/raid1/www/Hosts/bankrupt/TCREUR_Public/081110.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
Monday, November 10, 2008, Vol. 9, No. 223
Headlines
A U S T R I A
B.E.D.I. LLC: Claims Registration Period Ends Nov. 25
GODAI BUCHHANDEL: Claims Registration Period Ends Nov. 26
I RAGAZZI GASTRONOMIE: Claims Registration Period Ends Nov. 26
INTEBRO LLC: Claims Registration Period Ends Nov. 28
FOTOPIA MEDIEN: Claims Registration Period Ends Nov. 25
G E R M A N Y
BOEHME SCHOKOLADEN: Claims Registration Period Ends Nov. 17
FLASH-TRANS GMBH: Claims Registration Period Ends Nov. 17
IP-IMMOPROJEKT GMBH: Claims Registration Period Ends Nov. 17
MOHR ISOLIERUNGEN: Claims Registration Period Ends Nov. 17
OCHOTT GMBH: Claims Registration Period Ends Nov. 17
UK MEDIABERATUNG: Claims Registration Period Ends Nov. 17
H U N G A R Y
* IMF Approves EUR12.3 Billion Stand-By Arrangement for Hungary
I C E L A N D
ICESAVE: UK to Lend GBP800MM to FSCS to Refund British Savers
LANDSBANKI GUERNSEY: Calls for Urgent Meeting with Chancellor
K A Z A K H S T A N
ALNAIR CAPITAL: Creditors Must File Proofs of Claim by Dec. 19
BAG STROY SERVICE: Creditors' Claims Deadline Slated for Dec. 19
BIRJEVAYA RASCHETNAYA: Creditors' Claims Period Ends Dec. 19
ILEK SECURITY: Creditors Must Register Claims by Dec. 23
MONTAGE STROY-KZ: Creditors' Claims Due on December 19
SKIP FATER: Creditors Must File Proofs of Claim by Dec. 17
STM-SERVICE LLP: Creditors' Claims Deadline Slated for Dec. 23
STROY SERVICE NBK: Creditors' Claims Filing Period Ends Dec. 19
YAKSART OIL: Creditors Must Register Claims by Dec. 17
K Y R G Y Z S T A N
* IMF Agrees on Kyrgyz Economic Program Under US$60MM Facility
R U S S I A
ALROSA: Net Profit Down 62.3% Y-O-Y in January-September 2008
KAZANORGSINTEZ OJSC: S&P Junks Rating on Liquidity Concerns
S W E D E N
FORD MOTOR: Seeks Another $25BB Gov't Aid; Meets With Pelosi
SAS AB: Traffic Figures Down 8.8% in October 2008
SAS AB: CEO Says Third Quarter 2008 Earnings Marginally Positive
SAS AB: Moody's Cuts Corp. Family Rating to B2; Outlook Negative
SAS AB: S&P Cuts Rating to 'B' on Declining Credit Profile
S W I T Z E R L A N D
BHOMA INVEST: Deadline to File Proofs of Claim Set Jan. 1, 2009
CERANTECH JSC: Nov. 22 Set as Deadline to File Claims
GENERAL MOTORS: Seeks Another US$25BB Gov't Aid; Meets With Pelosi
IFFT JSC: Nov. 21 Creditors Must File Proofs of Claim by Nov. 21
MESTACA HOLDING: Creditors Have Until Nov. 24 to File Claims
PROVENTURE JSC: Proofs of Claim Filing Deadline is Nov. 26
STIRLING SYSTEMS: Deadline to File Proofs of Claim Set Nov. 21
TONA TRADE: Creditors' Proofs of Claim Due by Nov. 26
TREND-PAPIER JSC: Creditors Must File Proofs of Claim by Dec. 10
U K R A I N E
CARDETAIL OJSC: Creditors Must File Claims by Nov. 19
ECOSCHIT-LINE LLC: Creditors Must File Claims by Nov. 19
INTERPIPE LTD: S&P Cuts Rating to 'B' on Tighter Covenants
IRON STEEL: Creditors Must File Claims by Nov. 16
MORPAVLOTORG LLC: Creditors Must File Claims by Nov. 19
OPTIM-OIL CJSC: Creditors Must File Claims by Nov. 16
SEEDS AND VEGETABLES: Creditors Must File Claims by Nov. 16
TECHNO-TELS LLC: Creditors Must File Claims by Nov. 16
UKRAINIAN TRADING: Creditors Must File Claims by Nov. 19
VINNICA LAMP: Creditors Must File Claims by Nov. 19
* IMF Approves US$16.4 Billion Stand-By Arrangement for Ukraine
U N I T E D K I N G D O M
CHEYNE ABS: S&P Lowers Ratings on Class A to C Notes to 'D'
EXCALIBUR FUNDING: S&P Keeps 'BB+' Rating on CreditWatch Negative
MERITEM HOLDINGS: Goes Into Administration
ITV PLC: Says Trading Conditions to Remain Challenging in 2009
ROSEBYS GROUP: 77 Outlets Sold to Duvetco; 495 Jobs Saved
ROYAL WORCESTER: Appoints Joint Administrators from PwC
SIDLOW CARS: Goes Into Administration
* S&P Cuts & Withdraws Ratings on 5 Constant Proportion Debt
* Bank of England Cuts Bank Rate by 1.5 Percentage Points to 3%
* UK New Car Sales Down 23% in October 2008, SMMT Says
* SMMT: Banking Crisis and Recession Hit UK Van and Truck Orders
* BOND PRICING: For the Week Nov. 3 to Nov. 7, 2008
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A U S T R I A
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B.E.D.I. LLC: Claims Registration Period Ends Nov. 25
-----------------------------------------------------
Creditors owed money by LLC B.E.D.I. (FN 291588g) have until
Nov. 25, 2008, to file written proofs of claim to the court-
appointed estate administrator:
Dr. Stefan Langer
Olzeltgasse 4
1030 Vienna
Austria
Tel: 712 63 02
713 61 92
Fax: 713 61 92 22
E-mail: kanzlei@kosesnik-langer.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on Dec. 9, 2008, for the
examination of claims at:
Trade court of Vienna
Room 1607
Vienna
Austria
Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 6, 2008 (Bankr. Case No. 28 S 128/08i).
GODAI BUCHHANDEL: Claims Registration Period Ends Nov. 26
---------------------------------------------------------
Creditors owed money by LLC Godai Buchhandel (FN 108403t) have
until Nov. 26, 2008, to file written proofs of claim to the court-
appointed estate administrator:
Dr. Eva Riess
Zeltgasse 3/13
1080 Vienna
Austria
Tel: 402 57 01-0
Fax: 402 57 01 21
E-mail: law@riess.co.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on Dec. 10, 2008, for the
examination of claims at:
Trade court of Vienna
Room 1606
Vienna
Austria
Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 7, 2008 (Bankr. Case No. 4 S 144/08s).
I RAGAZZI GASTRONOMIE: Claims Registration Period Ends Nov. 26
--------------------------------------------------------------
Creditors owed money by LLC I Ragazzi Gastronomie (FN 206290v)
have until Nov. 26, 2008, to file written proofs of claim to the
court-appointed estate administrator:
Dr. Annemarie Kosesnik-Wehrle
Olzeltgasse 4/6
1030 Wien
Austria
Tel: 713 61 92
Fax: DW 22
E-mail: kanzlei@kosesnik-langer.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Dec. 10, 2008, for the
examination of claims at:
Trade court of Vienna
Room 1707
Vienna
Austria
Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 7, 2008 (Bankr. Case No. 2 S 122/08s).
INTEBRO LLC: Claims Registration Period Ends Nov. 28
----------------------------------------------------
Creditors owed money by LLC Intebro (FN 240960d) have until
Nov. 28, 2008, to file written proofs of claim to the court-
appointed estate administrator:
Dr. Hans Rant
Seilerstatte 5
1010 Vienna
Austria
Tel: 513 31 65
Fax: 512 20 01
E-mail: ra-kanzlei@rant-freyler.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:50 a.m. on Dec. 10, 2008, for the
examination of claims at:
Trade court of Vienna
Room 1707
Vienna
Austria
Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 7, 2008 (Bankr. Case No. 2 S 123/08p).
FOTOPIA MEDIEN: Claims Registration Period Ends Nov. 25
-------------------------------------------------------
Creditors owed money by LLC Fotopia Medien (FN 250642t) have until
Nov. 25, 2008, to file written proofs of claim to the court-
appointed estate administrator:
Mag Wilhelm Deutschmann
Stelzhamerstr. 12/3
4020 Linz
Austria
Tel: 602080
Fax: 60208020
E-mail: info@df-ra.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Dec. 9, 2008, for the
examination of claims at:
Land Court of Linz
Hall 502
Linz
Austria
Headquartered in Linz, Austria, the Debtor declared bankruptcy on
Oct. 9, 2008 (Bankr. Case No. 17 S 44/08g).
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G E R M A N Y
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BOEHME SCHOKOLADEN: Claims Registration Period Ends Nov. 17
-----------------------------------------------------------
Creditors of Boehme Schokoladen GmbH have until Nov. 17, 2008, to
register their claims with court-appointed insolvency manager
Dr. Michael C. Frege.
Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Dec. 16, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.
The meeting of creditors will be held at:
The District Court of Leipzig
Hall 056
Ground Floor
Enforcement Court
Bernhard Goering Strasse 64
04275 Leipzig
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Dr. Michael C. Frege
Augustusplatz 9
Germany
04109 Leipzig
Tel: 0341/2167225
Fax: 0341/2167232
E-mail: insolvenz@cms-hs.com
The District Court of Leipzig opened bankruptcy proceedings
against Boehme Schokoladen GmbH on Oct. 2, 2008. Consequently,
all pending proceedings against the company have been
automatically stayed.
The Debtor can be reached at:
Boehme Schokoladen GmbH
Duebener Str. 33
04509 Delitzsch
Germany
Attn: Werner Pithan, Dr. Udo Moesta and
Andreas Brose, Managers
FLASH-TRANS GMBH: Claims Registration Period Ends Nov. 17
---------------------------------------------------------
Creditors of Flash-Trans GmbH have until Nov. 17, 2008, to
register their claims with court-appointed insolvency manager
Michael Wirth.
Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Dec. 17, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.
The meeting of creditors will be held at:
The District Court of Nuernberg
Meeting Hall 152/I
Flaschenhofstr. 35
Nuernberg
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Michael Wirth
Nordostpark 30
90411 Nuernberg
Germany
The District Court of Nuernberg opened bankruptcy proceedings
against Flash-Trans GmbH on Oct. 13, 2008. Consequently, all
pending proceedings against the company have been automatically
stayed.
The Debtor can be reached at:
Flash-Trans GmbH
Attn: Rudolf Wiedemann, Manager
Ottensooser Strasse 30
91239 Henfenfeld
Germany
IP-IMMOPROJEKT GMBH: Claims Registration Period Ends Nov. 17
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Creditors of ip-immoprojekt GmbH have until Nov. 17, 2008, to
register their claims with court-appointed insolvency manager
Michael Pluta.
Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Dec. 8, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.
The meeting of creditors will be held at:
The District Court of Aalen
Hall 0.11
Ground Floor
Stuttgarter Strasse 7,
73430 Aalen
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Michael Pluta
Karlstr. 33
89073 Ulm
Germany
Tel: 0731/96880-0
Fax: 0731/96880-50
E-mail: ulm@pluta.net
The District Court of Aalen opened bankruptcy proceedings against
ip-immoprojekt GmbH on Oct. 1, 2008. Consequently, all pending
proceedings against the company have been automatically stayed.
The Debtor can be reached at:
ip-immoprojekt GmbH
Attn: Paul Sproll, Manager
Johann-Gottfried-Pahl-Str. 4
73430 Aalen
Germany
MOHR ISOLIERUNGEN: Claims Registration Period Ends Nov. 17
----------------------------------------------------------
Creditors of Mohr Isolierungen GmbH have until Nov. 17, 2008, to
register their claims with court-appointed insolvency manager
Heinrich C. Friedhoff.
Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Dec. 16, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.
The meeting of creditors will be held at:
The District Court of Aachen
Meeting Hall D 1.409
Adalbertsteinweg 92
52070 Aachen
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Heinrich C. Friedhoff
Viktoriastrasse 73-75
52066 Aachen
Germany
Tel: 0241/9491932
Fax: 0241/9491919
The District Court of Aachen opened bankruptcy proceedings against
Mohr Isolierungen GmbH on Oct. 6 2008. Consequently, all pending
proceedings against the company have been automatically stayed.
The Debtor can be reached at:
Mohr Isolierungen GmbH
Attn: Sloboan Vukovac, Manager
Joh.-Gutenberg-Strasse 3
52499 Baesweiler
Germany
OCHOTT GMBH: Claims Registration Period Ends Nov. 17
----------------------------------------------------
Creditors of Ochott GmbH have until Nov. 17, 2008, to register
their claims with court-appointed insolvency manager Dr. Tibor
Braun.
Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Dec. 8, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.
The meeting of creditors will be held at:
The District Court of Ludwigsburg
Hall 2008
Palace Schuetz
Schorndorfer Str. 28
Ludwigsburg
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Dr. Tibor Braun
Kriegerstr. 3
70191 Stuttgart
Germany
Tel: 0711/225583-0
The District Court of Ludwigsburg opened bankruptcy proceedings
against Ochott GmbH on Oct. 1, 2008. Consequently, all pending
proceedings against the company have been automatically stayed.
The Debtor can be reached at:
Ochott GmbH
Attn: Alexander Kuss, Manager
Seestr. 2
71229 Leonberg
Germany
UK MEDIABERATUNG: Claims Registration Period Ends Nov. 17
---------------------------------------------------------
Creditors of UK Mediaberatung GmbH (formerly Hatchers United GmbH)
have until Nov. 17, 2008, to register their claims with court-
appointed insolvency manager Dr. Sabine Feuerborn.
Creditors and other interested parties are encouraged to attend
the meeting at 9:40 a.m. on Dec. 17, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.
The meeting of creditors will be held at:
The District Court of Cologne
Meeting Hall 1240
Luxemburger Strasse 101
50939 Cologne
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Dr. Sabine Feuerborn
Else-Lang-Str. 1
50858 Koeln
Germany
The District Court of Cologne opened bankruptcy proceedings
against UK Mediaberatung GmbH (formerly Hatchers United GmbH) on
Cologne. Consequently, all pending proceedings against the
company have been automatically stayed.
The Debtor can be reached at:
UK Mediaberatung GmbH (formerly Hatchers United GmbH)
Attn: Bernd Funkel, Manager
Spichernstr. 6
50672 Koeln
Germany
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H U N G A R Y
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* IMF Approves EUR12.3 Billion Stand-By Arrangement for Hungary
---------------------------------------------------------------
The Executive Board of the International Monetary Fund, on
Thursday, November 6, approved a 17-month SDR10.5 billion (about
EUR12.3 billion or US$15.7 billion) Stand-By Arrangement for
Hungary to avert a deepening of financial market pressures. The
approval makes SDR4.2 billion (about EUR4.9 billion or US$6.3
billion) immediately available and the remainder will be available
in five installments subject to quarterly reviews. The Stand-By
Arrangement entails exceptional access to IMF resources, amounting
to 1,015 percent of Hungary's quota, and was approved under the
Fund's fast-track Emergency Financing Mechanism procedures.
The IMF arrangement is designed to facilitate the rapid reduction
of financial market stress in Hungary, while supporting the
country's longer-run economic goals by creating conditions
necessary to facilitate appropriate reforms in government finances
and in the banking sector. Specifically, the IMF-supported
economic program is based on two key objectives: to implement a
substantial fiscal adjustment to ensure that the government's
debt-financing needs will decline; and to maintain adequate
liquidity and strong levels of capital in the banking system.
The recent international financial turmoil has increased the
rollover risk of Hungary's external debt. The IMF's financial
support, combined with the commitments by the European Union
(EUR6.5 billion or about US$8.4 billion) and the World Bank (EUR1
billion or about US$1.3 billion), which total EUR20 billion (about
US$25.8 billion) in financial support, will provide Hungary with
the amount of reserves that is sufficient to meet its external
obligations, even in extreme market circumstances.
Following the Executive Board discussion on Hungary, Mr. John
Lipsky, First Deputy Managing Director and Acting Chair, said:
"Hungary's successful macroeconomic adjustment in recent years has
been disrupted by the global financial crisis. Over the past two
years, fiscal consolidation has sharply reduced the fiscal
deficit. The introduction of a floating exchange rate regime in
early 2008 removed potential conflicts between monetary and
exchange rate policies in an inflation targeting environment.
"However, with the decline in global liquidity and increase in
risk aversion, financial markets in Hungary came under intense
pressure, given Hungary's high debt levels and significant balance
sheet mismatches. Several government bond auctions failed,
liquidity in the secondary bond market dried up, and bond yields
rose sharply. At the same time, the stock market fell and the
currency depreciated.
"Reducing financial market stress will require both a high degree
of policy discipline and large external financing. The
authorities' comprehensive set of policy measures, supported by
the 17-month Stand-By Arrangement under the Fund's exceptional
access policy, is designed to strengthen Hungary's economy and
thereby foster a reduction in financial market stress. The path
of fiscal adjustment has been accelerated, liquidity provision to
financial markets is being enhanced, a system is being put in
place to ensure that high levels of capital in the banking system
are maintained, and financial sector surveillance is being
strengthened. These measures address Hungary's most important
vulnerabilities and should therefore underpin an improvement in
investor confidence. Most important, the combination of
accelerated fiscal adjustment and the introduction of a rules-
based fiscal framework will help persuade investors that the
government's short- and medium-term financing needs are being
addressed.
"In the context of global financial market turmoil, the
restoration of investor confidence requires not only a strong
economic program, but also large external financing support.
Support from the international community will provide reassurance
that Hungary's external obligations can be met. Against this
background, the joint financial assistance being provided by the
IMF, the European Union, and the World Bank sends a strong signal
of the international community's confidence that, with the
consistent implementation of the program, Hungary will weather the
current difficulties."
Recent Economic Developments
Hungary was among the first emerging market countries to suffer
from the fallout of the current global financial crisis. As
financial difficulties in advanced economies led to a decline in
global liquidity and an increase in risk aversion, investors
increasingly started differentiating among emerging markets.
Hungary's high external debt levels, which amounted to 97 percent
of GDP at end-2007, and significant balance sheet mismatches,
negatively affected investor appetite for Hungarian assets. Even
though macroeconomic and financial policies had been strengthened
since 2006, with substantial fiscal consolidation and tax
administration improvements, Hungary was hit hard by the global
deleveraging. Financial markets in Hungary have come under
significant stress in recent weeks, reflecting the rise in
perceptions of counterparty risk.
Program Summary
Growth is expected to contract in 2009 to -1 percent from around
1=BE percent in 2008. Already weak private consumption and
investment will be negatively affected by a sharp reduction in new
bank lending. Inflation, which peaked at 9 percent in early 2007,
is projected to continue a downward trend and reach 4 percent at
end-2009. In a difficult global environment and with low domestic
demand, the economy is projected to recover only gradually due to
the fact that the slowdown is simultaneously occurring in
Hungary's main trading partners and the global deleveraging
process that will leave less foreign capital available to quickly
return to Hungary. Growth is not expected to reach its estimated
potential of 3 percent until after 2011.
The authorities' economic program is designed to foster a rapid
return of less stressed financial market conditions, while
supporting longer-run structural goals. The main pressure points
in Hungary are in public finances and the banking sector. In
response, the program is based on these key elements:
* Given Hungary's large public debt, substantial fiscal
adjustment is required to provide confidence that the
government's financing need can be met in the short and
medium run. The program envisages a large structural
fiscal adjustment of 2=BD percent of GDP with emphasis on
expenditure measures, consistent with the need to reduce
the country's large public sector. To put fiscal
sustainability on a permanent footing, a rules-based
fiscal framework will also be introduced. To mitigate
social impacts, low-income pensioners will be exempt from
the elimination of pension bonuses.
* Upfront bank capital enhancement is needed to ensure that
banks are sufficiently strong to weather the imminent
economic downturn, both in Hungary and in the region. The
banking sector support package in the program contains
provisions for added capital and resources to finance a
guarantee fund for interbank lending to establish a level-
laying field for the Hungarian banks in an international
environment where their competitors already have access to
similar guarantees.
* Large external financing assistance is needed to support
Hungary's return to normal international funding. In
addition to the IMF, contributions are being received from
both the EU and the World Bank.
Hungary joined the IMF on May 6, 1982; its quota is SDR1,038.4
million (about EUR1,212.9 million or US$1,548.8 million), and it
has no outstanding use of IMF credits.
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I C E L A N D
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ICESAVE: UK to Lend GBP800MM to FSCS to Refund British Savers
-------------------------------------------------------------
The UK government will lend the Financial Services Compensation
Scheme GBP800 million to refund British savers in Icesave, Reuters
reports citing Chancellor Alistair Darling.
Reuters notes around 300,000 British savers had accounts worth
some GBP4 billion in Icesave, which attracted overseas customers
with offers of high interest rates on savings.
Citing the Daily Telegraph, the TCR-Europe on November 6, 2008,
reported that all Icesave accounts were frozen in the UK on
October 7, when its parent bank, Landsbanki, went into
receivership in Iceland. After it emerged that the Icelandic
compensation scheme had insufficient funds to meet its guarantees,
the UK Government, the report recalled, stepped in, declaring it
would protect all UK savers in full.
In the same report, the TCR-Europe disclosed that Tuesday last
week, the Financial Services Compensation Scheme said the first
emails to UK customers of Icesave are now going out with more
information about how to claim back their savings.
The report stated the email is the first stage of a process that
will lead to compensation for thousands of Icesave customers. It
will be followed up by FSCS sending second emails to customers, in
phases, with a view to starting compensation payments in the
second week of November as planned.
About Icesave
Icesave is the UK branch of Landsbanki Islands hf (trading under
the registered name Icesave). It is an EEA bank that is
authorized by the Fjarmalaeftirlitio (FME), the financial services
regulator in Iceland.
LANDSBANKI GUERNSEY: Calls for Urgent Meeting with Chancellor
-------------------------------------------------------------
Simon Bain at The Herald reports that the Landsbanki Guernsey
Depositors' Action Group is seeking an urgent meeting with
Chancellor Darling in a bid to recover their savings.
The group wants to discuss options for returning the 70% of their
savings lost in the Icelandic banking collapse, the report
discloses.
The group, the report relates, is calling for an urgent action
from the chancellor to support savers, "the vast majority of whom
are UK citizens and residents of the British Isles, who saved in
Landsbanki Guernsey because they were living abroad and British
banks no longer accept customers without a current UK address."
Matthew Dorman, a spokesman for the campaign, pointed out that the
group is not asking for British taxpayers to bail them out, the
report notes.
"We have proposals which could secure the return of our savings
which would not necessarily cost the British taxpayer a penny,"
Mr. Dorman was quoted by the report as saying.
As reported in the TCR-Europe on October 21, 2008, the
administrators of Landsbanki Guernsey, announced a proposal to
make a part-payment to depositors equivalent to 30 pence in the
GBP1.
The bank was placed into administration on October 7, 2008. The
administration, which follows the deepening problems of the
Icelandic economy and, in particular, of the Icelandic banking
system, is on a temporary basis until Jan. 6, 2009 or earlier
order of the Royal Court.
The affairs, business and property of the Bank are being managed
by the joint administrators, Rick Garrard and Lee Manning of
Deloitte, the business advisory firm.
Prospect for Full Repayment to Depositors
In the same report, the TCR-Europe disclosed the collapse of
Heritable Bank and other uncertainties placed greater doubt on the
ability of the Landsbanki Guernsey to recover sufficient assets to
pay depositors in full.
