/raid1/www/Hosts/bankrupt/TCREUR_Public/110802.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, August 2, 2011, Vol. 12, No. 151
Headlines
A U S T R I A
A-TEC INDUSTRIES: Pakistani Investor Joins Bidding Race
C Y P R U S
MARFIN POPULAR: Moody's Cuts Deposit & Debt Ratings to 'Ba2'
G E R M A N Y
EDSCHA AG: U.S. Unit Wins Confirmation of Liquidating Plan
ESSENTIAL PUBLIC: Fitch Affirms Rating on Class E Notes at 'B+sf'
EUROHOME MORTGAGES: Fitch Affirms 'Csf' Ratings on 3 Note Classes
HEIDELBERGER DRUCK: Moody's Assigns Caa1 Rating to EUR304MM Notes
PB DOMICILE: Fitch Affirms Rating on Class E Notes at 'BBsf'
PROVIDE BLUE: Fitch Affirms Ratings on Class E Notes at 'BBsf'
WALTER BAU: Thai Prince to Use Personal Funds to Recover Plane
G R E E C E
NAT'L BANK OF GREECE: Fitch Maintains Long-term 'B-' IDR
H U N G A R Y
NEOCITY HUNGARY: Backers Under Liquidation
I R E L A N D
EIRCOM GROUP: Expects Earnings to Fall by Up to 20%
EXETER BLUE: Fitch Affirms Rating on Class E Notes at 'BBsf'
IRISH LIFE: Shareholder Group Challenges Recapitalization
* IRELAND: CB Imposes Lending Restrictions on Ailing Credit Unions
I T A L Y
BANCA MONTE: Moody's Upgrades Bank Financial Strength Rating to D+
K A Z A K H S T A N
KAZINVESTBANK: Moody's Downgrades Deposit Ratings to 'B3'
L U X E M B O U R G
MOSSI & GHISOLFI: Fitch Assigns BB Long-Term Issuer Default Rating
N E T H E R L A N D S
PUMA CLO: S&P Withdraws 'BB-' Rating on Class E Notes
P O R T U G A L
* PORTUGAL: Draws Up Labor Reform Proposal to Secure Bailout Funds
R U S S I A
CREDIT BANK: Moody's Assigns 'B1' Rating to Upcoming Notes
S P A I N
CAJA DE AHORROS: Fitch Affirms Long-Term IDR at 'BB+'
U K R A I N E
OTP BANK: Moody's Affirms 'D-' Bank Financial Strength Rating
U N I T E D K I N G D O M
CLINTON CARDS: Starbucks Managing Director Set to Become CEO
COMET: Buyer Pool Shrinks as Parent Wants Buyer to Keep Firm
FESTIVAL GROUP: G1 Group Buys Firm's Pubs for GBP30 Million
HIGHLAND ACCESS: To Appoint UHY Hacker Young as Liquidator
HSE GROUP: Enters Into Administration, Six Units Cease Trading
JANE NORMAN: 500 Jobs at Risk as Firm Concessions Set to Fold
LOFT SHOP: Ceases Trading; Lays Off 40 Workers
PARTRIDGE AND PEAR TREE: Goes Into Liquidation; Closes Shop
PROMINENT CMBS: S&P Lowers Rating on Class D Notes to 'B+'
SWIFT ACCESS: GT Access Acquires Firm, Retains Stroke Employees
VON ESSEN: Hotel Verta Goes Into Administration, Seeks New Owners
* UK: Number of Firms Facing 'Critical' Financial Problems Rises
* UNITED KINGDOM: Number of Midlands Administration Drop 30% in Q2
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: Pakistani Investor Joins Bidding Race
-------------------------------------------------------
According to Bloomberg News' Boris Groendahl, daily newspaper
Oesterreich, citing banking sources, reported on Monday that
Pakistani investor Alshair Fiyaz is the third bidder for A-Tec
Industries AG.
Bloomberg relates that Vienna-based Oesterreich said Mr. Fiyaz's
investment company ALFI joined Czech Penta Investments and hedge
fund Springwater in bidding for A-Tec.
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.
A-Tec said in an Oct. 20 statement that it had filed for self-
administered reorganization proceedings at the Vienna Commercial
Court and appointed trustees for bondholders, Bloomberg disclosed.
The company has a EUR798 million (US$1.11 billion) revolving
credit facility and EUR302 million in 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.
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C Y P R U S
===========
MARFIN POPULAR: Moody's Cuts Deposit & Debt Ratings to 'Ba2'
------------------------------------------------------------
Moody's Investors Service has downgraded the deposit and debt
ratings of Marfin Popular Bank Public Co. Ltd. (MPB) to Ba2/Not
Prime, from Baa3/Prime-3, and Bank of Cyprus Public Co Ltd. (BoC)
to Ba1/Not Prime from Baa2/Prime-2.
At the same time, Moody's confirmed the deposit and debt ratings
of Hellenic Bank Public Co. Ltd. at Ba1.
The outlook on the ratings of all three banks is negative.
The rating actions conclude the review for possible downgrade
Moody's initiated on May 13, 2011.
Ratings Rationale
The main factors driving the rating actions are:
1. High exposures to Greek government bonds (GGBs), amounting to
approximately 95% of Tier 1 capital for MPB and 55% for BoC.
These exposures will subject the banks to economic losses and
reductions in capitalization levels under the terms of the
current Greek sovereign-debt exchange, albeit to different
degrees. With GGB holdings equivalent to 17% of Tier 1 capital,
Hellenic is less exposed than its rated peers.
2. Significant lending exposure to the Greek private sector, which
will also likely cause a further rise in the banks' non-
performing assets and, as a result, weaken profitability.
3. Challenges to sustain their current funding and liquidity
profiles in the context of high levels of uncertainty in the
region.
The rating actions also factor in the reduced capacity of the
Government of Cyprus to extend systemic support to the banking
system, reflected in the recent downgrade of Cyprus to Baa1, from
A2, counterbalanced by the EU announcement last week indicating
that the European Financial Stability Facility (EFSF) is able to
finance bank recapitalizations via loans to governments in non-
program countries.
CAPACITY TO ABSORB LOSSES ON GREEK GOVERNMENT EXPOSURES
The primary driver underpinning the rating actions is the high
level of direct GGB exposures. In Moody's view, all rated Cypriot
banks are likely to take part in the current Greek debt exchange.
Accordingly, despite recent measures to increase shock absorption
capacity, evidenced by increases in aggregate Tier 1 ratios to
around 12.0% in 2011 from 7.8% in 2008, and plans to further
increase capital levels in the second half of 2011, these GGB
exposures render capital levels vulnerable to material reductions.
The debt exchange recently proposed by the Institute of
International Finance (IIF) calculates that instruments will be
priced to generate a 21% net present value (NPV) loss, based on a
9% discount rate. As this discount rate is below market rates,
Moody's believes that losses will likely be greater when a higher
discount rate is applied to future interest and debt repayments.
Although the debt exchange would have a material impact on the
tier 1 ratios of MPB, and BoC to a lesser extent, Moody's primary
concern is that their ability to deal with any further
deterioration in operating conditions under a stress scenario is
now weakened. Specifically, Moody's recognizes that the risk of
further potential losses on Greek sovereign debt holdings beyond
the current debt exchange cannot be ruled out. Looking further
ahead, the EU program and proposed debt exchanges will increase
the likelihood that Greece will be able to stabilize and
eventually reduce its overall debt burden. However, Greece will
still face significant solvency challenges: its debt burden will
remain in excess of 100% of GDP for many years and it will still
face very significant implementation risks to its fiscal and
economic reforms. Historical experience shows that small sovereign
restructurings have often been followed by larger defaults.
LENDING EXPOSURE TO THE GREEK PRIVATE SECTOR
In conjunction with direct exposures to the Greek government, high
lending exposure to the Greek private sector will also likely
cause a further rise in the banks' non-performing assets and, as a
result, weaken their profitability. Currently, lending to the
Greek private sector accounts for an estimated 46% of gross loans
at MPB and 35% at BoC. With private sector lending equivalent to
18% of gross loans, Hellenic is less exposed than its rated peers.
Moody's expects credit conditions in Greece to deteriorate,
exerting further pressure on the asset quality of banks' Greek
portfolios. These developments will likely lead to higher loan
loss provisions and lower profitability, with operations in Greece
reporting losses on aggregate for the three rated banks.
FUNDING AND LIQUIDITY CHALLENGES
The challenge of sustaining current funding profiles, in the
context of higher levels of uncertainty in the region, is the
third driver behind the rating actions. Despite experiencing
deposit inflows since the Greek crisis began, Cypriot banks'
relatively high reliance on deposits from foreign corporate
entities -- accounting for around one third of total deposits for
the three rated banks -- exposes these banks to potential negative
shifts in market confidence and the risk of deposit outflows.
Additionally, whilst the market's initial reaction to the Greek
plan was positive, Moody's is concerned that a market
destabilizing event stemming from Greece could disturb market
confidence in Cyprus. This remains a key short-term risk for
Cypriot banks.
Moreover, although Moody's assesses the Cypriot banks' capacity to
absorb deposit withdrawals as moderate to high, given that
regulatory requirements require high liquidity reserve
requirements against foreign currency deposits, deposit outflows
could still trigger a disruptive deleveraging process that would
have negative implications for the economy and the banking system.
HELLENIC RATINGS CONFIRMED
The confirmation of Hellenic Bank's Ba1 deposit ratings is based
on Moody's view that this rating level sufficiently captures the
current credit risks stemming from the bank's comparatively
smaller exposure to Greece. Hellenic's GGB holdings amount to 17%
of Tier 1, while lending to the Greek private sector amounts to
roughly 18% of gross loans.
NEGATIVE OUTLOOK
The negative outlook on the banks' ratings reflects the high level
of uncertainty surrounding credit developments in Greece and the
impact this could have on the banks' overall credit risk.
The negative outlook also reflects the weak operating conditions
in Cyprus. On July 11, 2011, as a result of an accidental
discharge of stored explosives at a Cypriot naval base, the
largest power station in Cyprus was severely damaged. This has
caused ongoing power supply issues, leading Moody's to reduce its
forecasts for Cyprus' economic growth to 0% in 2011 and 1% in
2012. Moody's expects this weaker economic activity to weigh on
banks' asset quality and performance.
SYSTEMIC SUPPORT CONSIDERATIONS
The rating actions also take into account the recent reduced
capacity of the Government of Cyprus to extend systemic support to
the banking system, as reflected in the recent downgrade of Cyprus
to Baa1, from A2, counterbalanced by the EU announcement last week
that the European Financial Stability Facility (EFSF) will be
permitted to finance bank recapitalizations via loans to
governments in non-program countries.
THE SPECIFIC RATINGS CHANGES ARE:
Marfin Popular Bank Public Co Ltd:
-- Deposit and senior debt ratings of Ba2/Not Prime, from
Baa3/P-3;
-- Subordinated debt rating of Ba3, from Ba1;
-- Standalone BFSR of E+ (mapping to B2 on the long-term rating
scale), from D-/Ba3;
-- The outlook on all the bank's ratings is negative.
Egnatia Finance plc (the funding subsidiary of Marfin Popular
Bank):
-- Senior unsecured debt ratings of (P) Ba2, from (P) Baa3;
-- Subordinated debt ratings of (P) Ba3, from (P) Ba1;
-- The outlook on all the bank's ratings is negative.
Bank of Cyprus Public Co Ltd:
-- Deposit and senior debt ratings of Ba1/NP, from Baa2/ P-2;
-- Subordinated debt rating of (P) Ba2, from (P) Baa3;
-- Junior subordinated notes rating of (P) B1 (hyp),
from (P) Ba2 (hyp);
-- Standalone BFSR of D- (mapping to Ba3 on the long-term rating
scale), from D+/ Ba1;
-- The outlook on all the bank's ratings is negative.
Hellenic Bank Public Co Ltd
-- Deposit and senior debt ratings confirmed at Ba1;
-- Standalone BFSR confirmed at D- (mapping to Ba3 on the long-
term rating scale);
-- The outlook on all the bank's ratings is negative.
MOODY'S METHODOLOGIES
The principal methodologies used in this rating were Bank
Financial Strength Ratings: Global Methodology published in
February 2007, and Incorporation of Joint-Default Analysis into
Moody's Bank Ratings: A Refined Methodology published in March
2007. Please see the Credit Policy page on www.moodys.com for a
copy of these methodologies.
Headquartered in Nicosia, Cyprus, Marfin Popular Bank Public
Company Ltd reported total consolidated assets of EUR40.5 billion
as of March 2011.
Headquartered in Nicosia, Cyprus, Bank of Cyprus Public Co Ltd
reported total consolidated assets of EUR41.7 billion as of March
2011.
Headquartered in Nicosia, Cyprus, Hellenic Bank Public Co Ltd
reported total consolidated assets of EUR8.3 billion as of March
2011.
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G E R M A N Y
=============
EDSCHA AG: U.S. Unit Wins Confirmation of Liquidating Plan
----------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that former auto-parts maker Edscha North America Inc.
persuaded a bankruptcy judge in Illinois at a hearing July 28 to
sign a confirmation order approving the liquidating Chapter 11
plan proposed by the company and the official creditors'
committee.
According to the report, the disclosure statement showed the
company as having about US$1.76 million cash, with US$683,000
earmarked for payment to unsecured creditors with claims totaling
US$12.4 million giving them about 6% recovery on their claims.
The Pension Benefit Guaranty Corp. will receive US$694,000 cash on
account of its US$11.8 million claim. Secured creditors were
already paid in part from sales of assets.
Germany-based Edscha AG manufactures door hinges, convertible
roofs and driver controls for major carmakers. It was previously
owned by buyout firm Carlyle Group.
Edscha AG filed for insolvency for its European operations on
Feb. 2, 2009. At the time, it cited "massive declining trends" in
the auto industry and difficulty in obtaining financing. The
debts incurred by the company's leveraged buyout through Carlyle
in late 2002 "was not responsible" for the insolvency filing, but
the massive slump in car sales. The insolvency of Edscha followed
a 50% drop in some of the company's businesses during the fourth
quarter of 2008.
U.S. affiliate, Edscha North America Inc., ceased operating in
June 2009 and filed for Chapter 11 reorganization (Bankr. N.D.
Ill. Case No. 09-39055) in October 2009, listing assets of
US$6.44 million and liabilities of US$672.4 million in its Chapter
11 petition. The U.S. unit said it won't be feasible to propose a
plan until a sale of assets in Mexico concludes. The sale was
approved by the judge in April 201.
ESSENTIAL PUBLIC: Fitch Affirms Rating on Class E Notes at 'B+sf'
-----------------------------------------------------------------
Fitch Ratings has taken various actions on Essential Public
Infrastructure Capital II GmbH's (EPIC II's) notes:
-- EUR227,164 class A+: downgraded to 'AAsf' from 'AAAsf',
Outlook Stable; Loss Severity (LS) rating of LS-1
-- EUR45,000,000 class A: affirmed at 'A+sf'; Outlook Stable;
LS-3
-- EUR9,000,000 class B: affirmed at 'BBB+sf'; Outlook Stable;
LS-4
-- EUR9,000,000 class C: affirmed at 'BBBsf'; Outlook Stable;
LS-4
-- EUR9,000,000 class D: affirmed at 'BBsf'; Outlook Stable;
LS-4
-- EUR6,750,000 class E: affirmed at 'B+sf'; Outlook Stable;
LS-4
The downgrade of Class A+ reflects an insufficient level of credit
enhancement (CE) of the class to support the current rating.
There has been negative portfolio migration since the last rating
action in September 2009. Speculative grade reference entities
have increased to 50% of the current portfolio compared to 23% at
the last rating action. The portfolio weighted average rating is
'BBB-*/BB+*' compared to 'BBB-*' in 2009. Also, the reference
portfolio is highly concentrated with the top eight issuers
comprising approximately 50% of the portfolio.
The affirmation of the class A through E notes is based on the
sufficient level of CE to maintain the current ratings.
Furthermore, Fitch expects the CE levels to increase as the
transaction ends its replenishment period in July 2011.
The current portfolio comprises 40 loans from 33 obligors with
only two loans in the construction phase. Both loans in the
construction phase are rated 'BB+*'/Stable. Fitch notes that loans
in construction phase have higher default risk and lower recovery
rates as compared to loans in operation phase.
The notes' ratings are linked to the credit quality of the
certificates of indebtedness (Schuldscheine) issued by KfW
('AAA'/Stable/'F1+'). Therefore, if KfW was downgraded below
'AAA'/'F1+', any note rated higher would be downgraded
accordingly.
Fitch has assigned an Issuer Report Grade (IRG) of "Poor", (one
star) to the issuer based on the provided reports. The reports do
not meet several standards for a higher grade including
information on identifiers of the collateral assets.
