/raid1/www/Hosts/bankrupt/TCREUR_Public/120417.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, April 17, 2012, Vol. 13, No. 76
Headlines
G E R M A N Y
BAYERISCHE LANDESBANK: Fitch Affirms CCC Rating on US$850MM Secs.
G R E E C E
TOP SHIPS: Deloitte Hadjipavlou Raises Going Concern Doubt
L U X E M B O U R G
INTELSAT JACKSON: S&P Keeps 'B' Rating on US$1.8BB Senior Notes
INTELSAT SA: Unit to Purchase 9 1/2 and 11 1/4 Senior Notes
INTELSAT SA: Subsidiary to Offer US$800 Mil. 7-1/4 Senior Notes
N E T H E R L A N D S
LEO-MESDAG BV: S&P Lowers Ratings on Two Note Classes to 'B-'
N O R W A Y
STOREBRAND ASA: Moody's Issues Summary Credit Opinion
P O R T U G A L
PORTUGAL TELECOM: Moody's Cuts CFR to 'Ba2'; Outlook Negative
R O M A N I A
COMINCO: Declared Bankrupt by Court
R U S S I A
AK YAKUTSKENERGO: Fitch Affirms Issuer Default Rating at 'BB'
RSG INT'L: S&P Assigns 'B-' Long-Term Corporate Credit Rating
RUSHYDRO OSJC: S&P Affirms 'BB+/B' Corporate Credit Ratings
S W E D E N
SAAB AUTOMOBILE: Swedish Auto CEO Issues Statement on Bankruptcy
S W I T Z E R L A N D
FLAGSTONE REASSURANCE: A.M. Best Retains 'bb+' Sub. Debt Rating
T U R K E Y
EUROBANK TEKFEN: Moody's Changes Review to Direction Uncertain
U K R A I N E
* CITY OF IVANO-FRANKIVSK: S&P Raises Issuer Credit Rating to 'B'
* CITY OF LVIV: S&P Affirms 'CCC+' Issuer Credit Rating
U N I T E D K I N G D O M
BRITISH MIDLAND: Virgin to Appeal EU Approval of IAG Takeover
CONTROL CENTRE: Goes Into Receivership to Handle Assets
CONCREATE USL: Goes Into Receivership, Projects on Hold
DARLINGTON FOOTBALL: DFC 1883 Urges Fans to Continue Fundraising
FOUR SEASONS: Terra Firma Among Potential Bidders
GLOBAL SHIP: Swings to US$9.1 Million Net Income in 2011
GROUP LOTUS: Insists No Decision Yet on its Future
PORTSMOUTH FOOTBALL: Former Operating Company's Dealings Probed
VON ESSEN: Administration Extended by Six Months
X X X X X X X X
* Large Companies with Insolvent Balance Sheets
*********
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G E R M A N Y
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BAYERISCHE LANDESBANK: Fitch Affirms CCC Rating on US$850MM Secs.
-----------------------------------------------------------------
Fitch Ratings has affirmed Bayerische Landesbank's (BayernLB;
'A+'/Stable) US$850 million non-cumulative trust preferred
securities (XS0290135358), issued through BayernLB Capital Trust
I, at 'CCC'. BayernLB's other ratings are unaffected by this
rating action.
The affirmation is based on Fitch's view that the hybrid
instruments will continue to be non-performing in 2012 and most
likely also in the next two years. On January 12, 2012, BayernLB
announced that the bank anticipates a net loss for 2011 for its
German GAAP unconsolidated financial accounts. The reason for
this loss is mainly due to the significant write-down of the book
value of its Hungarian subsidiary MKB Bank by EUR576 million.
Although the annual accounts for 2011 under German GAAP have not
yet been approved, Fitch does not expect BayernLB to report
sufficient distributable profits to meet the terms of the
instrument. 2012 will be the second year running that a coupon on
these instruments is missed.
BayernLB continues to undergo a restructuring, and the European
Commission (EC) is conducting an investigation into the bank
relating to state aid received. The EC requested the bank does
not make any interest or dividend payments on profit
participation, hybrid Tier 1 capital or silent participations
unless it is contractually obliged to do so.
Pursuant to the terms of the instrument, the obligation to pay is
triggered and payments are deemed to be declared if the bank or
any of its subsidiaries declares or pays capital payments,
dividends or other distributions on any parity or junior
securities or redeems, repurchases or otherwise acquires any
parity or junior securities -- even if BayernLB does not report a
distributable profit. Fitch does not expect payments to be made
on any equivalent instruments triggering this coupon 'pusher' in
the next two years.
BayernLB's 'A+' Issuer Default Rating is based on Fitch's view
that there is an extremely high probability that further state
support would be provided to the bank if needed. At end-2008
BayernLB received support from the Free State of Bavaria in the
form of a EUR4.8bn risk shield for its ABS portfolio and EUR10bn
in fresh capital. As a result, Bavaria's stake in the bank
increased to around 94% from 50%, diluting the Association of
Bavarian Savings Banks' stake to around 6%. For 2011 BayernLB
announced consolidated net income of EUR104 million compared with
net income of EUR635 million for 2010. However, preliminary
unconsolidated financial statements under German GAAP as of
December 31, 2011 show a net loss of EUR328 million.
The rating for BayernLB Capital Trust I's hybrid capital
instruments would be upgraded if these instruments return to
performing status which Fitch considers unlikely to happen before
YE2014. A further downgrade would become likely if BayernLB
continues to write significant losses in its unconsolidated
financial accounts for 2012 and the following years, which Fitch
views as unlikely.
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G R E E C E
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TOP SHIPS: Deloitte Hadjipavlou Raises Going Concern Doubt
----------------------------------------------------------
Top Ships Inc. filed on April 11, 2012, its annual report on Form
20-F for the fiscal year ended Dec. 31, 2011.
Deloitte Hadjipavlou, Sofianos & Cambanis S.A., in Athens,
Greece, expressed substantial doubt about Top Ships' ability to
continue as a going concern. The independent auditors noted that
the Company's recurring losses from operations and stockholders'
capital deficiency raise substantial doubt about its ability to
continue as a going concern
The Company reported a net loss of US$189.1 million on US$41.7
million of revenue for 2011, compared with net income of US$2.5
million on US$39.4 million of revenue for 2010.
The Company discontinued the dry-bulk segment of its operations
in December 2011. The Company recognized a loss from
discontinued operations of US$169.0 million in 2011.
The Company's balance sheet at Dec. 31, 2011, showed
US$296.4 million in total assets, US$219.7 million in total
current liabilities, and stockholders' equity of US$76.7 million.
A copy of the Form 20-F is available for free at:
http://is.gd/iwudzv
Maroussi, Greece-based Top Ships Inc. is a provider of
international seaborne transportation services, carrying
petroleum products and crude oil for the oil industry and drybulk
commodities for the steel, electric utility, construction and
agriculture-food industries. The Company's fleet consists of
seven owned vessels, including six tankers and one drybulk
vessel.
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L U X E M B O U R G
===================
INTELSAT JACKSON: S&P Keeps 'B' Rating on US$1.8BB Senior Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services' ratings on Intelsat Jackson
Holdings S.A.'s 7.25% senior notes due 2020 remain unchanged
following the company's proposed US$800 million tack-on to the
offering. "The issue-level rating on the notes offering remains
at 'B' with a recovery rating of '3', indicating our expectation
that lenders would receive meaningful (50%-70%) recovery in the
event of a payment default. The proposed notes would be
guaranteed by certain subsidiaries of Intelsat Jackson," S&P
said.
"Concurrent with this proposed issuance, Intelsat plans a tender
offer for up to US$470 million of the Intelsat Jackson 11.25%
senior notes due 2016 (which are not guaranteed by its
subsidiaries) and up to US$310 million of the Intelsat Jackson
9.5% senior notes due 2016 (which are guaranteed by certain
subsidiaries of Intelsat Jackson). The company expects to use the
proceeds from the new debt offering to finance these tenders. We
have previously said that the company has the capacity to
refinance the entire Intelsat Jackson 11.25% senior notes with
guaranteed Jackson debt and still retain the 'B' issue-level
ratings and '3' recovery ratings on the guaranteed Jackson
unsecured debt," S&P said.
"The proposed transactions, if completed, would not affect our
financial risk assessment on Washington, D.C.-based parent
Intelsat Global S.A., which remains 'highly leveraged.' The 'B'
corporate credit rating and stable outlook also remain
unchanged," S&P said.
RATINGS LIST
Intelsat Jackson Holdings S.A.
Corporate credit rating B/Stable/--
US$1.8B 7.25% sr nts due 2020 B
Recovery rating 3
INTELSAT SA: Unit to Purchase 9 1/2 and 11 1/4 Senior Notes
-----------------------------------------------------------
Intelsat S.A. announced that its subsidiary, Intelsat Jackson
Holdings S.A., is amending the terms of its previously announced
tender offer for its 9 1/2% Senior Notes due 2016. Intelsat
Jackson is now offering to purchase for cash any and all of its
US$701,913,000 outstanding 9 1/2% Notes. The terms of Intelsat
Jackson's previously announced tender offer for its 11 1/4%
Senior Notes due 2016 remain unchanged.
Intelsat Jackson has retained Goldman, Sachs & Co. to act as the
dealer manager for each of the Tender Offers. Global Bondholder
Services Corporation will act as the Information Agent and the
Depositary for each of the Tender Offers. Questions regarding
either of the Tender Offers should be directed to Goldman, Sachs
& Co. at (800) 828-3182 (toll-free) or (212) 357-0345 (collect).
Requests for documentation should be directed to Global
Bondholder Services Corporation at (866) 470-3900 (toll-free) or
(212) 430-3774 (collect).
Intelsat S.A. previously announced that its subsidiary, Intelsat
Jackson Holdings is commencing a tender offer to purchase for
cash up to US$310,000,000 aggregate principal amount of its
US$701,913,000 outstanding 9 1/2% Senior Notes due 2016 and a
tender offer to purchase for cash up to US$470,000,000 aggregate
principal amount of its US$1,048,220,000 outstanding 11 1/4%
Senior Notes due 2016. Each Tender Offer is being made
independently of the other Tender Offer.
Holders who validly tender their Notes prior to 5:00 p.m., New
York City time, on Wednesday, April 25, 2012, will be eligible to
receive total consideration of US$1,039.17 per US$1,000 principal
amount of 9 1/2% Notes and US$1,045.50 per US$1,000 principal
amount of 11 1/4% Notes, each of which includes an early tender
payment of US$30.00 per US$1,000 principal amount of Notes
tendered. Holders must validly tender and not validly withdraw
their Notes, and have their Notes accepted for purchase in the
applicable Tender Offer, at or prior to the Early Tender Time in
order to be eligible to receive the total consideration,
including the early tender payment.
If the purchase of all validly tendered Notes of a series would
cause the Company to purchase a principal amount greater than the
applicable Tender Cap, then the relevant Tender Offer will be
oversubscribed and Intelsat Jackson, if it accepts Notes in such
Tender Offer, will accept for purchase tendered Notes on a
prorated basis as described in the Offer to Purchase.
The Tender Offers are scheduled to expire at 12:00 midnight, New
York City Time, on Wednesday, May 9, 2012, unless extended or
earlier terminated by Intelsat Jackson.
About Intelsat
Intelsat S.A., formerly Intelsat, Ltd., provides fixed-satellite
communications services worldwide through a global communications
network of 54 satellites in orbit as of Dec. 31, 2009, and ground
facilities related to the satellite operations and control, and
teleport services. It had US$2.5 billion in revenue in 2009.
Washington D.C.-based Intelsat Corporation, formerly known as
PanAmSat Corporation, is a fully integrated subsidiary of
Intelsat S.A., its indirect parent. Intelsat Corp. had US$7.70
billion in assets against US$4.86 billion in debts as of Dec. 31,
2010.
The Company reported a net loss of US$433.99 million in 2011, a
net loss of US$507.77 million in 2010, and a net loss of
US$782.06 million in 2009.
The Company's balance sheet at Dec. 31, 2011, showed US$17.36
billion in total assets, US$18.45 billion in total liabilities,
US$1.14 billion total Intelsat S.A. shareholder's deficit, and
US$50.92 million noncontrolling interest.
* * *
Luxembourg-based Intelsat S.A. carries 'B' issuer credit ratings
from Standard & Poor's. It has 'Caa1' corporate family and
probability of default ratings from Moody's Investors Service.
INTELSAT SA: Subsidiary to Offer US$800 Mil. 7-1/4 Senior Notes
---------------------------------------------------------------
Intelsat S.A., announced that its subsidiary, Intelsat Jackson
Holdings S.A., intends to offer $800,000,000 aggregate principal
amount of 7 1/4% Senior Notes due 2020. The notes will be issued
under the same indenture as Intelsat Jackson's existing 7 1/4%
Senior Notes due 2020.
Intelsat Jackson's obligations under the notes will be guaranteed
by certain of its parent and subsidiary companies. The net
proceeds from the sale of the notes are expected to be used by
Intelsat Jackson to purchase up to US$310,000,000 aggregate
principal amount of its US$701,913,000 outstanding 9 1/2% Senior
Notes due 2016 and up to US$470,000,000 aggregate principal
amount of its US$1,048,220,000 outstanding 11 1/4% Senior Notes
due 2016, in each case that are validly tendered in connection
with Intelsat Jackson's tender offers announced today, to pay
related fees and expenses and for general corporate purposes.
In addition, upon the pricing of the Intelsat Jackson notes
offering, Intelsat S.A. expects to obtain agreements from certain
financial institutions to provide unsecured term loan commitments
sufficient to refinance in full its 6 1/2% Senior Notes due 2013
on or immediately prior to their maturity date, in the event that
Intelsat S.A. does not otherwise refinance or retire the Intelsat
S.A. Notes. These term loans will have a maturity of two years
and the funding thereof is subject to various terms and
conditions.
Intelsat Jackson priced US$1,200,000,000 aggregate principal
amount of 7 1/4% senior notes due 2020 at an offering price of
101.75%, plus accrued and unpaid interest from April 15, 2012.
The notes will provide an effective yield of 6.91%. The notes
will be issued under the same indenture as Intelsat Jackson's
existing 7 1/4% senior notes due 2020. Intelsat Jackson's
obligations under the notes will be guaranteed by certain of its
parent and subsidiary companies.
About Intelsat
Intelsat S.A., formerly Intelsat, Ltd., provides fixed-satellite
communications services worldwide through a global communications
network of 54 satellites in orbit as of Dec. 31, 2009, and ground
facilities related to the satellite operations and control, and
teleport services. It had US$2.5 billion in revenue in 2009.
Washington D.C.-based Intelsat Corporation, formerly known as
PanAmSat Corporation, is a fully integrated subsidiary of
Intelsat S.A., its indirect parent. Intelsat Corp. had US$7.70
billion in assets against US$4.86 billion in debts as of Dec. 31,
2010.
The Company reported a net loss of US$433.99 million in 2011, a
net loss of US$507.77 million in 2010, and a net loss of
US$782.06 million in 2009.
The Company's balance sheet at Dec. 31, 2011, showed US$17.36
billion in total assets, $18.45 billion in total liabilities,
US$1.14 billion total Intelsat S.A. shareholder's deficit, and
US$50.92 million noncontrolling interest.
* * *
Luxembourg-based Intelsat S.A. carries 'B' issuer credit ratings
from Standard & Poor's. It has 'Caa1' corporate family and
probability of default ratings from Moody's Investors Service.
