ROSK EU -532868894.9 7876687324
ROSKILDE BANK ROSBF US -532868894.9 7876687324
ROSKILDE BANK ROSKF US -532868894.9 7876687324
ROSKILDE BANK RSKC IX -532868894.9 7876687324
ROSKILDE BANK ROSK EO -532868894.9 7876687324
ROSKILDE BANK ROSK DC -532868894.9 7876687324
ROSKILDE BANK-RT 916603Q DC -532868894.9 7876687324
ROSKILDE BAN-NEW ROSKN DC -532868894.9 7876687324
ROSKILDE BAN-RTS ROSKT DC -532868894.9 7876687324
SANISTAL AS-B SANIBEUR EO -11318565.53 541068534.3
SANISTAL AS-B SANIB DC -11318565.53 541068534.3
SANISTAL AS-B SANL DC -11318565.53 541068534.3
SANISTAL AS-B SNISF US -11318565.53 541068534.3
SANISTAL AS-B SANIBEUR EU -11318565.53 541068534.3
SANISTAL AS-B SANIB EO -11318565.53 541068534.3
SANISTAL AS-B SANIB BY -11318565.53 541068534.3
SANISTAL AS-B SANIB EU -11318565.53 541068534.3
SANISTAL AS-B SANI/B PZ -11318565.53 541068534.3
SANISTAL AS-B SNSC IX -11318565.53 541068534.3
SANISTAL-B NEW SANLN DC -11318565.53 541068534.3
SCANDINAVIAN BRA SBS1 EU -14919946.34 138400232.8
SCANDINAVIAN BRA SBSC IX -14919946.34 138400232.8
SCANDINAVIAN BRA SBS1 BY -14919946.34 138400232.8
SCANDINAVIAN BRA SBS1EUR EO -14919946.34 138400232.8
SCANDINAVIAN BRA SBS DC -14919946.34 138400232.8
SCANDINAVIAN BRA SBSD PZ -14919946.34 138400232.8
SCANDINAVIAN BRA SBS1EUR EU -14919946.34 138400232.8
SCANDINAVIAN BRA SBS1 EO -14919946.34 138400232.8
SUZLON WIND ENER 3985532Z DC -38280730.21 123255395.5
THOMAS COOK AIRL 3898802Z DC -7865159.883 245287881.9
FRANCE
------
3 SUISSES FRANCE 4724713Z FP -151969270.6 262408720
ACERINOX FRANCE 4748633Z FP -4970408.693 106673210.6
AIR COMMAND SYST 4470055Z FP -6291815.312 178932425.9
AIRCELLE 61830Q FP -482411191.5 1055907987
AKERYS SERVICES 4685937Z FP -8561729.525 141611809.9
ALCATEL-LUCENT E 3642975Z FP -46648090.98 510672247.2
ALCATEL-LUCENT F 3647063Z FP -566942548.5 4810123614
AL-KHATTIYA LEAS 4783713Z FP -8522159.06 132815959.7
ALUMINIUM PECHIN 3650903Z FP -555865218.4 1121216347
ARIANESPACE 211530Z FP -51743991.45 3354710780
ATARI IFOE PZ -10078799.92 116178599
ATARI EUROPE SAS 4503835Z FP -98950222.14 135876466.5
ATARI SA ATA EU -10078799.92 116178599
ATARI SA ATA PZ -10078799.92 116178599
ATARI SA ATANV FP -10078799.92 116178599
ATARI SA ATA EB -10078799.92 116178599
ATARI SA ATA EO -10078799.92 116178599
ATARI SA IFGA GR -10078799.92 116178599
ATARI SA IFGA TH -10078799.92 116178599
ATARI SA ATA FP -10078799.92 116178599
ATARI SA ATA TQ -10078799.92 116178599
ATARI SA ATA BQ -10078799.92 116178599
ATARI-NEW 3715502Q FP -10078799.92 116178599
AUTOMOBILES CITR 3648863Z FP -298695778.9 1879542934
BELVEDERE - RTS 554451Q FP -240506200.5 1000204586
BELVEDERE - RTS 702036Q FP -240506200.5 1000204586
BELVEDERE SA BVD FP -240506200.5 1000204586
BELVEDERE SA BED GR -240506200.5 1000204586
BELVEDERE SA BEVD IX -240506200.5 1000204586
BELVEDERE SA BVD EO -240506200.5 1000204586
BELVEDERE SA BVDRF US -240506200.5 1000204586
BELVEDERE SA BELV NM -240506200.5 1000204586
BELVEDERE SA BELV FP -240506200.5 1000204586
BELVEDERE SA BED TH -240506200.5 1000204586
BELVEDERE SA BVD PZ -240506200.5 1000204586
BELVEDERE SA BVD EU -240506200.5 1000204586
BELVEDERE SA-NEW BVDNV FP -240506200.5 1000204586
BELVEDERE SA-NEW 946529Q FP -240506200.5 1000204586
BELVEDERE SA-RTS BVDDS FP -240506200.5 1000204586
BLUESTAR SILICON 4684089Z FP -44931243.79 388699826.4
CADES 211430Z FP -1.32E+11 9983888303
CARREFOUR HYPERM 3897338Z FP -419813693 4772178623
CARREFOUR IMPORT 4519455Z FP -41015520.11 355888577.4
CARRERE GROUP CAR FP -9829592.638 279906700
CARRERE GROUP XRR GR -9829592.638 279906700
CARRERE GROUP CARG FP -9829592.638 279906700
CARRERE GROUP CRGP IX -9829592.638 279906700
CARRERE GROUP CAR2 EO -9829592.638 279906700
CARRERE GROUP CARF PZ -9829592.638 279906700
CARRERE GROUP CRRHF US -9829592.638 279906700
CARRERE GROUP CAR2 EU -9829592.638 279906700