EUROHOME MORTGAGES: Fitch Affirms 'Csf' Ratings on 3 Note Classes
-----------------------------------------------------------------
Fitch Ratings has affirmed Eurohome Mortgages 2007-1 plc, a pan-
European RMBS transaction:
-- Class A (ISIN XS0309227279) affirmed at 'BBsf'; Outlook
Negative Outlook; Loss Severity Rating 'LS-2'
-- Class B (ISIN XS0309230497) affirmed at 'CCCsf'; Recovery
Rating 'RR6'
-- Class C (ISIN XS0309232196) affirmed at 'CCsf'; Recovery
Rating 'RR6'
-- Class D (ISIN XS0309232600) affirmed at 'Csf'; Recovery
Rating 'RR6'
-- Class E (ISIN XS0309233244) affirmed at 'Csf'; Recovery
Rating 'RR6'
-- Class X (ISIN XS0309234309) affirmed at 'Csf'; Recovery
Rating 'RR6'
The transaction comprises DB Mutui and Toppimo, two Deutsche Bank
platforms of loans with highly adverse characteristics. The
performance of the underlying assets in this transaction remains a
concern. As of March 2011, the portion of loans in arrears with at
least three missed payments (including terminated loans) made up
19.8% of the German portfolio and 25.5% of the Italian portfolio.
Meanwhile, the volume of period defaults from the Italian portion
of the portfolio, defined as loans in arrears by more than 12
months, has decreased over the past 12 months compared to levels
seen in the period leading up to 2010 from 2.3% of the outstanding
balance to 0.7%. Despite the decline, period defaults remain above
the level of gross excess spread generated by the transaction. As
a result, the current outstanding principal deficiency ledger
continues to increase and as of the May 2011 interest payment date
it made up 100% of the class D and E notes and 60.3% of the class
C notes.
The German portion of the portfolio continues to recognize loans
as terminated, defined as loans that are more than 120 days past
due. As of May 2011, the volume of such loans made up 16.0% of the
portfolio. Fitch understands that there are 96 properties which
have been sold either to private sale or public auction. However,
no losses have been recognized as yet, as the servicer continues
to collect partial recoveries from the borrowers. To date, five
loans have seen full completion of the foreclosure process and a
negligible amount of losses has been recognized on these loans.
Based on its market value decline assumptions for Germany and the
high loan-to-value ratios of the underlying assets, Fitch expects
further losses to be realized in future payment dates and this
expectation is also reflected in the ratings assigned to the
notes.
To date, the issuer has not generated any recoveries from
defaulted loans in the Italian portfolio. Fitch has been informed
that there are currently EUR11 million worth of loans that are
undergoing legal action, EUR1.9 million have already been sold in
auction and are awaiting payments and EUR8.6 million are still to
be sold via auction. Fitch understands that recoveries are not
expected in the transaction until 2012.
The timing of recoveries on defaulted loans remains uncertain, and
is reflected in the current ratings of the notes. In its analysis
of two portions of the portfolio, Fitch has applied its market
value decline assumptions for Italy and Germany. The agency has
also conducted sensitivity analysis to derive the level of
recoveries on the Italian portfolio at which the class A credit
enhancement would no longer be sufficient to withstand the 'BBsf'
stresses. The analysis showed that the level of recoveries on the
current outstanding defaults would have to be well below levels
derived for Fitch 'AAAsf' expectations, which is why the agency
was able to affirm the current ratings. A further downgrade of the
class A notes would be triggered by a rise in period defaults to
levels seen throughout 2009 and H110 and no recovery flow, and is
reflected in the Negative Outlook on the class A notes which is
maintained.
The ratings maintained on the mezzanine, junior and
uncollateralized notes reflect Fitch's view that the level of
expected recoveries from the defaulted and terminated loans may
not be sufficient to clear the outstanding principal deficiency
ledger, and hence will most probably lead to their default. The
low recovery expectations for these notes are also reflected in
the 'RR6' recovery ratings, which have been maintained.
HEIDELBERGER DRUCK: Moody's Assigns Caa1 Rating to EUR304MM Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned a definitive Caa1 rating to
the EUR304 million senior unsecured notes (due in 2018) issued by
Heidelberger Druckmaschinen AG. The B2 Corporate Family Rating of
Heidelberger Druck remains unchanged. The outlook on the ratings
is positive.
Ratings Rationale
Moody's definitive rating assignments on the debt obligations are
in line with the provisional ratings assigned as outlined in
Moody's previous press release, which provides further details on
the rating rationale. The final terms of the notes are in line
with the drafts reviewed for the provisional rating assignment.
The B2 CFR reflects the company's relatively high leverage
(adjusted debt/EBITDA of 6.3x, which however is better than the
7.3x expected at the time of the rating assignment) as per
March 2011, with still comparatively low levels of profitability
and free cash flow generation. However, following a major cyclical
downturn in the last two years, the company is now showing first
signs of performance improvements which should lead to a gradually
improving leverage in the course of the next financial year. While
the relatively weak initial credit metrics are a constraining
factor on Heidelberger Druck's rating, Moody's also notes the
company's strong business profile, with leading market positions
and a diversified geographic footprint, which places Heidelberger
Druck in a position to benefit from an improving market
environment and partially mitigates the high leverage.
Assignments:
Issuer: Heidelberger Druckmaschinen AG
-- EUR304M 9.25% Senior Unsecured Regular Bond/Debenture Apr
15, 2018, Assigned Caa1
The positive outlook on the rating reflects Moody's expectation
that, going forward, Heidelberger Druck is likely to benefit from
an improving market environment that should support a rebound in
revenues and profitability and thus allow the company to reduce
its leverage to levels commensurate with the B1 rating category,
as exemplified by a leverage of debt/EBITDA sustainably below
5.0x, while free cash flow should remain in positive territory and
strengthen further. To support an upgrade, Moody's would also
expect the global economy and market for print equipment to show
at that time evidence of further growth.
Moody's would consider changing the outlook on the B2 rating to
stable if Heidelberger Druck would fail to reduce its leverage
towards 5.0x within 12 to 18 months after the initial rating
assignment.
The principal methodology used in this rating was Global Heavy
Manufacturing Rating Methodology published in November 2009. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009.
Based in Heidelberg, Germany, Heidelberger Druck is the leading
manufacturer of sheetfed offset printing presses with revenues of
approximately EUR2.6 billion as per financial year end March 2011.
Heidelberger Druck supplies equipment for sheetfed offset printing
as well as associated upstream and downstream activities, services
and consumables to printing companies, primarily in the
advertising and packaging printing segment.
PB DOMICILE: Fitch Affirms Rating on Class E Notes at 'BBsf'
------------------------------------------------------------
Fitch Ratings has affirmed PB Domicile 2006-1 PLC, a synthetic
German RMBS transaction. The Outlooks on all notes are Stable.
The ratings reflect the good performance of PB Domicile 2006-1 and
the rated tranches' build-up in credit enhancement levels. The
transaction comprises residential mortgage loans originated by
Deutsche Postbank AG ('A+'/Stable/'F1+').
The outstanding balance of credit events was 1.4% (EUR35m) of the
initial pool balance on the last payment date in May 2011. Losses
of only 0.09% (EUR2.4m) of the initial pool balance have been
realized to date, and cleared using synthetic excess spread which
is provided by Deutsche Postbank AG. The excess spread received by
the issuer is up to an amount of 0.57% per annum of the performing
collateral balance, most of which was released back to Deutsche
Postbank AG.
Fitch's expectations of the underlying assets' future performance
in this transaction have not changed since the last review. The
agency is of the opinion that the excess spread available will be
sufficient to cover future losses before being allocated to the
rated notes beginning with class E notes. Given the moderately
increasing credit enhancement levels and stable asset performance,
Fitch has maintained its Stable Outlook on all tranches.
The rating actions are:
-- Class A1+ (ISIN DE000A0GYFH9): affirmed at 'AAAsf'; Outlook
Stable; Loss Severity Rating 'LS-1'
-- Class A2+ (ISIN DE000A0GYGU0): affirmed at 'AAAsf'; Outlook
Stable; Loss Severity Rating 'LS-3'
-- Class B (ISIN DE000A0GYFJ5): affirmed at 'AAsf'; Outlook
Stable; Loss Severity Rating 'LS-3'
-- Class C (ISIN DE000A0GYFK3): affirmed at 'Asf'; Outlook
Stable; Loss Severity Rating 'LS-3'
-- Class D (ISIN DE000A0GYFL1): affirmed at 'BBBsf'; Outlook
Stable; Loss Severity Rating 'LS-3'
-- Class E (ISIN DE000A0GYFM9): affirmed at 'BBsf'; Outlook
Stable; Loss Severity Rating 'LS-5'
PROVIDE BLUE: Fitch Affirms Ratings on Class E Notes at 'BBsf'
--------------------------------------------------------------
Fitch Ratings has affirmed Provide Blue 2005-1 and Provide Blue
2005-2, two synthetic German RMBS transactions.
The affirmations reflect the sufficient build-up in credit
enhancement seen to date on most of the rated tranches in the two
transactions, allowing them to withstand their respective stress
scenarios. The transactions comprise residential mortgage loans
originated by BHW Bausparkasse AG, and have reported stable
arrears levels over the past 12 months.
The outstanding balance of credit events stood at 1.4% (2005-1)
and 1.5% (2005-2) of the initial pool balances on the last payment
date. As of the last four quarterly interest payment dates, an
average of EUR1.2 million and EUR3.2 million credit events
occurred for Provide Blue 2005-1 and Provide Blue 2005-2,
respectively. To date, realized losses amount to only 0.30% and
0.26% of the initial pool balances of Provide Blue 2005-1 and
Provide Blue 2005-2 respectively.
Realized losses resulting from defaulted loans are allocated to
the threshold amount first and then to the notes starting from the
most junior tranche. The EUR1.4 million threshold amount for
Provide Blue 2005-1 has been fully utilized and a total allocated
loss of EUR3.4 million was reported for the unrated class F notes
in May 2011. This amount equates to 28% of the original note
balance. Provide Blue 2005-2 reported a total allocated loss of
EUR10 million to the outstanding initial threshold amount of
EUR21.2 million.
The three-month-plus arrears levels for both transactions are
stable at around 1% of the current pool balance. This is well
below levels seen in other German transactions. Nevertheless Fitch
expects further losses to be allocated to both transactions, which
will negatively affect the credit support available. Given the
speed at which losses have been allocated to the class F notes of
Provide Blue 2005-2, Fitch believes that this tranche may see full
loss allocation by 2013, at which stage losses will be assigned to
the class E notes. For this reason the agency has revised its
Outlook on the class E notes to Negative from Stable.
The rating actions are:
Provide Blue 2005-1 PLC:
-- Class D (ISIN DE000A0E6NX2): affirmed at 'BBBsf'; Stable
Outlook; Loss Severity Rating 'LS-3'
-- Class E (ISIN DE000A0E6NY0): affirmed at 'BBsf'; Stable
Outlook; Loss Severity Rating 'LS-3'
Provide Blue 2005-2 PLC:
-- Senior Credit Default Swap: affirmed at 'AAAsf'; Stable
Outlook; Loss Severity Rating 'LS-1'
-- Class A+ (ISIN DE000A0GHZR1): affirmed at 'AAAsf'; Stable
Outlook; Loss Severity Rating 'LS-1'
-- Class B (ISIN DE000A0GHZS9): affirmed at 'AAsf'; Stable
Outlook; Loss Severity Rating 'LS-3'
-- Class C (ISIN DE000A0GHZT7): affirmed at 'Asf'; Stable
Outlook; Loss Severity Rating 'LS-3'
-- Class D (ISIN DE000A0GHZU5): affirmed at 'BBBsf'; Stable
Outlook; Loss Severity Rating 'LS-3'
-- Class E (ISIN DE000A0GHZV3): affirmed at 'BBsf'; Outlook
revised to Negative from Stable; Loss Severity Rating 'LS-4'
WALTER BAU: Thai Prince to Use Personal Funds to Recover Plane
--------------------------------------------------------------
Supunnabul Suwannakij at Bloomberg News reports that Thailand's
Crown Prince Maha Vajiralongkorn will use his personal funds to
recover an airplane that was seized by German liquidators in
Munich last month as part of a bankruptcy dispute.
Walter Bau AG said last month that Werner Schneider, the company's
insolvency administrator, seized a Boeing 737 belonging to the
crown prince on July 11 to force payment on a EUR30 million
(US$43.2 million) claim against the Thai state, Bloomberg
recounts.
The crown prince "has no connection with the dispute between the
Thai government and Walter Bau, and didn't cause the dispute,"
Bloomberg quotes the crown prince's secretariat as saying in a
statement released on Sunday. "To avoid any impact to the good
relationship between Thailand and Germany and to end the dispute
on good terms and in an expeditious manner, the crown prince will
provide his personal funds to end the dispute."
A 2009 decision by the United Nations Commission on International
Trade Law, or Uncitral, ordered Thailand to pay Walter Bau more
than EUR30 million for breaching a bilateral investment treaty
between Germany and Thailand, Bloomberg discloses. The order
found that Thailand's government breached the terms of a toll road
concession operated by a venture partly owned by Walter Bau,
Bloomberg states.
Bloomberg notes that the crown prince's statement said a Berlin
court ruled on July 20 that Thailand must deposit EUR20 million to
secure the release of the aircraft.
According to Bloomberg, Werner Schneider said on July 13 that the
insolvency administrator took action after Thailand ignored its
requests for payment, which received assistance from the German
government. The crown prince's statement didn't say how much will
be paid, Bloomberg notes.
About Walter Bau
Headquartered in Augsburg, Germany, Walter Bau AG --
http://www.walter-bau.de/-- is a construction management and
construction technology group in Europe. It principal
activities include turnkey construction, building planning and
construction, civil engineering, utility constructions, traffic
infrastructure construction, and real estate. Walter Bau once
ranked number fourth in the local construction market behind
Hochtief, Bilfinger Berger and Strabag.
Walter Bau declared insolvency in February 2005 after creditor
banks refused to approve its restructuring plan. This denied
the company access to a EUR1.5 billion credit line. In his
report to the creditors, Mr. Schneider blamed the group's demise
to management errors and the downturn in the construction
industry.
===========
G R E E C E
===========
NAT'L BANK OF GREECE: Fitch Maintains Long-term 'B-' IDR
--------------------------------------------------------
Fitch Ratings has maintained six Greek banks' Long-term Issuer
Default Ratings (IDR) at 'B-' with a Rating Watch Negative (RWN)
following the recent Summit decision by euro area leaders.
The six banks' Long-term IDRs remain on their Support Rating
Floors (SRF) and continue to reflect Fitch's assumption that
international support from the IMF/EU/ECB in respect of Greek
banks' liquidity requirements, recapitalization and re-financing
will remain in place during Greece's debt restructuring/re-
financing plan. Various statements, although unofficial, made by
euro area heads of state and the ECB lead Fitch to reach this
conclusion.
The banks affected are National Bank of Greece (NBG), EFG Eurobank
Ergasias (Eurobank) Alpha Bank (Alpha), Piraeus Bank (Piraeus),
Agricultural Bank of Greece (ATEbank) and T Bank S.A.
"Fitch understands that Greek banks' continued extraordinary
access to liquidity, either through the Bank of Greece or the ECB
will remain if Greece is downgraded to 'Restricted Default' and
that this reduces the risk of bank default," says Cristina
Torrella, Senior Director in Fitch's financial institutions group.
"However, the Rating Watch Negative on their ratings reflect the
downside risk if there is no firm and official international
commitment to support banks and/or there are changes to the
assumptions underpinning Fitch's judgment on support," adds Ms
Torrella.
At the same time, Fitch has downgraded all six Greek banks'
Viability Ratings (VR) to 'f' from 'ccc' to reflect the fact that
banks would have defaulted if a new bail-out program had not been
agreed, of which banks' continued access to liquidity is of
particular relevance.
Fitch will maintain the VR at 'f' for a short period of time. The
likely deterioration of Greek banks' loan books asset quality and
ultimately profitability, risk of further deposit outflows,
reliance on ECB funding, and the exact impact on the four largest
banks' capital, as a result of their participation in Greece's
debt restructuring/refinancing plan, still represent significant
challenges for Greek banks and as such, their ratings are likely
to remain deeply sub-investment grade for some time.
