/raid1/www/Hosts/bankrupt/TCREUR_Public/090505.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
E U R O P E
Tuesday, May 5, 2009, Vol. 10, No. 87
Headlines
A U S T R I A
ABC HAVARIEBUERO: Claims Registration Period Ends May 20
LOEWENSTARK LLC: Claims Registration Period Ends May 20
M.S. HAUSTECHNIK: Claims Registration Period Ends May 20
B E L G I U M
FORTIS INSURANCE: S&P Corrects CreditWatch Administrative Error
F I N L A N D
* FINLAND: Support Scheme for Financial Institutions Prolonged
F R A N C E
WINDERMERE XII: S&P Lowers Ratings on Class D and E Notes to Low-B
G E R M A N Y
BRAWOGE WOHNUNGSBAUGESELLSCHAFT: Claims Filing Period Ends May 27
CONZEPT WIRTSCHAFTSBERATUNG: Claims Registration Ends May 26
COPRO GMBH: Claims Registration Period Ends May 15
EDSCHA: Sale Likely in Two to Four Months, Administrator Says
KONZEPT GMBH: Claims Registration Period Ends May 25
RS-ELEKTROTECHNIK GMBH: Claims Registration Period Ends May 20
SPEICHER VAZ: Claims Registration Period Ends June 8
ILM GMBH: Claims Registration Period Ends June 19
JUICE IN THE CITY: Claims Registration Period Ends May 16
I R E L A N D
ALLIED IRISH: S&P Lowers Ratings on Hybrid Instruments to 'BB'
BANK OF IRELAND: S&P Cuts Ratings on Hybrid Instruments to 'BB'
BROKER CRM: Revenue Commissioners Files Winding-Up Petition
CORIOLANUS LTD: Standard & Poor's Junks Rating on Series 43 Notes
KETTLES COUNTRY: Goes Into Examinership
MAGNOLIA FINANCE: Moody's Withdraws 'B1' Rating on JPY5 Bil. Notes
MOTIF FINANCE: S&P Lowers Rating on Series 2007-6 Notes to 'D'
WEB APP: Lack of Funding Prompts Liquidation
I T A L Y
CHRYSLER LLC: U.S. Govt. Expects Fiat Alliance to Close June 27
FIAT SPA: U.S. Govt. Expects Chrysler Alliance to Close June 27
FIAT SPA: EU Commission Approves EUR46 Million Regional Aid
K A Z A K H S T A N
EURO COMFORT: Creditors Must File Claims by June 5
HLEBOROBNOYE LLP: Creditors Must File Claims by June 5
NUR DAULET: Creditors Must File Claims by June 5
PROM SERVICE: Creditors Must File Claims by June 5
TECH POLI: Creditors Must File Claims by June 5
K Y R G Y Z S T A N
ERDOS COMPANY: Creditors Must File Claims by May 22
JTI CENTRAL: Creditors Must File Claims by May 22
SHERBET COMPANY: Creditors Must File Claims by May 22
R U S S I A
BALT-RYB-PROM LLC: Creditors Must File Claims by May 24
INTEGRA GROUP: May Breach US$250MM Loan, Posts US$272MM 2008 Loss
KEMSKIY WOOD: Creditors Must File Claims by June 24
MAGNITOGORSK IRON: 2008 Net Profit Down 17% Y-o-Y to US$1.08 Bln
SBERBANK: 2008 Net Profit Declines 8.3% Year-on-Year to RUR97.7BB
SEVERSTAL OAO: Steel Output Declines 21% in First Quarter 2009
VEKA LLC: Vologodskaya Bankruptcy Hearing Set September 15
WILKOM STROY: Creditors Must File Claims by June 24
WOODWORKING PLANT: Creditors Must File Claims by June 24
S L O V A K R E P U B L I C
* EU Commission Okays Slovak Tempoary Aid Scheme for Businesses
S P A I N
INFINITY 2007-1: Fitch Cuts Rating on Class E Notes to 'BB'
S W E D E N
* SWEDEN: Commission Approves Amendments to Bank Guarantee Scheme
S W I T Z E R L A N D
AUTIMAG JSC: Claims Filing Deadline is May 8
CSO GASTRONOMICA: Creditors' Proofs of Claim Due by May 7
DEGEN + DEGEN: Creditors Must File Proofs of Claim by May 8
FLUETRANS JSC: Creditors Have Until May 7 to File Proofs of Claim
CDF COLOR: Proof of Claim Filing Deadline is May 8
T U R K E Y
* Fitch Assigns 'BB-' Rating on Turkey's US$1.5 Bil. Eurobond
U K R A I N E
ACTIVE-CENTER LLC: Court Starts Bankruptcy Supervision Procedure
DIOS LLC: Court Starts Bankruptcy Supervision Procedure
ENERGYGROUP VERTICAL: Creditors Must File Claims by May 10
MARKET FIALKA: Creditors Must File Claims by May 10
MARKET-TRANS LLC: Creditors Must File Claims by May 10
OBERIG STATE: Creditors Must File Claims by May 10
YUBILEYNY AGRICULTURAL: Creditors Must File Claims by May 10
U N I T E D K I N G D O M
A & J BADMAN: Appoints Joint Liquidators from BDO Stoy
AEL LTD: Appoints Joint Liquidators from Tenon Recovery
ASHTON HAULAGE: Taps Liquidator from Tenon Recovery
AVANTI AIR: Brings in Joint Liquidators from Baker Tilly
BETTS GLOBAL: Seized by Lenders Via Pre-Pack Administration
CADOGAN BISTROS: Taps Joint Liquidators from Tenon Recovery
DOLPHIN HOTEL: To Close at the End of May After No Buyer is Found
EASTLAKE WORK: In Administration; PwC Appointed
INNER SANCTUARY: Taps Joint Liquidators from Tenon Recovery
JEDBURGH KILTMAKERS: Calls in Liquidators from Tenon Recovery
RESTAURANT MANAGEMENT: In Administration; Five Outlets Closed
SAMURAI-SEC LTD: Taps Joint Liquidators from Tenon Recovery
SPORTS NETWORK: Placed Into Administration
STAINCLIFFE: Enters Into Administration; Vantis Appointed
W H WESSON LTD: Appoints Joint Liquidators from Tenon Recovery
STAINLESS PIPELINE: Appoints Liquidators from Tenon Recovery
* UK: PwC Says Corporate Insolvencies Up 56% in First Quarter 2009
* UK: Personal Insolvencies Continue to Rise, PwC Says
* Large Companies with Insolvent Balance Sheet
*********
=============
A U S T R I A
=============
ABC HAVARIEBUERO: Claims Registration Period Ends May 20
--------------------------------------------------------
Creditors owed money by ABC Havariebuero LLC have until May 20,
2009, to file written proofs of claim to the court-appointed
estate administrator:
Mag. Guenther Eybl
Schlagenstrasse 17
4810 Gmunden
Austria
Tel: 07612/77011-0
Fax: 07612/77011-77
E-mail: kanzlei-eybl@aon.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:40 a.m. on June 4, 2009, for the
examination of claims at:
Land Court of Wels
Hall 101
First Floor
Wels
Austria
LOEWENSTARK LLC: Claims Registration Period Ends May 20
-------------------------------------------------------
Creditors owed money by Loewenstark LLC have until May 20, 2009,
to file written proofs of claim to the court-appointed estate
administrator:
Dr. Bernhard Eder
Brucknerstrasse 4
1040 Vienna
Austria
Tel: 505 78 61 9
Fax: 505 78 61 9
E-mail: eder@rechtsanwaelte.co.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on June 3, 2009, for the
examination of claims.
M.S. HAUSTECHNIK: Claims Registration Period Ends May 20
--------------------------------------------------------
Creditors owed money by M.S. Haustechnik LLC have until May 20,
2009, to file written proofs of claim to the court-appointed
estate administrator:
Dr. Stefan Langer
Oelzeltgasse 4
1030 Vienna
Austria
Tel: 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 10:30 a.m. on June 3, 2009, for the
examination of claims.
=============
B E L G I U M
=============
FORTIS INSURANCE: S&P Corrects CreditWatch Administrative Error
---------------------------------------------------------------
Standard & Poor's Ratings Services corrected an administrative
error on its CreditWatch placement on Fortis Insurance Belgium (A/
Watch Neg/--) and three junior subordinated debt issues by Fortis
Hybrid Financing. The debt issues are guaranteed by Fortis SA/NV
and Fortis N.V.
On April 30, 2009, S&P inadvertently revised the implications of
the CreditWatch placement on FIB to positive from negative. At
the same time, the implications on the three subordinated debt
issues were inadvertently revised to positive from developing.
The press release corrects these mistakes by clarifying that the
ratings on FIB remain on CreditWatch with negative implications,
and that the junior subordinated debt issues remain on CreditWatch
with developing implications.
Ratings List
Fortis Insurance Belgium
Counterparty credit rating A/Watch Neg/--
Insurer Financial Strength Rating A/Watch Neg/--
Fortis Hybrid Financing
US$750 mil. junior subordinated debt* BB/Watch Dev
EUR500 mil. junior subordinated debt* BB/Watch Dev
EUR625 mil. junior subordinated debt* BB/Watch Dev
* Guaranteed by Fortis SA/NV and Fortis N.V.
=============
F I N L A N D
=============
* FINLAND: Support Scheme for Financial Institutions Prolonged
--------------------------------------------------------------
The European Commission on Thursday, April 30, 2009, approved
under EC Treaty state aid rules a prolongation of the Finnish
support scheme to stabilise financial markets by providing
guarantees to eligible financial institutions. The Commission
found the measure, initially approved on November 13, 2008, to be
in line with its Guidance Communication on state aid to overcome
the financial crisis. In particular, the measure as amended is
limited in time and scope. The Commission therefore concluded
that the measure is an adequate means to remedy a serious
disturbance of the Finnish economy and as such in line with
Article 87.3.b of the EC Treaty.
Competition Commissioner Neelie Kroes said: "The prolongation of
the guarantee scheme provides Finland with effective means of
restoring confidence in the Finnish financial system and boosting
interbank lending, while at the same time establishing safeguards
to limit distortions of competition".
The scheme, notified on April 17, 2009, to the Commission, aims at
further stabilising financial markets by ensuring financial
institutions' access to financing. The scheme introduces two main
modifications:
First, the temporal scope of the scheme has been extended, i.e.
the instruments guaranteed under the scheme may be issued until 31
December 2009. Secondly, the material scope of the scheme has
been broadened, so that guarantees can now cover instruments with
a maturity of up to five years. Previously, the maximum maturity
was three years (except for covered bonds).
All other conditions (such as eligible institutions, remuneration,
behavioural conditions) remain as laid down in the original
decision.
The Commission concluded that the amendments comply with the
conditions laid down in its Guidance Communication on state aid to
the financial sector during the crisis. In particular, the
Commission found that the prolongation of the guarantee scheme is
non-discriminatory, limited in time (until December 31, 2009) and
scope, provides for behavioural safeguards to avoid distortions of
competition and is subject to a market-oriented remuneration from
the beneficiaries.
===========
F R A N C E
===========
WINDERMERE XII: S&P Lowers Ratings on Class D and E Notes to Low-B
------------------------------------------------------------------
Standard & Poor's Rating Services lowered its credit ratings on
the class B to F notes issued by Windermere XII FCC, and affirmed
its rating on the class G notes. The rating on the class notes
is unaffected. All the rated notes remain on CreditWatch
negative.
The notes are backed by a single loan secured by "Coeur Defense",
a class A office property in La Defense, Paris, France, comprising
a total area of 177,040 sq m.
S&P understands the parties continue discussions with a view to
agreeing a restructuring plan in the near term. The borrower was
placed under the protection of French "procedure de sauvegarde"
(safeguard proceedings) in November 2008, a form of pre-insolvency
proceeding available in France for distressed companies.
S&P is concerned that, despite prevailing legal views, the
"cessions Dailly" security (rent assignment) has not prevented the
court-appointed administrator under the current safeguard
proceedings from establishing control over the rental income.
A new property valuation was disclosed in March 2009 and resulted
in an increase in the rated note-to-value ratio to 117.9% from
94.8% (and 68.3% at closing). S&P also understands that the
property cash flow continues to decline as a result of additional
vacancy.
These recent events cause us to be concerned about the loan's
credit quality in view of value deterioration, uncertainty about
the cash flow, and the outcome of the borrower proceedings. S&P's
ratings were also affected by a consideration of "cession Dailly"
issue.
S&P expects these notes to remain on CreditWatch until the
discussions regarding the safeguard plan are concluded.
Ratings List
Windermere XII FCC
EUR1.519 Billion Commercial Mortgage-Backed Floating-Rate Notes
Ratings Lowered and Kept on Creditwatch Negative
Rating
------
Class To From
----- -- ----
B A/Watch Neg AAA/Watch Neg
C BBB/Watch Neg AA/Watch Neg
D BB/Watch Neg BBB/Watch Neg
E BB-/Watch Neg BBB-/Watch Neg
F B/Watch Neg BB/Watch Neg
Rating Affirmed and Kept on Creditwatch Negative
Rating
------
Class To From
----- -- ----
G B/Watch Neg B/Watch Neg
=============
G E R M A N Y
=============
BRAWOGE WOHNUNGSBAUGESELLSCHAFT: Claims Filing Period Ends May 27
-----------------------------------------------------------------
Creditors of Brawoge Wohnungsbaugesellschaft mbH have until
May 27, 2009, to register their claims with court-appointed
insolvency manager.
Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on June 25, 2009, at which time the
insolvency manager will present his first report.
The meeting of creditors will be held at:
The District Court of Neuruppin
Hall 325
Karl-Marx-Strasse 18a
16816 Neuruppin
Germany
Claims set out in the insolvency manager's report will be verified
by the court during this meeting. Creditors may also constitute a
creditors' committee or opt to appoint a new insolvency manager.
The insolvency manager can be reached at:
Bert Buske
Alt Nowawes 67
14482 Potsdam
England
The court opened bankruptcy proceedings against the company on
April 16, 2009. Consequently, all pending proceedings against the
company have been automatically stayed.
The Debtor can be reached at:
Brawoge Wohnungsbaugesellschaft mbH
Berliner Strasse 33
16540 Hohen Neuendorf
Germany
Attn: Roland Schuh, Manager
Rohrwallallee 31
12527 Berlin
Germany
CONZEPT WIRTSCHAFTSBERATUNG: Claims Registration Ends May 26
------------------------------------------------------------
Creditors of Conzept Wirtschaftsberatung GmbH have until May 26,
2009, to register their claims with court-appointed insolvency
manager.
Creditors and other interested parties are encouraged to attend
the meeting at 10:45 a.m. on June 29, 2009, at which time the
insolvency manager will present his first report.
The meeting of creditors will be held at:
The District Court of Schwerin
Hall 7
Demmlerplatz 14
Germany
Claims set out in the insolvency manager's report will be verified
by the court during this meeting. Creditors may also constitute a
creditors' committee or opt to appoint a new insolvency manager.