=====================
N E T H E R L A N D S
=====================
LEO-MESDAG BV: S&P Lowers Ratings on Two Note Classes to 'B-'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
all classes of notes in LEO-MESDAG B.V. "At the same time, we
have removed from CreditWatch negative our ratings on the class A
and X notes, and have withdrawn our rating on the class X notes,"
S&P said.
"LEO-MESDAG is a European commercial mortgage-backed securities
(CMBS) transaction that closed in September 2006. It is backed by
two interest-only loans totaling EUR1.05 billion, which are
secured by a portfolio of 71 freehold and long-leasehold retail
and department store properties, and three multistorey car parks.
The first loan (A1) has a total commitment of EUR1.0 billion and
a final maturity date in August 2016. The second loan (A2) has a
total commitment of EUR50.0 million, is fully subordinated to the
A1 loan, and has a final maturity date in August 2017. The issuer
used the issuance of the class Y notes (EUR50 million, unrated)
to fund the A2 loan. The legal final maturity date for all the
notes is in August 2019," S&P said.
"The rating actions follow our review of the underlying loans'
credit quality. We consider that the refinancing risks associated
with these loans have increased, and that these factors may
result in principal losses," S&P said.
THE LOANS
"The A1 and A2 loans are interest-only and pay at a fixed margin
over Euro Interbank Offered Rate (EURIBOR) until August 2014,
which is the first optional redemption date. At this point, the
loan margins step up, and there is a full cash sweep of any
surplus cash flow to pay outstanding interest and principal on
the A1 loan facility. Any reduction in loan principal leads to a
corresponding sequential redemption of the notes," S&P said.
"The reported interest coverage ratios (ICRs), as of February
2012, remain in line with the ratios at closing. The current A1
loan forward-looking ICR is 1.50x, and the A1 loan backward-
looking ICR is 1.53x--compared with a closing forward-looking ICR
of 1.47x and a closing backward-looking ICR of 1.47x," S&P said.
"As of February 2012, the A1 loan-to-value (LTV) ratio was 69.8%,
down from 72.9% at closing. The current LTV ratio is based on a
December 2011 valuation," S&P said.
"The A1 loan facility includes a cash-trap trigger at 1.30x for
both the forward and backward-looking ICR, and an 85% A1 LTV
ratio to amortize the loan. The A1 loan forward and backward-
looking ICR default covenant is 1.10x, and the A1 LTV ratio
default covenant is 90%," S&P said.
THE COLLATERAL
"The collateral securing both the A1 and A2 loans currently
consists of 71 freehold and long-leasehold retail and department
store properties and three multistorey car parks, all located in
the Netherlands. Of these, 22 properties are located in the major
centers of Amsterdam, Rotterdam, The Hague, and Utrecht, and
account for approximately 50% of the rental income. The remaining
properties are located in towns and cities throughout the rest of
the country. The weighted-average remaining lease term of the
portfolio is approximately 14 years," S&P said.
"Except for a property representing 0.3% of the total portfolio
value, all of the properties are occupied by HEMA, Bijenkorf, or
Vroom & Dreesmann (V&D). On Day 1, all were part of the Maxeda
group, the largest Dutch nonfood retail group. These stores have
since been acquired by new owners," S&P said.
"HEMA is the largest tenant, a Dutch department store
contributing 43.3% of the total portfolio rent. It is a budget
retailer selling own-brand baby clothes, general apparel,
hardware, and bakery items. The stores typically trade from two-
storey premises in or close to prime locations. The company was
acquired by Lion Capital in 2007," S&P said.
"De Bijenkorf is the second-largest tenant, contributing 35.3% of
the total portfolio rent. It is a high-end department store and
one of only a few of its kind in the Netherlands. In 2010, De
Bijenkorf was sold to the Selfridges Group," S&P said.
"V&D is the smallest tenant, contributing 21.1% of the total
portfolio rent. It is a mid-market department store that trades
throughout the country and was founded in 1887. The stores are
generally well located, in our view; however, some of the retail
accommodation is not at street level. V&D became a subsidiary of
Sun Capital Partners in 2010," S&P said.
"Since the closing of the transaction, one small property (0.3%
of the total portfolio value) has been added to the portfolio. It
was acquired using the disposal proceeds from the sale of a
separate part of one of the De Bijenkorf properties," S&P said.
"The servicer reported a net annual rent of EUR72.6 million in
February 2012--up from EUR62.4 million at closing, due to rents
being indexed to the Consumer Price Index (CPI) on an upward
basis only," S&P said.
RATING ACTIONS
"Although the transaction has shown stable performance since
closing, we consider that the risk of principal losses has
increased in light of the significant loan sizes, as well as
difficult commercial real estate market and lending conditions,
which could further depress property values and make refinancing
difficult. As a consequence, although we do not see the risk as
imminent, we consider that the notes' creditworthiness has
deteriorated," S&P said.
"We have therefore lowered our ratings on all classes of notes in
LEO-MESDAG. We now rate the class D and E notes at 'B- (sf)', to
reflect our view that they could suffer principal losses," S&P
said.
"We have also removed from CreditWatch negative our ratings on
the class A and X notes. On Jan. 31, 2012, we placed on
CreditWatch negative our ratings on the class A and X notes,
following the rating actions we took on banks on Nov. 29, 2011,
after the application of our revised bank criteria," S&P said.
"Furthermore, we have subsequently withdrawn our rating on the
class X notes, to reflect our criteria 'Global Methodology For
Rating Interest-Only Securities,' published on April 15, 2010.
Under these criteria, in the case of ratings on interest-only
securities that were outstanding on April 15, 2010, we maintain
those ratings until they are retired or drop below 'AA-', at
which point we withdraw them. As we have lowered the rating on
the class X notes to 'A (sf)', we have therefore withdrawn the
rating," S&P said.
POTENTIAL EFFECTS OF PROPOSED CRITERIA CHANGES
"Our ratings in this transaction are based on our criteria for
rating European CMBS. However, these criteria are under review,"
S&P said.
"As highlighted in the Nov. 8 Advance Notice Of Proposed Criteria
Change, we expect to publish a request for comment (RFC)
outlining our proposed criteria changes for rating European CMBS
transactions. Subsequently, we will consider market feedback
before publishing our updated criteria. Our review may result
in changes to the methodology and assumptions we use when rating
European CMBS, and consequently, it may affect both new and
outstanding ratings on European CMBS transactions," S&P said.
"Until such time that we adopt new criteria for rating European
CMBS, we will continue to rate and surveil these transactions
using our existing criteria," S&P said.
STANDARD & POOR'S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.
If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at
http://standardandpoorsdisclosure-17g7.com
RATINGS LIST
Class Rating
To From
LEO-MESDAG B.V.
EUR1.05 Billion Commercial Mortgage-Backed Floating-Rate Notes
Rating Lowered and Removed from CreditWatch Negative
A A (sf) AA/Watch Neg (sf)
Ratings Lowered
B BBB+ (sf) AA- (sf)
C BB (sf) BBB (sf)
D B- (sf) BB (sf)
E B- (sf) BB- (sf)
Rating Lowered, Removed From CreditWatch Negative, and Withdrawn
X A (sf) AA/Watch Neg (sf)
NR A (sf)
NR-Not rated.
===========
N O R W A Y
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STOREBRAND ASA: Moody's Issues Summary Credit Opinion
-----------------------------------------------------
Moody's Investors Service issued a summary credit opinion on
Storebrand Livsforsikring AS and includes certain regulatory
disclosures regarding its ratings. The release does not
constitute any change in Moody's ratings or rating rationale for
Storebrand Livsforsikring AS.
Moody's current ratings on Storebrand Livsforsikring AS and its
affiliates are
Insurance Financial Strength ratings of A3
Subordinate MTN Program (foreign currency) ratings of (P)Baa2
Junior Subordinate (domestic currency) ratings of Baa2, (hyb)
Junior Subordinate (foreign currency) ratings of Baa2, (hyb)
Junior Subordinate MTN Program (foreign currency) ratings of
(P)Baa2
Preferred Stock (domestic currency) ratings of Baa3, (hyb)
Storebrand ASA
Long Term Issuer rating of Baa3
Senior Unsecured MTN Program (foreign currency) ratings of
(P)Baa3
Subordinate MTN Program (foreign currency) ratings of (P)Ba1
Junior Subordinate MTN Program (foreign currency) ratings of
(P)Ba1
Rating Rationale
Moody's A3 insurance financial strength rating ("IFSR") on
Storebrand Livsforsikring AS (Storebrand Liv) reflects the
company's strong franchise in the Norwegian life and pensions
market with a market share of nearly 25%, as well its good
financial fundamentals with a generally good financial
flexibility. These strengths are currently off-set by its
relative lack of brand reach and geographic diversification as a
result of its historic almost sole concentration in Norway and
Sweden, with the acquisition of SPP Livfoersakring AB in 2007,
together with a lack of product diversification and meaningful
exposure to spread deficiency risk (traditional profit sharing
policies at 52% of group reserves in 2011); notwithstanding
management focus on growing the group's unit linked businesses in
recent years. This has led to a meaningful sensitivity in both
results and capital to declines in interest rates and equities.
Whilst the group's capitalization has improved in recent years
benefiting from management's focus on building up policyholder
buffers, these are likely to be pressurized by the low interest
rate environment and turbulent financial markets. At YE 2011,
policyholder buffers as a proportion of customer funds with
guarantee in Norway declined to 3.3% at YE 2011 from 4.6% at YE
2010, while buffers in Sweden remained relatively flat at 10%
despite meaningful reductions in Q3 2011. Moody's expects
Storebrand to continue focusing on protecting its capitalization
from the ongoing turmoil in capital markets and low interest rate
environment.
Storebrand Liv is wholly owned by the listed Norwegian financial
services group, Storebrand ASA, whose issuer rating is driven by
the A3 IFSR (stable outlook) on Storebrand Liv which is the major
profit contributor of the Storebrand Group. At YE 2011,
Storebrand Liv's business, almost all of which was conducted in
Norway and in Sweden (via SPP), consists mainly of Group Pension
Defined benefits, Defined contribution and unit linked business
together with Individual Endowment business.
Rating Outlook
The outlook is stable.
What to watch for:
- Solvency margin and policyholder buffers in the context of a
low interest rate environment and challenging financial
markets.
- Sustained negative interest results.
- Evolution of new business sales and net cash flows in Norway.
What Could Change the Rating - Up
Positive rating pressure could arise from:
- A sustained improvement in the solvency margin to above 160%,
based on the current calculation bases.
- Meaningful reduction in spread deficiency risk exposure.
- Significantly enhanced franchise, both from a product and
geographic perspective.
- Financial leverage consistently below 25%.
What Could Change the Rating - Down
- Financial leverage exceeding low-30's % in the medium term.
- Sustained negative interest results.
- Solvency margin falling below 125% under the current
methodology.
The methodologies used in these ratings were Moody's Global
Rating Methodology for Life Insurers published in May 2010 and
Moody's Guidelines for Rating Insurance Hybrid Securities and
Subordinated Debt and published in January 2010.
===============
P O R T U G A L
===============
PORTUGAL TELECOM: Moody's Cuts CFR to 'Ba2'; Outlook Negative
-------------------------------------------------------------
Moody's Investors Service has downgraded by one notch to Ba2 from
Ba1 the ratings of Portugal Telecom SGPS, SA. The affected
ratings are Portugal Telecom's corporate family rating (CFR), the
probability of default rating (PDR) and the senior unsecured
long-term debt ratings, as well as the ratings of Portugal
Telecom's fully owned subsidiary, PT International Finance B.V.
("PTIF"). The outlook remains negative.
Ratings Rationale
The rating downgrade was prompted by Moody's concerns over the
weakness in the telecom operator's financial ratios and the
expectation that Portugal Telecom is unlikely to meet the
financial ratio guidance set for the previous rating level over
the short to medium term. This guidance included the expectation
of debt reduction and operating performance reflecting a positive
trend towards adjusted Net Debt to EBITDA of 2.5x and adjusted
RCF to Net Debt improving towards the high twenties.
Although Portugal Telecom will maintain its strong domestic
market position in view of its enhanced networks, management
strategy and business model, Moody's believes that the required
strengthening of the company's financial ratios and improvement
of its domestic and international operations will not be
sufficient to offset the increasing business risk in Portugal.
Portugal Telecom's rating is now one notch above the rating of
the Republic of Portugal (rated Ba3/negative).
Moody's decision was also driven by Portugal Telecom's challenges
in reversing the negative trends mainly driven by regulation,
competition and the macro economic crisis affecting its domestic
business, including the wholesale, enterprise, but more
importantly, the mobile personal segment, which experienced a
revenue reduction of 11.2% in 2011, with customer revenues
declining by 8.2%. Portugal Telecom faces substantial challenges
in view of regulatory and competitive pressures, subdued consumer
spending and the need to restructure its 23.2% owned Brazilian
subsidiary Oi, which is also facing operating challenges, as
underlined by the recent weak operating results. All of these
difficult operating conditions will put further pressure on the
company's ability to strengthen its financial metrics.
Prior to the one-notch downgrade, Moody's had already recognized
that Portugal Telecom's rating was weakly positioned in its
previous rating category, with little margin for operating under-
performance. The rating downgrade is therefore within Moody's
previously published guidance for companies that would normally
be expected to have a rating close to that of the government of
the country in which they are located. At the same time, the
rating agency has determined that the Ba2 rating better reflects
the business risk that Portugal Telecom faces despite its (i)
resilient, albeit highly competitive, underlying business; (ii)
leading market position; (iii) international diversification;
(iii) management's track record in executing the company's
strategy under adverse circumstances; (iv) high-quality
infrastructure, which will support Portugal Telecom's revenues in
the future and help to partially mitigate the negative effects of
the weak macro environment in Portugal; and (v) the company's
strong liquidity, with pre-funded cash needs until the end of
2013.
From a liquidity risk management perspective, Moody's continues
to monitor Portugal Telecom's refinancing plans beyond 2013. The
telecoms operator has no need to issue more debt in the near term
and will only do so to take advantage of opportunities that may
arise in the market. In Moody's view, internal sources and
availability under long-term committed lines of credit should
enable Portugal Telecom to cover its debt maturities of
approximately EUR1.6 billion over the next 18 months and other
expected cash demands over this period. As of December 2011,
Portugal Telecom's cash in Portugal amounted to EUR4.1 billion.
In addition, the company has EUR1 billion of undrawn committed
commercial paper and syndicated standby facilities.
The negative outlook reflects the negative pressures on the
Portuguese economy and its sovereign rating as well as Moody's
expectation that Portugal Telecom's financial ratios will remain
relatively constrained. In particular, the outlook reflects that
the telecoms operator (i) has limited headroom to absorb any
increased competitive and/or regulatory pressures in its domestic
market, and (ii) faces substantial challenges to restructure its
Brazilian subsidiary and place it on a sustainable growth path.
WHAT COULD MOVE THE RATING UP/DOWN
Moody's would consider further downgrading Portugal Telecom's
ratings if the rating agency were to become concerned about the
company's liquidity and medium-term funding needs, and/or if the
company's performance were to deteriorate beyond current
expectations. Specifically, a downgrade could occur, for example,
if (i) Portugal Telecom fails to reduce debt and its credit
metrics deteriorate, such that its adjusted net leverage trends
towards 3.5x over the next couple of years with no expected
improvement; or (ii) if adjusted RCF/Net Debt deteriorates
towards 15%. Furthermore, Moody's could consider downgrading
Portugal Telecom's ratings in the event of any further downgrade
of Portugal's sovereign ratings.