The rating actions are:
NBG
-- Long-term IDR at 'B-'; RWN maintained
-- Short-term IDR at 'B'; RWN maintained
-- Viability Rating downgraded to 'f' from 'ccc'
-- Individual Rating downgraded to 'F' from 'E'
-- Support Rating affirmed at '5'
-- Support Rating Floor at 'B-'; RWN maintained
-- Senior notes at 'B-/RR4'; RWN maintained
-- Hybrid capital affirmed at 'C'
-- State-guaranteed issues at 'B-'; RWN maintained
Eurobank
-- Long-term IDR at 'B-'; RWN maintained
-- Short-term IDR at 'B'; RWN maintained
-- Viability Rating downgraded to 'f' from 'ccc'
-- Individual Rating downgraded to 'F' from 'E'
-- Support Rating affirmed at '5'
-- Support Rating Floor at 'B-'; RWN maintained
-- Senior notes at 'B-/RR4'; RWN maintained
-- Market-Linked Senior notes at 'B-emr'/RR4'; RWN maintained
-- Commercial paper at 'B'; RWN maintained
-- Subordinated notes affirmed at 'C'/'RR6'
-- Hybrid capital affirmed at 'C'
-- State-guaranteed issues at 'B-'; RWN maintained
-- Short-term state-guaranteed issues at 'B', RWN maintained
Alpha
-- Long-term IDR at 'B-'; RWN maintained
-- Short-term IDR at 'B'; RWN maintained
-- Viability Rating downgraded to 'f' from 'ccc'
-- Individual Rating downgraded to 'F' from 'E'
-- Support Rating affirmed at '5'
-- Support Rating Floor at 'B-'; RWN maintained
-- Senior notes at 'B-'/'RR4'; RWN maintained
-- Market-Linked Senior notes at 'B-emr'/'RR4'; RWN maintained
-- Subordinated notes affirmed at 'C'/'RR6'
-- Junior subordinated notes affirmed at 'C'
-- Hybrid capital affirmed at 'C'
-- State-guaranteed issues at 'B-'; RWN maintained
-- Short-term state-guaranteed issues at 'B', RWN maintained
-- Commercial paper program at 'B', RWN maintained
Piraeus
-- Long-term IDR at 'B-'; RWN maintained
-- Short-term IDR at 'B'; RWN maintained
-- Viability Rating downgraded to 'f' from 'ccc'
-- Individual Rating downgraded to 'F' from 'E'
-- Support Rating affirmed at '5'
-- Support Rating Floor at 'B-'; RWN maintained
-- Senior notes at 'B-'/'RR4'; RWN maintained
-- Commercial paper at 'B'; RWN maintained
-- State-guaranteed issues at 'B-'; RWN maintained
ATEbank
-- Long-term IDR at 'B-'; RWN maintained
-- Short-term IDR at 'B'; RWN maintained
-- Viability Rating downgraded to 'f' from 'ccc'
-- Individual Rating downgraded to 'F' from 'E'
-- Support Rating affirmed at '5'
-- Support Rating Floor at 'B-'; RWN maintained
-- State-guaranteed issues at 'B-'; RWN maintained
T Bank
-- Long-term IDR at 'B-'; RWN maintained
-- Short-term IDR at 'B'; RWN maintained
-- Viability Rating downgraded to 'f' from 'ccc'
-- Individual Rating downgraded to 'F' from 'E'
-- Support Rating affirmed at '5'
-- Support Rating Floor at 'B-'; RWN maintained
-- Subordinated notes affirmed at 'C'
-- Hybrid capital affirmed at 'C'
The rating impact, if any, from the above rating actions on Greek
banks' subsidiaries, securitization transactions and covered bonds
will be detailed in separate comments.
In Fitch's rating criteria, a bank's standalone risk is reflected
in Fitch's Viability Ratings and the prospect of external support
is reflected in Fitch's Support Ratings. Collectively these
ratings drive Fitch's Long- and Short-term IDRs.
=============
H U N G A R Y
=============
NEOCITY HUNGARY: Backers Under Liquidation
------------------------------------------
According to realdeal.hu, ingatlanhirek.hu reported that some
companies behind an Israeli firm called Neocity, which built the
premium-category residential park in Budapest's Csillaghegy
(District III), are under liquidation.
realdeal.hu relates that ingatlanhirek.hu, citing the firm's Web
site, said all apartments have been sold, but submitted reports do
not reveal the development's revenue or where it went.
Neocity Hungary Kft. has carried out several developments under
the brand name Natura Project in and near Budapest since 2007.
The total value of the developments was over HUF8.6 billion
(approximately EUR32 million), realdeal.hu discloses.
=============
I R E L A N D
=============
EIRCOM GROUP: Expects Earnings to Fall by Up to 20%
---------------------------------------------------
Ciaran Hancock at The Irish Times reports that Eircom Group's
management has predicted that the company's earnings could fall by
up to 20% over the next two years due to competitive pressures,
customer losses and lower average mobile spend by subscribers.
This emerged on Friday as the company began talks with a committee
representing first lien senior lenders, The Irish Times relates.
Eircom's management presented their business plan with the
lenders, who are owed EUR3.65 billion, The Irish Times.
Sources familiar with the plan told The Irish Times that it
includes a forecast that Eircom's EBITDA (earnings before
interest, tax, depreciation and amortization) will decline to
about EUR550 million in the 12 months to the end of June 2012 and
to about EUR510 million in the following year.
Eircom posted EBITDA of EUR669 million in the year to the end of
June 2010, the latest year for which accounts are available, The
Irish Times discloses.
Its 2011 results will be released in late August and are expected
to show EBITDA for the year of about EUR640 million, The Irish
Times states.
The Irish Times says the coordinating committee is likely to balk
at this and it is understood that some form of debt-for-equity
swap could form part of the negotiations.
The talks kicked off on Friday and are at a preliminary stage, The
Irish Times notes. According to The Irish Times, sources have
indicated that they could last for some months and there will be
many moving parts.
Eircom has yet to breach its financial covenants but this is
expected to happen in late August when its full-year results are
released, The Irish Times states.
Eircom's shareholders -- Singapore-based STT and the employee
share Esot -- could provide a so-called "equity cure" by injecting
capital into the business, The Irish Times says. This would avoid
a default, the report notes, but sources have indicated that such
a move is unlikely in the absence of a deal on the outstanding
debt.
Instead, some form of debt writedown is likely to be agreed, The
Irish Times states. In parallel with this, the existing
shareholders could also inject capital into the business, possibly
EUR300 million or more, The Irish Times discloses.
Eircom on Friday said that Gleacher Shacklock would be its sole
representative in its talks with the committee of lenders, The
Irish Times recounts. This role had previously been shared with
JP Morgan, The Irish Times notes.
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.
EXETER BLUE: Fitch Affirms Rating on Class E Notes at 'BBsf'
------------------------------------------------------------
Fitch Ratings has revised the Outlooks on Exeter Blue, a managed
securitization of public private partnership/public finance
initiative (PPP/PFI) and project finance loans mainly located in
Western Europe and North America:
-- EUR31.875m class A affirmed at 'AAAsf'; Outlook revised to
Negative from Stable; Loss Severity (LS) rating of LS-2
-- EUR31.875m class B affirmed at 'AAsf'; Outlook revised to
Negative from Stable; LS-2
-- EUR26.5625m class C affirmed at 'Asf'; Outlook revised to
Negative from Stable; LS-3
-- EUR10.625m class D affirmed at 'BBBsf'; Outlook revised to
Negative from Stable; LS-3
-- EUR8.5m class E: affirmed at 'BBsf'; Outlook revised to
Negative from Stable; LS-3
The revision reflects Fitch's concerns about further deterioration
of the portfolio's quality which may lead to the downgrade of the
notes. The weighted average rating of the reference portfolio
(including defaulted asset) is 'BB+*' compared to 'BBB-*' in 2008.
Also, the percentage of assets with recovery rates of 70% and
lower have worsened to 18% from 4% in 2008. Furthermore, the
current portfolio contains one defaulted loan which has an
estimated recovery rate of 60%.
The affirmations reflect sufficient levels of credit enhancement
for the current ratings. Also, the class A through E notes
indirectly benefit from excess spread. Principal losses on the
subordinated notes (which are not rated) may be cured and the
senior notes may be partially or fully restored to the original
credit enhancement levels due to excess spread.
Currently, there are a total of 51 loans from 51 obligors in the
portfolio. The reference portfolio has significant concentration
in the PPP/PFI and transport sectors, of 39% and 29% respectively.
Also, the reference portfolio is highly concentrated with the top
five obligors comprising approximately 23% of the portfolio.
Furthermore, eight loans which represent 24% of the portfolio are
still in the construction phase. Fitch notes that loans in
construction phase have higher default risk and lower recovery
rates as compared to loans in the operation phase.
Fitch has assigned an Issuer Report Grade (IRG) of "Satisfactory"
(three stars) to the issuer based on the provided reports. The
reports do not meet several standards for a higher grade including
information on counterparty rating and identifiers of the
collateral assets.
IRISH LIFE: Shareholder Group Challenges Recapitalization
---------------------------------------------------------
Laura Slattery at The Irish Times reports that a group of
dissident shareholders in Irish Life & Permanent have hired Dublin
law firm Hamilton Turner to make a High Court challenge to the
recapitalization of the bank by the State, which will wipe out the
value of their shareholdings.
According to The Irish Times, a letter from Hamilton Turner to
shareholders suggests that the shareholders will challenge both
the decision of Minister for Finance Michael Noonan to make the
order to inject EUR2.7 billion into the bank and the
constitutionality of the 2010 legislation that allowed him to do
so.
Under the Credit Institutions (Stabilisation) Act, shareholders
have five working days to oppose the High Court order secured by
Mr. Noonan last Tuesday to recapitalize the bank, The Irish Times
notes. The Irish Times relates that Hamilton Turner warns there
is "no guarantee" that a successful challenge would "result in
further value in the shares being created".
However, the firm submits that the Minister may wish to settle the
case instead of taking the risk that the recapitalization order is
set aside or the legislation declared unconstitutional, The Irish
Times says.
Headquartered in Dublin, Irish Life & Permanent plc --
http://www.irishlifepermanent.ie/-- is a provider of personal
financial services to the Irish market. Its business segments
include banking, which provides retail banking services; insurance
and investment, which includes individual and group life assurance
and investment contracts, pensions and annuity business written in
Irish Life Assurance plc and Irish Life International, and the
investment management business written in Irish Life Investment
Managers Limited; general insurance, which includes property and
casualty insurance carried out through its associate, Allianz-
Irish Life Holdings plc, and other, which includes a number of
small business units.
* IRELAND: CB Imposes Lending Restrictions on Ailing Credit Unions
------------------------------------------------------------------
Caroline Madden at The Irish Times reports that the Central Bank
has imposed lending restrictions on Ireland's most troubled credit
unions due to concerns over rising levels of arrears and impaired
assets.
The move follows a warning from credit union regulator
James O'Brien last month that an increasing number of credit
unions could be heading into financial difficulty, The Irish Times
relates.
According to The Irish Times, in the latest agreement between
Ireland and its EU-IMF creditors, the Government said "immediate
steps" are being taken to deal with weaknesses in the most
troubled credit unions, "including restrictions on their
operations where appropriate."
The Irish Times notes that a spokeswoman for the Central Bank said
all credit unions are required to apply "enhanced scrutiny" to all
new loan applications.
In the memorandum of understanding published on Friday, which was
only slightly amended after Ireland passed its third EU-IMF review
earlier this month, the Irish Government said it is implementing a
strategy to "underpin the solvency and viability" of the credit
union sector, The Irish Times recounts.
"Commencing in the fourth quarter, we will take all measures
necessary to restructure the sector and address difficulties in
individual credit unions while minimizing any fiscal cost," The
Irish Times quotes the Government as saying.
This restructuring process will take account of the interim report
of the Commission of Credit Unions, established by the Government
to review the future of the credit union movement, The Irish Times
states.
=========
I T A L Y
=========
BANCA MONTE: Moody's Upgrades Bank Financial Strength Rating to D+
------------------------------------------------------------------
Moody's Investors Service has upgraded the long and short-term
deposit ratings of Banca Monte Parma SpA to A2 and Prime-1 from
Baa3 and Prime-3, respectively. At the same time, its standalone
bank financial strength rating (BFSR) was upgraded to D+, mapping
to Baa3 on the long-term scale, from D (which mapped to Ba2). The
upgrades reflect the completion of Monte Parma's acquisition by
Intesa Sanpaolo SpA (Intesa Sanpaolo, rated Aa3 on review for
downgrade/P-1/C+) on July 26, 2011, which now owns a controlling
stake of 60.8% of the bank's ordinary shares.
The outlook on all ratings is now stable. This rating action
concludes the review for possible upgrade initiated on October 20,
2010.
RATINGS RATIONALE
BFSR UPGRADE REFLECTS IMPROVED CAPITALISATION AND BENEFITS FROM
BEING PERT OF ITALY'S LEADING BANKING GROUP
The upgrade of the BFSR reflects the expected improvement in the
bank's capital adequacy, and the immediate benefits from being an
integral part of Italy's leading banking group.
Intesa Sanpaolo has agreed to subscribe, proportionally to its
stake in the bank, Monte Parma's planned capital increase of
EUR75million, which is due for completion in the coming months.
Moody's says that it expects that through this capital increase,
and other potential measures, that Intesa Sanpaolo will ensure
that Monte Parma achieves satisfactory capital adequacy ratios.
Further, Moody's views the transaction positively as Monte Parma
has become part of a stronger and larger banking group, and thus
gains access to the latter's greater resources and economies of
scale. This should immediately mean that the bank is better able
to serve its customers and so enhance its business franchise. In
addition, the merger with Intesa Sanpaolo strengthens Monte
Parma's position in its home region of Parma, in the North of
Italy. The stable outlook on the BFSR reflects Moody's expectation
that further potential benefits, leading to improvement in the
bank's currently weak profitability and efficiency, are likely to
materialize only in the medium term.
Moody's says that Monte Parma's D+ BFSR is underpinned by (i) the
bank's good franchise in the Parma Province, with market shares
for deposits and lending of around 13%; (ii) the planned capital
increase; (iii) the bank's strategy to focus on traditional retail
banking; and (iv) benefits deriving from being part of a large
group.
UPGRADE OF LONG AND SHORT-TERM DEPOSIT RATINGS
The upgrade of Monte Parma's long and short-term deposit ratings
to A2/Prime 1 reflects (i) the higher D+ BFSR; and (ii) a very
high expectation of parental support in line with other Intesa
Sanpaolo group subsidiaries. This results in a four-notch uplift
from the Baa3 mapping of the bank's D+ BFSR, and is underpinned by
the expected tight integration within the larger banking group and
the strong strategic fit of Monte Parma for Intesa Sanpaolo.
A moderate downgrade of Intesa Sanpaolo's long-term deposit
rating, which is currently on review for possible downgrade as a
result of the review for possible downgrade of the Republic of
Italy's Aa2 bond rating, would have no impact on Monte Parma's
long and short-term deposit ratings. As a result, the outlook on
these ratings is stable.
TRIGGERS FOR A RATING UPGRADE/DOWNGRADE
Monte Parma's BFSR could be moderately upgraded following a
successful integration into the Intesa Sanpaolo group, leading to
significant improvement in profitability, efficiency and asset
quality. An upgrade of the BFSR would be unlikely to result in a
upgrade of the long-term deposit ratings.
The BFSR could be downgraded if the bank's franchise value weakens
and if asset quality fails to improve. A downgrade of the BFSR
could result in a downgrade of the bank's long and short-term
ratings.
The following ratings were upgraded:
Banca Monte Parma:
-- long-term deposits upgraded to A2 from Baa3;
-- short-term deposits upgraded to Prime-1 from Prime-3;
-- bank financial strength rating, upgraded to D+ from D
METHODOLOGIES USED
The principal methodologies used in this rating were Bank
Financial Strength Ratings: Global Methodology published in
February 2007, and Incorporation of Joint-Default Analysis into
Moody's Bank Ratings: A Refined Methodology published in March
2007.
Banca Monte Parma SpA is headquartered in Parma, Italy. At
December 2010, it had total assets of EUR3.0 billion.
===================
K A Z A K H S T A N
===================
KAZINVESTBANK: Moody's Downgrades Deposit Ratings to 'B3'
---------------------------------------------------------
Moody's Investors Service has downgraded these ratings of
Kazinvestbank (KIB), following deterioration in the bank's credit
risk profile over the past 12 to 18 months:
-- Long-term local and foreign-currency deposit ratings
downgraded to B3 from B2
-- Long-term local-currency subordinated debt rating downgraded
to Caa1 from B3
The standalone E+ bank financial strength rating (BFSR) was
affirmed; however, it now maps to B3 on the long-term rating
scale, rather than B2. The outlook on all the ratings is stable.
Moody's re-assessment of the bank's credit standing within the E+
BFSR category is largely based on KIB's audited financial
statements for 2010 prepared under IFRS, as well as KIB's
statutory unaudited reports for H1 2011.
Ratings Rationale
The downgrade of KIB's ratings reflects the deterioration in the
bank's credit risk profile over the past 12 to 18 months, as well
as the ongoing negative pressure on its financial fundamentals.
Moody's has therefore remapped the E+ BFSR to B3 on the long-term
scale to better capture the bank's credit standing.
The factors prompting KIB's ratings downgrade are, among other
things (i) significantly weakened asset quality, as the level of
the bank's overdue loans more than doubled in 2010, at 31.8% of
the gross loans at year-end 2010; (ii) poor financial performance,
as KIB reported a net loss of USD18.4 million in 2010 under its
audited IFRS financial statements, leading to an annualized ROAA
of -4.02%; and (iii) subdued demand for bank loans is likely to
further squeeze the bank's margins and constrain its financial
performance and franchise value, at least in the near-term.
