/raid1/www/Hosts/bankrupt/TCREUR_Public/110531.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, May 31, 2011, Vol. 12, No. 106
Headlines
A U S T R I A
A-TEC INDUSTRIES: Penta Investments Mulls Takeover Bid
C Z E C H R E P U B L I C
SAZKA AS: Prague Court Confirms Bankruptcy Move
SAZKA AS: Penta Investments to Make CZK2-Billion Proposal
G E R M A N Y
WINDERMERE X: S&P Lowers Rating on Class F Notes to 'CCC-'
H U N G A R Y
HOLLOHAZI: Goes Into Insolvency; Rescue Plan Drawn Up
I R E L A N D
CAVAN CRYSTAL HOTEL: In Receivership With EUR12-Mil Debt to ACC
EIRCOM GROUP: Optimistic on Future Despite Debt Breach Fears
EMARNO: Bank of Scotland Places Jeweler Into Receivership
I T A L Y
STT HOLDING: S&P Cuts Issuer Credit Rating to 'B+'; Outlook Stable
K A Z A K H S T A N
KAZAKH MBS 2007-I: Fitch Affirms Rating on Class A Notes at 'BB+'
N E T H E R L A N D S
ENDEMOL BV: May Write Off EUR900MM Debt Under Restructuring Plan
P O R T U G A L
* PORTUGAL: Company Insolvency Requests Up 4.83% This Year
R U S S I A
BANK ROSSIYA: Fitch Withdraws 'B' Long-Term Issuer Default Rating
BANK URALSIB: S&P Affirms 'B+' Long Term Issuer Credit Rating
EURASIA DRILLING: Fitch Assigns 'BB' Long-Term IDR; Outlook Stable
HOME CREDIT: Fitch Assigns 'BB-' Long-Term Issuer Default Rating
S P A I N
UCI 17: S&P Affirms 'D' Ratings on Three Classes of Notes
U K R A I N E
PRAVEX-BANK: Fitch Assigns Final 'B+' Rating to UAH200MM Bonds
U N I T E D K I N G D O M
NORTHERN ROCK: Options for Bank Explored; Straight Sale Likely
P S CORNEY: Poor Cash Flow Prompts Voluntary Liquidation
ROAD MANAGEMENT: S&P Affirms 'B+' Bond Rating; Outlook Negative
VISIT LONDON: 'Mayor Failed to Secure Promotional Funding'
*UK: Insolvencies in Hospitality Sector Drop 5%
X X X X X X X X
* Large Companies with Insolvent Balance Sheet
*********
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A U S T R I A
=============
A-TEC INDUSTRIES: Penta Investments Mulls Takeover Bid
------------------------------------------------------
According to Bloomberg News' Jonathan Tirone, Wiener Zeitung,
citing Penta Investments Ltd. spokesman Martin Danko, reported
that the Czech private equity company, may bid for A-Tec
Industries AG.
Bloomberg relates that the newspaper reported A-Tec has until
June 30 to find a buyer or face liquidation. Bloomberg notes that
the report said there are as many as 10 interested buyers in the
company.
On Oct. 22, 2010, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported that A-Tec sought court clearance to
reorganize debt after losing access to its line of credit because
of an Australian power-station project's financial difficulties.
Bloomberg disclosed A-Tec said in a statement on Oct. 20 that the
company filed for self-administered reorganization proceedings at
the Vienna Commercial Court and appointed trustees for
bondholders. The company has a EUR798 million (US$1.11 billion)
revolving credit facility and EUR302 million of outstanding bonds,
according to Bloomberg data.
A-TEC Industries AG engages in plant construction, drive
technology, machine tools, and minerals and metals businesses in
Europe and internationally. The company is based in Vienna,
Austria.
===========================
C Z E C H R E P U B L I C
===========================
SAZKA AS: Prague Court Confirms Bankruptcy Move
-----------------------------------------------
CTK reports that a creditors' meeting on Friday decided to send
Sazka AS into bankruptcy and the City Court in Prague confirmed
the move.
The bankruptcy move was approved by almost 78 percent of votes of
unsecured creditors and by 100 percent of votes of secured
creditors at the creditors' meeting, CTK cites. The only secured
creditor is The Bank of New York Mellon.
The creditors' meeting was attended by about 40 creditors,
according to CTK. Voting rights are held by creditors with claims
worth almost Kc8.4bn in total.
PPF and KKCG are among Sazka's largest creditors who pushed for
the bankruptcy, CTK notes. The KKCG and PPF groups said they want
Sazka to continue its activities but not with the current
management, CTK relates. In contrast, companies Penta and
Gladiolus said the bankruptcy proposal was absurd, the report
cites.
According to CTK, by approving the bankruptcy, Sazka board of
directors is losing the right to handle the company's assets,
which will now be administered by an insolvency administrator.
CTK notes that Martina Lhotakova, spokeswoman of the City Court in
Prague, said the bankruptcy will take effect through publication
in the insolvency register, which should be completed by the end
of June at the latest. "It will probably become effective on
Monday, May 30, already," she added, according to the report. She
also said Sazka's management would face criminal prosecution if it
took irreversible steps related to Sazka's assets in the meantime,
CTK discloses.
"Sazka will most definitely appeal against the declaration of
bankruptcy. It will fight against it using all legal means," CTK
quotes Sazka chief executive Ales Husak as saying after the
creditors meeting ended.
KKCG spokesman Dan Plovajko, as cited by CTK, said after the
creditor meeting that the decision about bankruptcy is the only
solution to Sazka's future.
"Bankruptcy is a forced solution at a moment when Sazka's
shareholders repeatedly rejected our proposals to resolve the
situation and when Mr. Husak on top of it launched targeted
destruction of Sazka," PPF spokesman Alexej Bechtin told CTK.
As reported by the Troubled Company Reporter-Europe, CTK, citing
information made public in the insolvency register, said the
Prague City Court declared Sazka insolvent on March 29 and named
Josef Cupka as insolvency administrator.
Sazka AS is a provider of lotteries and sport betting games in the
Czech Republic.
SAZKA AS: Penta Investments to Make CZK2-Billion Proposal
---------------------------------------------------------
CTK reports that Penta Investments spokesman Martin Danko said in
a discussion program on the public broadcaster Czech Television on
Friday that the investment group intends to make a CZK2 billion
proposal to take over lottery business of Sazka AS.
The offer will be made immediately after the company is declared
bankrupt, according to CTK. The offer will be submitted to
bankruptcy administrator Josef Cupka. Penta was set to submit the
offer yesterday, May 30, CTK notes.
According to CTK, the offered price is the appraisal of the
trademark, distribution network, and licensing rights.
PPF and KKCG, Sazka's largest creditors, refuse to speak about the
offer and the price for takeover of Sazka's lottery business for
now, CK relates.
Penta does not agree with Friday's decision about Sazka's
bankruptcy due to shortcomings during the insolvency proceedings,
CTK notes. "Our lawyers are preparing lawsuits and we will soon
sue the whole process which we consider manipulated and
scandalous," CTK quotes Mr. Danko as saying.
As reported by the Troubled Company Reporter-Europe, CTK, citing
information made public in the insolvency register, said the
Prague City Court declared Sazka insolvent on March 29 and named
Josef Cupka as insolvency administrator.
Sazka AS is a provider of lotteries and sport betting games in the
Czech Republic.
=============
G E R M A N Y
=============
WINDERMERE X: S&P Lowers Rating on Class F Notes to 'CCC-'
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
all of Windermere X CMBS Ltd.'s classes of notes. "At the same
time, we removed from CreditWatch negative our ratings on the
class A, B, and C notes, and withdrew our rating on the class X
notes," S&P stated.
"Our rating actions reflect our view of an increased likelihood of
principal losses, and the application of our counterparty criteria
and our criteria for rating interest-only securities," S&P noted.
"We have based our opinion on the increased chance of principal
losses in light of recent events, which have affected the
valuation amounts of the assets securing two of the underlying
loans -- the Woolworth Boenen and Tresforte loans -- which
together represent 6.8% of the current pool," S&P continued.
The Woolworth Boenen loan (a EUR46.5 million senior loan
representing 3.9% of the pool) is secured against a distribution
warehouse building in Boenen, Germany, which was single-let to
Deutsche Woolworth GmbH & Co KG. The property was built
specifically for the tenant in two identical phases in 1994 and in
2001-2002.
The servicer, Hatfield Philips International LLC, transferred this
loan to special servicing on Jan. 19, 2010, due to tenant
insolvency; the tenant subsequently vacated the property in July
2010. A January 2010 valuation reported the vacant possession
value of the property to be EUR27.9 million, indicating a
securitized loan-to-value (LTV) ratio of 166.6%. This represents
a decline of 48% from the 2006 valuation of VPV. Since then, the
borrower has sought potential tenants and buyers. Hatfield Philips
International, as the special servicer, also commissioned an asset
management strategy report, which has indicated that the property
would need substantial capital improvements to meet modern
logistics requirements. In addition, the report considered an
option to divide the property into two separate facilities. It
estimates the cost of this to be $660,000 and the rental value of
this space to be EUR1.8 million. The annual rent collected from
the previous tenant was EUR5.4 million.
"In light of the decline in income, we believe that the principal
recovery amount may be significantly less than the 2010 valuation.
The borrower and special servicer continue to consider various
workout options. We believe that the ultimate workout of the loan
will be difficult, given that the property is currently generating
no income," S&P disclosed.
The Tresforte loan (a EUR35 million loan representing 2.9% of the
pool) is secured against 11 primarily grade B office properties
located throughout The Netherlands.
The servicer transferred the loan to special servicing due to an
LTV covenant breach and a payment default on the January 2010
interest payment date. An October 2009 valuation reported the
value of the portfolio to be EUR36.7 million, indicating an LTV
ratio of 95.5%. The portfolio occupancy reported on the May 5,
2011 quarterly investor report is 66.0%, down from 74.5% in the
April 2010 report. The weighted-average remaining lease term is
2.6 years while the loan matures in January 2012.
"With the occupancy trending downward, we believe that the value
of the properties has declined since the October 2009 valuation.
The special servicer continues to consider various workout
options," S&P stated.
"As a consequence of the decrease in value of the properties
securing these two loans, we believe that the class E and F notes
are exposed to principal losses and we have lowered our ratings to
'CCC (sf)' and 'CCC- (sf)' to reflect this. We have also lowered
our ratings on the class A, B, C, and D notes to reflect the
decreased subordination available to these classes because of
these likely principal losses," S&P explained.
"With regard to the class A, B, and C notes, we have lowered the
ratings further to reflect counterparty risk, which has also
affected the class X notes. On Jan. 18, 2011, we placed our
ratings on these classes on CreditWatch negative when our updated
counterparty criteria became effective (see 'EMEA Structured
Finance CreditWatch Actions In Connection With Revised
Counterparty Criteria')," S&P noted.
S&P stated, "Under our counterparty criteria, without a
replacement framework for a counterparty in a transaction, and
absent other mitigating factors, the maximum ratings achievable
for structured finance notes are typically no higher than the
counterparty's issuer credit rating (ICR). When documents reflect
a framework from any of our previous counterparty criteria, the
maximum rating that the notes can achieve, absent other mitigating
factors, is the counterparty's rating plus one notch."