In line with the negative outlook, Moody's does not expect upward
pressure on Portugal Telecom's ratings in the short to medium
term. However, the outlook could be stabilized if Moody's were to
perceive a material improvement in the overall macroeconomic and
market conditions in Portugal, including a reduction in pressure
on revenues, supported by improving consumer trends and a more
benign competitive environment. In addition, Moody's would need
to become comfortable with the company's liquidity risk beyond
2013. Upward pressure could develop if, in addition to the
conditions for a stable outlook, Portugal Telecom were to reduce
debt and improve its credit metrics and overall operating
performance on a sustainable basis, such that its adjusted net
leverage trends comfortably towards 2.5x and below.
The methodologies used in these ratings were Global
Telecommunications Industry published in December 2010, and Loss
Given Default for Speculative-Grade Non-Financial Companies in
the U.S., Canada and EMEA published in June 2009.
Domiciled in Lisbon, Portugal Telecom is the leading
telecommunications operator in Portugal, servicing 4.7 million
fixed lines, which includes one million ADSL retail connections.
In addition, the operator had approximately 7.4 million mobile
phone customers in Portugal as of December 2011. Furthermore,
Portugal Telecom has operations in other countries, including
Brazil, Cape Verde, East Timor, Angola, Macau, Sao Tome and
Principe and Namibia. The company's annual revenues amounted to
EUR6.1 billion and reported EBITDA to EUR2.2 billion in 2011.
=============
R O M A N I A
=============
COMINCO: Declared Bankrupt by Court
-----------------------------------
SeeNews reports that Capital Insol SPRL, Cominco's liquidator,
said a court in the Romanian capital Bucharest has declared
Cominco bankrupt.
According to SeeNews, Capital Insol SPRL said in a statement that
the court took the decision on April 5.
Cominco is a Romanian construction firm.
===========
R U S S I A
===========
AK YAKUTSKENERGO: Fitch Affirms Issuer Default Rating at 'BB'
-------------------------------------------------------------
Fitch Ratings has affirmed Russia's OAO AK Yakutskenergo's Long-
term foreign currency Issuer Default Rating (IDR) and local
currency senior unsecured rating at 'BB'. All ratings have been
removed from Rating Watch Positive (RWP). The Outlook on the
Long-term ratings is Stable.
Fitch placed Yakutskenergo's ratings on RWP on October 14, 2011,
following an announcement that JSC RusHydro ('BB+'/Stable)
received approval to acquire more than 75% of Yakutskenergo's
common shares and given the cross-default provision contained in
RusHydro's Eurobonds to all subsidiaries' indebtedness. At end-
2011, RusHydro controlled 59.3% of Yakutskenergo's common shares
and 63.46% of its voting shares, directly and indirectly via JSC
RAO Energy System of East (RAO UES East).
The resolution of the RWP and Stable Outlook reflects Fitch's
view of the limited applicability and enforceability of the
cross-default provision contained in RusHydro's RUB20 billion
Eurobonds maturing in 2015 to Yakutskenergo's indebtedness. It
also follows a review by Fitch of the strength of parent-
subsidiary linkage between Yakutskenergo and RusHydro as well as
that between Yakutskenergo and the Russian Federation
(BBB/Stable), the ultimate majority shareholder in both
Yakutskenergo and RusHydro, under the agency's parent and
subsidiary rating criteria.
Fitch continues to assess Yakutskenergo's credit strength at
three notches below that of the Russian Federation due to
indirect government control, its strategic importance to the
economy of the Republic of Sakha (Yakutia;'BB+'/Positive),
significant government investment in the supporting
infrastructure, direct subsidisation, strong operational
influence through tariff-setting and tariff approvals and state-
bank financing. The agency expects that the state support to
Yakutskenergo will remain at least over the medium term.
The agency presently assesses the strength of linkage between
Yakutskenergo and RusHydro as moderate and maintains the one-
notch differential between their IDRs. Fitch will continue to
monitor the evolution of the legal, operational and strategic
ties between RusHydro and Yakutskenergo and may review its rating
approach if the linkage strengthens.
Yakutskenergo has weak operating and financial profile,
contributing to a standalone credit profile in the 'B' category.
In 2011, it reported standalone revenues of RUB19.7 billion under
Russian accounting standards, a 4% decline yoy, despite
electricity and heat tariff increases of 15%-17%. Its standalone
gross unadjusted debt was virtually unchanged at RUB5.7 billion
at end-2011. Yakutskenergo's liquidity remains weak. It
reported short-term debts of RUB1.5 billion and RUB314 million of
cash at December 31, 2011. In Q112, Yakutskenergo drew over RUB1
billion of credit lines from Sberbank of Russia ('BBB'/Stable)
and Gazprombank. Most debt maturities fall on 2013 including RUB3
billion domestic bonds.
Yakutskenergo, including subsidiaries, is a small power and heat
generation and distribution company located in the Far East of
Russia with 1.4 GW of installed power capacity, 2,055 GCal/hour
of heat capacity and 20.9 thousand km of power transmission
lines. At end-2011, RusHydro controlled 29.8% of Yakutskenergo's
common shares directly and 47.4% via RAO UES East, in which it
owned 62.3% of common shares.
RusHydro's ratings are unaffected by this rating action.
The rating actions are as follows:
OAO AK Yakutskenergo
-- Long-term foreign currency IDR: affirmed at 'BB'; off RWP;
Stable Outlook
-- Long-term local currency IDR: affirmed at 'BB'; off RWP;
Stable Outlook
-- National Long-term rating: affirmed at 'AA-(rus)'; off RWP;
Stable Outlook
-- Local currency senior unsecured rating: affirmed at 'BB';
off RWP
-- National senior unsecured rating: affirmed at 'AA-(rus)';
off RWP
RSG INT'L: S&P Assigns 'B-' Long-Term Corporate Credit Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B-' long-term
corporate credit rating to Russia-based real estate developer RSG
International Ltd. (RSG). "We also assigned our 'B-' long-term
credit rating to RSG's subsidiaries RSG Finance LLC and Energy
Generating Company OJSC. The outlooks on the long-term ratings on
the three companies are stable," S&P said.
"At the same time, we assigned our 'B-' issue rating to RSG
Finance LLC's RUB3.0 billion unsecured notes due 2014 and Energy
Generating Company OJSC's proposed RUB1.75 billion unsecured
notes due 2017. The recovery rating on both notes is '4',
reflecting our expectation of average (30%-50%) recovery in the
event of a payment default," S&P said.
"The rating reflects our assessment of RSG's business risk
profile as 'vulnerable,' based on the risk associated with the
high concentration of income derived from the Academy City
project and RSG's relatively low profitability. We view RSG's
financial risk profile as 'highly leveraged,' owing to the large
working capital needs that constrain the group's ability to
generate positive cash flow," S&P said.
"One of the largest real estate developers in Russia, RSG has
strong market positions in cities such as Yekaterinburg. It
enjoys close relationships with local administrations and has so
far successfully managed its largest development project, Academy
City. Profitability, although improving, remains lower than that
of its Standard & Poor's-rated peers," S&P said.
"Since RSG is still in expansion phase, we anticipate that
working capital outflows will likely constrain its ability to
generate positive cash flow in 2012. Nevertheless, cash flow
should benefit from increased earnings from higher revenues,
slightly improved pricing, and stable operating costs. We
forecast that cost of debt and debt leverage should reduce on the
back of the conversion of US$290 million of debt into equity in
2011," S&P said.
"We equalize the corporate ratings on RSG Finance LLC and Energy
Generating Company OJSC with the rating on RSG, based on our view
of the high probability that it would provide support to its two
subsidiaries if needed," S&P said.
"The stable outlook on RSG reflects our opinion that its
operating performance over the next 6-12 months should continue
to benefit from solid demand for new apartments in its main local
markets and stable prices in the residential segment. This should
support the release of cash from apartment sales to help fund new
projects. The outlook also takes into account our view that the
group will carefully calibrate its payments for land, work-in-
progress, and energy generating capacities with its ability to
generate internal cash flow and access long-term financing. We
think that maintaining a ratio of EBITDA to interest rate over
1.0x and a debt-to-capital ratio of below 60% is compatible with
the current rating," S&P said.
"The stable outlooks on RSG Finance LLC and Energy Generating
Company OJSC reflect the stable outlook on RSG. We expect the
ratings on RSG Finance LLC and Energy Generating Company OJSC to
change in line with the ratings on RSG as long as RSG's support
to its two subsidiaries remains unchanged," S&P said.
"We could raise the ratings if we saw a steady and sustainable
improvement in RSG's EBITDA margin, to a level comparable with
developers' margins in emerging markets, in the 20%-30% range.
Rating upside could also stem from stable and positive free cash
flow generation over the next two years," S&P said.
"We could lower the ratings if RSG did not manage its liquidity
position adequately to cover its large working capital needs and
debt maturities due in the next 12 months. In our view, a sharp
fall in demand and market prices due to a possible drop in world
oil prices could also weigh on group margins and cash flow
generation," S&P said.
"We also could lower the ratings either on RSG Finance LLC or
Energy Generating Company OJSC if they engage in activity without
sufficient collateral from RSG," S&P said.
RUSHYDRO OSJC: S&P Affirms 'BB+/B' Corporate Credit Ratings
-----------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Russian
power generator RusHydro (OJSC) to negative from stable. "At the
same time, we affirmed the 'BB+' long-term and 'B' short-term
corporate credit ratings and 'ruAA+' Russia national scale rating
on RusHydro," S&P said.
"We also affirmed the issue rating on the RUB20 billion (US$676
million) 7.875% loan participation notes due 2015 issued by
orphan special-purpose vehicle RusHydro Finance Ltd. (not rated)
at 'BB+'. We also affirmed the 'BB+' issue rating on the RUB20
billion proceeds loan lent on by RusHydro Finance Ltd. to
RusHydro. Our recovery rating on this loan is unchanged at '3',
reflecting our expectation of meaningful (50%-70%) recovery in
the event of a payment default," S&P said.
"The outlook revision reflects our view that RusHydro could
struggle to restore its financial risk profile to levels we would
consider commensurate with the long-term rating," S&P said. This
is a result of S&P's revised financial projections that forecast
increasing debt leverage for RusHydro, which is primarily a
result of:
* The acquisition of a 69.3% stake in RAO ES of East (not rated)
in late 2011 and the effects of the consequent debt
consolidation;
* Regulatory pressure, including the unexpected removal of the
special investment component from RusHydro's revenues and
maintenance of price caps, which limit RusHydro's earnings
potential; and
* "Our expectations of negative free operating cash flow (FOCF)
generation stemming from a large-scale investment program. The
ratings on RusHydro reflect the company's low production
costs; stronger-than-industry-average profitability; a
geographically diverse generation portfolio in Russia; and
good access to capital markets," S&P said.
"These strengths are offset in our opinion by RusHydro's exposure
to the volatile spot electricity market, aging assets,
significant investment needs, and a massive capital-spending
program that we think will result in negative FOCF, and weather
risks related to hydrological conditions," S&P said.
"We assess RusHydro's stand-alone credit profile (SACP) at 'bb'
on the basis of the company's 'fair' business risk profile and
'significant' financial risk profile as our criteria define those
terms. We analyze RusHydro using our criteria for government-
related entities. Our expectation of a 'moderately high'
likelihood of extraordinary government support is based on our
assessment of RusHydro's 'important' role for and 'strong' link
with the government," S&P said.
"The negative outlook reflects out opinion that RusHydro could
struggle to consistently maintain cash flow ratios that we would
consider commensurate with the ratings," S&P said.
"We could lower the long-term rating on RusHydro if its
consolidated adjusted debt exceeds EBITDA by 3x or more, even if
only temporarily. A downgrade could also be triggered by higher-
than-expected investments, including the need to invest in RAO ES
of East; weaker financial performance, due to higher regulatory
pressure than we expect; or deterioration in liquidity and
maturity profiles. Lastly, any further negative intervention by
the government is likely to lead to a revision of our business
risk profile assessment to 'weak', which could lead to a revision
of RusHydro's SACP and consequently to a lower long-term rating,"
S&P said.
"We could revise the outlook to stable if RusHydro demonstrates
prudence and financial discipline by keeping its debt below 2.5x
EBITDA continuously and showing capacity to scale down its
investments and exercise successful cost control initiatives.
This would also require implementation of less-aggressive
financial policies," S&P said.
"The long-term rating assumes there will be no change in
relations between RusHydro and the Russian government within the
next two years that could affect our view of a 'moderately high'
likelihood of timely and sufficient extraordinary state support,
if required. All else being equal, we would have to revise our
assessment of this likelihood to 'low' for it to result in a one-
notch downgrade," S&P said.
===========
S W E D E N
===========
SAAB AUTOMOBILE: Swedish Auto CEO Issues Statement on Bankruptcy
----------------------------------------------------------------
Swedish Automobile N.V. issued a statement made by the company's
CEO in oath proceeding District Court of Vanersborg on bankruptcy
Saab Automobile AB.
Victor Muller on April 16 took an oath on what he knows about the
correctness of what is stated in the estate inventory regarding
assets, liabilities and accounting documents.
Mr. Muller made the following additions to the inventory:
"In my opinion, an additional asset in the form of a claim
against the former administrator of Saab Automobile AB, the
lawyer Guy Lofalk, relating to a repayment obligation on the part
of his fee which in my opinion cannot be considered to be
reasonable. Moreover, the claim relates to the damages Saab
Automobile AB has suffered as a result of the actions taken by
Mr. Lofalk during his tenure as administrator of the company. It
must be emphasized that Guy Lofalk's assignment as administrator
was based on an appointment from the company followed by a
decision from the district court. The company's owner, Swedish
Automobile N.V., has on the company's behalf paid his fees in
accordance with instructions and agreements entered into with Mr.
Lofalk. I cannot today specify to what this additional asset
amounts today.
"In my opinion there is also an additional asset in the form of
claim for damages against the law firm Lindahl related to the
fact that the firm, through the lawyer Lars-Henrik Andersson,
committed to the assignment as new administrator of the company's
reconstruction, and then withdrew his commitment. It is,
however, difficult to assess the amount of this additional asset
today.
"We are assessing whether there are additional assets in the form
of claims for breach of contract and/or tort which can be made
against certain third parties but as per today it is to early too
determine whether those claims exist and, if so, the magnitude of
such claims."
About Saab
Saab, or Svenska Aeroplan Aktiebolaget (Swedish Aircraft
Company), was founded in 1937 as an aircraft manufacturer and
revealed its first prototype passenger car 10 years later after
the formation of the Saab Car Division. In 1990, Saab
Automobile AB was created as a separate company, jointly owned by
the Saab Scania Group and General Motors, and became a wholly
owned GM subsidiary in 2000. In February 2010, Spyker Cars N.V.
was renamed Swedish Automobile N.V. (Swan) on June 15, 2011.
Saab Automobile AB currently employs approximately 3,700 staff in
Sweden, where it operates production and technical development
facilities at its headquarters in Trollhattan, 70 km north of
Gothenburg. Saab Cars North America is located in Royal Oak,
Michigan employing approximately 50 people responsible for sales,
marketing and administration duties for the North American
market.
On Dec. 19, 2011, Swedish Automobile N.V. disclosed that Saab
Automobile AB (Saab Automobile), Saab Automobile Tools AB and
Saab Powertrain AB filed for bankruptcy with the District Court
in Vanersborg, Sweden. After having received the recent position
of GM on the contemplated transaction with Saab Automobile,
Youngman informed Saab Automobile that the funding to continue
and complete the reorganization of Saab Automobile could not be
concluded. The Board of Saab Automobile subsequently decided
that the company without further funding will be insolvent and
that filing bankruptcy is in the best interests of its creditors.