CELINE SA 3636031Z FP -6546420.506 108306445
CMA CGM AGENCES 4746849Z FP -7380117.985 187789703.7
CO PETROCHIMIQUE 4682369Z FP -79561569.14 444321642.5
COMPAGNIE IMMOBI CIMB FP -18851260.64 237751743.8
COMPAGNIE IMMOBI CIMB PZ -18851260.64 237751743.8
COMPAGNIE IMMOBI CIMB EO -18851260.64 237751743.8
COMPAGNIE IMMOBI CIMB EU -18851260.64 237751743.8
CONSTRUCTIONS ME 4513671Z FP -52488041.58 342215596.8
CSF 3635887Z FP -66127474.94 3311857250
EADS SECA 4706441Z FP -38679556.91 142045208.8
EDF EN FRANCE 4686529Z FP -4085423.459 508820792.6
EMPAIN GRAHAM DV EMGD FP -18851260.64 237751743.8
FAURECIA SIEGES 4516727Z FP -107384039.9 418368440.6
FRANFINANCE LOCA 4689993Z FP -69780982.12 1638852912
GCE CAR LEASE 4702065Z FP -15076726.1 127403745.1
GRANDE PAROISSE GDPA FP -927267926.9 629287290
GRANDE PAROISSE GDPXF US -927267926.9 629287290
GRANDE PAROISSE GAPA FP -927267926.9 629287290
GROUPE PROGRES S 4734137Z FP -165060877.3 123458910.5
HP ENTREPRISE SE 4698081Z FP -97546439.37 116383810.4
HUREL-DUBOIS HDUN FP -482411191.5 1055907987
I BASE 757542Z FP -11937368.11 400192956.6
INFOGRAMES - REG IFG FP -10078799.92 116178599
INFOGRAMES - REG IFG EU -10078799.92 116178599
INFOGRAMES - REG IFOE IX -10078799.92 116178599
INFOGRAMES - REG IFG TQ -10078799.92 116178599
INFOGRAMES - REG IFG EO -10078799.92 116178599
INFOGRAMES E-NEW IFGN FP -10078799.92 116178599
INFOGRAMES ENT IFG GR -10078799.92 116178599
INFOGRAMES ENT IFGEF US -10078799.92 116178599
INFOGRAMES ENT 2986984Q EO -10078799.92 116178599
INFOGRAMES ENT IFGNR FP -10078799.92 116178599
INFOGRAMES ENT IFOY IX -10078799.92 116178599
INFOGRAMES ENT IFG PZ -10078799.92 116178599
INFOGRAMES ENT 2986980Q EU -10078799.92 116178599
INFOGRAMES ENTMT IFGRF US -10078799.92 116178599
INFOGRAMES ENTMT IFG VX -10078799.92 116178599
INFOGRAMES- RTS IFGDS FP -10078799.92 116178599
INFOGRAMES-NEW IFGNV FP -10078799.92 116178599
INFOGRAMES-RTS 3133246Q FP -10078799.92 116178599
ISOCHEM SA 3540732Z FP -9354435.203 103629623.2
JACQUOT ET CO 4721473Z FP -25605141.5 101591294.6
JTEKT AUTOMOTIVE 4504595Z FP -3346147.796 163732029.4
JTEKT AUTOMOTIVE 4505819Z FP -14610375.9 211911653.5
JUNGHEINRICH FIN 4635025Z FP -25640227.91 213268803.8
KEOLIS LYON 4745585Z FP -38514253.91 123798829.1
LAB DOLISOS DOLI FP -27752176.19 110485462.4
LAB DOLISOS LADL FP -27752176.19 110485462.4
LABORDE GESTION 4518583Z FP -29334263.2 113954857.8
LENOVO FRANCE SA 4710049Z FP -1944677.438 137134524.4
MATUSSIERE & FOR 1007765Q FP -77896683.67 293868350.8
MATUSSIERE & FOR MTUSF US -77896683.67 293868350.8
MECACORP 3248019Z FP -11233088.65 215393216
MILLIMAGES MIL1 EU -1006050.249 113454378.9
MILLIMAGES MLIGF US -1006050.249 113454378.9
MILLIMAGES MIL FP -1006050.249 113454378.9
MILLIMAGES 7335166Z FP -1006050.249 113454378.9
MILLIMAGES MLMG IX -1006050.249 113454378.9
MILLIMAGES MILF PZ -1006050.249 113454378.9
MILLIMAGES MG6 GR -1006050.249 113454378.9
MILLIMAGES MILI FP -1006050.249 113454378.9
MILLIMAGES MIL1 EO -1006050.249 113454378.9
MILLIMAGES - RTS MILDS FP -1006050.249 113454378.9
MILLIMAGES-RTS 760037Q FP -1006050.249 113454378.9
MVCI HOLIDAYS FR 4524959Z FP -112193163.1 233381369.4
NESTLE WATERS SU 3634887Z FP -100198554 212766860.3
NESTLE WATERS SU 3634879Z FP -166540227.7 357871830.8
NORDEX FRANCE SA 4521679Z FP -6460144.643 206115430.5
NOUVELLES MESSAG 4722073Z FP -72863994.67 656036573.5
NOVEXEL SA 504169Z FP -362311.1464 107272250.4
NRJ 12 4681713Z FP -26021212.46 110030743.5
OROSDI OROS FP -35006822.54 151870593.9
OROSDI OROS PZ -35006822.54 151870593.9
OROSDI OROS EU -35006822.54 151870593.9
OROSDI OROS EO -35006822.54 151870593.9
OROSDI-BACK BACK IX -35006822.54 151870593.9
OROSDI-BACK ORBA FP -35006822.54 151870593.9
PAGESJAUNES GRP PAJ EO -2806466942 928971577.5
PAGESJAUNES GRP PAJP IX -2806466942 928971577.5