"In this transaction, the account bank agreement does not reflect
our updated criteria and, in our opinion, has a weak replacement
framework such that the respective ratings on Windermere X's notes
do not qualify for one notch above the ICR on the account bank
[Bank of America (A+/Negative/A-1)]. Therefore, the ratings on the
class A, B, C, and X notes are limited to the lower of the ICR and
our view of the creditworthiness of the underlying loans,"
according to S&P.
"Consequently, we have lowered our ratings on the class A, B, C,
and X notes to their new rating level and removed the ratings from
CreditWatch negative," S&P said.
"We have also withdrawn our rating on the class X notes, in line
with our 'Global Methodology For Rating Interest-Only Securities,'
published April 15, 2010. For interest-only securities that
reference either the entire asset pool of a transaction or an
amortization schedule or formula, we maintain their current
ratings until all principal- and interest-paying classes rated
'AA-' or higher have been retired or downgraded below that rating
level -- at which time we will withdraw these interest-only
ratings," S&P elaborated.
Windermere X CMBS closed in April 2007 with notes totaling
EUR1.497 billion. The notes have a legal final maturity in October
2019. Of the 15 loans that originally backed the transaction,
three have repaid. The note balance has reduced to EUR1.204
billion.
Ratings List
Class Rating
To From
Windermere X CMBS Ltd.
$1.497 Billion Commercial Mortgage-Backed Floating-Rate Notes
Ratings Lowered and Removed From CreditWatch Negative
A A+ (sf) AAA (sf)/Watch Neg
B A+ (sf) AAA (sf)/Watch Neg
C A- (sf) AA (sf)/Watch Neg
Ratings Lowered
D BB+ (sf) A- (sf)
E CCC (sf) BB (sf)
F CCC- (sf) B- (sf)
Rating Lowered and Withdrawn
X A+ AAA (sf)/Watch Neg
NR A+ (sf)
NR--Not rated.
=============
H U N G A R Y
=============
HOLLOHAZI: Goes Into Insolvency; Rescue Plan Drawn Up
-----------------------------------------------------
MTI-Econews reports that Hollohazi has become insolvent.
According to MTI, a mandatory liquidation procedure has been
launched against the company, but the Hungarian National Asset
Management Company has drawn up a new strategy that aims to
maintain the company's heritage with an eye to the employment
situation in the area. The plan, MTI says, is to be implemented
within the framework of a wholly state-owned company.
Under the plan, some of the company's activities will be
transferred to Hollohazi Hungarikum Kozhasznu Nonprofit, MTI
notes.
Hollohazi is Hungarian porcelain maker. The company is majority
owned by the state.
=============
I R E L A N D
=============
CAVAN CRYSTAL HOTEL: In Receivership With EUR12-Mil Debt to ACC
---------------------------------------------------------------
Donal O'Donovan at Irish Independent reports that Cavan Crystal
Hotel has been placed into receivership after ACC Bank moved to
recoup EUR12 million of loans secured against the hotel.
The hotel will stay open under the receiver's control and its 120
staff will continue to be employed as normal, according to Irish
Independent.
Accountant Kieran Wallace of KPMG is understood to have been
appointed by ACC Bank as receiver to Cavan Hotel & Leisure
Company, which operates the hotel, Irish Independent relates. ACC
Bank has a number of charges against Cavan Hotel and its assets.
Irish Independent notes that Cavan Hotel & Leisure Company had net
debt of EUR1.5 million at the end of 2009. That included a bank
overdraft of EUR190,000 and trade creditors of EUR445,463.
However, ACC is understood to be "owed EUR12m in total,"
encompassing some property-related debt, Irish Independent
relates.
In a statement, Mr. Wallace said the business will continue to
trade as normal and will keep the Cavan Crystal Hotel name, Irish
Independent relates. That's despite the fact that the Cavan
Crystal glass business is not affected by the receivership, the
report notes.
Cavan Crystal Hotel, in Cavan town, is a luxury four star hotel
that is famous for showcasing local craft, including Cavan
crystal. It features 85 bedrooms as well as business suites and
conference rooms and hi-tech leisure facilities.
EIRCOM GROUP: Optimistic on Future Despite Debt Breach Fears
------------------------------------------------------------
Finbarr Flynn at Bloomberg News reports that Eircom Group Ltd.
said it is "very optimistic" it can resolve its debt situation
this year, even as it warned of a likely breach in financial
covenants in the next three months.
Interim Chief Financial Officer Mark Wilson said in a telephone
interview with Bloomberg that Eircom expects the process to repair
its covenants to be "quick" and may present proposals to lenders
by the "summe."
Eircom, as cited by Bloomberg, said in a presentation on its third
quarter in its Web site on Friday that net debt stood at EUR3.75
billion (US$5.4 billion) as of March 31, with no further
repayments scheduled before June.
Bloomberg relates that Chief Executive Officer Paul Donovan on
Friday said Eircom is holding preliminary talks with lenders about
its covenants as the Irish economy remains weak and competition
intensifies.
The company plans to cut 1,000 jobs over the next two years,
Bloomberg discloses.
According to Bloomberg, Eircom said in a separate statement on
Friday that group revenues fell 11% to EUR407 million in the
quarter ended March 31, while adjusted earnings before interest,
taxes, depreciation and amortization fell 6% to EUR170 million.
Eircom added that it is holding discussions with shareholders on
bolstering its balance sheet.
Headquartered in Dublin, Ireland, Eircom Group --
http://www.eircom.ie/-- is an Irish telecommunications company,
and former state-owned incumbent. It is currently the largest
telecommunications operator in the Republic of Ireland and
operates primarily on the island of Ireland, with a point of
presence in Great Britain.
EMARNO: Bank of Scotland Places Jeweler Into Receivership
---------------------------------------------------------
Gavin Daly at The Sunday Post Online reports that Emarno has been
placed into receivership by Bank of Scotland (Ireland) over
multimillion euro debts.
Liam Dowdall of accountancy firm Smith & Williamson Freaney has
been appointed by BoSI as receiver to Emarno (2007), the company
behind the business, according The Sunday Post Online.
The Sunday Post Online notes that the
Emarno had EUR5.4 million in loans at the end of 2009, according
to the company's latest accounts, The Sunday Post Online notes.
Emarno accumulated profits of just over EUR52,000 at the end of
2009, down from EUR296,000 a year earlier.
Emarno was set up around 30 years ago by the Anthony Nicholas
group, which also owns the Solvar Irish jeweler business. It was
sold to Moroney and Curran when Mr. Nicholas decided to focus on
its retail business.
=========
I T A L Y
=========
STT HOLDING: S&P Cuts Issuer Credit Rating to 'B+'; Outlook Stable
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'B+' from 'BB' its
long-term issuer credit rating on the Italian city of Parma's
investment company STT Holding SpA. "We removed the ratings from
CreditWatch where they were placed on Dec. 23, 2010, and we have
assigned a stable outlook to the rating," S&P said.
"However, we have suspended our rating on STT, reflecting our view
that STT's delay in producing key financial and economic
information -- including a comprehensive business plan --
temporarily prevents us from continuing our surveillance of STT's
credit profile," S&P stated.
"The rating action follows information that some of the company's
main businesses have performed below our expectations as defined
by STT's previous business plan. In fact, the company has
requested a rescheduling of the group's debt (the bulk of which is
concentrated at year-end 2012). We understand that banks have not
yet answered STT's request," S&P continued.
S&P further noted, "The rating also factors in what we see as
Parma's increased support to compensate for STT's economic
difficulties, concentrated in some of its main construction
projects. We believe Parma will continue to increase its current
support during 2011, in order to stabilize STT's financial risk
profile, and carry out a new business plan within a different
timeframe. The stable outlook at the time of the suspension
factors in our expectation that Parma would use all its potential
for additional support to avoid further deterioration of STT's
business and financial profile if needed. It also factors in our
expectation that banks would accept a rescheduling of STT's
debt to allow for a longer maturity of STT's projects."
Standard & Poor's may suspend a rating if it expects to reinstate
the rating in the future. "The rating suspension implies that the
issuer has failed to provide important information that we need
for our surveillance activity. Missing information includes the
company's business plan and cash flow statements," S&P said.
"If sufficiently detailed information becomes available, Standard
& Poor's will reinstate the rating on STT based on our assessment
of its creditworthiness at the time," S&P related.
"Conversely, if we continue to lack sufficient information, we
will withdraw the rating," S&P added.
===================
K A Z A K H S T A N
===================
KAZAKH MBS 2007-I: Fitch Affirms Rating on Class A Notes at 'BB+'
-----------------------------------------------------------------
Fitch Ratings has affirmed Kazakh Mortgage Backed Securities 2007-
I B.V.'s (Kazakh MBS) class A and B notes and upgraded the class C
notes. The agency has removed all classes of notes from Rating
Watch Negative (RWN). Fitch also assigned a Positive Outlook to
the Class A and B notes, and a Loss Severity Rating of LS-3 for
the class C notes. The rating actions are:
-- Class A (ISIN XS0293196266): affirmed at 'BB+'; Positive
Outlook; Loss Severity Rating 'LS-1'
-- Class B (ISIN XS0293196696): affirmed at 'B'; Positive
Outlook; Loss Severity Rating 'LS-2'
-- Class C (ISIN XS0293196779): upgraded from 'CCC' to 'B-';
Stable Outlook; Loss Severity Rating 'LS-3'
Kazakh MBS is a securitization of mortgage loans originated by BTA
Ipoteka (BTAI), a wholly-owned subsidiary of BTA Bank ('B-
'/Stable).
Fitch placed the ratings on RWN in February 2009 as a result of
the rapid deterioration of the portfolio's performance, BTAI's
inability to keep repurchasing distressed loans to support
performance, and considerable uncertainty as to the servicing of
the portfolio if BTAI's operations were to be dissolved. Fitch's
affirmation of the class A notes at 'BB+' reflects the
stabilization of the transaction performance and the likely
continuation of the portfolio servicing if BTA Bank is to default
again in the future.
The agency noted a general stabilization of the transaction's
performance towards the end of 2009 and in 2010, despite BTAI
discontinuing its repurchases of distressed loans since September
2009. The "distress rate" that Fitch calculates from loan-by-loan
performance data, and that represents the annualized percentage of
loans leaving the transaction after reaching 60 days in arrears,
was as high as 5.5% in 2008, but fell to 3.6% in 2009 and 2.3% in
2010. Fitch explains this improvement by the recovery of the
Kazakh economy, due in turn to the restoration of some of the
capital inflows lost during the credit crisis and increasing oil
prices. On the downside though the liquidity of the Kazakh housing
market remains very limited, as reflected by the central bank's
net lending figures. Fitch notes a significant increase in the
transaction's three months arrears since the start of 2011, from
0.4% to 1.4% as of April but does not currently see it as a threat
to the notes' credit quality given the healthy levels of excess
spread (around 4% to 7% annualized, measured after replenishment
of the reserve).