Moody's also notes that KIB's ratings and their outlook benefit
from acceptable liquidity and shareholders support provided to the
bank. According to KIB, its shareholders, including EBRD and CVCI,
are planning to increase the bank's capital by US$30 million in H2
2011. About US$3 million of this amount has already been injected,
while the remaining funds are expected to be provided in August-
September and December. This capital increase, if materialized,
will bring up the equity-to-assets ratio to around 16-17%,
allowing the bank to cover further loan portfolio impairment
costs.
Principal Methodologies
The principal methodologies used in this rating were Bank
Financial Strength Ratings: Global Methodology published in
February 2007, and Incorporation of Joint-Default Analysis into
Moody's Bank Ratings: A Refined Methodology published in March
2007.
Headquartered in Almaty, Kazakhstan, KIB reported total audited
IFRS consolidated assets and net loss of US$419.4 million and
US$18.3 million, respectively, at year-end 2010.
===================
L U X E M B O U R G
===================
MOSSI & GHISOLFI: Fitch Assigns BB Long-Term Issuer Default Rating
------------------------------------------------------------------
Fitch Ratings has assigned Mossi & Ghisolfi International SA (M&G
International) a Long-term Issuer Default Rating (IDR) of 'BB',
with a Stable Outlook. Fitch has also assigned an expected rating
of 'BB(exp)' to the prospective US$500 million senior unsecured
notes to be issued by M&G Finance Corporation and guaranteed by
M&G International. The final rating is contingent on the receipt
of final documents conforming to information already received.
The ratings reflect M&G's strong market position in the
polyethylene terephthalate (PET) sector and its solid market
shares in the North and South American markets. In particular,
Fitch considers as a strength, M&G's lower-than-sector-average
cyclicality resulting from its policy of long-term contracts which
provides some protection against volume declines during a
downturn. The above industry average size of the group's operating
facilities and its modern production capacity support the
company's low-cost position and offer some protection against
margin erosion. Fitch also views positively M&G International's
strong presence in Brazil and Mexico, which offers higher long-
term growth potential vs. the more mature US market. However, the
agency considers risk factors to be the limited diversification of
the group in terms of products and geographies, as well as the
high customer concentration.
Fitch considers that M&G International's financial profile is a
major constraint to its rating. In particular, debt and interest
coverage metrics are in line with the mid-to-low end of the 'BB'
category. Based on its conservative estimates, the agency expects
the FFO net leverage ratio to increase to a peak of 4.4x in 2013
from 3.1x at December 2010 as a consequence of investment in the
new PET and PTA (Terephthalic acid) plants (totalling circa US$700
million). This level of leverage would not be in line with the
'BB' rating level, thus leaving limited financial flexibility.
However, the agency expects significant and fast deleveraging as
soon as the new plants are up and running and cost benefits
materialize. In calculating its leverage ratios, Fitch did not
include in its debt calculation the EUR128 million hybrid bonds
that were bought back by the shareholder, M&G Finanziaria, based
on management indications that this part of debt will not be
repaid by M&G International and will be offset against other
intra-group credits. The remaining part of the hybrid bond that is
still held by third parties (EUR72 million) was considered as full
debt, without applying any equity credit to it.
Fitch considers the execution risk of the new plants to be quite
high considering the PET plant's large size and the group's
relatively lower expertise in the construction and management of
PTA plants. In addition, the long build time implies a long time
lag between the capex significant cash out-flows and the benefits
in terms of improved EBITDA margins. A significant improvement in
the trading conditions and operating cash flow generation,
allowing the company to finance the new investment plan
maintaining FFO net leverage below 3.0x, could drive a positive
rating action. By contrast, a deterioration in the trading
conditions and/or cost overruns for the new capex that lead to FFO
net leverage above 4.5x, would likely drive a negative rating
action.
Fitch also considers that corporate governance is below average,
mainly due to significant related party transactions not
necessarily driven by operating requirements. The agency considers
that the numerous transactions between M&G International and other
companies in the M&G group reduce the overall transparency and
represent a risk factor. Combined with the high financial
leverage, corporate governance was a significant rating factor. In
addition, the current level of corporate governance could prove an
obstacle to an upgrade to an investment grade rating, although the
agency noted that certain covenants included in the prospective
bond documentation should limit new related party transactions in
the future.
=====================
N E T H E R L A N D S
=====================
PUMA CLO: S&P Withdraws 'BB-' Rating on Class E Notes
-----------------------------------------------------
Standard & Poor's Ratings Services withdrew its credit ratings in
Puma CLO I B.V.
The rating action follows confirmation from the transaction's
collateral administrator that the issuer used proceeds from the
liquidation of the collateral portfolio to fully repay the rated
notes on July 19, 2011. "We understand that repayment of the notes
followed the exercise of the subordinated noteholders' redemption
option under the terms and conditions of the notes," S&P related.
Puma CLO I is a collateralized loan obligation (CLO) that closed
in 2008 and invested primarily in European leveraged loans.
Ratings List
Class Rating
To From
Puma CLO I B.V.
EUR293 Million Floating-Rate Notes
Ratings Withdrawn
A NR AA+ (sf)
B NR AA- (sf)
C NR BBB+ (sf)
D NR BB+ (sf)
E NR BB- (sf)
NR--Not rated.
===============
P O R T U G A L
===============
* PORTUGAL: Draws Up Labor Reform Proposal to Secure Bailout Funds
------------------------------------------------------------------
Barry Hatton at The Associated Press reports that Portugal's five-
week-old government took its first major proposal for labor reform
to Parliament on Thursday, seeking approval for a reduction in
compensation entitlements for laid-off workers.
The proposal is part of a long list of measures Portugal pledged
to adopt in return for a EUR78 billion (US$112 billion) bailout
that spared it from bankruptcy and was part of European efforts to
contain the continent's debt crisis, AP discloses.
Portugal's European partners and the International Monetary Fund
granted the bailout on condition it cuts public debt and takes
steps to make its ailing economy more competitive, AP relates.
Lisbon, AP says, is committed to a strict calendar of measures
subject to quarterly reviews by outside monitors. Bailout funds
could be withheld if targets are not met, AP notes.
According to AP, employers say the cut in compensation will help
reduce unemployment, currently at a record 12.4%, by allowing
companies to recruit workers without committing to potentially
large future payouts.
===========
R U S S I A
===========
CREDIT BANK: Moody's Assigns 'B1' Rating to Upcoming Notes
----------------------------------------------------------
Moody's Investors Service has assigned a provisional (P) long-term
foreign currency senior debt rating of (P)B1 to the upcoming Loan
Participation Notes to be issued by CBOM Finance p.l.c.,
incorporated under the laws of Ireland, for the sole purpose of
providing a loan to Credit Bank of Moscow (Russia). The outlook
for the provisional rating is stable.
The definitive rating will be assigned upon review of the final
documentation for the transaction which is not expected to be
materially different from draft documentation already reviewed.
Ratings Rationale
Moody's says that the (P)B1 rating assigned to the Notes is based
on the fundamental credit quality of the underlying obligor,
Credit Bank of Moscow ("CBM"), rated B1/Not Prime/E+ (stable
outlook). The provisional rating assigned to the Notes does not
benefit from any support from the bank's shareholders or the
Russian financial authorities. The rating reflects the status of
the loan received by CBM from CBOM Finance p.l.c. which will rank
at least 'pari passu' in right of payment with all other unsecured
and unsubordinated obligations of CBM, except as otherwise
provided by mandatory provisions of applicable law.
The rating assigned by Moody's is in line with CBM's global
foreign currency debt rating of B1, which is, in turn, based on
the bank's standalone E+ bank financial strength rating (BFSR)
which maps to B1 on the long-term scale. CBM's BFSR is constrained
by the bank's modest market positions, high appetite for credit
growth, significant exposure to market risk which renders
profitability volatile and potentially vulnerable liquidity which
is dependent on volatile sources. More positively, the BFSR
reflects CBM's established market positions in certain niches that
generate stable income, reasonable efficiency and historically
adequate capitalisation supported by the shareholder, Mr. Roman
Avdeev.
Principal Methodologies
The principal methodologies used in this rating were Bank
Financial Strength Ratings: Global Methodology published in
February 2007, and Incorporation of Joint-Default Analysis into
Moody's Bank Ratings: A Refined Methodology published in March
2007. Please see the Credit Policy page on www.moodys.com for a
copy of these methodologies.
Headquartered in Moscow, Russia, CBM reported total (audited)
assets of RUB166 billion (US$5.4 billion) according to IFRS at YE-
2010.
=========
S P A I N
=========
CAJA DE AHORROS: Fitch Affirms Long-Term IDR at 'BB+'
-----------------------------------------------------
Fitch Ratings has affirmed Caja de Ahorros del Mediterraneo's
(CAM) Issuer Default Ratings (IDR) at Long-term 'BB+' and Short-
term 'B'. Fitch has also downgraded CAM's Viability Rating to 'f'
from 'ccc' to reflect Fitch's opinion that CAM has failed under
the agency's definitions and criteria.
Following a corporate reorganization, CAM's ratings have all been
withdrawn and Fitch has assigned ratings to the newly-formed Banco
CAM, S.A. Unipersonal (Banco CAM). On July 22, 2011 the vast
majority of CAM's assets and liabilities (except the on-balance
sheet Social Welfare Fund) were transferred to Banco CAM. CAM's
debt and debt ratings have been transferred to Banco CAM. Banco
CAM's IDRs have been placed on Rating Watch Positive (RWP) to
reflect the potential for it to be acquired by a stronger entity,
which should benefit all debtholders if it were to happen.
The rating actions in respect of Banco CAM's and CAM's Viability
Ratings follow the regulatory intervention by the Bank of Spain on
July 22, 2011. The Spanish State's Fund for Orderly Bank
Restructuring (FROB) has taken control of CAM and Banco CAM,
having replaced their board of directors and management as
temporary administrator. The FROB has agreed to inject EUR2.8
billion of capital into Banco CAM and has extended a EUR3 billion
liquidity line to the bank.
The Bank of Spain has announced that following the
recapitalization of Banco CAM, a competitive procedure for its
sale will be initiated. Banco CAM's Long-term IDR is at its
Support Rating Floor reflecting the support of the Spanish
authorities. The rating watches assigned to Banco CAM's IDRs and
senior debt ratings will be resolved once a solution for Banco CAM
has been established. Sale to a higher rated acquirer could lead
to an upgrade of these ratings.
Banco CAM's dated subordinated debt of 'BB' and Upper Tier 2
instruments of 'CC' have been placed on Rating Watch Evolving
(RWE). The watches reflect Fitch's view that these instruments
could be upgraded if the bank is sold to a higher rated acquirer,
but also consider that they could be at greater risk of non-
performance or burden sharing (and hence a downgrade) if a sale
does not occur. The rating assigned to the bank's preference
shares of 'C' reflects a higher overall risk of non-performance.
However, the rating has been placed on RWP as risks could be
alleviated in the event of the bank's sale to a higher rated
acquirer.
Banco CAM's state-guaranteed debt securities are rated 'AA+' in
line with the Spanish sovereign rating.
Banco CAM is significantly exposed to the Spanish real estate
sector and its asset quality indicators are worse than those of
its peers, although coverage has improved due to an accelerated
recognition of EUR1.9bn in asset impairments, charged against
equity as of end-2010. Banco CAM also has high funding and
liquidity pressures, given its reliance on market funding sources
and deposit competition in Spain and the entity's refinancing
needs.
Banco CAM focuses on retail banking and is Spain's eighth-largest
banking group by total end-2010 assets, with a market share of
around 3% of loans.
The rating actions are:
CAM
-- Long-term IDR: affirmed at 'BB+'; rating withdrawn
-- Short-term IDR: affirmed at 'B'; rating withdrawn
-- Viability Rating: downgraded to 'f' from 'ccc', rating
withdrawn
-- Individual Rating: downgraded to 'F' from 'E', rating
withdrawn
-- Support Rating: affirmed at '3'; rating withdrawn
-- Support Rating Floor: affirmed at 'BB+'; rating withdrawn
-- Long-term Senior Debt: 'BB+', placed on RWP and transferred
to Banco CAM
-- Short-term Senior debt: 'B', placed on RWP and transferred
to Banco CAM
-- Subordinated debt: 'BB', placed on RWE and transferred to
Banco CAM
-- Upper Tier 2 subordinated debt: 'CC', placed on RWE and
transferred to Banco CAM
-- Preference shares: 'C', placed on RWP and transferred to
Banco CAM
-- State-guaranteed notes: affirmed at 'AA+' and transferred to
Banco CAM
Banco CAM
-- Long-term IDR: rated 'BB+'; RWP
-- Short-term IDR: rated 'B'; RWP
-- Viability Rating: rated 'f'
-- Support Rating: rated '3'; RWP
-- Support Rating Floor: rated 'BB+'; RWP
=============
U K R A I N E
=============
OTP BANK: Moody's Affirms 'D-' Bank Financial Strength Rating
-------------------------------------------------------------
Moody's Investors Service has affirmed the standalone D- bank
financial strength rating (BFSR), the Ba1/Not Prime long-term and
short-term local currency bank deposit ratings, B3/Not Prime long-
term and short-term foreign currency bank deposit ratings and
Aa1.ua National Scale Deposit Rating of OTP Bank (Ukraine) (OTPU).
The outlook on the BFSR was changed to stable from negative, while
outlook on local currency deposit ratings has changed to negative
from stable.
The affirmation follows Moody's assessment of OTPU's audited
financial statements for 2010, prepared under IFRS.
Ratings Rationale
According to Moody's, the change in the outlook on OTPU's BFSR to
stable from negative reflects improvement in asset quality as well
as a track record of sustainable performance amidst challenging
credit conditions in Ukraine.
In 2010, OTPU sold over UAH4 billion (US$510 million) of problem
loans (over 15% of the gross portfolio) to related- and third-
party factoring companies. The bank's discounts on the sale of
toxic assets were well covered by provisions created in 2009 and
2010, and thus OTPU recorded no further losses from the
aforementioned transactions. As a result of this clean-up
exercise, the portfolio of those assets exhibiting evidence of
impairment declined to 51% as of 31 December 2010 (2009: 62%).
Significantly, 90+ days overdue loans decreased to manageable
level of 13% in 2010 (2009: over 20%), and were 100% covered by
provisions.
Given the historically low cost of parental funding, a core source
for OTPU's business activity, the bank displayed healthy net
interest margin of 6.8% in 2010 (2009: 7.5%). Thus, despite
continuing provision charges, the bank reported positive results
in 2010 with modest return on assets (RoA) of 1.4% and return on
equity (RoE) of 9%. Together with a 17% decline in total assets,
OTPU's profitability supported a healthy Tier 1 capital adequacy
ratio (CAR) of 15% and a total CAR of 31%. Moody's does not expect
to witness a rapid recovery of the bank's profitability going
forward, given limited lending opportunities in Ukraine against
the background of intense competition in the corporate sector and
a regulatory ban that prohibits retail FX lending.
OTPU's Ba1 deposit ratings incorporate Moody's assessment of a
very high probability of parental support from OTP Bank (Hungary),
and consequently receive a two-notch uplift from OTPU's Ba3
standalone credit strength. Moody's assessment of a very high
probability of parental support is based on (i) OTPU's significant
operational integration, (ii) the strong strategic fit of OTPU
with OTP Bank Group, as Ukraine is one of three strategic foreign
markets for the group, and (iii) the parent's demonstrated
willingness to provide ongoing capital and liquidity support. At
the same time, there remains the risk that the Ukrainian market
could lose its attractiveness, such that OTPU may be considered
non-strategic at a future date.
The negative outlook on the deposit ratings of OTPU reflects the
negative pressure on the Baa3 standalone credit strength of OTP
Bank (Hungary), the bank's support provider. The rating agency
notes that if parental financial fundamentals face further
deterioration, leading to reassessment of standalone credit
strength to Ba1, OTPU's deposit rating is likely to be adjusted to
Ba2.
Moody's National Scale Ratings (NSRs) are intended as relative
measures of creditworthiness among debt issues and issuers within
a country, enabling market participants to better differentiate
relative risks. NSRs differ from Moody's global scale ratings in
that they are not globally comparable with the full universe of
Moody's rated entities, but only with NSRs for other rated debt
issues and issuers within the same country. NSRs are designated by
a ".nn" country modifier signifying the relevant country, as in
".mx" for Mexico. For further information on Moody's approach to
national scale ratings, please refer to Moody's Rating
Implementation Guidance published in August 2010 entitled "Mapping
Moody's National Scale Ratings to Global Scale Ratings."
Previous Rating Actions And Principal Methodologies
The principal methodologies used in this rating were Bank
Financial Strength Ratings: Global Methodology published in
February 2007, and Incorporation of Joint-Default Analysis into
Moody's Bank Ratings: A Refined Methodology published in March
2007. Please see the Credit Policy page on www.moodys.com for a
copy of these methodologies.
Headquartered in Kyiv, Ukraine, OTPU reported total audited IFRS
assets of UAH25 billion (US$3.1 billion) and net profit of UAH344
million (US$43.2 million) as at December 31, 2010.