Swan does not expect to realize any value from its shares in Saab
Automobile and will write off its interest in Saab Automobile
completely.
=====================
S W I T Z E R L A N D
=====================
FLAGSTONE REASSURANCE: A.M. Best Retains 'bb+' Sub. Debt Rating
---------------------------------------------------------------
A.M. Best Co. has commented that the financial strength rating of
A- (Excellent) and the issuer credit ratings (ICR) of "a-" of
Flagstone Reassurance Suisse S.A. (Martigny, Switzerland) and
Flagstone Alliance Insurance and Reinsurance PLC (Limassol,
Cyprus), as well as the ICR of "bbb-" of Flagstone Reinsurance
Holdings S.A. (Luxembourg) [NYSE: FSR] (collectively referred to
as Flagstone Re) are unchanged following its recent announcement
that it had entered into definitive agreements for the sale of
its Lloyd's operations and Island Heritage Insurance Company,
Ltd.
Also, unaffected by these recent developments are the indicative
debt ratings of "bb" on preferred stock, "bb+" on subordinated
debt and "bbb-" on senior debt for securities available under the
shelf registration of Flagstone Reinsurance Holdings S.A. The
outlook for all ratings remains negative.
On April 3, 2012, Flagstone Re announced that it had entered into
a definitive agreement with BF&M Limited and other parties for
the sale of Island Heritage. Flagstone Re also announced that it
had entered into a definitive agreement with ANV Holdings BV for
the sale of its Lloyd's operations. These sales are part of the
previously announced restructuring plan that Flagstone had in
place to streamline the organization in an effort to refocus on
its core underwriting and operating strategies. The sale of
Island Heritage and the Lloyd's operations were previously
contemplated in its current rating. A.M. Best will continue to
monitor Flagstone Re as the company moves through the
restructuring process as well as its ongoing efforts to improve
on its risk-adjusted capitalization.
===========
T U R K E Y
===========
EUROBANK TEKFEN: Moody's Changes Review to Direction Uncertain
--------------------------------------------------------------
Moody's Investors Service has changed the review placement to
direction uncertain from review for downgrade on Eurobank Tekfen
A.S.'s Ba3 deposit ratings. This follows the share-purchase
agreement entered into on April 9, 2012, between Burgan Bank SAK
(A3/P-2/D+, stable) and EFG Eurobank Ergasias (Caa2/NP/E,
negative) to acquire a majority stake at Eurobank Tekfen. Moody's
understands that the share-purchase agreement will be finalized
during Q3 2012.
Eurobank Tekfen's other ratings are unaffected by this
announcement. More specifically, Moody's has maintained the
review for downgrade of Eurobank Tekfen's D- bank financial
strength rating (BFSR), mapping to ba3 on the long-term scale.
Ratings Rationale
-- CHANGE TO REVIEW WITH DIRECTION UNCERTAIN FROM REVIEW FOR
DOWNGRADE
Currently, Eurobank Tekfen's deposit rating does not benefit from
any rating uplift from its lower-rated current majority
shareholder, EFG Eurobank Ergasias. During the review, Moody's
will assess its assumptions about external support for Eurobank
Tekfen, in particular the availability of parental and systemic
support, in case of need. Support assumptions can lead to a
bank's global local currency (GLC) issuer and deposit ratings
being positioned higher than their standalone credit assessments
under Moody's joint-default analysis (JDA). Moody's assessment of
a low probability of systemic support for Eurobank Tekfen is
based on the bank's very limited size and importance to the
domestic financial system in Turkey, and does not result in any
rating uplift to the bank's deposit rating from its standalone
credit strength.
However, if the potential ownership change results in the higher-
rated Burgan Bank being a majority shareholder, Moody's external
support assumption is likely to result in rating uplift for
Eurobank Tekfen's deposit rating from its standalone credit
strength. As a result, upon conclusion of the review, and if the
share purchase by Burgan is realised, Moody's expects the deposit
rating to be positioned at least at its current level of Ba3 or
slightly above that level. Should the current ownership structure
continue, however, Moody's would likely downgrade the deposit
rating, as outlined in the press release "Moody's reviews
Eurobank Tekfen's D-/Ba3 ratings for downgrade" issued on 30
March 2012. To reflect the possibility of a near-term ownership
change with potentially positive credit implications for Moody's
support assumptions, the review of the bank's deposit ratings has
been changed to direction uncertain from review for downgrade
previously.
-- FOCUS OF THE REVIEW OF THE BFSR
During the review Moody's will focus on the extent of Eurobank
Tekfen's weak profitability and moderate asset-quality trends,
which could experience further downward pressure on the back drop
of slower economic growth expected in 2012, in line with Moody's
expectations for the system. Furthermore, Moody's will assess the
strategic uncertainties and possible franchise evolution that
Eurobank Tekfen might experience, depending on whether the
ownership change goes through. In Moody's view, the benefits of a
successful collaboration under new ownership -- including
synergies that could reflect positively on Eurobank Tekfens'
franchise -- would only materialize over the medium term.
Moody's assumption is that subsidiaries are always likely to be
partially affected by changes in parents' creditworthiness. As a
result, in the absence of the share purchase, Moody's will
analyse the positioning of Eurobank Tekfen's standalone credit
assessment relative to its parent's standalone profile. Moody's
analysis will take into account (i) the degree of interlinkage
between the parent and the subsidiary; (ii) the extent to which a
possible default of the parent bank might have credit-negative
implications for Eurobank Tekfen's credit profile and franchise;
and (iii) regulatory barriers in Turkey that restrict EFG
Eurobank Ergasias from using -- at its discretion -- Eurobank
Tekfen's resources.
-- WHAT COULD MOVE RATINGS UP/DOWN
Majority ownership from a higher-rated shareholder are likely to
result in Eurobank Tekfen's deposit rating being positioned at
least at its current level or even slightly above that level,
depending on Moody's assumptions of potential future parental
support in case of need.
There is no upward pressure on the standalone profile of Eurobank
Tekfen, captured by the ongoing review for downgrade on its BFSR.
The most important downward rating drivers continue to be (i) the
strategic and operational uncertainty related to a change in
ownership; (ii) continued weakening in Eurobank Tekfen's core
earnings base, effecting its internal capital generation; (iii)
reduction in the overall capital levels, constraining its
franchise expansion; (iv) any deterioration in the funding
profile coupled with an increase in non-performing loans; and (v)
liquidity and capital pressures faced by the current parent bank
that could have adverse implications for Eurobank Tekfen's
standalone profile.
PRINCIPAL METHODOLOGIES
The 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: Global Methodology published in March 2012.
=============
U K R A I N E
=============
* CITY OF IVANO-FRANKIVSK: S&P Raises Issuer Credit Rating to 'B'
-----------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term issuer
credit rating on Ukraine's City of Ivano-Frankivsk to 'B' from
'B-' and its Ukraine national scale rating to 'uaA-' from
'uaBBB'. The outlook is stable.
"The rating actions reflect our view of the city's continuously
conservative borrowing policies and improved budgetary
performance, resulting in low debt service and good liquidity
coverage," S&P said.
"The ratings are constrained by the city's high dependence on the
sovereign's policies, relatively low wealth levels, and risks
related to the poor financial standing of its government-related
entities (GREs). These weaknesses are offset by the city's
diverse economy, low debt, very conservative borrowing plans, and
moderate budgetary performance," S&P said.
"Ivano-Frankivsk's financial flexibility is severely constrained
by the central government's control of local and regional
governments' financial policies. Despite the central government's
efforts to improve its intergovernmental fiscal policies, we see
systemic risk as a key factor undermining Ivano-Frankivsk's
credit profile," S&P said.
"The city's wealth levels are comparatively low, even by
Ukrainian standards. However, the diverse nature of Ivano-
Frankivsk's economy has allowed it to withstand the recent
turmoil in financial markets. With moderate prospects for
Ukraine's continued recovery, we estimate the city's economy to
post growth rates at least comparable with the sovereign's for
2011-2012," S&P said.
"Cautious spending polices and strong growth in operating
subsidies and tax revenues allowed the city to report double-
digit budgetary surpluses in 2011, exceeding our base-case
expectations. Despite a potential slowdown in operating support,
owing to fiscal pressures on the sovereign, our updated base case
factors in spending prudence. Consequently, we forecast the city
to report moderate operating surpluses of 3%-4% of operating
revenues in 2012-2014. From our observation of the city's
previous debt history and cautious borrowing policies, we believe
Ivano-Frankivsk's capital program is likely to be financed by
moderate asset sales and grants from the central government. This
should result in only modest deficits, if any, after capital
accounts of 1%-2% for 2011-2012," S&P said.
"Therefore, our base-case assumption is that Ivano-Frankovsk's
tax-supported debt is unlikely to exceed 30% of consolidated
operating revenues until 2014. The city's debt will likely
continue to consist primarily of guarantees against multilateral
loans to utility companies. We factor in a 17-year loan from the
International Bank for Reconstruction and Development
(AAA/Stable/A-1+) to the municipal water and sewage utility and a
EUR11.7 million loan from the European Bank for Reconstruction
and Development (AAA/Stable/A-1+) to the heating utility. These
guarantees do not require the city to step in immediately to
provide coverage in the event of a default. Because we anticipate
only a modest and gradual withdrawal of these funds, the city's
exposure to the related foreign currency risk will likely remain
limited at least until 2013-2014, in our view," S&P said.
"Although the size of Ivano-Frankovsk's utility payables is
moderate by Ukrainian standards, its GREs' poor financials will
likely keep putting pressure on the city's budget. Due to the
sharp rise in energy prices, the GREs' payables, primarily those
of the heating utility, have increased to 23%-25% of total
revenues compared with 15% in 2008. We believe that further
growth of payables might present a risk of the city having to
step in," S&P said.
"The stable outlook on Ivano-Frankivsk reflects our view of the
city's continued prudence in spending policies, which alongside
revenue growth should result in a moderate budgetary performance
in the medium term. This, coupled with conservative borrowing
policies, will in our view support the consolidation of the
city's liquidity position," S&P said.
"We would consider a positive rating action if the city is able
to improve its budgetary performance, posting operating surpluses
exceeding 5%-6% of operating revenues and zero or positive
balances after capital accounts in the medium term, resulting in
a stronger and less volatile cash position. A reduction of the
utilities' payables could also support ratings upside," S&P said.
"A negative rating action could follow a deterioration of the
city's financial performance, particularly if linked to spending
pressures related to the rapid growth of the GREs' payables to
well above the current levels. In our downside case, this would
translate into a decrease in operating surpluses to about 1% of
operating revenues and deficits after capital accounts sliding to
more than 3% of revenues, leading to the structural deterioration
of the city's liquidity position," S&P said.
* CITY OF LVIV: S&P Affirms 'CCC+' Issuer Credit Rating
-------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'CCC+' long-term
issuer credit and 'uaBB' Ukraine national scale ratings on the
Ukrainian city of Lviv. The outlook is stable.
"At the same time, we affirmed the 'CCC+' and 'uaBB' issue
ratings on Lviv's senior unsecured bonds. The recovery rating on
those bonds is unchanged at '4', indicating our expectation of
average (30%-50%) recovery in the event of a payment default,"
S&P said.
"We also assigned our 'CCC+' and 'uaBB' issue ratings to the
city's proposed Ukrainian hryvnia (UAH) 90 million three-year
bond that it plans to place in 2012 to refinance its 2014 bond.
The coupon on the proposed bond is limited to 16%. The recovery
rating on the proposed bond is also '4'," S&P said.
"The affirmation reflects our base-case expectation that the city
will accumulate sufficient cash in advance in a special fund to
repay the UAH50 million (US$6.2 million) bond due in July and
UAH42 million bond due in December 2012. To do so, the city is
preparing to sell assets, including smaller land plots that
better fit market demand," S&P said.
"The ratings reflect Lviv's low financial flexibility within
Ukraine's system of interbudgetary relations and ongoing
expenditure pressures. The city's 'very negative' liquidity and
what we see as a weak credit culture, reflected in nonpayment on
guarantees, also constrain the ratings, as do its low wealth
levels in an international context," S&P said.
Lviv's modest debt service and debt, and its importance as one of
western Ukraine's commercial centers, with a diversified economic
structure, help offset these negatives.
"The stable outlook reflects our expectation that Lviv will
accumulate enough cash in its special fund to make debt
repayments in July and December 2012. We also expect the city to
borrow only modestly, keeping direct debt within 15% of operating
revenues until 2014, and that liquidity for interest payments to
be available via treasury loans," S&P said.
"We could lower the long-term rating to 'CC' if the city fails to
accumulate enough cash before the July or December 2012 bond
repayments. Otherwise, we could lower the rating by one notch to
'CCC' in the next 12 months if the city accumulates debt faster,
leading to debt service higher than 6%-8%, and if performance is
weaker than we currently expect, with operating deficits," S&P
said.
"After Lviv accumulates enough liquidity for its 2012 bond
repayments, we could take positive rating actions if we also saw
a stronger, more predictable liquidity position, with cash
structurally above next 12 months' debt service, which would
likely be thanks to higher revenues, as well as progress with
outstanding payments on guarantees," S&P said.
===========================
U N I T E D K I N G D O M
===========================
BRITISH MIDLAND: Virgin to Appeal EU Approval of IAG Takeover
-------------------------------------------------------------
Agence France-Presse reports that Virgin Atlantic on Sunday said
it planned to appeal an EU decision to approve the takeover of
airline bmi by IAG, the parent group of British Airways, claiming
that the deal harms competition.
"Sir Richard Branson's airline Virgin Atlantic announced that it
will appeal the European Commission's decision to pass IAG's
takeover of bmi after waving through the deal in just 35 working
days," AFP quotes a company statement as saying.
"The airline believes the deal will cause serious competitive
harm at Heathrow, placing British Airways in a position of total
market dominance at the world's busiest airport and completely
eroding consumer choice."
According to AFP, Mr. Branson, whose Virgin Group owns 51% of
Virgin Atlantic, added in the statement: "We will challenge every
aspect of this process, which if allowed to stand will
undoubtedly damage the British airline industry for years to
come.
"The European Commission has seemingly ignored all of the strong
cases made by politicians, business groups and airlines to enable
one big company to become even more bloated."
International Airlines Group (IAG) was attracted to British
airline bmi by its takeoff and landing slots at London's Heathrow
-- Europe's biggest airport in terms of passenger traffic, AFP
notes.
As reported by the Troubled Company Reporter-Europe on Jan. 12,
2012, the Financial Times related that auditors to BMI raised
doubts about its ability to continue as a going concern.
PricewaterhouseCoopers, as cited by the FT, said several
uncertainties surrounding BMI, including plans to sell the
airline to International Airlines Group, "may cast significant
doubt over the ability of the company to continue as a going
concern".
British Midland Airways, which does business as bmi, --
http://www.iflybritishmidland.com/-- carries passengers to some
30 countries, mainly in the UK but also in continental Europe,
the Middle East, Asia, and Africa. It operates a fleet of about
50 jets, including Airbus and Embraer models. Low-fare
subsidiary bmi baby serves about 30 destinations in Europe with a
fleet of about 20 Boeing 737s. bmi is a member of the Star
Alliance global marketing group, which includes UAL's United
Airlines, Air Canada, and Singapore Airlines. In mid-2009,
fellow Star Alliance member and global airline giant Lufthansa
acquired majority ownership of bmi.