PAGESJAUNES GRP PAJ LI -2806466942 928971577.5
PAGESJAUNES GRP PAJ FP -2806466942 928971577.5
PAGESJAUNES GRP PAJ EB -2806466942 928971577.5
PAGESJAUNES GRP PAJ VX -2806466942 928971577.5
PAGESJAUNES GRP QS3 TH -2806466942 928971577.5
PAGESJAUNES GRP QS3 GR -2806466942 928971577.5
PAGESJAUNES GRP PAJGBX EO -2806466942 928971577.5
PAGESJAUNES GRP PAJUSD EO -2806466942 928971577.5
PAGESJAUNES GRP PAJ EU -2806466942 928971577.5
PAGESJAUNES GRP PAJ GK -2806466942 928971577.5
PAGESJAUNES GRP PAJUSD EU -2806466942 928971577.5
PAGESJAUNES GRP PAJ TQ -2806466942 928971577.5
PAGESJAUNES GRP PAJGBP EO -2806466942 928971577.5
PAGESJAUNES GRP PAJGBX EU -2806466942 928971577.5
PAGESJAUNES GRP PAJ IX -2806466942 928971577.5
PAGESJAUNES GRP PAJ QM -2806466942 928971577.5
PAGESJAUNES GRP PAJ NQ -2806466942 928971577.5
PAGESJAUNES GRP PAJ BQ -2806466942 928971577.5
PAGESJAUNES GRP PGJUF US -2806466942 928971577.5
PAGESJAUNES GRP PAJ PZ -2806466942 928971577.5
PEUGEOT CITROEN 3637183Z FP -268215289.1 319403505.3
PITNEY BOWES 4634633Z FP -11785422.82 184422748.8
REGICOM SAS 4507595Z FP -6588554.15 118746498.2
REGIONAL COMPAGN 3635823Z FP -11262047.17 587139828.4
RESEAU FERRE FRA 224063Z FP -1967530419 70147358617
RHODIA SA RHDI GR -792683993.3 6961182029
RHODIA SA RHAGBX EO -792683993.3 6961182029
RHODIA SA RHA IX -792683993.3 6961182029
RHODIA SA RHADF US -792683993.3 6961182029
RHODIA SA RHA TQ -792683993.3 6961182029
RHODIA SA RHAGBX EU -792683993.3 6961182029
RHODIA SA RHAGBP EO -792683993.3 6961182029
RHODIA SA RHAUSD EO -792683993.3 6961182029
RHODIA SA RHA EO -792683993.3 6961182029
RHODIA SA RHA PZ -792683993.3 6961182029
RHODIA SA RHDAF US -792683993.3 6961182029
RHODIA SA 2324011Q EU -792683993.3 6961182029
RHODIA SA RHA FP -792683993.3 6961182029
RHODIA SA RHD GR -792683993.3 6961182029
RHODIA SA RHAUSD EU -792683993.3 6961182029
RHODIA SA RHA QM -792683993.3 6961182029
RHODIA SA RHA NQ -792683993.3 6961182029
RHODIA SA RHA BQ -792683993.3 6961182029
RHODIA SA RHANR PZ -792683993.3 6961182029
RHODIA SA RHA VX -792683993.3 6961182029
RHODIA SA RHA EB -792683993.3 6961182029
RHODIA SA RHAY IX -792683993.3 6961182029
RHODIA SA RHA EU -792683993.3 6961182029
RHODIA SA 2324015Q EO -792683993.3 6961182029
RHODIA SA 3218857Q IX -792683993.3 6961182029
RHODIA SA RHDI TH -792683993.3 6961182029
RHODIA SA RHA GK -792683993.3 6961182029
RHODIA SA - NEW 3156011Q FP -792683993.3 6961182029
RHODIA SA - NEW 8125782Q FP -792683993.3 6961182029
RHODIA SA - NEW RHANV FP -792683993.3 6961182029
RHODIA SA - NEW 3506266Q FP -792683993.3 6961182029
RHODIA SA - NEW 2335921Q FP -792683993.3 6961182029
RHODIA SA-ADR RHAYY US -792683993.3 6961182029
RHODIA SA-NON RE RHANR FP -792683993.3 6961182029
RHODIA SA-RIGHTS 653447Q FP -792683993.3 6961182029
RHODIA SA-RIGHTS RHADS FP -792683993.3 6961182029
RODIGUEZ GROUP RGX GR -71997955.94 457127473.1
RODRIGUEZ GROUP ROD EO -71997955.94 457127473.1
RODRIGUEZ GROUP ROD PZ -71997955.94 457127473.1
RODRIGUEZ GROUP ROD EU -71997955.94 457127473.1
RODRIGUEZ GROUP ROD TQ -71997955.94 457127473.1
RODRIGUEZ GROUP RRGZF US -71997955.94 457127473.1
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GEORGIA
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GERMANY
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GREECE
------
AG PETZETAKIS SA PETZK EO -78917003.34 209681271.1
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AG PETZETAKIS SA PETZK GA -78917003.34 209681271.1
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MARITIME CO LESB MEKD CH -776211.1142 270879003.3
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HUNGARY
-------
HUNGARIAN TELEPH HUGC IX -73724000 827192000
HUNGARIAN TELEPH HUC EX -73724000 827192000
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ICELAND
