/raid1/www/Hosts/bankrupt/TCREUR_Public/110913.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, September 13, 2011, Vol. 12, No. 181
Headlines
B E L G I U M
KBC BANK: S&P Hikes Ratings on Tier 1 Hybrid Instruments to 'BB+'
F R A N C E
CMA CGM: Moody's Downgrades Corporate Family Rating to 'B1'
PERNOD RICARD: Moody's Upgrades Issuer Rating to Baa3 From Ba1
G E R M A N Y
FRESENIUS MEDICAL: S&P Assigns 'BB' Rating to Sr. Unsecured Notes
G R E E C E
DRYSHIPS INC: George Economou Discloses 14% Equity Stake
I R E L A N D
BMD: Bought Out by Management Team From NAMA; 200 Jobs Saved
HOME PAYMENTS: Customer Bills Not Paid Up Until End of July
JAMES ADAMS: Goes Into Liquidation
OAK HILL: Moody's Upgrades Rating on Class E Notes to 'Ba3'
I T A L Y
EFIBANCA SPA: Moody's Withdraws D Bank Financial Strength Rating
L U X E M B O U R G
KLEOPATRA LUX: S&P Lowers CCR to 'CCC+' on Covenant Breach Risk
N E T H E R L A N D S
CADOGAN SQUARE: S&P Raises Rating on Class E Notes to 'B+'
CLARE ISLAND: Moody's Raises Rating on Two Note Classes to 'B1'
PROSPERO CLO: Moody's Upgrades Rating on US$13.5MM D Notes to Ba2
R O M A N I A
* ROMANIA: Small & Medium Retailers Start Falling into Insolvency
S P A I N
BANCO CAM: Moody's Reviews 'Ba1' Long-Term Debt & Deposit Ratings
FTA SANTANDER: Moody's Affirms Rating on Series B Notes at 'Caa1'
SANTANDER EMPRESAS: S&P Affirms Rating on Class F Notes at 'D'
S W E D E N
SAAB AUTOMOBILE: Youngman Optimistic on Investment Plan
SAAB AUTOMOBILE: Swedish Union Won't Submit Bankruptcy Request
U N I T E D K I N G D O M
BRADFORD PLAYHOUSE: Set to Go Into Liquidation
EPIC PLC: S&P Lowers Rating on Class F Notes to 'B- (sf)'
FOCUS DIY: B&Q Store to Open This Month
HEALTHCARE LOCUMS: Australian Lenders Threatens to Call in Loans
LUTON TOWN: Ex-Chairman, CEO Disqualified as Directors
MORTGAGE FUNDING: S&P Affirms 'B-' Rating on Class A Notes
ORCHID GROUP: Michael Norcross Seeks to Acquire Grand Hotel
PREMIER FOODS: S&P Affirms Corporate Credit Rating at 'BB'
YELL GROUP: To Ask Help from HSBC to Renegotiate Covenants
* UK: 15 Retailers to Go Into Administration in the Next 6 Months
* Alper Deniz Joins Brown Rudnick's London Office as Partner
X X X X X X X X
* S&P Withdraws Ratings on 12 European CDO Tranches to 'D'
* Large Companies with Insolvent Balance Sheets
*********
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B E L G I U M
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KBC BANK: S&P Hikes Ratings on Tier 1 Hybrid Instruments to 'BB+'
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Standard & Poor's Ratings Services raised its junior subordinated
debt ratings to 'BB+' from 'B+' on six Tier 1 hybrid instruments
issued by Belgian bank KBC Bank N.V. (A/Stable/A-1). The
instruments total EUR2.4 billion.
The long- and short-term counterparty credit ratings on KBC Bank
remain unchanged.
"The rating action reflects our view that KBC Bank will remain
profitable in the foreseeable future and is highly likely to
continue to pay a common dividend, which it resumed in 2011. In
addition, the risk of coupon deferral on two of its Tier 1 hybrid
instruments has diminished considerably, given its rebuilt
distributable reserves following positive earnings generation in
2010 and first-half 2011," S&P related.
"The 'BB+' ratings on the instruments stand three notches below
our assessment of KBC Bank's stand-alone credit profile (SACP)
and five notches below our 'A' counterparty credit rating on the
bank. In accordance with our criteria, we consider the SACP to be
the key indicator of the potential that an entity might defer
payments on hybrid securities in a downturn. The SACP on KBC Bank
includes a two-notch uplift to factor in potential extraordinary
government support for the bank if needed," S&P stated.
In November 2009, KBC Bank communicated that the European
Commission had imposed a ban on coupon payment for the bank's
Tier 1 and Tier 2 instruments, unless it had a legal obligation
to do pay, or if its profits for the year could cover the coupon
payments. "We believe that KBC Bank will remain profitable in the
foreseeable future. The bank's restructuring efforts in the
past two years, and the government guarantee on most of KBC
Bank's exposure to collateralized debt obligations (CDOs) reduces
the probability of the bank posting a loss in the future. The
write-downs KBC Bank took on its CDOs led it to post losses in
2008 and 2009," S&P noted.
Under the terms of the Tier 1 instruments, an ordinary share
dividend payment by KBC Bank or its holding company would make
the coupon payments on these issues mandatory in the ensuing
12-month period, unless the bank is in breach of regulatory
capital ratios.
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F R A N C E
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CMA CGM: Moody's Downgrades Corporate Family Rating to 'B1'
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Moody's Investors Service has downgraded the corporate family and
probability of default ratings of CMA CGM to B1 from Ba3.
Concurrently, Moody's has downgraded to B3 from B2 the company's
EUR325 million and US$475 million worth of senior unsecured
notes, maturing in 2019 and 2017 respectively. The outlook is
negative.
Ratings Rationale
"The rating action was triggered by the combined effect of
several negative factors that have emerged during recent months
and which are not only currently affecting CMA CGM's credit
profile, but may also have prolonged negative implications," says
Marco Vetulli, a Moody's Vice President -- Senior Credit Officer
and lead analyst for CMA CGM.
The recently published CMA CGM's second-quarter 2011 results have
evidenced a difficult operating environment with a financial
performance materially below Moody's previous expectations
despite a growth of volumes and revenues year on year. "CMA
CGM's lackluster performance in recent months was due to the
intense competition between market players, which limited the
company's capability to recover the increase in bunker costs
incurred by container shipping operators during the second
quarter," adds Mr. Vetulli.
Moody's notes that the current quarter is a key quarter for the
highly seasonal container shipping industry, in which the
majority of volumes are transported in the period August to
October (so-called peak seasons). Though there are recent signs
of slow uptick of freight rates, we do not believe that the
operating conditions have shifted enough to compensate for the
shortfall of profitability in HY 2011. Therefore, Moody's
anticipates that, by financial year-end (FYE) 2011, CMA CGM will
be unable to maintain financial metrics that are in line with the
current Ba3 rating.
To some extent, these developments reflect the highly competitive
structure of the industry as well as the concerns over increased
capacity coming on stream, which has put pressure on operators in
some trade lanes and which renders difficult to pass on increase
in costs despite high volumes of traffic. The fierce competition
among the main players in the industry, together with its
cyclicality and the overreliance of this shipping segment on
short-term contracts, which limits market visibility, have
negative implications for the ratings of container shipping
companies, given their high operating leverage and therefore high
sensitivity to operating cash flow shifts.
Moody's nonetheless continues to acknowledge that the company has
a strong business profile with solid market shares globally as
well as a distinctive position in certain lanes that are more
profitable. Positively also CMA-CGM has successfully completed
the strengthening of its capital base early in the year as well
as sold certain assets more recently as planned, which has also
boosted its liquidity, while no major new deliveries of ships is
scheduled before end of 2012.
The negative outlook reflects Moody's concerns that the container
market operating conditions will remain difficult in the next few
quarters, and hence CMA CGM's performance may remain under
pressure. Moreover in such circumstances, CMA CGM could find it
challenging to remain within the required covenants of its bank
loans by FYE 2011. The rating, however, anticipates that the
lenders will remain supportive.
Finally, we are concerned that the deteriorating global economic
environment increases the probability that traffic volumes will
decline compared with the current trend and previous
expectations, Moody's says. Moody's notes that lower demand could
exert both immediate and long-term pressure on CMA CGM and the
industry as a whole, given the amount of new deliveries scheduled
for the coming years.
Moody's considers it unlikely that any upward pressure would be
exerted on the company's rating in the short term. However,
upward pressure could materialise over time as a result of a
reduction in the company's financial leverage below 5x, an
RCF/Net Debt ratio above the mid teens, and an increase in its
EBIT to interest coverage above 2.5x on sustainable basis.
Downgrade pressure on the rating could potentially result from
deteriorating market conditions leading to financial leverage
increasing towards 6.5x and/or EBIT/interest expense coverage
falling below 1.5x, with weak or negative FCF and/or a
deterioration in CMA CGM's liquidity profile by the end of 2012.
Principal Methodologies
The principal methodology used in rating CMA CGM S.A. was the
Global Shipping Industry Methodology published in December 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. Please see the Credit Policy page on
www.moodys.com for a copy of these methodologies.
Headquartered in Marseilles, France, CMA CGM is the third-largest
container shipping company in the world (measured in twenty-foot
equivalent units, or "TEU"). CMA CGM recorded last-12-months
revenues of US$14.8 billion as of the end of June 2011, and
employed approximately 17,500 employees worldwide.
As of June 2011, CMA CGM's fleet amounted to 390 container ships
(297 chartered-in and 93 owned), with a total capacity of 1.283
million TEU.
PERNOD RICARD: Moody's Upgrades Issuer Rating to Baa3 From Ba1
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Moody's Investors Service has upgraded to Baa3 from Ba1 the long-
term issuer and senior unsecured ratings of Pernod Ricard S.A.,
and the backed senior unsecured debt rating of the debt
instruments previously issued by Allied Domecq Financial Services
Limited and guaranteed by Pernod. Moody's has also raised
Pernod's short-term rating to Prime-3 from Not Prime and assigned
a Prime-3 short-term rating to the Billet de Tresorerie Programme
of up to EUR1.5 billion, implemented by Pernod Ricard Finance
S.A. This programme is guaranteed unconditionally by Pernod.
Concurrently, Moody's has also withdrawn Pernod's corporate
family rating and probability of default rating. The outlook is
stable.
Ratings Rationale
"The upgrade to investment grade recognizes the improvement in
Pernod's operational performance in the past year, which has
contributed to better credit metrics for the financial year ended
June 30, 2011 (2010/11)", says Yasmina Serghini-Douvin, a Moody's
Vice-President -- Senior Analyst and lead analyst for Pernod. In
a still subdued environment for alcoholic beverage consumption in
Western Europe, Pernod's sales were up 7% and profit from
recurring operations by 8% (on an organic basis). This was driven
by positive price and mix effects, robust growth in Asia/Rest of
the world and, to some degree, a recovery in the company's more
mature markets. Pernod has not reported signs of a slowdown in
volumes in the key US spirits market, in which consumption of
premium and super-premium spirits categories and in the important
on premise channel has accelerated in recent quarters. Whilst
there are macroeconomic risks, especially for the US and some
countries in Western Europe, Moody's believes that, overall,
Pernod's performance is resilient and that further growth in
profits is achievable even in a scenario of weaker economic
growth.
Moreover, the company has reduced its reported net debt by
approximately EUR1.5 billion to EUR9.0 billion, of which EUR0.9
billion was attributable to favourable currency effects. As a
result, its reported net debt/EBITDA ratio stood at 4.4x (as
defined by Pernod), compared with 4.9x a year ago. Based on
Pernod's preliminary results report, Moody's estimates that the
company's adjusted (gross) debt/ EBITDA ratio was somewhat below
5.0x as of June 2011 and that it will progress towards 4.5x this
year. Moody's cautions that Pernod's financial profile positions
it weakly in the Baa3 rating category and that continued efforts
to deleverage are expected, consistent with, at least, the
company's self-imposed target of achieving a decrease in its net
debt/EBITDA ratio to approximately 4.0x by the end of June 2012.
The Baa3 rating is supported by Pernod's significant position as
the world's second-largest spirits and wines producer, its
presence in key spirits markets in the Americas, Europe and Asia
and its solid profitability and recurring cash flows from
operating activities. The rating is currently constrained by the
company's financial structure, which Moody's considers to be weak
for the rating category. In upgrading Pernod's rating to Baa3,
Moody's anticipates that the company will further improve its
credit metrics this year towards Moody's target for the rating
category as indicated below, and that it will maintain a
satisfactory liquidity profile.
The stable outlook incorporates Moody's expectation that Pernod
will pursue its efforts to reduce its debt and that it will
gradually improve its financial profile to consolidate its
position within the Baa3 rating category. This include (i) an
active refinancing of its upcoming debt maturities, principally
EUR5.2 billion in 2013/14; (ii) a decrease in its adjusted
leverage metrics to below 4.5x at least; and (iii) an improvement
in its retained cash flow (RCF)/net debt above 10%. Given the
uncertain macroeconomic outlook, Moody's cautions that the stable
outlook also factors in limited room for operational weakness.
Upward pressure on the rating is unlikely in the near term given
the expected further improvement in Pernod's credit metrics.
Longer term, Moody's could consider a positive rating action if
Pernod continues to de-risk its financial structure such that (i)
its adjusted leverage ratio decreases comfortably below 4x; and
(ii) it achieves and maintains an RCF/net debt ratio in the mid-
teens in percentage terms.
Negative rating pressure could arise if (i) Pernod changes its
financial policy, including its deleveraging target and dividend
payments, and more generally its policy towards shareholders'
returns; (ii) the company makes no progress within the next six
to nine months to address the refinancing cliff in 2013; and
(iii) there is an increase in the company's corporate activity.
Quantitatively, negative pressure would build if there were
evidence that Pernod's debt/EBITDA ratio would not progress below
4.5x and its RCF/net debt ratio not improve above 10% within the
next 12 months.
Principal Methodology
The principal methodology used in rating Pernod Ricard S.A. was
the Global Alcoholic Beverage Rating Methodology published in
August 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.
Incorporated in Paris, France, Pernod Ricard is one of the
world's largest alcoholic beverage companies, generating sales of
EUR7.6 billion for 2010/11.
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G E R M A N Y
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FRESENIUS MEDICAL: S&P Assigns 'BB' Rating to Sr. Unsecured Notes
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Standard & Poor's Ratings Services assigned its 'BB' issue rating
to the proposed U.S. dollar- and euro-denominated senior
unsecured notes. "We understand that FMC expects the issue
proceeds to be over $800 million. The U.S. dollar denominated
tranche is to be issued Fresenius Medical Care US Finance II,
Inc, while the euro denominated tranche is to be issued by FMC
Finance VIII S.A., subsidiaries of German health care group
Fresenius Medical Care AG & Co. KGaA (FMC; BB/Positive/--). The
issue ratings are in line with the corporate credit rating on
FMC. "We have also assigned a recovery rating of '3' to the
notes, indicating our expectation of meaningful (50%-70%)
recovery in the event of a payment default. The recovery and
issue ratings on FMC's other debt facilities remain unchanged,"
S&P stated.
"The ratings are subject to our satisfactory review of the final
documentation," S&P stated.
"At the same time, we affirmed the 'BBB-' issue rating on FMC's
senior secured debt. The '1' recovery rating on this debt remains
unchanged, reflecting our expectation of very high (90%-100%)
recovery for debtholders in the event of a payment default. We
also affirmed the 'BB' issue ratings on the senior unsecured
debt. The '3' recovery rating on this debt remains unchanged,
reflecting our expectation of meaningful (50%-70%) recovery for
debtholders in the event of a payment default," S&P related.
"We understand that FMC will use the proceeds of the proposed
notes issuance to finance acquisitions, repay drawings under its
revolving credit facility and accounts receivable facility, and
for other general corporate purposes. In our view, the issuance
of the additional notes leads to lower recovery prospects for the
senior unsecured notes given the significant increase in debt at
this level of the capital structure. We have assumed that the
company will receive all the necessary authorizations to complete
the contemplated acquisitions, the value of which would partially
offset the additional debt being raised," S&P continued.
"We could revise our recovery ratings if these acquisitions were
not to be completed. Recovery prospects could also be negatively
affected depending on the nature of any future debt financing
raised to fund the proposed acquisitions," S&P stated.
The proposed notes are unsecured obligations guaranteed by FMC,
Fresenius Medical Care Holdings, Inc., and Fresenius Medical Care
Deutschland GmbH.
They will rank pari passu with the EUR200 million euro notes due
2012 and 2014, the EUR250 million 5.50% senior unsecured notes
due 2016, the $500 million 6.875% senior unsecured notes due
2017, the EUR300 million 5.25% senior unsecured notes due 2021,
and the $650 million 5.75% senior unsecured notes due 2021.
The proposed notes' documentation restricts the incurrence of
additional indebtedness to compliance with a minimum 2.0x
consolidated coverage ratio, but does not prevent the company
from raising, among other things, a general basket of $900
million of additional indebtedness. The documentation also
includes restrictions on liens, asset disposals, mergers, and
sale-and-leaseback transactions, although it is subject to some
carve-outs.
"Recovery prospects for the proposed notes are supported by our
expectation that, in a default, the company would be reorganized
rather than liquidated. We base our view on our assessment of
FMC's satisfactory business risk profile and its leading position
in North American dialysis services and product markets," S&P
stated.
"In order to determine recoveries, we simulate a default. Under
our hypothetical scenario, we envisage, among other things,
excessive expansion by the company, with increasing capital
expenditures, higher interest rates on available bank facilities,
and stable demand for dialysis. We have also assumed the
tightening of government reimbursement policies, leading to a
loss of market share and thereby reducing profitability and free
cash flow generation," S&P said.
"We have further assumed the inability to refinance the senior
secured debt when it falls due in 2013. However, we acknowledge
that the year of default could move further out as the company
refinances it debt. Over a longer time period, we believe that
FMC could also face the emergence of alternative renal disease
treatment, which would draw private clients away from incumbent
dialysis care providers. But in any case, we have assumed that
FMC's capital structure would be similar at the hypothetical
point of default," S&P stated.
This scenario leads to a default in 2013, with EBITDA declining
to about $1,050 million.
"At the hypothetical point of default, we value FMC at about $6.4
billion using a market multiple approach," S&P said.