Immediate threats to the continuation of BTAI's servicing have
eased with the restructuring of BTA Bank's debt (the parent
company of BTAI), and the subsequent upgrade of its IDR back to
'B-'/Stable in December 2010. In Fitch's view events surrounding
BTA Bank's default have shown that limited reliance can be placed
in the back-up servicing arrangements signed with Halyk Bank ('BB-
'/Stable), should the servicer's operations face new risks of
dissolution in the future. Fitch however notes that the servicing
of the portfolio was maintained despite BTA's default; the agency
believes BTAI's servicing activities will continue uninterrupted
in the medium-term even if BTA's financial situation deteriorates
again.
Given the stabilization of the Kazakh economy and the large excess
spread still available, Fitch no longer expects a default of the
class C notes, and as such upgrades the rating of this class to
'B-'.
The Positive Outlook for the class A and B notes owes to the large
credit enhancement available for these classes. Credit enhancement
available to the notes as of April 2011 is: 47.3% for the class A
notes, 26.9% for the class B notes and 14.2% for the class C
notes.
Fitch will continue to monitor the transaction and take the
appropriate rating actions if necessary.
=====================
N E T H E R L A N D S
=====================
ENDEMOL BV: May Write Off EUR900MM Debt Under Restructuring Plan
----------------------------------------------------------------
The Scotsman reports that sources claim that lenders to Endemol
may write off EUR900 million (GBP780 million) of debt as part of
the company's financial restructuring.
The company has said it would breach its lending agreements this
year after a fall in profits, The Scotsman notes.
Lenders, including RBS, expect to be offered 49% of Endemol in
exchange for writing off 30 to 50% of loans, The Scotsman
discloses.
Endemol B.V. -- http://www.endemol.com/-- is one of the world's
leading producers of TV programs best known for its output of hit
reality-based programming and game shows such as Deal or No Deal,
Big Brother, and Extreme Makeover: Home Edition. The production
company also creates scripted dramas and soap operas, and develops
digital content for online distribution. It has more than 2,000
programming formats in its library and exports shows to more than
25 countries around the world. Formed in 1994, Endemol is owned
by a consortium led by private equity firm Goldman Sachs and
Italian television company Mediaset.
===============
P O R T U G A L
===============
* PORTUGAL: Company Insolvency Requests Up 4.83% This Year
----------------------------------------------------------
According to Bloomberg News' Joao Lima, Diario de Noticias, citing
data from the Commercial Information Institute, reported that
Portuguese courts have received 4.83% more insolvency requests
from companies this year than in the same period of 2010.
Bloomberg relates that Diario de Noticias said so far this year,
1,802 companies have made insolvency requests. Bloomberg notes
that newspaper said retail and real estate businesses are
recording the highest increases in requests.
===========
R U S S I A
===========
BANK ROSSIYA: Fitch Withdraws 'B' Long-Term Issuer Default Rating
-----------------------------------------------------------------
Fitch Ratings has affirmed and withdrawn Bank Rossiya's (BR)
ratings, including its Long-term Issuer Default Rating (IDR) of
'B'. Fitch will no longer have access to sufficient information to
maintain the ratings due to BR's decision to not participate in
the rating process.
The agency will no longer provide ratings or analytical coverage
of BR.
These ratings have been affirmed and withdrawn:
-- Long-term IDR: affirmed at 'B'/ Stable Outlook; withdrawn
-- Short-term IDR: affirmed at 'B'; withdrawn
-- Individual Rating: affirmed at 'D/E'; withdrawn
-- Support Rating: affirmed at '5', withdrawn
-- Support Rating Floor: affirmed at 'No Floor'; withdrawn
-- National Long-term Rating: affirmed at 'BBB'/ Stable
Outlook; withdrawn
BANK URALSIB: S&P Affirms 'B+' Long Term Issuer Credit Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Russia-
based Bank URALSIB (OJSC) to stable from negative. The 'B+' long-
term and 'B' short-term counterparty issuer credit ratings were
affirmed.
The outlook revision reflects the reduced market pressure on the
bank's financial performance amid the gradually improving
operating environment in Russia.
URALSIB has decreased related-party exposure, while asset quality
is demonstrating a positive trend. Liquidity tension has reduced
and the bank enjoys a lower reliance on wholesale funding than
peers. At the same time, the ratings are constrained by weak
capitalization, still fairly high asset quality problems, and
suppressed profitability.
The ratings reflect URALSIB's stand-alone credit profile and do
not include any uplift for potential extraordinary external
support, either from the bank's owners or the Russian government.
The stable outlook reflects the stabilizing operating environment
and our expectations that the bank's credit profile, liquidity,
and profitability will be maintained at adequate levels.
"We could consider a positive rating action if the bank's asset
quality significantly improved closer to pre-crisis levels, with
nonperforming loans comprising less than 5% of total loans; if
capitalization improved to a level that would be more commensurate
with a higher rating for a bank in Russia; and if the bank
sustained its funding base and resilient liquidity profile, as
well as demonstrating good profitability," S&P stated.
"We would consider lowering the ratings if asset quality
deteriorated, profitability proved to be materially constrained,
if capitalization were pressured further, or if there were a
significant liquidity shortage and deposit run," S&P said.
EURASIA DRILLING: Fitch Assigns 'BB' Long-Term IDR; Outlook Stable
------------------------------------------------------------------
Fitch Ratings has assigned Russia-based Eurasia Drilling Company
Ltd. (EDC) a Long-term foreign and local currency Issuer Default
Rating (IDR) of 'BB' and a National Long-term rating of 'AA-
(rus)'. Fitch has also assigned EDC a Short-term foreign and local
currency IDR of 'B'. The Outlooks on the Long-term ratings are
Stable.
The ratings reflect its position as the largest independent
drilling company in Russia with a market share of about 24% (over
30% following the completion of asset acquisitions from
Schlumberger, Transocean and Slavneft), its strong operational
profile, a more modern rig fleet than that of its Russian peers
and long-term contract arrangements with its largest customer, OAO
LUKOIL (LUKOIL;'BBB-'/Stable).
The ratings also reflect EDC's strong financial profile: healthy
operating profit margins, strong operating cash flows and a debt
profile that is commensurate with the rating level.
In FY10 EDC generated approximately US$1.8 billion in revenues, a
31% increase on FY09, following record drilling volumes of 4.1
million meters, a 9% increase on FY09. This compares well with a
34% revenue decline in FY09, which was largely a result of RUB
depreciation against USD. Fitch estimates that over FY11-12, EDC
will achieve revenue growth of about 25% per annum, mostly due to
incremental revenues from newly consolidated assets. Thereafter,
EDC should maintain single-digit organic revenue growth.
Over the last three years, EDC has maintained a strong financial
profile and reduced its net debt thanks to its large cash
position. At December 31, 2010, EDC's total debt stood at US$404
million, of which US$286 million or 71% was long-term. This
compared well with cash and cash equivalents of US$629 million.
Although EDC has increased its indebtedness in FY11 to finance
capex and acquisitions, Fitch expects that EDC will maintain
funds-from-operations (FFO) adjusted leverage under 1.5x in 2011-
2015, which is commensurate with the 'BB' rating level.
On the other hand, EDC's ratings are constrained by its smaller
size relative to international peers, its historic dependence on
onshore drilling in Russia and the significant future capital
requirements for the rig fleet modernization.
Fitch notes that LUKOIL remains EDC's single largest customer
accounting for 71% of total revenues in FY10, up slightly from 69%
in FY09. Despite the current high level of customer concentration,
the agency considers the close historic links between EDC and
LUKOIL as positive for EDC's ratings. Fitch believes that EDC is
well positioned to expand its operations following LUKOIL's
exploration and production program on the Caspian Sea shelf and in
Iraq. The agency expects that the share of EDC's revenues coming
from LUKOIL will decrease over time as EDC continues to diversify
its client base and geography of operations.
In Fitch's 2011 Outlook for Global Drilling and Oilfield Services,
the agency notes that its revised oil price deck is generally
supportive of continued improvements for the drilling and oilfield
services sector, as it should increase capital expenditure levels
by upstream companies. Concurrently, Fitch views the Russian oil
field services sector as having good growth potential. On the
other hand, the Russian oil field services sector has become more
competitive as global oilfield service companies have increased
their presence in the region through acquisitions. This trend is
likely to continue, but it will take time for foreign players to
establish meaningful positions. In line with this trend, Fitch
expects that EDC's EBITDA margin will gradually decline over time
from the current level of 24%.
Incorporated in the Cayman Islands and listed on the London Stock
Exchange, EDC is the largest independent provider of onshore
drilling services in Russia, as measured by the number of meters
drilled, providing onshore integrated well construction services
and workover services. Its fleet includes 200-plus onshore
drilling rigs, over 250 workover rigs and two offshore jack-up
rigs operating in the Caspian Sea. EDC also offers onshore
integrated well construction services and workover services to oil
and gas companies primarily in Russia and offshore drilling
services to oil and gas companies in the Russian, Kazakh and
Turkmen sectors of the Caspian Sea.
HOME CREDIT: Fitch Assigns 'BB-' Long-Term Issuer Default Rating
----------------------------------------------------------------
Fitch Ratings has assigned Russia-based Home Credit and Finance
Bank (HCFB) a long-term foreign and local currency Issuer Default
Ratings (IDRs) of 'BB-' with a Stable Outlook.
"HCFB's ratings are underpinned by sound profitability, adequate
asset quality through the cycle and prudent risk management,
strong cash generation capacity and strong capitalization," says
Vladimir Markelov, Director in Fitch's Financial Institutions
group. "Although the bank has achieved significant funding
diversification through deposit attraction, the stability of these
deposits is still to be proved and wholesale refinancing risk
remains material."
The bank is currently the market leader in point-of-sale (POS)
lending in Russia, which accounts for about half of the loan book.
Fitch believes that this business will continue to be profitable
in Russia in the near-to-medium term, barring greater regulation,
although with gradually declining margins as competition
increases. As the POS market saturates, HCFB is gradually
diversifying into other retail segments such as cash loans and
credit cards, both to new and to existing customers. Cash loans
are viewed as the most promising sector, particularly in light of
the growing branch network and new client acquisition channels,
including payroll programs, corporate sales and agents.
HCFB is among the most profitable banks in Russia (return on
average asserts 9.9% in 2010), with a net interest margin of 25%
driven by high-yield lending products and cheap funding. The cost
of risk was a moderate 5%. In 2011, the bank is likely to show
strong profit as a result of recovering credit demand and
controlled costs. In the mid-term, margins are likely to come
under pressure from heightened competition, but there is sizable
room for maneuver before the viability of the business model would
come into question.
HCFB's asset quality improved in 2010 across all major business
lines following stricter underwriting and collection procedures
post-crisis. Non-performing loans (90 days overdue) reduced to
6.9% at end-2010 compared with 12.9% at end-2009 and average
write-offs dropped to 8.0% in 2010 vs. 11.1% in 2009. Loan
impairment reserves exceeded problem loans both at end-2010 and
end-2009.