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AVION GROUP B1Q GR -223780352 2277882368
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IRELAND
-------
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AIRPLANES FINANC 4460505Z ID -409209710.7 271483829.5
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COMMUNICORP GROU 1027859Z ID -20885498.48 307073625.5
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UNITED PAN-EUROP UPE1 GR -5505478850 5112616630
UNITED PAN-EUROP UPC VX -5505478850 5112616630
UPC HOLDING BV 3590264Z NA -10789223923 12904415822
VAN WEELDE BEHEE 4038885Z NA -119995.7037 173030811.6
VOLKERWESSELS BO 4062101Z NA -17683.20036 191596002.3
W2005 W2007 CARN 3824100Z NA -107841645.8 362615031
WE INTERNATIONAL 630199Z NA -1220350.163 1011027035
WILMAR EDIBLE OI 3817520Z NA -3976944.095 218912594.8
WIM BOSMAN HOLDI 3782032Z NA -45372.14014 224136076.2
WONINGSTICHTING 4039389Z NA -430291.2087 1714985995
ZWINGER OPCO 6 B 3821644Z NA -106543228.9 627759193.8
NORWAY
------
AKER BIOMARINE A 4508947Z NO -91258656.74 103294723.7
AKER ELEKTRO AS 4389353Z NO -35218317.7 134077911.8
AKER STORD A/S 4498875Z NO -150475117.7 783619889.1
BKK VARME AS 4445833Z NO -8164053.946 143462133.6
CIA LA GOMERA AS 4401057Z NO -14188999.46 111542577.2
GJENSIDIGE PENSJ 4447089Z NO -706038.6914 834496819.2
HEEGH AUTOLINERS 4389209Z NO -11654363.08 277390994.9
INTEROIL EXPLORA IROIF US -25647000 234229008
INTEROIL EXPLORA INOX NO -25647000 234229008
INTEROIL EXPLORA IOXUSD EU -25647000 234229008
INTEROIL EXPLORA IOXEUR EO -25647000 234229008
INTEROIL EXPLORA IOX EU -25647000 234229008
INTEROIL EXPLORA IOX PZ -25647000 234229008
INTEROIL EXPLORA IOX EO -25647000 234229008
INTEROIL EXPLORA IOX NO -25647000 234229008
INTEROIL EXPLORA IOX BY -25647000 234229008
INTEROIL EXPLORA IOXEUR EU -25647000 234229008
INTEROIL EXPLORA IOXUSD EO -25647000 234229008
INTEROIL EXPLORA IOX IX -25647000 234229008
LIVA BIL LIV NO -4061326.597 116023629.9
MAN LAST OG BUSS 4521719Z NO -7914946.127 134925818.8
MASTER & COMMAND 4443393Z NO -3848.57586 105559612
NCC CONSTRUCTION 4389745Z NO -17444019.96 371204059.2
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NORSK STEIN AS 4394889Z NO -2509971.202 184248987.9
OSLO FORSIKRING 4415089Z NO -6494996.57 158542617.2
PETRO GEO-SERV PGS GR -18066142.21 399710323.6
PETRO GEO-SERV PGS VX -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 PGOGY US -18066142.21 399710323.6
PETRO GEO-SV-ADR PGSA GR -18066142.21 399710323.6
PETROJACK AS JACK PZ -54932000 191586000
PETROJACK AS JACKEUR EO -54932000 191586000
PETROJACK AS JACKEUR EU -54932000 191586000
PETROJACK AS POJKF US -54932000 191586000
PETROJACK AS JACO IX -54932000 191586000
PETROJACK AS JACK EU -54932000 191586000
PETROJACK AS JACK NO -54932000 191586000
PETROJACK AS P3J GR -54932000 191586000
PETROJACK AS JACK EO -54932000 191586000
PETROJACK AS JACK BY -54932000 191586000
RESERVOIR EXPL RXT PZ -34076000 185510000
RESERVOIR EXPL 5RS GR -34076000 185510000
RESERVOIR EXPL RXT NO -34076000 185510000
RESERVOIR EXPL RXTEUR EO -34076000 185510000
RESERVOIR EXPL RXTB NO -34076000 185510000
RESERVOIR EXPL RXT IX -34076000 185510000
RESERVOIR EXPL RXT BY -34076000 185510000
RESERVOIR EXPL RXAEF US -34076000 185510000
RESERVOIR EXPL RXT EU -34076000 185510000
RESERVOIR EXPL RXT EO -34076000 185510000
RESERVOIR EXPL RXTEUR EU -34076000 185510000
RESERVOIR EXPL-A RXTA NO -34076000 185510000
RESERVOIR-RTS RXTUR NO -34076000 185510000
RESERVOIR-RTS RXTS NO -34076000 185510000
SECURITAS DIRECT 4394201Z NO -531628.2745 124746332.9
SKRETTING AS 4473771Z NO -3730844.426 499611269.4
STOREBRAND EIEND 4443409Z NO -69476769.79 1408585975
STOREBRAND EIEND 4288341Z NO -236066034.1 4427606061
TDC AS 4287413Z NO -95917885.43 128911202.9
TTS SENSE AS 4393841Z NO -30849484.35 107503145.6
UTKILEN SHIPPING 4446161Z NO -2435448.778 205148159.9