"We deduct from this stressed enterprise value priority
liabilities of about $2,060 million, comprising about $575
million of enforcement costs, priority debt facilities that
include securitization and pre-petition interest, European
Investment Bank loans, some finance leases, local bilateral bank
lines, and pre-petition interest," S&P noted.
"Our assumptions give a residual value of $4.3 billion for FMC.
This fully covers the outstanding senior secured loans and pre-
petition interest ($2.7 billion in total), which underpins our
recovery rating of '1' (90%-100% recovery) on this debt. In
addition, recovery prospects are strengthened by the springing
lien triggered in the case of a downgrade of FMC to below 'BB-'
or the equivalent," S&P said.
"The residual enterprise value available for the senior
noteholders is about $1.6 billion. The recovery prospects for the
outstanding euro notes (not rated), the $500 million notes due
2017, the EUR250 million notes due 2016, the EUR300 million and
$500 million notes due 2021, and the proposed notes are in the
50%-70% range, yielding our recovery rating of '3'. We note that
the recovery prospects for the unsecured debt instruments
significantly decrease as a result of the proposed bond
issuance," S&P stated.
"In our simulated default scenario, we have assumed that the $1.2
billion revolving credit facility and $800 million receivables
securitization facility would be fully drawn at default. We
anticipate the total principal outstanding with respect to the
refinanced senior secured facilities to be about $2.7 billion at
default. We have also assumed that the EUR200 million euro notes
will amortize as scheduled, with an outstanding amount of EUR39
million at default," S&P added.
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G R E E C E
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DRYSHIPS INC: George Economou Discloses 14% Equity Stake
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In an amended Schedule 13D filing with the U.S. Securities and
Exchange Commission, George Economou and his affiliates disclosed
that as of Sept. 2, 2011, they beneficially own 58,985,487 shares
of common stock of DryShips Inc. representing 14% of the shares
outstanding. A full-text copy of the new filing is available for
free at http://is.gd/mwZrgH
As previously reported by the TCR on April 21, 2011, George
Economou, et al., disclosed beneficial ownership of 58,003,832
shares of common stock of the Company representing a 13.9% equity
stake.
About DryShips Inc.
Based in Greece, DryShips Inc. -- http://www.dryships.com/--
-- owns and operates drybulk carriers and offshore oil
deep water drilling units that operate worldwide. As of
Sept. 10, 2010, DryShips owns a fleet of 40 drybulk carriers
(including newbuildings), comprising 7 Capesize, 31 Panamax and 2
Supramax, with a combined deadweight tonnage of over 3.6 million
tons and 6 offshore oil deep water drilling units, comprising of
2 ultra deep water semisubmersible drilling rigs and 4 ultra deep
water newbuilding drillships.
DryShips's common stock is listed on the NASDAQ Global Select
Market where it trades under the symbol "DRYS".
On Nov. 25, 2010, DryShips Inc. entered into a waiver letter
for its US$230.0 million credit facility dated Sept. 10, 2007,
as amended, extending the waiver of certain covenants through
Dec. 31, 2010.
In its audit report on the Company's financial statements for the
year ended Dec. 31, 2010, Deloitte, Hadjipavlou Sofianos &
Cambanis S.A., noted that the Company's inability to comply with
financial covenants under its original loan agreements as of Dec.
31, 2009, its negative working capital position and other matters
raise substantial doubt about its ability to continue as a going
concern.
The Company's balance sheet at June 30, 2011, showed US$7.86
billion in total assets, US$4.03 billion in total liabilities,
and US$3.83 billion in total equity.
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I R E L A N D
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BMD: Bought Out by Management Team From NAMA; 200 Jobs Saved
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Niamh Hennessy at Irish Examiner reports that a management team
at BMD, a subsidiary of Cork-based construction firm the Bowen
Group, has bought the company from the National Asset Management
Agency.
As a result of the deal, 200 jobs have been secured at the
engineering company, Irish Examiner discloses.
According to Irish Examiner, the new owners of BMD are five
members of the senior management team: John Allen, Paul Keegan,
Nicholas Lynch, Frank O'Keeffe, and managing director Mike Walsh.
The firm will continue to operate from its head office in Little
Island, Co Cork, and its manufacturing units will also remain in
operation, Irish Examiner says.
The deal was agreed with receivers Grant Thornton, which were
appointed as receiver to the Bowen group in July, Irish Examiner
relates.
BMD's holding company is Bromstrom. It was advised by Cork-based
JW O'Donovan Solicitors and PwC Corporate Finance, Irish Examiner
discloses.
BMD was previously part of the Bowen Group, which is now in
receivership, Irish Examiner notes.
BMD was founded in 1974 to serve the pharmaceutical sector. It
has an annual turnover of EUR25 million and is one of the largest
mechanical contractors in Ireland.
HOME PAYMENTS: Customer Bills Not Paid Up Until End of July
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RTE.ie reports that bills owed by customers of Home Payments were
not paid up until the end of July despite assurances from the
National Consumer Agency that they were.
The company, which is in liquidation, owes 2,300 customers more
than EUR6 million and has left countless customers' bills unpaid.
It is estimated that more than 1,500 customers are owed less than
EUR3,000. Around 700 customers are owed between EUR3,000 and
EUR10,000 and some 23 customers are owed more than EUR10,000.
At the time the company closed, the National Consumer Agency said
all customers' bills had been paid up until the end of July.
However, they have now admitted to RTE News that this information
was wrong and that only customer mortgages had been paid in full,
RTE.ie notes.
Although Home Payments customers are unlikely to get all of their
money back, the joint liquidator now offered hope that some of
the money will be returned, RTE.ie reports.
RTE.ie relates that the liquidators said all customers will
eventually receive a payment but that is likely to take a number
of months before the amounts are decided.
As reported in the Troubled Company Reporter-Europe on Aug. 9,
2011, The Journal.ie said the NCA feared that "potentially
thousands upon thousands" of domestic savers and people under
financial duress may have seen their savings totally wiped out by
the collapse of Home Payments Ltd. Home Payments went into
liquidation on Aug. 5, 2011, having already ceased trading, the
Journal.ie related. The closure of Home Payments left
2,300 consumers exposed to financial losses, irishtimes.com said.
Established in 1963, Home Payments Ltd was a family-run business
based in Rathmines, Dublin 6. The company provides a household
budgeting service in the Dublin area. It employs 16 people and
has approximately 2,300 customers throughout Ireland.
JAMES ADAMS: Goes Into Liquidation
----------------------------------
Eibhilin Marron at InsolvencyJournal.ie reports that David Van
Dessel of kavanaghfennell and Carl Dillon of Moore Stephens
Nathans were appointed joint liquidators over James Adams
Vintners Limited on Sept. 6.
According to InsolvencyJournal.ie, the joint liquidators have
secured the property which is currently on the market with King &
Associates.
Since incorporation, the company has traded successfully with a
sizable client base, however, due to a significant fall in
turnover the company ceased to trade in September 2010,
InsolvencyJournal.ie relates. The directors continued to manage
the Company between the cessation of trade and the liquidation
date, InsolvencyJournal.ie discloses. During this time, secured
creditor Bank of Ireland Commercial Finance was discharged in
full, InsolvencyJournal.ie recounts. The company creditors have
asked the joint liquidators to carry out a review of the
financial transactions that occurred since the cessation of
trade, InsolvencyJournal.ie notes.
There are no current assets of material value and the return to
creditors is dependent on the outcome of the disposal of the
above mentioned property, InsolvencyJournal.ie states.
James Adams Vintners Limited traded from a property located on
Charleston Road, in Ranelagh.
OAK HILL: Moody's Upgrades Rating on Class E Notes to 'Ba3'
-----------------------------------------------------------
Moody's Investors Service has upgraded the ratings of these notes
issued by Oak Hill European Credit Partners I P.L.C.:
-- EUR300,000,000 Class A Senior Secured Floating Rate Notes
due 2022, Upgraded to Aaa (sf); previously on Jun 22, 2011
Aa1 (sf) Placed Under Review for Possible Upgrade
-- EUR28,500,000 Class B Senior Secured Deferrable Floating
Rate Notes due 2022, Upgraded to Aa1 (sf); previously on
Jun 22, 2011 A3 (sf) Placed Under Review for Possible
Upgrade
-- EUR11,750,000 Class C-1 Senior Secured Deferrable Floating
Rate Notes due 2022, Upgraded to A2 (sf); previously on
Jun 22, 2011 Ba1 (sf) Placed Under Review for Possible
Upgrade
-- EUR13,250,000 Class C-2 Senior Secured Deferrable Fixed
Rate Notes due 2022, Upgraded to A2 (sf); previously on
Jun 22, 2011 Ba1 (sf) Placed Under Review for Possible
Upgrade
-- EUR25,000,000 Class D Senior Secured Deferrable Floating
Rate Notes due 2022, Upgraded to Baa3 (sf); previously on
Jun 22, 2011 B1 (sf) Placed Under Review for Possible
Upgrade
-- EUR23,000,000 Class E Senior Secured Deferrable Floating
Rate Notes due 2022, Upgraded to Ba3 (sf); previously on
Jun 22, 2011 Caa2 (sf) Placed Under Review for Possible
Upgrade
-- EUR6,000,000 Class R Combination Notes due 2022 (currently
EUR4.2 million), Upgraded to A1 (sf); previously on Jun 22,
2011 Baa3 (sf) Placed Under Review for Possible Upgrade
The rating of the Class R Combination Notes addresses the
repayment of the Rated Balance on or before the legal final
maturity. The 'Rated Balance' is equal at any time to the
principal amount of the Combination Note on the Issue Date
increased by the Rated Coupon of 0.25% per annum, accrued on the
Rated Balance on the preceding payment date minus the aggregate
of all payments made from the Issue Date to such date, either
through interest or principal payments. The Rated Balance may not
necessarily correspond to the outstanding notional amount
reported by the trustee.
Ratings Rationale
Oak Hill European Credit Partners I P.L.C, issued in July 2006,
is a single currency Collateralised Loan Obligation ("CLO")
backed by a portfolio of mostly high yield European and US loans.
The portfolio is managed by Oak Hill Advisors (Europe), LLP. This
transaction will be in reinvestment period until 20 August 2012.
It is composed of senior secured loans, 17.7% second lien and
1.22% mezzanine loans.
According to Moody's, the rating actions taken on the notes are
primarily a result of applying Moody's revised CLO assumptions
described in "Moody's Approach to Rating Collateralized Loan
Obligations" published in June 2011. The actions also reflect
consideration of credit improvement of the underlying portfolio
since the rating action in December 2009.
The actions reflect key changes to the modeling assumptions,
which incorporate (1) a removal of the temporary 30% default
probability macro stress implemented in February 2009, (2)
increased BET liability stress factors as well as (3) change to a
fixed recovery rate modeling framework. Additional changes to the
modeling assumptions include (1) standardizing the modeling of
collateral amortization profile, (2) changing certain credit
estimate stresses aimed at addressing the lack of forward looking
indicators as well as time lags in receiving information required
for credit estimate updates, and (3) adjustments to the equity
cash-flows haircuts applicable to combination notes.
Moody's notes that this action also reflects improvements of the
transaction performance since the last rating action.
Improvement in the credit quality is observed through a stronger
average credit rating of the portfolio (as measured by the
weighted average rating factor "WARF") and a decrease in the
proportion of securities from issuers rated Caa1 and below. In
particular, as of the latest trustee report dated August 2011,
the WARF is currently 2386 compared to 2729 in the November 2009
report, and securities rated Caa or lower make up approximately
2.93% of the underlying portfolio versus 11.86% in November 2009.
However, the reported WARF understates the actual improvement in
credit quality because of the technical transition related to
rating factors of European corporate credit estimates, as
announced in the press release published by Moody's on Sept. 1,
2010.
Due to the impact of revised and updated key assumptions
referenced in "Moody's Approach to Rating Collateralized Loan
Obligations" published in June 2011, key model inputs used by
Moody's in its analysis, such as the portfolio par amount, WARF,
diversity score, and weighted average recovery rate, may be
different from the trustee's reported numbers. In its base case,
Moody's analyzed the underlying collateral pool to have a
performing par and principal proceeds balance of EUR432.6
million, defaulted par of EUR1.2 million, a weighted average
default probability of 25.8% (consistent with a WARF of 2581), a
weighted average recovery rate upon default of 41.8% for a Aaa
liability target rating, a diversity score of 38 and a weighted
average spread of 2.95%. The default probability is derived from
the credit quality of the collateral pool and Moody's expectation
of the remaining life of the collateral pool. The average
recovery rate to be realized on future defaults is based
primarily on the seniority of the assets in the collateral pool.
For a Aaa liability target rating, Moody's assumed that 78.9% of
the portfolio exposed to senior secured corporate assets would
recover 50% upon default, while the remainder non first-lien loan
corporate assets would recover 10%. In each case, historical and
market performance trends and collateral manager latitude for
trading the collateral are also relevant factors. These default
and recovery properties of the collateral pool are incorporated
in cash flow model analysis where they are subject to stresses as
a function of the target rating of each CLO liability being
reviewed.
Moody's notes that this transaction is subject to a high level of
macroeconomic uncertainty, as evidenced by 1) uncertainties of
credit conditions in the general economy and 2) the large
concentration of speculative-grade debt maturing between 2012 and
2015 which may create challenges for issuers to refinance. CLO
notes' performance may also be impacted by 1) the manager's
investment strategy and behavior and 2) divergence in legal
interpretation of CDO documentation by different transactional
parties due to embedded ambiguities.
Sources of additional performance uncertainties are:
1) Moody's also notes that around 37% of the collateral pool
consists of debt obligations whose credit quality has been
assessed through Moody's credit estimates.
2) Recovery of defaulted assets: Market value fluctuations in
defaulted assets reported by the trustee and those assumed to
be defaulted by Moody's may create volatility in the deal's
overcollateralization levels. Further, the timing of
recoveries and the manager's decision to work out versus sell
defaulted assets create additional uncertainties. Moody's
analyzed defaulted recoveries assuming the lower of the market
price and the recovery rate in order to account for potential
volatility in market prices.
3) Weighted average life: The notes' ratings are sensitive to the
weighted average life assumption of the portfolio, which may
be extended due to the manager's decision to reinvest into new
issue loans or other loans with longer maturities and/or
participate in amend-to-extend offerings. Moody's tested for a
possible extension of the actual weighted average life in its
analysis.
4) Other collateral quality metrics: The deal is allowed to
reinvest and the manager has the ability to deteriorate the
collateral quality metrics' existing cushions against the
covenant levels. Moody's analyzed the impact of assuming lower
of reported and covenanted values for weighted average rating
factor and weighted average spread.
The principal methodology used in this rating was "Moody's
Approach to Rating Collateralized Loan Obligations" published in
June 2011.
Moody's modeled the transaction using the Binomial Expansion
Technique, as described in Section 2.3.2.1 of the "Moody's
Approach to Rating Collateralized Loan Obligations" rating
methodology published in June 2011.
The cash flow model used for this transaction, whose description
can be found in the methodology listed above, is Moody's EMEA
Cash-Flow model.
In addition to the quantitative factors that are explicitly
modeled, qualitative factors are part of the rating committee
considerations. These qualitative factors include the structural
protections in each transaction, the recent deal performance in
the current market environment, the legal environment, specific
documentation features, the collateral manager's track record,
and the potential for selection bias in the portfolio. All
information available to rating committees, including
macroeconomic forecasts, input from other Moody's analytical
groups, market factors, and judgments regarding the nature and
severity of credit stress on the transactions, may influence the
final rating decision.
=========
I T A L Y
=========
EFIBANCA SPA: Moody's Withdraws D Bank Financial Strength Rating
----------------------------------------------------------------
Moody's Investors Service has withdrawn all ratings of Efibanca
for business reasons. This rating action does not reflect a
change in the bank's creditworthiness. Efibanca had no rated debt
outstanding at the time of the withdrawal.
At the time of withdrawal, Efibanca's ratings were as follows:
-- Long-term local and foreign currency deposit ratings of Baa3
with negative outlook
-- Short-term local and foreign currency ratings of Prime-3
-- Standalone Bank Financial Strength Rating (BFSR) of D with
negative outlook; the BFSR maps to Ba2 on the long-term
scale
Ratings Rationale
Moody's has withdrawn the rating for its own business reasons.
Moody's most recent rating action on Efibanca was on July 1,
2009, when the bank's BFSR was downgraded to D from D+, and the
long-term deposit rating to Baa3 from Baa1, and a negative
outlook was assigned on both of the ratings.
The bank is headquartered in Rome, Italy. At December 31, 2010,
it had total assets of EUR3.3 billion.
===================
L U X E M B O U R G
===================
KLEOPATRA LUX: S&P Lowers CCR to 'CCC+' on Covenant Breach Risk
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on packaging manufacturer Kleopatra Lux 1
S.a.r.l (known as Kloeckner Pentaplast [KP]) to 'CCC+' from 'B-'.
The outlook is stable.
"The downgrade reflects our view that KP's operating performance
has not improved sufficiently to offset tightening covenant test
levels. EBITDA headroom on the quarterly debt leverage covenant
test date of June 30, 2011, was just 1%, and we forecast
potential covenant breaches over the near term, as test levels
tighten further. Furthermore, KP's capital structure remains
highly leveraged, and so the group faces a heightened risk of
debt restructuring," S&P stated.
Market conditions have been more difficult than the group
expected in 2011, and although volume recovery has proved robust
across Europe, it remains subdued in America. KP's operating
margins have deteriorated significantly in recent quarters, due
to major increases in input costs -- specifically polyethylene
terephthalate (PET) prices -- and energy costs, and continued
restructuring activities across the group's European operations.
Cash flow protection measures remain weak, due to KP's very high
leverage as a result of its aggressive financial policy. Standard
& Poor's-adjusted funds from operations to debt -- including
preferred equity certificates of EUR319 million -- has been less
than 5% since the leveraged buyout by Blackstone Group
International Ltd. in 2007.
"The rating on KP continues to reflect our view of its highly
leveraged capital structure and significant exposure to volatile
input prices. KP had total adjusted debt of about EUR1.4 billion
as of June 30, 2011, and in our view, adjusted debt to EBITDA is
likely to remain above 10x over the near term," S&P noted.
"We consider these weaknesses to be partly offset by KP's niche
leading market positions in Europe and North America for
polyvinylchloride-based and PET-based rigid film. The group also
has a broad geographic diversity and customer base," S&P related.