Domestic and international bonds accounted for half of liabilities
at end-2010. Although market sentiment is positive at present,
swings in global risk appetite can significantly impact the bank's
access to funding. Refinancing risk is materially eased not just
by support from ultimate shareholder, the Czech-headquartered PPF
Group, but also by the strong cash-generating capacity of the
bank. HCFB's loan book currently generates about RUB8 billion-
RUB10 billion of cash monthly, equal to approximately 12%-15% of
liabilities.
Solid internal capital generation underpins the strong capital
position. During the crisis, PPF contributed RUB3 billion of
capital as a precautionary measure, which in early 2010 the bank
returned to shareholders in the form of dividends. Capital ratios
remained high (the Basel I Tier 1 ratio was 33.5% at end-2010),
and in March this year HCFB paid out RUB13.2 billion of dividends.
Fitch estimates that after this, the Tier I ratio will remain
above 20%, which still represents strong capitalization, in the
agency's view, given asset quality performance to date.
HCFB's ratings do not formally benefit from potential support from
PPF-related entities. At the same time, Fitch views positively the
fact that the PPF group has been able to provide funding and
capital to the bank during the crisis, and believes that the group
would have a high propensity to support HCFB in future, if needed.
HCBF, the 34th largest Russian bank by assets at end-Q111, is a
consumer finance institution, and currently the largest point-of-
sale lender in Russia with a 27% market share at the end of 2010,
according to management estimates. The bank has a single ultimate
shareholder, the Czech-headquartered PPF Group, which is
controlled by Petr Kellner. The group is a geographically and
industrially diversified holding with total assets of EUR11.8
billion and EUR4.3 billion of equity at end-H110. The major
group's investments, apart from HCFB, include Nomos Bank,
Polymetal and Eldorado in Russia and Generali PPF in Central and
Eastern Europe.
The rating actions are:
-- Long-term foreign currency IDR: assigned at 'BB-'; Outlook
Stable
-- Short-term foreign currency IDR: assigned at 'B'
-- Long-term Local currency IDR: assigned at 'BB-'; Outlook
Stable
-- Individual Rating: assigned at 'D'
-- Support Rating: assigned at '5'
-- Support Rating Floor: assigned at 'No Floor'
-- Senior unsecured rating: assigned at 'BB-'
=========
S P A I N
=========
UCI 17: S&P Affirms 'D' Ratings on Three Classes of Notes
---------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions in Spanish residential mortgage-backed securities (RMBS)
transactions Fondo de Titulizacion Hipotecaria UCI 10, 12 and
Fondo de Titulizacion de Activos UCI 11, 14, 15, 16, and 17
following S&P's analysis and the application of its 2010
counterparty criteria.
Specifically, S&P:
* Has kept its ratings on UCI 10, 11, 12, and 15's class A
notes unchanged. However, they are no longer on CreditWatch
negative for counterparty reasons, but they are now on
CreditWatch negative for credit reasons;
* Placed on CreditWatch negative our ratings on UCI 10's class
B notes, UCI 11 and 12's class B and C notes, UCI 14's class
A and B notes, and UCI's 15 class B notes;
* Lowered and kept on CreditWatch negative S&P's ratings on
UCI 16's class A2 notes and UCI 17's class A2 and B notes;
* Lowered and removed from CreditWatch negative S&P's rating
on UCI 16's class B and C notes; and
* Affirmed S&P's ratings on UCI 16's class D and E notes and
UCI 17's class C and D notes.
From 2007, these UCI transactions have experienced increasing
levels of severe arrears. "We have observed a similar trend in
other Spanish portfolios, but the most recent UCI transactions
have reached higher level of arrears than the average for similar
Spanish transactions that we rate," S&P stated.
"In 2009, we understand that Union de Creditos Inmobiliarios,
Establecimiento Financiero de Credito S.A. (UCI) decided to adopt
a more proactive approach to arrears management. Rather than
renegotiating the conditions of the initial agreement, UCI decided
to offer temporary reductions of monthly installments to borrowers
experiencing difficulties. UCI enters into this kind of agreement
only when it considers that the borrower's difficulties are
temporary and it expects that the borrower will be able to pay
again the contractual installment and the end of the agreement.
Moreover, UCI is now trying to obtain sale mandates from borrowers
that are unable to perform on their payment obligations, with the
target of speeding up the sale process and maximizing the recovery
amounts. Currently, about one-eighth of the UCI's Spanish
workforce is dedicated to the sale of properties, either pursuant
to sale agreements or repossessed properties," S&P continued.
S&P noted, "UCI has provided us with data showing that about 75%
of the loans that were in performing arrangements are now
performing. However, in our opinion these loans are still more
risky than loans that have never been in arrangements. Moreover,
such agreements could, in our view, postpone the recognition of
losses and delay triggers for the deferral in the payment of
interest on the junior notes, which would be detrimental to the
senior notes. We have placed on CreditWatch negative our ratings
on the most highly-rated tranches in these UCI transactions that
have a relatively larger percentage of loans in such arrangements.
We are monitoring the performance of such pools and will take
any appropriate rating action in due course."
"We have removed from CreditWatch negative for counterparty
reasons our ratings on the class A notes in UCI 10, 11, 12, and
15, because our review of the transaction documents indicates that
they are in line with our 2010 criteria (see 'Counterparty And
Supporting Obligations Methodology And Assumptions,' published on
Dec. 6, 2010). We had placed these classes on CreditWatch
negative on Jan. 18, 2011 when our 2010 counterparty criteria
became effective (see 'EMEA Structured Finance CreditWatch Actions
In Connection With Revised Counterparty Criteria,' published Jan.
18, 2011)," S&P related.
Additional Factors for UCI 16 and 17
"The level of arrears in the UCI 16 and 17 pools have stabilized
since our last review in November 2010 and October 2010, and have
decreased in certain arrears buckets; however, part of this
decrease is due to the large portion of loans that are currently
in payment arrangements, in our view. There has also been a house
price correction in Spain since 2008, which has led to elevated
weighted-average loan-to-value ratios in the pools. For these
reasons, we have increased our loss expectations for the pools,"
S&P noted.
Cash reserves are depleted since both transactions fully provide
for defaulted loans, and available excess spread has been
insufficient to cover such amounts. Both transactions are
undercollateralized as the amount of performing assets is lower
than the balance of the outstanding notes.
"To reflect this deteriorating portfolio credit quality, we have
lowered our ratings on UCI 16 class A2, B, and C notes and UCI
17's class A2 and B notes to rating levels commensurate with their
current credit enhancement," S&P continued.
UCI 10, 11, 12, 14, 15, 16, and 17 are Spanish RMBS transactions.
They are backed by pools of first-ranking mortgages secured over
owner-occupied residential properties in Spain and pools of
unsecured personal or second-lien mortgage loans, all associated
with first-ranking mortgages originated by Union de Creditos
Inmobiliarios, Establecimiento Financiero de Credito.
Ratings List
Class Rating
To From
Ratings Remaining on
CreditWatch Negative;
No Longer on CrediWatch
Negative For Counterparty
Reasons But on CreditWatch
Negative for Credit Reasons
Fondo de Titulizacion Hipotecaria UCI 10
EUR700 Million Mortgage-Backed Floating-Rate Notes
A AAA (sf)/Watch Neg
Fondo de Titulizacion de Activos UCI 11
EUR850 Million Mortgage-Backed Floating-Rate Notes
A AAA (sf)/Watch Neg
Fondo de Titulizacion Hipotecaria UCI 12
EUR900 Million Mortgage-Backed Floating-Rate Notes
A AAA (sf)/Watch Neg
Fondo de Titulizacion de Activos UCI 15
EUR1.452 Billion Mortgage-Backed Floating-Rate Notes
A AAA (sf)/Watch Neg
Ratings Placed on CreditWatch Negative
Fondo de Titulizacion Hipotecaria UCI 10
EUR700 Million Mortgage-Backed Floating-Rate Notes
B A (sf)/Watch Neg A (sf)
Fondo de Titulizacion de Activos UCI 11
EUR850 Million Mortgage-Backed Floating-Rate Notes
B A (sf)/Watch Neg A (sf)
C BBB (sf)/Watch Neg BBB (sf)
Fondo de Titulizacion Hipotecaria UCI 12
EUR900 Million Mortgage-Backed Floating-Rate Notes
B A (sf)/Watch Neg A (sf)
C BBB (sf)/Watch Neg BBB (sf)
Fondo de Titulizacion de Activos UCI 14
EUR1.45 Billion Mortgage-Backed Floating-Rate Notes
A AA+ (sf)/Watch Neg AA+ (sf)
B BB (sf)/Watch Neg BB (sf)
Fondo de Titulizacion de Activos UCI 15
EUR1.452 Billion Mortgage-Backed Floating-Rate Notes
B BB (sf)/Watch Neg BB (sf)
Ratings Lowered
and Kept on
CreditWatch Negative
Fondo de Titulizacion de Activos UCI 16
EUR1.82 Billion Mortgage-Backed Floating-Rate Notes
A2 A+ (sf)/Watch Neg AA+ (sf)/Watch Neg
Fondo de Titulizacion de Activos UCI 17
EUR1.415 Billion Mortgage-Backed Floating-Rate Notes
A2 AA- (sf)/Watch Neg AA+ (sf)/Watch Neg
B BB- (sf)/Watch Neg BB (sf)/Watch Neg
Ratings Lowered
and Removed
From Creditwatch Negative
Fondo de Titulizacion de Activos UCI 16
EUR1.82 Billion Mortgage-Backed Floating-Rate Notes
B B (sf) BB- (sf)/Watch Neg
C B- (sf) B (sf)/Watch Neg
Ratings Affirmed
Fondo de Titulizacion de Activos UCI 16
EUR1.82 Billion Mortgage-Backed Floating-Rate Notes
D CCC- (sf)
E D (sf)
Fondo de Titulizacion de Activos UCI 17
EUR1.415 Billion Mortgage-Backed Floating-Rate Notes
C D (sf)
D D (sf)
=============
U K R A I N E
=============
PRAVEX-BANK: Fitch Assigns Final 'B+' Rating to UAH200MM Bonds
--------------------------------------------------------------
Fitch Ratings has assigned Pravex-Bank's 12.5% fixed-rate UAH200
million series E two-year senior unsecured bonds, due on May 22,
2013, a final Long-term local currency rating of 'B+', a Recovery
Rating of 'RR4' and a National Long-term rating of 'AAA(ukr)'.
===========================
U N I T E D K I N G D O M
===========================
NORTHERN ROCK: Options for Bank Explored; Straight Sale Likely
--------------------------------------------------------------
Victoria Thomson at The Scotsman reports that the UK Treasury has
been advised it should sell nationalized Northern Rock plc rather
than float it on the stock market or return it to the mutual
sector.
According to The Scotsman, Deutsche Bank carried out a review of
options available for Northern Rock and it is thought to have
concluded that a straight sale was the most cost-effective way for
the UK government to relinquish control.
UK Financial Investments, the body that oversees the taxpayers'
stakes in rescued banks and which commissioned the Deutsche
review, has now formally advised the Treasury to consider selling
Northern Rock, The Scotsman discloses.