VNG NORGE AS 4513147Z NO -44725176.15 280935536.1
POLAND
------
AGUAS DO ZEZERE 3646223Z PL -9497003.444 387261027.5
ALBERTO MARTINS 4488947Z PL -26137995.27 126979395.5
CARRIS FERRO DE 3482366Z PL -854280773.4 252500907.6
CENTRO HOSPITALA 3778196Z PL -45060061.83 149709016.7
CO DAS ENERGIAS 3794880Z PL -2540034.474 115717930.4
COFINA COFSI IX -13400344.7 274876811
COFINA CFASF US -13400344.7 274876811
COFINA COFI PL -13400344.7 274876811
COFINA SGPS SA COFI EU -13400344.7 274876811
COFINA SGPS SA CFN1 PZ -13400344.7 274876811
COFINA SGPS SA CFNX PX -13400344.7 274876811
COFINA SGPS SA COFI EB -13400344.7 274876811
COFINA SGPS SA COFI TQ -13400344.7 274876811
COFINA SGPS SA COFI EO -13400344.7 274876811
COFINA SGPS SA CFN PL -13400344.7 274876811
CP - COMBOIOS DE 1005Z PL -3201667335 2260472073
EMPRESA PUBLICA 3646447Z PL -18489644.56 302885128.1
ESTALEIROS NAVAI 4507307Z PL -23829407.78 315386385.8
FERREIRAS & MAGA 4281437Z PL -14115717.84 103226790.2
GALERIA PARQUE N 4772673Z PL -6221554.062 176869350.5
HOSPITAL DE FARO 3789880Z PL -59945072.08 249069905.8
HOSPITAL GARCIA 3773160Z PL -27714243.05 131330191
LOCACAO DE EQUIP 4772329Z PL -1031872.211 425561447.8
LYCATELCOM LDA 4281821Z PL -8577510.562 109410577.8
METRO DO PORTO 4473963Z PL -227787324.3 3216337049
PARQUE DA PAMPIL 4770625Z PL -1932626.439 135631078.1
PARQUE EOLICO DE 4772521Z PL -1450277.362 131706562.9
PARQUE EXPO 98 S 3482350Z PL -135582031.5 432824747.2
PORTUGALIA 1008Z PL -4086509.601 263103585.3
RADIO E TELEVISA 1227Z PL -874020727.2 739530176.7
REFER-REDE FERRO 1250Z PL -1817223508 941624235.3
SERVICO DE SAUDE 3790200Z PL -171447905.3 656234458.2
SOCIEDADE DE REN 3776676Z PL -16609186.53 127876798.7
SOCIEDADE DE TRA 1253Z PL -382109074.2 119848180.8
SPORTING-SOC DES SCDF EO -52021160.28 159963648.5
SPORTING-SOC DES SCG GR -52021160.28 159963648.5
SPORTING-SOC DES SCPX PX -52021160.28 159963648.5
SPORTING-SOC DES SCP1 PZ -52021160.28 159963648.5
SPORTING-SOC DES SCDF EU -52021160.28 159963648.5
SPORTING-SOC DES SCPL IX -52021160.28 159963648.5
SPORTING-SOC DES SCDF PL -52021160.28 159963648.5
SPORTING-SOC DES SCP PL -52021160.28 159963648.5
SPORTING-SOC-RTS SCPVS PL -52021160.28 159963648.5
SPORTING-SOC-RTS SCPDS PL -52021160.28 159963648.5
TAP SGPS TAP PL -293253615.6 2901200999
VALE DO LOBO - R 4764257Z PL -19458755.77 553819822
VISTA ALEGRE ATL 4281717Z PL -11415080.54 119980938.8
PORTUGAL
--------
KROSNO KRS1EUR EO -2241614.766 111838141.2
KROSNO KROS IX -2241614.766 111838141.2
KROSNO KRS PW -2241614.766 111838141.2
KROSNO KRS LI -2241614.766 111838141.2
KROSNO KRS1EUR EU -2241614.766 111838141.2
KROSNO SA KRS PZ -2241614.766 111838141.2
KROSNO SA KRS1 EU -2241614.766 111838141.2
KROSNO SA KROSNO PW -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 2916665Q EU -288818.3897 147004954.2
TOORA TOR PZ -288818.3897 147004954.2
TOORA 2916661Q EO -288818.3897 147004954.2
TOORA TOR PW -288818.3897 147004954.2
TOORA-ALLOT CERT TORA PW -288818.3897 147004954.2
ROMANIA
-------
OLTCHIM RM VALCE OLTCF US -89344235.29 511515508.8
OLTCHIM SA RM VA OLTEUR EO -89344235.29 511515508.8
OLTCHIM SA RM VA OLT PZ -89344235.29 511515508.8
OLTCHIM SA RM VA OLTEUR EU -89344235.29 511515508.8
OLTCHIM SA RM VA OLT RO -89344235.29 511515508.8
OLTCHIM SA RM VA OLT EU -89344235.29 511515508.8
OLTCHIM SA RM VA OLT EO -89344235.29 511515508.8
RUSSIA
------
AKCIONERNOE-BRD SOVP$ RU -79749277.74 135830690.8
ALLIANCE RUSSIAN ALRT RU -13189413.03 138268688.3
AMO ZIL ZILL RM -115900565.7 368611137
AMO ZIL-CLS ZILL RU -115900565.7 368611137
AMO ZIL-CLS ZILL* RU -115900565.7 368611137
AMUR SHIP-BRD AMZS RU -137530791.8 945775662.6
AMUR SHIP-BRD AMZS* RU -137530791.8 945775662.6
BUMMASH OJSC-BRD BUMM RU -8393701.106 181897628.6
BUMMASH OJSC-BRD BUMM* RU -8393701.106 181897628.6