"In our view, KP's current credit metrics will not weaken
materially beyond their levels in the first nine months of the
financial year to Sept. 30, 2011, despite tough economic
conditions in the group's main markets. We assume that KP's
capital structure will remain highly leveraged, with adjusted
debt to EBITDA of more than 10x and adjusted debt to capital of
more than 100%," S&P said.
A potential downgrade could be triggered by a covenant breach, or
by KP's operating performance weakening.
"We could consider taking a positive rating action if KP were to
restore an adequate cushion under its financial covenants
(headroom of about 15%-30%) and improve free cash flow
generation," S&P added.
=====================
N E T H E R L A N D S
=====================
CADOGAN SQUARE: S&P Raises Rating on Class E Notes to 'B+'
----------------------------------------------------------
Standard & Poor's Ratings Services took various rating actions on
all rated classes of notes in Cadogan Square CLO IV B.V.
Specifically, S&P:
-- raised its ratings on the class A, D, and E notes; and
-- raised and removed from CreditWatch positive its ratings on
the class B-1, B-2, and C notes.
"The rating actions follow our assessment of the transaction's
performance using data from the latest available trustee report,
dated July 15, 2011, in addition to a cash flow analysis. We have
taken into account recent developments in the transaction and
reviewed the transaction under our 2010 counterparty criteria
(see 'Counterparty And Supporting Obligations Methodology And
Assumptions,' published Dec. 6, 2010)," S&P stated.
"From our analysis, we have observed that the diversion of
interest and principal receipts to reduce the principal balance
of the class A notes has helped increase the credit enhancements
for all classes of notes since our last rating action in February
2010. We have also observed from the July 2011 trustee report
that the overcollateralization test results for all classes have
improved and are currently passing. In addition, we have observed
an improvement in the credit quality of the portfolio, such as a
fall in defaulted assets to 1.82% from 6.70%, and a decrease in
assets rated 'CCC+', 'CCC', or 'CCC-', to 1.02% from 6.42%,"
noted S&P.
"We subjected the capital structure to a cash flow analysis to
determine the break-even default rate for each rated class. In
our analysis, we used the reported portfolio balance that we
consider to be performing, the weighted-average spread, and the
weighted-average recovery rates that we considered appropriate.
We incorporated various cash flow stress scenarios using
alternative default patterns, levels, and timings for each
liability rating category, in conjunction with different interest
stress scenarios," S&P continued.
"From our analysis, we have observed that the non-euro-
denominated assets currently make up 12.47% of the performing
assets. These assets are hedged under a cross-currency swap
agreement. In our cash flow analysis, we considered scenarios
where the hedging counterparties do not perform and where the
transaction is therefore exposed to changes in currency rates,"
S&P said.
"In our opinion, the credit enhancement available to the class A
notes is consistent with a higher rating than previously
assigned, taking into account our credit and cash flow analyses
and our 2010 counterparty criteria. We have therefore raised our
rating on the class A notes," S&P related.
"Our credit and cash flow analysis on the class B-1, B-2, C, and
D notes indicated that the credit enhancement available to each
class is now at levels that are consistent with a higher rating
than previously assigned. We have therefore raised our ratings on
these notes. As the updated ratings on these notes are currently
lower than the ratings on any of the counterparties in the
transaction, they are not affected by the application of our 2010
counterparty criteria," S&P stated.
"None of our ratings on the notes was constrained by the
application of the largest obligor default test, a supplemental
stress test we introduced in our 2009 criteria update for
corporate collateralized debt obligations (CDOs) (see 'Update To
Global Methodologies And Assumptions For Corporate Cash Flow And
Synthetic CDOs,' published Sept. 17, 2009)," S&P related.
Cadogan Square CLO IV is a cash flow collateralized loan
obligation (CLO) transaction that securitizes loans to primarily
speculative-grade corporate firms. The transaction closed in May
2007 and is managed by Credit Suisse Asset Management Ltd.
Ratings List
Cadogan Square CLO IV B.V.
EUR507 Million Secured Floating-Rate Notes
Class Rating
To From
Ratings Raised
A AA- (sf) A+ (sf)
D BB+ (sf) BB- (sf)
E B+ (sf) B- (sf)
Ratings Raised and Removed From CreditWatch Positive
B-1 A- (sf) BBB+ (sf)/Watch Pos
B-2 A- (sf) BBB+ (sf)/Watch Pos
C BBB (sf) BB+ (sf)/Watch Pos
CLARE ISLAND: Moody's Raises Rating on Two Note Classes to 'B1'
---------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of these notes
issued by Clare Island B.V.:
Issuer: Clare Island B.V.
EUR110.5M Class II Senior Floating Rate Notes, Upgraded to A1
(sf); previously on Jun 22, 2011 Baa1 (sf) Placed Under Review
for Possible Upgrade
EUR15M Class III-A Mezzanine Fixed Rate Notes, Upgraded to Ba1
(sf); previously on Jun 22, 2011 Ba3 (sf) Placed Under Review
for Possible Upgrade
EUR17M Class III-B Mezzanine Floating Rate Notes, Upgraded to
Ba1 (sf); previously on Jun 22, 2011 Ba3 (sf) Placed Under
Review for Possible Upgrade
EUR8.3M Class IV-A Mezzanine Fixed Rate Notes, Upgraded to B1
(sf); previously on Jun 22, 2011 Caa2 (sf) Placed Under Review
for Possible Upgrade
EUR18.2M Class IV-B Mezzanine Floating Rate Notes, Upgraded to
B1 (sf); previously on Jun 22, 2011 Caa2 (sf) Placed Under
Review for Possible Upgrade
EUR16M Class S Combination Notes, Withdrawn (sf); previously on
Jun 22, 2011 Ba3 (sf) Placed Under Review for Possible Upgrade
The ratings of the Combination Notes address the repayment of the
Rated Balance on or before the legal final maturity. For Class S,
the 'Rated Balance' is equal at any time to the principal amount
of the Combination Note on the Issue Date minus the aggregate of
all payments made from the Issue Date to such date, either
through interest or principal payments. The Rated Balance may not
necessarily correspond to the outstanding notional amount
reported by the trustee. The rating on Class S combination notes
is withdrawn due to repayment in full of the Rated Balance
according to Moody's.
Ratings Rationale
Clare Island B.V., issued in March 2002, is a single currency
Collateralised Loan Obligation ("CLO") backed by a portfolio of
mostly high yield European leveraged loans. The portfolio has
been managed by GSO Capital Partners International LLP since
March 2011, replacing AIB Capital Markets plc. This transaction
passed its reinvestment period in March 2010. However, the
manager is able to reinvest some principal proceeds subject to
transaction specific reinvestment criteria. It is predominantly
composed of senior secured loans.
According to Moody's, the rating actions taken on the notes are
primarily a result of applying Moody's revised CLO assumptions
described in "Moody's Approach to Rating Collateralized Loan
Obligations" published in June 2011.
The actions reflect key changes to the modeling assumptions,
which incorporate (1) a removal of the temporary 30% default
probability macro stress implemented in February 2009, (2)
increased BET liability stress factors as well as (3) change to a
fixed recovery rate modeling framework.
Moody's notes that the Class A notes have been paid down by
approximately 3.0% or EUR6.7 million since the rating action in
November 2009 As a result of the deleveraging, the
overcollateralization ratios have increased since the rating
action in November 2009. As of the latest trustee report dated
July 29, 2011, the Class I/II and Class III overcollateralization
ratios are reported at 125.3% and 114.2%, respectively, versus
November 2009 levels of 123.9% and 113.1%, respectively.
Reported WARF has increased from 2591 to 3039 between the
September 2009 and July 2011 reports. The change in reported WARF
understates the actual credit quality improvement because of the
technical transition related to rating factors of European
corporate credit estimates, as announced in the press release
published by Moody's on 1 September 2010. The evolution of
reported WARF also reflects the use of Moody's credit estimates
to assess the credit quality of a number of obligors in the
portfolio, previously assessed through internal credit scores
performed by AIB. In addition, the diversity score has increased
from 34 in the July 2009 trustee report to 41 as of the July 2011
report, whilst securities rated Caa or lower were reduced to
EUR16.2M of the underlying portfolio from EUR37.7M in the trustee
report dated September 2009. Additionally, defaulted securities
total about EUR4.0 million of the underlying portfolio compared
to EUR14.4 million in the September 2009 report.
Due to the impact of revised and updated key assumptions
referenced in "Moody's Approach to Rating Collateralized Loan
Obligations" published in June 2011, key model inputs used by
Moody's in its analysis, such as the portfolio par amount, WARF,
diversity score, and weighted average recovery rate, may be
different from the trustee's reported numbers. In its base case,
Moody's analyzed the underlying collateral pool to have a
performing par and principal proceeds balance of EUR411.9
million, defaulted par of EUR4.0 million, a weighted average
default probability of 21.4% (consistent with a WARF of 3027), a
weighted average recovery rate upon default of 45.16% for a Aaa
liability target rating, a diversity score of 36 and a weighted
average spread of 3.32%. The default probability is derived from
the credit quality of the collateral pool and Moody's expectation
of the remaining life of the collateral pool. The average
recovery rate to be realized on future defaults is based
primarily on the seniority of the assets in the collateral pool.
For a Aaa liability target rating, Moody's assumed that 87.9% of
the portfolio exposed to senior secured corporate assets would
recover 50% upon default, while the remainder non first-lien loan
corporate assets would recover 10%. In each case, historical and
market performance trends and collateral manager latitude for
trading the collateral are also relevant factors. These default
and recovery properties of the collateral pool are incorporated
in cash flow model analysis where they are subject to stresses as
a function of the target rating of each CLO liability being
reviewed.
Moody's notes that this transaction is subject to a high level of
macroeconomic uncertainty, as evidenced by (1) uncertainties of
credit conditions in the general economy and (2) the large
concentration of speculative-grade debt maturing between 2012 and
2015 which may create challenges for issuers to refinance. CLO
notes' performance may also be impacted by (1) the manager's
investment strategy and behavior and (2) divergence in legal
interpretation of CDO documentation by different transactional
parties due to embedded ambiguities.
Sources of additional performance uncertainties are:
1) Deleveraging: The main source of uncertainty in this
transaction is whether deleveraging from unscheduled principal
proceeds will continue and at what pace. Deleveraging may
accelerate due to high prepayment levels in the loan market
and/or collateral sales by the manager, which may have
significant impact on the notes' ratings.
2) Moody's also notes that around 73.6% of the collateral pool
consists of debt obligations whose credit quality has been
assessed through Moody's credit estimates. Large single
exposures to obligors bearing a credit estimate have been
subject to a stress applicable to concentrated pools as per
the report titled "Updated Approach to the Usage of Credit
Estimates in Rated Transactions" published in October 2009.
3) Weighted average life: The notes' ratings are sensitive to the
weighted average life assumption of the portfolio, which may
be extended due to the manager's ability to reinvest into new
issue loans or other loans with longer maturities and/or
participate in amend-to-extend offerings. Moody's tested for a
possible extension of the actual weighted average life in its
analysis.
The principal methodology used in this rating was "Moody's
Approach to Rating Collateralized Loan Obligations" published in
June 2011.
Moody's modeled the transaction using the Binomial Expansion
Technique, as described in Section 2.3.2.1 of the "Moody's
Approach to Rating Collateralized Loan Obligations" rating
methodology published in June 2011.
The cash flow model used for this transaction, whose description
can be found in the methodology listed above, is Moody's EMEA
Cash-Flow model.
In addition to the quantitative factors that are explicitly
modeled, qualitative factors are part of the rating committee
considerations. These qualitative factors include the structural
protections in each transaction, the recent deal performance in
the current market environment, the legal environment, specific
documentation features, the collateral manager's track record,
and the potential for selection bias in the portfolio. All
information available to rating committees, including
macroeconomic forecasts, input from other Moody's analytical
groups, market factors, and judgments regarding the nature and
severity of credit stress on the transactions, may influence the
final rating decision.
PROSPERO CLO: Moody's Upgrades Rating on US$13.5MM D Notes to Ba2
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of these notes
issued by Prospero CLO II B.V.:
-- US$30-Mil. A-2 Notes, Upgraded to Aa3 (sf); previously on
June 22, 2011 A1 (sf) Placed Under Review for Possible
Upgrade
-- US$25-Mil. B Notes, Upgraded to A3 (sf); previously on
June 22, 2011 Baa3 (sf) Placed Under Review for Possible
Upgrade
-- US$15-Mil. C Notes, Upgraded to Baa3 (sf); previously on
June 22, 2011 Ba3 (sf) Placed Under Review for Possible
Upgrade
-- US$13.5-Mil. D Notes, Upgraded to Ba2 (sf); previously on
June 22, 2011 Caa1 (sf) Placed Under Review for Possible
Upgrade
Ratings Rationale
Prospero CLO II B.V., issued in November 2006, is a multi
currency Collateralised Loan Obligation ("CLO") backed by a
portfolio of mostly high yield European and US loans. The
portfolio is managed by Alcentra. This transaction will be in its
reinvestment period until October 2012. It is predominantly
composed of senior secured loans.
According to Moody's, the rating actions taken on the notes are
primarily a result of applying Moody's revised CLO assumptions
described in "Moody's Approach to Rating Collateralized Loan
Obligations" published in June 2011.
The actions reflect key changes to the modeling assumptions,
which incorporate (1) a removal of the temporary 30% default
probability macro stress implemented in February 2009, (2)
increased BET liability stress factors as well as (3) change to a
fixed recovery rate modeling framework. Additional changes to the
modeling assumptions include (1) standardizing the modeling of
collateral amortization profile, and (2) changing certain credit
estimate stresses aimed at addressing the lack of forward looking
indicators as well as time lags in receiving information required
for credit estimate update.
The performance has been stable since the last rating action on
June 10, 2011. Based on trustee report dated as of July 11, 2011,
the Class A, Class B, Class C and Class D overcollateralization
ratios are reported at 123.21%, 113.89%, 108.94% and104.85%,
respectively, versus April 2011 levels of 122.49%, 113.23%,
108.31% and 104.24%, respectively, and all related
overcollateralization tests are currently in compliance. Reported
WARF has decreased slightly from 2430 to 2387 between April 2011
and July 2011.
Moody's also notes that the transaction is exposed to a
significant concentration in mezzanine and junior CLO tranches in
the underlying portfolio, which have experienced an improvement
in their credit quality since the last rating action. Based on
the trustee report dated as of July 11, 2011, CLO Securities
currently held in the portfolio total about US$17.8 million,
accounting for approximately 4.68% of the collateral balance,
some of which are currently under review for possible upgrade
Due to the impact of revised and updated key assumptions
referenced in "Moody's Approach to Rating Collateralized Loan
Obligations" published in June 2011, key model inputs used by
Moody's in its analysis, such as the portfolio par amount, WARF,
diversity score, and weighted average recovery rate, may be
different from the trustee's reported numbers. In its base case,
Moody's analyzed the underlying collateral pool to have a
performing par and principal proceeds balance of US$ 374.6
million, defaulted par of US$ 9.6 million, a weighted average
default probability of 19.48% (consistent with a WARF of 2387), a
weighted average recovery rate upon default of 48.67% for a Aaa
liability target rating, a diversity score of 63 and a weighted
average spread of 2.72%. The default probability is derived from
the credit quality of the collateral pool and Moody's expectation
of the remaining life of the collateral pool. The average
recovery rate to be realized on future defaults is based
primarily on the seniority of the assets in the collateral pool.
For a Aaa liability target rating, Moody's assumed that 92% of
the portfolio exposed to senior secured corporate assets would
recover 50% upon default, while the remainder non first-lien loan
corporate assets would recover 10% and structured finance
securities would recover 44%. In each case, historical and market
performance trends and collateral manager latitude for trading
the collateral are also relevant factors. These default and
recovery properties of the collateral pool are incorporated in
cash flow model analysis where they are subject to stresses as a
function of the target rating of each CLO liability being
reviewed.
Moody's notes that this transaction is subject to a high level of
macroeconomic uncertainty, as evidenced by 1) uncertainties of
credit conditions in the general economy, 2) the large
concentration of speculative-grade debt maturing between 2012 and
2015 which may create challenges for issuers to refinance. CLO
notes' performance may also be impacted by 1) the manager's
investment strategy and behavior and 2) divergence in legal
interpretation of CDO documentation by different transactional
parties due to embedded ambiguities.
Sources of additional performance uncertainties are:
1) Recovery of defaulted assets: Market value fluctuations in
defaulted assets reported by the trustee and those assumed to
be defaulted by Moody's may create volatility in the deal's
overcollateralization levels. Further, the timing of
recoveries and the manager's decision to work out versus sell
defaulted assets create additional uncertainties. Moody's
analyzed defaulted recoveries assuming the lower of the market
price and the recovery rate in order to account for potential
volatility in market prices.
2) Weighted average life: The notes' ratings are sensitive to the
weighted average life assumption of the portfolio, which may
be extended due to the manager's decision to reinvest into new
issue loans or other loans with longer maturities and/or
participate in amend-to-extend offerings. Moody's tested for a
possible extension of the actual weighted average life in its
analysis.
3) Other collateral quality metrics: The deal is allowed to
reinvest and the manager has the ability to deteriorate the
collateral quality metrics' existing cushions against the
trigger levels. Moody's analyzed the impact of assuming lower
of reported and trigger values for weighted average rating
factor, weighted average spread, and diversity score. However,
as part of the base case, Moody's considered spread and
diversity levels higher than the trigger levels due to the
large difference between the reported and trigger levels.
4) Foreign currency exposure: The deal has significant exposure
to non-US$ denominated assets. Volatilities in foreign
exchange rate will have a direct impact on interest and
principal proceeds available to the transaction, which may
affect the expected loss of rated tranches.
5) Moody's also notes that around 24% of the collateral pool
consists of debt obligations whose credit quality has been
assessed through Moody's credit estimates.
The principal methodology used in this rating was "Moody's
Approach to Rating Collateralized Loan Obligations" published in
June 2011.
Moody's modeled the transaction using the Binomial Expansion
Technique, as described in Section 2.3.2.1 of the "Moody's
Approach to Rating Collateralized Loan Obligations" rating
methodology published in June 2011.
The cash flow model used for this transaction, whose description
can be found in the methodology listed above, is Moody's EMEA
Cash-Flow model.