The insolvency manager can be reached at:
Stephan Muenzel
Moorfuhrtweg 11
22301 Hamburg
Germany
Tel: 040/3208360
The court opened bankruptcy proceedings against the company on
April 14, 2009. Consequently, all pending proceedings against the
company have been automatically stayed.
The Debtor can be reached at:
Conzept Wirtschaftsberatung GmbH
Attn: Bjoern Gauger, Manager
Grevesmuehlener Strasse 18
19057 Schwerin
Germany
COPRO GMBH: Claims Registration Period Ends May 15
--------------------------------------------------
Creditors of Copro GmbH have until May 15, 2009, to register their
claims with court-appointed insolvency manager.
Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on June 16, 2009, at which time the
insolvency manager will present his first report.
The meeting of creditors will be held at:
The District Court of Hanau
Room 211
Engelhardstrasse 21
63450 Hanau
Germany
Claims set out in the insolvency manager's report will be verified
by the court during this meeting. Creditors may also constitute a
creditors' committee or opt to appoint a new insolvency manager.
The insolvency manager can be reached at:
Tobias Kampf
Gerichtsfach 28
Philippsruher Allee 22
63450 Hanau
Germany
Tel: 06181 – 5070366
Fax: 06181-5070344
The court opened bankruptcy proceedings against the company on
April 17, 2009. Consequently, all pending proceedings against the
company have been automatically stayed.
The Debtor can be reached at:
Copro GmbH
Attn: Torsten Krieg and
Holger Krieg, Managers
Herzbergstrasse 1
61138 Niederdorfelden
Germany
EDSCHA: Sale Likely in Two to Four Months, Administrator Says
-------------------------------------------------------------
Marilyn Gerlach at Reuters reports that Edscha is likely to be
sold in an auction to various investors in two to four months'
time.
The report relates Edscha's court-appointed administrator, Joerg
Nerlich, said in an interview with a German newspaper Rheinische
Post the sale of the company's cabriolet activities is expected to
take place in two months' time and the car body business in about
four months.
On Feb. 12, 2009, the Troubled Company Reporter-Europe, citing
Reuters, reported Edscha filed for insolvency for its European
sites on Feb. 2, putting 4,200 jobs at risk.
Reuters said the debts incurred by the company's leveraged buyout
through Carlyle in late 2002 "was not responsible" for the
insolvency filing, but the massive slump in car sales. According
to Reuters, the company's Asian and American operations, which
employ the remaining 1,600 workers, were not affected by the
insolvency.
Washington Post disclosed the insolvency of Edscha, which
manufactures door hinges, convertible roofs and driver controls
for major carmakers, follows a 50 percent drop in some of the
company's businesses during the fourth quarter of 2008.
"Edscha succumbed to the double-barreled effect of an ailing
worldwide economy and a suffering automobile industry," Washington
Post quoted Carlyle spokesman Chris Ullman as saying.
Washington Post recalled Carlyle acquired Edscha in January 2003
and grew sales from US$1 billion in 2005 to almost US$1.4 billion
in the fiscal year that ended June 2008.
KONZEPT GMBH: Claims Registration Period Ends May 25
----------------------------------------------------
Creditors of Konzept GmbH Personalentwicklung have until May 25,
2009, to register their claims with court-appointed insolvency
manager.
Creditors and other interested parties are encouraged to attend
the meeting at 10:45 a.m. on June 18, 2009, at which time the
insolvency manager will present his first report.
The meeting of creditors will be held at:
The District Court Heilbronn
Hall 4
Rollwagstr. 10a
74072 Heilbronn
Germany
Claims set out in the insolvency manager's report will be verified
by the court during this meeting. Creditors may also constitute a
creditors' committee or opt to appoint a new insolvency manager.
The insolvency manager can be reached at:
Barbara Kohler
Bismarckstrasse 39
74074 Heilbronn
Germany
Tel: 07131/173032
Fax: 07131/171112
The court opened bankruptcy proceedings against the company on
April 20, 2009. Consequently, all pending proceedings against the
company have been automatically stayed.
The Debtor can be reached at:
Konzept GmbH Personalentwicklung
Hoehenweg 6
71543 Wuestenrot-Greuthof
Germany
Attn: Dagmar Christel Adler-Melk
General-Wille-Strasse 304
CH-8706 Feldmeilen-Zuerich
Schweiz
Germany
RS-ELEKTROTECHNIK GMBH: Claims Registration Period Ends May 20
--------------------------------------------------------------
Creditors of RS-Elektrotechnik GmbH have until May 20, 2009, to
register their claims with court-appointed insolvency manager.
Creditors and other interested parties are encouraged to attend
the meeting at 9:03 a.m. on July 3, 2009, at which time the
insolvency manager will present his first report.
The meeting of creditors will be held at:
The District Court of Meldorf
Hall II
Domstrasse 1
25704 Meldorf
Germany
Claims set out in the insolvency manager's report will be verified
by the court during this meeting. Creditors may also constitute a
creditors' committee or opt to appoint a new insolvency manager.
The insolvency manager can be reached at:
Henning Samisch
Muehlenkamp 59
22303 Hamburg
Germany
Tel: 040/65039-0
The court opened bankruptcy proceedings against the company on
April 20, 2009. Consequently, all pending proceedings against the
company have been automatically stayed.
The Debtor can be reached at:
RS-Elektrotechnik GmbH
Attn: Hans-Werner Bahr, Manager
Grossen-rader Moor 15
25712 Grossenrade
Germany
SPEICHER VAZ: Claims Registration Period Ends June 8
----------------------------------------------------
Creditors of Speicher VAZ GmbH have until June 8, 2009, to
register their claims with court-appointed insolvency manager.
Creditors and other interested parties are encouraged to attend
the meeting at 10:20 a.m. on June 29, 2009, at which time the
insolvency manager will present his first report.
The meeting of creditors will be held at:
The District Court of Hildesheim
Hall 124
Main Building
Kaiserstrasse 60
31134 Hildesheim
Germany
Claims set out in the insolvency manager's report will be verified
by the court during this meeting. Creditors may also constitute a
creditors' committee or opt to appoint a new insolvency manager.
The insolvency manager can be reached at:
Helge Wachsmuth
Alexanderstr. 2
30159 Hannover
Germany
Tel: 0511/228779-0
Fax: 0511/228779-99
The court opened bankruptcy proceedings against the company on
April 20, 2009. Consequently, all pending proceedings against the
company have been automatically stayed.
The Debtor can be reached at:
Speicher VAZ GmbH
Attn: Karin Hoelzel, Manager
An der Zuckerfabrik 50
31171 Nordstemmen
Germany
ILM GMBH: Claims Registration Period Ends June 19
-------------------------------------------------
Creditors of ILM GmbH have until June 19, 2009, to register their
claims with court-appointed insolvency manager.
Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on July 17, 2009, at which time the
insolvency manager will present his first report.
The meeting of creditors will be held at:
The District Court of Hamburg
Hall B 405
Fourth Floor Annex
Civil Justice Bldg.
Sievkingplatz 1
20355 Hamburg
Germany
Claims set out in the insolvency manager's report will be verified
by the court during this meeting. Creditors may also constitute a
creditors' committee or opt to appoint a new insolvency manager.
The insolvency manager can be reached at:
Stephan Neubauer
Spitalerstrasse 4
20095 Hamburg
Germany
The cCourt opened bankruptcy proceedings against the company on
April 17, 2009. Consequently, all pending proceedings against the
company have been automatically stayed.
The Debtor can be reached at:
ILM GmbH
Attn: Andreas Willig, Manager
Muensterstrasse 12
22529 Hamburg
Germany
JUICE IN THE CITY: Claims Registration Period Ends May 16
---------------------------------------------------------
Creditors of Juice in the City BSLS GmbH have until May 16, 2009,
to register their claims with court-appointed insolvency manager.
Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on June 16, 2009, at which time the
insolvency manager will present his first report.
The meeting of creditors will be held at:
The District Court of Koblenz
Hall 121
Main Court
Karmeliterstrasse 14
56068 Koblenz
Germany
Claims set out in the insolvency manager's report will be verified
by the court during this meeting. Creditors may also constitute a
creditors' committee or opt to appoint a new insolvency manager.
The insolvency manager can be reached at:
Ralf Hildebrandt
Bahnhofstrasse 2 a
56068 Koblenz
Germany
Tel: 0261 / 914 97 26
Fax: 0261 / 914 97 27
E-mail: info@bl-law.de
Website: www.bl-law.de
The court opened bankruptcy proceedings against the company on
April 3, 2009. Consequently, all pending proceedings against the
company have been automatically stayed.
The Debtor can be reached at:
Juice in the City BSLS GmbH
Attn: Marcus Schall, Manager
Firmungsstr. 19
56068 Koblenz
Germany
=============
I R E L A N D
=============
ALLIED IRISH: S&P Lowers Ratings on Hybrid Instruments to 'BB'
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it placed its 'A'
long-term counterparty credit ratings on Allied Irish Banks PLC
and wholly owned subsidiary AIB Group (UK) PLC on CreditWatch with
negative implications. At the same time, the 'A-1' short-term
counterparty credit ratings on both entities were affirmed.
Furthermore, the ratings on AIB's hybrid capital instruments were
lowered to 'BB' from 'BB+' and remain on CreditWatch with negative
implications.
"The CreditWatch placement with negative implications incorporates
S&P's view of the likely impact of the Irish government's plan --
announced April 7, 2009 -- to remove the riskiest lending from the
balance sheets of the country's main domestically owned,
commercial banks via the establishment of a National Asset
Management Agency," said Standard & Poor's credit analyst Claire
Curtin.
It also reflects S&P's view of AIB's announcement on April 20,
2009, of a need to raise an additional EUR1.5 billion in core
capital, on top of the EUR3.5 billion committed by the Government
of Ireland (AA+/Negative/A-1+) in the form of preference shares,
following a government stress test.
"The CreditWatch placement of the long-term ratings on AIB
reflects S&P's opinion that the NAMA proposal will proceed, but
also uncertainty about AIB's medium-term business and financial
profile following its capital raising and the execution of the
NAMA plan," added Ms. Curtin.
While S&P expects that the Irish government would continue to
support AIB, the level of support provided, particularly regarding
capitalization, may not be at a level consistent with the current
'A' rating. The financial strength of AIB will not be clear until
execution of NAMA, expected in the coming months.
The continuing CreditWatch placement also reflects the very weak
outlook for the Irish economy, the still dislocated wholesale
funding market, and the related challenges faced by AIB in terms
of managing asset quality and profitability. Continuing sharp
deterioration of the Irish economy on the bank's asset quality may
prompt negative rating action prior to the transfer of assets to
NAMA. S&P does not currently expect the ratings on AIB to be
lowered by more than one notch, and may be affirmed.
The CreditWatch placement of AIB's undated capital instruments
reflects S&P's view that, while AIB may continue to be willing to
service the coupons on these instruments, uncertainty persists
about whether the authorities, particularly the European
Commission, will continue to allow AIB to do this. S&P will
resolve the CreditWatch placement of these instruments when the
authorities' position becomes clearer. Should there be no
impediment to AIB servicing its hybrid obligations the ratings on
these instruments may be affirmed. Should the instruments be
downgraded as a result of S&P's view of increased deferral risk
arising from potential authorities' intervention, they are likely
to be downgraded to the 'B' range or lower.
BANK OF IRELAND: S&P Cuts Ratings on Hybrid Instruments to 'BB'
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it placed its 'A'
long-term counterparty credit rating on Bank of Ireland (the
trading name of the Governor and Company of the Bank of Ireland)
on CreditWatch with negative implications. At the same time, the
'A-1' short-term counterparty credit rating on BOI was affirmed.
Furthermore, the ratings on BOI's hybrid capital instruments were
lowered to 'BB' from 'BB+', and remain on CreditWatch with
negative implications.
"The CreditWatch placement follows our consideration of the Irish
government's plan -- announced April 7, 2009 -- to remove the
riskiest lending from the balance sheets of the country's main
domestically owned, commercial banks via the establishment of a
National Asset Management Agency," said Standard & Poor's credit
analyst Giles Edwards.
The impact of the planned transfer of assets to NAMA has been
factored into S&P's assessment of BOI's stand-alone credit
profile. S&P now factors two notches of support into the ratings
on BOI, reflecting S&P's view that the government will provide
further support to BOI if required. S&P considers BOI to be of
high systemic importance to the Irish banking sector.
The CreditWatch placement of the long-term rating on BOI reflects
S&P's expectation that the NAMA proposal will proceed, but also
uncertainty about the financial profile of BOI following the
execution of the NAMA plan. While S&P expects that the Irish
government would continue to support BOI, the level of support
provided, particularly regarding capitalization, may not be
consistent with the current 'A' rating.
"The CreditWatch placement with negative implications also
reflects the very weak outlook for the Irish economy, the still
dislocated wholesale funding market, and the related challenges
faced by BOI in terms of managing asset quality and
profitability," added Mr. Edwards. S&P expects to resolve the
CreditWatch placement when S&P has more details on the NAMA plan,
but continuing deterioration of the Irish economy could prompt
negative rating action prior to this. S&P does not currently
expect the ratings on BOI to be lowered by more than one notch,
and they may be affirmed. An affirmation could result if S&P
consider that, following the execution of the NAMA plan, the
bank's financial profile will be comfortably positioned to weather
the economic downturn.
The CreditWatch placement of BOI's undated capital instruments
reflects S&P's view that, while BOI may continue to be willing to
service the coupons on these instruments, uncertainty persists
about whether the authorities, particularly the European
Commission, will continue to allow the bank to do this. S&P will
resolve the CreditWatch placement of these instruments when the
authorities' position becomes clearer. Should there be no
impediment to BOI servicing its hybrid obligations, the ratings on
these instruments may be affirmed. Should the instruments be
downgraded as a result of S&P's view of increased deferral risk
arising from potential authorities' intervention, they are likely
to be lowered to the 'B' rating level or lower.
BROKER CRM: Revenue Commissioners Files Winding-Up Petition
-----------------------------------------------------------
The Revenue Commissioners has filed a High Court petition to wind
up BrokerCRM Ltd in an effort to secure outstanding taxes.
Headquartered in Ennis, Co. Clare, Ireland, BrokerCRM Ltd --
http://www.brokercrm.com/-- is a financial software firm.
CORIOLANUS LTD: Standard & Poor's Junks Rating on Series 43 Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its ratings on the series 43 notes issued by
Coriolanus Ltd. At the same time, S&P lowered and withdrew the
ratings on the CPDO notes series 2007-6 issued by Motif Finance
(Ireland) PLC. The ratings on series 2007-3 and 2007-4 issued by
Motif Finance (Ireland) PLC were removed from CreditWatch
negative. All transactions are constant proportion debt
obligations.
These rating actions follow S&P's review of the net asset value
calculation and analysis of the structure's ability to repay
noteholders, after the recent roll of the CDX NAIG and iTraxx
Europe indices, which make up the reference portfolio in these
transactions.
These transactions have a 10% trigger that is referred to as the
"cash-out" trigger. If the NAV (sometimes referred to as the
"reserve amount") falls below 10%, the transaction is usually
unwound. The low NAV means that if the "cash-out" is triggered,
the noteholders are likely to suffer principal losses, in S&P's
opinion.