===========================
U N I T E D K I N G D O M
===========================
CLINTON CARDS: Starbucks Managing Director Set to Become CEO
------------------------------------------------------------
Claer Barrett at The Financial Times reports that Clinton Cards
has embarked on the biggest shake up of its board in its 43-year
history as the Lewin family, the company's founders and majority
shareholders, accepted that external help is needed to turn round
the struggling business.
The FT relates that on Friday, Don Lewin, the company's 78 year
old chairman and chief executive, announced that he will step back
to become life president from next March. Darcy Willson-Rymer,
managing director of coffee chain Starbucks' UK operation, is set
to become chief executive in October, the FT discloses.
With its revenues under attack from supermarkets, cheaper rivals
like Card Factory and online card personalization sites, a
collapse in profitability has led to concerns from landlords that
a restructuring is on the cards to reduce the GBP80 million annual
rent bill on its 800-store UK portfolio, the FT notes.
Last week, the retailer extended the refinancing timetable for a
GBP55 million revolving credit facility with lenders Barclays and
RBS to the end of September, having previously hoped to complete
the deal by the end of its financial year on July 31, the FT
recounts.
Clinton Cards is a greetings card retailer.
COMET: Buyer Pool Shrinks as Parent Wants Buyer to Keep Firm
------------------------------------------------------------
Kathy Gordon at Dow Jones Newswires reports that Kesa Electricals
PLC won't consider selling its struggling unit Comet to anyone who
would place it into administration, shrinking the pool of
potential acquirers that likely includes several specialist
liquidators.
Kesa Electricals said it is considering all options, including a
sale of the embattled business, which lost EUR10 million in fiscal
2011, but a person close to the company said Kesa Electricals will
not consider a sale unless the new owner plans to run Comet as a
going concern, according to Dow Jones Newswires. The report
relates that this means that several restructuring specialists
that have reportedly expressed interest, such as GA Europe, Hilco
and Gordon Brothers, are likely to be out of the running given
their precedent in liquidations.
Dow Jones Newswires notes that private equity group OpCapita
remains as a strong contender for the chain. Gordon Brothers is
working with OpCapita in an advisory capacity looking at Comet's
inventory to allow OpCapita to raise sufficient working capital to
run the business, an unnamed person familiar with the situation
told Dow Jones Newswires in an interview.
Dow Jones Newswires notes that OpCapita could face competition in
the form of John Weight, a former Kingfisher PLC executive and the
head of turnaround company Weight Partners, who is also reported
to have made an offer for the company.
Dow Jones Newswires relays that time is running out for Kesa
Electricals to seek a buyer for Comet after the company's largest
shareholder, activist investor Knight Vinke which holds 19.3% of
the group, wrote an open letter to Kesa Electricals earlier this
month saying that it must resolve the situation by its Annual
General Meeting in September and get an acceptable price. First
round bids were due last week according to a person close to the
company, the report notes.
If a sale can't be made, Kesa Electricals said it will hold onto
Comet and turn it around by slimming down and overhauling its 250-
store portfolio, and cutting costs while refocusing on service in
the hope of returning to profit, Dow Jones Newswires adds.
Comet is Kesa Electricals PLC's electrical chain in United
Kingdom.
FESTIVAL GROUP: G1 Group Buys Firm's Pubs for GBP30 Million
-----------------------------------------------------------
BBC News reports that Glasgow nightclub owner Stefan King through
his G1 Group has acquired several Edinburgh large pubs and a hotel
owned by Festival Group, which was forced into receivership, for
around GBP30 million.
BBC News notes that G1 Group has acquired:
-- Biddy Mulligan's in the Grassmarket,
-- The Three Sisters in the Cowgate,
-- the Bank Hotel and Bar on the Royal Mile, and
-- the Murrayfield Hotel
Greig Cameron at Scottish Business News relates that G1 Group is
forming a new division, called EH1, which will see Festival Group
owner Kenny Waugh continue to be heavily involved in the running
of the company's properties bought G1 Group in the Scottish
capital. The report relates that the move will see 147 staff
become G1 Group employees while Mr. Waugh will be chairman of EH1
and sit on the board of G1 Group Holdings.
"I've been keen to work with Kenny for some time and I am pleased
to be able to join him in strengthening Edinburghs leisure market.
No one knows the citys bars, hotels and clubs better than him and
to have his in-depth knowledge and experience at board level will
be of enormous benefit," Scottish Business News quoted Stefan
King, managing director of G1 Group, as saying.
Meanwhile, BBC News notes that Festival Group, which included
ScotBet, was sold by administrators last week, protecting 175
jobs.
BBC News relates that Festival Group's The Hudson Hotel, along
with its associated nightclub, Bacaro, has been sold to Saltire
Taverns Limited.
"I am very pleased to be able to announce the successful sale of
these five businesses. 175 jobs have been protected and the
businesses themselves will be able to benefit from investment from
the two new owners," BBC News quoted Blair Nimmo, joint
administrator and head of restructuring for KPMG in Scotland as
saying.
HIGHLAND ACCESS: To Appoint UHY Hacker Young as Liquidator
----------------------------------------------------------
Vertikal.net reports that Highland Access Ltd has appointed an
insolvency practitioner, Nick Hancock of UHY Hacker Young-
Manchester, to liquidate the business.
According to the report, the company, which previously traded as
the Highland Group, has written to creditors with an apparent plan
to file for voluntary liquidation and yet also suggests that
creditors will be left with unpaid debts.
A creditors meeting has been scheduled for August 3 at the
premises of UHY Hacker Young, at St James Building, 79 Oxford
Street, in Manchester M1 6HT.
Vertikal.net notes that the two owners and directors of the
company, David Gordon and Peter Howell, have also set up two other
companies with similar names in the last 12 months or so,
including Highland Hire Ltd which was registered on June 10, 2011.
Highland Access Ltd is a Stockport, Cheshire, UK-based vehicle
mounted aerial lift rental company.
HSE GROUP: Enters Into Administration, Six Units Cease Trading
--------------------------------------------------------------
Hanna Sharpe at Business Sale reports that HSE Group has entered
administration with six of the company's seven subsidiaries
ceasing to trade.
Business Sale relates that administrators from FRP Advisory have
been brought in to handle the company's administration and the
subsidiaries affected. The units that ceased trading included:
-- Platignum Environmental,
-- HSE Facilities Management,
-- Elite Lighting Solutions,
-- Elite Control Solutions,
-- HSE Technical Services, and
-- HSE Environmental Services.
Business Sale, citing Building.co.uk, discloses that
representatives from FRP said that they are holding talks with
trade partners to try to minimize contract disruption and sell on
the businesses' assets.
The report notes that the seventh company, HSE Building Services,
is thought to be nearing a management buy-out deal, which could
save around 120 jobs and sustain the company's name. Business
Sale relates that the building services arm was set up 18 months
ago and has run successfully as a mechanical and electrical fit-
out business.
An unnamed HSE Building representative said that a rescue buy-out
is likely to be tied up "by the end of the week," the report
notes. "We are continuing to trade normally and we have the
support of all our clients and suppliers," Business Sale quoted
that representative as saying.
HSE Group is a London-based building company.
JANE NORMAN: 500 Jobs at Risk as Firm Concessions Set to Fold
-------------------------------------------------------------
The Scotsman reports that almost 500 retail staff face losing
their jobs after talks to save Jane Norman concessions in
Debenhams reportedly broke down.
The 95 concessions were not part of the sales agreement made with
Edinburgh Woollen Mill, owned by entrepreneur Philip Day, which
bought the brand and 33 stores from administration, according to
The Scotsman.
As reported in the Troubled Company Reporter-Europe on June 28,
2011, Express & Star said reports that Jane Norman has fallen into
administration putting up to 1,600 jobs at risk. Accountancy firm
Zolfo Cooper hopes to find a buyer for the stricken retailer,
which closed its 90 stores, according to Express & Star.
arabianbusiness.com disclosed that a third of its 94 UK stores
have already been sold to Scottish retailer The Edinburgh Woollen
Mill, which has the option to buy a further 28 stores. The
remaining shops in the UK will be closed, the report related.
Jane Norman specializes in selling to women between the ages of 16
and 25.
LOFT SHOP: Ceases Trading; Lays Off 40 Workers
----------------------------------------------
The Littlehampton Gazette reports that dozens of jobs have been
lost after The Loft Shop went into liquidation. Approximately 40
people were made redundant when the company ceased trading, the
report says.
The Loft Shop had been in financial difficulties for more than a
year, The Littlehampton Gazette reports.
However, a former employee who is now out of work claimed that the
directors has re-opened a similar business, this time in
Chichester, without rehiring any of the former staff, according to
The Littlehampton Gazette.
"This has been a real kick in the teeth for everybody," the report
quotes the 31-year-old former employee, as saying. "We had been
in difficulty for about two years, since the credit crunch began
to build. But you always think you're going to survive, that your
business will somehow make it through."
The Littlehampton Gazette relates that the former employee added
that staff had been doubtful about the company's future following
"secret" board meetings behind closed doors.
"Everyone in the warehouse just felt ignored by the directors. The
question is, how can a business, who have gone into liquidation,
be allowed to re-open another store, trading in the same name.
It's nuts."
According to the report, Director Peter Stedman, who was in charge
of The Loft Shop's 19 stores, is now managing a new store,
Kaystead Ltd, in Chichester. Mr. Stedman insisted that he, and
the other directors of the company, had done nothing wrong by
starting this store, the report says.
"I am very sorry for all the staff who have lost their jobs. I am
in the same boat. I have lost 30 years' redundancy pay. I am
sincerely sorry for all the trouble this has caused."
The Loft Shop Ltd is a home-improvement company. The company has
its headquarters and a distribution centre at the Wick site and
operates 19 stores across the UK.
PARTRIDGE AND PEAR TREE: Goes Into Liquidation; Closes Shop
-----------------------------------------------------------
North Devon Journal reports that designer fabric shop Partridge
and Pear Tree has closed down after going into liquidation.
North Devon Journal notes that Partridge and Pear Tree has been in
the town for about five years.
Owner Paula Dormer will instead run her business from her home
near High Bickington, the report says.
"This was not a decision I took lightly as we have a large
customer base and both the retail and online business have been
performing well, given the current economic climate," the report
quotes Ms. Dormer as saying. "But personal circumstances beyond
my control mean the company has been left with no option but to
cease trading."
PROMINENT CMBS: S&P Lowers Rating on Class D Notes to 'B+'
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
Prominent CMBS Conduit No. 2 Ltd.'s class A, B, C, and D notes and
affirmed its ratings on the class E and F notes.
"The rating actions reflect our view of the effect of losses to
the lower notes, and of the credit enhancement available to the
upper notes," S&P said.
The data in this article are based on the April 2011 interest
payment date report.
Cavendish Loan
The Cavendish loan (11.5% of the total loan pool) is the smallest
loan in the pool. On June 30, 2011, we received a special notice
confirming that the co-owners of the Scott Co-Ownership group (the
borrower) has been subject to the appointment of a receiver with
respect to its assets, including the properties securing the
Cavendish loan. This has resulted in a bankruptcy credit event
occurring in respect of this loan. This has also meant that the
swap counterparty will not be exercising its discretion to
terminate the credit default swap in respect of the loan as it
initially intended to.
The loan is secured on 15 Halifax Bank branches throughout the
U.K., with leases expiring in May and July 2025 -- about 14 years
remaining on the lease term. "We anticipate that there will be a
loss on this loan that will result in losses to the junior notes,"
S&P said.
Ambassador Loan
The third-largest loan in the pool (20.4% of the total pool
balance) is the Ambassador loan. This loan has been designated as
"impaired/high-risk" by the servicer, Bank of Scotland PLC. The
servicer has confirmed that an internal review has been undertaken
due to current market conditions, and it has taken a view that
this loan is high-risk. The servicer has ordered a new valuation
and is awaiting the results of this. "We anticipate that a loan-
to-value (LTV) ratio breach will occur when the new valuation is
received, as the current whole-loan LTV ratio is 85.2%, which is
at the covenant level. If an LTV ratio covenant breach occurs and
is not cured, this would constitute an event of default. We
anticipate that the servicer will not call an event of default,"
S&P related.
The Ambassador loan is secured by a mixed-use portfolio comprising
12 retail assets and four office assets across the U.K. The
properties are 99% let and tenants include Debenhams, Waitrose,
and NatWest. The loan is due to mature in October 2013, about six
years before legal final maturity. The weighted-average lease
length is 9.15 years and the securitized current loan balance is
GBP90.93 million. Despite the anticipated LTV ratio breach, the
loan is performing. The interest coverage ratio (ICR) is 1.45x for
the senior loan and 1.21x for the whole loan, against a covenant
of 1.15x.
"We anticipate that the loan will not be able to refinance in
October 2013, as the LTV ratio will be too high. We expect that
the servicer will not enforce the loan until loan maturity in
2013. We anticipate a loss on this loan and we believe that this
will result in a loss on the junior notes," S&P related.
Roade One Loan
The Roade One loan is the fourth-largest in the pool (18% of the
total pool balance) and is secured by a portfolio of 19 mixed-use
assets across the U.K. The loan is due to mature in October 2013.
It is currently on the servicer's delinquency list, as a new
valuation received by the servicer has resulted in an LTV ratio
covenant breach. The current LTV ratio is 122.2%, against an LTV
ratio covenant of 81%.
A breach of the LTV ratio covenant is an event of default. The
servicer has confirmed that it is assessing its options in
relation to such a breach, and it has not waived the LTV ratio
breach. Apart from the LTV ratio breach, the loan is performing in
terms of interest payments. This is an interest-only loan and the
current ICR is 1.28x.
"We expect that this loan will also fail to refinance in October
2013 due to its high LTV ratio, and that the loan will be enforced
at loan maturity. We would expect the properties to be sold during
the tail period, but at a loss. We anticipate that losses will
affect the junior notes and erode credit enhancement to the senior
notes," S&P related.
Remaining Loans
The remaining two loans in the portfolio account for 50.0% of the
total pool balance. Of these:
The Colombina loan (27.8% of the total pool balance) is the
largest loan in the pool and is secured on the Millbank Tower
in London. The loan is due to mature in April 2014. The
current ICR is 1.74x and the LTV ratio is 63.5%. Performance
of the loan has been stable since closing.
The Lavincino loan (22.2% of the total pool balance) is
secured on Hereford House, Marble Arch, London. This is
Primark's flagship store and it is the largest tenant,
contributing 52% to the total rental income for the property.
The loan matures in December 2013 and the weighted-average
lease length is 14.73 years. The securitized ICR is currently
1.57x, the debt service coverage ratio is 1.46x, and the LTV
ratio is relatively low at 59%.
Performance of this loan has also been stable since closing.
"The rating actions reflect our view of the continued refinancing
difficulties in the current market. We believe that ultimate
losses may affect the rated notes. We also consider that the
credit quality of these notes has deteriorated, in view of the
factors. We have therefore lowered our ratings on the A, B, C, and
D notes in this transaction. We have affirmed our ratings on the
class E and F notes because we have already taken the expected
losses into account in previous rating actions," S&P related.
Ratings List
Prominent CMBS Conduit No. 2 Ltd.
GBP454.3 Million Commercial Mortgage-Backed Floating-Rate Notes
Class Rating
To From
Ratings Lowered
A BBB (sf) A (sf)
B BB (sf) BBB (sf)
C BB- (sf) BBB- (sf)
D B+ (sf) BB (sf)
Ratings Affirmed
E B (sf)
F B- (sf)
SWIFT ACCESS: GT Access Acquires Firm, Retains Stroke Employees
---------------------------------------------------------------
Vertikal.net reports that UK-based powered access rental company
GT Access Ltd has acquired the assets of Swift Access for an
undisclosed sum. Swift Access went into administration on
July 22.
The deal includes Swift Access' only depot in Stoke and 149
machines (mainly scissors) that will now form part of an expanding
GT Access fleet that totals 550 machines, according to
Vertikal.net. The report relates that all the staff and services
at the Stoke depot will be retained and extends GT Access'
coverage from its existing four depots in Bromsgrove, Telford,
Gloucester and Hereford.
"This deal extends our geographic coverage and adds a sizeable
amount of platforms to our fleet," said Jonathan Till of GT
Access. We will be investing in about 25 Genie booms to give a
more balanced range of equipment available from the Stoke depot,"
the report quoted GT Access Managing Director Jonathan Till as
saying.
Swift Access is based in Stoke.
VON ESSEN: Hotel Verta Goes Into Administration, Seeks New Owners
-----------------------------------------------------------------
Caterersearch.com reports that Hotel Verta, the new-build London
property launched by Von Essen in September 2010, has been placed
into administration.
Ernst & Young have been appointed to run the 70-bedroom hotel,
which will continue to trade as normal, according to
Caterersearch.com. The report relates that new owners are now
being sought for the business, which was developed at a cost of
GBP50 million, alongside the London Heliport in Battersea.
Andrew Thomason remains in position as the hotel's general
manager.
Caterersearch.com discloses that Hotel Verta was one of four
properties that did not form part of the administration of Von
Essen Hotels in April. The report relates that alongside the
Forbury in Reading, Llangoed Hall in Powys and Hunstrete House,
near Bath, it continued to be owned by Von Essen's founder Andrew
Davis.