In addition to the quantitative factors that are explicitly
modeled, qualitative factors are part of the rating committee
considerations. These qualitative factors include the structural
protections in each transaction, the recent deal performance in
the current market environment, the legal environment, specific
documentation features, the collateral manager's track record,
and the potential for selection bias in the portfolio. All
information available to rating committees, including
macroeconomic forecasts, input from other Moody's analytical
groups, market factors, and judgments regarding the nature and
severity of credit stress on the transactions, may influence the
final rating decision.
=============
R O M A N I A
=============
* ROMANIA: Small & Medium Retailers Start Falling into Insolvency
-----------------------------------------------------------------
Dana Verdes and Magda Purice at The Diplomat-Bucharest report
that while construction and transportation companies have been
the most likely to fall prey to insolvency, specialists said that
small and medium retailers, pharmaceuticals, IT and heavy
industry firms are starting to join them in higher numbers.
With 96% of stricken companies choosing bankruptcy, The Diplomat-
Bucharest analyzes the main hurdles in handling the
reorganization process, and asks why bankruptcy is now a more
popular choice than restructuring.
The Diplomat-Bucharest relates that the credit crunch has
seriously damaged a lot of industries, with numerous companies
facing cash flow problems and accumulating heavy debts, forcing
them to restructure their activity in order to try to survive.
And although GDP rose by 0.6% in Q1 from Q4 of 2010 and by 1.6%
against Q1 of 2010, and 1.5% economic growth is forecast for this
year, the results of any such upturn cannot yet be seen in terms
of Romanian companies' capacity to pay their debts, according to
The Diplomat-Bucharest.
At the end of Q1 this year, The Diplomat-Bucharest notes, a
Coface study found that 10,725 companies were in different stages
of insolvency, 4.42% down on the same period of 2010. However,
H1 of this year brought a 2.42% increase over H2 of 2010, the
report says.
The largest number of insolvency cases have come in fields such
as trade, construction and transportation, Ana Maria Placintescu,
partner with Musat & Asociatii and head of its restructuring &
insolvency department, told The Diplomat-Bucharest.
"While real estate and construction firms mainly collapsed due to
the credit crunch, small and medium-sized retailers have
additionally felt changes brought about by the aggressive
expansion of international retail chains. Furthermore, we have
witnessed significant insolvency cases in various other
industries, such as pharmaceuticals, IT, heavy industry and
transport. It is difficult to find an economic sector totally
protected from risk," The Diplomat-Bucharest quotes
Ms. Placintescu as saying.
The evolution of insolvencies reflects the fragile economic
recovery over the past two trimesters, and the mixed business
signals amidst the international turmoil, reports The Diplomat-
Bucharest.
"We believe that the Romanian economy is in a period of
stabilization, and therefore we also forecast stabilization in
the pace of insolvencies in 2011. Only in 2012 can we expect
confirmation of the economic trend when growth of 3-4% is
possible, both because of the increase in consumption and the
rising state authorities' expenses in an election year," the
report quotes Anca Catrina, risk manager at Coface Romania, as
saying.
With the insolvency growth rate decreasing in H1 of this year,
the evolution of business performances in this period was
expected to improve but the statistics have shown that the
beginning of 2011 was extremely difficult, The Diplomat-Bucharest
says.
The Diplomat-Bucharest, citing Coface representatives, discloses
the reasons included the dramatic decrease in consumption due to
the lack of access to financing resources, unemployment, plus the
fall in revenues and salaries.
Furthermore, the report relays that among the factors
contributing to the low performances, Coface's research also
found the increase of competition in retail resulting from the
expansion of hypermarkets, which did not rise in tandem with
consumption.
The number of bankruptcies on the back of all these factors is
the result of the large volume of companies established and
launched in the last few years in fields such as transportation,
retail and construction, due to the affordable costs of opening a
business in these sectors, The Diplomat-Bucharest reports.
=========
S P A I N
=========
BANCO CAM: Moody's Reviews 'Ba1' Long-Term Debt & Deposit Ratings
-----------------------------------------------------------------
Moody's Investors Service has placed on review for downgrade
Banco CAM's Ba1 long-term debt and deposit ratings, the Ba2 dated
subordinated debt and the D standalone bank financial strength
rating (which maps to a Ba2 rating on the long-term scale).
Ratings Rationale
The rating review was triggered by the publication on
September 5, 2011, of the provisional consolidated financial
statements of Banco CAM for H1 2011, which reflect a materially
weaker financial profile for the bank compared with the last
published figures from Q1 2011. These results are the first
disclosed by Banco CAM since the state-owned fund ("FROB", Fund
for the Orderly Restructuring of the Banking System) took control
of the bank on July 22, 2011, after having committed EUR2.8
billion of capital injection into Banco CAM and having granted a
EUR3 billion credit facility as part of the Bank of Spain's
restructuring plan. For further details, please see "Moody's
assigns Ba1/NP/D to Banco CAM; outlook negative" published on
July 27, 2011.
For the first six months of its 2011 business year (as of end-
June 2011), Banco CAM reported a net loss of EUR1.15 billion
compared with a net profit of EUR39.8 million at end-March 2011.
Asset quality deteriorated significantly, with a problem-loan
ratio of 19% and a coverage ratio of 39.4%, compared with 8.5%
and 62% as of Q1 2011. Banco CAM's solvency ratio (Tier 1 + Tier
2) stood at 4.8% at end-June 2011, which increases to 11.8%
including the EUR2.8 billion capital injection committed by the
FROB.
Moody's is concerned that the very weak results for H1 2011 that
were reported by Banco CAM earlier this week may neutralize part
of the EUR 2.8 billion recapitalization. Although detailed
information has not been disclosed, Moody's believes that core
capital ratios could now again be below the minimum threshold of
10%, stipulated by the Bank of Spain, and require further support
by the FROB or the Spanish government.
FOCUS OF THE REVIEW
Moody's rating review will focus on:
(i) The impact on Banco CAM's standalone credit profile of a
greater-than-expected deterioration in its risk-absorption
capacity and further depletion of its recently increased
capital levels;
(ii) The bank's liquidity position and the ongoing commitment of
the FROB to provide alternative liquidity;
(iii) The rationale for the deviations in the key financial
metrics and the prospects for further impairments across
different asset classes;
(iv) A re-assessment of Banco CAM's future franchise value; and
(v) The degree of systemic support, via its owner (FROB), until
Banco CAM is auctioned.
LAST RATING ACTION & PRINCIPAL METHODOLOGY
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 Alicante, Spain, Banco CAM reported total
unaudited consolidated assets of EUR71.3 billion as of June 30,
2011.
Moody's adopts all necessary measures so that the information it
uses in assigning a rating is of sufficient quality and from
sources Moody's considers to be reliable including, when
appropriate, independent third-party sources. However, Moody's is
not an auditor and cannot in every instance independently verify
or validate information received in the rating process.
Moody's Investors Service may have provided Ancillary or Other
Permissible Service(s) to the rated entity or its related third
parties within the three years preceding the credit rating
action.
The date on which some ratings were first released goes back to a
time before Moody's ratings were fully digitized and accurate
data may not be available. Consequently, Moody's provides a date
that it believes is the most reliable and accurate based on the
information that is available to it.
FTA SANTANDER: Moody's Affirms Rating on Series B Notes at 'Caa1'
-----------------------------------------------------------------
Moody's Investors Service has affirmed these ratings of the notes
issued by FTA Santander Empresas 8:
-- Series A, affirmed at Aaa (sf); previously on January 24,
2011 Definitive Rating Assigned Aaa (sf)
-- Series B, affirmed at Caa1(sf); previously on January 24,
2011 Definitive Rating Assigned Caa1 (sf)
Moody's has reviewed the above FTA Santander Empresas 8
transaction in conjunction with various amendments (the
Amendments) to the transaction documents effected on or about
08/09/11. At closing, a cash reserve equal to EUR1,290MM was
funded through a subordinated loan provided by Banco Santander.
The issuer has now issued Series C notes and used the proceeds to
cancel the subordinated loan. The position in the waterfall for
the repayment of Series C notes will be the same as the
subordinated loan position (completely subordinated to the
interest and principal repayment of the Series A and B notes). At
this time, the Amendments will not, in and of itself, result in a
reduction or withdrawal of the current ratings on the Debt.
Moody's opinion addresses only the credit impact associated with
the proposed amendments, and Moody's is not expressing any
opinion as to whether these actions have, or could have, other
non-credit related effects that may have a detrimental impact on
the interests of note holders or counterparties. For the
avoidance of doubt, this affirmation relates to the execution
documentation provided to Moody's (SUPLEMENTO AL FOLLETO
INFORMATIVO RELATIVO AL "FONDO DE TITULIZACION DE ACTIVOS
SANTANDER EMPRESAS 8" (el "Folleto") INSCRITO EN LOS REGISTRO
OFICIALES DE LA CNMV EL 31 DE MARZO DE 2011, September 2011) only
and should not be taken to imply that Moody's will not take a
rating action in respect of the Notes by virtue of any other
events or circumstances that may be continuing now or that arise
in the future.
The principal methodology used in this rating was Moody's
Approach to Rating CDOs of SMEs in Europe, published in February
2007.
Other factors used in this rating are described in Refining the
ABS SME Approach: Moody's Probability of Defaults Assumptions in
the Rating Analysis of Granular SME Portfolios in EMEA, published
in March 2009 and Moody's Approach to Rating Granular SME
Transactions in Europe, Middle East and Africa, published in June
2007.
Moody's will continue monitoring this rating. Any change in the
rating will be publicly disseminated by Moody's through
appropriate media.
SANTANDER EMPRESAS: S&P Affirms Rating on Class F Notes at 'D'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
Fondo de Titulizacion de Activos Santander Empresas 4's class A1,
A2, A3, D, and E notes, and lowered and removed from CreditWatch
negative its rating on the class C notes. "At the same time, we
affirmed and removed from CreditWatch negative our rating on the
class B notes, and affirmed our rating on the class F notes," S&P
stated.
"In our analysis, we ran our proprietary cash flow model, taking
into account the most recent developments in the transaction that
we have observed. These include increases in delinquency rates
and the cumulative default rate, and a weakening of credit
enhancement levels due to a lack of available funds to amortize
principal on the notes -- which now affects the subordinated
notes. We have revised our assumption for recoveries based on
what we have observed in other similar Spanish small and midsize
enterprise (SME) transactions," S&P said.
"There has been a further deterioration in the credit quality of
the assets, which we believe will continue to worsen. There has
been an increase in delinquencies: The percentage of loans in
arrears for more than 90 days increased to 5.81% in July 2011
from 3.82% in April 2011, and from 2.35% a year before. The
rollover of these delinquencies into defaults has increased the
ratio of defaulted loans to 3.63% of the outstanding balance of
the assets at the July 2011 interest payment date (IPD), compared
with 3.05% at the April 2011 IPD and 1.40% a year before," S&P
stated.
Moreover, due to the lack of funds, an increasing amount of
outstanding principal balance has not amortized the notes on
recent payment dates as it should in accordance with the
amortization rules in the priority of payments. This has resulted
in a reduction in all credit enhancement levels of 2.67%.
"The class A1, A2, and A3 notes have credit enhancement levels of
24.52%, taking into account principal that should have amortized
but has not. Nevertheless, when taking into consideration the
recent evolution of the transaction's performance and the outcome
of our cash flow analysis, we believe the available credit
enhancement no longer supports the 'AAA (sf)' ratings on these
classes. Therefore, we have lowered our ratings on classes
A1, A2, and A3 to 'AA (sf)'," S&P related.
"The class B and C notes have credit enhancement levels of 16.95%
and 8.77%. Following our analysis, we have affirmed and removed
from CreditWatch negative our 'A- (sf)' rating on the class B
notes, and lowered to 'BB- (sf)' and removed from CreditWatch
negative our rating on the class C notes," S&P noted.
"As of the last IPD in July 2011, the reported ratio of
cumulative defaults over the original balance was 2.61%, up from
2.58% at the April 2011 IPD. Although this currently remains
below the respective class D and E interest-deferral trigger
levels of 4.80% and 3.90%, we believe that the class E trigger
may be breached within the next year. Given that the reserve fund
has been fully depleted since July 2010, it is therefore
possible, in our opinion, that class E will defer within the next
year. We also consider that class D is vulnerable to interest
deferral, given the rising trend in cumulative defaults and the
high level of delinquencies," S&P noted.
"For the class D and E notes, we took these factors into account
in our June 6, 2011 rating actions on these notes (see 'S&P Takes
Various Rating Actions In Spanish SME Transaction Santander
Empresas 4'). Nevertheless, there is an increasing trend in the
level of arrears, especially the 180+ days bucket, which has
increased to 3.49% at the July 2011 IPD from 1.36% at the
previous payment date," S&P stated.
"If the interest-deferral triggers are breached, it would
increase the likelihood of a potential default of the notes.
Therefore, we have lowered to 'CCC+ (sf)' our rating on the class
D notes, and lowered to 'CCC- (sf)' our rating on the class E
notes," S&P related.
"We have also affirmed our 'D (sf)' rating on class F, which was
originated at closing to fund the reserve fund, and which has
been deferring interest since July 2009 and is therefore
currently in interest default," S&P said.
The portfolio, originated by Banco Santander S.A., comprises
secured and unsecured loans granted to Spanish SMEs in their
normal course of business.
"The agreements in this transaction fully comply with our current
counterparty criteria (see 'Counterparty And Supporting
Obligations Methodology And Assumptions,' Dec. 6, 2010)," S&P
added.
Ratings List
Class Rating
To From
Fondo de Titulizacion de Activos Santander Empresas 4
EUR3.586 Billion Floating-Rate Notes
Ratings Lowered
A1 AA (sf) AAA (sf)
A2 AA (sf) AAA (sf)
A3 AA (sf) AAA (sf)
D CCC+ (sf) B- (sf)
E CCC- (sf) CCC (sf)
Rating Lowered and Removed From CreditWatch Negative
C BB- (sf) BBB- (sf)/Watch Neg
Rating Affirmed and Removed From CreditWatch Negative
B A- (sf) A- (sf)/Watch Neg
Rating Affirmed
F D (sf)
===========
S W E D E N
===========
SAAB AUTOMOBILE: Youngman Optimistic on Investment Plan
-------------------------------------------------------
Mia Shanley at Reuters, citing Swedish daily Svenska Dagbladet,
reports that Chinese carmaker Zhejiang Youngman Lotus Automobile
said it was getting positive signs from authorities in Beijing
about its plans to invest in cash-strapped Saab Automobile.
According to Reuters, Youngman and Chinese car company Pangda
Automobile Trade Co. Ltd. are seeking approval from China's
authorities to invest EUR245 million in Saab.
Youngman Director Rachel Pang told Svenska Dagbladet the company
received a green light on its planned investment from local
authorities and that a decision on the provincial level would be
made tomorrow.
A final approval is then needed from the National Development and
Reform Commission (NDRC) in Beijing.
As reported by the Troubled Company Reporter-Europe on Sept. 12,
2011, Bloomberg News related that a Swedish court rejected Saab's
petition for protection from creditors, increasing the risk that
the 64-year carmaker may be headed for bankruptcy as suppliers
and workers seek the money they're owed. Bloomberg disclosed
that the Vaenersborg District Court on Thursday ruled against the
request for a voluntary reorganization that Trollhaettan, Sweden-
based Saab filed on Wednesday in a bid to win time to raise money
to restart operations and avoid a bankruptcy petition. Saab said
it will appeal the decision, Bloomberg noted.
As reported by the Troubled Company Reporter-Europe on Aug. 29,
2011, Bloomberg News related that Saab delayed paying wages for
the third month in a row. Saab was scheduled to pay factory
workers on Aug. 25 and administrative employees on Aug. 26,
Bloomberg disclosed. The Swedish government's Debt Enforcement
Agency started collection proceedings last month at the request
of component suppliers with unpaid bills, Bloomberg recounted.
Saab Automobile AB is a Swedish car manufacturer owned by Dutch
automobile manufacturer Swedish Automobile NV, formerly Spyker
Cars NV.
SAAB AUTOMOBILE: Swedish Union Won't Submit Bankruptcy Request
--------------------------------------------------------------
Janina Pfalzer at Bloomberg News reports that Swedish union IF
Metall decided not to submit a bankruptcy request against
Saab Automobile yesterday.
According to Bloomberg, after speaking to Victor Muller on
Sunday, the union got confirmation that a reconstruction request
appeal was set to be submitted yesterday and under the
circumstances the union wasn't able to have its members support
for a bankruptcy request.
Separately, The Local reports that Swedish Automobile, Saab's
parent company, said the carmaker was expected to submit an
appeal against a Swedish court's rejection of its request for
protection against bankruptcy yesterday.
"Swedish Automobile announces that Saab ... aims to submit their
appeal on the district court's decision to reject Saab
Automobile's proposal for voluntary reorganization on Monday
September 12, 2011," the Local quotes Swedish Automobile as
saying in a statement Friday.
As reported by the Troubled Company Reporter-Europe on Sept. 12,
2011, Bloomberg News related that a Swedish court rejected Saab's
petition for protection from creditors, increasing the risk that
the 64-year carmaker may be headed for bankruptcy as suppliers
and workers seek the money they're owed. Bloomberg disclosed
that the Vaenersborg District Court on Thursday ruled against the
request for a voluntary reorganization that Trollhaettan, Sweden-
based Saab filed on Wednesday in a bid to win time to raise money
to restart operations and avoid a bankruptcy petition. Saab said
it will appeal the decision, Bloomberg noted.
As reported by the Troubled Company Reporter-Europe on Aug. 29,
2011, Bloomberg News related that Saab delayed paying wages for
the third month in a row. Saab was scheduled to pay factory
workers on Aug. 25 and administrative employees on Aug. 26,
Bloomberg disclosed. The Swedish government's Debt Enforcement
Agency started collection proceedings last month at the request
of component suppliers with unpaid bills, Bloomberg recounted.
Saab Automobile AB is a Swedish car manufacturer owned by Dutch
automobile manufacturer Swedish Automobile NV, formerly Spyker
Cars NV.
===========================
U N I T E D K I N G D O M
===========================
BRADFORD PLAYHOUSE: Set to Go Into Liquidation
----------------------------------------------
Emma Clayton at Telegraph & Argus reports that Bradford Playhouse
looks set to go into liquidation, after amassing debts of around
GBP300,000.
Members met last weekend to discuss the fate of the historic
Little Germany theatre, expected to go into liquidation on
September 21, the report says.