The administrators, as cited by the TCR-Europe report, said
several high-level discussions have been held with representatives
of the States of Guernsey and with potential acquirers of the
whole Bank with a view to protecting all depositors' monies,
although they noted that such an eventuality would be the best
solution but appears less likely at the current time due to the
level of uncertainty over the recoverable value of the illiquid
assets.
Mr. Garrard commented: "As you are probably now aware, there is
no depositor protection scheme in Guernsey. Furthermore support
for depositors from the States of Guernsey, the UK and other
Governments and other banking institutions is not an obligation
and cannot be assumed. The Joint Administrators remain cautious
about the prospects of such a solution."
About Landsbanki Guernsey Ltd.
Landsbanki Guernsey Ltd. -- http://www.landsbanki.co.gg/-- is
engaged in retail banking. It is a subsidiary of Iceland-based
financial institution Landsbanki Islands hf.
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K A Z A K H S T A N
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ALNAIR CAPITAL: Creditors Must File Proofs of Claim by Dec. 19
--------------------------------------------------------------
LLP Alnair Capital Management has gone into liquidation.
Creditors have until Dec. 19, 2008, to submit written proofs of
claims to:
LLP Alnair Capital Management
Dostyk ave. 355-1
Almaty
Kazakhstan
Tel: 8 (7272) 39 08-60
BAG STROY SERVICE: Creditors' Claims Deadline Slated for Dec. 19
----------------------------------------------------------------
LLP Construction Company Bag Stroy Service has gone into
liquidation. Creditors have until Dec. 19, 2008, to submit
written proofs of claims to:
LLP Construction Company Bag Stroy Service
Turgut Ozala Str. 119
Almalinsky
Almaty
Kazakhstan
BIRJEVAYA RASCHETNAYA: Creditors' Claims Period Ends Dec. 19
------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared JSC Birjevaya Raschetnaya Palata (Exchange Settlement
Chamber )insolvent on Sept. 23, 2008.
Creditors have until Dec. 19, 2008, to submit written proofs of
claims to:
The Specialized Inter-Regional
Economic Court of Kostanai
Maulenov Str. 21
Kostanai
Kazakhstan
ILEK SECURITY: Creditors Must Register Claims by Dec. 23
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Ilek-Security insolvent.
Creditors have until Dec. 23, 2008, to submit written proofs of
claims to:
The Specialized Inter-Regional
Economic Court of Aktube
Altynsarin Str. 31
Aktobe
Aktube
Kazakhstan
Tel: 8 (3132) 21-30-32
MONTAGE STROY-KZ: Creditors' Claims Due on December 19
------------------------------------------------------
LLP Karaganda Montage Stroy-KZ has gone into liquidation.
Creditors have until Dec. 19, 2008, to submit written proofs of
claims to:
LLP Karaganda Montage Stroy-KZ
Satybaldin Str. 7-14
Karaganda
Kazakhstan
SKIP FATER: Creditors Must File Proofs of Claim by Dec. 17
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared Skip Fater Irkaz GV insolvent on Aug. 20, 2008.
Creditors have until Dec. 17, 2008, to submit written proofs of
claims to:
The Specialized Inter-Regional
Economic Court of Almaty
Tastak-2, 19-53
Almaty
Kazakhstan
Tel: 8 701 738 59-60
STM-SERVICE LLP: Creditors' Claims Deadline Slated for Dec. 23
--------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP STM-Service insolvent.
Creditors have until Dec. 23, 2008, to submit written proofs of
claims to:
The Specialized Inter-Regional
Economic Court of Aktube
Altynsarin Str. 31
Aktobe
Aktube
Kazakhstan
Tel: 8 (3132) 21-30-32
STROY SERVICE NBK: Creditors' Claims Filing Period Ends Dec. 19
---------------------------------------------------------------
LLP Construction Company Stroy Service NBK has gone into
liquidation. Creditors have until Dec. 19, 2008, to submit
written proofs of claims to:
LLP Construction Company Stroy Service NBK
Dzerjynsky Str.
Al-Farabyisky
160050 Shymkent
South Kazakhstan
Kazakhstan
YAKSART OIL: Creditors Must Register Claims by Dec. 17
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared LLP Yaksart Oil insolvent on Oct. 10, 2008.
Creditors have until Dec. 17, 2008, to submit written proofs of
claims to:
The Specialized Inter-Regional
Economic Court of Kyzylorda
Aiteke bi Str. 29
Kyzylorda
Kazakhstan
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K Y R G Y Z S T A N
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* IMF Agrees on Kyrgyz Economic Program Under US$60MM Facility
--------------------------------------------------------------
An International Monetary Fund (IMF) mission visited Bishkek
during October 22-31, 2008 for discussions with the Kyrgyz
government and the National Bank of the Kyrgyz Republic. The
mission and the authorities have reached an agreement in principle
on an economic program that can be supported by an 18-month
arrangement under the Exogenous Shocks Facility, providing
financial support of at least US$60 million. This agreement
requires the approval of the IMF Executive Board, which is
expected to consider it in early December.
The authorities' economic program aims to address the adverse
consequences of the exogenous shocks that have hit the Kyrgyz
economy, including the increase in international food and energy
prices and the shortfall in domestic power generation due to low
water levels in the Toktogul reservoir. The program also aims to
manage the effects of the slowdown in regional economic growth and
potential spillovers from the international financial crisis.
The program focuses on reducing inflation, supporting economic
growth, and protecting the poor. Central to the authorities'
efforts to reduce inflation has been a tightening of monetary
policy, reflected in a sharp increase in interest rates this
summer. In the period ahead, with inflation starting to decline
and growth projected to slow, monetary policy will aim to bring
down inflation further, but will also be responsive to the
changing underlying economic conditions. Fiscal policy will
similarly aim to balance the need to help reduce inflation with
the need to support growth and provide targeted protection to the
poor. While the focus of the program is on macroeconomic
policies, the authorities will continue to advance their
structural reform agenda to improve macroeconomic management and
ensure strong growth over the longer term.
The IMF's Exogenous Shocks Facility was recently revamped to help
low-income countries cope with emergencies caused by events beyond
their control.
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R U S S I A
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ALROSA: Net Profit Down 62.3% Y-O-Y in January-September 2008
-------------------------------------------------------------
RIA Novosti reports that Alrosa's net profit calculated to Russian
Accounting Standards fell 62.3% year-on-year in January-September
2008 to RUR3.54 billion (US$131 million).
The company's net profit in the third quarter of 2008 was
RUR112.57 million (US$4.2 million), down 96.7% year-on-year,
the report says.
In 2007 Alrosa produced diamonds worth US$2.37 billion, the report
notes.
About Alrosa
ALROSA Co. Ltd. -- http://eng.alrosa.ru/eng/-- is Russia's
largest diamond company engaged in the exploration, mining,
manufacture and sales of diamonds and one of the world's major
rough diamond producers. ALROSA produces about 20% of the world's
rough diamond output and accounts for almost 100% of all rough
diamonds produced in Russia.
* * *
As reported in the Troubled Company Reporter-Europe on
October 14, 2008, Standard & Poor's Ratings Services placed its
'BB' long-term corporate credit rating on state-controlled Russian
diamond miner Alrosa Co. Ltd. on CreditWatch with negative
implications. This action follows the announcement by Alrosa's
subsidiary, Investment Group Alrosa, of its acquisition of 45% of
Russian KIT Finance Investment Bank (not rated), which is
experiencing financial difficulties. The 'B' short-term corporate
credit rating was affirmed.
KAZANORGSINTEZ OJSC: S&P Junks Rating on Liquidity Concerns
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term corporate
credit rating on Russian petrochemical group Kazanorgsintez OJSC
from 'B-' to 'CCC+'. The outlook is negative.
At the same time, S&P lowered the Russia national scale rating
from to 'ruBB' from 'ruBBB'.
S&P also lowered the issue-level rating on senior unsecured debt
issued by subsidiary Kazanorgsintez S.A. (KOS) and guaranteed by
Kazanorgsintez to 'CCC+' from 'B-'. The recovery rating of '4',
indicating S&P's expectation of average (30%-50%) recovery in the
event of a payment default, remains unchanged.
"The downgrade reflects uncertainty regarding Kazanorgsintez'
medium-term profitability and the group's extremely tight
liquidity position," said Standard & Poor's credit analyst Lucas
Sevenin.
The group is facing a potential covenant breach, the need to
refinance some US$360 million in short-term debt that isn't fully
covered with existing cash and bank lines, and a huge debt load
(with debt to EBITDA at 7x). S&P also expects that the group will
generate materially negative free operating cash flow (FOCF) in
2008, due to heavy capital expenditures and a potential margin
squeeze in the industry. S&P's concern is that in the currently
difficult financial markets, operational issues will raise the
hurdles Kazanorgsintez confronts to refinance.
The ratings also factor in the group's corporate governance
uncertainties, good market share for its main products, and fast-
growing demand for polyethylenes in Russia given their still-low
market penetration.
Headquartered in the Republic of Tatarstan (BB/Positive/--),
Kazanorgsintez is one of the leading petrochemical players in
Russia, with 2007 sales of US$900 million.
"The negative outlook reflects our concerns regarding
Kazanorgsintez' ability to obtain sufficient financing and improve
its EBITDA against weaker overall demand and softer prices in the
petrochemicals industry," said Mr. Sevenin.
The rating would be pressured if new bank lines or other liquidity
enhancing measures are not in put in place in the short term, if
covenants are breached and not waived, or if EBITDA decreases
versus the first-half 2008 figure.
S&P could revise the outlook to stable, and ultimately to
positive, if the group successfully obtains new financing,
improves its liquidity position, and stabilizes its operating
performance.
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S W E D E N
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FORD MOTOR: Seeks Another $25BB Gov't Aid; Meets With Pelosi
------------------------------------------------------------
John Hughes and Angela Greiling Keane at Bloomberg News reports
that General Motors Corp., Ford Motor Co., and Chrysler LLC chief
executive officers, met with House Speaker Nancy Pelosi about
their request for another US$25 billion in government-backed
loans.
According to Bloomberg, House Speaker Pelosi said that the meeting
was "very positive."
Bloomberg relates that United Auto Workers chief Ronald
Gettelfinger and other House members, including John Dingell of
Michigan and George Miller of California, also attended the
meeting.
Automakers, says Bloomberg, have sought US$50 billion in loans
from the government since August 2008, winning half with an Energy
Department program to help retool plants to construct fuel-
efficient models.
President-elect Barack Obama, according to Bloomberg, has called
for a US$175 billion stimulus package to follow the US$168 billion
package signed into law in February 2008.
Bloomberg states that a stimulus bill might be a chance to get the
second US$25 billion financial aid from the government. The bill,
states the report, may be taken up before President George W. Bush
steps down.
Automakers could soon start applying for money under an existing
US$25 billion package of low-interest loans to help them meet
fuel-efficiency requirements, John Crawley and Richard Cowan at
Reuters relates, citing the Bush administration. Reuters states
that the government said it would listen to other ideas as the
Democratic-led Congress considers the request for further
assistance.
Citing people familiar with the source, Jeff Green at Bloomberg
relates that GM is focused on winning government financial aid to
make it through next year, not to help a merger with Chrysler.
About Ford Motor Co.
Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles in
200 markets across six continents. With about 260,000 employees
and about 100 plants worldwide, the company's core and affiliated
automotive brands include Ford, Jaguar, Land Rover, Lincoln,
Mercury, Volvo, Aston Martin, and Mazda. The company provides
financial services through Ford Motor Credit Company.
The company has operations in Japan in the Asia Pacific region. In
Europe, the company maintains a presence in Sweden, and the United
Kingdom. The company also distributes its brands in various
Latin-American regions, including Argentina and Brazil.
* * *
As reported in the Troubled Company Reporter on Oct. 10, 2008,
Fitch Ratings downgraded the Issuer Default Rating of Ford Motor
Company and Ford Motor Credit Company by one notch to 'CCC' from
'B-'.