The NAV for Coriolanus has fallen so that it is now closer to the
"cash-out" trigger. The ratings on Motif Finance series 2007-6
have been lowered to 'D' and then withdrawn, because the NAV has
already fallen below the "cash-out" trigger.
Although the transactions are no longer on CreditWatch negative,
future performance could be negatively impacted by significant
spread widening in the CDX NAIG and iTraxx Europe indices.
Ratings List
Ratings Lowered and Removed From Creditwatch Negative
Coriolanus Ltd.
A$13 Million Floating-Rate Secured Notes Series 43
Rating
------
To From
-- ----
CCC BB/Watch Neg
Ratings Lowered, Removed From Creditwatch Negative, and Withdrawn
Motif Finance (Ireland) PLC
A$26 Million Adjustable Leverage Debt Obligations Series 2007-6
Rating
------
To From
-- ----
D CCC/Watch Neg
NR D
Ratings Removed From Creditwatch Negative
Motif Finance (Ireland) PLC
EUR5 Million Adjustable Leverage Debt Obligations Series 2007-3
Rating
------
To From
-- ----
B B/Watch Neg
Motif Finance (Ireland) PLC
US$10 Million Adjustable Leverage Debt Obligations Series 2007-4
Rating
------
To From
-- ----
B B/Watch Neg
KETTLES COUNTRY: Goes Into Examinership
---------------------------------------
The Sunday Business Post Online reports that the Kettles Country
House Hotel in north Dublin has gone into examinership in an
effort to restructure its finances.
According to the report, Tom Kavanagh, a partner of Dublin
insolvency firm Kavanagh Fennell, has been appointed as
examiner to the holding company behind the hotel.
Kettles Country House Hotel -- http://www.kettleshotel.ie/-- was
completed in January 2007; it is opened and operated by the Kettle
family who previously operated the Rolestown Inn on this site for
the preceding 30 years.
MAGNOLIA FINANCE: Moody's Withdraws 'B1' Rating on JPY5 Bil. Notes
------------------------------------------------------------------
Moody's Investors Service has withdrawn its ratings of one class
of notes issued by Magnolia Finance Plc.
The rating action follows the repurchase in full of the notes in
October 2008.
The rating action is:
Magnolia Finance Plc:
(1) Series 2007-01 JPY5,000,000,000 Credit Linked Notes due
September 2012
-- Current Rating: WR
-- Prior Rating: B1
-- Prior Rating Date: 23 February 2009, downgraded to B1 from
Aaa
MOTIF FINANCE: S&P Lowers Rating on Series 2007-6 Notes to 'D'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its ratings on the series 43 notes issued by
Coriolanus Ltd. At the same time, S&P lowered and withdrew the
ratings on the CPDO notes series 2007-6 issued by Motif Finance
(Ireland) PLC. The ratings on series 2007-3 and 2007-4 issued by
Motif Finance (Ireland) PLC were removed from CreditWatch
negative. All transactions are constant proportion debt
obligations.
These rating actions follow S&P's review of the net asset value
calculation and analysis of the structure's ability to repay
noteholders, after the recent roll of the CDX NAIG and iTraxx
Europe indices, which make up the reference portfolio in these
transactions.
These transactions have a 10% trigger that is referred to as the
"cash-out" trigger. If the NAV (sometimes referred to as the
"reserve amount") falls below 10%, the transaction is usually
unwound. The low NAV means that if the "cash-out" is triggered,
the noteholders are likely to suffer principal losses, in S&P's
opinion.
The NAV for Coriolanus has fallen so that it is now closer to the
"cash-out" trigger. The ratings on Motif Finance series 2007-6
have been lowered to 'D' and then withdrawn, because the NAV has
already fallen below the "cash-out" trigger.
Although the transactions are no longer on CreditWatch negative,
future performance could be negatively impacted by significant
spread widening in the CDX NAIG and iTraxx Europe indices.
Ratings List
Ratings Lowered and Removed From Creditwatch Negative
Coriolanus Ltd.
A$13 Million Floating-Rate Secured Notes Series 43
Rating
------
To From
-- ----
CCC BB/Watch Neg
Ratings Lowered, Removed From Creditwatch Negative, and Withdrawn
Motif Finance (Ireland) PLC
A$26 Million Adjustable Leverage Debt Obligations Series 2007-6
Rating
------
To From
-- ----
D CCC/Watch Neg
NR D
Ratings Removed From Creditwatch Negative
Motif Finance (Ireland) PLC
EUR5 Million Adjustable Leverage Debt Obligations Series 2007-3
Rating
------
To From
-- ----
B B/Watch Neg
Motif Finance (Ireland) PLC
US$10 Million Adjustable Leverage Debt Obligations Series 2007-4
Rating
------
To From
-- ----
B B/Watch Neg
WEB APP: Lack of Funding Prompts Liquidation
--------------------------------------------
Ian Kehoe at the Sunday Business Post Online reports that Web App
Technology, a Dublin firm that developed credit control software,
has gone into liquidation after attempts to raise external funding
failed.
The report relates directors of the company told creditors that
WebApp, founded and run by businessman David Malone, had
commitments from its investors to inject further capital into the
company, but the deal never materialized because of the economic
downturn. The directors, as cited in the report, said the
company's costs were significantly higher in 2008, it had a
salaries bill of EUR1.2 million and overheads of EUR500,000.
"Developing software is an expensive business and we spent the
funds primarily on salaries for engineering staff, marketing and
sales activities in the US, Britain and Germany," the report
quoted the directors as saying.
WebApp, the report states, racked up debts of EUR4.2 million, most
of which is due to its shareholders, including businessman Simon
Kelly, European financial software firm Arvato and state
development agency Enterprise Ireland.
Paul McCann, a partner with accountancy firm Grant Thornton, was
appointed liquidator to the company last week, and will now
attempt to sell the company's assets, the report discloses. The
report says according to a statement of affairs circulated to
creditors, the directors of WebApp believe that the firm’s
intellectual property is worth EUR250,000.
=========
I T A L Y
=========
CHRYSLER LLC: U.S. Govt. Expects Fiat Alliance to Close June 27
---------------------------------------------------------------
U.S. President Barack Obama on March 30, 2009, laid out a
framework for Chrysler LLC to achieve viability by partnering with
the international car company Fiat. After a month of close
engagement with the President's Auto Task Force, Chrysler, Fiat
and their key stakeholders have made unprecedented sacrifices and
executed an agreement that positions Chrysler for a viable future.
Chrysler has not only been an icon of America's auto industry and
a source of pride for generations of American workers; it has also
been responsible for helping build our middle class, giving
countless Americans the chance to provide for their families, send
their kids to college, and save for a secure retirement. As a
result of the sacrifices by key stakeholders and a substantial
commitment of U.S. government resources, Chrysler has an
opportunity to thrive as a long-term viable 21st century company.
To execute this agreement, Chrysler will use Section 363 of the
bankruptcy code to clear away the remaining impediments to its
successful re-launch.
The Chrysler Fiat Alliance -- Shared Sacrifice
* The alliance will retain Chrysler's existing factory
footprint and continue producing Chrysler cars in U.S.
factories. The alliance will create the sixth-largest
global automaker, spreading R&D and design development
costs over higher volumes, making it more competitive in
an increasingly global and consolidating industry.
* Fiat is contributing billions of dollars in advanced
technology and intellectual property, and offering
Chrysler access to a global distribution network. Fiat's
technology will allow Chrysler to build new fuel efficient
cars and engines in U.S. factories.
* The UAW has made important concessions on wages, benefits,
and retiree health care that, while difficult, will help
save jobs for active employees, pensions and health care
for retirees and make Chrysler more competitive.
* Chrysler's largest secured creditors have agreed to
exchange their portion of the Company's US$6.9 billion
secured claim for their pro-rata share of US$2 billion in
cash at closing. The Bankruptcy Court process will be
used to confirm this treatment on those lenders that
failed to accept the offer that was accepted by a majority
of the lenders.
* Daimler, Chrysler's current minority shareholder, has
agreed to waive its share of Chrysler's US$2 billion of
second lien debt, give up its 19% equity interest in
Chrysler's ultimate parent, and settle its guaranty
obligation to the PBGC by agreeing to pay US$600 million to
Chrysler's pension funds.
* Cerberus has agreed to waive its share of Chrysler's US$2
billion of second lien debt and forfeit its entire equity
stake in Chrysler. Cerberus has also agreed to transfer
its ownership of the Chrysler headquarters in Auburn
Hills, Michigan to the new Chrysler alliance. Lastly,
Cerberus will contribute a claim it had against Daimler to
assist in the Daimler settlement with the PBGC.
Details on the Chrysler Fiat Alliance:
* Fiat will contribute a free license to use all of its
intellectual property and "know how" to capitalize
Chrysler in exchange for 20% of the equity of the
reorganized Chrysler. Fiat will have the right to select
three directors of Chrysler once reorganized. In addition,
Fiat will have the right to earn up to 15% in additional
equity in three tranches of 5% ? each in exchange for
meeting performance metrics, including introducing a
vehicle produced at a Chrysler factory in the U.S. that
performs at 40 mpg; providing Chrysler with a distribution
network in numerous foreign jurisdictions; and
manufacturing state-of-the art, next generation engines at
a U.S Chrysler facility.
* The newly reorganized Chrysler will purchase substantially
all of the assets of the old Chrysler out of a chapter 11
bankruptcy case in exchange for a US$2 billion payment to
its secured lenders.
* This new Chrysler will establish an independent trust
(VEBA) that will provide health care benefits for
Chrysler's retirees. The VEBA will be funded by a note of
US$4.6 billion payable over approximately 13 years with a 9%
rate of interest and will receive 55% of the equity of New
Chrysler. The VEBA will have the right to select one
independent director and will have no other governance
rights.
* The Chrysler Pension Plans will be preserved, and their
stability will be strengthened from the Daimler
contribution of US$600 million.
* The U.S. Treasury will receive 8% of the equity of the new
Chrysler. U.S. Treasury also has the right to select the
initial group of four independent directors, but
thereafter will not play a role in the governance or
management of the Company.
* The Governments of Canada and Ontario will together
receive 2% of the equity of the new Chrysler. Based on
its substantial financial contribution, Canada will also
have the right to select one independent director, on the
same basis as the four independent directors initially
chosen by the U.S.
Details on U.S. Government Support
Consistent with the President's commitment to provide adequate
working capital to help Chrysler through this restructuring period
and loan up to US$6 billion to the Chrysler-Fiat Alliance, the
U.S.
government has committed to provide assistance sufficient to help
give Chrysler a chance to achieve financial viability.
* Working capital: The U.S. government is prepared to
provide approximately US$3.3 billion in debtor in
possession financing to support Chrysler through an
expedited chapter 11 proceeding.
* Loan to the New Chrysler: Upon closing, the U.S.
government is prepared to loan approximately US$4.7 billion
to New Chrysler, in the form of a term loan with US$2.1
billion due in 30 months and the balance 50% due on the
7th anniversary and 50% due on the 8th anniversary of the
loan. The interest will be an appropriate combination of
cash and payment-in-kind. There is also an additional
note of US$288 million which is a fee for making these
loans. The loans will be secured by a first priority lien
on all of Chrysler's assets.
Canadian Government Participation
* The governments of Canada and Ontario will participate
alongside the U.S. Treasury in lending money to Chrysler
and New Chrysler based on a 3:1 formula using Canadian
currency. The amount lent by the Canadians is incremental
to the funding referenced above.
Viable Financing Solution
* Chrysler will enter into an agreement with GMAC to provide
dealer and customer financing. This agreement will
continue once Chrysler has emerged from bankruptcy.
Chrysler Financial has agreed to uphold and cooperate in
the transition of its current agreements with dealers to
GMAC. The U.S. Government is supporting the automotive
restructuring initiative by promoting the availability of
credit financing for dealers and customers, including
liquidity and capitalization that would be available to
GMAC, and by providing the capitalization that GMAC
requires to support the Chrysler business.
Warranties
* Chrysler will continue to honor consumer warranties.
Yesterday, the U.S. Treasury made available the Warranty
Support Program to Chrysler and US$280 million was funded to
a special vehicle available to provide a backstop on the
orderly payment of warranties for cars sold during this
restructuring period.
Executing the Chrysler-Fiat Alliance
While many stakeholders made sacrifices and worked constructively
in this process, some did not. In particular, a group of
investment firms and hedge funds failed to accept reasonable
offers to settle on their debt. In order to effectuate this
alliance without rewarding those who refused to sacrifice, the
U.S. government will stand behind Chrysler's efforts to use our
bankruptcy code to clear away remaining obligations and emerge
stronger and more competitive.
During this process, Chrysler will continue operating in the
ordinary course. From an operating perspective, the day after the
filing will not be materially different from the day before the
filing. These parties will be treated as follows:
* Employees: Employees will get paid in the ordinary course,
including salary, wages and ordinary benefits. Workers
compensation claims will continue to be paid by Chrysler's
insurers. Assuming the sale moves forward as expected,
Pension Plan and VEBA funding will be transferred to the
purchaser.
* Suppliers: Chrysler will seek authority at its "first day"
hearing to continue to pay suppliers in the ordinary
course. In addition, the U.S. Treasury's Supplier Support
Program will continue to operate, and Chrysler suppliers
benefiting from the program will continue to receive that
benefit.
* Dealers: Chrysler will seek authority at its "first day"
hearing to honor its customer warranties in the ordinary
course. Moreover, Chrysler will seek to continue to honor
its dealer incentives for those dealers who are expected
to continue to be part of Chrysler's distribution network
going forward. There are some dealers that Chrysler has
identified and certain other dealers identified by GMAC as
being risky credits that will not continue with Chrysler.
It is expected that the terminated dealers will wind down
their operations over time and in an orderly manner.
* UAW: The modified labor agreement reached between the UAW
and Chrysler will be operative.
* Creditors: A majority of the Senior Secured Lenders now
support the transaction with Chrysler.
US Treasury Makes Known its Position
to the Bankruptcy Court
In a filing with the U.S. Bankruptcy Court for the Southern
District of New York, the United States of America, through the
United States Department of Treasury and its Presidential Task
Force on the Auto Industry, reiterated to Judge Gonzalez its full
support of Chrysler's efforts to become viable again through a
sale to an appropriate partner.
Acting U.S. Attorney Lev L. Dassin noted that Chrysler has
articulated the promise and potential of a new company
transformed through the bankruptcy process. Indeed, with the
assistance from the Auto Task Force, Chrysler has convinced its
stakeholders to make meaningful concessions and has driven a hard
bargain with Fiat S.p.A. for a revamped Chrysler.
The Auto Task Force is a cabinet level group led by Treasury
Secretary Timothy F. Giethner and National Economic Council
Director Laurence H. Summers, which includes the Secretaries of
Transportation, Commerce, Labor and Energy. It also includes the
Chair of the President's Council of Economic Advisors, the
Director of the Office of Management and Budget, the
Environmental Protection Agency Administrator and the Director of
the While House Office of Energy and Climate Change. The members
of the Auto Task Force, along with their official designees and
the Auto Task Force's advisors, are charged wit advising the
President of the United States on the state of, and support for,
the domestic auto industry.