According to the report, director and acting treasurer
Paul Kilgallon said the theatre has been "living on borrowed
time" and needs GBP100,000 of maintenance work to take it into
the future.
"When I joined in January I understood there was a debt of
between GBP60,000 and GBP90,000. After looking into it, with
myself and the other director turning over stones, talking to
creditors and gathering information, we have logged a historic
debt of GBP255,000 and believe the final figure to be over
GBP300,000," Telegraph & Argus quotes Mr. Kilgallon as saying.
"Unless someone comes up with GBP300,000 between now and
September 21, it will go into administration."
Mr. Kilgallon added: "It can be a viable business if run
properly, but maintenance of the building has been a problem in
the past. Parts of the building are off-limits. If it goes
forward it will need a major refurbishment."
Telegraph & Argus says Mr. Kilgallon is awaiting results of a
valuation of the building. "I believe it's worth between
GBP200,000 and half a million," Mr. Kilgallon said. "Obviously
we'd like someone to come along with a rescue package. But the
most important thing right now is that the creditors get their
money back."
Events due to run at the Playhouse until September 21 will still
go ahead, Telegraph & Argus reports.
EPIC PLC: S&P Lowers Rating on Class F Notes to 'B- (sf)'
---------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit rating on
Epic (Culzean) PLC's class F notes to 'B- (sf)' from 'B (sf)'.
"At the same time, we affirmed the ratings on the class A, B, C,
D, and E notes," S&P said.
"The rating actions follow our review of the four loans in the
transaction. We believe the risks associated with this
transaction are reflected in our current credit ratings on the
class A to E notes, and we have thus affirmed these ratings. We
have lowered our rating on the class F notes to reflect our view
that the risk of principal losses has increased due to the
Friends First loan," S&P related.
Friends First Loan
The Friends First loan is a GBP38.0 million loan that accounts
for 14% of the pool. The loan is secured against a multi-let
office property in Birmingham city center. The loan failed to
fully repay at maturity in April 2011 and has been extended until
Oct. 20, 2011, to allow time for negotiations for a longer term
extension.
As of the July 2011 interest payment date, the reported interest
coverage ratio (ICR) is 1.34x, up from the previous quarter when
it was at 1.15x and in breach of the 1.25x covenant. A previous
breach was due primarily to agreed rent reductions as a result of
tenant break options. The increase in the ICR this past quarter
is due to a lower interest rate resulting from the expiration of
the previous hedging.
"The reported loan-to-value (LTV) ratio for the loan is 115%,
which is based on a 2010 reported value of GBP33 million--
representing a 41% decrease in value from closing. The decreased
value is due to general market conditions and the 2013 break
clause available to a key tenant, DLA Piper, which contributes
45% of the total rent. Even if the loan is extended, we
anticipate that this loan could incur principal losses," S&P
stated.
Other Loans (86%)
The remaining three loans in the portfolio (Metro, Prime A, and
Prime B) account for 86% of the total pool balance. All three of
these loans are performing. "We do not currently anticipate
losses on these loans, due to their prime locations and long
leases. However, the loans may be exposed to refinancing
difficulties if current market conditions persist," S&P said.
The Metro loan, which accounts for 62% of the pool, is currently
secured against the Southside Shopping Centre in Wandsworth and
the Junction Centre at Clapham Junction. At closing in 2007,
there were five properties but three have since been sold to pay
down the loan. The current reported securitized LTV ratio, based
on a 2006 valuation, is 68%, and the reported securitized ICR is
1.34x. The weighted-average occupancy for these properties has
increased to 94% from 87%, since closing. The loan matures in
October 2011. "Given the metrics of the loan and the quality of
the properties, we believe this loan is likely to obtain
refinancing at maturity," S&P said.
The Prime A loan, which accounts for 16% of the pool, is
currently secured by four properties that are let to high-quality
tenants (e.g., Harry Winston, Chanel, and Secretary of State). Of
the four properties, two are in prime retail locations (New Bond
Street in London), one is an office property in Westminster, and
one is a retail property in Surrey. The weighted-average
remaining lease term is approximately 15 years, and the loan
matures in October 2016. The current reported securitized LTV
ratio is 61%, and the whole-loan LTV ratio is 75%, based on a
2010 valuation. The reported securitized ICR is 1.44x.
The Prime B loan, which accounts for 8% of the pool, is secured
by five retail properties in London. Of the five properties, one
is in Covent Garden, two on Kensington High Street, and two on
Westbourne Grove in Notting Hill. The weighted-average remaining
lease term is approximately 10 years, and the loan matures in
October 2016. The current reported securitized LTV ratio is 66%
and the whole-loan LTV is 83%, based on a 2010 valuation. The
reported securitized ICR is 1.25x.
"We have affirmed our ratings on the class A, B, C, D, and E
notes because we believe the risks associated with this
transaction are reflected in our current ratings on these
classes. We have also lowered our rating on the class F notes to
'B- (sf)' from 'B (sf)' to reflect the increased risk of
principal loss to this class, associated with the Friends First
loan," S&P stated.
Epic (Culzean) is a synthetic commercial mortgage-backed
securities (CMBS) transaction, which closed in October 2007 with
notes totaling GBP546.68 million. The current note balance is
GBP270.50 million. The transaction was arranged by The Royal Bank
of Scotland PLC, which is the credit default swap (CDS)
counterparty, the servicer, and the special servicer. The notes
are backed by four loans secured on properties in the U.K.
Ratings List
Epic (Culzean) PLC
GBP548.65 Million Commercial Mortgage-Backed Floating-Rate Notes
Class Rating
To From
Rating Lowered
F B- (sf) B (sf)
Ratings Affirmed
A AA- (sf)
B A+ (sf)
C BBB+ (sf)
D BBB- (sf)
E BB (sf)
FOCUS DIY: B&Q Store to Open This Month
---------------------------------------
Gainsborough Standard reports that a new B and Q store is set to
open in Gainsborough later this month.
The store is on the site of the former Focus DIY shop on Lea
Road, which went into administration and later bought by B and Q
owners Kingfisher earlier this year, according to Gainsborough
Standard.
The report notes that after a month of team bonding, store re-
fitting and daily lorry deliveries, the store is preparing to
open its doors.
As reported in the Troubled Company Reporter-Europe on May 30,
2011, thisishullandeastriding.co.uk reports that two closure-
threatened Focus DIY stores in East Riding of Yorkshire, England
-- one in Beverly and the other in Goole -- are being taken over.
Clearance sales have started at all 178 Focus branches in the
U.K. after the Focus DIY chain went into administration,
according to thisishullandeastriding.co.uk. The two East
Yorkshire stores are among 55 to have been sold. The Beverley
branch is to be a Wickes and the Goole shop will become a B&Q.
Focus (DIY) was founded by Bill Archer in 1987, with six stores
in the Midlands and the north of England. The company now has
178 stores in England, Scotland, and Wales, and employs more than
3,900 staff.
* * *
As reported in the Troubled Company Reporter-Europe on May 10,
2011, H&V News related that Focus DIY fell into administration.
Ernst & Young, who were appointed as administrator, said that
they are looking for a buyer for the company's stores, which
continue to trade as normal, according to H&V News.
HEALTHCARE LOCUMS: Australian Lenders Threatens to Call in Loans
----------------------------------------------------------------
Simon Mundy at The Financial Times reports that Healthcare
Locums' Australian lenders have threatened to call in their loans
to the company -- almost certainly pushing it into administration
-- if its former chief executive returns.
Kate Bleasdale, who founded the company and retains a 10% stake,
was sacked in March after the discovery of accounting
irregularities, the FT discloses. According to the FT,
Healthcare Locums says she is working with dissident investors to
try to block a controversial refinancing plan -- a claim denied
by the parties concerned.
In a letter sent to the board of Healthcare Locums on Thursday
and seen by the FT, Commonwealth Bank and National Australia Bank
endorsed the refinancing plan and said they would "apply their
usual credit parameters to reassess their involvement" with the
company if Ms. Bleasdale became involved with its board or
management, or with any other significant shareholder, the FT
relates.
The banks have provisionally agreed to waive some conditions on
the GBP90 million (US$144 million) they are owed by Healthcare
Locums until October 17, to give it time to carry out its
refinancing, the FT notes. The FT says they would withdraw this
agreement if Ms. Bleasdale returned, making it "highly unlikely
either bank will continue any involvement with HCL Group".
Ms. Bleasdale told the FT she had no intention of returning to
Healthcare Locums. She earlier denied any responsibility for the
accounting irregularities, the FT recounts.
Ms. Bleasdale added that she had registered a proxy vote against
the refinancing proposal, despite lobbying from Peter Sullivan,
Healthcare Locums' chairman, the FT notes. "We've got a short
period of time in which to save this company, and shareholders
need to think carefully," the FT quotes Ms. Bleasdale as saying.
Healthcare Locums says it faces administration if shareholders do
not approve the refinancing, which would involve a GBP60 million
share placing, a GBP4.25 million open offer and debt-for-equity
swaps, according to the FT.
Separately, the FT reports that Healthcare Locums was set to vote
on the refinancing plan yesterday. The company says the scheme
presents its only chance of staying afloat -- a claim challenged
by Arundel Capital and Permian Investment Partners, two US hedge
funds that have urged shareholders to oppose the plan, the FT
notes. The funds said that several other parties were interested
in buying the company's secured debt and they wanted the meeting
to be postponed so as to ensure the best outcome for
shareholders, the FT states.
Healthcare Locums is a UK-based medical recruitment agency.
LUTON TOWN: Ex-Chairman, CEO Disqualified as Directors
------------------------------------------------------
William John Tomlins, the former chairman of Luton Town Football
Club, has been disqualified as director for six years; Derek
Robert Peter, LTFC's former chief executive officer and a
chartered accountant was disqualified for seven years; and
Richard Sidney Bagehot and John Mitchell were each disqualified
for three years.
The investigation by The Insolvency Service found that the
directors of LTFC had breached Football Association (FA) and FIFA
rules and caused LFTC to trade at the risk and detriment of HM
Revenue and Customs, being in arrears with PAYE and NIC within a
few months of commencing to trade and recently not declaring or
paying its VAT liability.
Between July 2004 and February 2007, LTFC acted in breach of FA
and FIFA rules and regulations on payments to football agents.
The FA enquiry found that the company had dealt with unlicensed
football agents and made payments totalling GBP157,000 through
its holding company Jayten Stadium Limited using funds provided
by LTFC, which should have been paid by LTFC itself and routed
through the FA.
During the same period from July 2004 and February 2007, the
directors individually either caused or allowed the company to
trade at the risk of and ultimate detriment to HMRC, which was
owed GBP3,578,661. The Court heard there was a pattern of non-
payment and chasing from HMRC.
Robert Burns, Head of investigation and Enforcement Services
said, "One of the main purposes of the Company Directors
disqualification Act is to ensure that proper standards of
conduct of company directors is maintained and to raise those
standards where appropriate. These disqualifications should serve
as a reminder that The Insolvency Service will investigate
unacceptable conduct by company directors regardless of the
nature of the business involved."
In his judgment, Mr. Registrar Nicholls said that this was "not
regarded by this court as a minor misdemeanor. The allegation is
a serious one demonstrating a disregard for rules and regulations
with severe consequences for the club and its supporters . . . ."
About LTFC
LTFC started trading in mid-2004 after purchasing the business
and assets of Luton Town Football and Athletic Company Limited
from its Administrative Receivers.
LTFC won football League 1 in the 2004/2005 football season and
were promoted to the Championship for the 2005/2006 football
season, staying there until they were relegated to League 1 in
May 2007.
In March/April 2007, the Football Association started an
investigation which resulted in 15 charges against LFTC for
breaches of the FA and FIFA Rules and Regulations concerning
payments to football agents from July 2004 to February 2007 which
resulted in a fine of GBP50,000 and a 10-point deduction for the
2008/2009 football season.
On Nov. 22, 2007, LTFC went into administration owing its
creditors approx GBP7 million. In June 2008, the FA imposed a
further fine and point deduction against LFTC and in July 2008
LTFC's business and assets were bought from the Administrators by
LTFC 2020 Limited, with LTFC going into liquidation in November
2007.
MORTGAGE FUNDING: S&P Affirms 'B-' Rating on Class A Notes
----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B- (sf)' credit
rating on Mortgage Funding 2008-1 PLC's class A notes.
"The loans backing these notes are first- and second-ranking
mortgages originated throughout the U.K. The transaction's
collateral performance has been stable in the past year, with
total delinquencies falling slightly to 36.5% in June 2011 from
38.0% in June 2010. However, severe delinquencies remain high, in
our opinion, with 90+ day delinquencies still at over 23%," S&P
stated.
Although the collateral performance is stable, the rating on the
class A notes is linked to the absence of a currency swap. At
closing, the currency swap provider was Lehman Brothers Special
Financing Inc.
Since September 2008 and the insolvency of Lehman Brothers, the
issuer has exchanged the British pound sterling received from the
assets for euros at the 'spot' rate rather than the 'swap' rate,
to pay the liabilities. Due to exchange rate fluctuations, this
has led to a cumulative currency loss of GBP31.2 million and
therefore a decrease in the overcollateralization. This
overcollateralization provides the credit enhancement to the
class A notes.
"As part of our analysis, we have included this currency loss and
a further stress to the 'spot' rate as there is potential for a
weakening of the British pound sterling exchange rate against the
euro. With these assumptions, the class A notes can only support
a 'B- (sf)' rating," S&P stated.
Mortgage Funding 2008-1 is a U.K. nonconforming residential
mortgage-backed securities (RMBS) transaction arranged by Lehman
Brothers that closed in March 2008. The transaction securitizes
loans originated by Alliance & Leicester PLC, Southern Pacific
Personal Loans Ltd., Southern Pacific Mortgages Ltd., Preferred
Mortgages Ltd., Matlock London Ltd., and Langersal No. 2 Ltd.
ORCHID GROUP: Michael Norcross Seeks to Acquire Grand Hotel
-----------------------------------------------------------
Thurrock Gazette reports that Essex star Michael Norcross seeks
to acquire Grand Hotel, in Leigh Broadway, from its owners Orchid
Group.
Mr. Norcross wants to transform the landmark building into a
plush boutique hotel, restaurant and spa, according to Thurrock
Gazette. The report relates that Mr. Norcross confirmed his
ambitious plans and stressed he wants to turn the distinctive
brick-built building into a hotel, not a club or pub.
Thurrock Gazette notes that the iconic Grand has stood at the
heart of Leigh for more than a century, but has been boarded up
since 2008 when its owners, the Orchid Group, went into
administration.
As reported in the Troubled Company Reporter-Europe on Dec. 29,
2008, David Chubb, Mike Jervis and Colin Haig, partners at
PricewaterhouseCoopers LLP and joint administrators of The Orchid
Group said that they have effected a sale of 31 of the remaining
pubs in the group to Spirit group as a going concern. The
Dragonfly in Cheltenham has also been sold to an individual buyer
as a going concern. This brings the total number of pubs saved
from closure to 272. Unfortunately, it has not been possible to
sell 14 of the remaining pubs as a going concern, and accordingly
the administrators have no option but to begin closure of these
pubs with immediate effect.
PREMIER FOODS: S&P Affirms Corporate Credit Rating at 'BB'
----------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on U.K.-
based packaged food manufacturer Premier Foods PLC to negative
from stable. "At the same time, we affirmed our 'BB' long-term
corporate credit rating on Premier Foods," S&P stated.
"The outlook revision reflects our view that Premier Foods' debt-
reduction program is likely to proceed more slowly than we
originally anticipated. Earlier this year, we anticipated that
Premier Foods would be able to improve its debt metrics
materially with noncore business disposals, and by repaying debt
with free operating cash flow. However, increasing commodity
prices affected cash flow generation in the first half of 2011.
This was followed by a temporary reduction in purchasing volumes
by a major U.K. retailer as pricing negotiations were in
progress. Consequently, we believe that noncore asset disposals
might not be sufficient to bring debt leverage down to the level
that we consider commensurate with the rating by the end of 2011.
We define this level as Standard & Poor's-adjusted debt to EBITDA
of about 4x," S&P related.
"We estimate that adjusted debt to EBITDA will remain close to 5x
in 2011, but we believe that a material improvement is likely in
2012, alongside EBITDA interest coverage of close to the 3.0x-
3.5x range," S&P stated.
"We believe that ratings downside could stem primarily from
extraordinary spikes in raw material prices, which could prevent
a near-term improvement in credit measures or weaken liquidity.
We continue to monitor Premier Foods' progress in reducing
existing debt using the proceeds from asset disposals, along with
positive cash flow from operations," S&P noted.
"We consider that stable operating cash flow generation should
continue to support the company's ability to balance its business
development needs with capital structure stability over the
medium term. We consider fully adjusted debt to EBITDA of close
to 4.0x and interest coverage by EBITDA of about 3.0x-3.5x to be
commensurate with the current rating. We anticipate that Premier
Foods should be able to achieve these ratios by the end of 2012,"
S&P said.
Clear progress in that direction would likely result in us
revising the outlook to stable.
YELL GROUP: To Ask Help from HSBC to Renegotiate Covenants
----------------------------------------------------------
Salamander Davoudi and Anousha Sakoui at The Financial Times
report that Yell Group is set to ask HSBC to form a committee to
bring together its banking syndicate and renegotiate its
covenants.
According to the FT, Yell, whose net debt stands at GBP2.7
billion (US$4.3 billion) against a market capitalization of
GBP102 million, has a large and complicated debt structure with
about 300 or so lenders that is likely to complicate the
negotiations.
About two-thirds of the lending group, by value rather than
number of lenders, are required to approve any changes, the FT
discloses.
Analysts have raised concerns that Yell could breach covenants in
the second quarter of next year, and the group is currently
trading on a net debt to earnings ratio of 5.4 times, the FT
notes.
About Yell Group
Headquartered in Reading, England, Yell Group plc --
http://www.yellgroup.com/-- is an international directories
business operating in the classified advertising market through
printed, online, and phone media in the U.K. and the US. Yell
also owns 100% of TPI (renamed "Yell Publicidad"), the largest
publisher of yellow and white pages in Spain, with operations in
certain countries in Latin America. Yell's revenue for the
twelve months ended March 31, 2008, was GBP2,219 million and its
Adjusted EBITDA was GBP738.9 million.