SAS AB: Traffic Figures Down 8.8% in October 2008
-------------------------------------------------
SAS Group reported traffic figures for October 2008.
SAS Group's October Traffic Figures
* SAS Group's traffic decreased by 8.8% during October
and seat capacity was down 3.8% vs 2007.
* SAS Group carried 3.2 million passengers in September,
down 11.5% vs 2007.
* Total passenger load factor was down by 3.7 p.u. to 69.0%.
Group Market Trends and Yield Development
Yield for Scandinavian Airlines in September was up by 6.9%,
somewhat higher than indicated last month. For October 2008, the
change in yield is expected to be positive versus last year, but
somewhat less positive than in September.
The market is now characterized by lower demand due to weaker
macroeconomic development in Scandinavia and Europe. The
challenges within the credit market will most likely result in an
even more difficult macroeconomic environment. Due to a more
stable lower oil price SAS has been reducing surcharges. The SAS
Group is currently implementing measures -- Profit 2008 -- to
secure the result development in 2008. The measures comprises
both revenue enhancing and cost measures totaling
SEK1,5 billion. Capacity reductions of 10% as announced earlier
are gradually taking effect. The program is running according to
set out plan.
SAS Scandinavian Airlines
* Traffic decreased by 2.9% in October
* The load factor decreased by 4.1 p.u to 70.6%.
Scandinavian Airlines International's total intercontinental
traffic was down by 0.4 % vs last year and capacity was in up
2.5%. Traffic on Asian routes was down 5% and up 3% on USA
routes. The total passenger load factor was 83.7%, down 2.4 p.u.
Headquartered in Stockholm, Sweden, SAS AB --
http://www.sasgroup.net/-- is the fourth largest passenger
airline in Europe with about 31 million passengers flown and total
revenues of SEK52.3 billion in 2007 (excluding discontinued
operations).
SAS AB: CEO Says Third Quarter 2008 Earnings Marginally Positive
----------------------------------------------------------------
SAS Group's earnings for third quarter 2008 were marginally
positive.
Key ratios from the SAS Group's third-quarter report:
* Earnings before nonrecurring items for the third quarter
amounted to MSEK101 (553), a decline of MSEK452
* The Group carried 9.8 million passengers, a decrease of
5.4%. As expected, the SAS Group's earnings for the third
quarter were only marginally positive at an operating
level amounting to an EBT of MSEK101 before nonrecurring
items. The reasons for the decrease in earnings in the
third quarter are the same as earlier in the year: an
economic trend that impacts total demand and alters the
behavioral pattern of business travelers, and the
continued high oil price during the period.
Mats Jansson, President and CEO comments: "Naturally, our result
for the quarter is not satisfactory, but nonetheless positive on
an operative level. Against the backdrop of the ongoing financial
crisis, weakened economic development and overcapacity in the air
travel market, we have chosen to impair the SAS Group's goodwill
and tax assets in relation to Spanair by MSEK1,959. This
impairment will not affect SAS's liquidity.
"We are now experiencing a three-dimensional crisis. The
financial crisis has come on top of the crisis in the industry and
strengthens the negative economic trend. In addition to this, we
have our own SAS-specific problems and challenges that we are now
addressing by bringing forward the remaining S11 measures."
Headquartered in Stockholm, Sweden, SAS AB --
http://www.sasgroup.net/-- is the fourth largest passenger
airline in Europe with about 31 million passengers flown and total
revenues of SEK52.3 billion in 2007 (excluding discontinued
operations).
SAS AB: Moody's Cuts Corp. Family Rating to B2; Outlook Negative
----------------------------------------------------------------
Moody's Investors Service downgraded to B2 the Corporate Family
Rating and Probability of Default Rating of SAS AB, and lowered
its Baseline Credit Assessment (BCA) to 16 (equivalent to B3) from
14; the subordinated rating has been downgraded to Caa1 from B3.
The rating outlook is negative.
The rating action reflects the continued weakness of the company's
results to the third quarter of 2008, and the fact that metrics
are no longer deemed adequate for the previous rating category.
Moody's notes that the SAS group's results have been impacted by
generally weak trading conditions as well as higher fuel costs,
which rose 30% year-on-year in the first nine months of 2008.
While market prices for oil have fallen significantly since the
summer, the company indicated that this has been offset by the
relative strength of the USD versus the SEK.
In accordance with Moody's GRI Rating Methodology, the ratings of
SAS factor in the Aaa ratings of the governments of Sweden,
Denmark and Norway, which together own 50% of the airline; the
default dependence, which is considered to be low (reflecting
Moody's assessment that there is limited correlation between the
default risk of the three Scandinavian governments and that of
SAS); and the expected level of support, which is also considered
to be low (reflecting Moody's view that the government owners
would be very unlikely to provide any direct support for
creditors, although they will continue to support the group in
achieving commercial and competitive targets).
Moody's notes that in the January-September 2008 period, all of
the company's individual airlines have shown a weakening trend in
profitability, with most reporting negative underlying EBIT before
non-recurring items. Moody's recognizes the company's stepped-up
initiatives to cut costs, notably new cost savings of SEK3-4
billion in the 2009-2011 period, which are to supplement the
SEK1.5 billion of savings within the Profit 2008 program (of which
61% was completed in the third quarter), in addition to savings
within its ongoing Strategy 2011 (SEK2.8 billion targeted savings,
of which 74% was completed as of September 2008); and finally
EUR90 million in cost savings from capacity reductions at Spanair
to become fully effective by 2009. Moody's notes, however, that
these initiatives have thus far been insufficient to offset
significant declines in group profitability.
SAS's liquidity is satisfactory, and is supported by SEK7.5
billion in liquid assets as of September 2008, as well as SEK3.9
billion in undrawn committed credit lines, notably two revolvers
maturing in 2010 and 2011. The facilities contain financial
covenants with which the company was in compliance as of September
2008, and which Moody's will continue to monitor in light of
difficult operating conditions. Moody's notes, further, that the
availability under credit lines declined year-on-year as the
company has drawn down on them to fund capital expenditures.
While committed capex for aircraft orders in the remainder of 2008
remains limited (US$32 million), Moody's notes that it steps up
considerably to US$397 million (c. SEK3.1 billion) in 2009, in
addition to SEK6.4 billion in debt maturities in 2010. Moody's
would therefore expect the company to obtain additional sources of
funding over the medium term to avoid negative pressure on the
rating due to concerns about liquidity.
The negative outlook reflects both Moody's concerns about the
weakening trend in performance, reflecting the difficult
environment for airlines generally, as well as the growing
pressures on liquidity in coming years. Although the outlook is
unlikely to be stabilized in the near term, this could occur if
the company were able to reverse the negative trend in
profitability and reduce leverage. By contrast, further negative
rating pressure could occur if operations continue to weaken or
due to liquidity concerns.
Moody's notes the company's recent statements that it is
considering various structural changes for the group, including
negotiations with unions and with potential strategic partners.
These are, however, not factored into our current rating, and will
be assessed if and when they materialize.
Headquartered in Stockholm, Sweden, SAS is the fourth largest
passenger airline in Europe with about 31 million passengers flown
and total revenues of SEK52.3 billion in 2007 (excluding
discontinued operations).
SAS AB: S&P Cuts Rating to 'B' on Declining Credit Profile
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term foreign
and local currency corporate credit ratings on Scandinavian
airline group SAS AB to 'B' from 'BB-', reflecting the marked
deterioration of the group's financial profile, its weakening
liquidity position, and the adverse effect of recessionary
business conditions in many of the group's markets. The outlook
is developing.
"The downgrade reflects that underlying market conditions have
deteriorated to such an extent that SAS' credit profile has
weakened substantially and its available liquidity has declined,"
said Standard & Poor's credit analyst Leigh Bailey.
Trading prospects remain challenging, and Standard & Poor's does
not expect material recovery in the financial profile. In the
third quarter of 2008, cash outflows from operating activities
totaled SEK2.2 billion, which was greater than S&P had
anticipated, and contributed to a reduction in the group's cash
resources. Liquidity is, however, sufficient for the group's
needs but weakening.
In the nine months ended Sept. 30, 2008, SAS reported a loss
before nonrecurring items of SEK831 million compared with a profit
of SEK888 million in the same period in 2007. At the same time,
the group's available liquidity (defined as cash, cash
equivalents, and unused committed lines) declined to SEK11.4
billion in September 2008 from SEK14.0 billion at the end of June
2008.
Although SAS has recently reported improved yields, deteriorating
industry conditions will place pressure on SAS' financial
performance and could weaken liquidity further. Additional costs
are being partly mitigated by the group's upgraded cost-cutting
programs (Profit 2008). New cost programs in 2009-2011,
corresponding to annual savings of SEK3 billion-SEK4 billion, will
be required to eliminate the cost gap that the SAS group has
against relevant benchmarks. This cost gap relates to a large
degree to unfavorable collective contract structures with the
group's workforce. SAS has recently initiated negotiations with
the relevant trade unions. The successful outcome of these
negotiations will be vital in ensuring the group's ongoing cost
competitiveness.
At Sept. 30, 2008, credit protection measures weakened markedly,
with funds from operations (FFO) to adjusted debt of only 6%.
This is weak for the 'B' rating category and considerably below
S&P's expectation at the 'BB-' level of a FFO-to-adjusted-debt
ratio of at least 20%. At the same time, balance sheet leverage
increased, reflected by a rise in adjusted debt to capital to 69%
from 59% at the end of 2007. This is partly a result of the
reduction in equity brought about in the third quarter of 2008 by
the SEK1.9 billion goodwill and write-down of tax assets in
Spanair S.A.
The ratings on SAS reflect the group's midsize route network
serving competitive markets, the cyclicality of the airline
industry, and the adverse effect of volatile fuel costs on its
credit profile. These factors are partly mitigated by its strong
brand and extensive route network in the Nordic region and the
Baltic states.
SAS' evaluation of various structural possibilities for the group
with undisclosed third parties, if undertaken, could potentially
be of benefit to its credit profile. This could potentially lead
to an outlook revision or upward rating momentum.
SAS is making considerable efforts on the revenue and cost side to
mitigate the effect of challenging industry conditions.
Nevertheless, a failure to satisfactorily offset rising costs,
delays to cost-saving initiatives, or a prolonged downward trend
in premium traffic could lead to pressure on the ratings if the
group's available liquidity buffer is adversely affected. Credit
metrics are at very weak levels and may take time to recover to an
expected FFO to adjusted debt range of 10%-15%. In the absence of
structural change, an outlook revision to negative is likely.
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S W I T Z E R L A N D
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BHOMA INVEST: Deadline to File Proofs of Claim Set Jan. 1, 2009
---------------------------------------------------------------
Creditors owed money by LLC Bhoma Invest are requested to file
their proofs of claim by Jan. 1, 2009, to:
A. Friedrichs
Liquidator
6052 Hergiswil
Switzerland
The company is currently undergoing liquidation in Hergiswil NW.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Nov. 9, 2006.
CERANTECH JSC: Nov. 22 Set as Deadline to File Claims
-----------------------------------------------------
Creditors owed money by JSC Cerantech are requested to file their
proofs of claim by Nov. 22, 2008, to:
JSC Trevitas Treuhand
Bionstrasse 4
9015 St. Gallen
Switzerland
The company is currently undergoing liquidation in St. Gallen.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on April 11, 2007.
GENERAL MOTORS: Seeks Another US$25BB Gov't Aid; Meets With Pelosi
------------------------------------------------------------------
John Hughes and Angela Greiling Keane at Bloomberg News reports
that General Motors Corp., Ford Motor Co., and Chrysler LLC chief
executive officers, met with House Speaker Nancy Pelosi about
their request for another US$25 billion in government-backed
loans.
According to Bloomberg, House Speaker Pelosi said that the meeting
was "very positive."