CONTROL CENTRE: Goes Into Receivership to Handle Assets
-------------------------------------------------------
Shopshire Star reports that Centre General Partner Limited, which
also owns four similar control centers across the country, has
called in administrators to handle its assets.
Centre General, which owns a scrapped GBP10 million fire control
center that was supposed to cover Shropshire and the West
Midlands, has gone into receivership, according to Shopshire
Star.
The report notes that taxpayers are still paying more than GBP1.4
million a year on a 20-year lease for the failed regional fire
control. Shopshire Star says it was meant to bring West
Midlands, Staffordshire, Shropshire, Warwickshire and Hereford
and Worcester fire services under one roof.
A letter from its lawyers Mourant Ozannes reveals that all
'property, assets and rights of whatever nature' are now in the
hands of receivers, Jones Lang LaSalle, the report notes.
"The private company that owns the freehold has gone into
receivership, however the Department's tenancy is unaffected and
we are in contact with the receiver," the report quoted Simon
Edwards, spokesman for the Department for Communities and Local
Government, as saying.
CONCREATE USL: Goes Into Receivership, Projects on Hold
-------------------------------------------------------
Elizabeth Bower at The Peterborough Examiner reports that all
work on the Hunter Street Bridge renovations is on hold because
ConCreate USL Ltd., the company doing the work, has gone into
receivership.
The city was notified in late March that ConCreate USL had gone
into receivership, meaning the company can't pay its debts and
has a court-appointed receiver, or third party, managing its
affairs, according to The Peterborough Examiner.
The report notes that city officials are working with the
receiver -- Grant Thornton Ltd. -- to see how to best precede,
said city manager of design and construction Blair Nelson.
The Peterborough Examiner notes that the bridge rehabilitation
work, started in April 2010, is about 85 to 90% complete.
The Peterborough Examiner says that ConCreate was awarded the
contract for just under US$8 million.
DARLINGTON FOOTBALL: DFC 1883 Urges Fans to Continue Fundraising
----------------------------------------------------------------
Vicki Henderson at The Northern Echo reports that the fans' group
bidding to buy Darlington FC have insisted the club may be down,
but it is far from out, as they urged supporters to keep faith
with the Quakers.
Darlington were relegated into the Conference North league for
the first time after a 2-2 draw with fellow strugglers Bath City
at The Northern Echo Arena on Saturday, the Northern Echo
relates.
The interim board of community club Darlington FC 1883 (DFC 1883)
has called on fans to rally together and continue fundraising
efforts for a takeover of the club, the Northern Echo discloses.
According to the Northern Echo, Mr. Pinnegar, a Darlington season
ticket-holder for 30 years, said: "We are already in the process
of developing a plan B in anticipation of this.
"There has always been a serious chance that this would happen
and we are realistic.
"We have a plan B and a plan C as well. The outcome of the game
has simply focused us on the route we need to take.
"Where we start from is out of our hands."
Mr. Pinnegar has been backed by fellow board member Craig
McKenna, who is responsible for raising funds to buy the Quakers,
the Northern Echo says.
DFC 1883 is hoping to bring the club out of administration and
will submit their draft company voluntary arrangement (CVA)
proposal to administrator Harvey Madden this week, the Northern
Echo discloses.
Mr. Madden said the club's relegation will have no impact on the
administration process, which he expects to go ahead as planned,
the Northern Echo notes.
As reported by the Troubled Company Reporter-Europe on April 12,
2012, The Northern Echo related that Mr. Madden is aiming to put
the company voluntary arrangement proposal before creditors on
May 2. The football club could then exit administration after a
28-day cooling off period, the Northern Echo said.
Darlington Football Club -- http://www.darlington-fc.net/-- is
an English football team.
FOUR SEASONS: Terra Firma Among Potential Bidders
-------------------------------------------------
Anousha Sakoui and Jennifer Thompson at The Financial Times
report that Terra Firma is among potential bidders vying for Four
Seasons Health Care as the care homes group races to refinance
its debt before a September deadline.
According to the FT, Four Seasons confirmed on Friday it is in
discussions with a "potential minority investor alongside
discussions with potential majority investors".
The FT relates that people close to the situation said Terra
Firma Capital Partners, the private equity group run by Guy
Hands, is one of the potential bidders in a deal which would
value the group at up to GBP1 billion.
Four Seasons, which declined to comment about the identity of
potential investors, added it was also in discussions about
refinancing options with fresh investors as well as existing
shareholders as part of a dual-track process, the FT notes.
The group, the FT says, is also to consider raising equity to
help refinance GBP780 million in net debt, two years after
lenders including Royal Bank of Scotland took control of the
business in 2009.
A successful refinancing would bring to a close negotiations
between Four Seasons and its creditors, the FT states.
Four Seasons, which is being advised by Rothschild and Gleacher
Shacklock, aims to have an agreement on a solution with investors
and creditors in place during May and concluded by July, the FT
discloses.
Four Seasons, which expanded rapidly before the financial crisis,
halved its GBP1.6 billion debt by means of this deal, the FT
relates. A year later, a second round of negotiations ended with
the maturity of the debt being extended for two years from
September 2010, the FT says.
According to the FT, it said in February it was "considering
alternative capital structures" to bridge any funding gap when
the reduced amount falls due in September, amid weakened debt
markets.
In 2009 the heavily indebted group came close to a forced sale
before striking an agreement with its lenders about a debt-for-
equity swap, the FT recounts.
Four Seasons Health Care -- http://www.fshc.co.uk/-- is one of
the largest care home (nursing home) operators in the UK. The
company runs some 300 nursing homes, and its Huntercombe division
operates about eight specialized health care centers (which
provide mental health and rehabilitation services) in England,
Scotland, North Ireland, and the Isle of Man. Allianz Capital
Partners, the private equity arm of Allianz Group, acquired the
company from Alchemy Partners for GBP775 million in 2004.
GLOBAL SHIP: Swings to US$9.1 Million Net Income in 2011
--------------------------------------------------------
Global Ship Lease, Inc., filed with the U.S. Securities and
Exchange Commission its annual report on Form 20-F disclosing net
income of US$9.07 million on US$156.26 million of time charter
revenue in 2011, compared with a net loss of US$3.97 million on
US$158.83 million of time charter revenue in 2010.
The Company's balance sheet at Dec. 31, 2011, showed US$939.53
million in total assets, US$605.33 million in total liabilities
and US$334.20 million in total stockholders' equity.
A copy of the Form 20-F is available for free at:
http://is.gd/t7nYsH
About Global Ship Lease
London, England-based Global Ship Lease (NYSE: GSL, GSL.U and
GSL.WS) -- http://www.globalshiplease.com/-- is a containership
charter owner. Incorporated in the Marshall Islands, Global Ship
Lease commenced operations in December 2007 with a business of
owning and chartering out containerships under long-term, fixed
rate charters to world class container liner companies.
Global Ship Lease owns 17 vessels with a total capacity of 66,297
TEU with a weighted average age at June 30, 2010, of 6.3 years.
All of the current vessels are fixed on long-term charters to CMA
CGM with an average remaining term of 8.6 years. The Company has
contracts in place to purchase two 4,250 TEU newbuildings from
German interests for approximately $77 million each that are
scheduled to be delivered in the fourth quarter of 2010. The
Company also has agreements to charter out these newbuildings to
Zim Integrated Shipping Services Limited for seven or eight years
at charterer's option.
As reported in the Dec. 1, 2012 edition of the TCR, Global Ship
Lease disclosed that it had entered into an agreement with its
lenders to waive until Nov. 30, 2012 the requirement under its
credit facility to conduct loan-to-value tests. The credit
facility requires that loan-to-value, which is the ratio of
outstanding borrowings under the credit facility to the aggregate
charter-free market value of the secured vessels, cannot exceed
75%.
GROUP LOTUS: Insists No Decision Yet on its Future
--------------------------------------------------
Steve Cropley at autocar.co.uk reports that Group Lotus insists
no decision has been taken on its future by new Proton owners
DRB-Hicom.
The new owner of its Malaysian-based parent company, Proton, is
strongly rumored to be eyeing strategies that could lead the
Hethel sports car company into administration as a way of freeing
it from around GBP200 million worth of accumulated debts,
according to autocar.co.uk.
autocar.co.uk says that in response, Lotus has issued the
following statement:
"The new Proton owners DRB-Hicom are currently in the middle of
their due diligence of Group Lotus. There have been and continue
to be positive discussions between Group Lotus senior management
and senior management at DRB-Hicom both here in Hethel and in
Malaysia. Despite various rumors in the media to the contrary,
at no point has DRB-HICOM indicated to Group Lotus that they
intend to put the company into administration. We welcome the
opportunity to put that rumor -- along with incorrect speculation
that production has stopped , that Dany Bahar is no longer CEO
and that we are no longer involved in F1- to bed. It's no secret
that we are going through a very difficult time at the moment due
to the change in ownership but we're doing everything we can to
get through this period and come out the other side stronger than
before. We're very grateful for the continued support we receive
from the people of Norfolk and all over the world."
Malaysian-based DRB-Hicom, whose management is understood not to
share Proton's view of Lotus as a prized asset to be retained and
developed, autocar.co.uk disclsoes. At the time of that
acquisition Lotus Chief Executive Officer Dany Bahar told Autocar
that the sports car company, which had been spending pre-arranged
loan funds to create an all-new model range, would have to switch
to conserving cash until a 60-day transitional phase, required
under Malaysian law, had passed, autocar.co.uk notes.
The report says that the phase ended weeks ago but Lotus is
believed still to be in financial limbo and this week Bahar is
"on leave".
autocar.co.uk notes that concern over Lotus's problems
accelerated late last week when the Lotus F1 team (formerly
Lotus-Renault) terminated a sponsorship agreement with Group
Lotus but disclosed that it had struck a five-year deal with
Lotus's owners to continue using the famous name. The report
relates that this fed speculation that the F1 team's owner, the
private investment group Genii, might soon become a bidder for
the car company, but its principal Gerard Lopez has so far been
tight-lipped on the idea.
Financial pundits consulted by Autocar say a new owner would be
reluctant to take the company on as a going concern with current
debts estimated at GBP200 million, the report adds.
PORTSMOUTH FOOTBALL: Former Operating Company's Dealings Probed
---------------------------------------------------------------
Rory McKeown at The News reports that Portsmouth City Football
Club Limited's former operating company is being investigated for
its financial affairs before administration in 2010.
Geoff Carton-Kelly of Baker Tilly, liquidators of Portsmouth,
sent update letters to those still owed payment following
Pompey's last administration, The News relates.
According to The News, in the letter -- obtained by The News --
Pompey's current operating company Portsmouth Football Club
(2010) Limited is named as 'Newco'.
The News relates that Mr. Carton-Kelly told creditors in the
letter: "My investigations into the affairs of the company, prior
to the original administration in February 2010, are still on-
going, which may result in actions being taken against various
parties, which if successful may result in funds available for
creditors."
But it claims the club's current administrators have told the
liquidators there have been "insufficient realisation of assets
in Newco to enable a return to the unsecured creditors".
It confirms the payment agreements reached in Pompey's Company
Voluntary Arrangement (CVA) signed to bring it out of
administration are "no longer applicable" and will remain that
way until "the administrator of Newco recovers sufficient assets
to enable a dividend to creditors."
It comes as creditors owed cash following Pompey's new
administration expressed fears they may never see their money
again, The News notes.
About Portsmouth Football
Portsmouth Football Club Ltd. -- http://www.portsmouthfc.co.uk/
-- operated Portsmouth FC, a professional soccer team that plays
in the English Premier League. Established in 1898, the club
boasted two FA Cups, its last in 2008, and two first division
championships. Portsmouth FC's home ground is at Fratton Park;
the football team is known to supporters as Pompey. Dubai
businessman Sulaiman Al-Fahim purchased the club from Alexandre
Gaydamak in 2009. A French businessman of Russian decent,
Gaydamak had controlled Portsmouth Football Club since 2006.
VON ESSEN: Administration Extended by Six Months
------------------------------------------------
Financial reports that the administration of Von Essen Hotels has
been extended by six months to allow time to dispose of the
group's two as-yet-unsold hotels.
Permission was granted to Alan Bloom, Angela Swarbrick, and
Christopher Marsden of Ernst & Young by the High Court of Justice
to extend the administration period to October 18, according to
Financial. The report relates that the extension was granted as
the first anniversary of the date Von Essen went into
administration - April 20, 2011 - with debts of nearly GBP300
million approaches.
Financial, citing Caterer and Hotelkeeper, notes that the group's
27 hotels, together with a Napoleonic fort on Thorn Island, off
the coast of Pembrokeshire, have all been sold, except for the
24-bedroom Sharrow Bay in Cumbria and the 22-bedroom Ston Easton
Park in Somerset.
The report says that Christie & Co is marketing both properties
at GBP5 million each. Financial discloses that despite Sharrow's
Bay standing as one of the UK's first country house hotels,
interested buyers have been deterred by the fact that it has only
three years remaining on a 30-year-long lease.
Ston Easton Park, meanwhile, is a freehold property, the report
adds.
von Essen hotel chain owns 28 luxury hotels in the UK and France.
* * *
As reported in the Troubled Company Reporter-Europe on April 25,
2011, BBC News said the holding company of the von Essen hotel
chain has appointed accountants Ernst & Young as administrators.
SoGlos.com related that von Essen is reported to have debts of
more than GBP25 million. SoGlos.com noted that while
administrators have been appointed and the portfolio of hotels
are expected to be sold off either as a group or as individual
properties, the hotels are all expected to continue to trade as
usual.