* * *
As reported by the Troubled Company Reporter-Europe on Aug 26,
2011, Standard & Poor's Ratings Services lowered its corporate
credit rating on U.K.-based classified directories publisher Yell
Group PLC to 'CCC+' from 'B-'. The outlook remains negative. "We
believe Yell is likely to breach one specific covenant within the
next few quarters, absent any remedies," said Standard & Poor's
credit analyst Carlo Castelli.
* UK: 15 Retailers to Go Into Administration in the Next 6 Months
-----------------------------------------------------------------
express.co.uk reports that 15 national retailers are expected to
go into administration in the next six months as the crisis in
the U.K. retail sector deepens.
Denis Baker, chief executive of corporate health monitoring
specialists Company Watch, warned: "There is a real risk that
there will be at least as many failures as during the dark days
of Christmas 2008, when 15 national retail chains filed for
insolvency. The only question is about the timing," according to
express.co.uk.
The report notes that the next crunch point comes at the end of
the month when shop rents are due.
The last rent day in June helped trigger the collapse of TJ
Hughes, Jane Norman, Focus DIY and Habitat, express.co.uk
recalls.
express.co.uk says that this time, there may be fewer immediate
failures as landlords, lenders, and suppliers give embattled
retailers some leeway ahead of the busier Christmas trading
period.
"The problem is most likely to come in January and February when
cash is high and inventory and debt is low, making the weaker
retailers extremely vulnerable because creditor write offs would
be at their lowest then. . . . But with many consumers reluctant
to incur credit card debt as austerity bites, if retail sales
continue to fall away, then all bets will be off . . . . and
creditors may find their hands are forced as some retailers
simply run out of cash and raise the white flag of commercial
surrender before Christmas is over," express.co.uk quoted Mr.
Baker as saying.
express.co.uk says that the British Retail Consortium has
revealed August like-for-like sales across the whole sector fell
by 0.6% year on year. It blamed poor consumer confidence and
high inflation, the report notes.
express.co.uk discloses that retailers that reported a fall in
like-for-like sales last week, compared with the same period last
year, included HMV, Alexon, Dixons, Argos and Homebase.
Company Watch has calculated a 30% deterioration over the past
four months in the financial health of a group of six iconic
retailers, express.co.uk adds.
* Alper Deniz Joins Brown Rudnick's London Office as Partner
------------------------------------------------------------
Brown Rudnick, an international law firm with offices in the US
and Europe, on Sept. 27 disclosed that Alper Deniz has joined the
Firm's London office as a Partner in the European Bankruptcy &
Corporate Restructuring Group. Formerly a partner at Chadbourne
& Parke LLP, Mr. Deniz's Alper's appointment follows the recent
arrival of fellow Chadbourne restructuring veteran, Adrian
Harris, and brings the number of new Brown Rudnick London partner
hires to six since June 2011.
Mr. Deniz is a finance and restructuring lawyer with extensive
experience in international financing transactions, debt capital
markets, debt restructuring and derivatives transactions, in each
case representing a variety of lenders, sponsors and borrowers.
He represents both arrangers and issuers on debt capital market
and structured finance transactions and has advised on corporate
bond issuances, CDOs, CLOs, ABS, CMBS, SIVs and other cash and
synthetic structures. In addition, he represents a number of
international lenders, sponsors and borrowers on acquisition
finance and private equity transactions and has extensive
experience in all types of secured and unsecured lending
transactions.
Further extending his reach, Mr. Deniz advises on derivatives
transactions and ISDA documentation and has particular experience
with credit derivatives and property derivatives. His practice
also includes work with a number of hedge, private equity and
real estate funds on restructuring and refinancing issues,
including intercreditor analysis, standstill arrangements,
insolvency laws, security enforcement, debt buybacks and general
advice on strategy for negotiations with other creditors and
distressed debtors.
Commenting on the recent hire, Brown Rudnick's CEO Joseph F. Ryan
said, "Alper brings deep experience in insolvency, debt markets,
finance and derivatives. His work in handling 'hard cases' is
highly regarded within the hedge fund community and fits well
with the mission and skills of our Bankruptcy & Corporate
Restructuring Group. We are pleased to have Alper as a member of
our firm."
Brown Rudnick acts internationally for a vast array of well known
hedge funds based in the US and UK. The Firm advises investors
and funds internationally on matters involving fund formation,
governance, investor relations, investment and financing
activities, and offensive/defensive litigation. Brown Rudnick is
also globally recognized for its representation of funds
investors in structuring, negotiating and documenting claims
trades and as members of ad hoc and official committees, in
realizing maximum value from distressed securities in many of the
largest and most complex Chapter 11 or European insolvency cases
as well as out-of-court restructurings.
About Brown Rudnick's London Office
Brown Rudnick opened its London office in 1998 to support a
rapidly growing international practice. Initially, the London
office focused on expanding its strong US technology and venture
capital practice by representing European tech companies and
their investors. Today, Brown Rudnick has an internationally
recognized European Venture Capital and Emerging Growth Practice,
with such notable clients as Index Ventures, Mangrove Capital
Partners, Atlas Venture, Amadeus Capital Partners, and
Environmental Technology Fund LP, among others. Brown Rudnick
also has a strong cross-border M&A practice, having represented
numerous companies on public transactions. And, over the last
decade, the London office has expanded to include Bankruptcy &
Corporate Restructuring, International Litigation & Arbitration,
Intellectual Property, Tax and Finance. Lawyers in the firm's
London office work closely with the firm's US offices to serve
European and other international clients seeking to expand their
businesses across international borders.
About Brown Rudnick LLP
Brown Rudnick -- http://www.brownrudnick.com-- is an AmLaw 200
firm with offices in the United States and Europe. With
relentless focus on the client's objectives, the Firm represents
clients from around the world in high stakes litigation and
business transactions. The firm's clients include public and
private corporations, multinational Fortune 100 businesses and
start-up enterprises. It also represents investors, as well as
official and ad hoc creditors committees in today's largest
corporate restructurings, both domestically and abroad. The
Brown Rudnick Center for the Public interest is an innovative
model combining the Firm's pro bono, charitable giving and
community volunteer efforts.
===============
X X X X X X X X
===============
* S&P Withdraws Ratings on 12 European CDO Tranches to 'D'
----------------------------------------------------------
Standard & Poor's Ratings Services withdrew its credit ratings on
12 European synthetic collateralized debt obligation (CDO)
tranches.
For the full list of the rating actions, see "List Of European
Synthetic CDO Rating Withdrawals - Sept. 8, 2011."
S&P has withdrawn its ratings on these tranches for different
reasons, including:
The issuer has fully repurchased the notes,
The principal amount of the notes has been reduced to zero,
and
The notes have been redeemed.
"We provide the rating withdrawal reason for each individual
tranche in the separate ratings list," S&P said.
"Note that we have lowered to 'CC (sf)' and subsequently
withdrawn our ratings on two tranches. In our opinion, we
consider the likelihood that the noteholders did not receive full
principal to be high," S&P related.
"We have lowered to 'D (sf)' and subsequently withdrawn our
rating on one tranche. The downgrade to 'D (sf)' follows
confirmation that losses from credit events in the underlying
portfolio exceeded the available credit enhancement level. This
means that the noteholders did not receive full principal on the
early termination date for this tranche. The rating lowered to 'D
(sf)' will remain at 'D' for a period of 30 days before the
withdrawal becomes effective," S&P stated.
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Shareholders Total
Equity Assets
Company Ticker (US$) (US$)
------- ------ ------------ -----------
AUSTRIA
-------
CHRIST WATER TEC CWTE IX -5754285.054 165995618.1
CHRIST WATER TEC 8131204Q GR -5754285.054 165995618.1
CHRIST WATER TEC CWT EU -5754285.054 165995618.1
CHRIST WATER TEC CWT PZ -5754285.054 165995618.1
CHRIST WATER TEC CRSWF US -5754285.054 165995618.1
CHRIST WATER TEC CWT AV -5754285.054 165995618.1
CHRIST WATER TEC CWT EO -5754285.054 165995618.1
CHRIST WATER-ADR CRSWY US -5754285.054 165995618.1
KA FINANZ AG 3730Z AV -9072224.934 22043329918
LIBRO AG LIBR AV -110486313.8 174004185
LIBRO AG LIB AV -110486313.8 174004185
LIBRO AG LB6 GR -110486313.8 174004185
LIBRO AG LBROF US -110486313.8 174004185
S&T SYSTEM I-ADR STSQY US -31284693.65 200208144.5
S&T SYSTEM INTEG SYA GR -31284693.65 200208144.5
S&T SYSTEM INTEG SNTS ES -31284693.65 200208144.5
S&T SYSTEM INTEG STSQF US -31284693.65 200208144.5
S&T SYSTEM INTEG SYA EX -31284693.65 200208144.5
S&T SYSTEM INTEG SNT EU -31284693.65 200208144.5
S&T SYSTEM INTEG SYAG IX -31284693.65 200208144.5
S&T SYSTEM INTEG SLSYF US -31284693.65 200208144.5
S&T SYSTEM INTEG SNTS IX -31284693.65 200208144.5
S&T SYSTEM INTEG SNTA PZ -31284693.65 200208144.5
S&T SYSTEM INTEG SNT EO -31284693.65 200208144.5
S&T SYSTEM INTEG SNT AV -31284693.65 200208144.5
SKYEUROPE SKY PW -89480492.56 159076577.5
SKYEUROPE SKYP PW -89480492.56 159076577.5
SKYEUROPE HLDG SKYA PZ -89480492.56 159076577.5
SKYEUROPE HLDG SKURF US -89480492.56 159076577.5
SKYEUROPE HLDG SKYPLN EU -89480492.56 159076577.5
SKYEUROPE HLDG SKYV IX -89480492.56 159076577.5
SKYEUROPE HLDG SKY EU -89480492.56 159076577.5
SKYEUROPE HLDG SKY AV -89480492.56 159076577.5
SKYEUROPE HLDG SKY EO -89480492.56 159076577.5
SKYEUROPE HLDG SKY LI -89480492.56 159076577.5
SKYEUROPE HLDG SKYPLN EO -89480492.56 159076577.5
SKYEUROPE HLDG S8E GR -89480492.56 159076577.5
SKYEUROPE HOL-RT SK1 AV -89480492.56 159076577.5
BELGIUM
-------
ANTWERP GATEWAY 496769Z BB -51947070.5 266390692.5
BALTA SARL 3679528Z BB -213655263.9 956320938.3
BIO ANALYTICAL R 3723198Z BB -41974594.66 193574592.4
COMPAGIMMOBDU BR 3727538Z BB -5867835.156 164809982.4
EON BELGIUM NV 3730258Z BB -8101077.851 251156828.9
EXPLORER NV 4289181Z BB -11594573.86 281605390.1
FINANCIETOREN NV 3729210Z BB -42317802.71 777656536.7
IRUS ZWEIBRUCKEN 3738979Z BB -12563627.16 113270540
JULIE LH BVBA 3739923Z BB -25317190.48 175772641.2
KIA MOTORS BELGI 3729658Z BB -40305545.64 136441397.8
KOREAN MOTOR CO 4161341Z BB -6368236.209 149093852.6
LAND VAN HOP NV 3727898Z BB -141334.2956 138885001.8
SABENA SA SABA BB -85494497.66 2215341060
SAPPI EUROPE SA 3732894Z BB -119299289.7 158958659.1
SCARLET BELGIUM 4171157Z BB -28951978.94 137456538.4
SCARLETT BUSINES 3724850Z BB -71847152.77 130053838
SOCIETE NATIONAL 3726762Z BB -39045394.16 506987115.6
UNIVERSAL MUSIC 3738307Z BB -12191533.66 143700285.8
CROATIA
-------
BADEL 1862 DD BD62RA CZ -14314922.98 136681894.4
MAGMA DD MGMARA CZ -6945891.192 118172308.3
OT OPTIMA TELEKO 2299892Z CZ -83005841.81 114547056.6
OT-OPTIMA TELEKO OPTERA CZ -83005841.81 114547056.6
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 LHGCYP EO -39648682.41 209021322.6
LIBRA HOLIDAYS LHGCYP EU -39648682.41 209021322.6
LIBRA HOLIDAYS LHGR CY -39648682.41 209021322.6
LIBRA HOLIDAYS G LHG CY -39648682.41 209021322.6
LIBRA HOLIDAYS G LHG EO -39648682.41 209021322.6
LIBRA HOLIDAYS G LHG PZ -39648682.41 209021322.6
LIBRA HOLIDAYS G LHG EU -39648682.41 209021322.6
LIBRA HOLIDAYS-P LBHG PZ -39648682.41 209021322.6
LIBRA HOLIDAYS-P LBHG CY -39648682.41 209021322.6
CZECH REPUBLIC
--------------
CKD PRAHA HLDG CKDH US -89435858.16 192305153
CKD PRAHA HLDG CDP EX -89435858.16 192305153
CKD PRAHA HLDG CKDPF US -89435858.16 192305153
CKD PRAHA HLDG CKDH CP -89435858.16 192305153
CKD PRAHA HLDG 297687Q GR -89435858.16 192305153
CSA AS 1000Z CP -127978073.4 432492914
SETUZA AS 2994767Q EO -61453764.17 138582273.6
SETUZA AS SETUZA PZ -61453764.17 138582273.6
SETUZA AS SZA GR -61453764.17 138582273.6
SETUZA AS SETU IX -61453764.17 138582273.6
SETUZA AS SETUZA CP -61453764.17 138582273.6
SETUZA AS 2994763Q EU -61453764.17 138582273.6
SETUZA AS 2994755Q EU -61453764.17 138582273.6
SETUZA AS 2994759Q EO -61453764.17 138582273.6
SETUZA AS SZA EX -61453764.17 138582273.6
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
CIMBER STERLING CIMBE EU -5227729.374 192575897.9
CIMBER STERLING CIMBER DC -5227729.374 192575897.9
CIMBER STERLING CIMBE EO -5227729.374 192575897.9
CIMBER STERLING CIMBER BY -5227729.374 192575897.9
ELITE SHIPPING ELSP DC -27715991.74 100892900.3
FINANSIERINGSSEL 3977156Z DC -2410332.543 110737536.3
GREEN WIND ENERG G7W1 GR -11320362.72 176234029.6
GREEN WIND ENERG GW EO -11320362.72 176234029.6
GREEN WIND ENERG GW BY -11320362.72 176234029.6
GREEN WIND ENERG G7W GR -11320362.72 176234029.6
GREEN WIND ENERG GW DC -11320362.72 176234029.6
GREEN WIND ENERG GWEUR EO -11320362.72 176234029.6
GREEN WIND ENERG GW PZ -11320362.72 176234029.6
GREEN WIND ENERG GWEUR EU -11320362.72 176234029.6
GREEN WIND ENERG GW EU -11320362.72 176234029.6
HOLDINGSELSKABET BOHC IX -11320362.72 176234029.6
HOLDINGSELSKABET BODIL DC -11320362.72 176234029.6
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 OBTEC DC -16220512.31 156484311
OBTEC OBT DC -16220512.31 156484311
OBTEC-NEW SHARES OBTECN DC -16220512.31 156484311
OBTEC-OLD OBTN DC -16220512.31 156484311
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 RSKC IX -532868840.9 7876687324
ROSKILDE BANK ROSBF US -532868840.9 7876687324
ROSKILDE BANK ROSK PZ -532868840.9 7876687324
ROSKILDE BANK ROSK DC -532868840.9 7876687324
ROSKILDE BANK ROSK EU -532868840.9 7876687324
ROSKILDE BANK ROSKF US -532868840.9 7876687324
ROSKILDE BANK ROSK EO -532868840.9 7876687324
ROSKILDE BANK RKI GR -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 SBSC IX -16220512.31 156484311
SCANDINAVIAN BRA SBS1EUR EU -16220512.31 156484311
SCANDINAVIAN BRA SBSD PZ -16220512.31 156484311