Bloomberg relates that United Auto Workers chief Ronald
Gettelfinger and other House members, including John Dingell of
Michigan and George Miller of California, also attended the
meeting.
Automakers, says Bloomberg, have sought Us$50 billion in loans
from the government since August 2008, winning half with an Energy
Department program to help retool plants to construct fuel-
efficient models.
President-elect Barack Obama, according to Bloomberg, has called
for a US$175 billion stimulus package to follow the US$168 billion
package signed into law in February 2008.
Bloomberg states that a stimulus bill might be a chance to get the
second US$25 billion financial aid from the government. The bill,
states the report, may be taken up before President George W. Bush
steps down.
Automakers could soon start applying for money under an existing
US$25 billion package of low-interest loans to help them meet
fuel-efficiency requirements, John Crawley and Richard Cowan at
Reuters relates, citing the Bush administration. Reuters states
that the government said it would listen to other ideas as the
Democratic-led Congress considers the request for further
assistance.
Citing people familiar with the source, Jeff Green at Bloomberg
relates that GM is focused on winning government financial aid to
make it through next year, not to help a merger with Chrysler.
About General Motors
Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908. GM employs
about 266,000 people around the world and manufactures cars and
trucks in 35 countries. In 2007, nearly 9.37 million GM cars and
trucks were sold globally under the following brands: Buick,
Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling. GM's OnStar
subsidiary is the industry leader in vehicle safety, security and
information services.
GM Europe is based in Zurich, Switzerland, while General Motors
Latin America, Africa and Middle East is headquartered in
Miramar, Florida.
At June 30, 2008, the company's balance sheet showed total assets
of US$136.0 billion, total liabilities of US$191.6 billion, and
total stockholders' deficit of US$56.9 billion. For the quarter
ended June 30, 2008, the company reported a net loss of US$15.4
billion over net sales and revenue of US$38.1 billion, compared to
a net income of US$891.0 million over net sales and revenue of
US$46.6 billion for the same period last year.
IFFT JSC: Nov. 21 Creditors Must File Proofs of Claim by Nov. 21
----------------------------------------------------------------
Creditors owed money by JSC IFFT are requested to file their
proofs of claim by Nov. 21, 2008, to:
JSC Stieger Treuhand
Neuhofstrasse 5
8645 Jona
Switzerland
The company is currently undergoing liquidation in Rapperswil-
Jona. The decision about liquidation was accepted at an
extraordinary shareholders' meeting held on Oct. 1, 2008.
MESTACA HOLDING: Creditors Have Until Nov. 24 to File Claims
------------------------------------------------------------
Creditors owed money by JSC Mestaca Holding are requested to file
their proofs of claim by Nov. 24, 2008, to:
JSC Triadvice
Dreikonigstrasse 8
8022 Zurich
Switzerland
The company is currently undergoing liquidation in Zurich. The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Aug. 6, 2008.
PROVENTURE JSC: Proofs of Claim Filing Deadline is Nov. 26
----------------------------------------------------------
Creditors owed money by JSC PROVENTURE are requested to file their
proofs of claim by Nov. 26, 2008, to:
LLC Innoplus
Liquidator
Rundbuckstrasse 6
8200 Schaffhausen
Switzerland
The company is currently undergoing liquidation in Neuhausen am
Rheinfall. The decision about liquidation was accepted at an
extraordinary shareholders' meeting held on Sept. 19, 2008.
STIRLING SYSTEMS: Deadline to File Proofs of Claim Set Nov. 21
--------------------------------------------------------------
Creditors owed money by JSC Stirling Systems are requested to file
their proofs of claim by Nov. 21, 2008, to:
Industrieplatz 1
8212 Neuhausen a. Rhf.
Switzerland
The company is currently undergoing liquidation in Schaffhausen.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on July 9, 2008.
TONA TRADE: Creditors' Proofs of Claim Due by Nov. 26
-----------------------------------------------------
Creditors owed money by LLC TONA Trade are requested to file their
proofs of claim by Nov. 26, 2008, to:
Thomas Scharer
Seestrasse 37
8707 Uetikon am See
Switzerland
The company is currently undergoing liquidation in Uetikon am See.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Sept. 1, 2008.
TREND-PAPIER JSC: Creditors Must File Proofs of Claim by Dec. 10
----------------------------------------------------------------
Creditors owed money by JSC Trend-Papier are requested to file
their proofs of claim by Dec. 10, 2008, to:
Max Matzenauer
Liquidator
Oberhofstettenweg 7
9012 St. Gallen
Switzerland
The company is currently undergoing liquidation in Freienbach SZ.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Sept. 10, 2008.
=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D
U K R A I N E
=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D
CARDETAIL OJSC: Creditors Must File Claims by Nov. 19
-----------------------------------------------------
Creditors of OJSC Cardetail (code EDRPOU 00232294) have until
Nov. 19, 2008, to submit proofs of claim to:
Mr. Shevtsov Eugene
Liquidator
P.O.B. 3925
49069 Dnipropetrovsk
Ukraine
The Arbitration Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent on Oct.
2, 2008. The case is docketed as B 26/24/141/06.
The Economic Court of Dnipropetrovsk
Kujbishev Str. 1a
49600 Dnipropetrovsk
Ukraine
The Debtor can be reached at:
OJSC Cardetail
Rabochaya Str. 23-V
49008 Dnipropetrovsk
Ukraine
ECOSCHIT-LINE LLC: Creditors Must File Claims by Nov. 19
--------------------------------------------------------
Creditors of LLC Science-Production Enterprise Ecoschit-Line (code
EDRPOU 34424440) have until Nov. 19, to submit proofs of claim to:
LLC Production Enterprise Prikarpatye
Liquidator
Kikvidze Str. 26
01103 Kiev
Ukraine
The Arbitration Court of Kyiv commenced bankruptcy proceedings
against the company after finding it insolvent on Oct. 9, 2008.
The case is docketed as 24/384-b.
Economic Court of Kiev
B. Hmelnitskiy Str. 44-b.
01030 Kyiv
Ukraine
The Debtor can be reached at:
LLC Science-Production Enterprise Ecoschit-Line
Liatoshynsky Str. 4-A/289
03191 Kiev
Ukraine
INTERPIPE LTD: S&P Cuts Rating to 'B' on Tighter Covenants
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term corporate
credit rating to 'B' from 'B+' on Ukrainian steel pipe producer
Interpipe Ltd. At the same time, the long-term rating on the
company's senior unsecured debt was lowered to 'B-' from 'B', and
the Ukrainian national scale rating to 'uaBBB' from 'uaA'. The
recovery ratings remain unchanged. All ratings were removed from
CreditWatch, where they had been placed on Oct. 17, 2008, with
negative implications. The outlook is negative.
"Our rating action follows the recent downgrade of Ukraine and
reflects tight covenant levels under Interpipe's bank facilities
in the next quarters, refinancing risks, heightened risk of profit
pressures, with 25% of group sales destined for domestic markets
and potential margin pressures on steel pipes," said Standard &
Poor's credit analyst Lucas Sevenin.
Interpipe is also experiencing large working capital swings,
and continued negative free cash flow because of its massive
US$650-million-plus electric-arc furnace (EAF) project -- to reach
full capacity only at the end of 2010 assuming no delay -- which
needs debt financing.
Mitigating factors include Interpipe's high share of foreign-
currency-based exports (75% of first-half 2008 sales), exposure to
end-markets whose demand should be somewhat more resilient in
terms of volume -- such as for oil and gas pipes and railway
wheels -- and a likely significant reduction in costs as a result
of the recent steep drop in raw material input costs for steel and
the weakened Ukrainian currency.
The negative outlook reflects Interpipe's increasingly tight
covenant headroom in a difficult debt and banking environment, as
well as the more challenging operating and country environment.
S&P could revise the outlook back to stable if working capital
improves significantly in the fourth quarter and covenant headroom
improves, and bank support under committed lines and for
refinancing remains adequate. It also would require operating
margin performance to show some resilience next year.
IRON STEEL: Creditors Must File Claims by Nov. 16
-------------------------------------------------
Creditors of LLC Iron Steel (code EDRPOU 33302712) have until
Nov. 16, 2008, to submit proofs of claim to:
Economic Court of Kiev
B. Hmelnitskiy Str. 44-b
01030 Kyiv
Ukraine
The Arbitration Court of Kyiv commenced bankruptcy proceedings
against the company after finding it insolvent on Aug. 16, 2008.
The case is docketed as 24/388-b.
The Debtor can be reached at:
LLC Iron Steel
Chekistov Lane, 6
0024 Kiev
Ukraine
MORPAVLOTORG LLC: Creditors Must File Claims by Nov. 19
-------------------------------------------------------
Creditors of LLC Morpavlotorg (code EDRPOU 35086008) have until
Nov. 19, 2008, to submit proofs of claim to:
LLC Promkapbud-NK
Liquidator
Gorky Str. 95
03150 Kiev
Ukraine
The Arbitration Court of Kyiv commenced bankruptcy proceedings
against the company after finding it insolvent on Sept. 30, 2008.
The case is docketed as 43/81.
Economic Court of Kiev
B. Hmelnitskiy Str. 44-b.
01030 Kyiv
Ukraine
The Debtor can be reached at:
LLC Morpavlotorg
Artem Str. 37-41
04053 Kiev
Ukraine
OPTIM-OIL CJSC: Creditors Must File Claims by Nov. 16
-----------------------------------------------------
Creditors of CJSC Optim-Oil (code EDRPOU 23365359) have until
Nov. 16, 2008, to submit proofs of claim to:
Mr. S. Klimenko
Liquidator
P.O.B. 2144
49034 Dnipropetrovsk
Ukraine
The Arbitration Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent on Oct.
7, 2008. The case is docketed as B 29/94-07.
The Economic Court of Dnipropetrovsk
Kujbishev Str. 1a
49600 Dnipropetrovsk
Ukraine
The Debtor can be reached at:
CJSC Optim-oil
Belostotsky Lane, 8/8
49098 Dnipropetrovsk
Ukraine
SEEDS AND VEGETABLES: Creditors Must File Claims by Nov. 16
----------------------------------------------------------
Creditors of Agricultural OJSC Agricultural Firm Sort Seeds and
Vegetables (code EDRPOU 0049206) have until Nov. 16, 2008, to
submit proofs of claim to:
Mr. Bolkhovitin Vitaly
Temporary Insolvency Manager
Ap. 602
Hmelnickiy highway Str. 2-A
Vinnica
Ukraine
Tel: 52-03-41
The Arbitration Court of Vinnica commenced bankruptcy proceedings
against the company after finding it insolvent. The case is
docketed as 5/208-08.
Economic Court of Vinnica
Hmelnickiy Highway Str. 7
21036 Vinnica
Ukraine
The Debtor can be reached at:
Agricultural OJSC Agricultural Firm
Sort Seeds and Vegetables
Independency Avenue, 309
Mogilev-Podolsky
24000 Vinnica
Ukraine
TECHNO-TELS LLC: Creditors Must File Claims by Nov. 16
------------------------------------------------------
Creditors of LLC Techno-Tels (code EDRPOU 34880188) have until
Nov. 16, 2008, to submit proofs of claim to:
Economic Court of Kiev
B. Hmelnitskiy Str. 44-b
01030 Kyiv
Ukraine
The Arbitration Court of Kyiv commenced bankruptcy proceedings
against the company after finding it insolvent on Aug. 16, 2008.
The case is docketed as 24/377-b.
The Debtor can be reached at:
LLC Techno-Tels
Kikvidze Str. 13
01103 Kiev
Ukraine
UKRAINIAN TRADING: Creditors Must File Claims by Nov. 19
--------------------------------------------------------
Creditors of declared LLC Ukrainian Trading Union (code EDRPOU
31244759) have until Nov. 19, 2008, to submit proofs of claim to:
Mr. V. Dranchenko
Liquidator
P.O.B. 73
04074 Kiev
Ukraine
The Arbitration Court of Kyiv commenced bankruptcy proceedings
against the company after finding it insolvent on Sept. 18, 2008.