Last week, Sir Richard Branson's Virgin Money expressed an
interest in buying parts of Northern Rock, and also 600 branches
to be sold by Lloyds, to form a new high street bank, The Scotsman
relates. Other potential bidders could also include venture
capital firm JC Flowers and Clydesdale Bank-owning National
Australia Bank, The Scotsman states.
Building societies Coventry and Yorkshire are also reportedly
trying to raise funds for a bid that would see them merge with
Northern Rock and keep mutual status, The Scotsman notes. More
than 100 MPs recently supported a parliamentary motion for the
bank to become a mutual, The Scotsman says.
About Northern Rock
Headquartered in Newcastle upon Tyne, England, Northern Rock plc
-- http://www.northernrock.co.uk/-- deals with mortgages, savings
accounts, loans and insurance. The company also promotes secured
loans to its existing mortgage customers. The company had more
than US$200 billion in assets at the end of June 2007.
P S CORNEY: Poor Cash Flow Prompts Voluntary Liquidation
--------------------------------------------------------
Joanna Bourke at RoadTransport.com reports that Lancaster operator
P S Corney Haulage has entered liquidation with a GBP82,780
deficiency after a two-year cash flow struggle.
RoadTransport.com relates that the company owed preferential
creditors GBP2,000 and unsecured claimants GBP78,959, when James
Kaye and Nick Morgan of Cooper Williamson were appointed as joint
liquidators to the company on May 12, 2011.
The bulk of P S Corney Haulage's fleet is leased and it rents
premises on other company yards, meaning it had little assets
available, RoadTransport.com cites. At the time of bankruptcy,
only five employees remained at the business, all of which were
made redundant, the report adds.
"In 2009, the company directors noticed that customer demand was
diminishing, and as diesel prices went through the roof, P S
Corney struggled to keep up with debts. The company had relied
mainly on one contract, and this was recently reduced by 5%, which
really pushed it over the edge," a Cooper Williamson spokesman
told RoadTransport.com.
P S Corney Haulage is Morecambe haulier which had an O-licence for
17 vehicles.
ROAD MANAGEMENT: S&P Affirms 'B+' Bond Rating; Outlook Negative
---------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on the
GBP165 million senior secured bond, due 2021, issued by the U.K.-
based special-purpose vehicle Road Management Consolidated PLC
(RMC), to negative from stable. At the same time, the 'B+' long-
term issue rating on the bond was affirmed.
The bond retains an unconditional and irrevocable guarantee
provided by Ambac Assurance Corp. (Ambac; not rated), covering
payment of scheduled interest and principal. "According to our
criteria, the rating on a monoline-insured debt issue reflects the
higher of the ratings on the monoline insurer and Standard &
Poor's underlying rating (SPUR). Consequently, the long-term issue
rating on RMC's bond reflects the SPUR," S&P related.
The bond proceeds were used partly to fund the construction of two
shadow toll roads in the U.K.: the A1(M) between Alconbury and
Peterborough and the A417/A419 between Swindon and Gloucester.
Overall, the economic recovery in 2010 appears to have had a
positive effect on the level of heavy goods vehicle (HGV) traffic
on both roads. However, other (non-HGV) vehicle (OV) traffic,
constituting the majority of both volumes and revenues, fell on
both roads over the same period.
On the A417/A419, the total annual OV vehicle-kilometers recorded
for 2010 decreased by 0.1% on 2009, compared with an increase of
2.2% between 2008 and 2009. Conversely, HGV traffic increased by
2.5% from 2009 to 2010, following a decline of 7.9% from 2008 to
2009. On the A1(M), the total annual OV vehicle-kilometers
recorded in 2010 fell by 2.7% on 2009, compared with an increase
of 0.8% between 2008 and 2009. HGV traffic increased by 0.8% from
2009 to 2010, following a decline of 6.1% from 2008 to 2009.
"Using our definition of debt service coverage ratios (DSCRs) --
which, for example, removes interest income from the project's
cash flow -- RMC's financial profile continues to be very weak,
with a consolidated Standard & Poor's-adjusted DSCR likely to be
less than 1x in the current period," S&P noted.
S&P continued, "Our base case assumes traffic growth of about 1% a
year, which is in line with the project roads' historical
performance. Under this scenario, we believe that RMC's adjusted
DSCRs will decline over the medium term and will remain at less
than 1x. However, this also depends on other factors, including
interest rates: RMC's financial profile is fairly sensitive to the
level of interest income on its cash balances. Using the
contractual definition of debt service coverage ratio (contractual
DSCR) -- which includes interest income from the project's cash
flow -- DSCRs will be higher, but could approach 1x over the
medium term."
Under the project documentation, a trigger event occurs should the
contractual DSCR fall to less than 1.05x for either road. In
addition, an acceleration event for each road occurs if the
contractual DSCR falls to less than 1x. In essence, a trigger
event provides Ambac and/or the European Investment Bank (EIB;
AAA/Stable/A-1+; which also provides a loan to RMC), the right to
increased control and monitoring over the project. An acceleration
event provides Ambac and the EIB with the right to enforce
security and/or accelerate the senior debt.
That said, RMC continues to benefit from a strong liquidity
position. "This, in our view, partly offsets the project's weak
financial profile. We understand that RMC will continue to retain
cash, by refraining from shareholder distributions, until it has
completed a review of the lifecycle expenditure program, which we
do not anticipate until the latter part of 2011. The negative
outlook reflects our opinion that there is an increasing chance of
a trigger event or an acceleration event occurring at one of the
project roads over the next three to five years based on current
traffic volume levels and our view of likely growth," S&P
elaborated.
"We could lower the rating, possibly by more than one notch, if a
trigger event or an acceleration event were to occur. Equally, a
negative rating action could result prior to this if there is a
further weakening of RMC's projected financial profile. Such a
weakening could materialize as a result of an increased lifecycle
expenditure program; a further underperformance of OV traffic; or
if the project's liquidity position were to deteriorate following
a reinstatement of shareholder distributions, for example," S&P
noted.
"At this time, we think that the potential for positive rating
action is remote," S&P added.
VISIT LONDON: 'Mayor Failed to Secure Promotional Funding'
----------------------------------------------------------
MayorWatch reports that London Mayor Boris Johnson secured no
government funding for promoting the capital city of England
despite promising to mount a "Stalingrad-like" defense of his
budgets according to evidence heard by the London Assembly.
The Assembly's Economy, Culture and Sport committee was hearing
from witnesses as part of its investigation into the placing of
"Visit London" into administration, a move which has caused
concern about the future of pensions of the UK tourism agency's
former staff, according to MayorWatch.
MayorWatch notes that assembly members were told by witnesses that
London & Partners, a new company set up by City Hall to replace
Visit London, has a budget of GBP14 million per year for four
years.
Representatives told assembly members that the lack of long term
funding made it difficult for them to take on a previous 20 year
commitment by Visit London to pay towards the pension scheme's
deficit, MayorWatch discloses.
The Mayor's regeneration and enterprise advisor Sir Peter Rogers
said it had been unclear how much money was needed to safeguard
the pensions and that while providing a low sum "was an option",
the reported GBP7 to 9 million liability "would have decimated the
promotions budget," MayorWatch notes.
MayorWatch says that trustees from the pension fund insisted the
amount of money needed was around GBP500,000 and that the higher
sum represented a "walk out" figure, not the cost of taking on the
liability as a going concern. MayorWatch relates that the
committee also heard from two London businesses, which are owed
money by Visit London and currently expect to get paid as little
as 35% to 45% of the outstanding debt.
Dan Wardle told the assembly members that a database his business
created for Visit London was being used by London & Partners even
though he hadn't been paid and the GBP8,000 invoice had been
overdue at the time Visit London collapsed, MayorWatch notes.
MayorWatch says that the assembly members also heard from
recruitment consultant Tim Smith who is owed GBP14,000 despite
staff he'd originally found for Visit London being transferred to
London & Partners.
MayorWatch states Dan Wardle and Tim Smith complained that London
& Partners is "operating from Visit London's offices, using Visit
London's staff and resources and doing Visit London's job" while
leaving them unpaid. Mr. Wardle said that while the transfer of
assets and staff to London & Partners may not be illegal, it was
"immoral," MayorWatch notes.
The Assembly Members expressed concern that in buying Visit
London's assets from the administrators, London & Partners had
forced the taxpayer to pay again for resources they had already
funded, MayorWatch adds.
Visit London is the capital's former promotional and tourism
agency.
*UK: Insolvencies in Hospitality Sector Drop 5%
-----------------------------------------------
BigHospitality reports that business looks brighter for U.K. small
restaurant, pub and hotel operators, with the number of
insolvencies over the past year having fallen by almost 5%.
Citing Experian's latest Insolvency Index, BigHospitality
discloses that 123 small businesses in the leisure and hotel
sector, which includes restaurants and pubs, became insolvent
during April 2011, a 4.65% drop as compared to April 2010.
But despite the drop, there has been no change in the likelihood
of business failures in the sector, BigHospitality relates.
According to BigHospitality, Experian's "financial strength"
score, which predicts the likelihood of insolvency in the coming
12 months, with a score of 100 being the least likely to fail,
remains at 78.96.
Meanwhile, BigHospitality reports, the brewing industry saw only
one insolvency in April, a 0% change from last year, and scored a
financial strength score of 77.81. BigHospitality relates that
the food retail sector saw 16 insolvencies for the month, a drop
of 15.79% on the previous year, scoring a financial strength of
74.95.
The property sector was hit hardest with a 70% year-on-year
increase in business failures during April (184), BigHospitality
adds.