SCANDINAVIAN BRA SBS1 BY -16220512.31 156484311
SCANDINAVIAN BRA SBS DC -16220512.31 156484311
SCANDINAVIAN BRA SBS1EUR EO -16220512.31 156484311
SCANDINAVIAN BRA SBS1 EU -16220512.31 156484311
SCANDINAVIAN BRA SBS1 EO -16220512.31 156484311
SCHAUMANN PROP SCHAUP EU -101428498.9 298588010.2
SCHAUMANN PROP SCHAUP DC -101428498.9 298588010.2
SCHAUMANN PROP SCHAUP PZ -101428498.9 298588010.2
SCHAUMANN PROP SCHAU BY -101428498.9 298588010.2
SCHAUMANN PROP SCHAU EO -101428498.9 298588010.2
SCHAUMANN PROP SCHAUEUR EO -101428498.9 298588010.2
SCHAUMANN PROP SCHAUEUR EU -101428498.9 298588010.2
SCHAUMANN PROP SCHAU EU -101428498.9 298588010.2
FRANCE
------
3 SUISSES FRANCE 4724713Z FP -151969329.6 262408720
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GERMANY
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GREECE
------
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ICELAND
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ITALY
-----
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TISCALI SPA- RTS 3391621Q GR -158576909.6 500626222.7
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VALEO SPA 3897442Z IM -55996.80114 165209720.2
VIA CAVOUR SRL 3997892Z IM -2002622.441 173628397.1
LUXEMBOURG
----------
ARCELORMITTAL FL 3912244Z LX -1024313669 3328008487
CARRIER1 INT-AD+ CONE ES -94729000 472360992
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CARRIER1 INTL 8133893Q GR -94729000 472360992
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INTELSAT ILMA GR -697038976 17592367104
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OXEA SARL 3682535Z LX -78371220.13 1013737294
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NETHERLANDS
-----------
ADAMAR AMSTERDAM 4049157Z NA -5256671.097 108813893.8
ALFRED C TOEPFER 4062117Z NA -1843317.436 1689194175
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NORWAY
------
AFRICA OFFSHORE AOSA NO -238595008 399271008
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INTEROIL EXPLORA IOX EU -71383000 195320000
INTEROIL EXPLORA IOX PZ -71383000 195320000
INTEROIL EXPLORA IOXEUR EU -71383000 195320000
INTEROIL EXPLORA IOXUSD EO -71383000 195320000
INTEROIL EXPLORA IOX IX -71383000 195320000
INTEROIL EXPLORA IOXEUR EO -71383000 195320000
INTEROIL EXPLORA INOX NO -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
MARINE SUBSEA AS MSAS NO -238595008 399271008
MASTER & COMMAND 4443393Z NO -3848.57586 105559612
NCC CONSTRUCTION 4389745Z NO -17444019.96 371204059.2
NCC ROADS AS 4401305Z NO -7603911.224 151509155.9
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NORSK STEIN AS 4394889Z NO -2509971.202 184248999.1
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PETRO GEO-SERV PGS VX -18066142.21 399710323.6
PETRO GEO-SERV 265143Q NO -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 PGSA GR -18066142.21 399710323.6
PETRO GEO-SV-ADR PGOGY US -18066142.21 399710323.6
PETROJACK AS JACKEUR EO -54932000 191586000
PETROJACK AS JACK BY -54932000 191586000
PETROJACK AS JACK EU -54932000 191586000
PETROJACK AS P3J GR -54932000 191586000
PETROJACK AS JACK EO -54932000 191586000
PETROJACK AS JACO IX -54932000 191586000
PETROJACK AS JACK PZ -54932000 191586000
PETROJACK AS JACK NO -54932000 191586000
PETROJACK AS JACKEUR EU -54932000 191586000
PETROJACK AS POJKF US -54932000 191586000
PETROMENA AS PMEN IX -47299000 317747008
PETROMENA AS PMENA NO -47299000 317747008
PETROMENA AS PMENA EU -47299000 317747008
PETROMENA AS PR2 GR -47299000 317747008
PETROMENA AS MENA NO -47299000 317747008
PETROMENA AS PMENA PZ -47299000 317747008
PETROMENA AS PMENA EO -47299000 317747008
PETROMENA AS PMENAEUR EO -47299000 317747008
PETROMENA AS PMENF US -47299000 317747008
PETROMENA AS PMENAEUR EU -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
------
KROSNO KROS IX -2241615.44 111838141.2
KROSNO KRS PW -2241615.44 111838141.2
KROSNO KRS1EUR EU -2241615.44 111838141.2
KROSNO KRS1EUR EO -2241615.44 111838141.2
KROSNO KRS LI -2241615.44 111838141.2
KROSNO SA KRS PZ -2241615.44 111838141.2
KROSNO SA KROSNO PW -2241615.44 111838141.2
KROSNO SA KRS1 EU -2241615.44 111838141.2
KROSNO SA KRNFF US -2241615.44 111838141.2
KROSNO SA KRS1 EO -2241615.44 111838141.2
KROSNO SA-RTS KRSP PW -2241615.44 111838141.2
KROSNO-PDA-ALLT KRSA PW -2241615.44 111838141.2
TOORA 2916661Q EO -288818.3897 147004954.2
TOORA 2916665Q EU -288818.3897 147004954.2
TOORA TOR PZ -288818.3897 147004954.2
TOORA TOR PW -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 -63194407.2 123417394.8
CO DAS ENERGIAS 3794880Z PL -2540034.474 115717930.4
CP - COMBOIOS DE 1005Z PL -3201667702 2260472073
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 DO DIVI 3789932Z PL -38574192.3 217870602.5
HOSPITAL GARCIA 3773160Z PL -48058398.4 155137981.5
LOCACAO DE EQUIP 4772329Z PL -1031872.211 425561447.8
LYCATELCOM LDA 4281821Z PL -8577510.562 109410577.8
METRO DO PORTO 4473963Z PL -1539365046 3027538897
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 -366661049.9 152577542.7
SPORTING CLUBE D SCDF EU -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 SCP1 PZ -65884328.13 251276323.4
SPORTING CLUBE D SCPX PX -65884328.13 251276323.4
SPORTING CLUBE D SCDF EO -65884328.13 251276323.4
SPORTING-SOC DES SCDF PL -65884328.13 251276323.4
SPORTING-SOC DES SCPL IX -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 RO -89344240.83 511515508.8
OLTCHIM SA RM VA OLT PZ -89344240.83 511515508.8
OLTCHIM SA RM VA OLTEUR EO -89344240.83 511515508.8
OLTCHIM SA RM VA OLT EU -89344240.83 511515508.8
OLTCHIM SA RM VA OLTEUR EU -89344240.83 511515508.8
OLTCHIM SA RM VA OLT EO -89344240.83 511515508.8
RAFO SA RAF RO -457922310.7 356796459.3
RUSSIA
------
AKCIONERNOE-BRD SOVP$ RU -72210975.94 456200360.2
ALLIANCE RUSSIAN ALRT RU -13189410.9 138268688.3
AMO ZIL ZILL RM -204894835.3 401284636
AMO ZIL-CLS ZILL RU -204894835.3 401284636
AMO ZIL-CLS ZILL* RU -204894835.3 401284636
AMO ZIL-CLS ZILLG RU -204894835.3 401284636
CRYOGENMASH-BRD KRGM* RU -22826263.97 214573431.2
CRYOGENMASH-BRD KRGM RU -22826263.97 214573431.2
CRYOGENMASH-PFD KRGMP* RU -22826263.97 214573431.2
CRYOGENMASH-PFD KRGMP RU -22826263.97 214573431.2
DAGESTAN ENERGY DASBG RU -29561959.6 232757864.4
DAGESTAN ENERGY DASB RM -29561959.6 232757864.4
DAGESTAN ENERGY DASB RU -29561959.6 232757864.4
DAGESTAN ENERGY DASB* RU -29561959.6 232757864.4
EAST-SIBERIA-BRD VSNK* RU -92283895.48 299864149.8
EAST-SIBERIA-BRD VSNK RU -92283895.48 299864149.8
EAST-SIBERIAN-BD VSNK$ RU -92283895.48 299864149.8
FINANCIAL LEASIN 137282Z RU -127155421.5 341759794.6
FINANCIAL LEASIN FLKO RU -127155421.5 341759794.6
FINANCIAL LEASIN FLKO* RU -127155421.5 341759794.6
FINANCIAL LEASIN FLKO RM -127155421.5 341759794.6
GAZ-FINANS GAZF RU -56134.51262 232319905.4
GUKOVUGOL GUUG RU -57835249.92 143665227.2
GUKOVUGOL GUUG* RU -57835249.92 143665227.2
GUKOVUGOL-PFD GUUGP RU -57835249.92 143665227.2
GUKOVUGOL-PFD GUUGP* RU -57835249.92 143665227.2
HALS-DEVEL- GDR 86PN LI -588515968 1446112000
HALS-DEVELOPMENT HALS TQ -588515968 1446112000
HALS-DEVELOPMENT SYR GR -588515968 1446112000
HALS-DEVELOPMENT HALS* RU -588515968 1446112000
HALS-DEVELOPMENT HALS LI -588515968 1446112000
HALS-DEVELOPMENT HALS RU -588515968 1446112000
HALS-DEVELOPMENT HALS RM -588515968 1446112000
HALS-DEVELOPMENT HALSM RU -588515968 1446112000
HALS-DEVELOPMENT HALSG RU -588515968 1446112000
IZHAVTO OAO IZAV RU -94100833.99 443610329.4
KAMSKAYA GORNAYA 2806239Z RU -527803788.8 1311868884
KOMPANIYA GL-BRD GMST RU -2412499.797 1202818434
KOMPANIYA GL-BRD GMST* RU -2412499.797 1202818434
KUZNETSOV-BRD MTSTP RU -11247039.53 390269032.2
KUZNETSOV-BRD MTSTP* RU -11247039.53 390269032.2
KUZNETSOV-BRD MTST* RU -11247039.53 390269032.2
KUZNETSOV-BRD MTST RU -11247039.53 390269032.2
M-INDUSTRIYA SOMI RU -1304109.982 267288804.8
MURMANSKAYA-PFD MUGSP RU -26491726.33 140103923.5
MURMANSKAYA-PFD MUGSPG RU -26491726.33 140103923.5
MURMANSKAYA-PFD MUGSP* RU -26491726.33 140103923.5
MURMANSKAY-CLS MUGS* RU -26491726.33 140103923.5
MURMANSKAY-CLS MUGSG RU -26491726.33 140103923.5
MURMANSKAY-CLS MUGS RU -26491726.33 140103923.5
NIZHEGORODSK-BRD NASO RU -24264468.23 426748912.4
NIZHEGORODSK-BRD NASO* RU -24264468.23 426748912.4
NIZHEGORODSKI-B NASO$ RU -24264468.23 426748912.4
NIZHEGORODS-P B$ NASOP$ RU -24264468.23 426748912.4
NIZHEGORODS-PFD NASOP RU -24264468.23 426748912.4
NIZHEGORODS-PFD NASOP* RU -24264468.23 426748912.4
NIZHMASHZAVO-BRD NMSZ* RU -11553901.84 372915429.4
NIZHMASHZAVO-BRD NMSZ RU -11553901.84 372915429.4
NIZHMASHZAVOD-BD NMSZ$ RU -11553901.84 372915429.4
NIZHMASHZAVO-PFD NMSZP* RU -11553901.84 372915429.4
NIZHMASHZAVO-PFD NMSZP RU -11553901.84 372915429.4
OAO SIBNEFTEGAZ SIGA RU -8733178.141 757597617.2
PENOPLEX-FINANS PNPF RU -839659.3715 147052027.7
PIK GROUP PIKK RU -65334860.95 4000687446
PIK GROUP PIKK* RU -65334860.95 4000687446
PIK GROUP PIKKG RU -65334860.95 4000687446
PIK GROUP PIKK RM -65334860.95 4000687446
PIK GROUP-GDR PIQ2 GR -65334860.95 4000687446
PIK GROUP-GDR PIK EU -65334860.95 4000687446
PIK GROUP-GDR PIK1 QM -65334860.95 4000687446
PIK GROUP-GDR PIK1 EO -65334860.95 4000687446
PIK GROUP-GDR PIK LI -65334860.95 4000687446
PIK GROUP-GDR PIK EB -65334860.95 4000687446
PIK GROUP-GDR PIK TQ -65334860.95 4000687446
PIK GROUP-GDR PKGPL US -65334860.95 4000687446
PIK GROUP-GDR PIK IX -65334860.95 4000687446
PROMTRACTOR-FINA PTRF RU -27519567.06 259128529.5
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
SEVERNAYA KAZNA SVKB RU -53030865.11 292154903.1
SEVERNAYA KAZNA SVKB* RU -53030865.11 292154903.1
SEVKABEL-FINANS SVKF RU -83036.46173 102680373.6
SISTEMA HALS-GDR HALS IX -588515968 1446112000
SISTEMA-GDR 144A SEMAL US -588515968 1446112000
URGALUGOL-BRD YRGL* RU -10942680.75 149416034.2
URGALUGOL-BRD YRGL RU -10942680.75 149416034.2
URGALUGOL-BRD-PF YRGLP RU -10942680.75 149416034.2
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 -72210975.94 456200360.2
VIMPEL SHIP-BRD SOVP* RU -72210975.94 456200360.2
VOLGOGRAD KHIM VHIM* RU -46674128.45 156690406.4
VOLGOGRAD KHIM VHIM RU -46674128.45 156690406.4
WILD ORCHID ZAO DOAAN RU -11716087.47 106082784.6
ZIL AUTO PLANT ZILL$ RU -204894835.3 401284636
ZIL AUTO PLANT-P ZILLP RU -204894835.3 401284636
ZIL AUTO PLANT-P ZILLP RM -204894835.3 401284636
ZIL AUTO PLANT-P ZILLP* RU -204894835.3 401284636
SERBIA
------
DUVANSKA DIVR SG -46938765.41 107525048.4
SLOVENIA
--------
ISTRABENZ ITBG PZ -3710053.919 1192276746
ISTRABENZ ITBG SV -3710053.919 1192276746
ISTRABENZ ITBG EO -3710053.919 1192276746
ISTRABENZ ITBG EU -3710053.919 1192276746
SPAIN
-----
ACTUACIONES ACTI AGR SM -57871829.5 772519224.5
ADT ESPANA SERVI 3632899Z SM -26498520.4 149454497.1
AGRUPACIO - RT AGR/D SM -57871829.5 772519224.5
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
ATLANTIC COPPER 4512291Z SM -15995873.26 1016941910
AURIGACROWN CAR 3791672Z SM -9696329.512 319009666.2
BASF CONSTRUCTIO 4511259Z SM -175550365.3 296395765.4
BIMBO SA 3632779Z SM -6894386.116 162399487.1
BOSCH SISTEMAS D 4505475Z SM -295419977.8 205556877.2
BOUYGUES INMOBIL 3636247Z SM -13608696.28 203210905.9
CAIXARENTING SA 4500211Z SM -7390432.998 1722091946
CAJA DE AHORROS 929362Z SM -361326816.2 37311046644
CELAYA EMPARANZA 3642467Z SM -19428468.87 176340504.9
COPERFIL GROUP 704457Z SM -3700858.975 403826723
DTZ IBERICA ASES 1658Z SM -130770583.4 611187363
ELECTRODOMESTICO 1035184Z SM -89882980.98 104386627.5
EXPO-AN SA 569882Z SM -14692346.37 324154549.3
FABRICAS AGRUPAD 3638319Z SM -28683704.97 205880655
FACTORIA NAVAL D 3748456Z SM -91596638.83 155617881.8
FBEX PROMO INMOB 3745024Z SM -820001.0305 1142937522
FERGO AISA -RTS AISA/D SM -57871829.5 772519224.5
FERGO AISA SA AISA PZ -57871829.5 772519224.5
FERGO AISA SA AISA EU -57871829.5 772519224.5
FERGO AISA SA AISA SM -57871829.5 772519224.5
FERGO AISA SA AISA EO -57871829.5 772519224.5
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
GE REAL ESTATE I 2814684Z SM -47072259.92 609515984.5
GENERAL MOTORS E 4286805Z SM -323089753.8 2783002632
GLENCORE ESPANA 3752336Z SM -24493084.81 140668008
HIDROCANTABRICO 4456745Z SM -245397523.6 513745817
HUNE PLATAFORMAS 4284309Z SM -34729576.87 417379212.5
ISOFOTON SA 1039291Z SM -401482382 218392769.3
JAZZ TELECOM SA 3646927Z SM -739593798.9 803977667
LA SIRENA ALIMEN 4375737Z SM -60779557.1 206592562.2
LEVANTINA Y ASOC 993382Z SM -289550685.8 672488470.2
MAGNETI MARELLI 3643903Z SM -6218714.533 169480205.1
MARTINSA FADESA MTF1 LI -3883366101 6592778504
MARTINSA FADESA MFAD PZ -3883366101 6592778504
MARTINSA FADESA MTF EU -3883366101 6592778504
MARTINSA FADESA MTF SM -3883366101 6592778504
MARTINSA FADESA 4PU GR -3883366101 6592778504
MARTINSA FADESA MTF EO -3883366101 6592778504
MARTINSA-FADESA MTF NR -3883366101 6592778504
NYESA VALORES CO NYE TQ -99766729.91 812943907.9
NYESA VALORES CO NYE EU -99766729.91 812943907.9
NYESA VALORES CO BES SM -99766729.91 812943907.9
NYESA VALORES CO BESS PZ -99766729.91 812943907.9
NYESA VALORES CO 7NY GR -99766729.91 812943907.9
NYESA VALORES CO BES EU -99766729.91 812943907.9
NYESA VALORES CO BES TQ -99766729.91 812943907.9
NYESA VALORES CO NYE SM -99766729.91 812943907.9
NYESA VALORES CO BES EO -99766729.91 812943907.9
NYESA VALORES CO NYE EO -99766729.91 812943907.9
ORANGE CATALUNYA 4365565Z SM -25422547.72 113962331.9
PANRICO SL 1087Z SM -372238069.5 1219319614
PLANES E INVERSI 3795524Z SM -72863651.9 220131915.6
PULLMANTUR SA 301590Z SM -84915226.97 196732982.8
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RENTA CORP REN1GBP EO -55365883.37 289916358.5
RENTA CORP RENS PZ -55365883.37 289916358.5
RENTA CORP REN1GBX EU -55365883.37 289916358.5
RENTA CORP REN1GBX EO -55365883.37 289916358.5
RENTA CORP REN1USD EO -55365883.37 289916358.5
RENTA CORP RTACF US -55365883.37 289916358.5
RENTA CORP REN1 EO -55365883.37 289916358.5
RENTA CORP REN1 EU -55365883.37 289916358.5
RENTA CORP REN1USD EU -55365883.37 289916358.5
RENTA CORP REN1 TQ -55365883.37 289916358.5
RENTA CORP REN SM -55365883.37 289916358.5
RENTA CORP REAL REN/D SM -55365883.37 289916358.5
REYAL URBIS SA REY1 EU -699015340.8 5992489048
REYAL URBIS SA REY SM -699015340.8 5992489048
REYAL URBIS SA REYU PZ -699015340.8 5992489048
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SA DE SUPERMERCA 4373489Z SM -24370843.85 162576231.9
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SPANAIR 1174Z SM -172531031.3 375809287.4
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 -29242607.48 104149119.2
TROPICAL TURISTI 3639071Z SM -25374266.69 535701945
TYCO ELECTRONICS 2335265Z SM -143512076.6 258441853.6
UNITEC UNION TIE 3801344Z SM -23207409.48 131213302.5
VIA OPERADOR PET 4510507Z SM -22002322.05 129961207.4
VILLAVINAS SL 3790664Z SM -4071759.503 112727175.1
SWEDEN
------
ATTENDO AB 4452873Z SS -58148252.61 1244996834