The case is docketed as 24/312-b.
Economic Court of Kiev
B. Hmelnitskiy Str. 44-b.
01030 Kyiv
Ukraine
The Debtor can be reached at:
LLC Ukrainian Trading Union
Gagarin Avenue, 13
02213 Kiev
Ukraine
VINNICA LAMP: Creditors Must File Claims by Nov. 19
---------------------------------------------------
Creditors of OJSC Vinnica Lamp Plant Subsidiary Company Economic-
Building Management (code EDRPOU 23108065) have until Nov. 19,
2008, to submit proofs of claim to:
Vinnica State Tax Inspection
Liquidator
30 Years of Victory Str. 21
Vinnica
Ukraine
Tel: 46-04-04
46-49-56
The Arbitration Court of Vinnica commenced bankruptcy proceedings
against the company after finding it insolvent on Sept. 18, 2008.
The case is docketed as 5/194-08.
Economic Court of Vinnica
Hmelnickiy Highway, 7
21036 Vinnica
Ukraine
The Debtor can be reached at:
OJSC Vinnica Lamp Plant
Subsidiary Company Economic-
Building Management
Vatutin Str. 18
Vinnica
Ukraine
* IMF Approves US$16.4 Billion Stand-By Arrangement for Ukraine
---------------------------------------------------------------
The Executive Board of the International Monetary Fund, on
Wednesday, November 5, approved a two-year Stand-By Arrangement
(SBA) for SDR11 billion (about US$16.4 billion) to help the
authorities restore financial and economic stability and
strengthen confidence. The SBA request entails exceptional access
to IMF resources equivalent to 802 percent of Ukraine's quota in
the Fund, and was approved under the Fund's fast-track Emergency
Financing Mechanism. The approval enables the immediate
disbursement of SDR3 billion (about US$4.5 billion).
The authorities' program is designed to help stabilize the
domestic financial system against a backdrop of global
deleveraging and a domestic crisis of confidence, and to
facilitate adjustment of the economy to a large terms-of-trade
shock. The authorities' plan incorporates monetary and exchange
rate policy shifts, banking recapitalization, and fiscal and
incomes policy adjustments.
Following the Executive Board discussion, Mr. Murilo Portugal,
Deputy Managing Director and Acting Chair, issued the following
statement: "The Ukrainian economy, especially the banking system,
is experiencing considerable stress. Falling prices for Ukraine's
major export, steel, have led to a substantial deterioration in
Ukraine's current account outlook. This terms-of-trade shock,
along with existing vulnerabilities=97high inflation, relatively low
foreign exchange reserves compared with short-term external debt,
significant exposure of banks to foreign funding, balance sheet
mismatches, and a weak underlying fiscal position=97interacted with
the drying up of liquidity caused by the international financial
crisis and led to a significant slowdown in capital inflows.
"The authorities' program, supported by the two-year Stand-By
Arrangement with the IMF, aims to restore financial and
macroeconomic stability by adopting a flexible exchange rate
regime with targeted intervention, a pre-emptive recapitalization
of banks, and a prudent fiscal policy coupled with tighter
monetary policy. Resolute implementation of the program should
help reduce inflation to single digits by the end of the program.
"The flexible exchange rate regime, backed by an appropriate
monetary policy and foreign exchange intervention, will help
absorb external shocks and avoid disorderly exchange market
developments. The recent unification of official and market
exchange rates should increase clarity about the regime. Recently
imposed exchange controls will be phased out as confidence
rebuilds. Plans to accelerate progress towards inflation
targeting and enhance the independence of the National Bank of
Ukraine are important to provide the nominal anchor under the
flexible exchange rate regime over the medium term. In the near
term, as liquidity pressures diminish, tighter monetary policy
will be necessary to guard against inflation.
"A pre-emptive bank recapitalization will alleviate a potential
credit crunch that could prolong and deepen the downturn in
economic activity. Decisive measures that have been taken to
allocate public funds to recapitalize banks and to facilitate bank
resolution processes will ensure that problems can be dealt with
promptly. Increased oversight, more targeted on- and off-site
inspections, and improved cross-border supervisory cooperation
will help to strengthen the financial system. A proactive
strategy to resolve corporate and household debt problems will
also be essential to reduce banking sector vulnerabilities.
"A prudent fiscal stance is planned, consistent with both the
financing constraint and the need for recession-related social
spending. The target of a balanced budget in 2009 will be kept
under review in light of the macroeconomic, financing, and revenue
outlooks. The targets would be achieved in part by expenditure
restraint, and by a phased increase in energy tariffs. Ukraine's
extensive safety net provides a backstop to protect vulnerable
groups, and the program also allows higher funding for
unemployment insurance and targeted income support.
"The authorities have developed a strong and comprehensive package
of measures to address the challenges Ukraine is facing and the
Fund has provided commensurate financial assistance. Decisive
measures have already been implemented by the authorities,
including the passage of anti-crisis legislation. Moreover, the
authorities' policy framework is sufficiently robust to adapt to
evolving circumstances. The commitment of leaders of the main
political parties to the core elements of the program increases
the prospects for successful program implementation. All these
elements give confidence that the program will succeed in
stabilizing economic and financial conditions," Mr. Portugal said.
Recent Economic Developments
Ukraine's economy has grown very rapidly since 2000, expanding by
more than 7 percent on average. Initially, this reflected the
utilization of large excess capacity and increased productivity
supported by a series of structural reforms. Since 2005, growth
has been propelled by real domestic demand, namely a credit boom
driven by strong capital inflows as well as incomes policies that
redistributed large terms-of-trade gains to the population.
By mid-2008, the economy was overheating. Credit growth exceeded
70 percent, CPI inflation exceeded 30 percent, wage growth settled
in the 30-40 percent range, a buoyant property market pushed
valuations to high levels, and imports surged at an annual rate of
50-60 percent. The current account deficit reached 7 percent of
GDP in the second quarter of 2008.
The Ukrainian economy also became vulnerable along other
dimensions, including high short-term external debt relative to
reserves, high exposure of banks to foreign funding, balance sheet
mismatches, and a weak underlying fiscal position. Problems came
to the fore as commodity prices plunged and the global financial
turmoil deepened. These developments have had a considerable
impact on the real sector as reflected in the sharp 5-percent
contraction of the manufacturing sector in September.
At the same time, a sharp slowdown of external capital flows
raised concerns about the ability of banks and corporates to roll
over existing credit lines. When the sixth largest bank,
Prominvest Bank, was put under receivership, a widespread deposit
outflow began with at least US$3 billion=974 percent of deposits=97
withdrawn during the first three weeks of October. Confidence in
the country's banking system and currency weakened. Intervention
by the National Bank of Ukraine (NBU) mounted in October, reducing
reserves from US$38 billion to US$32 billion. In addition to
providing liquidity, the authorities also imposed a set of
exchange controls to stem outflows.
The combination of weaker demand from Ukraine's trading partners,
falling export prices, rising import prices, and reduced access to
international financial markets are expected to weaken growth
prospects. Taking these developments into account, Ukraine's
overall financing needs for the next two years are large.
Program Summary
The authorities' program aims at restoring confidence in Ukraine's
macroeconomic and financial stability by addressing the financial
sector problems, facilitating adjustment to potentially large
external shocks, and reducing inflation. The program is designed
to respond flexibly to economic developments.
The program is based on projections that assume a global recession
and continued deleveraging in international credit markets in
2009, implying a recession in Ukraine with deteriorating exports,
limited external financing and a credit crunch. The projected
impact on output=97a 3 percent decline=97is consistent with Ukraine's
experience under similar circumstances in 2004-05. Under the
program, inflation is expected to decrease to 17 percent by end-
2009 from the projected 25.5 percent this year. The current
account would compress to a deficit level of about 2 percent of
GDP from the mid-2008 level of 7 percent.
Assuming a global recovery in the second half of 2009, the
Ukrainian economy could be back at its estimated potential growth
rate of 5-6 percent by 2011 with inflation at 5-7 percent by late
2011. Current account deficits are projected to remain small in
2010, in light of the weak economy, and to be moderate thereafter,
allowing reserves to rise.
The key measures to achieve the objectives of the program focus on
these areas:
Monetary and Exchange Rate Policy
The program supports the implementation of a flexible exchange
rate regime to help Ukraine better absorb the external shocks it
now faces. B ase money will be the near-term anchor for monetary
policy until an inflation targeting regime can be implemented. The
independence of the NBU will be strengthened, and in the near
term, monetary policy will be tightened to help achieve the 2009
inflation objective of 17 percent. The program envisages
eliminating exchange rate controls as soon as possible, and
measures to improve the operation of the foreign exchange market,
including cancellation of the foreign exchange transactions tax
and a more transparent intervention policy.
Financial Sector Policy
The authorities intend to prepare a comprehensive bank resolution
strategy that will include the resolution of problem banks and the
recapitalization of viable banks to cushion the real economy from
a potential credit crunch. The authorities have already resolved
the sixth largest bank, Prominvest Bank, through a sale to a
strategic investor.
The program further proposes to ensure that viable banks have
access to liquidity; increase deposit insurance coverage to
UAH150,000 (about EUR20,000) from the current UAH50,000, which
will cover 99 percent of individual accounts; and strengthen the
monitoring of banks, including through enhanced cross-border
supervisory cooperation.
Fiscal Policy
The authorities will adopt a prudent fiscal stance while
accounting for the need for recession-related social expenditures,
including higher funding for unemployment insurance and targeted
income support. Under the program, the deficit would not exceed 1
percent of GDP in 2008, and in 2009, the general government budget
would be balanced (excluding bank recapitalization costs). Even
with the substantial increase of 0.8 percent of GDP social
spending during the recession, these fiscal targets are deemed
attainable. However, given the uncertainties on economic
prospects and the availability of financing, the authorities are
prepared to adjust the targets as needed. To achieve their fiscal
targets, the authorities are determined to correct the pricing
policies in the energy sector and pursue a more balanced incomes
policy by adjusting the minimum wage, pension, and social transfer
increases in line with the projected inflation in 2009. These
measures will help guard against higher inflation and
depreciation. Ukraine has an adequate social safety net in place
to protect the vulnerable against adjustment policies, which the
authorities are prepared to expand should the need arise.
Ukraine joined the IMF as a member on September 3, 1992. Its
quota is SDR1,372 million (about US$2,049 million).
=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=
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U N I T E D K I N G D O M
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CHEYNE ABS: S&P Lowers Ratings on Class A to C Notes to 'D'
-----------------------------------------------------------
Standard & Poor's Ratings Services has lowered to 'D' from 'CC'
its ratings on the class A-1, A-2, B, and C notes issued by Cheyne
ABS Investments I PLC.
These rating defaults follow the execution of an enforcement
priority of payments. The most recent note valuation report
issued by the trustee stated that the collateral had been
enforced, and that all available proceeds had been distributed.
The available funds were insufficient to redeem the class A-1, A-
2, B and C notes in this transaction at par plus accrued interest.
All the rated notes were downgraded on Oct. 23, in anticipation of
nonpayment to rated noteholders.
RATINGS LIST
Rating
Class To From
----- -- ----
Cheyne ABS Investments I PLC
US$178 Million Floating-Rate Notes
Ratings Lowered
A-1 D CC
A-2 D CC
B D CC
C D CC
EXCALIBUR FUNDING: S&P Keeps 'BB+' Rating on CreditWatch Negative
-----------------------------------------------------------------
Standard & Poor's Ratings Services kept on CreditWatch negative
its rating on the class A notes issued by Excalibur Funding No. 1
PLC following the most recent interest payment date (Oct. 28).
The class B notes in this transaction are unrated.
On Oct. 23, S&P lowered to 'BB+' its rating on the class A notes
and kept this class on CreditWatch negative.