The U.S. Treasury informed Judge Gonzalez it intends to
participate in the Chrysler bankruptcy as a postpetition lender
and a partial owner in the contemplated Section 363 sale.
In papers filed with the Court, Treasury said it has committed to
provide Chrysler, as co-lender with Export Development Canada,
about US$4 billion in postpetition financing under the TARP.
About
US$1.8 billion will be made available on an interim basis.
Mr. Dassin adds that postpetition loan documents will provide for
events of default if Chrysler fails to achieve these conditions:
May 4, 2009 File motion to approve the 363 Sale
May 9, 2009 Obtained a hearing on the proposed bidding
procedures for the 363 Sale
May 10, 2009 Entry of a final order approving bidding
procedures on the 363 Sale
May 20, 2009 Acceptance of all bids for parties
participating in the auction with respect to
the 363 Sale
May 29, 2009 Determination of the lead bid for the
auction with respect to the 363 Sale
June 1, 2009 Hearing for approval of the 363 Sale
June 15, 2009 Entry of a final order approving the 363
Sale
June 27, 2009 Closing of the 363 Sale
Mr. Dassin said that Treasury is intervening in the Chrysler case
pursuant to authority promulgated in the Emergency Economic
Stabilization Act of 2008, the Guidelines for Automotive Industry
Financing Program, and the December 19, 2008 Written
Determination issued by the Treasury providing for the
eligibility of certain automotive companies for fund under the
TARP.
Treasury nevertheless clarifies that it must be a careful and
vigilant guardian of the public's money and thus, its support for
the Chrysler revitalization must be limited.
"In the end, it will be the actions of Chrysler and its
constituents, and their willingness and ability to resolve their
issues under the supervision of this Court that will determine
whether Chrysler survives," Mr. Dassin said.
About Fiat SpA
Headquartered in Turin, Italy, Fiat SpA (BIT:F) --
http://www.fiatgroup.com/-- is principally engaged in the design,
manufacture and sale of automobiles, trucks, wheel loaders,
excavators, telehandlers, tractors and combine harvesters.
Through its subsidiaries, Fiat operates mainly in five business
areas: Automobiles, including sectors led by Maserati SpA, Ferrari
SpA and Fiat Group Automobiles SpA, which design, produce and sell
cars under the Fiat, Alfa Romeo, Lancia, Fiat Professional,
Abarth, Ferrari and Maserati brands; Agricultural and Construction
Equipment, which is led by Case New Holland Global NV; Trucks and
Commercial Vehicles, which is led by Iveco SpA; Components and
Production Systems, which includes the sectors led by Magneti
Marelli Holding SpA, Teksid SpA, Comau SpA and Fiat Powertrain
Technologies SpA, and Other Businesses, which includes the sectors
led by Fiat Services SpA, a publishing house Editrice La Stampa
SpA and an advertising agency Publikompass SpA.
About Chrysler
Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- manufactures Chrysler, Jeep(R), Dodge
and Mopar(R) brand vehicles and products. The company has dealers
worldwide, including Canada, Mexico, U.S., Germany, France, U.K.,
Argentina, Brazil, Venezuela, China, Japan, and Australia.
In 2007, Cerberus Capital Management LP acquired an 80.1% stake in
Chrysler for US$7.2 billion. Daimler AG kept a 19.9% stake. Late
in 2008, Daimler attempted to sell its remaining stake to
Cerberus, but talks have been stalled.
Pursuant to the U.S. Government's Automotive Industry Financing
Program, the U.S. Department of the Treasury made emergency loans
to General Motors Corp., Chrysler Holding LLC, and Chrysler
Financial Services Americas LLC. The Treasury purchased senior
preferred stock from GMAC LLC. In exchange, Chrysler and GM
submitted restructuring plans to the Treasury on February 17,
2009. Upon submission, President Obama's Designee on the Auto
Industry determined that the restructuring plans did not meet the
threshold for long-term viability. However, on March 30, 2009,
both GM and Chrysler were granted extensions to complete the
restructuring plans to comply with the requirements set forth
under the Automotive Industry Financing Program.
The U.S. Government told Chrysler March 31, 2009, it would provide
up to US$6 billion in financing if (i) Chrysler and Fiat SpA could
complete a deal by the end of April -- on top of the US$4 billion
Chrysler has already received -- and (ii) Chrysler would obtain
concessions from constituents to establish a viable out-of-court
plan.
On April 30, Chrysler LLC and 24 affiliates sought Chapter 11
protection from creditors (Bankr. S.D. N.Y (Mega-case), Lead Case
No. 09-50002). U.S. President Barack Obama said that Chrysler had
to file for bankruptcy after the automaker's smaller lenders,
including hedge funds that he didn't name -- "a small group of
speculators" -- refused to make the concessions agreed to by the
Company's major debt holders and workers.
In connection with the bankruptcy filing, Chrysler has reached an
agreement with Fiat SpA, the U.S. and Canadian governments and
other key constituents regarding a transaction under Section 363
of the Bankruptcy Code that would effect an alliance between
Chrysler and Italian automobile manufacturer Fiat.
Chrysler has hired Jones Day, as lead counsel; Togut Segal & Segal
LLP, as conflicts counsel; Capstone Advisory Group LLC, and
Greenhill & Co. LLC, for financial advisory services; and Epiq
Bankruptcy Solutions LLC, as its claims agent.
Chrysler's says that as of Dec. 31, 2008, it had US$39,336,000,000
in assets and US$55,233,000,000 in debts. Chrysler had US$1.9
billion in cash at that time.
Bankruptcy Creditors' Service, Inc., publishes Chrysler Bankruptcy
News. The newsletter tracks the Chapter 11 proceedings of
Chrysler LLC and its debtor-affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
FIAT SPA: U.S. Govt. Expects Chrysler Alliance to Close June 27
---------------------------------------------------------------
U.S. President Barack Obama on March 30, 2009, laid out a
framework for Chrysler LLC to achieve viability by partnering with
the international car company Fiat. After a month of close
engagement with the President's Auto Task Force, Chrysler, Fiat
and their key stakeholders have made unprecedented sacrifices and
executed an agreement that positions Chrysler for a viable future.
Chrysler has not only been an icon of America's auto industry and
a source of pride for generations of American workers; it has also
been responsible for helping build our middle class, giving
countless Americans the chance to provide for their families, send
their kids to college, and save for a secure retirement. As a
result of the sacrifices by key stakeholders and a substantial
commitment of U.S. government resources, Chrysler has an
opportunity to thrive as a long-term viable 21st century company.
To execute this agreement, Chrysler will use Section 363 of the
bankruptcy code to clear away the remaining impediments to its
successful re-launch.
The Chrysler Fiat Alliance -- Shared Sacrifice
* The alliance will retain Chrysler's existing factory
footprint and continue producing Chrysler cars in U.S.
factories. The alliance will create the sixth-largest
global automaker, spreading R&D and design development
costs over higher volumes, making it more competitive in
an increasingly global and consolidating industry.
* Fiat is contributing billions of dollars in advanced
technology and intellectual property, and offering
Chrysler access to a global distribution network. Fiat's
technology will allow Chrysler to build new fuel efficient
cars and engines in U.S. factories.
* The UAW has made important concessions on wages, benefits,
and retiree health care that, while difficult, will help
save jobs for active employees, pensions and health care
for retirees and make Chrysler more competitive.
* Chrysler's largest secured creditors have agreed to
exchange their portion of the Company's US$6.9 billion
secured claim for their pro-rata share of US$2 billion in
cash at closing. The Bankruptcy Court process will be
used to confirm this treatment on those lenders that
failed to accept the offer that was accepted by a majority
of the lenders.
* Daimler, Chrysler's current minority shareholder, has
agreed to waive its share of Chrysler's US$2 billion of
second lien debt, give up its 19% equity interest in
Chrysler's ultimate parent, and settle its guaranty
obligation to the PBGC by agreeing to pay US$600 million to
Chrysler's pension funds.
* Cerberus has agreed to waive its share of Chrysler's US$2
billion of second lien debt and forfeit its entire equity
stake in Chrysler. Cerberus has also agreed to transfer
its ownership of the Chrysler headquarters in Auburn
Hills, Michigan to the new Chrysler alliance. Lastly,
Cerberus will contribute a claim it had against Daimler to
assist in the Daimler settlement with the PBGC.
Details on the Chrysler Fiat Alliance:
* Fiat will contribute a free license to use all of its
intellectual property and "know how" to capitalize
Chrysler in exchange for 20% of the equity of the
reorganized Chrysler. Fiat will have the right to select
three directors of Chrysler once reorganized. In addition,
Fiat will have the right to earn up to 15% in additional
equity in three tranches of 5% ? each in exchange for
meeting performance metrics, including introducing a
vehicle produced at a Chrysler factory in the U.S. that
performs at 40 mpg; providing Chrysler with a distribution
network in numerous foreign jurisdictions; and
manufacturing state-of-the art, next generation engines at
a U.S Chrysler facility.
* The newly reorganized Chrysler will purchase substantially
all of the assets of the old Chrysler out of a chapter 11
bankruptcy case in exchange for a US$2 billion payment to
its secured lenders.
* This new Chrysler will establish an independent trust
(VEBA) that will provide health care benefits for
Chrysler's retirees. The VEBA will be funded by a note of
US$4.6 billion payable over approximately 13 years with a 9%
rate of interest and will receive 55% of the equity of New
Chrysler. The VEBA will have the right to select one
independent director and will have no other governance
rights.
* The Chrysler Pension Plans will be preserved, and their
stability will be strengthened from the Daimler
contribution of US$600 million.
* The U.S. Treasury will receive 8% of the equity of the new
Chrysler. U.S. Treasury also has the right to select the
initial group of four independent directors, but
thereafter will not play a role in the governance or
management of the Company.
* The Governments of Canada and Ontario will together
receive 2% of the equity of the new Chrysler. Based on
its substantial financial contribution, Canada will also
have the right to select one independent director, on the
same basis as the four independent directors initially
chosen by the U.S.
Details on U.S. Government Support
Consistent with the President's commitment to provide adequate
working capital to help Chrysler through this restructuring period
and loan up to US$6 billion to the Chrysler-Fiat Alliance, the
U.S.
government has committed to provide assistance sufficient to help
give Chrysler a chance to achieve financial viability.
* Working capital: The U.S. government is prepared to
provide approximately US$3.3 billion in debtor in
possession financing to support Chrysler through an
expedited chapter 11 proceeding.
* Loan to the New Chrysler: Upon closing, the U.S.
government is prepared to loan approximately US$4.7 billion
to New Chrysler, in the form of a term loan with US$2.1
billion due in 30 months and the balance 50% due on the
7th anniversary and 50% due on the 8th anniversary of the
loan. The interest will be an appropriate combination of
cash and payment-in-kind. There is also an additional
note of US$288 million which is a fee for making these
loans. The loans will be secured by a first priority lien
on all of Chrysler's assets.
Canadian Government Participation
* The governments of Canada and Ontario will participate
alongside the U.S. Treasury in lending money to Chrysler
and New Chrysler based on a 3:1 formula using Canadian
currency. The amount lent by the Canadians is incremental
to the funding referenced above.
Viable Financing Solution
* Chrysler will enter into an agreement with GMAC to provide
dealer and customer financing. This agreement will
continue once Chrysler has emerged from bankruptcy.
Chrysler Financial has agreed to uphold and cooperate in
the transition of its current agreements with dealers to
GMAC. The U.S. Government is supporting the automotive
restructuring initiative by promoting the availability of
credit financing for dealers and customers, including
liquidity and capitalization that would be available to
GMAC, and by providing the capitalization that GMAC
requires to support the Chrysler business.
Warranties
* Chrysler will continue to honor consumer warranties.
Yesterday, the U.S. Treasury made available the Warranty
Support Program to Chrysler and US$280 million was funded to
a special vehicle available to provide a backstop on the
orderly payment of warranties for cars sold during this
restructuring period.
Executing the Chrysler-Fiat Alliance
While many stakeholders made sacrifices and worked constructively
in this process, some did not. In particular, a group of
investment firms and hedge funds failed to accept reasonable
offers to settle on their debt. In order to effectuate this
alliance without rewarding those who refused to sacrifice, the
U.S. government will stand behind Chrysler's efforts to use our
bankruptcy code to clear away remaining obligations and emerge
stronger and more competitive.
During this process, Chrysler will continue operating in the
ordinary course. From an operating perspective, the day after the
filing will not be materially different from the day before the
filing. These parties will be treated as follows:
* Employees: Employees will get paid in the ordinary course,
including salary, wages and ordinary benefits. Workers
compensation claims will continue to be paid by Chrysler's
insurers. Assuming the sale moves forward as expected,
Pension Plan and VEBA funding will be transferred to the
purchaser.
* Suppliers: Chrysler will seek authority at its "first day"
hearing to continue to pay suppliers in the ordinary
course. In addition, the U.S. Treasury's Supplier Support
Program will continue to operate, and Chrysler suppliers
benefiting from the program will continue to receive that
benefit.
* Dealers: Chrysler will seek authority at its "first day"
hearing to honor its customer warranties in the ordinary
course. Moreover, Chrysler will seek to continue to honor
its dealer incentives for those dealers who are expected
to continue to be part of Chrysler's distribution network
going forward. There are some dealers that Chrysler has
identified and certain other dealers identified by GMAC as
being risky credits that will not continue with Chrysler.
It is expected that the terminated dealers will wind down
their operations over time and in an orderly manner.
* UAW: The modified labor agreement reached between the UAW
and Chrysler will be operative.
* Creditors: A majority of the Senior Secured Lenders now
support the transaction with Chrysler.
US Treasury Makes Known its Position
to the Bankruptcy Court
In a filing with the U.S. Bankruptcy Court for the Southern
District of New York, the United States of America, through the
United States Department of Treasury and its Presidential Task
Force on the Auto Industry, reiterated to Judge Gonzalez its full
support of Chrysler's efforts to become viable again through a
sale to an appropriate partner.
Acting U.S. Attorney Lev L. Dassin noted that Chrysler has
articulated the promise and potential of a new company
transformed through the bankruptcy process. Indeed, with the
assistance from the Auto Task Force, Chrysler has convinced its
stakeholders to make meaningful concessions and has driven a hard
bargain with Fiat S.p.A. for a revamped Chrysler.
The Auto Task Force is a cabinet level group led by Treasury
Secretary Timothy F. Giethner and National Economic Council
Director Laurence H. Summers, which includes the Secretaries of
Transportation, Commerce, Labor and Energy. It also includes the
Chair of the President's Council of Economic Advisors, the
Director of the Office of Management and Budget, the
Environmental Protection Agency Administrator and the Director of
the While House Office of Energy and Climate Change. The members
of the Auto Task Force, along with their official designees and
the Auto Task Force's advisors, are charged wit advising the
President of the United States on the state of, and support for,
the domestic auto industry.
The U.S. Treasury informed Judge Gonzalez it intends to
participate in the Chrysler bankruptcy as a postpetition lender
and a partial owner in the contemplated Section 363 sale.