However, Hunstrete House, which was operated under license by Von
Essen, was placed into creditor's voluntary liquidation, in May,
and closed, Caterersearch.com discloses. The Georgian country
house hotel was said to have been a loss-making business for
several years, the report relates.
Caterersearch.com notes that there is no news yet regarding the
sale of the portfolio of 27 Von Essen country hotels in the UK and
one on France. Deadline for the bids has already passed.
Christie + Co are handling the sale.
As reported in the Troubled Company Reporter-Europe on April 25,
2011, BBC News said the holding company of the von Essen hotel
chain has appointed accountants Ernst & Young as administrators.
SoGlos.com related that von Essen is reported to have debts of
more than GBP25 million. SoGlos.com noted that while
administrators have been appointed and the portfolio of hotels are
expected to be sold off either as a group or as individual
properties, the hotels are all expected to continue to trade as
usual. "It is business as normal for the hotels and customers of
von Essen Hotels can continue to enjoy their stay," The Northern
Echo quoted Angela Swarbrick, joint administrator, as saying.
von Essen hotel chain owns 28 luxury hotels in the UK and France.
* UK: Number of Firms Facing 'Critical' Financial Problems Rises
----------------------------------------------------------------
Insolvency specialist Begbies Traynor said that a fall in
'significant' financial problems indicate vulnerable businesses in
the U.K. are making the transition from 'significant' to
'critical' problems.
Begbies Traynor's Red Flag Alert, which monitors a series of
indicators of company distress, shows a 12% increase to 5,179 U.K.
companies which experienced 'critical' financial distress in Q2
2011 compared to 4,620 companies in Q1 2011.
Julie Palmer, partner at Begbies Traynor, said "Many struggling
companies made use of the Revenue's Time to Pay Scheme yet a high
proportion of businesses have failed to achieve a full turnaround
and are now trying to seek time to pay arrangements for a second
time - or else apply for the scheme whilst using dividends as a
form of remuneration rather than paying HMRC.
"The austerity measures mean the Government is finding it
difficult to give second chances or extend its support to business
owners that have chosen to use their money for another purpose and
as a result, the number of winding up petitions issued by HMRC in
Q2 2011 has more than doubled since Q1."
Although banks remain supportive of struggling customers, there
are an increasing number of companies that cannot continue without
significant new investment as costs cannot be reduced any further
and sales demand weakens.
Ric Traynor, Executive Chairman of Begbies Traynor Group, said:
"The figures for Q2 2011 show the number of UK companies facing
'critical' problems has increased since last quarter. The fall in
'significant' problems is an apparent glimmer of good news, but we
believe this is indicative of weaker businesses actively moving
from 'significant' to 'critical' financial problems - and
ultimately to insolvency, as well as seasonal factors which
typically impact on the Q1 figures.
"In addition, HMRC is taking a more robust stance. As the level of
support from the Revenue is gradually decreased, it is
increasingly evident that businesses using the scheme are now
struggling to cope with current trading conditions."
Ric Traynor concluded:
"The increased costs being placed upon consumers are likely to
have an impact on non food retailers and recent weeks have seen
the effect of reduced high street demand with a number of well
known retailers entering administration. We believe this distress
is likely to continue ahead of the pre-Christmas shopping period,
which traditionally starts in early October."
Sector Analysis
The financial distress across sectors is variable, with clear
winners and losers, with Other (Non Food) manufacturing, utilities
and print and packaging all showing an improving picture.
However, sectors reliant on discretionary spending such as Travel
& Tourism have faced a steady increase in critical distress in Q2
2011, despite the long Easter break and extra bank holidays which
would have usually been beneficial to trading. A significant
proportion of the population are being squeezed by inflationary
pressures and concerns over the security of their employment and
are therefore being extremely cautious with their spending, which
is beginning to have a real impact on travel and tourism related
businesses, particularly the UK hotel market which has seen a 47%
increase in critical problems since the last quarter.
Consumer spending is already depressed and the impact of
significant utility bill rises, combined with the increasing cost
of fuel, is likely to have further serious consequences for any
businesses dependent on discretionary spending.
The malaise within the property sector shows no sign of
improvement with quarter on quarter critical problems up by a
substantial 42%. This distress is affecting both residential and
commercial real estate, with recent surveys predicting that
property prices will not return to 2007 prices until the next
decade.
The squeeze on marketing budgets and the structural changes in the
media sector are showing through in terms of increased levels of
critical problems - up 33% year on year and 21% quarter on
quarter. At the heart of this is overcapacity, particularly in the
printed media sector, where publications are chasing shrinking
advertising revenues. The move towards online and social media
channels has accelerated the problems, as advertisers typically
benefit from lower costs.
A surprising increase of 24% in year on year critical problems
within the food and beverage manufacturing sector, are indicative
of reduced margins within supermarket supply chains, combined with
higher input costs which cannot be passed on to customers.
* UNITED KINGDOM: Number of Midlands Administration Drop 30% in Q2
------------------------------------------------------------------
thebusinessdesk.com reports that a new research suggests
administration in the Midlands appear to be on the decline.
In the second quarter of 2011, 79 companies fell into
administration across the region, a drop of 30% compared with the
2010 Q2 figure of 113, according to thebusinessdesk.com.
The report relates that this number also fell when compared with
Q1 2011, down from 91 companies.
A similar year-on-year trend emerged from other English regions in
the research, conducted by accountants Baker Tilly, which showed a
16% fall in London, a 23% drop in the South East, and 9% decline
in administration, the report 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 PZ -5754285.054 165995618.1
CHRIST WATER TEC CWT EU -5754285.054 165995618.1
CHRIST WATER TEC CWT EO -5754285.054 165995618.1
CHRIST WATER TEC CWT AV -5754285.054 165995618.1
CHRIST WATER TEC CRSWF US -5754285.054 165995618.1
CHRIST WATER TEC 8131204Q GR -5754285.054 165995618.1
CHRIST WATER TEC CWTE IX -5754285.054 165995618.1
CHRIST WATER-ADR CRSWY US -5754285.054 165995618.1
KA FINANZ AG 3730Z AV -359597349.9 30679270533
BELGIUM
-------
ANTWERP GATEWAY 496769Z BB -32782691.86 277992457.9
BALTA SARL 3679528Z BB -213655263.9 956320938.3
BNP PARIBAS PERS 3746820Z BB -772235.6749 1849392464
CARGILL OIL PACK 3726474Z BB -7488366.268 169328054
COMPAGIMMOBDU BR 3727538Z BB -5867835.156 164809982.4
EON BELGIUM NV 3730258Z BB -8101077.851 251156828.9
ESKO-GRAPHICS NV 4787937Z BB -6715619.333 185307390
EXPLORER NV 4289181Z BB -11594573.86 281605390.1
FINANCIETOREN NV 3729210Z BB -51909129.52 888377024.7
IRUS ZWEIBRUCKEN 3738979Z BB -17020632.96 106188034.9
KIA MOTORS BELGI 3729658Z BB -84207043.53 162372182.7
KOREAN MOTOR CO 4161341Z BB -6368236.209 149093852.6
LE FOYER BRUXELL 3729226Z BB -2010007.275 146190935.1
PETROPLUS REFINI 3431339Z BB -4108700.351 123751460.5
SAPPI EUROPE SA 3732894Z BB -134605597.7 160456915
SCARLET BELGIUM 4171157Z BB -28951978.94 137456538.4
SCARLETT BUSINES 3724850Z BB -71847152.77 130053838
SOCIETE NATIONAL 3726762Z BB -39045394.16 506987115.6
ST GOBAIN SEKURI 3737571Z BB -5584181.048 111065610.4
TI GROUP AUTOMOT 3903298Z BB -42078648.86 140322030.3
UNIVERSAL MUSIC 3738307Z BB -12191533.66 143700285.8
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 EU -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 CDP EX -89435858.16 192305153
CKD PRAHA HLDG CKDH CP -89435858.16 192305153
CKD PRAHA HLDG 297687Q GR -89435858.16 192305153
CKD PRAHA HLDG CKDH US -89435858.16 192305153
CKD PRAHA HLDG CKDPF US -89435858.16 192305153
CSA AS 1000Z CP -127978073.4 432492914
DENMARK
-------
AB-B NEW ABBN DC -101428498.9 298588010.2
AKADEMISK BOLDK ABB DC -101428498.9 298588010.2
BRIGHTPOINT EURO 4506883Z DC -18616347.98 189113937.7
CARLSBERG IT A/S 4503891Z DC -47250912.74 105417004.1
GREEN WIND ENERG G7W1 GR -11320362.72 176234029.6
GREEN WIND ENERG GWEUR EU -11320362.72 176234029.6
GREEN WIND ENERG GW EU -11320362.72 176234029.6
GREEN WIND ENERG GWEUR EO -11320362.72 176234029.6
GREEN WIND ENERG GW BY -11320362.72 176234029.6
GREEN WIND ENERG GW EO -11320362.72 176234029.6
GREEN WIND ENERG GW DC -11320362.72 176234029.6
GREEN WIND ENERG GW PZ -11320362.72 176234029.6
GREEN WIND ENERG G7W GR -11320362.72 176234029.6
HOLDINGSELSKABET BOHC IX -11320362.72 176234029.6
HOLDINGSELSKABET BODIL DC -11320362.72 176234029.6
ISS GLOBAL A/S 241863Z DC -9544026.554 7765217403
LAURITZEN TANKER 3979732Z DC -4428758.299 209128194.8
NATURGAS FYN DIS 3984844Z DC -2862743.662 194651527
NESTLE DANMARK A 3896690Z DC -31272771.75 160779148
OBTEC OBT DC -17033505.31 153701216.6
OBTEC OBTEC DC -17033505.31 153701216.6
OBTEC-NEW SHARES OBTECN DC -17033505.31 153701216.6
OBTEC-OLD OBTN DC -17033505.31 153701216.6
ORESUNDSBRO KONS 1015Z SS -583944155.3 3614975702
OSTERFALLEDPARKE 3985676Z DC -26063679.19 302533679.4
OW SUPPLY & TRAD 3986892Z DC -4299263.6 165798948.6
REITAN SERVICEHA 3984284Z DC -1371178.576 127192706
ROSKILDE BANK ROSK EU -532868840.9 7876687324
ROSKILDE BANK ROSK EO -532868840.9 7876687324
ROSKILDE BANK ROSK DC -532868840.9 7876687324
ROSKILDE BANK ROSKF US -532868840.9 7876687324
ROSKILDE BANK ROSBF US -532868840.9 7876687324
ROSKILDE BANK RKI GR -532868840.9 7876687324
ROSKILDE BANK RSKC IX -532868840.9 7876687324
ROSKILDE BANK ROSK PZ -532868840.9 7876687324
ROSKILDE BANK-RT 916603Q DC -532868840.9 7876687324
ROSKILDE BAN-NEW ROSKN DC -532868840.9 7876687324
ROSKILDE BAN-RTS ROSKT DC -532868840.9 7876687324
SCANDINAVIAN BRA SBS1 EU -17033505.31 153701216.6
SCANDINAVIAN BRA SBS1 BY -17033505.31 153701216.6
SCANDINAVIAN BRA SBSD PZ -17033505.31 153701216.6
SCANDINAVIAN BRA SBS1EUR EU -17033505.31 153701216.6
SCANDINAVIAN BRA SBS1EUR EO -17033505.31 153701216.6
SCANDINAVIAN BRA SBS DC -17033505.31 153701216.6
SCANDINAVIAN BRA SBSC IX -17033505.31 153701216.6
SCANDINAVIAN BRA SBS1 EO -17033505.31 153701216.6
SCHAUMANN PROP SCHAU EO -101428498.9 298588010.2
SCHAUMANN PROP SCHAUEUR EU -101428498.9 298588010.2
SCHAUMANN PROP SCHAUP EU -101428498.9 298588010.2
SCHAUMANN PROP SCHAUEUR EO -101428498.9 298588010.2
SCHAUMANN PROP SCHAU BY -101428498.9 298588010.2
SCHAUMANN PROP SCHAUP DC -101428498.9 298588010.2
SCHAUMANN PROP SCHAU EU -101428498.9 298588010.2
SCHAUMANN PROP SCHAUP PZ -101428498.9 298588010.2
THOMAS COOK AIRL 3898802Z DC -7865159.883 245287857.5
FRANCE
------
3 SUISSES FRANCE 4724713Z FP -151969329.6 262408720
ACERINOX FRANCE 4748633Z FP -4970414.587 106673210.6
AIR COMMAND SYST 4470055Z FP -6291815.312 178932425.9
AIRCELLE 61830Q FP -482411082.6 1055907987
AKERYS SERVICES 4685937Z FP -8561729.525 141611798.1
ALCATEL-LUCENT E 3642975Z FP -46648079.19 510672247.2
ALCATEL-LUCENT F 3647063Z FP -566942548.5 4810123614
AL-KHATTIYA LEAS 4783713Z FP -8522159.06 132815959.7
ALUMINIUM PECHIN 3650903Z FP -555865265.6 1121216347
ARIANESPACE 211530Z FP -51743991.45 3354710780
ARVINMERITOR CVS 4783681Z FP -37407842.42 114987020.9
ATARI IFOE PZ -10078799.92 116178599
ATARI EUROPE SAS 4503835Z FP -98950211.55 135876466.5
ATARI SA ATANV FP -10078799.92 116178599
ATARI SA ATA EB -10078799.92 116178599
ATARI SA ATA TQ -10078799.92 116178599
ATARI SA IFGA TH -10078799.92 116178599
ATARI SA ATA QM -10078799.92 116178599
ATARI SA ATA EO -10078799.92 116178599
ATARI SA ATA EU -10078799.92 116178599
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BELVEDERE - RTS 554451Q FP -242409144.5 831869150.8
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BELVEDERE SA BED GR -242409144.5 831869150.8
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BELVEDERE SA-NEW 946529Q FP -242409144.5 831869150.8
BELVEDERE SA-NEW 8198283Q FP -242409144.5 831869150.8
BELVEDERE SA-RTS BVDDS FP -242409144.5 831869150.8
BLUESTAR SILICON 4684089Z FP -44931214.32 388699826.4
CADES 211430Z FP -1.32E+11 9983888303
CARREFOUR HYPERM 3897338Z FP -419813693 4772178623
CARREFOUR IMPORT 4519455Z FP -41015523.06 355888577.4
CARRERE GROUP CARF PZ -9829531.944 279906700
CARRERE GROUP CAR FP -9829531.944 279906700
CARRERE GROUP CAR2 EO -9829531.944 279906700
CARRERE GROUP XRR GR -9829531.944 279906700
CARRERE GROUP CRRHF US -9829531.944 279906700
CARRERE GROUP CARG FP -9829531.944 279906700
CARRERE GROUP CRGP IX -9829531.944 279906700