Lehman Brothers Inc. (Lehman) entities are involved in Excalibur
Funding No. 1 in a number of capacities, including as liquidity
provider, administrator of the collateral and hedge arrangements,
undrawn commitment funder, and swap counterparty. The Oct. 23
rating action followed S&P's initial review of the implications of
Lehman's insolvency for the rating, and S&P's concern that
defaults on swap or other arrangements could cause interest
payment shortfalls on the class A notes.
S&P will continue to closely monitor and evaluate this
transaction.
MERITEM HOLDINGS: Goes Into Administration
------------------------------------------
Meritem Holdings Ltd. has gone into administration,
business-sale reports.
According to the report, the company, which had an annual turnover
of GBP57 million in 2007, called in administrators KPMG following
trading difficulties and a failed attempt to rescue the business
by debt refinancing.
The company, the report notes, will continue to trade while KPMG
will seek a buyer for the business.
Based in Somerset, Meritem Holdings Ltd., trading as The Furniture
Factory, manufactures flat pack furniture and kitchens for high
street retailers including Argos. The company has manufacturing
facilities in Cleveland, Cornwall and Westbury, Wiltshire, and
warehouses throughout the UK. It employs 300 people.
ITV PLC: Says Trading Conditions to Remain Challenging in 2009
--------------------------------------------------------------
ITV plc released its interim management statement for nine months
to September 30, 2008.
ITV said that for the first time in over 25 years the group has
maintained its share of UK television advertising revenues.
Group Highlights
for
nine months to September 30, 2008
* Group revenues GBP1,471 million (2007: GBP1,484 million).
* ITV Family outperforms market with net advertising revenue
down 2.5% at GBP1,041 million, ahead of total TV
market down 3.2%.
* ITV Family delivering 5% more impacts, with ITV digital
channel impacts up 27% and ITV1 impacts held year on year.
* ITV Family share of commercial impacts held at 40.9%
(2007: 41.3%), with ITV1 SOCI down 5.7%.
* Continuing strong growth in Global Content with external
revenues up 35% at GBP206 million.
* 82 million video views delivered across ITV sites with
itv.com unique users reaching 8 million in October.
Financial Position
* As announced in July 2008, ITV has strengthened its
liquidity position with the issue of a GBP110 million bond
repayable in March 2013 and GBP200 million of five year
bi-lateral financing secured, none of which includes
financial covenants.
* The 2008 interest charge will include GBP16 million of
final closure costs of a financial instrument integral to
a GBP125 million finance facility and its associated
interest rate. The facility remains in place until May
2013.
* The 2009 interest charge will include GBP8 million costs
from coupon step-ups following downgrades of ITV debt
since the interim results. ITV's debt is currently rated
Ba1 by Moody's and BB+ by Standard & Poor's and Fitch.
* In August 2008 ITV agreed with the Pension Trustees that
it will contribute GBP30 million a year to the pension
scheme as deficit funding for 5 years from 2009.
* There has been no other material change in ITV's financial
position since the interim results.
Outlook
* Over the full year, ITV expects to hold its share of UK TV
NAR year on year for the first time in over 25 years. ITV
Family share of NAR for 2008 estimated to be 43.8%
(2007: 43.6%).
* For Q4, ITV FamilyNAR estimated to be down 9.0%ahead of
the total TV market down 9.4%.
* Online revenues for the full year and into 2009 impacted
by the advertising slowdown, with profitability further
impacted by investment in Kangaroo.
* With Ofcom's phase 2 PSB report, ITV is on course to
deliver GBP40 million in regional savings from 2009, as
well as a further GBP35 million in savings by the end
of 2010.
* SDN revenues in 2009 will reflect the beneficial impact of
a recently concluded carriage deal and launch of a 10th
video stream, as announced in October 2009.
* ITV's broadcast channels and online assets to be
incorporated in ITV's channels business reporting to Peter
Fincham, Director of Television, Channels and Online.
* Given the uncertain economic outlook, trading conditions
across ITV are likely to remain challenging in 2009.
Michael Grade, Executive Chairman of ITV, said: "In tough economic
conditions, operationally we continue to perform strongly and we
expect to hold our share of UK television advertising year on year
for the first time in over 25 years.
With our sustained investment in programming, this year we are
delivering more viewers and impacts to our advertisers than we did
in 2007. The top 500 program episodes on UK commercial television
over the first nine months of this year were all on ITV.
Global Content continues to grow rapidly its business beyond ITV.
External revenues are up by 35%, driven by production for
international and increased commissions from the BBC, Channel 4
and five.
Online video viewing has increased spectacularly in 2008. With
over 80 million views on ITV sites, we've demonstrated our ability
to meet that growing demand. Now is the time to integrate our
online video sites editorially with our broadcast business as
mass-market channels in their own right and drive the advertising
opportunity from that proven consumer demand.
We remain focused on delivering our Turnaround Strategy, while
driving efficiency savings across the business, supported by our
strong financial liquidity. We continue to seek accelerated
action to relieve our regulatory burden."
About ITV plc
Headquartered in London, ITV plc -- http://www.itvplc.com/-- is a
U.K. media company, owning all of the regional Channel 3 licenses
in England and Wales. The company wholly owns three leading free-
to-air digital channels: ITV2, ITV3 and ITV4. It owns the market
leading cinema screen advertising businesses in the U.K. and
Republic of Ireland and has similar joint ventures in continental
Europe and the United States.
* * *
As reported in the Troubled Company Reporter-Europe on
October 30, 2008, Fitch Ratings downgraded ITV plc's Long-term
Issuer Default rating and senior unsecured rating to 'BB+' from
'BBB-'. Following the downgrade, the rating Outlook is now
Stable. Fitch also downgraded ITV's Short-term IDR to 'B' from
'F3' and withdrew the Short-term rating.
The rating action follows further downward revisions in Fitch's
expectations for the UK advertising market over the medium term.
On September 18, 2008, the TCR-Europe reported that Moody's
Investors Service had downgraded ITV plc's senior unsecured
ratings to Ba1 (from Baa3) and its short-term ratings to Non-Prime
(from Prime-3). At the same time the agency assigned a Ba1
Corporate Family Rating (CFR) and a Ba1 Probability of Default
rating (PDR) to the company. The rating outlook for
ITV is negative. The downgrade is prompted by a worsened near-
term outlook for UK television advertising as the UK economy slows
down and Moody's expectation that consequently ITV's debt
protection measurement will weaken such that they are no longer in
line with a Baa3 rating (e.g. RCF/Adjusted Net Debt not reaching
the low teens). A negative outlook reflects the uncertain outlook
for UK TV advertising into 2009 as ITV remains hamstrung by
regulatory constraints such as the contract rights renewal
mechanism.
ROSEBYS GROUP: 77 Outlets Sold to Duvetco; 495 Jobs Saved
---------------------------------------------------------
The Joint Administrators of the Rosebys group of companies have
sold 77 of the textile retailer's outlets and all of its stock to
Duvetco Limited, a wholly owned subsidiary of Dumfriesshire-based
Edinburgh Woollen Mill.
The sale of these outlets, which are located across the country,
means that 495 jobs are saved as these employees will transfer to
the new owner. However, 59 outlets will close today, resulting in
310 redundancies.
Howard Smith, Joint Administrator and KPMG Restructuring Associate
Partner, said: "Clearly it is unfortunate that further
redundancies have been unavoidable. But in difficult trading
conditions, the sale of a number of stores has been secured, which
will safeguard many jobs and help achieve a return for creditors."
KPMG has set up a Rosebys employee hotline -- 0845 094 1777 -- to
provide information and support to employees who have been made
redundant.
A number of employees are being retained by the Administrators in
the short term to assist with the transfer of stock and the
realization of property assets.
The 51 stores that have been purchased are: South Shields Melton
Mowbray High Wycombe Staines Sittingbourne Braintree Chippenham
Aldershot Shepton Mallet Gravesend Weymouth Port Talbot
Haverfordwest Paisley Torquay Stirling Norwich Cleveleys Orpington
Luton Aberdeen Hastings Coalville Croydon Eastleigh Epsom Exmouth
Farnham Felixstowe Gosport Portsmouth Braintree Southampton
Ashford Havant Brentwood Reading Alexandria Folkestone Sheerness
New Market Retford Rayleigh Harlow Bracknell Eltham Fareham
Inverness Kirkcaldy Aberdeen Cramlington
And the 24 concessions within Homestyle are: Llantrisant Mansfield
East Kilbride Christchurch Falkirk Worcester Torquay North Shields
Crawley Newhaven Exeter Dundee Dunfermline Llandudno Hackney
Solihull Hedge End Folkestone Taunton Durham Bognor Bridgend
Bridgewater Cheltenham
Plus two within Carpetright:
Bury St Edmonds Tonbridge
About KPMG LLP (UK)
KPMG LLP (UK) -- http://kpmg.co.uk/-- provides professional
services including audit, tax, financial and risk advisory. KPMG
in the UK has over 10,000 partners and staff working in 22 offices
and is part of a strong global network of members firms. As part
of KPMG Europe it has merged with its German and Swiss firms,
making it the largest integrated accounting firm in Europe.
About Rosebys
Based in Yorkshire, Rosebys trades as a high street retailer of
home textiles. The group has an annual turnover of GBP100 million
and employs approximately 2000 staff at its 280 stores; a head
office in Rotherham, South Yorkshire; and a distribution center in
Selby, North Yorkshire.
Howard Smith, Richard Fleming and Mark Firmin of KPMG LLP
Restructuring were appointed as Joint Administrators to the group
on Sept. 26, 2008.
Rosebys experienced difficult trading conditions, leading to
continuing losses. The group had sought to re-finance, but this
did not prove possible in the current economic climate.
ROYAL WORCESTER: Appoints Joint Administrators from PwC
-------------------------------------------------------
Matthew Hammond, Rob Hunt and Mike Jervis of
PricewaterhouseCoopers LLP were appointed joint administrators to
Royal Worcester & Spode Ltd. on Thursday, November 6.
The company sources, manufactures and sells earthenware and china
products from three operational sites in the UK and one site in
North America. The main UK trading subsidiary is The Porcelain
and Fine China Companies Limited which is also now in
administration. The US trading subsidiary is The Royal China and
Porcelain Companies Inc which remains outside the formal
administration regime. The UK will continue to work with the US
management team who remain autonomous. The company operates from
two freehold premises in Stoke and Worcester, two leasehold units
at Lymedale and employs 388 people in the UK.
Matthew Hammond, joint administrator and partner at
PricewaterhouseCoopers LLP in Birmingham, said: "The company has
been undertaking a restructuring of its business in recent years.
This has included reductions in overhead, transition to more cost
effective outsourcing of production, relocation of warehousing,
new product development and the sale of property to reduce debt.
"However, the inability to complete the proposed sale of a site of
strategic importance in Stoke and the effect of the current
economic downturn on sales has led to the decision by the
directors of Royal Worcester & Spode Ltd to place the company into
administration.
"Our immediate priority now is to review all options for the
company and immediately seek a buyer for the business. During
this process we will work with the company's suppliers, employees
and customers to try and ensure that a solution is found to
provide a structure to take the business forward.
"We are working with all stakeholders and will be continuing to
use the company's extensive retail network and store concessions
to supply customers with the full range of products which are in
good supply."
About PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP -- http://www.pwc.co.uk/-- provides
industry-focused assurance, tax and advisory services. It has
more than 16,000 partners and staff in offices around the UK.
SIDLOW CARS: Goes Into Administration
-------------------------------------
Surrey-based motor dealership Sidlow Cars has gone into
administration, leaving more than 100 people jobless, East
Grinstead Courier and Observer reports.
Citing a spokesman for Sidlow Cars, the report discloses the
company went into administration on October 29 at the request of
its directors after incurring substantial losses which have been
exacerbated by the current economic climate and the decline in the
new and used vehicle market in recent months.
According to the report, both the company's garage in London Road,
East Grinstead and accident repair center in Lingfield are already
closed, including centers in Horley, Gatwick and Horsham.