In papers filed with the Court, Treasury said it has committed to
provide Chrysler, as co-lender with Export Development Canada,
about US$4 billion in postpetition financing under the TARP.
About
US$1.8 billion will be made available on an interim basis.
Mr. Dassin adds that postpetition loan documents will provide for
events of default if Chrysler fails to achieve these conditions:
May 4, 2009 File motion to approve the 363 Sale
May 9, 2009 Obtained a hearing on the proposed bidding
procedures for the 363 Sale
May 10, 2009 Entry of a final order approving bidding
procedures on the 363 Sale
May 20, 2009 Acceptance of all bids for parties
participating in the auction with respect to
the 363 Sale
May 29, 2009 Determination of the lead bid for the
auction with respect to the 363 Sale
June 1, 2009 Hearing for approval of the 363 Sale
June 15, 2009 Entry of a final order approving the 363
Sale
June 27, 2009 Closing of the 363 Sale
Mr. Dassin said that Treasury is intervening in the Chrysler case
pursuant to authority promulgated in the Emergency Economic
Stabilization Act of 2008, the Guidelines for Automotive Industry
Financing Program, and the December 19, 2008 Written
Determination issued by the Treasury providing for the
eligibility of certain automotive companies for fund under the
TARP.
Treasury nevertheless clarifies that it must be a careful and
vigilant guardian of the public's money and thus, its support for
the Chrysler revitalization must be limited.
"In the end, it will be the actions of Chrysler and its
constituents, and their willingness and ability to resolve their
issues under the supervision of this Court that will determine
whether Chrysler survives," Mr. Dassin said.
About Chrysler
Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- manufactures Chrysler, Jeep(R), Dodge
and Mopar(R) brand vehicles and products. The company has dealers
worldwide, including Canada, Mexico, U.S., Germany, France, U.K.,
Argentina, Brazil, Venezuela, China, Japan, and Australia.
In 2007, Cerberus Capital Management LP acquired an 80.1% stake in
Chrysler for US$7.2 billion. Daimler AG kept a 19.9% stake. Late
in 2008, Daimler attempted to sell its remaining stake to
Cerberus, but talks have been stalled.
Pursuant to the U.S. Government's Automotive Industry Financing
Program, the U.S. Department of the Treasury made emergency loans
to General Motors Corp., Chrysler Holding LLC, and Chrysler
Financial Services Americas LLC. The Treasury purchased senior
preferred stock from GMAC LLC. In exchange, Chrysler and GM
submitted restructuring plans to the Treasury on February 17,
2009. Upon submission, President Obama's Designee on the Auto
Industry determined that the restructuring plans did not meet the
threshold for long-term viability. However, on March 30, 2009,
both GM and Chrysler were granted extensions to complete the
restructuring plans to comply with the requirements set forth
under the Automotive Industry Financing Program.
The U.S. Government told Chrysler March 31, 2009, it would provide
up to US$6 billion in financing if (i) Chrysler and Fiat SpA could
complete a deal by the end of April -- on top of the US$4 billion
Chrysler has already received -- and (ii) Chrysler would obtain
concessions from constituents to establish a viable out-of-court
plan.
On April 30, Chrysler LLC and 24 affiliates sought Chapter 11
protection from creditors (Bankr. S.D. N.Y (Mega-case), Lead Case
No. 09-50002). U.S. President Barack Obama said that Chrysler had
to file for bankruptcy after the automaker's smaller lenders,
including hedge funds that he didn't name -- "a small group of
speculators" -- refused to make the concessions agreed to by the
Company's major debt holders and workers.
In connection with the bankruptcy filing, Chrysler has reached an
agreement with Fiat SpA, the U.S. and Canadian governments and
other key constituents regarding a transaction under Section 363
of the Bankruptcy Code that would effect an alliance between
Chrysler and Italian automobile manufacturer Fiat.
Chrysler has hired Jones Day, as lead counsel; Togut Segal & Segal
LLP, as conflicts counsel; Capstone Advisory Group LLC, and
Greenhill & Co. LLC, for financial advisory services; and Epiq
Bankruptcy Solutions LLC, as its claims agent.
Chrysler's says that as of Dec. 31, 2008, it had US$39,336,000,000
in assets and US$55,233,000,000 in debts. Chrysler had US$1.9
billion in cash at that time.
Bankruptcy Creditors' Service, Inc., publishes Chrysler Bankruptcy
News. The newsletter tracks the Chapter 11 proceedings of
Chrysler LLC and its debtor-affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
About Fiat SpA
Headquartered in Turin, Italy, Fiat SpA (BIT:F) --
http://www.fiatgroup.com/-- is principally engaged in the design,
manufacture and sale of automobiles, trucks, wheel loaders,
excavators, telehandlers, tractors and combine harvesters.
Through its subsidiaries, Fiat operates mainly in five business
areas: Automobiles, including sectors led by Maserati SpA, Ferrari
SpA and Fiat Group Automobiles SpA, which design, produce and sell
cars under the Fiat, Alfa Romeo, Lancia, Fiat Professional,
Abarth, Ferrari and Maserati brands; Agricultural and Construction
Equipment, which is led by Case New Holland Global NV; Trucks and
Commercial Vehicles, which is led by Iveco SpA; Components and
Production Systems, which includes the sectors led by Magneti
Marelli Holding SpA, Teksid SpA, Comau SpA and Fiat Powertrain
Technologies SpA, and Other Businesses, which includes the sectors
led by Fiat Services SpA, a publishing house Editrice La Stampa
SpA and an advertising agency Publikompass SpA.
* * *
As reported in the Troubled Company Reporter-Europe on Feb. 25,
2009, Moody's Investors Service downgraded Fiat S.p.A's long term
ratings to Ba1 from Baa3 and its short term ratings to Not Prime
from Prime-3. The outlook on the ratings is negative. At the
same time Moody's assigned a Ba1 Corporate Family Rating. The
rating action concluded Moody's review for downgrade initiated on
January 15, 2009.
FIAT SPA: EU Commission Approves EUR46 Million Regional Aid
-----------------------------------------------------------
The European Commission on Wednesday, April 29, 2009, authorized,
under EC Treaty state aid rules, EUR46 million of regional
investment aid, which the Italian authorities intend to grant to
Fiat for an investment project for the production of a new car
model in Sicily. The project involves investments to extend the
existing Fiat plant in Termini Imerese in order to change the
production process and to diversify its production . The
investment is expected to maintain existing jobs in the region.
The Commission found the measure to be compatible with the
requirements of the Regional Aid Guidelines 2007-2013 and in
particular with the rules on large investment projects, because
Fiat would not increase significantly its production capacity.
Therefore the positive impact of this investment on regional
development can be considered to outweigh potential distortions of
competition.
Competition Commissioner Neelie Kroes said: "In these difficult
times, maintaining existing jobs is of utmost importance. This
investment project is expected to do so in Sicily without unduly
distorting competition."
The Italian authorities intend to grant to Fiat EUR46 million
regional aid for a total investment project amounting to EUR319
million. Fiat intends to produce with this investment project in
Termini Imerese a new passenger car under the Lancia brand which
is to replace the existing Lancia small car model Ypsilon. The
project includes the extension of the existing plant and a
significant change in the production process.
The project is to be carried out in Sicily, in Southern Italy, an
area eligible for regional aid under Article 87(3)(a) of the EC
Treaty as a region with an abnormally low standard of living and
high unemployment.
The aid is granted under an existing aid scheme but, due to the
high amount of aid and investment costs involved, the measure had
to be notified to the Commission for individual assessment and
clearance.
The Commission has assessed Fiat's position on the relevant car
market segments and found that Fiat's market share and capacity
increase resulting from this project would remain below the
thresholds provided by the Regional Aid Guidelines.
About Fiat SpA
Headquartered in Turin, Italy, Fiat SpA (BIT:F) --
http://www.fiatgroup.com/-- is principally engaged in the design,
manufacture and sale of automobiles, trucks, wheel loaders,
excavators, telehandlers, tractors and combine harvesters.
Through its subsidiaries, Fiat operates mainly in five business
areas: Automobiles, including sectors led by Maserati SpA, Ferrari
SpA and Fiat Group Automobiles SpA, which design, produce and sell
cars under the Fiat, Alfa Romeo, Lancia, Fiat Professional,
Abarth, Ferrari and Maserati brands; Agricultural and Construction
Equipment, which is led by Case New Holland Global NV; Trucks and
Commercial Vehicles, which is led by Iveco SpA; Components and
Production Systems, which includes the sectors led by Magneti
Marelli Holding SpA, Teksid SpA, Comau SpA and Fiat Powertrain
Technologies SpA, and Other Businesses, which includes the sectors
led by Fiat Services SpA, a publishing house Editrice La Stampa
SpA and an advertising agency Publikompass SpA.
* * *
As reported in the Troubled Company Reporter-Europe on Feb. 25,
2009, Moody's Investors Service downgraded Fiat S.p.A's long term
ratings to Ba1 from Baa3 and its short term ratings to Not Prime
from Prime-3. The outlook on the ratings is negative. At the
same time Moody's assigned a Ba1 Corporate Family Rating. The
rating action concluded Moody's review for downgrade initiated on
January 15, 2009.
===================
K A Z A K H S T A N
===================
EURO COMFORT: Creditors Must File Claims by June 5
--------------------------------------------------
LLP Euro Comfort has gone into liquidation. Creditors have until
June 5, 2009, to submit proofs of claim to:
Griboedov Str. 59
Kokshetau
Akmola
Kazakhstan
HLEBOROBNOYE LLP: Creditors Must File Claims by June 5
------------------------------------------------------
Creditors of LLP Hleborobnoye have until June 5, 2009, to submit
proofs of claim to:
Kenesary Str. 46-38
Astana
Kazakhstan
The Specialized Inter-Regional Economic Court of Akmola commenced
bankruptcy proceedings against the company on Nov. 18, 2008, after
finding it insolvent.
The Court is located at:
The Specialized Inter-Regional
Economic Court of Akmola
Gorky Str. 37
Kokshetau
Akmola
Kazakhstan
NUR DAULET: Creditors Must File Claims by June 5
------------------------------------------------
Creditors of LLP Nur Daulet have until June 5, 2009, to submit
proofs of claim to:
The Specialized Inter-Regional
Economic Court of Karaganda
Alalykin Str. 9
Karaganda
Kazakhstan
The Specialized Inter-Regional Economic Court of Karaganda
commenced bankruptcy proceedings against the company on March 20,
2009.
PROM SERVICE: Creditors Must File Claims by June 5
--------------------------------------------------
LLP Prom Service has gone into liquidation. Creditors have until
June 5, 2009, to submit proofs of claim to:
Husainov Str. 154
Almaty
Kazakhstan
TECH POLI: Creditors Must File Claims by June 5
------------------------------------------------
LLP Tech Poli Snub has gone into liquidation. Creditors have
until June 5, 2009, to submit proofs of claim to:
Chimkentskaya Str. 39
Sholak-Korgan
Suzaksky
South Kazakhstan
Kazakhstan
===================
K Y R G Y Z S T A N
===================
ERDOS COMPANY: Creditors Must File Claims by May 22
---------------------------------------------------
LLC Erdos Company has shut down. Creditors have until May 22,
2009, to submit proofs of claim.
Inquiries can be addressed to (0-543) 07-54-92.
JTI CENTRAL: Creditors Must File Claims by May 22
-------------------------------------------------
Branch of LLC JTI Central Asia has shut down. Creditors have
until May 22, 2009, to submit proofs of claim to:
Erkindik Ave. 71
Bishkek
Kyrgyzstan
SHERBET COMPANY: Creditors Must File Claims by May 22
-----------------------------------------------------
LLC Sherbet Company Stroy Industriya has shut down. Creditors
have until May 22, 2009, to submit proofs of claim.
Inquiries can be addressed to (0-772) 02-10-75.
===========
R U S S I A
===========
BALT-RYB-PROM LLC: Creditors Must File Claims by May 24
-------------------------------------------------------
Creditors of LLC Balt-Ryb-Prom (TIN 3910003496, PSRN
1023902051282) (Fishing Industry) have until May 24, 2009, to
submit proofs of claims to:
A. Mikhnovets
Temporary Insolvency Manager
Z. Kosmodemyanskoy Str. 29
183008 Murmansk
Russia
The Arbitration Court of Kaliningradskaya will convene on July 6,
2009, to hear bankruptcy supervision procedure on the company.
The case is docketed under Case No. ?21–2037/2009.
The Debtor can be reached at:
LLC Balt-Ryb-Prom
Portovaya Str. 1
Pionerskiy
Kaliningradskaya
Russia
INTEGRA GROUP: May Breach US$250MM Loan, Posts US$272MM 2008 Loss
-----------------------------------------------------------------
Simon Shuster at Reuters reports that Integra said it expects to
be in technical breach this June of a US$250 million loan
agreement after posting a 2008 net loss of US$272 million, more
than five-times its 2007 loss.
The report relates the company said the loan, which was granted by
the EBRD and a consortium of commercial banks in February of last
year to help Integra refinance its debt and fund capital expenses,
requires a debt-to-EBITDA ratio of 2.5.
According to the report, Dmitry Avdeyev, Integra's chief financial
officer, said during a conference call that if the company
is unable to secure a waiver it will have to seek alternative
solutions as the loan may be accelerated at the discretion of the
lenders. "There is no safe assurance that these options will be
available," the report quoted Mr. Avdeyev as saying.
Integra's net debt was about US$300 million, including a cash
position of about US$50 million, while 39 percent of its
outstanding debt of US$356 million is due within 12 months, the
report discloses.
The report states Integra said in its financial results its EBITDA
fell 23.4 percent in 2008 to US$162 million. The company said
"The annual result has been significantly affected by the sharp
downturn in global commodities markets compounded by a lagged
application of lower export duties which resulted in a slowdown in
spending by Russian oil and gas companies", the report notes.
Headquartered in Moscow, Russia Integra Group, --
http://www.integra.ru/-- along with its subsidiaries, is engaged
in manufacturing of drilling tools and equipment, and the
provision of drilling, workover, formation evaluation and other
oil filed services to the petroleum industry in the Russian
Federation, in the Ukraine, Kazakhstan and Uzbekistan. The Company
also has certain procurement and management activities in United
States. In September 2007, Integra Group announced that it has
executed a purchase and sale agreement to acquire Obnefteremont
(ONR), a company specializing in well workovers. In March 2008,
the Company announced the creation of Integra-MashService. In June
2008, Integra Group acquired NKRS (ZAO Nizhnevartovskyi Kapitalnyi
Remont Skvazhin), a well workover company in Khanty-Mansyisk
Autonomous Okrug.
KEMSKIY WOOD: Creditors Must File Claims by June 24
---------------------------------------------------
The Arbitration Court of Karelia commenced bankruptcy proceedings
against LLC Kemskiy Wood-Processing Plant (TIN 100200414, PSRN
1021000842840) after finding it insolvent. The case is docketed
under Case No. ?26–5688/2008.