CARRERE GROUP CAR2 EU -9829531.944 279906700
CDISCOUNT 4690913Z FP -92485.81144 331210839.3
CELINE SA 3636031Z FP -6546413.145 108306445
CMA CGM AGENCES 4746849Z FP -7380117.985 187789703.7
CO PETROCHIMIQUE 4682369Z FP -79561628.19 444321642.5
COMPAGNIE IMMOBI CIMB S1 -18851260.64 237751743.8
COMPAGNIE IMMOBI CIMB EU -18851260.64 237751743.8
COMPAGNIE IMMOBI CIMB EO -18851260.64 237751743.8
COMPAGNIE IMMOBI CIMB FP -18851260.64 237751743.8
COMPAGNIE IMMOBI CIMB PZ -18851260.64 237751743.8
CONSTRUCTIONS ME 4513671Z FP -52488041.58 342215596.8
CSF 3635887Z FP -66127486.72 3311857250
EADS SECA 4706441Z FP -38679556.91 142045208.8
EDENRED EDNMF US -1395452285 5596512266
EDENRED EDEN S1 -1395452285 5596512266
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EDENRED EDEN QM -1395452285 5596512266
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EDENRED EDEN TQ -1395452285 5596512266
EDENRED EDEN EU -1395452285 5596512266
EDENRED EDEN BQ -1395452285 5596512266
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EMPAIN GRAHAM DV EMGD FP -18851260.64 237751743.8
FAURECIA SIEGES 4516727Z FP -107383922 418368440.6
FRANFINANCE LOCA 4689993Z FP -69780982.12 1638852912
GCE CAR LEASE 4702065Z FP -15076730.52 127403745.1
GROUPE PROGRES S 4734137Z FP -165060841.9 123458910.5
HP ENTREPRISE SE 4698081Z FP -97546439.37 116383810.4
HUREL-DUBOIS HDUN FP -482411082.6 1055907987
I BASE 757542Z FP -11937366.64 400192956.6
INFOGRAMES - REG IFG EU -10078799.92 116178599
INFOGRAMES - REG IFG FP -10078799.92 116178599
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INFOGRAMES - REG IFG EO -10078799.92 116178599
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INFOGRAMES ENT IFGNR FP -10078799.92 116178599
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INFOGRAMES-RTS 3133246Q FP -10078799.92 116178599
ING LEASE FRANCE 4699881Z FP -37113844.73 449284947.7
ISOCHEM SA 3540732Z FP -9354435.203 103629611.4
ITM REGION PARIS 4681817Z FP -55189016.54 164350503.2
JACQUOT ET CO 4721473Z FP -25605144.44 101591294.6
JTEKT AUTOMOTIVE 4504595Z FP -3346144.849 163732017.6
JTEKT AUTOMOTIVE 4505819Z FP -14610384.74 211911630
JUNGHEINRICH FIN 4635025Z FP -25640222.02 213268780.2
KEOLIS LYON 4745585Z FP -38514248.01 123798829.1
LABORDE GESTION 4518583Z FP -29334260.26 113954857.8
LENOVO FRANCE SA 4710049Z FP -1944677.438 137134536.2
MECACORP 3248019Z FP -11233087.25 215393216
MILLIMAGES 8131905Q FP -1006050.249 113454378.9
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MILLIMAGES MIL FP -1006050.249 113454378.9
MILLIMAGES MIL S1 -1006050.249 113454378.9
MILLIMAGES MIL1 PZ -1006050.249 113454378.9
MILLIMAGES MILI FP -1006050.249 113454378.9
MILLIMAGES MIL1 EU -1006050.249 113454378.9
MILLIMAGES MLIGF US -1006050.249 113454378.9
MILLIMAGES MLMG IX -1006050.249 113454378.9
MILLIMAGES MIL1 EO -1006050.249 113454378.9
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MILLIMAGES - RTS MILDS FP -1006050.249 113454378.9
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MVCI HOLIDAYS FR 4524959Z FP -112193151.3 233381369.4
NESTLE WATERS SU 3634887Z FP -100198554 212766860.3
NESTLE WATERS SU 3634879Z FP -166540192.4 357871830.8
NEXANS COPPER FR 4744809Z FP -17792261.14 230912236.6
NORDEX FRANCE SA 4521679Z FP -6460150.538 206115454.1
NOVELIS FOIL FRA 4678593Z FP -7951381.035 121719315.4
NOVEXEL SA 504169Z FP -362303.7226 107272250.4
NRJ 12 4681713Z FP -26021206.57 110030743.5
OROSDI OROS FP -35006822.54 151870593.9
OROSDI OROS S1 -35006822.54 151870593.9
OROSDI OROS EU -35006822.54 151870593.9
OROSDI OROS PZ -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 TQ -2879375517 1159140984
PAGESJAUNES GRP PAJ LI -2879375517 1159140984
PAGESJAUNES GRP QS3 TH -2879375517 1159140984
PAGESJAUNES GRP PAJ IX -2879375517 1159140984
PAGESJAUNES GRP PAJ NQ -2879375517 1159140984
PAGESJAUNES GRP PAJ VX -2879375517 1159140984
PAGESJAUNES GRP PAJ EO -2879375517 1159140984
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PAGESJAUNES GRP PAJ S1 -2879375517 1159140984
PAGESJAUNES GRP PAJGBX EO -2879375517 1159140984
PAGESJAUNES GRP PAJ PZ -2879375517 1159140984
PAGESJAUNES GRP PAJP IX -2879375517 1159140984
PAGESJAUNES GRP PAJGBX EU -2879375517 1159140984
PAGESJAUNES GRP PAJ BQ -2879375517 1159140984
PAGESJAUNES GRP PAJ EU -2879375517 1159140984
PAGESJAUNES GRP PAJ EB -2879375517 1159140984
PAGESJAUNES GRP PAJ FP -2879375517 1159140984
PAGESJAUNES GRP PAJ QM -2879375517 1159140984
PAGESJAUNES GRP PAJ GK -2879375517 1159140984
PAGESJAUNES GRP QS3 GR -2879375517 1159140984
PAGESJAUNES GRP PAJUSD EO -2879375517 1159140984
PAGESJAUNES GRP PGJUF US -2879375517 1159140984
PAGESJAUNES GRP PAJGBP EO -2879375517 1159140984
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PITNEY BOWES 4634633Z FP -11785422.82 184422748.8
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GEORGIA
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GERMANY
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GENERAL ELECTRIC 4501923Z GR -547318343.8 8720530002
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KABEL DEUTSCHLAN KD8USD EU -2162144517 2994909053
KABEL DEUTSCHLAN KD8GBP EO -2162144517 2994909053
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KAUFRING AG KFR PZ -19296489.56 150995473.8
MAERKLIN 730904Z GR -8321071.921 115821977.5
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RAG ABWICKL-REG ROS1 EU -1744124.2 217776125.8
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RINOL AG RILB EO -1.171602 168095049.1
RINOL AG RILB EU -1.171602 168095049.1
RINOL AG RNLAF US -1.171602 168095049.1
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TA TRIUMPH-ACQ TWNA EU -124531131.9 313411495.3
TA TRIUMPH-ACQ TWNA GR -124531131.9 313411495.3
TA TRIUMPH-ADLER TWN PZ -124531131.9 313411495.3
TA TRIUMPH-ADLER TWNG IX -124531131.9 313411495.3
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TA TRIUMPH-ADLER TTZAF US -124531131.9 313411495.3
TA TRIUMPH-ADLER TWN GR -124531131.9 313411495.3
TA TRIUMPH-A-RTS 1018916Z GR -124531131.9 313411495.3
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TA TRIUMPH-RTS 3158577Q GR -124531131.9 313411495.3
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GREECE
------
AG PETZETAKIS SA PETZK GA -110812812.5 206429374.1
AG PETZETAKIS SA PETZK EU -110812812.5 206429374.1
AG PETZETAKIS SA PTZ1 GR -110812812.5 206429374.1
AG PETZETAKIS SA PETZK EO -110812812.5 206429374.1
AG PETZETAKIS SA PZETF US -110812812.5 206429374.1
AG PETZETAKIS SA PTZ GR -110812812.5 206429374.1
AG PETZETAKIS SA PETZK PZ -110812812.5 206429374.1
ASPIS PRONIA GE ASASK EO -189908329.1 896537349.7
ASPIS PRONIA GE ASASK GA -189908329.1 896537349.7
ASPIS PRONIA GE ASASK EU -189908329.1 896537349.7
ASPIS PRONIA GE AISQF US -189908329.1 896537349.7
ASPIS PRONIA GE ASASK PZ -189908329.1 896537349.7
ASPIS PRONIA -PF ASAPR GA -189908329.1 896537349.7
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ASPIS PRONIA-PF APGV GR -189908329.1 896537349.7
ASPIS PRONIA-RT ASASKR GA -189908329.1 896537349.7
ASPIS PRONOIA GE APGG IX -189908329.1 896537349.7
ASPIS PRONOIA GE APG GR -189908329.1 896537349.7
ASPIS PRON-PF RT ASASPR GA -189908329.1 896537349.7
ATLANTIC SUPERMA ATLA1 EU -76261648.16 315891294.2
ATLANTIC SUPERMA ATLA1 EO -76261648.16 315891294.2
ATLANTIC SUPERMA ATLA PZ -76261648.16 315891294.2
ATLANTIC SUPERMA ATLA GA -76261648.16 315891294.2
HELLAS ONLINE SA BRAIN EU -4430063.774 511329902.7
HELLAS ONLINE SA UN5 GR -4430063.774 511329902.7
HELLAS ONLINE SA BRAIN PZ -4430063.774 511329902.7
HELLAS ONLINE SA HOLR GA -4430063.774 511329902.7
HELLAS ONLINE SA BRAIN GA -4430063.774 511329902.7
HELLAS ONLINE SA BRAIN EO -4430063.774 511329902.7
HELLAS ONLINE SA HOL GA -4430063.774 511329902.7
KATSELIS SON-P R KATPD GA -25687516.15 172013976.2
KATSELIS SONS-PF KATSP GA -25687516.15 172013976.2
KATSELIS SONS-RT KATKD GA -25687516.15 172013976.2
KOUMBAS INSUR-RT KOUMD GA -75721751.36 117427553
KOUMBAS RTS KOUMR GA -75721751.36 117427553
KOUMBAS SYNERGY KOUMF US -75721751.36 117427553
KOUMBAS SYNERGY KOUM GA -75721751.36 117427553
KOUMBAS SYNERGY KOUM EO -75721751.36 117427553
KOUMBAS SYNERGY KOUM EU -75721751.36 117427553
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MAILLIS MLISF US -32997634.63 450971683.2
MAILLIS -RTS MAIKR GA -32997634.63 450971683.2
MAILLIS-SPON ADR MJMSY US -32997634.63 450971683.2
MJ MAILLIS S.A. MJL GR -32997634.63 450971683.2
MJ MAILLIS S.A. MAIK EO -32997634.63 450971683.2
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MJ MAILLIS S.A. MAIK PZ -32997634.63 450971683.2
MJ MAILLIS S.A. MAIK GA -32997634.63 450971683.2
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NAOUSSA SPIN-RTS NAOYKR GA -163114842.1 286539436.9
NUTRIART S.A. KATSK GA -25687516.15 172013976.2
NUTRIART S.A. KTSEF US -25687516.15 172013976.2
NUTRIART SA KATSK PZ -25687516.15 172013976.2
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NUTRIART SA KATSK EU -25687516.15 172013976.2
NUTRIART-RTS 3411089Q GA -25687516.15 172013976.2
PETZET - PFD-RTS PETZPD GA -110812812.5 206429374.1
PETZETAKIS - RTS PETZKD GA -110812812.5 206429374.1
PETZETAKIS-AUC PETZKE GA -110812812.5 206429374.1
PETZETAKIS-PFD PTZ3 GR -110812812.5 206429374.1
PETZETAKIS-PFD PETZP GA -110812812.5 206429374.1
UNITED TEXTILES NAOYK GA -163114842.1 286539436.9
UNITED TEXTILES UTEX GA -163114842.1 286539436.9
UNITED TEXTILES NAOSF US -163114842.1 286539436.9
UNITED TEXTILES UTEX PZ -163114842.1 286539436.9
UNITED TEXTILES UTEX EU -163114842.1 286539436.9
UNITED TEXTILES NML1 GR -163114842.1 286539436.9
UNITED TEXTILES UTEX EO -163114842.1 286539436.9
HUNGARY
-------
HUNGARIAN TELEPH HUGC IX -73723992 827192000
HUNGARIAN TELEPH HUC EX -73723992 827192000
INVITEL HOLD-ADR INVHY US -73723992 827192000
INVITEL HOLD-ADR IHO US -73723992 827192000
INVITEL HOLD-ADR 0IN GR -73723992 827192000
INVITEL HOLDINGS 3212873Z HB -73723992 827192000
OT OPTIMA TELEKO 2299892Z CZ -83005841.81 114547056.6
OT-OPTIMA TELEKO OPTERA CZ -83005841.81 114547056.6
ICELAND
-------
AVION GROUP B1Q GR -223780368 2277882368
EIMSKIPAFELAG HF HFEIMEUR EU -223780368 2277882368
EIMSKIPAFELAG HF HFEIM EO -223780368 2277882368
EIMSKIPAFELAG HF AVION IR -223780368 2277882368
EIMSKIPAFELAG HF HFEIM EU -223780368 2277882368
EIMSKIPAFELAG HF HFEIM IR -223780368 2277882368
EIMSKIPAFELAG HF HFEIMEUR EO -223780368 2277882368
EIMSKIPAFELAG HF HFEIM PZ -223780368 2277882368
IRELAND
-------
ACS AIRCRAFT FIN 4491555Z ID -23037147.35 130480079.7
AEGON GLOBAL INS 646937Z ID -154161392 4095368960
AIRPLANES FINANC 4460505Z ID -409209710.7 271483850.7
AIRPLANES HOLDIN 4461857Z ID -11914729314 926979003.1
ALECTRA FINANCE 4505075Z ID -1989626.617 1906282726
ARCADE PROPERTY 4461121Z ID -271759845.9 854806905.5
ARDAGH GLASS FIN 3489820Z ID -425719878.1 5124811840
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ITALY
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LUXEMBOURG
----------
ARCELORMITTAL FL 3912244Z LX -1024313669 3328008487
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NETHERLANDS
-----------
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SPYKER CARS NV SPYK IX -154336469.5 1337361332
SPYKER CARS NV SPYKR QM -154336469.5 1337361332
SPYKER CARS NV SPYKR TQ -154336469.5 1337361332
SPYKER CARS NV SPYKR EU -154336469.5 1337361332
SPYKER CARS NV SPYKR BQ -154336469.5 1337361332
SPYKER CARS NV SPYKR EB -154336469.5 1337361332
SPYKER CARS NV SPYKR EO -154336469.5 1337361332
SPYKER CARS NV SPYKR NA -154336469.5 1337361332
SPYKER CARS NV L9I GR -154336469.5 1337361332
SPYKER CARS NV SPYKF US -154336469.5 1337361332
STICHTING PENSIO 4498027Z NA -19254451.13 566611058.3
STICHTING PENSIO 4489595Z NA -7065546415 43409019837
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 UPE1 GR -5505478850 5112616630
UNITED PAN-EUROP UPC VX -5505478850 5112616630
UNITED PAN-EUROP UPCEF US -5505478850 5112616630
UNITED PAN-EUROP UPCOF US -5505478850 5112616630
UPC HOLDING BV 3590264Z NA -12164702941 13901661309
VAN WEELDE BEHEE 4038885Z NA -119995.7037 173030811.6
VOLKERWESSELS BO 4062101Z NA -17683.20036 191596002.3
VWS VERKEER-EN I 4777577Z NA -47438.50279 719093765.2
W2005 W2007 CARN 3824100Z NA -107841645.8 362615031
WE INTERNATIONAL 630199Z NA -1220350.163 1011026941
WILMAR EDIBLE OI 3817520Z NA -3976944.095 218912594.8
WIM BOSMAN HOLDI 3782032Z NA -45372.13742 224136098.5
WONINGSTICHTING 4039389Z NA -430291.2087 1714985995
ZWINGER OPCO 6 B 3821644Z NA -106543158.2 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
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GJENSIDIGE PENSJ 4447089Z NO -706038.7351 834496819.2
HEEGH AUTOLINERS 4389209Z NO -11654362.38 277390994.9
INTEROIL EXPLORA IOXEUR EU -71383000 195320000
INTEROIL EXPLORA IOX NO -71383000 195320000
INTEROIL EXPLORA IOX PZ -71383000 195320000
INTEROIL EXPLORA IOXUSD EO -71383000 195320000
INTEROIL EXPLORA IROIF US -71383000 195320000
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INTEROIL EXPLORA IOX IX -71383000 195320000
INTEROIL EXPLORA INOX NO -71383000 195320000
INTEROIL EXPLORA IOX BY -71383000 195320000
INTEROIL EXPLORA IOX EO -71383000 195320000
INTEROIL EXPLORA IOXUSD EU -71383000 195320000
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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PETRO GEO-SERV 265143Q NO -18066142.21 399710323.6
PETRO GEO-SERV PGS VX -18066142.21 399710323.6