===============
X X X X X X X X
===============
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Shareholders Total
Equity Assets
Company Ticker (US$) (US$)
------- ------ ------ ------
AUSTRIA
-------
CHRIST WATER TEC CWT EO -5754285.05 165995618.1
CHRIST WATER TEC CWT EU -5754285.05 165995618.1
CHRIST WATER TEC CWTE IX -5754285.05 165995618.1
CHRIST WATER TEC CRSWF US -5754285.05 165995618.1
CHRIST WATER TEC CWT PZ -5754285.05 165995618.1
CHRIST WATER TEC CWT AV -5754285.05 165995618.1
CHRIST WATER TEC 8131204Q GR -5754285.05 165995618.1
CHRIST WATER-ADR CRSWY US -5754285.05 165995618.1
KA FINANZ AG 3730Z AV -9072224.93 22043329918
LIBRO AG LIBR AV -110486314 174004185
LIBRO AG LIB AV -110486314 174004185
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LIBRO AG LB6 GR -110486314 174004185
S&T SYSTEM I-ADR STSQY US -38841439.5 182832494.8
S&T SYSTEM INTEG STSQF US -38841439.5 182832494.8
S&T SYSTEM INTEG SLSYF US -38841439.5 182832494.8
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S&T SYSTEM INTEG SYA EX -38841439.5 182832494.8
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S&T SYSTEM INTEG SNTA PZ -38841439.5 182832494.8
S&T SYSTEM INTEG SNT EU -38841439.5 182832494.8
S&T SYSTEM INTEG SYAG IX -38841439.5 182832494.8
SKYEUROPE SKYP PW -89480492.6 159076577.5
SKYEUROPE SKY PW -89480492.6 159076577.5
SKYEUROPE HLDG SKYPLN EO -89480492.6 159076577.5
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SKYEUROPE HLDG SKY LI -89480492.6 159076577.5
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SKYEUROPE HLDG S8E GR -89480492.6 159076577.5
SKYEUROPE HOL-RT SK1 AV -89480492.6 159076577.5
BELGIUM
-------
AMERIKAANSE STOC 4163533Z BB -1513887.96 225769572.9
ANTWERP GATEWAY 496769Z BB -51947070.5 266390692.5
BIO ANALYTICAL R 3723198Z BB -41974594.7 193574592.4
CHIQUITA FRESH B 3727690Z BB -13035568.1 126531721.7
COMPAGIMMOBDU BR 3727538Z BB -3827271.16 143566526.3
DOOSAN BENELUX S 3724234Z BB -81416359 231093378.4
EXPLORER NV 4289181Z BB -17703159.5 266681154.3
FINANCIETOREN NV 3729210Z BB -42317802.7 777656536.7
IRUS ZWEIBRUCKEN 3738979Z BB -12563627.2 113270540
JULIE LH BVBA 3739923Z BB -32842124.6 159062205.9
KBC LEASE BELGIU 3723398Z BB -23567202.8 2856170076
KIA MOTORS BELGI 3729658Z BB -40305545.6 136441397.8
LAND VAN HOP NV 3727898Z BB -141334.296 138885001.8
SABENA SA SABA BB -85494497.7 2215341060
SAPPI EUROPE SA 3732894Z BB -119299290 158958659.1
SOCIETE NATIONAL 3726762Z BB -39045394.2 506987115.6
TELENET GRP HLDG T4I GR -346984203 4652950529
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TELENET GRP HLDG TNET EU -346984203 4652950529
TELENET GRP HLDG TNETUSD EU -346984203 4652950529
TELENET GRP HLDG TNET EB -346984203 4652950529
TELENET GRP HLDG TNET LI -346984203 4652950529
TELENET GRP HLDG 3218105Q IX -346984203 4652950529
TELENET GRP HLDG TNET BB -346984203 4652950529
TELENET GRP HLDG TNET QM -346984203 4652950529
TELENET-STRP TNETS BB -346984203 4652950529
TELENET-UNS ADR TLGHY US -346984203 4652950529
CROATIA
-------
BADEL 1862 DD BD62RA CZ -18974967.3 134189914.2
BRODOGRADE INDUS 3MAJRA CZ -5021629.8 841433084.3
MAGMA DD MGMARA CZ -14866765.1 104029164.6
OT OPTIMA TELEKO 2299892Z CZ -83651540.4 109270884.7
OT-OPTIMA TELEKO OPTERA CZ -83651540.4 109270884.7
CYPRUS
------
LIBRA HOLIDA-RTS LBR CY -39648682.4 209021322.6
LIBRA HOLIDA-RTS LGWR CY -39648682.4 209021322.6
LIBRA HOLIDAY-RT 3167808Z CY -39648682.4 209021322.6
LIBRA HOLIDAYS LHGR CY -39648682.4 209021322.6
LIBRA HOLIDAYS G LHG PZ -39648682.4 209021322.6
LIBRA HOLIDAYS G LHGCYP EO -39648682.4 209021322.6
LIBRA HOLIDAYS G LHG EU -39648682.4 209021322.6
LIBRA HOLIDAYS G LHG CY -39648682.4 209021322.6
LIBRA HOLIDAYS G LHG EO -39648682.4 209021322.6
LIBRA HOLIDAYS G LHGCYP EU -39648682.4 209021322.6
LIBRA HOLIDAYS-P LBHG CY -39648682.4 209021322.6
LIBRA HOLIDAYS-P LBHG PZ -39648682.4 209021322.6
CZECH REPUBLIC
--------------
CKD PRAHA HLDG CKDH US -89435858.2 192305153
CKD PRAHA HLDG 297687Q GR -89435858.2 192305153
CKD PRAHA HLDG CKDPF US -89435858.2 192305153
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SETUZA AS 2994755Q EU -61453764.2 138582273.6
SETUZA AS 2994759Q EO -61453764.2 138582273.6
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SETUZA AS 2994763Q EU -61453764.2 138582273.6
SETUZA AS SZA EX -61453764.2 138582273.6
DENMARK
-------
AB-B NEW ABBN DC -101428499 298588010.2
AKADEMISK BOLDK ABB DC -101428499 298588010.2
CARLSBERG IT A/S 4503891Z DC -47938170.6 178077456.9
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SCHAUMANN PROP SCHAUP PZ -101428499 298588010.2
SCHAUMANN PROP SCHAUP EU -101428499 298588010.2
SCHAUMANN PROP SCHAU BY -101428499 298588010.2
SCHAUMANN PROP SCHAUEUR EO -101428499 298588010.2
SCHAUMANN PROP SCHAU EO -101428499 298588010.2
SCHAUMANN PROP SCHAUP DC -101428499 298588010.2
SCHAUMANN PROP SCHAU EU -101428499 298588010.2
SCHAUMANN PROP SCHAUEUR EU -101428499 298588010.2
SUZLON WIND ENER 3985532Z DC -50030922.8 151671948.3
FRANCE
------
3 SUISSES FRANCE 4724713Z FP -77651653.3 330011633.6
AIR COMMAND SYST 4470055Z FP -24012413.9 236706831.5
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CARRERE GROUP CRRHF US -9829531.94 279906700
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CMA CGM AGENCES 4746849Z FP -8208944.55 191538369.1
CO PETROCHIMIQUE 4682369Z FP -111509362 364674090.9
CSF 3635887Z FP -60315179.7 3042333890
DESCAMPS SAS 4503139Z FP -2912961.46 104843475.7
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EDENRED EDEN TQ -1395452285 5596512266
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EDENRED EDEN QM -1395452285 5596512266
EDENRED EDEN FP -1395452285 5596512266
EDENRED EDEN EU -1395452285 5596512266
EDENRED EDEN EO -1395452285 5596512266
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EDENRED EDENUSD EU -1395452285 5596512266
EDENRED EDEN BQ -1395452285 5596512266
EDENRED EDEN IX -1395452285 5596512266
EDENRED-NEW EDENV FP -1395452285 5596512266
EDF EN OUTRE MER 4679713Z FP -2598508.84 158364874.7
ETAM PRET A PORT 4682193Z FP -18364165.4 175501799.4
FACONNABLE SA 226782Z FP -19616231 136513429.3
FRANFINANCE LOCA 4689993Z FP -69780982.1 1638852912
GEC 4 SAS 4518255Z FP -91410337 541462091
GPN SA 4509659Z FP -35080424.7 568887551
GRANDE PAROISSE GDPXF US -927267927 629287290
GRANDE PAROISSE GDPA FP -927267927 629287290
GRANDE PAROISSE GAPA FP -927267927 629287290
GROUPE MONITEUR 317840Z FP -116707395 610106709.3
GROUPE PROGRES S 4734137Z FP -106637566 154665494
HITACHI EUROPE S 4681417Z FP -9927515.77 110534051.7
HP ENTREPRISE SE 4698081Z FP -97546439.4 116383810.4
I BASE 757542Z FP -6019481.25 433636337.7
ING LEASE FRANCE 4699881Z FP -51268061.5 363058830.9
ISOCHEM SA 3540732Z FP -9029087.45 100025367.9
ITM REGION PARIS 4681817Z FP -49662079.8 124321085.9
JTEKT AUTOMOTIVE 4504595Z FP -17492036.6 163375360
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JUNGHEINRICH FIN 4635025Z FP -14429677.1 223424949.4
LAB DOLISOS LADL FP -27752176.2 110485462.4
LAB DOLISOS DOLI FP -27752176.2 110485462.4
LENOVO FRANCE SA 4710049Z FP -1944677.44 137134536.2
MATUSSIERE & FOR MTUSF US -77896689.1 293868350.8
MATUSSIERE & FOR 1007765Q FP -77896689.1 293868350.8
M-REAL ALIZAY SA 4670721Z FP -19839749.3 142972373.7
MVCI HOLIDAYS FR 4524959Z FP -106863950 221936730.6
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NORDEX FRANCE SA 4521679Z FP -1596231.67 139011887.7
NOVELIS FOIL FRA 4678593Z FP -21912360.2 126180343.3
NRJ 12 4681713Z FP -41481124.2 112522117.5
OROSDI OROS FP -51389802.7 181267113.2
OROSDI OROS EO -51389802.7 181267113.2
OROSDI OROS S1 -51389802.7 181267113.2
OROSDI OROS EU -51389802.7 181267113.2
OROSDI OROS PZ -51389802.7 181267113.2
OROSDI-BACK ORBA FP -51389802.7 181267113.2
OROSDI-BACK BACK IX -51389802.7 181267113.2
OROSDI-RTS ORODS FP -51389802.7 181267113.2
PAGESJAUNES GRP PAJ NQ -3184867284 1167307980
PAGESJAUNES GRP PAJGBX EO -3184867284 1167307980
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PAGESJAUNES GRP PAJGBX EU -3184867284 1167307980
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PAGESJAUNES GRP PAJ GK -3184867284 1167307980
PAGESJAUNES GRP PAJUSD EU -3184867284 1167307980
PAGESJAUNES GRP QS3 TH -3184867284 1167307980
PAGESJAUNES GRP PAJ EB -3184867284 1167307980
PAGESJAUNES GRP PAJ EO -3184867284 1167307980
PAGESJAUNES GRP PAJUSD EO -3184867284 1167307980
PAGESJAUNES GRP QS3 GR -3184867284 1167307980
PAGESJAUNES GRP PGJUF US -3184867284 1167307980
PAGESJAUNES GRP PAJ EU -3184867284 1167307980
PAGESJAUNES GRP PAJ PZ -3184867284 1167307980
PEUGEOT CITROEN 3637183Z FP -292685178 366568398.7
PITNEY BOWES 4634633Z FP -11785422.8 184422748.8
REGIE PUBLICITAI 4691033Z FP -5262294.53 112402724.7
REGIONAL COMPAGN 3635823Z FP -37389129.6 595811276.3
RESEAU FERRE FRA 224063Z FP -1594878991 71610625888
RHODIA SA RHD GR -72552001.5 7951699362
RHODIA SA RHAGBP EO -72552001.5 7951699362
RHODIA SA RHA IX -72552001.5 7951699362
RHODIA SA RHDI TH -72552001.5 7951699362
RHODIA SA RHA GK -72552001.5 7951699362
RHODIA SA RHA EB -72552001.5 7951699362
RHODIA SA RHA S1 -72552001.5 7951699362
RHODIA SA RHA VX -72552001.5 7951699362
RHODIA SA RHA TQ -72552001.5 7951699362
RHODIA SA 2324011Q EU -72552001.5 7951699362
RHODIA SA RHANR PZ -72552001.5 7951699362
RHODIA SA RHADF US -72552001.5 7951699362
RHODIA SA RHAY IX -72552001.5 7951699362
RHODIA SA 3218857Q IX -72552001.5 7951699362
RHODIA SA RHA EU -72552001.5 7951699362
RHODIA SA RHA NQ -72552001.5 7951699362
RHODIA SA 2324015Q EO -72552001.5 7951699362
RHODIA SA RHA EO -72552001.5 7951699362
RHODIA SA RHAUSD EU -72552001.5 7951699362
RHODIA SA RHA QM -72552001.5 7951699362
RHODIA SA RHDAF US -72552001.5 7951699362
RHODIA SA RHAGBX EU -72552001.5 7951699362
RHODIA SA RHDI GR -72552001.5 7951699362
RHODIA SA RHA PZ -72552001.5 7951699362
RHODIA SA RHA BQ -72552001.5 7951699362
RHODIA SA RHA FP -72552001.5 7951699362
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RHODIA SA - NEW 2335921Q FP -72552001.5 7951699362
RHODIA SA - NEW 8125782Q FP -72552001.5 7951699362
RHODIA SA - NEW 3156011Q FP -72552001.5 7951699362
RHODIA SA - NEW 3506266Q FP -72552001.5 7951699362
RHODIA SA - NEW RHANV FP -72552001.5 7951699362
RHODIA SA-ADR RHAYY US -72552001.5 7951699362
RHODIA SA-NON RE RHANR FP -72552001.5 7951699362
RHODIA SA-RIGHTS 653447Q FP -72552001.5 7951699362
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RODRIGUEZ GROUP ROD PZ -38195223.8 238732565
RODRIGUEZ GROUP RDGP IX -38195223.8 238732565
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RODRIGUEZ GROUP RRGZF US -38195223.8 238732565
SANDOZ SAS 3635111Z FP -18996502.1 160259044.1
SDR CENTREST 117241Q FP -132420130 252176017.2
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SOCIETE COMMERCI 4516647Z FP -179862008 1576030746
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TEAM PARTNER-RTS 2841653Q FP -13557467.9 129831049
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GEORGIA
-------
DEVELICA DEUTSCH DDE PG -79827494.9 1139643575
DEVELICA DEUTSCH DDE PZ -79827494.9 1139643575
DEVELICA DEUTSCH D4B GR -79827494.9 1139643575
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DEVELICA DEUTSCH DDE LN -79827494.9 1139643575
GERMANY
-------
AGOR AG DOOD PZ -482449.879 144432986.2
AGOR AG NDAGF US -482449.879 144432986.2
AGOR AG DOO GR -482449.879 144432986.2
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DFS DEUTSCHE FLU 1070Z GR -206867792 1418435822
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GREECE
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ITALY
-----
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JERSEY
------
REAL ESTATE OP-O REOGBP EO -1109604236 1668437669
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LUXEMBOURG