Creditors have until June 24, 2009, to submit proofs of claims to:
M. Golov
Insolvency Manager
Office 510
1-ya Ulitsa Yamskogo Polya 9/13
125124 Moscow
Russia
The Debtor can be reached at:
LLC Kemskiy Wood-Processing Plant
Komsomolskaya Str. 1
Rabocheovstrovsk
Kemskiy
186601 Karelia
Russia
MAGNITOGORSK IRON: 2008 Net Profit Down 17% Y-o-Y to US$1.08 Bln
----------------------------------------------------------------
RIA Novosti reports Magnitogorsk Iron and Steel Works' net profit
under International Financial Reporting Standards declined 17%
year-on-year in 2008 to US$1.08 billion.
The report relates MMK said its revenue in the reporting period
increased 29% to US$10.55 billion, while earnings before interest,
taxes, depreciation and amortization (EBITDA) dropped 8% to US$2.2
billion.
About Magnitogorsk Iron
Headquartered in Magnitogorsk, Russia, OAO Magnitogorsk Iron and
Steel Works -- http://www.mmk.ru/-- manufactures steel and
accounts for about 20% of all steel products sold on the
domestic market. MMK is a major fully integrated steel making
complex encompassing all the required processes, from
preparation of iron ore materials to high added value processing
of steel. About half of the Company's output is exported
worldwide.
* * *
Magnitogorsk Iron and Steel Works continues to carry a 'Ba2'
long-term corporate family and probability of default ratings from
Moody's with stable outlook.
SBERBANK: 2008 Net Profit Declines 8.3% Year-on-Year to RUR97.7BB
-----------------------------------------------------------------
Sberbank's net profit under International Financial Reporting
Standards declined by 8.3%, year-on-year, to RUR97.7 billion
(US$2.93 billion) in 2008 after it increased provisions for bad
loans by 450% to RUR97.9 billion (US$2.9 billion), RIA Novosti
reports.
The bank, the report discloses, also attributed the decline to
losses from securities transactions "as a result of a slump on the
global and Russian financial markets."
The report, however, notes the bank's net profit under IFRS
slightly exceeded the RUR97.6 billion (US$2.92 billion) consensus
forecast of analysts compiled by RIA Novosti.
Headquartered in Moscow, Russia, Sberbank Rossii OAO (AK
Sberegatel'nyi bank Rossiyskoy Federatsii OAO) --
http://www.sbrf.ru/-- is a commercial bank. It provides a range
of corporate and retail banking services, such as payments and
transfers, currency exchange, credit cards, travelers checks,
mutual funds, precious metal trading, deposits, brokerage services
and others. The Company owns 14 subsidiaries and affiliated
companies.
* * *
Sberbank continues to carry a 'D+' bank financial strength rating
from Moody's Investors Service with stable outlook.
SEVERSTAL OAO: Steel Output Declines 21% in First Quarter 2009
--------------------------------------------------------------
RIA Novosti reports that Severstal's steel output declined 21%,
year-on-year, in January-March to 3.8 million metric tons.
According to the report, the company said the production of rolled
products declined 18% in the reporting period to 2.9 million
metric tons, output of cast iron fell 20% to 2.6 million metric
tons and coal 32% to 2.6 million metric tons.
Headquartered in Cherepovets, Russia, Severstal OAO --
http://www.severstal.com/ -- through its subsidiaries, operates
in seven segments. The mining segment comprises iron ore and coal
mining complexes and gold mining assets. The Russian Steel
segment comprises the Company's steel production and automotive
galvanizing facilities. The Lucchini segment comprises plants and
service centers, including Piombino and Ascometal business units.
The North America segment consists of two integrated iron and
steel mills. Izhora Pipe Mill operates a large-diameter pipe mill
in Northwest Russia. The Metalware segment comprises plants
containing wire drawing equipment that takes long products from
the Russian Steel and Lucchini segments and external suppliers and
turns them into products with a higher value for the Russian and
International markets. The Financing segment, until November
2007, operated a retail bank. In December 2008, the Company
acquired ZAO Trade House Severstal – Invest. In January 2008, it
acquired baracom Limited.
* * *
Severstal OAO continues to carry a 'Ba2' rating from Moody's
Investors Service with negative outlook.
VEKA LLC: Vologodskaya Bankruptcy Hearing Set September 15
----------------------------------------------------------
The Arbitration Court of Volodskaya will convene on Sept. 15, 2009
to hear bankruptcy supervision procedure on LLC Veka (TIN
3528079170, PSRN 1023501236494) (Construction Company). The case
is docketed under Case No. ?13–2263/2009.
The Temporary Insolvency Manager is:
L. Likhanova
Pushkina Str. 47/1
Krasnodar
Russia
The Debtor can be reached at:
LLC Veka
Lunacharskogo Str. 51/5
Cherepovets
Russia
WILKOM STROY: Creditors Must File Claims by June 24
---------------------------------------------------
The Arbitration Court of Saint-Petersburg commenced bankruptcy
proceedings against LLC Wilkom Stroy (Construction) after finding
it insolvent. The case is docketed under Case No. ?56–17413/2008.
Creditors have until June 24, 2009, to submit proofs of claims to:
A. Lubyanskiy
Insolvency Manager
Office 28/1
Bukharestskaya Str. 6
192102 Saint-Petersburg
Russia
The Debtor can be reached at:
LLC Wilkom Stroy
Reshetnikova Str. 3V/5N
196105 Saint-Petersburg
Russia
WOODWORKING PLANT: Creditors Must File Claims by June 24
--------------------------------------------------------
The Arbitration Court of Tatarstan commenced bankruptcy
proceedings against LLC Woodworking Plant (TIN 1642000060) after
finding it insolvent. The case is docketed under Case No. ?65–
19830/2008-SG4–21.
Creditors have until June 24, 2009, to submit proofs of claims to:
I. Zakirov
Insolvency Manager
Post User Box 813
Zelenodolsk
422540 Tatarstan
Russia
The Debtor can be reached at:
LLC Woodworking Plant
Slavyanskiy Pereulok 1
Urussu
Yutazinskiy
Tatarstan
Russia
=============================
S L O V A K R E P U B L I C
=============================
* EU Commission Okays Slovak Tempoary Aid Scheme for Businesses
---------------------------------------------------------------
The European Commission on Thursday, April 30, 2009, authorized,
under EC Treaty state aid rules, a Slovak measure to help
businesses to deal with the current economic crisis. Aid of up to
EUR500,000 per firm may be granted in 2009 and 2010 to businesses
facing funding problems because of the current credit squeeze.
The scheme meets the conditions of the Commission's Temporary
Framework for state aid measures, which gives Member States
additional scope to facilitate access to financing in the present
economic and financial crisis. It is therefore compatible with
Article 87(3)(b) of the EC Treaty, which permits aid 'to remedy a
serious disturbance in the economy of a Member State'.
"The scheme will help to alleviate difficulties faced by Slovak
businesses affected by the current financial crisis without giving
rise to any undue distortions of competition", said Competition
Commissioner Neelie Kroes.
The scheme is based on the provisions of the Temporary Framework
that deals with compatible aid of a limited amount. In
particular, the maximum amount of aid does not exceed EUR500,000
per company and the scheme applies only to businesses which were
not in difficulty on July 1, 2008.
The aid will be available inter alia in the form of grants and
remission of penalties for non payment of taxes. Under the
scheme, limited amounts of compatible aid can be granted as from
its approval by the Commission until December 31, 2010.
=========
S P A I N
=========
INFINITY 2007-1: Fitch Cuts Rating on Class E Notes to 'BB'
-----------------------------------------------------------
Fitch Ratings has downgraded Infinity 2007-1 "SoPRANo" commercial
mortgage-backed notes due November 2019:
-- EUR706.7 million class A (FR0010478420) downgraded to 'AA+'
from 'AAA'; Outlook Stable
-- EUR51.7 million class B (FR0010478438) downgraded to 'AA'
from 'AAA'; Outlook Stable
-- EUR47.6 million class C (FR0010478446) downgraded to 'A' from
'AA'; Outlook Stable
-- EUR42 million class D (FR0010478453) downgraded to 'BBB' from
'A'; Outlook Stable
-- EUR47.6 million class E (FR0010478479) downgraded to 'BB'
from 'BBB'; Outlook Stable
Infinity 2007-1 "SoPRANo", which closed in May 2007, is a
synthetic securitization of 15 commercial mortgage loans
originated in Germany, France and Spain by Natixis (rated
'A+' /'F1+'/Stable) and Capmark AB No.2.
The downgrades reflect the adverse impact of the deteriorating
conditions in the respective commercial property markets on the
creditworthiness of the transaction's reference loan pool.
The reference loan pool had a reported weighted average loan-to-
value ratio of 66.5% as of the January 2009 interest payment date.
Following the January IPD, Natixis provided the agency with
updated valuation reports on 13 of the 15 loans which, on an
overall basis, point to a largely unchanged collateral portfolio
value since closing of the transaction. This compares to an
estimated current WA Fitch LTV of 87.3% and an implied market
value decline of 23%.
As approximately 76% of the reference loan pool by debt balance is
due to mature in 2011, the transaction may be subject to
considerable refinance risk if the current constrained conditions
in the lending market fail to ease in the near term.
The current reference pool is dominated by two large loans, "EHE
Pool A" and "Leipzig", which together account for 65% of the
aggregate debt balance. By aggregate debt balance, the three
German loans represent 72.6% of the reference pool, the 12 French
loans 19.5% and the Spanish loan 7.9%. Retail properties account
for 90% of reference loan pool's collateral portfolio.
As at closing, the reference loan pool had an initial aggregate
loan balance of EUR1,028.4 million, secured on a commercial real
estate portfolio comprising 67 properties located in Germany,
France and Spain. As of the January 2009 IPD, the aggregate loan
balance had fallen to EUR937 million. Since closing, one loan has
partially prepaid following an asset disposal.
Fitch will continue to monitor the performance of the transaction.
===========
S W E D E N
===========
* SWEDEN: Commission Approves Amendments to Bank Guarantee Scheme
-----------------------------------------------------------------
The European Commission on Tuesday, April 28, 2009, approved under
EC Treaty state aid rules a package of amendments to the Swedish
state guarantee scheme for financial institutions, initially
approved on 30 October 30, 2008, and January 29, 2009. The
changes concern the prolongation of the scheme's validity until
October 31, 2009, and the extension of its scope. The Commission
found that the amendments were in line with its guidance on state
aid to banks during the crisis. In particular, they are well
targeted, proportionate and limited in time and scope. The
amended Swedish guarantee scheme is therefore compatible with
Article 87.3.b of the EC Treaty, which permits aid to remedy a
serious disturbance in the economy of a Member State.
Competition Commissioner Neelie Kroes said: "The global financial
crisis is not over and there is still a need to build confidence
and keep credit channels open. The Swedish guarantee scheme
remains an appropriate and proportionate form of support and we
can therefore approve it for another six months".
On March 16, 2009, Sweden notified the following modifications to
its support measures for the banking industry:
* Prolongation of the period during which guarantees can be
provided by six months, until October 31, 2009 (instead
of April 30
* Extension of the material scope of the scheme by including
uncollateralized debt instruments with a term of up to five
years, years. However, a strict limit is attached to the
amount of guaranteed debt instruments with longer maturity.
Accordingly, a maximum of SEK500 billion of guaranteed
instruments with terms over three years will be allowed.
The total amount of guarantees that can be granted under the
scheme remains unchanged at SEK1,500 billion.
* Amendment of the eligibility criteria for institutions
covered by the scheme. Participating banks will only need
to meet the basic legal capital requirements (and not the
enhanced capital levels that applied previously). However,
as before, only solvent institutions may benefit from the
guarantee.
The purpose of the changes is to improve the short and medium term
lending and help to smooth the banks' transition from reliance on
state guarantees as markets recover. The Commission found that
the amendments are well targeted, proportionate, and limited in
time and scope. The Commission therefore concluded that the
scheme remains in line with the conditions laid down in the
Commission Communication on state aid to the financial sector in
the context of the current financial crisis and constitutes an
appropriate means to restore confidence in the Swedish financial
market and to stimulate inter-bank lending.
=====================
S W I T Z E R L A N D
=====================
AUTIMAG JSC: Claims Filing Deadline is May 8
--------------------------------------------
Creditors of Autimag JSC are requested to file their proofs of
claim by May 8, 2009, to:
Autimag ??
Sanja Geisser
Tanne 270
9044 Wald
Switzerland
The company is currently undergoing liquidation in St. Gallen.
The decision about liquidation was accepted at a general meeting
held on Feb. 25, 2009.
CSO GASTRONOMICA: Creditors' Proofs of Claim Due by May 7
---------------------------------------------------------
Creditors of CSO Gastronomica JSC are requested to file their
proofs of claim by May 7, 2009, to:
Advisa Treuhand JSC
Lagerstrasse 8
7000 Chur
Switzerland
The company is currently undergoing liquidation in Chur. The
decision about liquidation was accepted at Canton Court
Graubuenden on Jan. 26, 2007.
DEGEN + DEGEN: Creditors Must File Proofs of Claim by May 8
-----------------------------------------------------------
Creditors of Degen + Degen Architektur LLC are requested to file
their proofs of claim by May 8, 2009, to:
Martin Degen
Liquidator
Sackweidhoe 26
6012 Obernau
Switzerland
The company is currently undergoing liquidation in Kriens LU. The
decision about liquidation was accepted at an extraordinary
shareholders' meeting on March 16, 2009.
FLUETRANS JSC: Creditors Have Until May 7 to File Proofs of Claim
-----------------------------------------------------------------
Creditors of Fluetrans JSC are requested to file their proofs of
claim by May 7, 2009, to:
Advisa Treuhand JSC
Lagerstrasse 8
7000 Chur
Switzerland
The company is currently undergoing liquidation in Ruschein. The
decision about liquidation was accepted at a general meeting held
on Sept. 22, 2004.
CDF COLOR: Proof of Claim Filing Deadline is May 8
--------------------------------------------------
Creditors of CDF Color Design Frick LLC are requested to file
their proofs of claim by May 8, 2009, to:
Christoph Vogel
CDF Color Design Frick LLC
Werkstrasse 3
5070 Frick
Switzerland
The company is currently undergoing liquidation in Frick. The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Nov. 5, 2008.
===========
T U R K E Y
===========
* Fitch Assigns 'BB-' Rating on Turkey's US$1.5 Bil. Eurobond
-------------------------------------------------------------
Fitch Ratings has assigned the Republic of Turkey's forthcoming
US$1.5bn eurobond, due on November 7, 2019, a 'BB-' (BB minus)
rating. The eurobond has a coupon rate of 7.5%, with a yield to
investors of 7.6% and a spread over US Treasury Bonds of 448 basis
points. The rating is in line with Turkey's Long-term foreign
currency Issuer Default Rating, which has a Stable Outlook.
"Turkey's sovereign Eurobond, following the US$1 billion issue in
January, highlights its continued international capital market
access in challenging global conditions and suggests that the
Treasury's 2009 Financing Programme Eurobond issuance target of
US$3.5 billion remains on track," says Edward Parker, Head of
Emerging Europe in Fitch's Sovereigns team.