PETRO GEO-SERV PGS GR -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 BY -54932000 191586000
PETROJACK AS JACK PZ -54932000 191586000
PETROJACK AS JACKEUR EU -54932000 191586000
PETROJACK AS JACO IX -54932000 191586000
PETROJACK AS P3J GR -54932000 191586000
PETROJACK AS POJKF US -54932000 191586000
PETROJACK AS JACK EO -54932000 191586000
PETROJACK AS JACK EU -54932000 191586000
PETROJACK AS JACKEUR EO -54932000 191586000
PETROJACK AS JACK NO -54932000 191586000
PETROMENA AS PR2 GR -47299000 317747008
PETROMENA AS PMENA PZ -47299000 317747008
PETROMENA AS PMENAEUR EO -47299000 317747008
PETROMENA AS PMENF US -47299000 317747008
PETROMENA AS PMENAEUR EU -47299000 317747008
PETROMENA AS PMENA EO -47299000 317747008
PETROMENA AS PMENA EU -47299000 317747008
PETROMENA AS PMENA NO -47299000 317747008
PETROMENA AS MENA NO -47299000 317747008
PETROMENA AS PMEN IX -47299000 317747008
SECURITAS DIRECT 4394201Z NO -531628.2745 124746344.1
SKRETTING AS 4473771Z NO -3730844.426 499611269.4
STOREBRAND EIEND 4443409Z NO -69476764.19 1408585975
STOREBRAND EIEND 4288341Z NO -236066034.1 4427606061
TDC AS 4287413Z NO -95917885.43 128911202.9
TRICO SHIPPING A 3651167Z NO -132576808.1 504945402.2
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
------
TOORA TOR PW -288818.3897 147004954.2
TOORA 2916661Q EO -288818.3897 147004954.2
TOORA 2916665Q EU -288818.3897 147004954.2
TOORA TOR PZ -288818.3897 147004954.2
TOORA-ALLOT CERT TORA PW -288818.3897 147004954.2
PORTUGAL
--------
AGUAS DO ZEZERE 3646223Z PL -9497007.861 387261027.5
ALBERTO MARTINS 4488947Z PL -26137998.21 126979395.5
CENTRO HOSPITALA 3778196Z PL -45060064.62 149709016.7
CO DAS ENERGIAS 3794880Z PL -2540034.474 115717930.4
COFINA COFI PL -13400332.44 274876811
COFINA COFSI IX -13400332.44 274876811
COFINA CFASF US -13400332.44 274876811
COFINA SGPS SA COFI EO -13400332.44 274876811
COFINA SGPS SA COFI TQ -13400332.44 274876811
COFINA SGPS SA COFI QM -13400332.44 274876811
COFINA SGPS SA CFNX PX -13400332.44 274876811
COFINA SGPS SA CFN PL -13400332.44 274876811
COFINA SGPS SA COFI EB -13400332.44 274876811
COFINA SGPS SA CFN1 PZ -13400332.44 274876811
COFINA SGPS SA COFI EU -13400332.44 274876811
CP - COMBOIOS DE 1005Z PL -3201667702 2260472073
EMPRESA PUBLICA 3646447Z PL -18489638.67 302885151.7
ESTALEIROS NAVAI 4507307Z PL -23829401.88 315386385.8
FERREIRAS & MAGA 4281437Z PL -14115717.84 103226790.2
GALERIA PARQUE N 4772673Z PL -6221557.01 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 -227787277.2 3216337049
PARQUE DA PAMPIL 4770625Z PL -1932626.439 135631078.1
PARQUE EOLICO DE 4772521Z PL -1450277.362 131706562.9
PORTUGALIA 1008Z PL -4086512.545 263103585.3
RADIO E TELEVISA 1227Z PL -874020727.2 739530129.4
REFER-REDE FERRO 1250Z PL -1817222591 941624235.3
SERVICO DE SAUDE 3790200Z PL -171447869.9 656234458.2
SOCIEDADE DE REN 3776676Z PL -16609193.89 127876798.7
SOCIEDADE DE TRA 1253Z PL -382109051.3 119848180.8
SPORTING CLUBE D SCP1 PZ -65884328.13 251276323.4
SPORTING CLUBE D SCDF EO -65884328.13 251276323.4
SPORTING CLUBE D SCG GR -65884328.13 251276323.4
SPORTING CLUBE D SCP PL -65884328.13 251276323.4
SPORTING CLUBE D SCPX PX -65884328.13 251276323.4
SPORTING CLUBE D SCDF EU -65884328.13 251276323.4
SPORTING-SOC DES SCPL IX -65884328.13 251276323.4
SPORTING-SOC DES SCDF PL -65884328.13 251276323.4
SPORTING-SOC-RTS SCPVS PL -65884328.13 251276323.4
SPORTING-SOC-RTS SCPDS PL -65884328.13 251276323.4
TAP SGPS TAP PL -293253615.6 2901200999
VALE DO LOBO - R 4764257Z PL -19458755.77 553819869.1
VISTA ALEGRE ATL 4281717Z PL -11415079.06 119980938.8
ROMANIA
-------
ARCELORMITTAL PTRO RO -61080024.91 178667412.9
OLTCHIM RM VALCE OLTCF US -89344240.83 511515508.8
OLTCHIM SA RM VA OLT PZ -89344240.83 511515508.8
OLTCHIM SA RM VA OLT RO -89344240.83 511515508.8
OLTCHIM SA RM VA OLT EO -89344240.83 511515508.8
OLTCHIM SA RM VA OLTEUR EU -89344240.83 511515508.8
OLTCHIM SA RM VA OLT EU -89344240.83 511515508.8
OLTCHIM SA RM VA OLTEUR EO -89344240.83 511515508.8
RAFO SA RAF RO -457922310.7 356796459.3
ROMPETROL RAFINA RRC RO -4103436 1885975424
ROMPETROL RAFINA RRC EO -4103436 1885975424
ROMPETROL RAFINA RRC EU -4103436 1885975424
ROMPETROL RAFINA RRCEUR EO -4103436 1885975424
ROMPETROL RAFINA RRCEUR EU -4103436 1885975424
ROMPETROL RAFINA RRC PZ -4103436 1885975424
RUSSIA
------
AKCIONERNOE-BRD SOVP$ RU -79749277.74 135830690.8
ALLIANCE RUSSIAN ALRT RU -13189410.9 138268688.3
AMO ZIL ZILL RM -115900565.7 368611137
AMO ZIL-CLS ZILL* RU -115900565.7 368611137
AMO ZIL-CLS ZILLG RU -115900565.7 368611137
AMO ZIL-CLS ZILL RU -115900565.7 368611137
BUMMASH OJSC-BRD BUMM* RU -8393701.106 181897611.9
BUMMASH OJSC-BRD BUMM RU -8393701.106 181897611.9
DAGESTAN ENERGY DASB RU -41669399.94 184251142.2
DAGESTAN ENERGY DASB RM -41669399.94 184251142.2
DAGESTAN ENERGY DASBG RU -41669399.94 184251142.2
DAGESTAN ENERGY DASB* RU -41669399.94 184251142.2
EAST-SIBERIA-BRD VSNK RU -27891692.64 256817419.9
EAST-SIBERIA-BRD VSNK* RU -27891692.64 256817419.9
EAST-SIBERIAN-BD VSNK$ RU -27891692.64 256817419.9
FINANCIAL LEASIN 137282Z RU -97179352.98 323537045.5
FINANCIAL LEASIN FLKO RM -97179352.98 323537045.5
FINANCIAL LE-BRD FLKO RU -97179352.98 323537045.5
FINANCIAL LE-BRD FLKO* RU -97179352.98 323537045.5
GAZ-FINANS GAZF RU -56134.51262 232319905.4
IZHAVTO OAO IZAV RU -19693756.7 474754687.9
KAMSKAYA GORNAYA 2806239Z RU -527803788.8 1311868884
KOMPANIYA GL-BRD GMST* RU -12705935.35 1168280317
KOMPANIYA GL-BRD GMST RU -12705935.35 1168280317
M-INDUSTRIYA SOMI RU -1091260.252 261721440.8
MZ ARSENAL-$BRD ARSE* RU -17937177.88 215191909
MZ ARSENAL-$BRD ARSE RU -17937177.88 215191909
MZ ARSENAL-BRD ARSE$ RU -17937177.88 215191909
OAO SIBNEFTEGAZ SIGA RU -8733178.141 757597617.2
PENOPLEX-FINANS PNPF RU -754086.9373 140176163.3
PIK GROUP PIKK RM -65334860.95 4000687446
PIK GROUP PIKK* RU -65334860.95 4000687446
PIK GROUP PIKKG RU -65334860.95 4000687446
PIK GROUP PIKK RU -65334860.95 4000687446
PIK GROUP-GDR PIK IX -65334860.95 4000687446
PIK GROUP-GDR PIQ2 GR -65334860.95 4000687446
PIK GROUP-GDR PIK1 EO -65334860.95 4000687446
PIK GROUP-GDR PIK EB -65334860.95 4000687446
PIK GROUP-GDR PIK LI -65334860.95 4000687446
PIK GROUP-GDR PIK1 QM -65334860.95 4000687446
PIK GROUP-GDR PKGPL US -65334860.95 4000687446
PIK GROUP-GDR PIK EU -65334860.95 4000687446
PIK GROUP-GDR PIK TQ -65334860.95 4000687446
PROMTRACTOR-FINA PTRF RU -22844527.96 271197988.2
RUSSIAN TEXT-CLS ALRTG RU -13189410.9 138268688.3
RUSSIAN TEXT-CLS ALRT* RU -13189410.9 138268688.3
RYBINSKKABEL RBKZD RU -8532245.618 108539181.3
SEVKABEL-FINANS SVKF RU -83036.46173 102680373.6
SISTEMA HALS HALS RU -568359936 1210651008
SISTEMA HALS HALS* RU -568359936 1210651008
SISTEMA HALS HALS RM -568359936 1210651008
SISTEMA HALS HALSM RU -568359936 1210651008
SISTEMA HALS HALSG RU -568359936 1210651008
SISTEMA HALS-GDR HALS IX -568359936 1210651008
SISTEMA HALS-GDR HALS LI -568359936 1210651008
SISTEMA HALS-GDR SYR GR -568359936 1210651008
SISTEMA HALS-GDR HALS TQ -568359936 1210651008
SISTEMA-GDR 144A SEMAL US -568359936 1210651008
SISTEMA-GDR 144A 86PN LI -568359936 1210651008
URGALUGOL-BRD YRGL RU -20765964.53 115490879.4
URGALUGOL-BRD YRGL* RU -20765964.53 115490879.4
URGALUGOL-BRD-PF YRGLP RU -20765964.53 115490879.4
VACO-BRD VASO* RU -27108676.04 934073954.9
VACO-BRD VASO RU -27108676.04 934073954.9
VACO-PFD VASOP RU -27108676.04 934073954.9
VACO-PFD VASOP* RU -27108676.04 934073954.9
VASO 1001Q RU -27108676.04 934073954.9
VASO-$ 1002Q RU -27108676.04 934073954.9
VASO-$PFD BRD VASOP$ RU -27108676.04 934073954.9
VASO-Q LIST VASO$ RU -27108676.04 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 -11716087.47 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* RU -115900565.7 368611137
ZIL AUTO PLANT-P ZILLP RM -115900565.7 368611137
ZIL AUTO PLANT-P ZILLP RU -115900565.7 368611137
SERBIA
-------
DUVANSKA DIVR SG -32792314.86 122255596.4
SLOVENIA
--------
ISTRABENZ ITBG EO -3710053.919 1192276746
ISTRABENZ ITBG SV -3710053.919 1192276746
ISTRABENZ ITBG PZ -3710053.919 1192276746
ISTRABENZ ITBG EU -3710053.919 1192276746
SPAIN
-----
AMCI HABITAT SA AMC3 EO -24580874.45 194758143.4
AMCI HABITAT SA AMC SM -24580874.45 194758143.4
AMCI HABITAT SA AMC1 EU -24580874.45 194758143.4
AURIGACROWN CAR 3791672Z SM -9696329.512 319009666.2
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 203210905.9
CAIXARENTING SA 4500211Z SM -13655312.55 1651010629
CAJA DE AHORROS 929362Z SM -361326816.2 37311046644
CELAYA EMPARANZA 3642467Z SM -19428468.87 176340504.9
CONFORAMA ESPANA 3771496Z SM -7499882.185 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 358279281.1
FABRICAS AGRUPAD 3638319Z SM -32596694.58 286240670.7
FBEX PROMO INMOB 3745024Z SM -820001.0305 1142937522
FIAT GROUP AUTOM 4511067Z SM -30064519.13 367730368.2
FMC FORET SA 3642299Z SM -28605523.78 225458069.6
GALERIAS PRIMERO 3281527Z SM -2731015.072 124875853.4
GE POWER CONTROL 3744144Z SM -25412232.52 973735754.8
GENERAL MOTORS E 4286805Z SM -323089753.8 2783002632
GLENCORE ESPANA 3752336Z SM -24493084.81 140668008
HIDROCANTABRICO 4456745Z SM -213762090.5 376644969.1
INITEC ENERGIA S 3637759Z SM -1230006.429 256846609.3
ISOFOTON SA 1039291Z SM -401482382 218392769.3
JAZZ TELECOM SA 3646927Z SM -639496600.9 784724811
LA SIRENA ALIMEN 4375737Z SM -45848483.56 200881094.4
LEVANTINA Y ASOC 993382Z SM -47134829.4 798577836.1
MAGNETI MARELLI 3643903Z SM -6218714.533 169480205.1
MARTINSA FADESA MFAD PZ -3316202978 7060944147
MARTINSA FADESA 4PU GR -3316202978 7060944147
MARTINSA FADESA MTF EO -3316202978 7060944147
MARTINSA FADESA MTF1 LI -3316202978 7060944147
MARTINSA FADESA MTF EU -3316202978 7060944147
MARTINSA FADESA MTF SM -3316202978 7060944147
MARTINSA-FADESA MTF NR -3316202978 7060944147
NYESA VALORES CO NYE EU -99766729.91 812943907.9
NYESA VALORES CO BES EO -99766729.91 812943907.9
NYESA VALORES CO NYE EO -99766729.91 812943907.9
NYESA VALORES CO NYE SM -99766729.91 812943907.9
NYESA VALORES CO BES EU -99766729.91 812943907.9
NYESA VALORES CO BESS PZ -99766729.91 812943907.9
NYESA VALORES CO BES TQ -99766729.91 812943907.9
NYESA VALORES CO NYE TQ -99766729.91 812943907.9
NYESA VALORES CO 7NY GR -99766729.91 812943907.9
NYESA VALORES CO BES SM -99766729.91 812943907.9
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 370434699.9
REAL ZARAGOZA SA 4285533Z SM -26642893.2 155342765.2
REYAL URBIS SA REY1 EU -425677105.6 5777458693
REYAL URBIS SA REY1 EO -425677105.6 5777458693
REYAL URBIS SA REY SM -425677105.6 5777458693
REYAL URBIS SA REYU PZ -425677105.6 5777458693
SA DE SUPERMERCA 4373489Z SM -24370843.85 162576231.9
SIDERURGICA SEVI 3755616Z SM -6175305.125 255962721.9
SOGECABLE MEDIA 3638359Z SM -3018000.191 182987292.3
SPANAIR 1174Z SM -592075778.7 449250970.6
SUPERMERCADOS CH 3635999Z SM -49108101.19 430829438.2
SUPERMERCADOS CO 4285781Z SM -6271873.083 110251382.6
TELEVISION AUTON 3772924Z SM -148813632.8 119454851.8
TIP TRAILERS ESP 3804444Z SM -11109283.92 130713925.8
TROPICAL TURISTI 3639071Z SM -25374266.69 535701945
TWINS ALIMENTACI 4381793Z SM -49677879.17 298164942.5
TYCO ELECTRONICS 2335265Z SM -120345346 343202188.9
UNITEC UNION TIE 3801344Z SM -23207409.48 131213302.5
UNIVERSAL MUSIC 3748312Z SM -113641266.3 100627411.6
VIA OPERADOR PET 4510507Z SM -22002322.05 129961207.4
SWEDEN
------
KAROLINEN FASTIG 4008644Z SS -906745.1282 122777361.3
PHADIA AB 842347Z SS -140406774.4 2127579095
STENA RECYCLING 4011316Z SS -10675550.11 346046832.8
SWEDISH MA-RE RT SWMASR SS -213512979.5 2124668074
SWEDISH MAT-ADR SWMA GR -213512979.5 2124668074
SWEDISH MAT-ADR 3053566Q US -213512979.5 2124668074
SWEDISH MATCH SWD LI -213512979.5 2124668074
SWEDISH MATCH AB SWMAEUR EU -213512979.5 2124668074
SWEDISH MATCH AB SWMA GK -213512979.5 2124668074
SWEDISH MATCH AB SWMA PZ -213512979.5 2124668074
SWEDISH MATCH AB SWMAUSD EO -213512979.5 2124668074
SWEDISH MATCH AB SWMA NR -213512979.5 2124668074
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SWEDISH MATCH AB SWMA EB -213512979.5 2124668074
SWEDISH MATCH AB SWMAGBP EO -213512979.5 2124668074
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WINCANTON PLC WIN PZ -162158252.9 1389119000
WINCANTON PLC WIN1GBP EO -162158252.9 1389119000
WINCANTON PLC WIN1USD EU -162158252.9 1389119000
WINCANTON PLC WIN1EUR EO -162158252.9 1389119000
WINCANTON PLC WIN1 QM -162158252.9 1389119000
WINCANTON PLC WIN1EUR EU -162158252.9 1389119000
WINCANTON PLC WIN1USD EO -162158252.9 1389119000
WINCANTON PLC WIN LN -162158252.9 1389119000
WINCANTON PLC WIN IX -162158252.9 1389119000
WINCANTON PLC WIN1 EB -162158252.9 1389119000
WINDSOR TELEVISI 1475394Z LN -232297665.7 340517582.8
WYG PLC WHY IX -32392901.23 196106689.5
WYG PLC WYGEUR EO -32392901.23 196106689.5
WYG PLC WYG EU -32392901.23 196106689.5
WYG PLC WYGGBP EO -32392901.23 196106689.5
WYG PLC WYG PZ -32392901.23 196106689.5
WYG PLC WYG EO -32392901.23 196106689.5
WYG PLC WYGEUR EU -32392901.23 196106689.5
WYG PLC WYG LN -32392901.23 196106689.5
XAFINITY HOLDING 4168309Z LN -18683833 243588520.5
XCHANGING UK LTD 1814130Z LN -27188853.3 285255216.3
XSTRATA SERVICES 1975918Z LN -88056666.54 169405671
YARLINGTON HOUSI 4435313Z LN -18443811.91 276648958.8
YOUNG'S BLUECRES 1841386Z LN -46554226.38 279057376.4
ZURICH EMPLOYMEN 1292298Z LN -128495966.5 133351472.5
*********
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 * * *