----------
CARRIER1 INT-AD+ CONE ES -94729000 472360992
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NETHERLANDS
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SWEDEN
------
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NORWAY
------
AFRICA OFFSHORE AOSA NO -280249984 357512992
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INTEROIL EXPLORA IROIF US -12690000 172800992
INTEROIL EXPLORA IOX NO -12690000 172800992
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INTEROIL EXPLORA IOX PZ -12690000 172800992
INTEROIL EXPLORA IOX EU -12690000 172800992
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INTEROIL EXPLORA IOXEUR EO -12690000 172800992
INTEROIL EXPLORA IOXUSD EO -12690000 172800992
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JASON SHIPPING A JSHIP EU -63803000 141950000
MAN LAST OG BUSS 4521719Z NO -5830520.28 123349772.5
MARINE SUBSEA AS MSAS NO -280249984 357512992
NCC CONSTRUCTION 4389745Z NO -12248477.7 312455787.6
NCC ROADS AS 4401305Z NO -11149611.4 135425117.2
NORSK STEIN AS 4394889Z NO -697875.924 232219055.8
PETRO GEO-SERV PGS GR -18066142.2 399710323.6
PETRO GEO-SERV 265143Q NO -18066142.2 399710323.6
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PETRO GEO-SV-ADR PGOGY US -18066142.2 399710323.6
PETRO GEO-SV-ADR PGSA GR -18066142.2 399710323.6
PETROJACK AS JACO IX -54932000 191586000
PETROJACK AS JACK EU -54932000 191586000
PETROJACK AS P3J GR -54932000 191586000
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PETROJACK AS JACK NO -54932000 191586000
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PETROJACK AS JACK EO -54932000 191586000
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PETROJACK AS JACKEUR EO -54932000 191586000
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PETROMENA AS PMENA NO -47299000 317747008
PETROMENA AS PMEN IX -47299000 317747008
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PETROMENA AS PMENA EO -47299000 317747008
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PETROMENA AS PMENAEUR EU -47299000 317747008
PETROMENA AS PMENA PZ -47299000 317747008
PETROMENA AS PR2 GR -47299000 317747008
PETROMENA AS MENA NO -47299000 317747008
PETROMENA AS PMENAEUR EO -47299000 317747008
PRATT & WHITNEY 4524487Z NO -5820126.04 104689675.3
REC SCANCELL AS 4446473Z NO -8437038.95 138751607.3
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SEVAN MARINE ASA SEVAN BY -173000000 962300032
SEVAN MARINE ASA SEVANEUR EU -173000000 962300032
SEVAN MARINE ASA SEVAN PZ -173000000 962300032
SEVAN MARINE ASA SEVANUSD EO -173000000 962300032
SEVAN MARINE ASA SEVAN EU -173000000 962300032
SEVAN MARINE ASA SEVANUSD EU -173000000 962300032
SEVAN MARINE ASA SEVANEUR EO -173000000 962300032
SEVAN MARINE ASA SEVAN GK -173000000 962300032
SEVAN MARINE ASA SEVAN SS -173000000 962300032
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SEVAN MARINE ASA SEVAN EB -173000000 962300032
SEVAN MARINE ASA SEVAN NR -173000000 962300032
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SEVAN MARINE ASA SEVAN NQ -173000000 962300032
SEVAN MARINE ASA SEVAN NO -173000000 962300032
SEVAN MARINE ASA SEVAN S1 -173000000 962300032
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SEVAN MARINE ASA SEVAN TQ -173000000 962300032
SEVAN MARINE ASA SEMA NO -173000000 962300032
SEVAN MARINE-ADR SVMRY US -173000000 962300032
SEVAN MARINE-RTS 3328565Z NO -173000000 962300032
SEVAN-NEW SEVANN NO -173000000 962300032
SINGAPORE OFFSHO 4422313Z NO -62203.0437 104161346.4
STOREBRAND EIEND 4443409Z NO -40898583.7 1242265455
STOREBRAND EIEND 4288341Z NO -174025924 4173823457
TDC AS 4287413Z NO -83055193 129421953.7
TRICO SHIPPING A 3651167Z NO -132576808 504945402.2
TTS SENSE AS 4393841Z NO -8795315.49 159296793.9
UTKILEN SHIPPING 4446161Z NO -74871.0265 185813483
VNG NORGE AS 4513147Z NO -54874780.7 162557987.4
POLAND
------
ANIMEX SA ANX PW -556805.858 108090511.9
KROSNO KROS IX -2241615.44 111838141.2
KROSNO KRS LI -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 SA KRS PZ -2241615.44 111838141.2
KROSNO SA KRNFF US -2241615.44 111838141.2
KROSNO SA KRS1 EO -2241615.44 111838141.2
KROSNO SA KRS1 EU -2241615.44 111838141.2
KROSNO SA KROSNO PW -2241615.44 111838141.2
KROSNO SA-RTS KRSP PW -2241615.44 111838141.2
KROSNO-PDA-ALLT KRSA PW -2241615.44 111838141.2
TOORA TOR PZ -288818.39 147004954.2
TOORA TOR PW -288818.39 147004954.2
TOORA 2916661Q EO -288818.39 147004954.2
TOORA 2916665Q EU -288818.39 147004954.2
TOORA-ALLOT CERT TORA PW -288818.39 147004954.2
PORTUGAL
--------
ALBERTO MARTINS 4488947Z PL -25419983.4 123491252.1
ALUGUER DE VEICU 4773793Z PL -15934394.3 177189066.9
BRISAL AUTO-ESTR 3645215Z PL -47450724.2 654534402.7
CENTRO HOSPITALA 3778196Z PL -63194407.2 123417394.8
CO DAS ENERGIAS 3794880Z PL -2540034.47 115717930.4
CP - COMBOIOS DE 1005Z PL -3201667702 2260472073
ESTALEIROS NAVAI 4507307Z PL -99568225.9 221542111.7
FORD LUSITANA SA 3648983Z PL -7991062.86 135557902.7
HOSPITAL DE FARO 3789880Z PL -18565498.2 440770232
HOSPITAL DO DIVI 3789932Z PL -75359385 205468575.8
HOSPITAL GARCIA 3773160Z PL -48058398.4 155137981.5
HP HEALTH CLUBS 3777952Z PL -4243987.43 133613465.6
LOCACAO DE EQUIP 4772329Z PL -1031872.21 425561447.8
LYCATELCOM LDA 4281821Z PL -8577510.56 109410577.8
METRO DO PORTO 4473963Z PL -1539365046 3027538897
PORTUGALIA 1008Z PL -6844075.93 199376769
RADIO E TELEVISA 1227Z PL -740710265 506160206.4
REFER-REDE FERRO 1250Z PL -1883502408 1735947433
REN TRADING SA 4167785Z PL -2316007.03 231656542.3
SERVICO DE SAUDE 3790200Z PL -142612999 625059071.4
SOCIEDADE DE REN 3776676Z PL -16169671 124492842.5
SOCIEDADE DE TRA 1253Z PL -368574770 153373893.3
SPORTING CLUBE D SCDF EU -65884328.1 251276323.4
SPORTING CLUBE D SCG GR -65884328.1 251276323.4
SPORTING CLUBE D SCPX PX -65884328.1 251276323.4
SPORTING CLUBE D SCP1 PZ -65884328.1 251276323.4
SPORTING CLUBE D SCDF EO -65884328.1 251276323.4
SPORTING CLUBE D SCP PL -65884328.1 251276323.4
SPORTING-SOC DES SCPL IX -65884328.1 251276323.4
SPORTING-SOC DES SCDF PL -65884328.1 251276323.4
SPORTING-SOC-RTS SCPDS PL -65884328.1 251276323.4
SPORTING-SOC-RTS SCPVS PL -65884328.1 251276323.4
TAP SGPS TAP PL -353957017 2789331398
TRANSGAS SA 3794668Z PL -2181404.7 158648841.9
VALE DO LOBO - R 4764257Z PL -43960329.2 466811617.2
ROMANIA
-------
ARCELORMITTAL PTRO RO -61080024.9 178667412.9
OLTCHIM RM VALCE OLTCF US -89344240.8 511515508.8
OLTCHIM SA RM VA OLTEUR EU -89344240.8 511515508.8
OLTCHIM SA RM VA OLT EO -89344240.8 511515508.8
OLTCHIM SA RM VA OLTEUR EO -89344240.8 511515508.8
OLTCHIM SA RM VA OLT PZ -89344240.8 511515508.8
OLTCHIM SA RM VA OLT EU -89344240.8 511515508.8
OLTCHIM SA RM VA OLT RO -89344240.8 511515508.8
RAFO SA RAF RO -457922311 356796459.3
RUSSIA
------
AKCIONERNOE-BRD SOVP$ RU -85016164.6 320054212.6
ALLIANCE RUSSIAN ALRT RU -15214295.8 144582050.8
AMO ZIL ZILL RM -204894835 401284636
AMO ZIL-CLS ZILL RU -204894835 401284636
AMO ZIL-CLS ZILLG RU -204894835 401284636
AMO ZIL-CLS ZILL* RU -204894835 401284636
AMTEL-POVOLZ-BRD KIRT RU -936614.549 142093264.3
AMTEL-POVOLZ-BRD KIRT* RU -936614.549 142093264.3
BALTIYSKY-$BRD BALZ RU -880437.562 345435790.7
BALTIYSKY-$BRD BALZ* RU -880437.562 345435790.7
BALTIYSKY-BRD BALZ$ RU -880437.562 345435790.7
CRYOGENMASH-BRD KRGM* RU -22826264 214573431.2
CRYOGENMASH-BRD KRGM RU -22826264 214573431.2
CRYOGENMASH-PFD KRGMP* RU -22826264 214573431.2
CRYOGENMASH-PFD KRGMP RU -22826264 214573431.2
DAGESTAN ENERGY DASB RU -29561959.6 232757864.4
DAGESTAN ENERGY DASB* RU -29561959.6 232757864.4
DAGESTAN ENERGY DASB RM -29561959.6 232757864.4
DAGESTAN ENERGY DASBG RU -29561959.6 232757864.4
EAST-SIBERIA-BRD VSNK* RU -92283895.5 299864149.8
EAST-SIBERIA-BRD VSNK RU -92283895.5 299864149.8
EAST-SIBERIAN-BD VSNK$ RU -92283895.5 299864149.8
FINANCIAL LEASIN 137282Z RU -166377934 282903505.9
FINANCIAL LEASIN FLKO RU -166377934 282903505.9
FINANCIAL LEASIN FLKO RM -166377934 282903505.9
FINANCIAL LEASIN FLKO* RU -166377934 282903505.9
GAZ GAZA$ RU -584751226 1478925024
GAZ GZAPF US -584751226 1478925024
GAZ-CLS GAZA* RU -584751226 1478925024
GAZ-CLS GAZA RM -584751226 1478925024
GAZ-CLS GAZA RU -584751226 1478925024
GAZ-CLS GAZAG RU -584751226 1478925024
GAZ-FINANS GAZF RU -56134.5126 232319905.4
GAZ-PFD GAZAP* RU -584751226 1478925024
GAZ-PFD GAZAP RU -584751226 1478925024
GAZ-PFD GAZAP RM -584751226 1478925024
GAZ-PFD GAZAPG$ RU -584751226 1478925024
GAZ-PFD GAZAPG RU -584751226 1478925024
GAZ-PREF GAZAP$ RU -584751226 1478925024
GAZ-US$ GTS GAZAG$ RU -584751226 1478925024
GRAZHDANSKIE SAM GSSU RU -47604998.4 1353823920
GUKOVUGOL GUUG RU -57835249.9 143665227.2
GUKOVUGOL GUUG* RU -57835249.9 143665227.2
GUKOVUGOL-PFD GUUGP* RU -57835249.9 143665227.2
GUKOVUGOL-PFD GUUGP RU -57835249.9 143665227.2
HALS-DEVEL- GDR 86PN LI -588515965 1446111954
HALS-DEVELOPMENT HALS RM -588515965 1446111954
HALS-DEVELOPMENT HALS TQ -588515965 1446111954
HALS-DEVELOPMENT HALS* RU -588515965 1446111954
HALS-DEVELOPMENT HALSG RU -588515965 1446111954
HALS-DEVELOPMENT HALSM RU -588515965 1446111954
HALS-DEVELOPMENT HALS LI -588515965 1446111954
HALS-DEVELOPMENT SYR GR -588515965 1446111954
HALS-DEVELOPMENT HALS RU -588515965 1446111954
IZHAVTO OAO IZAV RU -94100834 443610329.4
KHANTY MANSIYSK HMSR RU -7454032.63 143409366.2
KIROV TIRE PLANT KIRT$ RU -936614.549 142093264.3
KOMPANIYA GL-BRD GMST RU -1933849.29 1120076905
KOMPANIYA GL-BRD GMST* RU -1933849.29 1120076905
KUZNETSOV-BRD MTST RU -15938417.5 331074749.5
KUZNETSOV-BRD MTSTP* RU -15938417.5 331074749.5
KUZNETSOV-BRD MTSTP RU -15938417.5 331074749.5
KUZNETSOV-BRD MTST* RU -15938417.5 331074749.5
M-INDUSTRIYA SOMI RU -1304109.98 267288804.8
MURMANSKAY MUGS RM -22867336.6 135442629.9
MURMANSKAYA-PFD MUGSP RU -22867336.6 135442629.9
MURMANSKAYA-PFD MUGSP RM -22867336.6 135442629.9
MURMANSKAYA-PFD MUGSP* RU -22867336.6 135442629.9
MURMANSKAYA-PFD MUGSPG RU -22867336.6 135442629.9
MURMANSKAY-CLS MUGS* RU -22867336.6 135442629.9
MURMANSKAY-CLS MUGSG RU -22867336.6 135442629.9
MURMANSKAY-CLS MUGS RU -22867336.6 135442629.9
NIZHMASHZAVO-BRD NMSZ RU -24657843.6 316480680.1
NIZHMASHZAVO-BRD NMSZ* RU -24657843.6 316480680.1
NIZHMASHZAVOD-BD NMSZ$ RU -24657843.6 316480680.1
NIZHMASHZAVO-PFD NMSZP RU -24657843.6 316480680.1
NIZHMASHZAVO-PFD NMSZP* RU -24657843.6 316480680.1
PENOPLEX-FINANS PNPF RU -839659.372 147052027.7
PIK GROUP PIKK RM -65334861 4000687446
PIK GROUP PIKK* RU -65334861 4000687446
PIK GROUP PIKKG RU -65334861 4000687446
PIK GROUP PIKK RU -65334861 4000687446
PIK GROUP-GDR PIK1 QM -65334861 4000687446
PIK GROUP-GDR PIQ2 GR -65334861 4000687446
PIK GROUP-GDR PKGPL US -65334861 4000687446
PIK GROUP-GDR PIK TQ -65334861 4000687446
PIK GROUP-GDR PIK LI -65334861 4000687446
PIK GROUP-GDR PIK IX -65334861 4000687446
PIK GROUP-GDR PIK EB -65334861 4000687446
PIK GROUP-GDR PIK EU -65334861 4000687446
PIK GROUP-GDR PIK1 EO -65334861 4000687446
PROMTRACTOR-FINA PTRF RU -27519567.1 259128529.5
RUSSIAN TEXT-CLS ALRTG RU -15214295.8 144582050.8
RUSSIAN TEXT-CLS ALRT* RU -15214295.8 144582050.8
SEVERNAYA KAZNA SVKB* RU -65841686.2 279147750
SEVERNAYA KAZNA SVKB RU -65841686.2 279147750
SEVKABEL-FINANS SVKF RU -83036.4617 102680373.6
SISTEMA HALS-GDR HALS IX -588515965 1446111954
SISTEMA-GDR 144A SEMAL US -588515965 1446111954
URAL PLANT OF PR UZPOA RU -53649612.1 191579960.2
URALMASHPLAN-BRD URAM* RU -18423442.8 687183030.3
URALMASHPLAN-BRD URAM RU -18423442.8 687183030.3
URALMASHPLAN-PFD URAMP* RU -18423442.8 687183030.3
URALMASHPLAN-PFD URAMP RU -18423442.8 687183030.3
URALSKIJ ZAVOD T URAM$ RU -18423442.8 687183030.3
URGALUGOL-BRD YRGL* RU -21554314.6 139319389.8
URGALUGOL-BRD YRGL RU -21554314.6 139319389.8