DAGESTAN ENERGY DASB RM -41669395.76 184251158.9
DAGESTAN ENERGY DASB* RU -41669395.76 184251158.9
DAGESTAN ENERGY DASB RU -41669395.76 184251158.9
EAST-SIBERIA-BRD VSNK RU -27891692.64 256817436.6
EAST-SIBERIA-BRD VSNK* RU -27891692.64 256817436.6
EAST-SIBERIAN-BD VSNK$ RU -27891692.64 256817436.6
FINANCIAL LEASIN 137282Z RU -97179286.08 323537012
FINANCIAL LEASIN FLKO RM -97179286.08 323537012
FINANCIAL LE-BRD FLKO RU -97179286.08 323537012
FINANCIAL LE-BRD FLKO* RU -97179286.08 323537012
GAZ-FINANS GAZF RU -56134.51262 232319905.4
IZHAVTO OAO IZAV RU -19693758.83 474754687.9
KOMPANIYA GL-BRD GMST* RU -12705934.31 1168280317
KOMPANIYA GL-BRD GMST RU -12705934.31 1168280317
MIAN-DEVELOPMENT MAEQY RU -695445.1747 424399991
M-INDUSTRIYA SOMI RU -1091260.252 261721440.8
MZ ARSENAL-$BRD ARSE RU -17937175.79 215191909
MZ ARSENAL-BRD ARSE* RU -17937175.79 215191909
MZ ARSENAL-BRD ARSE$ RU -17937175.79 215191909
PENOPLEX-FINANS PNPF RU -754086.9373 140176163.3
PROMTRACTOR-FINA PTRF RU -22844527.96 271197988.2
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
RYBINSKKABEL RBKZD RU -8532245.618 108539181.3
SEVKABEL-FINANS SVKF RU -83036.46173 102680373.6
SISTEMA HALS HALS RM -343701984 1217284096
SISTEMA HALS-BRD HALS RU -343701984 1217284096
SISTEMA HALS-BRD HALS* RU -343701984 1217284096
SISTEMA HALS-GDR HALS TQ -343701984 1217284096
SISTEMA HALS-GDR HALS LI -343701984 1217284096
SISTEMA HALS-GDR SYR GR -343701984 1217284096
SISTEMA HALS-GDR HALS IX -343701984 1217284096
SISTEMA HALS-MSE HALSM RU -343701984 1217284096
SISTEMA HALS-T+0 HALSG RU -343701984 1217284096
SISTEMA-GDR 144A SEMAL US -343701984 1217284096
SISTEMA-GDR 144A 86PN LI -343701984 1217284096
URGALUGOL-BRD YRGL* RU -20765966.62 115490879.4
URGALUGOL-BRD YRGL RU -20765966.62 115490879.4
URGALUGOL-BRD-PF YRGLP RU -20765966.62 115490879.4
VACO-BRD VASO RU -27108669.77 934073954.9
VACO-BRD VASO* RU -27108669.77 934073954.9
VACO-PFD VASOP RU -27108669.77 934073954.9
VACO-PFD VASOP* RU -27108669.77 934073954.9
VASO 1001Q RU -27108669.77 934073954.9
VASO-$ 1002Q RU -27108669.77 934073954.9
VASO-$PFD BRD VASOP$ RU -27108669.77 934073954.9
VASO-Q LIST VASO$ RU -27108669.77 934073954.9
VIMPEL SHIP-BRD SOVP* RU -79749277.74 135830690.8
VIMPEL SHIP-BRD SOVP RU -79749277.74 135830690.8
VOLGOGRAD KHIM VHIM* RU -36728501.72 145195344.9
VOLGOGRAD KHIM VHIM RU -36728501.72 145195344.9
WILD ORCHID ZAO DOAAN RU -11716088.49 106082784.6
ZAPSIBGASP-Q PFD ZSGPP$ RU -72947.51526 122459176.2
ZAPSIBGASPRO-BRD ZSGP RU -72947.51526 122459176.2
ZAPSIBGASPRO-BRD ZSGP* RU -72947.51526 122459176.2
ZAPSIBGASPROM-B ZSGP$ RU -72947.51526 122459176.2
ZAPSIBGASPRO-PFD ZSGPP* RU -72947.51526 122459176.2
ZAPSIBGASPRO-PFD ZSGPP RU -72947.51526 122459176.2
ZIL AUTO PLANT ZILL$ RU -115900565.7 368611137
ZIL AUTO PLANT-P ZILLP RM -115900565.7 368611137
ZIL AUTO PLANT-P ZILLP RU -115900565.7 368611137
ZIL AUTO PLANT-P ZILLP* RU -115900565.7 368611137
SERBIA
------
RAFO SA RAF RO -457922636.3 356796459.3
DUVANSKA DIVR SG -32792314.86 122255596.4
PINKI AD PNKI SG -36537862.34 120707518
SLOVENIA
--------
ISTRABENZ ITBG EO -3710060.729 1192276659
ISTRABENZ ITBG PZ -3710060.729 1192276659
ISTRABENZ ITBG EU -3710060.729 1192276659
ISTRABENZ ITBG SV -3710060.729 1192276659
SPAIN
-----
ACTUACIONES ACTI AGR SM -103648870.9 514898183.4
AGRUPACIO - RT AGR/D SM -103648870.9 514898183.4
AMADEUS IT HOLDI AMS3 EO -397888596.9 7970850431
AMADEUS IT HOLDI AMS SM -397888596.9 7970850431
AMADEUS IT HOLDI AMS3 EB -397888596.9 7970850431
AMADEUS IT HOLDI AI3A TH -397888596.9 7970850431
AMADEUS IT HOLDI AMS IX -397888596.9 7970850431
AMADEUS IT HOLDI AI3A GR -397888596.9 7970850431
AMADEUS IT HOLDI AMS TQ -397888596.9 7970850431
AMADEUS IT HOLDI AMADF US -397888596.9 7970850431
AMADEUS IT HOLDI AMS3 EU -397888596.9 7970850431