Nevertheless, Turkey faces a challenging outlook, with the global
financial crisis and recession taking its toll on Turkey's economy
and public finances. Fitch has revised its forecast for the
contraction in real GDP this year to 4.5% from 3% previously,
largely reflecting the depth of the recession in Q408 and Q109,
while leaving its forecast for GDP growth of 2.5% for 2010
unchanged. Notwithstanding poor recent activity indicators,
Turkey's relatively closed and moderately-leveraged economy, as
well as terms of trade gains from lower energy prices, should add
up to better near-term growth prospects than in many countries in
emerging Europe.
More favorably, recent outturns show a sharp reduction in the
current account deficit, which Fitch projects to narrow to just
US$8 billion (1.5% of GDP) in 2009, from US$41.6 billion (5.8%) in
2008. Nonetheless, 2009 medium- and long-term amortization of
US$53 billion (including non-resident holdings of domestic debt),
plus short-term debt of US$48 billion represent a sizable
financing requirement. In view of the challenging economic and
financial environment, Fitch believes the agreement of a new IMF
loan program would reduce external financing risks.
Turkey's sovereign ratings are underpinned by its high GDP per
capita, which at US$10,100 (in 2008 at market exchange rates) is
the highest in the 'BB' rating category. Prior to the current
economic downturn, real GDP growth averaged 6.9% in the five years
to 2007. Turkey's ratings are also supported by its strong
banking sector, which is moderate in size, well capitalized, has a
close to balanced net external debtor position, has no significant
open FX position or FX lending to households and a low loan-to-
deposit ratio of only 75%. Other strengths include Turkey's
favorable business climate and governance, its customs union with
the EU, its track record in attracting FDI, low commodity price
dependence and good modern debt service record.
=============
U K R A I N E
=============
ACTIVE-CENTER LLC: Court Starts Bankruptcy Supervision Procedure
---------------------------------------------------------
The Economic Court of Dnepropetrovsk commenced bankruptcy
supervision procedure on LLC Active-Center (code EDRPOU 33338424).
The Insolvency Manager is:
M. Salova
Office 75
Suvorov Str. 11-B
49089 Dnepropetrovsk
Ukraine
The Court is located at:
The Economic Court of Dnepropetrovsk
Kujbishev Str. 1a
49600 Dnepropetrovsk
Ukraine
The Debtor can be reached at:
LLC Active-Center
Office 5
Zaporozhsky Blind Alley 5
49055 Dnepropetrovsk
Ukraine
DIOS LLC: Court Starts Bankruptcy Supervision Procedure
---------------------------------------------------------
The Economic Court of Dnepropetrovsk commenced bankruptcy
supervision procedure on LLC Dios (code EDRPOU 31124238).
The Insolvency Manager is:
I. Ternova
Gagarin Avenue 169/4/43
49000 Dnepropetrovsk
Ukraine
The Court is located at:
The Economic Court of Dnepropetrovsk
Kujbishev Str. 1a
49600 Dnepropetrovsk
Ukraine
The Debtor can be reached at:
LLC Dios
Liebkneht Str. 7
Krivoy Rog
Dnepropetrovsk
Ukraine
ENERGYGROUP VERTICAL: Creditors Must File Claims by May 10
----------------------------------------------------------
Creditors of LLC Energygroup Vertical (code EDRPOU 34779579) have
until May 10, 2009, to submit proofs of claim to:
LLC Financial Initiative
Insolvency Manager
Post Office Box 162
03087 Kiev
Ukraine
The Economic Court of Kiev commenced bankruptcy proceedings
against the company on March 26, 2009.
The Court is located at:
The Economic Court of Kiev
Komintern Str. 16
01032 Kiev
Ukraine
The Debtor can be reached at:
LLC Energygroup Vertical
Lenin Str. 1-a
Klavdiyevo-Tarasovo
Borodiansky
07850 Kiev
Ukraine
MARKET FIALKA: Creditors Must File Claims by May 10
---------------------------------------------------
Creditors of Common Enterprise Market Fialka (code EDRPOU
14194858) have until May 10, 2009, to submit proofs of claim to:
A. Yuditsky
Insolvency Manager
Office 9
Khimikov Avenue 60
18018 Cherkassy
Ukraine
The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company on March 17, 2009. The case is docketed under
Case No. 14/656.
The Court is located at:
The Economic Court of Cherkassy
Shevchenko Boulevard 307
18004 Cherkassy
Ukraine
The Debtor can be reached at:
Common Enterprise Market Fialka
I. Franko str. 17
Smila
20700 Cherkassy
Ukraine
MARKET-TRANS LLC: Creditors Must File Claims by May 10
------------------------------------------------------
Creditors of LLC Market-Trans (code EDRPOU 35590102) have until
May 10, 2009, to submit proofs of claim to:
K. Kavtaridze
Insolvency Manager
Oreshanka
Zolochev
Kharkov
Ukraine
The Economic Court of Kharkov region commenced bankruptcy
proceedings against the company on March 31, 2009. The case is
docketed under Case No. B-19/35-09.
The Court is located at:
The Economic Court of Kharkov
Svoboda Square 5
61022 Kharkov
Ukraine
OBERIG STATE: Creditors Must File Claims by May 10
--------------------------------------------------
Creditors of State Agricultural Enterprise Oberig (code EDRPOU
00487551) have until May 10, 2009, to submit proofs of claim to:
S. Sautenko
Insolvency Manager
Office 47
Geroyev Truda Str. 58
Kharkov
Ukraine
The Economic Court of Kharkov region commenced bankruptcy
proceedings against the company on April 3, 2009. The case is
docketed under Case No. B-24/158-07.
The Court is located at:
The Economic Court of Kharkov
Svoboda Square 5
61022 Kharkov
Ukraine
The Debtor can be reached at:
State Agricultural Enterprise Oberig
Shevchenko str. 1
Merefa
Kharkov
Ukraine
YUBILEYNY AGRICULTURAL: Creditors Must File Claims by May 10
------------------------------------------------------------
Creditors of Agricultural LLC Yubileyny (code EDRPOU 30903913)
have until May 10, 2009 to submit proofs of claim to:
N. Gapina
Insolvency Manager
Office 4
Gogol Str. 11
73000 Herson
Ukraine
The Economic Court of Herson commenced bankruptcy proceedings
against the company on March 25, 2009. The case is docketed under
Case No. 6/79-B-08.
The Court is located at:
The Economic Court of Herson
Gorky Str. 18
73000 Herson
Ukraine
The Debtor can be reached at:
Agricultural LLC Yubileyny
Melitopol Str. 11
Kakhovka
74800 Herson
Ukraine
===========================
U N I T E D K I N G D O M
===========================
A & J BADMAN: Appoints Joint Liquidators from BDO Stoy
------------------------------------------------------
Graham David Randall and Simon Edward Jex Girling of BDO Stoy
Hayward LLP were appointed joint liquidators of : A & J Badman
Ltd. on April 8, 2009, for the creditors' voluntary winding-up
proceeding.
The company can be reached through BDO Stoy Hayward LLP at:
One Victoria Street
Bristol
BS1 6AA
England
AEL LTD: Appoints Joint Liquidators from Tenon Recovery
-------------------------------------------------------
Nigel Fox, Alexander Kinninmonth and Nigel Fox of Tenon Recovery
were appointed joint liquidators of AEL (Dorset) Ltd. on April 8,
2009, for the creditors' voluntary winding-up proceeding.
The company can be reached through Tenon Recovery at:
Highfield Court
Tollgate
Chandlers Ford
Eastleigh
Hampshire
SO53 3TZ
England
ASHTON HAULAGE: Taps Liquidator from Tenon Recovery
---------------------------------------------------
Matthew Colin Bowker of Tenon Recovery were appointed joint
liquidators of Ashton Haulage Ltd. on March 27, 2009, for the
creditors' voluntary winding-up proceeding.
The company can be reached through Tenon Recovery at:
Clive House
Clive Street
Bolton
Lancashire
BL1 1ET
England
AVANTI AIR: Brings in Joint Liquidators from Baker Tilly
--------------------------------------------------------
Lindsey Jane Cooper and Donald Bailey of Baker Tilly Restructuring
and Recovery LLP were appointed joint liquidators of Avanti Air
Conditioning Limited (formerly Crackdown Limited) on March 31,
2009, for the creditors' voluntary winding-up proceeding.
The company can be reached through Baker Tilly Restructuring and
Recovery LLP at:
3 Hardman Street
Manchester
M3 3HF
England
BETTS GLOBAL: Seized by Lenders Via Pre-Pack Administration
-----------------------------------------------------------
Jonathan Sibun at Telegraph.co.uk reports that lenders to Betts
Global seized control of the toothpaste tube maker via a pre-pack
administration, leaving Gresham Private Equity with millions of
pounds in losses.
The report relates Betts, which was acquired by Gresham for GBP110
million in October 2007, has been placed in administration after
the company breached its banking covenants. Betts, the report
discloses, had group debts of GBP94.1 million made up of GBP53
million of bank loans and GBP39 million in shareholder debts. The
report recalls in last year's accounts auditors KMPG said "The
group's ability to continue as a going concern is dependant upon
the directors successfully agreeing with its shareholders and
bankers such steps, including new shareholder loans, refinancing
its loan facilities or agreeing new covenants, that enable it to
meet its loan covenants at June 30, 2009".
Gresham, the report states, is thought to have ploughed GBP39
million of equity into Betts, which employs about 1,500 people in
eight countries, since agreeing a secondary buy-out from Permira,
Royal Bank of Scotland and Bank of Scotland.
According to the report, Paul Marson-Smith, managing partner at
Gresham, said that while the lenders, including CIT Group, GMAC,
Icelandic bank Glitnir and South Africa's Nedbank, had taken full
control of Betts, Gresham retained an interest in the company that
would allow it to profit if trading at the toothpaste tube company
were to "get back on track". The report notes no jobs have been
lost as a result of the restructuring.
CADOGAN BISTROS: Taps Joint Liquidators from Tenon Recovery
-----------------------------------------------------------
Andrew James Pear and Ian Cadlock of Tenon Recovery were appointed
joint liquidators of Cadogan Bistros Ltd. on April 2, 2009, for
the creditors' voluntary winding-up proceeding.
The company can be reached through Tenon Recovery at:
Third Floor
Lyndean House
43/46 Queens Road
Brighton
East Sussex
BN1 3XB
England
DOLPHIN HOTEL: To Close at the End of May After No Buyer is Found
-----------------------------------------------------------------
Southampton's Dolphin Hotel is to close at the end of May after no
buyer could be found for the business, thisishampshire.net
reports.
According to the report, despite slashing the sale price of the
building from GBP5 million to GBP3 million, the Grade II listed,
65-bedroom hotel failed to attract a buyer.
"Unfortunately a buyer has not come forward to purchase the
business as a going concern and as the hotel needs significant
investment and repairs to remain open in the longer term, we have
no option but to cease trading," the report quoted Jane Moriarty
and Richard Hill of administrators KPMG Restructuring, as saying.
"We will continue to market the property for sale and hope that we
will eventually see a refurbished hotel reopen again at some point
in the future."
The hotel's closure will result in the loss of 33 jobs, the report
states.
The report recalls administrators were called into the business in
November last year when debts climbed to GBP4.7 million after
losses more than doubled from GBP313,000 in 2006 to GBP731,000 in
2007.
EASTLAKE WORK: In Administration; PwC Appointed
-----------------------------------------------
Bruce Cartwright and Laurie K Manson of PricewaterhouseCoopers LLP
were appointed as Joint Administrators to Eastlake Work Group
Limited on May 1, 2009.
They have also been appointed as Joint Administrators to Burdew
Contract Furniture Limited, Work Inc. Group Limited and as Joint
Receivers to Eastlake Commercial Interiors Limited. Together with
Garth Calow, they have also been appointed as Joint Administrators
to the Belfast-based CM3 Limited. The Group's subsidiary
facilities management company Work Facilities Limited is not in
administration.
Eastlake Work Group Limited was established in 1975 as a small
family run office supplies group and has grown to be a market
leader in the provision of workplace services.
The Group has a turnover of approximately GBP70 million per annum,
and currently employs over 500 staff and trades from East
Kilbride, Belfast, Wakefield, London, Manchester, Cardiff and
Newcastle.
Providing specialist knowledge, services and products, its
individual subsidiary businesses include:
* Burdew Contract Furniture Limited - bespoke office furniture
* Eastlake Commercial Interiors Limited - furniture and fit
out, office design, space design and property services
* Work Inc. Group Limited - furniture and fit out, office
design, space design and property services
* CM3 Limited - office design, fit out, space design,
furniture and graphic design
The insolvencies were triggered by cash flow problems caused by
customers delaying discretionary spend as a result of the general
economic downturn.
Bruce Cartwright, Joint Administrator and Head of Business
Recovery Services at PricewaterhouseCoopers LLP in Scotland, said:
"The Group has grown successfully both organically and by
acquisition and is well regarded by its customers.
"With the support of key customers, we hope to trade the business
for a period of time while a buyer is sought."
INNER SANCTUARY: Taps Joint Liquidators from Tenon Recovery
-----------------------------------------------------------
Christopher Ratten and Jeremy Woodside of Tenon Recovery were
appointed joint liquidators of Inner Sanctuary Spas Ltd. on
April 2, 2009, for the creditors' voluntary winding-up proceeding.
The company can be reached through Tenon Recovery at:
Arkwright House
Parsonage Gardens
Manchester
M3 2LF
England
JEDBURGH KILTMAKERS: Calls in Liquidators from Tenon Recovery
-------------------------------------------------------------
Dilip K. Dattani and Patrick B. Ellward of Tenon Recovery were
appointed joint liquidators of Jedburgh Kiltmakers Ltd. on
April 9, 2009, for the creditors' voluntary winding-up proceeding.
The company can be reached through Tenon Recovery at:
The Poynt
45 Wollaton Street
Nottingham
NG1 5FW
England
RESTAURANT MANAGEMENT: In Administration; Five Outlets Closed
-------------------------------------------------------------
Restaurant Management Services Ltd, the company which is a
franchisee of 14 Pizza Hut outlets in Northern Ireland,
has gone into administration, Ulster Star reports.
The report relates according to administrator David McClean of
Moore Stephens, "The franchises run by Restaurant Management
Services have been operating in an increasingly competitive market
for some time and the company's financial situation has been
exacerbated by the current economic downturn, resulting in the
decision to enter administration".
Mr. McClean, as cited in the report, said that after assessing the
current trading position of outlets run by the company, he has
decided to close five of the 14 immediately, resulting in the loss
of 130 jobs. However, the report notes the administrator said
four other outlets, which together employ about 120 people, will
remain open. The outlets closed are in Dublin Road, Yorkgate and
Connswater in Belfast, in Coleraine and in Dungannon, while the
outlets to remain open are at Lisburn, Carrickfergus, Ballymena
and Glengormley, the report discloses.
The administrator, the report states, will be working closely with
the company to keep the remaining five outlets, which in total
employ around 160 people, open while their trading position is
urgently assessed. The outlets whose trading position
are currently assessed are at the Odyssey, Castlecourt and
Victoria Square in Belfast, and in Carryduff, the report says.