===============
X X X X X X X X
===============
* Large Companies with Insolvent Balance Sheet
----------------------------------------------
Total
Shareholders Total
Equity Assets
Company Ticker (US$) (US$)
------- ------ ------ ------
AUSTRIA
-------
CHRIST WATER TEC CWT AV -5754287.761 165995618.1
CHRIST WATER TEC CWT EO -5754287.761 165995618.1
CHRIST WATER TEC CWT PZ -5754287.761 165995618.1
CHRIST WATER TEC CWTE IX -5754287.761 165995618.1
CHRIST WATER TEC CWT EU -5754287.761 165995618.1
CHRIST WATER TEC CRSWF US -5754287.761 165995618.1
CHRIST WATER TEC C7W GR -5754287.761 165995618.1
CHRIST WATER-ADR CRSWY US -5754287.761 165995618.1
KA FINANZ AG 3730Z AV -359597327 30679270533
LIBRO AG LBROF US -110486313.8 174004185
LIBRO AG LIB AV -110486313.8 174004185
LIBRO AG LB6 GR -110486313.8 174004185
LIBRO AG LIBR AV -110486313.8 174004185
SKYEUROPE SKYP PW -89480486.93 159076577.5
SKYEUROPE SKY PW -89480486.93 159076577.5
SKYEUROPE HLDG SKY EO -89480486.93 159076577.5
SKYEUROPE HLDG SKYA PZ -89480486.93 159076577.5
SKYEUROPE HLDG SKY AV -89480486.93 159076577.5
SKYEUROPE HLDG S8E GR -89480486.93 159076577.5
SKYEUROPE HLDG SKY LI -89480486.93 159076577.5
SKYEUROPE HLDG SKY EU -89480486.93 159076577.5
SKYEUROPE HLDG SKYPLN EO -89480486.93 159076577.5
SKYEUROPE HLDG SKYV IX -89480486.93 159076577.5
SKYEUROPE HLDG SKURF US -89480486.93 159076577.5
SKYEUROPE HLDG SKYPLN EU -89480486.93 159076577.5
SKYEUROPE HOL-RT SK1 AV -89480486.93 159076577.5
STYROL HOLDING 1 3321155Z AV -69327699.53 1925984640
BELGIUM
-------
SABENA SA SABA BB -85494497.66 2215341060
CYPRUS
------
LIBRA HOLIDA-RTS LBR CY -39648682.41 209021322.6
LIBRA HOLIDA-RTS LGWR CY -39648682.41 209021322.6
LIBRA HOLIDAY-RT 3167808Z CY -39648682.41 209021322.6
LIBRA HOLIDAYS LHGR CY -39648682.41 209021322.6
LIBRA HOLIDAYS LHGCYP EO -39648682.41 209021322.6
LIBRA HOLIDAYS LHGCYP EU -39648682.41 209021322.6
LIBRA HOLIDAYS G LHG CY -39648682.41 209021322.6
LIBRA HOLIDAYS G LHG PZ -39648682.41 209021322.6
LIBRA HOLIDAYS G LHG EO -39648682.41 209021322.6
LIBRA HOLIDAYS G LHG EU -39648682.41 209021322.6
LIBRA HOLIDAYS-P LBHG PZ -39648682.41 209021322.6
LIBRA HOLIDAYS-P LBHG CY -39648682.41 209021322.6
CZECH REPUBLIC
--------------
CKD PRAHA HLDG CKDH CP -89435858.16 192305153
CKD PRAHA HLDG CKDPF US -89435858.16 192305153
CKD PRAHA HLDG CKDH US -89435858.16 192305153
CKD PRAHA HLDG CDP EX -89435858.16 192305153
CKD PRAHA HLDG 297687Q GR -89435858.16 192305153
SETUZA AS 2994767Q EO -61453764.17 138582273.6
SETUZA AS SETU IX -61453764.17 138582273.6
SETUZA AS SZA EX -61453764.17 138582273.6
SETUZA AS 2994755Q EU -61453764.17 138582273.6
SETUZA AS 2994763Q EU -61453764.17 138582273.6
SETUZA AS SZA GR -61453764.17 138582273.6
SETUZA AS SETUZA PZ -61453764.17 138582273.6
SETUZA AS SETUZA CP -61453764.17 138582273.6
SETUZA AS 2994759Q EO -61453764.17 138582273.6
DENMARK
-------
ELITE SHIPPING ELSP DC -27715991.74 100892900.3
OBTEC OBT DC -14919946.34 138400232.8
OBTEC OBTEC DC -14919946.34 138400232.8
OBTEC-NEW SHARES OBTECN DC -14919946.34 138400232.8
OBTEC-OLD OBTN DC -14919946.34 138400232.8
ROSKILDE BANK ROSK EO -532868894.9 7876687324
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ROSKILDE BANK ROSBF US -532868894.9 7876687324
ROSKILDE BANK ROSK DC -532868894.9 7876687324
ROSKILDE BANK ROSK EU -532868894.9 7876687324
ROSKILDE BANK-RT 916603Q DC -532868894.9 7876687324
ROSKILDE BAN-NEW ROSKN DC -532868894.9 7876687324
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SANISTAL AS-B SANI/B PZ -11789341.08 491776701.8
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SANISTAL-B NEW SANLN DC -11789341.08 491776701.8
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SCANDINAVIAN BRA SBS DC -14919946.34 138400232.8
SCANDINAVIAN BRA SBS1 BY -14919946.34 138400232.8
SCANDINAVIAN BRA SBS1EUR EO -14919946.34 138400232.8
SCANDINAVIAN BRA SBS1EUR EU -14919946.34 138400232.8
SCANDINAVIAN BRA SBSC IX -14919946.34 138400232.8
SCANDINAVIAN BRA SBSD PZ -14919946.34 138400232.8
FRANCE
------
BELVEDERE - RTS 554451Q FP -240506200.5 1000204586
BELVEDERE - RTS 702036Q FP -240506200.5 1000204586
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BELVEDERE SA BEVD IX -240506200.5 1000204586
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BELVEDERE SA BVD EU -240506200.5 1000204586
BELVEDERE SA BVD PZ -240506200.5 1000204586
BELVEDERE SA BED TH -240506200.5 1000204586
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BELVEDERE SA-NEW 946529Q FP -240506200.5 1000204586
BELVEDERE SA-NEW BVDNV FP -240506200.5 1000204586
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CADES 211430Z FP -1.32E+11 9983888303
CARRERE GROUP CAR2 EO -9829592.638 279906700
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CARRERE GROUP CARG FP -9829592.638 279906700
CARRERE GROUP CAR FP -9829592.638 279906700
CARRERE GROUP CARF PZ -9829592.638 279906700
CARRERE GROUP CAR2 EU -9829592.638 279906700
CARRERE GROUP CRGP IX -9829592.638 279906700
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CHAINE ET TRAME CHTR FP -58947458.16 116889783.9
CHAINE ET TRAME CTRM FP -58947458.16 116889783.9
COMPAGNIE IMMOBI CIMB EO -18851260.64 237751743.8
COMPAGNIE IMMOBI CIMB FP -18851260.64 237751743.8
COMPAGNIE IMMOBI CIMB PZ -18851260.64 237751743.8
COMPAGNIE IMMOBI CIMB EU -18851260.64 237751743.8
EMPAIN GRAHAM DV EMGD FP -18851260.64 237751743.8
GRANDE PAROISSE GDPXF US -927267926.9 629287290
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MATUSSIERE & FOR 1007765Q FP -77896683.67 293868350.8
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MB RETAIL EUROPE CTRF IX -58947458.16 116889783.9
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OROSDI OROS FP -35006822.54 151870593.9
OROSDI-BACK BACK IX -35006822.54 151870593.9
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OROSDI-BACK OROS EO -35006822.54 151870593.9
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PAGESJAUNES GRP PAJ EB -2806466942 928971577.5
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PAGESJAUNES GRP PAJ LI -2806466942 928971577.5
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RHODIA SA RHA VX -726840112.3 5945870566
RHODIA SA RHD GR -726840112.3 5945870566
RHODIA SA 2324011Q EU -726840112.3 5945870566
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RODIGUEZ GROUP RGX GR -71997955.94 457127473.1
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SDR CENTREST 117241Q FP -132420119.6 252176017.2
SOBIESKI BVD PW -240506200.5 1000204586
TROUVAY CAUVIN ETEC FP -396977.9956 133986439.7
TROUVAY CAUVIN TVYCF US -396977.9956 133986439.7
GEORGIA
-------
DEVELICA DEUTSCH DDE PG -86990929.38 1142447974
DEVELICA DEUTSCH D4B GR -86990929.38 1142447974
DEVELICA DEUTSCH DDE PZ -86990929.38 1142447974
DEVELICA DEUTSCH DDE IX -86990929.38 1142447974
DEVELICA DEUTSCH DDE LN -86990929.38 1142447974
PEARL HOLDING 3622Z LN -133833007.2 968234065.8
GERMANY
-------
AGOR AG DOO GR -482446.6262 144432986.2
AGOR AG DOO EO -482446.6262 144432986.2
AGOR AG DOOG IX -482446.6262 144432986.2
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AGOR AG-RTS 2301918Z GR -482446.6262 144432986.2
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GREECE
------
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HUNGARY
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ICELAND
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IRELAND
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ITALY
-----
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BINDA SPA BNDAF US -11146475.29 128859802.9
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LUXEMBOURG
----------
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NETHERLANDS
-----------
BAAN CO NV-ASSEN BAANA NA -7854741.409 609871188.9
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BAAN COMPANY NV BAAN PZ -7854741.409 609871188.9
BAAN COMPANY NV BAAN GR -7854741.409 609871188.9
BAAN COMPANY NV BAAVF US -7854741.409 609871188.9
BAAN COMPANY NV BNCG IX -7854741.409 609871188.9
BAAN COMPANY NV BAAN EU -7854741.409 609871188.9
BAAN COMPANY NV BAAN IX -7854741.409 609871188.9
BAAN COMPANY-NY BAANF US -7854741.409 609871188.9
CEVA GROUP PLC 976811Z NA -310987042.7 5613530996
LIBERTY GL EU-A UPC NA -5505478850 5112616630
SPYKER CARS NV SPYKF US -154336469.5 1337361332
SPYKER CARS NV SPYKR EO -154336469.5 1337361332
SPYKER CARS NV SPYKR BQ -154336469.5 1337361332
SPYKER CARS NV SPYKR NA -154336469.5 1337361332
SPYKER CARS NV L9I GR -154336469.5 1337361332
SPYKER CARS NV SPYK IX -154336469.5 1337361332
SPYKER CARS NV SPYKR TQ -154336469.5 1337361332