"Attempts to achieve a quick sale of the business were
unsuccessful, and due to the uncertain trading environment, the
administrators were unable to secure support for a period of
trading while other sale options were sought," the spokesman was
quoted by East Grinstead Courier and Observer as saying.
* S&P Cuts & Withdraws Ratings on 5 Constant Proportion Debt
------------------------------------------------------------
Standard & Poor's Ratings Services has lowered and withdrawn its
ratings on five constant proportion debt obligation (CPDO)
transactions.
These rating actions follow widening and increasing volatility in
credit default swap spreads, which have led the net asset value
(NAV) of these CPDOs to fall below 10%.
The 10% trigger is referred to as the "cash-out" trigger. Once the
NAV falls below 10%, the transaction is unwound. The low NAV on
the transactions means that noteholders will suffer principal
losses, and therefore S&P has lowered the ratings to 'D'.
RATINGS LIST
Issuer Rating
To From
------ -- ----
RATINGS LOWERED AND WITHDRAWN
Castle Finance I Ltd.
EUR325 Million Surf
Constant Proportion
Debt Obligation Notes
Series 7 D CC
NR D
Chess II Ltd.
EUR100 Million Surf
Constant Proportion
Debt Obligation
Floating-Rate Notes
Series 25 D CC
NR D
Rembrandt New Zealand
Trust No. 2006-1
NZ$70 Million
Floating-Rate Notes D CC
NR D
Rembrandt Australia
Trust No. 2006-2
A$50 Million
Floating-Rate Notes D CC
NR D
Rembrandt Australia
Trust No. 2006-3
A$40 Million Community
Income Constant
Proportion Debt
Obligation Notes D CC
NR D
* Bank of England Cuts Bank Rate by 1.5 Percentage Points to 3%
---------------------------------------------------------------
The Bank of England's Monetary Policy Committee, on Thursday,
November 6, voted to reduce the official Bank Rate paid on
commercial bank reserves by 1.5 percentage points to 3%.
The past two months have seen a substantial downward shift in the
prospects for inflation in the United Kingdom. There has been a
very marked deterioration in the outlook for economic activity at
home and abroad. Moreover, commodity prices have fallen sharply.
Since mid-September, the global banking system has experienced its
most serious disruption for almost a century. While the measures
taken on bank capital, funding and liquidity in several countries,
including our own, have begun to ease the situation, the
availability of credit to households and businesses is likely to
remain restricted for some time. As a consequence, money and
credit conditions have tightened sharply. Equity prices have
fallen substantially in many countries.
In the United Kingdom, output fell sharply in the third quarter.
Business surveys and reports by the Bank's regional Agents point
to continued severe contraction in the near term. Consumer
spending has faltered in the face of a squeeze on household
budgets and tighter credit. Residential investment has fallen
sharply and the prospects for business investment have weakened.
Economic conditions have also deteriorated in the UK's main export
markets.
CPI inflation rose to 5.2% in September. The substantial rise
since the beginning of the year largely reflects the impact of
higher energy and food prices. But commodity prices have fallen
sharply since mid-summer, with oil prices down by more than a
half. Inflation should consequently soon drop back sharply, as
the contribution from retail energy and food prices declines,
notwithstanding the fall in sterling. Pay growth has remained
subdued. And measures of inflation expectations have fallen back.
Since the beginning of the year, the Committee has set Bank Rate
to balance two risks to the inflation outlook. The downside risk
was that a sharp slowdown in the economy, associated with weak
real income growth and the tightening in the supply of credit,
pulled inflation materially below the target. The upside risk was
that above-target inflation persisted for a sustained period
because of elevated inflation expectations. In recent weeks, the
risks to inflation have shifted decisively to the downside. As a
consequence, the Committee has revised down its projected outlook
for inflation which, at prevailing market interest rates, contains
a substantial risk of undershooting the inflation target. At its
November meeting, the Committee therefore judged that a
significant reduction in Bank Rate was necessary now in order to
meet the 2% target for CPI inflation in the medium term, and
accordingly lowered Bank Rate by 1.5 percentage points to 3.0%.
The Committee's latest inflation and output projections will
appear in the Inflation Report to be published on Wednesday,
November 12.
The minutes of the meeting will be published at 9.30am on
Wednesday, November 19.
The previous change in Bank Rate was a reduction of 0.5 percentage
points to 4.5% on October 8, 2008.
Federation of Small Businesses Responds to Interest Rate Cut
Responding to the Bank of England's cut in interest rates of one
and a half per cent, Federation of Small Businesses National
Chairman John Wright said: "The Federation of Small Businesses
welcomes the Bank of England's interest rate cut of one and a half
per cent, from 4.5 per cent to 3 per cent. We called for a bold
one per cent cut and this unexpectedly large rate cut will make an
enormous difference to small firms and will put money in people's
pockets before Christmas. The cut amounts to a generous saving
for small firms of GBP750 million on loans and overdrafts.
"But all this will come to nothing if the banks do not follow
through and pass on the rate cuts to those small firms struggling
with increased costs of credit."
* UK New Car Sales Down 23% in October 2008, SMMT Says
------------------------------------------------------
New car registrations dropped 23% in October 2008 to 128, 352
units, according to the Society of Motor Manufacturers and Traders
Ltd. in the United Kingdom.
Figures from the SMMT showed year-to-date volume was down 8.8% to
1,922,771 units, while diesel market share rose to a record high
of 45.6%.
The SMMT has revised its sales forecast for 2008 to 2.15 million
vehicles.
"October has proved another difficult month for the UK motor
industry and action is needed to help restore consumer confidence
and encourage buyers back to the showrooms," said Paul Everitt,
SMMT chief executive. "Cuts in interest rates that are swiftly
passed on to consumers, scrapping planned increases in VED and
maintaining public expenditure on new vehicles are essential parts
of the package required by industry. There is also a clear role
for European action to support continued investment in new, lower
carbon vehicle technologies."
* SMMT: Banking Crisis and Recession Hit UK Van and Truck Orders
----------------------------------------------------------------
Vans and truck registrations were down 31.1% in October 2008 and
4.4% to 367,124 for the rolling year, according to The Society of
Motor Manufacturers and Traders Ltd. in the United Kingdom
Figures from the SMMT showed truck registrations were down 9.4% in
October and 4.4% to 367,124 for the rolling year, while van
registrations were down 35.2% for the month and down 8.0% to
308,870 for the rolling year.
"October's banking crisis and UK recession has made another big
dent in van and truck orders," said Paul Everitt, SMMT chief
executive. "Van demand will drop sharply, before steadying at the
end of 2009 to recover in 2010. Though truck registrations will
fall in the final quarter of the year, 2008 volumes will still
beat those from 2007. The outlook for 2009 is poor; in
recessions, truck demand falls steeply. It will be a difficult
year, with tough trading conditions for all businesses."
* BOND PRICING: For the Week Nov. 3 to Nov. 7, 2008
---------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRIA
-------
Oester Volksbk 4.81 07/29/25 EUR 67.23
CYPRUS
------
Abh Financial Lt 8.200 06/25/12 USD 49.74
Alfa MTN Invest 9.250 06/24/13 USD 97.50
FRANCE
------
Alcatel S.A. 4.750 01/01/11 EUR 10.74
6.375 04/07/14 EUR 67.32
Altran Technologies S.A. 3.750 01/01/09 EUR 12.73
Artemis Conseil 2.000 07/31/11 EUR 72.78
Bouygues 4.250 07/22/20 EUR 73.41
5.500 10/06/26 GBP 70.66
Calyon 6.000 06/18/47 EUR 34.87
Soc Air France 2.750 04/01/20 EUR 15.87
Wavecom S.A. 1.750 01/01/14 EUR 24.32
GERMANY
-------
BASF AG 3.375 05/30/12 EUR 96.38
Bayer AG 5.000 07/29/05 EUR 67.36
IRELAND
-------
Alfa Bank 8.625 12/09/15 USD 44.87
8.635 02/22/17 USD 42.23
Allied Irish Bks 5.250 03/10/25 GBP 67.63
Banesto Finance Plc 6.120 11/07/37 EUR 6.12
Bank of Ireland 4.625 02/27/19 EUR 80.28
Banca Agrileasin 5.220 04/11/17 EUR 74.20
LUXEMBOURG
----------
AK Bars Bank 8.250 06/28/10 USD 51.42
Bank of Moscow 7.335 05/13/13 USD 54.87
6.807 05/10/17 USD 34.00
Beverage Pack 9.500 06/15/17 EUR 42.12
NETHERLANDS
-----------
ABN Amo Bank B.V. 4.650 06/04/18 USD 79.00
8.060 01/13/20 USD 30.50
6.000 03/16/35 EUR 54.62
Air Berlin Finance B.V. 1.500 04/11/27 EUR 23.33
ALB Finance BV 8.750 04/20/11 USD 39.93
7.875 02/01/12 EUR 32.44
9.250 09/25/13 USD 37.29
9.250 09/25/13 USD 34.89
Ardagh Glass Fin 8.875 07/01/13 EUR 70.20
8.875 07/01/13 EUR 63.92
ASML Holding NV 5.750 06/13/17 EUR 73.54
Astana Finance 7.875 06/08/10 EUR 98.97
ATF Capital BV 9.250 02/21/14 USD 52.28
BK Ned Gemeenten 0.500 06/27/18 CDN 68.42
0.500 02/24/25 CDN 43.21
BLT Finance BV 7.500 05/15/14 USD 26.40
Centercrdt Intl 8.000 02/02/11 USD 53.01
Turanalem Fin BV 7.875 06/02/10 USD 97.12
6.250 09/27/11 EUR 37.92
7.750 04/25/13 USD 35.85
8.000 03/24/14 USD 32.19
8.500 02/10/15 USD 36.59
8.250 01/22/37 USD 39.54
RUSSIA
------
Sistema Capital 8.875 01/28/11 USD 64.41
SPAIN
-----
Abertis Infra 4.375 03/30/20 EUR 71.25
Ayt Cedulas Caja 3.750 12/14/22 EUR 73.33
Banco Bilbao Viz 5.750 07/20/17 USD 102.52
UNITED KINGDOM
--------------
Alfa-Bank CJSC 9.250 07/26/10 USD 98.88
Anglian Water
Finance Plc 2.400 04/20/35 GBP 44.58
Aspire Defence 4.674 03/31/40 GBP 57.33
4.674 03/31/40 GBP 57.67
Aviva Plc 5.250 10/02/23 EUR 76.30
6.875 05/22/38 EUR 63.70
6.875 05/20/58 GBP 74.14
Bank Of India 6.625 09/22/21 USD 65.61
Barclays Bank Plc 11.650 05/20/10 USD 60.50
5.700 07/14/25 USD 69.09
5.750 09/14/26 GBP 79.62
BL Super Finance 5.270 07/04/25 GBP 74.79
4.482 10/04/25 GBP 73.96
Bradford&Bin BLD 5.625 02/02/13 GBP 74.76
4.875 06/28/17 EUR 89.48
5.500 01/15/18 GBP 14.97
6.625 06/16/23 GBP 14.96
4.910 02/01/47 EUR 66.55
Brit Insurance 6.630 12/09/30 GBP 66.30
British Sky Broadcasting 6.000 0 5/21/27 GBP 74.68
Britannia Building
Society 5.875 03/28/33 GBP 63.20
5.750 12/02/24 GBP 65.37
British Land Co 5.005 09/24/35 GBP 70.47
British Tel Plc 5.750 12/07/28 GBP 69.53
6.375 06/23/37 GBP 74.92
Broadgate Finance 4.999 10/05/31 GBP 72.58
5.098 04/05/33 GBP 64.59
4.821 07/05/33 GBP 71.58
White City 5.120 04/17/35 GBP 74.60
*********
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. Pius Xerxes V. Tovilla, Valerie C. Udtuhan, Marites
O. Claro, Rousel Elaine C. Tumanda, Joy A. Agravante, Marie
Therese V. Profetana and Peter A. Chapman, Editors.
Copyright 2008. All rights reserved. ISSN 1529-2754.
This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
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