AMADEUS IT-ADR AMADY US -397888596.9 7970850431
AMCI HABITAT SA AMC SM -24580874.45 194758143.4
AMCI HABITAT SA AMC3 EO -24580874.45 194758143.4
AMCI HABITAT SA AMC1 EU -24580874.45 194758143.4
AURIGACROWN CAR 3791672Z SM -9696323.931 319009688.5
BASF CONSTRUCTIO 4511259Z SM -175550365.3 296395765.4
BAXI CALEFACCION 4029741Z SM -16038399.69 313088537.4
BOSCH SISTEMAS D 4505475Z SM -295419977.8 205556877.2
BOUYGUES INMOBIL 3636247Z SM -13608696.28 203210929.5
CAIXARENTING SA 4500211Z SM -13655312.55 1651010629
CAJA DE AHORROS 929362Z SM -361326816.2 37311046644
CELAYA EMPARANZA 3642467Z SM -19428473.29 176340504.9
CONFORAMA ESPANA 3771496Z SM -7499886.371 125121785.8
COPERFIL GROUP 704457Z SM -3700858.975 403826723
DTZ IBERICA ASES 1658Z SM -130770583.4 611187363
ELECTRODOMESTICO 1035184Z SM -89882980.98 104386627.5
ERICSSON NETWORK 4367417Z SM -30313203.28 358279303.5
FABRICAS AGRUPAD 3638319Z SM -32596694.58 286240670.7
FBEX PROMO INMOB 3745024Z SM -820002.4257 1142937522
FERGO AISA -RTS AISA/D SM -103648870.9 514898183.4
FERGO AISA SA AISA PZ -103648870.9 514898183.4
FERGO AISA SA AISA EO -103648870.9 514898183.4
FERGO AISA SA AISA EU -103648870.9 514898183.4
FERGO AISA SA AISA SM -103648870.9 514898183.4
FMC FORET SA 3642299Z SM -28605523.78 225458069.6
GALERIAS PRIMERO 3281527Z SM -2731006.701 124875864.6
GE POWER CONTROL 3744144Z SM -25412232.52 973735754.8
GENERAL MOTORS E 4286805Z SM -323089753.8 2783002632
GLENCORE ESPANA 3752336Z SM -24493074.5 140668008
HIDROCANTABRICO 4456745Z SM -213762090.5 376644969.1
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
INITEC ENERGIA S 3637759Z SM -1230006.429 256846609.3
ISOFOTON SA 1039291Z SM -401482382 218392745.6
JAZZ TELECOM SA 3646927Z SM -639496511.6 784724900.3
LA SIRENA ALIMEN 4375737Z SM -45848483.56 200881094.4
LEVANTINA Y ASOC 993382Z SM -47134823.82 798577925.4
MAGNETI MARELLI 3643903Z SM -6218714.533 169480205.1
MARTINSA FADESA MTF1 LI -2074326070 7383402199
MARTINSA FADESA MTF EU -2074326070 7383402199
MARTINSA FADESA MFAD PZ -2074326070 7383402199
MARTINSA FADESA MTF SM -2074326070 7383402199
MARTINSA FADESA 4PU GR -2074326070 7383402199
MARTINSA FADESA MTF EO -2074326070 7383402199
MARTINSA-FADESA MTF NR -2074326070 7383402199
NYESA VALORES CO BES TQ -68174952.1 813033334.5
NYESA VALORES CO NYE TQ -68174952.1 813033334.5
NYESA VALORES CO NYE SM -68174952.1 813033334.5
NYESA VALORES CO BES EU -68174952.1 813033334.5
NYESA VALORES CO NYE EU -68174952.1 813033334.5
NYESA VALORES CO BES EO -68174952.1 813033334.5
NYESA VALORES CO BES SM -68174952.1 813033334.5
NYESA VALORES CO NYE EO -68174952.1 813033334.5
NYESA VALORES CO BESS PZ -68174952.1 813033334.5
ORANGE CATALUNYA 4365565Z SM -25422547.72 113962331.9
PANRICO SL 1087Z SM -132677120.8 1306407522
PULLMANTUR SA 301590Z SM -77746125.07 127835603
RANDSTAD EMPLEO 4285885Z SM -58878158.21 370434722.2
REAL ZARAGOZA SA 4285533Z SM -26642901.63 155342765.2
REYAL URBIS SA REY1 EU -265713950.7 6301924871
REYAL URBIS SA REYU PZ -265713950.7 6301924871
REYAL URBIS SA REY SM -265713950.7 6301924871
REYAL URBIS SA REY1 EO -265713950.7 6301924871
SIDERURGICA SEVI 3755616Z SM -6175297.757 255962721.9
SOGECABLE MEDIA 3638359Z SM -3018000.191 182987292.3
SPANAIR 1174Z SM -592075778.7 449250970.6
SUPERMERCADOS CH 3635999Z SM -49108086.45 430829438.2
SUPERMERCADOS CO 4285781Z SM -6271873.083 110251382.6
TELEVISION AUTON 3772924Z SM -148813562.1 119454851.8
TIP TRAILERS ESP 3804444Z SM -11109283.92 130713925.8
TROPICAL TURISTI 3639071Z SM -25374272.58 535701945
TWINS ALIMENTACI 4381793Z SM -49677879.17 298164942.5
UNITEC UNION TIE 3801344Z SM -23207417.85 131213302.5
UNIVERSAL MUSIC 3748312Z SM -113641266.3 100627411.6
VIA OPERADOR PET 4510507Z SM -22002322.05 129961207.4
SWEDEN
------
ALLOKTON AB ALOKB SS -69000994.47 464707844.7
ALLOKTON AB-NEW ALOKBTAB SS -69000994.47 464707844.7