SPYKER CARS NV SPYKR PZ -154336469.5 1337361332
SPYKER CARS NV SPYKR EB -154336469.5 1337361332
SPYKER CARS NV SPYKR EU -154336469.5 1337361332
UNITED PAN -ADR UPEA GR -5505478850 5112616630
UNITED PAN-A ADR UPCOY US -5505478850 5112616630
UNITED PAN-EUR-A UPC LI -5505478850 5112616630
UNITED PAN-EUR-A UPC LN -5505478850 5112616630
UNITED PAN-EUROP UPCEF US -5505478850 5112616630
UNITED PAN-EUROP UPCOF US -5505478850 5112616630
UNITED PAN-EUROP UPE1 GR -5505478850 5112616630
UNITED PAN-EUROP UPC VX -5505478850 5112616630
UNITED PAN-EUROP UPE GR -5505478850 5112616630
ZESKO HOLDING BV 2938133Z NA -958614022.1 8358218597
POLAND
------
DRKENDY DRK PW -91135239.68 521942177.4
INTEROIL EXPLORA IOX PZ -46843000 189680992
INTEROIL EXPLORA IOX BY -46843000 189680992
INTEROIL EXPLORA IROIF US -46843000 189680992
INTEROIL EXPLORA IOX IX -46843000 189680992
INTEROIL EXPLORA IOXUSD EO -46843000 189680992
INTEROIL EXPLORA IOX EU -46843000 189680992
INTEROIL EXPLORA IOX EO -46843000 189680992
INTEROIL EXPLORA IOXEUR EO -46843000 189680992
INTEROIL EXPLORA IOXUSD EU -46843000 189680992
INTEROIL EXPLORA IOX NO -46843000 189680992
INTEROIL EXPLORA INOX NO -46843000 189680992
INTEROIL EXPLORA IOXEUR EU -46843000 189680992
PETRO GEO-SERV PGS VX -18066142.21 399710323.6
PETRO GEO-SERV PGS GR -18066142.21 399710323.6
PETRO GEO-SERV 265143Q NO -18066142.21 399710323.6
PETRO GEO-SERV-N PGSN NO -18066142.21 399710323.6
PETRO GEO-SV-ADR PGSA GR -18066142.21 399710323.6
PETRO GEO-SV-ADR PGOGY US -18066142.21 399710323.6
PETROJACK AS JACK NO -54932000 191586000
PETROJACK AS P3J GR -54932000 191586000
PETROJACK AS POJKF US -54932000 191586000
PETROJACK AS JACKEUR EU -54932000 191586000
PETROJACK AS JACO IX -54932000 191586000
PETROJACK AS JACK PZ -54932000 191586000
PETROJACK AS JACK EU -54932000 191586000
PETROJACK AS JACKEUR EO -54932000 191586000
PETROJACK AS JACK BY -54932000 191586000
PETROJACK AS JACK EO -54932000 191586000
RESERVOIR EXPL RXT NO -34076000 185510000
RESERVOIR EXPL RXT BY -34076000 185510000
RESERVOIR EXPL RXT EU -34076000 185510000
RESERVOIR EXPL RXTEUR EU -34076000 185510000
RESERVOIR EXPL RXTB NO -34076000 185510000
RESERVOIR EXPL RXTEUR EO -34076000 185510000
RESERVOIR EXPL RXAEF US -34076000 185510000
RESERVOIR EXPL RXT IX -34076000 185510000
RESERVOIR EXPL 5RS GR -34076000 185510000
RESERVOIR EXPL RXT EO -34076000 185510000
RESERVOIR EXPL RXT PZ -34076000 185510000
RESERVOIR EXPL-A RXTA NO -34076000 185510000
RESERVOIR-RTS RXTS NO -34076000 185510000
RESERVOIR-RTS RXTUR NO -34076000 185510000
KROSNO KROS IX -2241614.766 111838141.2
KROSNO KRS LI -2241614.766 111838141.2
KROSNO KRS1EUR EU -2241614.766 111838141.2
KROSNO KRS PW -2241614.766 111838141.2
KROSNO KRS1EUR EO -2241614.766 111838141.2
KROSNO SA KRS PZ -2241614.766 111838141.2
KROSNO SA KROSNO PW -2241614.766 111838141.2
KROSNO SA KRS1 EU -2241614.766 111838141.2
KROSNO SA KRNFF US -2241614.766 111838141.2
KROSNO SA KRS1 EO -2241614.766 111838141.2
KROSNO SA-RTS KRSP PW -2241614.766 111838141.2
KROSNO-PDA-ALLT KRSA PW -2241614.766 111838141.2
TOORA TOR PZ -288818.3897 147004954.2
TOORA 2916665Q EU -288818.3897 147004954.2
TOORA TOR PW -288818.3897 147004954.2
TOORA 2916661Q EO -288818.3897 147004954.2
TOORA-ALLOT CERT TORA PW -288818.3897 147004954.2
PORTUGAL
--------
CARRIS FERRO DE 3482366Z PL -854280773.4 252500907.6
COFINA COFSI IX -4067307.986 329785890.1
COFINA COFI PL -4067307.986 329785890.1
COFINA CFASF US -4067307.986 329785890.1
COFINA SGPS SA CFN1 PZ -4067307.986 329785890.1
COFINA SGPS SA CFN PL -4067307.986 329785890.1
COFINA SGPS SA CFNX PX -4067307.986 329785890.1
COFINA SGPS SA COFI TQ -4067307.986 329785890.1
COFINA SGPS SA COFI EU -4067307.986 329785890.1
COFINA SGPS SA COFI EB -4067307.986 329785890.1
COFINA SGPS SA COFI EO -4067307.986 329785890.1
CP - COMBOIOS DE 1005Z PL -2809601115 1890209624
PARQUE EXPO 98 S 3482350Z PL -135582031.5 432824747.2
PORCELANA VISTA PVAL PL -61651485.35 126605006.5
REFER-REDE FERRO 1250Z PL -1611845937 2225160725
SOCIEDADE DE TRA 1253Z PL -382109074.2 119848180.8
SPORTING-SOC DES SCPL IX -52021160.28 159963648.5
SPORTING-SOC DES SCPX PX -52021160.28 159963648.5
SPORTING-SOC DES SCDF EU -52021160.28 159963648.5
SPORTING-SOC DES SCG GR -52021160.28 159963648.5
SPORTING-SOC DES SCP PL -52021160.28 159963648.5
SPORTING-SOC DES SCP1 PZ -52021160.28 159963648.5
SPORTING-SOC DES SCDF PL -52021160.28 159963648.5
SPORTING-SOC DES SCDF EO -52021160.28 159963648.5
TAP SGPS TAP PL -293253615.6 2901200999
VAA VISTA ALEGRE VAF EU -61651485.35 126605006.5
VAA VISTA ALEGRE VAF PL -61651485.35 126605006.5
VAA VISTA ALEGRE VAF PZ -61651485.35 126605006.5
VAA VISTA ALEGRE VAF EO -61651485.35 126605006.5
VAA VISTA ALEGRE VAFX PX -61651485.35 126605006.5
VAA VISTA AL-RTS VAA9S PL -61651485.35 126605006.5
VAA VISTA AL-RTS VAAS PL -61651485.35 126605006.5
VAA VISTA ALTAN VAFK EU -61651485.35 126605006.5
VAA VISTA ALTAN VAFK PZ -61651485.35 126605006.5
VAA VISTA ALTAN VAFKX PX -61651485.35 126605006.5
VAA VISTA ALTAN VAFK EO -61651485.35 126605006.5
VAA VISTA ALTAN VAFK PL -61651485.35 126605006.5
ROMANIA
-------
OLTCHIM RM VALCE OLTEUR EO -89344235.29 511515508.8
OLTCHIM RM VALCE OLT EU -89344235.29 511515508.8
OLTCHIM RM VALCE OLT PZ -89344235.29 511515508.8
OLTCHIM RM VALCE OLT RO -89344235.29 511515508.8
OLTCHIM RM VALCE OLT EO -89344235.29 511515508.8
OLTCHIM RM VALCE OLTCF US -89344235.29 511515508.8
OLTCHIM RM VALCE OLTEUR EU -89344235.29 511515508.8
RUSSIA
------
AKCIONERNOE-BRD SOVP$ RU -85860271.6 137059051.4
ALLIANCE RUSSIAN ALRT RU -13189413.03 138268688.3
AMO ZIL ZILL RM -76809638.66 360473673
AMO ZIL-CLS ZILL* RU -76809638.66 360473673
AMO ZIL-CLS ZILL RU -76809638.66 360473673
AMUR SHIP-BRD AMZS* RU -137530791.8 945775662.6
AMUR SHIP-BRD AMZS RU -137530791.8 945775662.6
BUMMASH OJSC-BRD BUMM RU -5137634.738 179599559.3
BUMMASH OJSC-BRD BUMM* RU -5137634.738 179599559.3
DAGESTAN ENERGY DASB RU -31976921.34 172137243.4
DAGESTAN ENERGY DASB RM -31976921.34 172137243.4
DAGESTAN ENERGY DASB* RU -31976921.34 172137243.4
EAST-SIBERIA-BRD VSNK* RU -17335212.17 224008514.4
EAST-SIBERIA-BRD VSNK RU -17335212.17 224008514.4
EAST-SIBERIAN-BD VSNK$ RU -17335212.17 224008514.4
FINANCIAL LEASIN FLKO RM -80794530.71 373269665.9
FINANCIAL LEASIN 137282Z RU -80794530.71 373269665.9
FINANCIAL LE-BRD FLKO* RU -80794530.71 373269665.9
FINANCIAL LE-BRD FLKO RU -80794530.71 373269665.9
GAZ-FINANS GAZF RU -56134.51262 232319905.4
IZHAVTO OAO IZAV RU -19693758.83 474754687.9
KARUSEL FINANS KAFI RU -3988742.669 101528630.9
KOMPANIYA GL-BRD GMST* RU -22053203.7 1135310362
KOMPANIYA GL-BRD GMST RU -22053203.7 1135310362
MIAN-DEVELOPMENT MAEQY RU -695445.1747 424399991
M-INDUSTRIYA SOMI RU -1091260.252 261721440.8
MZ ARSENAL-$BRD ARSE RU -14527137.73 208754934.6
MZ ARSENAL-BRD ARSE$ RU -14527137.73 208754934.6
MZ ARSENAL-BRD ARSE* RU -14527137.73 208754934.6
PARNAS-M PRSM RU -138592.4742 127637318.8
PENOPLEX-FINANS PNPF RU -754086.9373 140176163.3
PROMTRACTOR-FINA PTRF RU -18554700.19 275723244.2
RK-GAZSETSERVIS RKGS RU -54665229.61 153223493.4
RUSSIAN TEXT-CLS ALRT* RU -13189413.03 138268688.3
RUSSIAN TEXT-CLS ALRTG RU -13189413.03 138268688.3
SEVKABEL-FINANS SVKF RU -83036.46173 102680373.6
SISTEMA HALS HALS RM -343701984 1217284096
SISTEMA HALS-BRD HALS* RU -343701984 1217284096
SISTEMA HALS-BRD HALS RU -343701984 1217284096
SISTEMA HALS-GDR HALS LI -343701984 1217284096
SISTEMA HALS-GDR HALS TQ -343701984 1217284096
SISTEMA HALS-GDR HALS IX -343701984 1217284096
SISTEMA HALS-GDR SYR GR -343701984 1217284096
SISTEMA HALS-MSE HALSM RU -343701984 1217284096
SISTEMA HALS-T+0 HALSG RU -343701984 1217284096
SISTEMA-GDR 144A 86PN LI -343701984 1217284096
SISTEMA-GDR 144A SEMAL US -343701984 1217284096
URGALUGOL-BRD YRGL* RU -23085070.94 101919650.9
URGALUGOL-BRD YRGL RU -23085070.94 101919650.9
URGALUGOL-BRD-PF YRGLP RU -23085070.94 101919650.9
VIMPEL SHIP-BRD SOVP* RU -85860271.6 137059051.4
VIMPEL SHIP-BRD SOVP RU -85860271.6 137059051.4
VOLGOGRAD KHIM VHIM RU -27435278.35 139073353.6
VOLGOGRAD KHIM VHIM* RU -27435278.35 139073353.6
WILD ORCHID ZAO DOAAN RU -11716088.49 106082784.6
ZAPSIBGASP-Q PFD ZSGPP$ RU -1082254.288 127026139.3
ZAPSIBGASPRO-BRD ZSGP RU -1082254.288 127026139.3
ZAPSIBGASPRO-BRD ZSGP* RU -1082254.288 127026139.3
ZAPSIBGASPROM-B ZSGP$ RU -1082254.288 127026139.3
ZAPSIBGASPRO-PFD ZSGPP* RU -1082254.288 127026139.3
ZAPSIBGASPRO-PFD ZSGPP RU -1082254.288 127026139.3
ZIL AUTO PLANT ZILL$ RU -76809638.66 360473673
ZIL AUTO PLANT-P ZILLP RU -76809638.66 360473673
ZIL AUTO PLANT-P ZILLP RM -76809638.66 360473673