URGALUGOL-BRD-PF YRGLP RU -21554314.6 139319389.8
VIMPEL SHIP-BRD SOVP* RU -85016164.6 320054212.6
VIMPEL SHIP-BRD SOVP RU -85016164.6 320054212.6
VOLGOGRAD KHIM VHIM RU -55617131.4 157514787.8
VOLGOGRAD KHIM VHIM* RU -55617131.4 157514787.8
WILD ORCHID ZAO DOAAN RU -11716087.5 106082784.6
ZERNOVAYA KOMPAN ONAST RU -9609529.9 673952471.2
ZIL AUTO PLANT ZILL$ RU -204894835 401284636
ZIL AUTO PLANT-P ZILLP RM -204894835 401284636
ZIL AUTO PLANT-P ZILLP RU -204894835 401284636
ZIL AUTO PLANT-P ZILLP* RU -204894835 401284636
SERBIA
------
DUVANSKA DIVR SG -46938765.4 107525048.4
SLOVENIA
--------
ISTRABENZ ITBG EU -3710053.92 1192276746
ISTRABENZ ITBG EO -3710053.92 1192276746
ISTRABENZ ITBG SV -3710053.92 1192276746
ISTRABENZ ITBG PZ -3710053.92 1192276746
SLOVENSKE ENERGE 1SES01A PZ -9037077.3 220365107.8
SLOVENSKE ENERGE SES02 SK -9037077.3 220365107.8
SLOVENSKE ENERGE SES EO -9037077.3 220365107.8
SLOVENSKE ENERGE SES02 EO -9037077.3 220365107.8
SLOVENSKE ENERGE SES02 EU -9037077.3 220365107.8
SLOVENSKE ENERGE SES SK -9037077.3 220365107.8
SLOVENSKE ENERGE SES EU -9037077.3 220365107.8
ZVON ENA HOLDING ZVHR PZ -304042299 774906694.2
ZVON ENA HOLDING ZVHR EO -304042299 774906694.2
ZVON ENA HOLDING ZVHR SV -304042299 774906694.2
ZVON ENA HOLDING ZVHR EU -304042299 774906694.2
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
AIRBUS MILITARY 4456697Z SM -25409217.8 2875949470
AMCI HABITAT SA AMC1 EU -17516668.8 159378294.6
AMCI HABITAT SA AMC SM -17516668.8 159378294.6
AMCI HABITAT SA AMC3 EO -17516668.8 159378294.6
ATLANTIC COPPER 4512291Z SM -83118965.8 1261645242
AURIGACROWN CAR 3791672Z SM -9696329.51 319009666.2
BASF CONSTRUCTIO 4511259Z SM -190337553 234576320.4
BIMBO SA 3632779Z SM -6894386.12 162399487.1
BOSCH SISTEMAS D 4505475Z SM -295419978 205556877.2
BOUYGUES INMOBIL 3636247Z SM -13608696.3 203210905.9
CAIXARENTING SA 4500211Z SM -7390433 1722091946
CELAYA EMPARANZA 3642467Z SM -19428468.9 176340504.9
COPERFIL GROUP 704457Z SM -3700858.98 403826723
DINOSOL SUPERMER 397409Z SM -46517749.4 1134013519
ELECTRODOMESTICO 1035184Z SM -120690331 100540325.2
FABRICAS AGRUPAD 3638319Z SM -28683705 205880655
FACTORIA NAVAL D 3748456Z SM -91596638.8 155617881.8
FBEX PROMO INMOB 3745024Z SM -820001.031 1142937522
FERGO AISA -RTS AISA/D SM -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
FERGO AISA SA AISA PZ -57871829.5 772519224.5
FMC FORET SA 3642299Z SM -135792007 150683418.5
GALERIAS PRIMERO 3281527Z SM -2731015.07 124875853.4
GE POWER CONTROL 3744144Z SM -25412232.5 973735754.8
GE REAL ESTATE I 2814684Z SM -47072259.9 609515984.5
GENERAL MOTORS E 4286805Z SM -323089754 2783002632
GLENCORE ESPANA 3752336Z SM -17828297.1 238237965.8
HIDROCANTABRICO 4456745Z SM -245397524 513745817
HOLCIM HORMIGONE 4376153Z SM -34366354.1 133704111.2
HUNE PLATAFORMAS 4284309Z SM -34729576.9 417379212.5
LA SIRENA ALIMEN 4375737Z SM -60779557.1 206592562.2
MARTINSA FADESA MFAD PZ -3783069373 5985477633
MARTINSA FADESA 4PU GR -3783069373 5985477633
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STAGECOACH GROUP SGC1USD EU -158544627 2695903851
STAGECOACH GROUP SGC1AUD EU -158544627 2695903851
STAGECOACH GROUP SGC1PEN EO -158544627 2695903851
STAGECOACH GROUP SGC PO -158544627 2695903851
STAGECOACH GROUP SGC1AUD EO -158544627 2695903851
STAGECOACH GROUP SGC1 EB -158544627 2695903851
STAGECOACH GROUP SGC S1 -158544627 2695903851
STAGECOACH GROUP SGC1 NR -158544627 2695903851
STAGECOACH GROUP SGCG PZ -158544627 2695903851
STAGECOACH GROUP SGC1 BQ -158544627 2695903851
STAGECOACH GROUP SGC1 NQ -158544627 2695903851
STAGECOACH GROUP SGC1 QM -158544627 2695903851
STAGECOACH GROUP SGC1EUR EO -158544627 2695903851
STAGECOACH GROUP SHP5 GR -158544627 2695903851
STAGECOACH GROUP SGC1EUR EU -158544627 2695903851
STAGECOACH GROUP SGC2 VX -158544627 2695903851
STAGECOACH GROUP SGC1GBP EO -158544627 2695903851
STAGECOACH GROUP SGC1PEN EU -158544627 2695903851
STAGECOACH GROUP SGC1 EU -158544627 2695903851
STAGECOACH GROUP SHP GR -158544627 2695903851
STAGECOACH GROUP SGC IX -158544627 2695903851
STAGECOACH GROUP SGC1 TQ -158544627 2695903851
STAGECOACH GROUP SGC1 EO -158544627 2695903851
STAGECOACH GROUP SGC1USD EO -158544627 2695903851
STAGECOACH GROUP SGC LN -158544627 2695903851
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STAGECOACH GRP-B SGCB LN -158544627 2695903851
STAGECOACH-NEW SGCN LN -158544627 2695903851
STAGECOA-SPN ADR SAGKY US -158544627 2695903851
STJAMES'S PLACE 4451825Z LN -40027613.6 444219054.8
STV GROUP PLC STVGEUR EU -36632758.7 143156965
STV GROUP PLC STVG LN -36632758.7 143156965
STV GROUP PLC STVGGBP EO -36632758.7 143156965
STV GROUP PLC SMG VX -36632758.7 143156965
STV GROUP PLC STVG EO -36632758.7 143156965
STV GROUP PLC STVG VX -36632758.7 143156965
STV GROUP PLC STVGEUR EO -36632758.7 143156965
STV GROUP PLC STVG EU -36632758.7 143156965
STV GROUP PLC SMG PZ -36632758.7 143156965
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STV GROUP PLC SMGPF US -36632758.7 143156965
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SUNSAIL LTD 1092666Z LN -37047891.8 193976501.7
SUNSEEKER INTERN 820741Z LN -7756394.62 227371284.6
SWIFT TECHNICAL 4287133Z LN -34723772.8 138665319.9
TATA CMMNCTNS UK 2534722Z LN -32378969.2 118690215.5
TDL INFOMEDIA 3362Z LN -25723860.1 136762955.6
TELEWEST COM-ADR TWT$ LN -3702234581 7581020925
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TELEWEST COM-ADR TWSTY US -3702234581 7581020925
TELEWEST COMM TWSTF US -3702234581 7581020925
TELEWEST COMM 715382Q LN -3702234581 7581020925
TELEWEST COMM 604296Q GR -3702234581 7581020925
TELEWEST COMM TWT VX -3702234581 7581020925
TELEWEST COMMUNI 1608194Z LN -113079710 9113744374
TELEWEST COMMUNI 1646328Z LN -287113015 868389208
THALES CORPORATE 1083706Z LN -65658884.5 829798983.7
THALES RAIL SIGN 2812334Z LN -29298137.4 106623580
THALES TELECOMMU 1163839Z LN -5826263.27 245379695.8
THAMES WATER FIN 1615Z LN -48749918.5 4474513723
THORN EMI PLC THNE FP -2265916257 2950021937
THORN EMI-ADR TORNY US -2265916257 2950021937
THORN EMI-ADR THN$ LN -2265916257 2950021937
THORN EMI-CDR THN NA -2265916257 2950021937
THORN EMI-REGD 1772Q GR -2265916257 2950021937
TIMES NEWSPAPERS 2343939Z LN -653746580 603467606.2
TOPPS TILES PLC TPT5 EO -39843958.1 122386142.5
TOPPS TILES PLC TPT3 EO -39843958.1 122386142.5
TOPPS TILES PLC TPT BQ -39843958.1 122386142.5
TOPPS TILES PLC TPT1 EO -39843958.1 122386142.5
TOPPS TILES PLC TPT2 EO -39843958.1 122386142.5
TOPPS TILES PLC TPT PO -39843958.1 122386142.5
TOPPS TILES PLC TPT8 EO -39843958.1 122386142.5
TOPPS TILES PLC TPT IX -39843958.1 122386142.5
TOPPS TILES PLC TPT PZ -39843958.1 122386142.5
TOPPS TILES PLC TPT LN -39843958.1 122386142.5
TOPPS TILES PLC TPT4 EO -39843958.1 122386142.5
TOPPS TILES PLC TPT EO -39843958.1 122386142.5
TOPPS TILES PLC TPT7 EO -39843958.1 122386142.5
TOPPS TILES PLC TPT9 EO -39843958.1 122386142.5
TOPPS TILES PLC TPT10 EO -39843958.1 122386142.5
TOPPS TILES PLC TPTEUR EU -39843958.1 122386142.5
TOPPS TILES PLC TPT EU -39843958.1 122386142.5
TOPPS TILES PLC TPT TQ -39843958.1 122386142.5
TOPPS TILES PLC TPTJY US -39843958.1 122386142.5
TOPPS TILES PLC TPT6 EO -39843958.1 122386142.5
TOPPS TILES PLC TPTGBP EO -39843958.1 122386142.5
TOPPS TILES PLC TPTEUR EO -39843958.1 122386142.5
TOPPS TILES PLC TPT S1 -39843958.1 122386142.5
TOPPS TILES PLC TPT VX -39843958.1 122386142.5
TOPPS TILES PLC TPTJF US -39843958.1 122386142.5
TOPPS TILES-NEW TPTN LN -39843958.1 122386142.5
TOTAL UK LTD 3897130Z LN -61225906.1 2907445594
TRAVELEX HOLDING 2917958Z LN -1345481723 2560468919
TRAVELODGE LTD 3471462Z LN -515411330 1254613472
TRINITY MIRROR P 1511258Z LN -138612681 1045091625
TUBE LINES FINAN 1241207Z LN -2914999.96 2408518672
TUI UK LTD 1653824Z LN -913811299 5088088830
TYCO HEALTHCARE 1066794Z LN -13601743.4 333686519
UNILEVER UK CENT 1273034Z LN -1509554086 6927634057
UNIQ PREPARED FO 1077122Z LN -96788934.9 206496365.3
UNIVERSAL LEASIN 2581586Z LN -28690420.2 155128729.2
UNIVERSAL PICTUR 1083202Z LN -42445816.8 120867289.2
UTC GROUP UGR LN -11904428.4 203548565
VANCO UK LTD 2784982Z LN -56556541 114635709.2
VINK HOLDINGS LT 4380233Z LN -13477348.3 132005020.2
VIRGIN HOTELS GR 4288389Z LN -30191249.3 109995632.6
VIRGIN MOB-ASSD VMOA LN -392165409 166070003.7
VIRGIN MOB-ASSD VMOC LN -392165409 166070003.7
VIRGIN MOBILE VMOB PO -392165409 166070003.7
VIRGIN MOBILE VMOB LN -392165409 166070003.7
VIRGIN MOBILE VGMHF US -392165409 166070003.7
VIRGIN MOBILE VMOB VX -392165409 166070003.7
VIRGIN MOBILE UEM GR -392165409 166070003.7
VIRGIN WINGS LTD 4500155Z LN -410616777 5155268566
VODAFONE UK CONT 1909662Z LN -36036445.4 241077469.5
VOLUTION GROUP L 4453393Z LN -44375617.5 212542790.8
VOYAGE GROUP LTD 4168725Z LN -89543682.8 572205624
WALES & WEST UTI 3688061Z LN -784167197 2080276139
WARNER ESTATE WNER IX -41311778.1 373214358.7
WARNER ESTATE WNER EO -41311778.1 373214358.7
WARNER ESTATE WNER EU -41311778.1 373214358.7
WARNER ESTATE WRL GR -41311778.1 373214358.7
WARNER ESTATE WNER PZ -41311778.1 373214358.7
WARNER ESTATE WNEHF US -41311778.1 373214358.7
WARNER ESTATE WNER VX -41311778.1 373214358.7
WARNER ESTATE WNER LN -41311778.1 373214358.7
WARNER ESTATE WNER PO -41311778.1 373214358.7
WARNER ESTATE WNERGBP EO -41311778.1 373214358.7
WATSON & PHILIP WTSN LN -120493900 252232072.9
WEAVER VALE HOUS 3953220Z LN -60271595.7 104022836.2
WEETABIX LTD-A WTB OF -397652100 909970808.9
WEETABIX LTD-A WEEBF US -397652100 909970808.9
WESCOT TOPCO LTD 4007020Z LN -28467510.9 115035189
WEST HAM UNITED 1275834Z LN -60233495.2 174701255.1
WHELCO HOLDINGS 2741744Z LN -1295249.71 100781831
WHITE HART LANE 2004631Z LN -5246329.46 130633347.5
WIGHTLINK LTD 1385642Z LN -15131435.9 231775265.6
WINCANTON PL-ADR WNCNY US -290434319 1037176004
WINCANTON PLC WIN11 EO -290434319 1037176004
WINCANTON PLC WIN4 EO -290434319 1037176004
WINCANTON PLC WIN1GBP EO -290434319 1037176004
WINCANTON PLC WIN LN -290434319 1037176004
WINCANTON PLC WIN1 TQ -290434319 1037176004
WINCANTON PLC WIN13 EO -290434319 1037176004
WINCANTON PLC WIN1 EU -290434319 1037176004
WINCANTON PLC WIN1USD EO -290434319 1037176004
WINCANTON PLC WIN1EUR EO -290434319 1037176004
WINCANTON PLC WIN IX -290434319 1037176004
WINCANTON PLC WIN1 QM -290434319 1037176004
WINCANTON PLC WIN1 S1 -290434319 1037176004
WINCANTON PLC WNCNF US -290434319 1037176004
WINCANTON PLC WIN PZ -290434319 1037176004
WINCANTON PLC WIN1EUR EU -290434319 1037176004
WINCANTON PLC WIN12 EO -290434319 1037176004
WINCANTON PLC WIN6 EO -290434319 1037176004
WINCANTON PLC WIN1 BQ -290434319 1037176004
WINCANTON PLC WIN VX -290434319 1037176004
WINCANTON PLC WIN1USD EU -290434319 1037176004
WINCANTON PLC WIN1 EO -290434319 1037176004
WINCANTON PLC WIN10 EO -290434319 1037176004
WINCANTON PLC WIN PO -290434319 1037176004
WINCANTON PLC WIN1 NQ -290434319 1037176004
WINCANTON PLC WIN5 EO -290434319 1037176004
WINCANTON PLC WIN8 EO -290434319 1037176004
WINCANTON PLC WIN9 EO -290434319 1037176004
WINCANTON PLC WIN1 EB -290434319 1037176004
WINCANTON PLC WIN7 EO -290434319 1037176004
WINDSOR TELEVISI 1475394Z LN -249144874 319668047.9
WINTERTHUR FINAN 1353474Z LN -5097471.01 146472274
XCHANGING UK LTD 1814130Z LN -33399235.5 334395990.3
XSTRATA SERVICES 1975918Z LN -96321998.2 192299104.1
YANG MING UK LTD 1756777Z LN -38774828.2 293310550.5
YARLINGTON HOUSI 4435313Z LN -18443811.9 276648958.8
YOUNG'S BLUECRES 1841386Z LN -46554226.4 279057376.4
ZURICH EMPLOYMEN 1292298Z LN -122911832 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, Ivy B. Magdadaro, Frauline S.
Abangan and Peter A. Chapman, Editors.
Copyright 2012. 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 Peter Chapman at 240/629-3300.
* * * End of Transmission * * *