ALLOKTON AB-RTS ALOKTRB SS -69000994.47 464707844.7
KAROLINEN FASTIG 4008644Z SS -906745.1282 122777361.3
NOBINA 1099Z SS -13023225.28 483974246.5
PHADIA AB 842347Z SS -140406774.4 2127579095
STENA RECYCLING 4011316Z SS -10675550.11 346046797.4
SWEDISH MA-RE RT SWMASR SS -104464794 2073589174
SWEDISH MAT-ADR SWMA GR -104464794 2073589174
SWEDISH MAT-ADR 3053566Q US -104464794 2073589174
SWEDISH MATCH SWD LI -104464794 2073589174
SWEDISH MATCH AB SWM GR -104464794 2073589174
SWEDISH MATCH AB SWMAEUR EO -104464794 2073589174
SWEDISH MATCH AB SWMAF US -104464794 2073589174
SWEDISH MATCH AB SWMDF US -104464794 2073589174
SWEDISH MATCH AB SWMAUSD EO -104464794 2073589174
SWEDISH MATCH AB SWMA PZ -104464794 2073589174
SWEDISH MATCH AB SWMA QM -104464794 2073589174
SWEDISH MATCH AB SWMA LI -104464794 2073589174
SWEDISH MATCH AB SWMAGBX EO -104464794 2073589174
SWEDISH MATCH AB SWMA EO -104464794 2073589174
SWEDISH MATCH AB SWMAGBX EU -104464794 2073589174
SWEDISH MATCH AB SWMA EU -104464794 2073589174
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------
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UKRAINE
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UNITED KINGDOM
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THORN EMI PLC THNE FP -2265916257 2950021937
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TOPAZ ENERGY LTD 4156397Z LN -486865.8029 201580141.5
TOPPS TILES PLC TPT LN -45137310.56 168068056
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TOPPS TILES PLC TPTEUR EU -45137310.56 168068056
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UNIGATE PLC UNGPF US -21397232.94 474779161.6
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UNIGATE PLC 1577Q GR -21397232.94 474779161.6
UNIGATE PLC UNGAF US -21397232.94 474779161.6
UNIGATE PLC-ADR UNGAY US -21397232.94 474779161.6
UNIQ PLC UNIQEUR EO -21397232.94 474779161.6
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UNIQ PLC UNIQ VX -21397232.94 474779161.6
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UNITED BISCUITS 3193858Z LN -326896245.3 3316769620
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VALE OF AYLESBUR 4006932Z LN -73416860.01 100856530.6
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WESCOT TOPCO LTD 4007020Z LN -18742009.49 116071906.1
WINCANTON PL-ADR WNCNY US -162158252.9 1389119000
WINCANTON PLC WIN1USD EO -162158252.9 1389119000
WINCANTON PLC WIN LN -162158252.9 1389119000
WINCANTON PLC WIN1USD EU -162158252.9 1389119000
WINCANTON PLC WIN1 EO -162158252.9 1389119000
WINCANTON PLC WIN1EUR EU -162158252.9 1389119000
WINCANTON PLC WNCNF US -162158252.9 1389119000
WINCANTON PLC WIN1EUR EO -162158252.9 1389119000
WINCANTON PLC WIN1 EU -162158252.9 1389119000
WINCANTON PLC WIN1GBP EO -162158252.9 1389119000
WINCANTON PLC WIN1 EB -162158252.9 1389119000
WINCANTON PLC WIN VX -162158252.9 1389119000
WINCANTON PLC WIN1 TQ -162158252.9 1389119000
WINCANTON PLC WIN PO -162158252.9 1389119000
WINCANTON PLC WIN1 NQ -162158252.9 1389119000
WINCANTON PLC WIN PZ -162158252.9 1389119000
WINCANTON PLC WIN IX -162158252.9 1389119000
WINCANTON PLC WIN1 QM -162158252.9 1389119000
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XAFINITY HOLDING 4168309Z LN -18683833 243588520.5
YARLINGTON HOUSI 4435313Z LN -18443811.91 276648958.8
*********
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 USUS$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, Psyche A. Castillon, Julie Anne G. Lopez,
Ivy B. Magdadaro, Frauline S. Abangan and Peter A. Chapman,
Editors.
Copyright 2011. 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 USUS$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 USUS$25 each. For subscription information,
contact Christopher Beard at 240/629-3300.
* * * End of Transmission * * *