ZIL AUTO PLANT-P ZILLP* RU -76809638.66 360473673
SERBIA
------
RAFO SA RAF RO -457922636.3 356796459.3
DUVANSKA DIVR SG -32792314.86 122255596.4
PINKI AD PNKI SG -36537862.34 120707518
SWEDEN
------
ALLOKTON AB ALOKB SS -65101427.97 472693765.1
NOBINA 1099Z SS -13023225.28 483974246.5
PHADIA AB 842347Z SS -140406774.4 2127579095
SLOVENIA
--------
ISTRABENZ ITBG PZ -2656618.996 1087540134
ISTRABENZ ITBG SV -2656618.996 1087540134
ISTRABENZ ITBG EO -2656618.996 1087540134
ISTRABENZ ITBG EU -2656618.996 1087540134
SPAIN
-----
ACTUACIONES ACTI AGR SM -231062375.2 529525187.2
AGRUPACIO - RT AGR/D SM -231062375.2 529525187.2
AMADEUS IT HOLDI AMS3 EU -397888596.9 7970850431
AMADEUS IT HOLDI AI3A GR -397888596.9 7970850431
AMADEUS IT HOLDI AMS IX -397888596.9 7970850431
AMADEUS IT HOLDI AI3A TH -397888596.9 7970850431
AMADEUS IT HOLDI AMS3 EB -397888596.9 7970850431
AMADEUS IT HOLDI AMS3 EO -397888596.9 7970850431
AMADEUS IT HOLDI AMS SM -397888596.9 7970850431
AMADEUS IT HOLDI AMADF US -397888596.9 7970850431
AMADEUS IT-ADR AMADY US -397888596.9 7970850431
AMCI HABITAT SA AMC1 EU -24580874.45 194758143.4
AMCI HABITAT SA AMC3 EO -24580874.45 194758143.4
AMCI HABITAT SA AMC SM -24580874.45 194758143.4
CAJA DE AHORROS 929362Z SM -361326816.2 37311046644
FERGO AISA -RTS AISA/D SM -231062375.2 529525187.2
FERGO AISA SA AISA EU -231062375.2 529525187.2
FERGO AISA SA AISA EO -231062375.2 529525187.2
FERGO AISA SA AISA SM -231062375.2 529525187.2
FERGO AISA SA AISA PZ -231062375.2 529525187.2
INDO INTER-RTS IDO/D SM -3523887.56 101210953.5
INDO INTL SA IDOS PZ -3523887.56 101210953.5
INDO INTL SA IDO SM -3523887.56 101210953.5
INDO INTL SA IDO EU -3523887.56 101210953.5
INDO INTL SA IDO EO -3523887.56 101210953.5
INDO INTL SA-OLD IND SM -3523887.56 101210953.5
MARTINSA FADESA 4PU GR -1841778505 6778902268
MARTINSA FADESA MFAD PZ -1841778505 6778902268
MARTINSA FADESA MTF1 LI -1841778505 6778902268
MARTINSA FADESA MTF EO -1841778505 6778902268
MARTINSA FADESA MTF SM -1841778505 6778902268
MARTINSA FADESA MTF EU -1841778505 6778902268
MARTINSA-FADESA MTF NR -1841778505 6778902268
REYAL URBIS SA REY1 EU -175599903.7 5742241668
REYAL URBIS SA REY1 EO -175599903.7 5742241668
REYAL URBIS SA REY SM -175599903.7 5742241668
REYAL URBIS SA REYU PZ -175599903.7 5742241668
TURKEY
------
BESIKTAS FUTBOL BJKASM TI -12825040.91 182756610.7
BESIKTAS FUTBOL BKTFF US -12825040.91 182756610.7
BESIKTAS FUTBOL BJKAS TI -12825040.91 182756610.7
BESIKTAS FUTBOL BWX GR -12825040.91 182756610.7
BESIKTAS FUTBOL BJKASY TI -12825040.91 182756610.7
EGS EGE GIYIM VE EGDIS TI -7732138.551 147075066.7
EGS EGE GIYIM-RT EGDISR TI -7732138.551 147075066.7
IKTISAT FINAN-RT IKTFNR TI -46900661.12 108228233.6
IKTISAT FINANSAL IKTFN TI -46900661.12 108228233.6
MUDURNU TAVUKC-N MDRNUN TI -64930189.62 160408172.1
MUDURNU TAVUKCUL MDRNU TI -64930189.62 160408172.1
SIFAS SIFAS TI -15439198.6 130608104
TUTUNBANK TUT TI -4024959602 2643810457
YASARBANK YABNK TI -4024959602 2643810457
UKRAINE
-------
AZOVZAGALMASH MA AZGM UZ -42249434.54 336677635.6
DONETSKOBLENERGO DOON UZ -215735271.8 391924242.8
IVANO-FRANKIVSKG FGAZ UZ -358461.9249 108886163.6
LUGANSKGAS LYGZ UZ -16910611.07 109918477.6
LUGANSKOBLENERGO LOEN UZ -28172021.03 200011380.2
NAFTOKHIMIK PRIC NAFP UZ -23616113.15 520766522.6
NAFTOKHIMIK-GDR N3ZA GR -23616113.15 520766522.6
ODESSA OIL REFIN ONPZ UZ -111365037.3 482408362.5
ZALK - PFTS ZALK UZ -43917601.26 146530718.8
UNITED KINGDOM
--------------
ADVANCE DISPLAY ADTP PZ -3015578835 2590007904
AEA TECHNOLO-FPR AATF LN -197788769.2 123048312.7
AEA TECHNOLO-FPR AATF PZ -197788769.2 123048312.7
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AEA TECHNOLO-NPR AATN LN -197788769.2 123048312.7
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ANKER PLC ANK LN -21861359.81 115463159
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ANKER PLC - ASSD ANKB LN -21861359.81 115463159
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BRADSTOCK GROUP BSKGF US -1855444.443 268563822.5
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STV GROUP PLC SMG PZ -61797602.82 173123066.5
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STV GROUP PLC STVG LN -61797602.82 173123066.5
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STV GROUP PLC STVG EU -61797602.82 173123066.5
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STV GROUP PLC SMGPF US -61797602.82 173123066.5
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STV GROUP PLC STVG VX -61797602.82 173123066.5
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TELEWEST COM-ADR TWSTD US -3702234581 7581020925
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THORN EMI PLC THNE FP -2265916257 2950021937
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TI AUTOMOTIVE-A 6525Z LN -298787496.1 1730489867
TOPPS TILES PLC TPT PO -49423537.13 155303750.4
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TOPPS TILES PLC TPTJY US -49423537.13 155303750.4
TOPPS TILES PLC TPT EU -49423537.13 155303750.4
TOPPS TILES PLC TPT BQ -49423537.13 155303750.4
TOPPS TILES PLC TPT LN -49423537.13 155303750.4
TOPPS TILES PLC TPT IX -49423537.13 155303750.4
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TOPPS TILES PLC TPT PZ -49423537.13 155303750.4
TOPPS TILES PLC TPT TQ -49423537.13 155303750.4
TOPPS TILES PLC TPTGBP EO -49423537.13 155303750.4
TOPPS TILES PLC TPTEUR EU -49423537.13 155303750.4
TOPPS TILES PLC TPTJF US -49423537.13 155303750.4
TOPPS TILES PLC TPTEUR EO -49423537.13 155303750.4
TOPPS TILES-NEW TPTN LN -49423537.13 155303750.4
UNIGATE PLC UNGPF US -21397232.94 474779161.6
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UNIGATE PLC 1577Q GR -21397232.94 474779161.6
UNIGATE PLC UNIG LN -21397232.94 474779161.6
UNIGATE PLC-ADR UNGAY US -21397232.94 474779161.6
UNIQ PLC UNIQ LN -21397232.94 474779161.6
UNIQ PLC UNIQ VX -21397232.94 474779161.6
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UNIQ PLC UNIQEUR EU -21397232.94 474779161.6
UNIQ PLC UNIQF US -21397232.94 474779161.6
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UNIQ PLC UNQPF US -21397232.94 474779161.6
UNIQ PLC UNIQGBP EO -21397232.94 474779161.6
UNIQ PLC UNIQ EU -21397232.94 474779161.6
UNIQ PLC UNIQEUR EO -21397232.94 474779161.6
UNIQ PLC UNIQ EO -21397232.94 474779161.6
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UNIQ PLC UNIQ PO -21397232.94 474779161.6
UTC GROUP UGR LN -11904426.45 203548565
VIRGIN MOB-ASSD VMOA LN -392165437.6 166070003.7
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VIRGIN MOBILE VMOB VX -392165437.6 166070003.7
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VIRGIN MOBILE VMOB PO -392165437.6 166070003.7
WARNER ESTATE WNER PO -6076459.885 426871306.9
WARNER ESTATE WNER LN -6076459.885 426871306.9
WARNER ESTATE WNERGBP EO -6076459.885 426871306.9
WARNER ESTATE WNER EU -6076459.885 426871306.9
WARNER ESTATE WNER EO -6076459.885 426871306.9
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WARNER ESTATE WNER VX -6076459.885 426871306.9
WARNER ESTATE WNEHF US -6076459.885 426871306.9
WARNER ESTATE WNER PZ -6076459.885 426871306.9
WARNER ESTATE WRL GR -6076459.885 426871306.9
WATSON & PHILIP WTSN LN -120493900 252232072.9
WINCANTON PL-ADR WNCNY US -151911497.1 1420828184
WINCANTON PLC WIN PZ -151911497.1 1420828184
WINCANTON PLC WIN1 TQ -151911497.1 1420828184
WINCANTON PLC WIN VX -151911497.1 1420828184
WINCANTON PLC WIN1 BQ -151911497.1 1420828184
WINCANTON PLC WIN IX -151911497.1 1420828184
WINCANTON PLC WIN1 EU -151911497.1 1420828184
WINCANTON PLC WIN PO -151911497.1 1420828184
WINCANTON PLC WIN1 NQ -151911497.1 1420828184
WINCANTON PLC WIN1EUR EO -151911497.1 1420828184
WINCANTON PLC WIN1USD EU -151911497.1 1420828184
WINCANTON PLC WNCNF US -151911497.1 1420828184
WINCANTON PLC WIN1USD EO -151911497.1 1420828184
WINCANTON PLC WIN1EUR EU -151911497.1 1420828184
WINCANTON PLC WIN1 QM -151911497.1 1420828184
WINCANTON PLC WIN1 EO -151911497.1 1420828184
WINCANTON PLC WIN1 EB -151911497.1 1420828184
WINCANTON PLC WIN1GBP EO -151911497.1 1420828184
WINCANTON PLC WIN LN -151911497.1 1420828184
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/booksto order any title today.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA.
Valerie U. Pascual, Marites O. Claro, Rousel Elaine T. Fernandez,
Joy A. Agravante, 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 US$625 per half-year,
delivered via e-mail. Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each. For subscription information,
contact Christopher Beard at 240/629-3300.
* * * End of Transmission * * *