CARLSBERG SVERIG 4008900Z SS -7398371.724 324772773.9
KAROLINEN FASTIG 4008644Z SS -906745.1282 122777361.3
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SWEDISH MAT-ADR SWMA GR -284909084.5 2094817513
SWEDISH MAT-ADR 3053566Q US -284909084.5 2094817513
SWEDISH MATCH SWD LI -284909084.5 2094817513
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SWEDISH MATCH AB SWMAUSD EO -284909084.5 2094817513
SWEDISH MATCH AB SWMAEUR EO -284909084.5 2094817513
SWEDISH MATCH AB SWMA EO -284909084.5 2094817513
SWEDISH MATCH AB SWMA EU -284909084.5 2094817513
SWEDISH MATCH AB SWM VX -284909084.5 2094817513
SWEDISH MATCH AB SWMAEUR EU -284909084.5 2094817513
SWEDISH MATCH AB SWM TH -284909084.5 2094817513
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SWEDISH MATCH AB SWMA IX -284909084.5 2094817513
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SIMON CARVES LTD 1209367Z LN -309426997.2 105356699.7
SKANDIA LIFE BUS 1451642Z LN -1945833.316 191394739.6
SKYEPHARMA PLC SKPEUR EU -133034755.3 130464035.4
SKYEPHARMA PLC SKP VX -133034755.3 130464035.4
SKYEPHARMA PLC SKP1 EO -133034755.3 130464035.4
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SKYEPHARMA PLC SK8C GR -133034755.3 130464035.4
SKYEPHARMA PLC SKP1 VX -133034755.3 130464035.4
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SKYEPHARMA PLC SKPGBP EO -133034755.3 130464035.4
SKYEPHARMA PLC SKP IX -133034755.3 130464035.4
SKYEPHARMA PLC SKP8 EO -133034755.3 130464035.4
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SKYEPHARMA PLC SKP9 EO -133034755.3 130464035.4
SKYEPHARMA PLC SKP EO -133034755.3 130464035.4
SKYEPHARMA PLC SKP TQ -133034755.3 130464035.4
SKYEPHARMA PLC SKPEUR EO -133034755.3 130464035.4
SKYEPHARMA PLC SKP PZ -133034755.3 130464035.4
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SKYEPHARMA PLC SKP LN -133034755.3 130464035.4
SKYEPHARMA PLC SK8A GR -133034755.3 130464035.4
SKYEPHARMA PLC SKP PO -133034755.3 130464035.4
SKYEPHARMA PLC SKP EU -133034755.3 130464035.4
SKYEPHARMA PLC SKP BQ -133034755.3 130464035.4
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SKYEPHARMA-ADR SKYE US -133034755.3 130464035.4
SKYEPHARMA-ADR SK8N GR -133034755.3 130464035.4
SKYEPHARMA-ADR SKYEY US -133034755.3 130464035.4
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SMG PLC SMG LN -36632758.71 143156965
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SMITHS NEWS PLC NWS1 EU -96686010.48 285345604
SMITHS NEWS PLC NWS2GBP EO -96686010.48 285345604
SMITHS NEWS PLC NWS8 EO -96686010.48 285345604
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SMITHS NEWS PLC NWS7 EO -96686010.48 285345604
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SMITHS NEWS PLC NWS2 EU -96686010.48 285345604
SMITHS NEWS PLC NWS2 TQ -96686010.48 285345604
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SMITHS NEWS PLC NWS2EUR EU -96686010.48 285345604
SMITHS NEWS PLC NWS IX -96686010.48 285345604
SMITHS NEWS PLC NWS4 EO -96686010.48 285345604
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SMITHS NEWS PLC NWS1GBP EO -96686010.48 285345604
SMITHS NEWS PLC NWS PZ -96686010.48 285345604
SMITHS NEWS PLC NWS9 EO -96686010.48 285345604
SMITHS NEWS PLC NWS12 EO -96686010.48 285345604
SMITHS NEWS PLC NWS LN -96686010.48 285345604
SMITHS NEWS PLC NWS VX -96686010.48 285345604
SMITHS NEWS PLC NWS1 BQ -96686010.48 285345604
SMITHS NEWS PLC NWS1 EO -96686010.48 285345604
SMITHS NEWS PLC NWS PO -96686010.48 285345604
SMITHS NEWS PLC NWS6 EO -96686010.48 285345604
SMITHS NEWS PLC NWS5 EO -96686010.48 285345604
SONY COMPUTER EN 3893902Z LN -527371383.9 1289099673
SONY DADC UK LTD 4007652Z LN -758038.3706 131666251.9
SONY UNITED KING 1591658Z LN -1219147829 2550391748
SOUTH STAFFORDSH 4049781Z LN -12127094.81 148602864.7
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SOUTHERN CROSS SCHE3 EO -456945463.9 226544692
SOUTHERN CROSS SCHE EO -456945463.9 226544692
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SOUTHERN CROSS SCHEUSD EO -456945463.9 226544692
SOUTHERN CROSS SCHE EU -456945463.9 226544692
SOUTHERN CROSS SCHE S1 -456945463.9 226544692
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SOUTHERN CROSS SCHEEUR EU -456945463.9 226544692
SOUTHERN CROSS SCHE VX -456945463.9 226544692
SOUTHERN CROSS SCHE LN -456945463.9 226544692
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SOUTHERN CROSS SCHE TQ -456945463.9 226544692
SOUTHERN CROSS SCHEEUR EO -456945463.9 226544692
SOUTHERN CROSS SCHE NR -456945463.9 226544692
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SOUTHERN ELECTRI 2635379Z LN -259913242.1 1437660480
SPEAR GROUP HOLD 4470999Z LN -91133585.59 140447896.6
SPEEDY 1 LTD 3722238Z LN -464739433.2 1384529500
SPEEDY SUPPORT S 1601730Z LN -34304692.53 146096457.3
SPIRIT PUB CO PL SPRT EU -797310760.5 3657116792
SPIRIT PUB CO PL SPRT NR -797310760.5 3657116792
SPIRIT PUB CO PL SPRT EO -797310760.5 3657116792
SPIRIT PUB CO PL SPRT QM -797310760.5 3657116792
SPIRIT PUB CO PL SPRT TQ -797310760.5 3657116792
SPIRIT PUB CO PL SPRT IX -797310760.5 3657116792
SPIRIT PUB CO PL SPRT BQ -797310760.5 3657116792
SPIRIT PUB CO PL SPRT EB -797310760.5 3657116792
SPIRIT PUB CO PL S7I GR -797310760.5 3657116792
SPIRIT PUB CO PL SPRT PZ -797310760.5 3657116792
SPIRIT PUB CO PL SPRT LN -797310760.5 3657116792
SQUARE ENIX LTD 1826770Z LN -223995033.8 278955082.2
SR TECHNICS UK L 2900250Z LN -87572452.23 179843123.8
STAGECOACH SERVI 1584258Z LN -27470918.93 305042241.9
STV GROUP PLC STVG EU -36632758.71 143156965
STV GROUP PLC SMGPF US -36632758.71 143156965
STV GROUP PLC STVGGBP EO -36632758.71 143156965
STV GROUP PLC STVG LN -36632758.71 143156965
STV GROUP PLC SMG VX -36632758.71 143156965
STV GROUP PLC STVGEUR EU -36632758.71 143156965
STV GROUP PLC STVG VX -36632758.71 143156965
STV GROUP PLC SMG PZ -36632758.71 143156965
STV GROUP PLC STVG S1 -36632758.71 143156965
STV GROUP PLC STVG EO -36632758.71 143156965
STV GROUP PLC STVGEUR EO -36632758.71 143156965
STV GROUP PLC SMG IX -36632758.71 143156965
SUN CHEMICAL LTD 2569274Z LN -21504458.55 276424178.5
SUNDERLAND ASSOC 1274418Z LN -30559441.44 144949782.5
SUNSAIL LTD 1092666Z LN -37047891.81 193976501.7
SW NO 1 LTD 1266351Z LN -127509303.4 140986934.8
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TATA CMMNCTNS UK 2534722Z LN -32378969.15 118690215.5
TDL INFOMEDIA 3362Z LN -25723860.05 136762955.6
TELEWEST COM-ADR TWSTD US -3702234581 7581020925
TELEWEST COM-ADR TWT$ LN -3702234581 7581020925
TELEWEST COM-ADR TWSTY US -3702234581 7581020925
TELEWEST COM-ADR 940767Q GR -3702234581 7581020925
TELEWEST COMM TWSTF US -3702234581 7581020925
TELEWEST COMM 715382Q LN -3702234581 7581020925
TELEWEST COMM TWT VX -3702234581 7581020925
TELEWEST COMM 604296Q GR -3702234581 7581020925
TELEWEST COMMUNI 1646328Z LN -322407498.9 794173871.1
TELEWEST COMMUNI 1608194Z LN -459786702.9 9163459022
THALES CORPORATE 1083706Z LN -39356881.83 696177878.8
THAMES WATER FIN 1615Z LN -48749918.54 4474513723
THORN EMI PLC THNE FP -2265916257 2950021937
THORN EMI-ADR THN$ LN -2265916257 2950021937
THORN EMI-ADR TORNY US -2265916257 2950021937
THORN EMI-CDR THN NA -2265916257 2950021937
THORN EMI-REGD 1772Q GR -2265916257 2950021937
TIGER ASPECT PRO 1819690Z LN -1811042.92 108420699.7
TIMES NEWSPAPERS 2343939Z LN -653746579.6 603467606.2
TOPPS TILES PLC TPT5 EO -37156577.81 134888367.5
TOPPS TILES PLC TPT3 EO -37156577.81 134888367.5
TOPPS TILES PLC TPT LN -37156577.81 134888367.5
TOPPS TILES PLC TPT VX -37156577.81 134888367.5
TOPPS TILES PLC TPTJY US -37156577.81 134888367.5
TOPPS TILES PLC TPT6 EO -37156577.81 134888367.5
TOPPS TILES PLC TPTJF US -37156577.81 134888367.5
TOPPS TILES PLC TPT7 EO -37156577.81 134888367.5
TOPPS TILES PLC TPT PO -37156577.81 134888367.5
TOPPS TILES PLC TPT S1 -37156577.81 134888367.5
TOPPS TILES PLC TPT EO -37156577.81 134888367.5
TOPPS TILES PLC TPT4 EO -37156577.81 134888367.5
TOPPS TILES PLC TPT2 EO -37156577.81 134888367.5
TOPPS TILES PLC TPT1 EO -37156577.81 134888367.5
TOPPS TILES PLC TPT TQ -37156577.81 134888367.5
TOPPS TILES PLC TPTEUR EU -37156577.81 134888367.5
TOPPS TILES PLC TPTGBP EO -37156577.81 134888367.5
TOPPS TILES PLC TPT9 EO -37156577.81 134888367.5
TOPPS TILES PLC TPT10 EO -37156577.81 134888367.5
TOPPS TILES PLC TPT IX -37156577.81 134888367.5
TOPPS TILES PLC TPTEUR EO -37156577.81 134888367.5
TOPPS TILES PLC TPT PZ -37156577.81 134888367.5
TOPPS TILES PLC TPT EU -37156577.81 134888367.5
TOPPS TILES PLC TPT BQ -37156577.81 134888367.5
TOPPS TILES PLC TPT8 EO -37156577.81 134888367.5
TOPPS TILES-NEW TPTN LN -37156577.81 134888367.5
TOTAL UK LTD 3897130Z LN -61225906.13 2907445594
TRAVELEX HOLDING 2917958Z LN -1298945101 2546701094
TRAVELODGE LTD 3471462Z LN -515411329.9 1254613472
TRINITY MIRROR C 1871386Z LN -53485246.17 204376308.9
TRINITY MIRROR M 1871370Z LN -140843056.8 448783505.1
TRINITY MIRROR P 1511258Z LN -123528659.2 920027091.7
TRINITY MIRROR S 1512242Z LN -3205761.051 531281737.1
TSE DEVELOPMENT 2087531Z LN -297696548.3 510522326.8
TUBE LINES FINAN 1241207Z LN -2914999.962 2408518672
TUI UK LTD 1653824Z LN -913811298.8 5088088830
TYCO HEALTHCARE 1066794Z LN -13601743.4 333686519
UNIGATE PLC UNIG LN -34143742.45 284687094.6
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UNIGATE PLC UNGAF US -34143742.45 284687094.6
UNIGATE PLC UNGPF US -34143742.45 284687094.6
UNIGATE PLC-ADR UNGAY US -34143742.45 284687094.6
UNILEVER UK CENT 1273034Z LN -1928848885 6056871052
UNIQ PLC UNIQEUR EU -34143742.45 284687094.6
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UNIQ PLC UNIQF US -34143742.45 284687094.6
UNIQ PLC UNIQ PZ -34143742.45 284687094.6
UNIQ PLC UNIQ IX -34143742.45 284687094.6
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UNIQ PLC UNIQ VX -34143742.45 284687094.6
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UNITED BISCUITS 3193858Z LN -326896245.3 3316769414
UNIVERSAL LEASIN 2581586Z LN -28690420.23 155128729.2
UNIVERSAL PICTUR 1083202Z LN -66200436.83 242851864.9
UPS LTD 1503290Z LN -128358198.9 422072199.6
UTC GROUP UGR LN -11904428.42 203548565
VALE OF AYLESBUR 4006932Z LN -73416860.01 100856530.6
VANCO UK LTD 2784982Z LN -56556541 114635709.2
VINK HOLDINGS LT 4380233Z LN -13477348.26 132005020.2
VIRGIN HOTELS GR 4288389Z LN -30191249.31 109995632.6
VIRGIN MOB-ASSD VMOC LN -392165409.3 166070003.7
VIRGIN MOB-ASSD VMOA LN -392165409.3 166070003.7
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VIRGIN MOBILE VGMHF US -392165409.3 166070003.7
VIRGIN MOBILE UEM GR -392165409.3 166070003.7
VIRGIN WINGS LTD 4500155Z LN -410616776.7 5155268566
VODAFONE UK CONT 1909662Z LN -36036445.35 241077469.5
VOYAGE GROUP LTD 4168725Z LN -89543682.76 572205624
WALES & WEST UTI 3688061Z LN -784167196.7 2080276139
WARNER ESTATE WNER PO -17991567.99 433564660.8
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WARNER ESTATE WNER LN -17991567.99 433564660.8
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WARNER ESTATE WNER VX -17991567.99 433564660.8
WARNER ESTATE WNEHF US -17991567.99 433564660.8
WARNER ESTATE WRL GR -17991567.99 433564660.8
WARNER ESTATE WNER EU -17991567.99 433564660.8
WARNER ESTATE WNER IX -17991567.99 433564660.8
WARNER MUSIC UK 1075906Z LN -30035535.27 103148268.1
WATSON & PHILIP WTSN LN -120493900 252232072.9
WEAVER VALE HOUS 3953220Z LN -60271595.72 104022836.2
WEETABIX LTD-A WEEBF US -397652099.9 909970808.9
WEETABIX LTD-A WTB OF -397652099.9 909970808.9
WESCOT TOPCO LTD 4007020Z LN -28467510.91 115035189
WEST HAM UNITED 1275834Z LN -60233495.23 174701255.1
WESTBURY HOTEL L 1214607Z LN -541051.7845 357290768.3
WHELCO HOLDINGS 2741744Z LN -1295249.714 100781831
WHITE YOUNG GREE WHY EO -32392901.23 196106689.5
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WHITE YOUNG GREE WHYEUR EU -32392901.23 196106689.5
WHITE YOUNG GREE WHY LN -32392901.23 196106689.5
WHITE YOUNG GREE WHY VX -32392901.23 196106689.5
WHITE YOUNG GREE WHY PZ -32392901.23 196106689.5
WHITE YOUNG GREE WHY PO -32392901.23 196106689.5
WHITE YOUNG GREE WHY EU -32392901.23 196106689.5
WHITE YOUNG-NEW WHYN LN -32392901.23 196106689.5
WIGHTLINK LTD 1385642Z LN -15131435.92 231775265.6
WINCANTON PL-ADR WNCNY US -171883729.9 1378925175
WINCANTON PLC WIN4 EO -171883729.9 1378925175
WINCANTON PLC WIN1EUR EO -171883729.9 1378925175
WINCANTON PLC WIN1 EO -171883729.9 1378925175
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WINCANTON PLC WIN1 EB -171883729.9 1378925175
WINCANTON PLC WIN7 EO -171883729.9 1378925175
WINCANTON PLC WIN12 EO -171883729.9 1378925175
WINCANTON PLC WIN IX -171883729.9 1378925175
WINCANTON PLC WIN1 NQ -171883729.9 1378925175
WINCANTON PLC WIN1 EU -171883729.9 1378925175
WINCANTON PLC WIN6 EO -171883729.9 1378925175
WINCANTON PLC WIN11 EO -171883729.9 1378925175
WINCANTON PLC WIN8 EO -171883729.9 1378925175
WINCANTON PLC WIN1 TQ -171883729.9 1378925175
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WINCANTON PLC WIN10 EO -171883729.9 1378925175
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WINCANTON PLC WIN1 BQ -171883729.9 1378925175
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WINCANTON PLC WIN1 S1 -171883729.9 1378925175
WINCANTON PLC WIN LN -171883729.9 1378925175
WINCANTON PLC WIN VX -171883729.9 1378925175
WINCANTON PLC WIN1 QM -171883729.9 1378925175
WINCANTON PLC WIN5 EO -171883729.9 1378925175
WINCANTON PLC WIN1USD EU -171883729.9 1378925175
WINCANTON PLC WIN PO -171883729.9 1378925175
WINCANTON PLC WIN1EUR EU -171883729.9 1378925175
WINCANTON PLC WNCNF US -171883729.9 1378925175
WINDSOR TELEVISI 1475394Z LN -232297665.7 340517582.8
WINTERTHUR FINAN 1353474Z LN -5097471.01 146472274
WYG PLC WYG2 EO -32392901.23 196106689.5
WYG PLC WYG5 EO -32392901.23 196106689.5
WYG PLC WYG3 EO -32392901.23 196106689.5
WYG PLC WYG6 EO -32392901.23 196106689.5
WYG PLC WYG EU -32392901.23 196106689.5
WYG PLC WYGGBP EO -32392901.23 196106689.5
WYG PLC WYG4 EO -32392901.23 196106689.5
WYG PLC WYG7 EO -32392901.23 196106689.5
WYG PLC WYG8 EO -32392901.23 196106689.5
WYG PLC WHY IX -32392901.23 196106689.5
WYG PLC WYG PZ -32392901.23 196106689.5
WYG PLC WYG EO -32392901.23 196106689.5
WYG PLC WYG1 EO -32392901.23 196106689.5
WYG PLC WYGEUR EU -32392901.23 196106689.5
WYG PLC WYG LN -32392901.23 196106689.5
WYG PLC WYGEUR EO -32392901.23 196106689.5
XAARJET LTD 2697648Z LN -3938911.173 102239864.3
XCHANGING UK LTD 1814130Z LN -33399235.51 334395990.3
XSTRATA SERVICES 1975918Z LN -88056666.54 169405671
YANG MING UK LTD 1756777Z LN -39140424.52 296076088.5
YARLINGTON HOUSI 4435313Z LN -18443811.91 276648958.8
YOUNG'S BLUECRES 1841386Z LN -46554226.38 279057376.4
ZURICH EMPLOYMEN 1292298Z LN -122911831.6 159138559.6
*********
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, 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 * * *