SAMURAI-SEC LTD: Taps Joint Liquidators from Tenon Recovery
-----------------------------------------------------------
Joanne Kim Rolls and S. J. Parker of Tenon Recovery were appointed
joint liquidators of Samurai-Sec Ltd. on April 8, 2009, for the
creditors' voluntary winding-up proceeding.
The company can be reached at:
Samurai-Sec Ltd.
Sherlock House
73 Baker Street
London
England
SPORTS NETWORK: Placed Into Administration
------------------------------------------
Sports Network Limited, a boxing promotion company, has been
placed into administrations, BBC News reports.
BBC News recalls last month the High Court ordered the company to
pay former world champion Joe Calzaghe GBP1.8 million.
Mr. Calzaghe, BBC News discloses, launched his High Court case
after falling out with Sports Network Limited chief executive
Frank Warren. According to Hertfordshire Mercury's Daniel
Phillips, the company went into administration on Monday last week
without paying the boxer the cash owed, which related to his
world-title fight with Bernard Hopkins last year.
"We are in contact with the administrators to ensure that there is
a full and rigorous investigation of Sports Network's assets," BBC
News quoted Andrew Forbes, Calzaghe's solicitor, as saying. "Joe
will pursue every angle to make sure he is paid the money he's
owed and to put an end to this sorry episode, which blights his
retirement and extraordinary legacy in the ring."
BBC News relates a spokesman for Sports Network Limited told the
BBC Sports Network Europe and Frank Warren Promotions will
continue trading as normal.
STAINCLIFFE: Enters Into Administration; Vantis Appointed
---------------------------------------------------------
The 25-room Stanclaiffe hotel in Seaton Carew has entered into
administration after suffering financial difficulties, Hartlepool
Mail reports.
The report relates the hotel called in administrators Chris
Stevens and Ian Vickers of Vantis Business Recovery Services
Tuesday last week. According to the report, Mr. Stevens said the
property will be placed on the open market, though the
administrators have not set a deadline for any sale to take place.
"We are not restricted to a short period of trading and are
committed to continuing to trade until a suitable buyer is found,"
the report quoted Mr. Stevens as saying.
The report recalls Mark Jones, a former Tees Valley Chef of the
Year, snapped up the hotel, along with Ocean and the surrounding
grounds, in a GBP1.3 million deal with Academy Hotels in 2007.
W H WESSON LTD: Appoints Joint Liquidators from Tenon Recovery
--------------------------------------------------------------
Andrew James Pear and Ian Cadlock of Tenon Recovery were appointed
joint liquidators of W H Wesson (Fencing) Ltd. on March 28, 2009,
for the creditors' voluntary winding-up proceeding.
The company can be reached through Tenon Recovery at:
Third Floor
Lyndean House
43/46 Queens Road
Brighton
East Sussex
BN1 3XB
England
STAINLESS PIPELINE: Appoints Liquidators from Tenon Recovery
------------------------------------------------------------
Matthew Colin Bowker and Christopher Ratten of Tenon Recovery were
appointed joint liquidators of Stainless Pipeline Supplies Ltd. on
April 1, 2009, for the creditors' voluntary winding-up proceeding.
The company can be reached through Tenon Recovery at:
Clive House
Clive Street
Bolton
BL1 1ET
England
* UK: PwC Says Corporate Insolvencies Up 56% in First Quarter 2009
------------------------------------------------------------------
PricewaterhouseCoopers LLP analysis of the latest national
corporate insolvency statistics found that the number of corporate
insolvencies in quarter one of 2009 has risen by 56 % on the same
quarter of last year.
In total, 6,893 businesses across England and Wales entered into
insolvency in January, February and March of this year. On a
rolling 12 month basis, the statistics are showing a 47% increase.
Mike Jervis, partner in the business recovery services practice at
PricewaterhouseCoopers LLP, commented: "UK businesses continue to
suffer from the effects of the global recession as more and more
of them enter into insolvency with no apparent signs of a
slowdown. Companies need to be obsessive over their cashflow
management and ensure they plan for continuing challenges."
"Those businesses most likely to survive the current turmoil will
turn to 'recession veterans' -- management teams and advisors
experienced in turnarounds. There is still capacity amongst these
recession veterans to get involved in ailing businesses and they
are ready to come off the bench."
* UK: Personal Insolvencies Continue to Rise, PwC Says
------------------------------------------------------
Figures released Friday by the Government's Insolvency Service
revealed that levels of personal insolvency in the UK continued to
increase for the third consecutive quarter as the recession
continues to bite.
The figures show that 19,062 individuals were made bankrupt this
quarter, and 10,713 entered into Individual Voluntary
Arrangements, totalling 29,774 personal insolvencies, an 18.5%
increase on the first quarter of 2008.
Pat Boyden, personal insolvency expert at PricewaterhouseCoopers
LLP, said: "We expect to see the trends continue, particularly the
rise in bankruptcies, as the recession bites. What may be
interesting is that in the 90's recession, bankruptcies continued
to increase for nearly three years after the worst of the
recession had passed. If that is the case this time, we may be
seeing record figures every quarter until 2012.
"We are already seeing the impact of the recession on the self-
employed with a 10% increase in the number of traders going
bankrupt in 2008 in comparison with the previous year. We expect
this to increase more sharply during 2009."
* Large Companies with Insolvent Balance Sheet
----------------------------------------------
Total
Shareholders Total
Company Ticker Equity Assets
------- ------ ------ ------
AUSTRIA
-------
SKYEUROPE HLDG SKY EU -3897542.84 213166269.29
SKYEUROPE SKY PW -3897542.84 213166269.29
SKYEUROPE HLDG SKY AV -3897542.84 213166269.29
SKYEUROPE HLDG SKYPLN EO -3897542.84 213166269.29
SKYEUROPE HLDG SKYPLN EU -3897542.84 213166269.29
SKYEUROPE SKYP PW -3897542.84 213166269.29
SKYEUROPE HLDG S8E GR -3897542.84 213166269.29
LIBRO AG LBROF US -110492302.6 174013616.69
SKYEUROPE HOL-RT SK1 AV -3897542.84 213166269.29
LIBRO AG LIB AV -110492302.6 174013616.69
SKYEUROPE HLDG SKYV IX -3897542.84 213166269.29
SKYEUROPE HLDG SKY EO -3897542.84 213166269.29
SKYEUROPE HLDG SKURF US -3897542.84 213166269.29
LIBRO AG LIBR AV -110492302.6 174013616.69
LIBRO AG LB6 GR -110492302.6 174013616.69
SKYEUROPE HLDG SKYA PZ -3897542.84 213166269.29
BELGIUM
-------
SABENA SA SABA BB -85499048.41 2215458979.11
CYPRUS
------
LIBRA HOLIDAYS LHGCYP EU -5044973.6 274730005.26
LIBRA HOLIDAYS G LHG EO -5044973.6 274730005.26
LIBRA HOLIDAYS G LHG EU -5044973.6 274730005.26
LIBRA HOLIDAYS G LHG PZ -5044973.6 274730005.26
LIBRA HOLIDAYS G LHG CY -5044973.6 274730005.26
LIBRA HOLIDAYS LHGR CY -5044973.6 274730005.26
LIBRA HOLIDAYS LHGCYP EO -5044973.6 274730005.26
LIBRA HOLIDAY-RT 3167808Z CY -5044973.6 274730005.26
LIBRA HOLIDAYS-P LBHG CY -5044973.6 274730005.26
LIBRA HOLIDA-RTS LBR CY -5044973.6 274730005.26
LIBRA HOLIDAYS-P LBHG PZ -5044973.6 274730005.26
CZECH REPUBLIC
--------------
SETUZA AS SETUZA PZ -61453764.17 138582273.56
CKD PRAHA HLDG CDP EX -89435858.16 192305153.03
SETUZA AS 2994759Q EO -61453764.17 138582273.56
SETUZA AS SETUZA CP -61453764.17 138582273.56
SETUZA AS 2994763Q EU -61453764.17 138582273.56
CKD PRAHA HLDG CKDH US -89435858.16 192305153.03
SETUZA AS 2994755Q EU -61453764.17 138582273.56
SETUZA AS SZA EX -61453764.17 138582273.56
SETUZA AS SETU IX -61453764.17 138582273.56
SETUZA AS SZA GR -61453764.17 138582273.56
CKD PRAHA HLDG CKDH CP -89435858.16 192305153.03
CKD PRAHA HLDG CKDPF US -89435858.16 192305153.03
SETUZA AS 2994767Q EO -61453764.17 138582273.56
CKD PRAHA HLDG 297687Q GR -89435858.16 192305153.03
DENMARK
-------
ROSKILDE BANK ROSK EU -532868894.9 7876687324.02
ROSKILDE BANK ROSKF US -532868894.9 7876687324.02
ROSKILDE BAN-NEW ROSKN DC -532868894.9 7876687324.02
ROSKILDE BANK RSKC IX -532868894.9 7876687324.02
ROSKILDE BANK ROSK PZ -532868894.9 7876687324.02
ROSKILDE BANK RKI GR -532868894.9 7876687324.02
ROSKILDE BANK ROSK DC -532868894.9 7876687324.02
ROSKILDE BANK-RT 916603Q DC -532868894.9 7876687324.02
ROSKILDE BAN-RTS ROSKT DC -532868894.9 7876687324.02
ELITE SHIPPING ELSP DC -27715991.74 100892900.29
ROSKILDE BANK ROSBF US -532868894.9 7876687324.02
ROSKILDE BANK ROSK EO -532868894.9 7876687324.02
FRANCE
------
RHODIA SA RHA NQ -496708986.76 6033060481.99
IMMOB HOTELIERE IMMH IX -66874823.95 301323804.92
PAGESJAUNES GRP PAJ NQ -3061282894.72 1202048249.4
RHODIA SA RHAGBP EO -496708986.76 6033060481.99
PAGESJAUNES GRP PAJGBP EO -3061282894.72 1202048249.4
RHODIA SA-RIGHTS 653447Q FP -496708986 6033060481.99
RHODIA SA RHDI GR -496708986.76 6033060481.99
MATUSSIERE & FOR MTUSF US -77896683.67 293868350.79
TROUVAY CAUVIN TVYCF US -396978 133986439.74
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GRANDE PAROISSE GAPA FP -927267926.9 629287290
RHODIA SA RHA FP -496708986.76 6033060481.99
RHODIA SA RHDAF US -496708986.76 6033060481.99
NORTENE NORT PZ -35623999.56 117566786.87
GRANDE PAROISSE GDPA FP -927267926.9 629287290
Selcodis SPVX FP -21050704.97 140597126.19
LAB DOLISOS LADL FP -27752176.19 110485462.44
IMMOB HOTELIERE IMHO EO -66874823.95 301323804.92
IMMOB HOTELIERE IMHO FP -66874823.95 301323804.92
CARRERE GROUP CAR2 EU -23319835.34 364475420.31
PAGESJAUNES GRP PAJ TQ -3061282894.72 1202048249.4
LAB DOLISOS DOLI FP -27752176.19 110485462.44
IMMOB HOTELIERE IMBHF US -66874823.95 301323804.92
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IMMOB HOTELIERE IMHO PZ -66874823.95 301323804.92
IMMOB HOTELIERE IMH GR -66874823.95 301323804.92
IMMOB HOTELIERE SIH FP -66874823.95 301323804.92
RHODIA SA RHAY IX -496708986.76 6033060481.99
RHODIA SA RHAGBX EO -496708986.76 6033060481.99
RHODIA SA RHA EU -496708986.76 6033060481.99
RHODIA SA 3218857Q IX -496708986.76 6033060481.99
RHODIA SA RHA PZ -496708986.76 6033060481.99
RHODIA SA RHA BQ -496708986.76 6033060481.99
MATUSSIERE & FOR 1007765Q -77896683.67 293868350.79
RHODIA SA 2324011Q -496708986.76 6033060481.99
RHODIA SA RHA EB -496708986.76 6033060481.99
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RHODIA SA RHD GR -496708986.76 6033060481.99
SELCODIS SLCO PZ -21050704.97 140597126.19
CARRERE GROUP XRR GR -23319835.34 364475420.31
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SDR CENTREST 117241Q FP -132420119.65 252176017.15
SELCODIS SLCO FP -21050704.97 140597126.19
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RHODIA SA-NEW 2335921Q FP -496708986.76 6033060481.99
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PAGESJAUNES GRP PAJ BQ -3061282894.72 1202048249.4
PAGESJAUNES GRP PAJ EO -3061282894.72 1202048249.4
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NORTENE NRTP IX -35623999.56 117566786.87
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PAGESJAUNES GRP PAJ FP -3061282894.72 1202048249.4
PAGESJAUNES GRP PAJGBX EU -3061282894.72 1202048249.4
RHODIA SA RHADF US -496708986.76 6033060481.99
PAGESJAUNES GRP QS3 GR -3061282894.72 1202048249.4
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SELCODIS SLCO EO -21050704.97 140597126.19
TROUVAY CAUVIN ETEC FP -396978 133986439.74
IMMOB HOTELIERE IMHO EU -66874823.95 301323804.92
PAGESJAUNES GRP PAJP IX -3061282894.72 1202048249.4
NORTENE NORT EO -35623999.56 117566786.87
RHODIA SA RHA TQ -496708986.76 6033060481.99
SELCODIS SPVX IX -21050704.97 140597126.19
CARRERE GROUP CARG FP -23319835.34 364475420.31
CARRERE GROUP CAR FP -23319835.34 364475420.31
CARRERE GROUP CRGP IX -23319835.34 364475420.31
BSN GLASSPACK 226230Z FP -101494197.25 1150890693.34
CARRERE GROUP CRRHF US -23319835.34 364475420.31
CARRERE GROUP CARF PZ -23319835.34 364475420.31
RHODIA SA 2324015Q EO -496708986.76 6033060481.99
GERMANY
-------
TA TRIUMPH-ADLER TWN GR -99845655.9 414500090.47
TA TRIUMPH-ACQ TWNA EU -99845655.9 414500090.47
TA TRIUMPH-A-RTS 1018916Z GR -99845655.9 414500090.47
TA TRIUMPH-ADLER TWN EO -99845655.9 414500090.47
TA TRIUMPH-ADLER TWN EU -99845655.9 414500090.47
CONERGY AG CGY EU -27062022.96 1174698570.48
SANDER (JIL)-PRF SAD3 PZ -6153256.92 127548039.68
CBB HOLDING AG COB GR -42994732.85 904723627.84
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EM.TV & MERCHAND ETV NM -22067409.41 849175624.65
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CONERGY AG CGYGBP EO -27062022.96 1174698570.48
CONERGY AG CGY EO -27062022.96 1174698570.48
CONERGY AG CGYUSD EU -27062022.96 1174698570.48
CONERGY AG CGY GR -27062022.96 1174698570.48
CONERGY AG CGYUSD EO -27062022.96 1174698570.48
EECH GROUP AG PTA EO -114331.83 108502676.25
CONERGY AG CGY TQ -27062022.96 1174698570.48
CINEMAXX AG CNEMF US -45477041.55 177659446.07
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CONERGY AG CGYG IX -27062022.96 1174698570.48
CINEMAXX AG MXC GR -45477041.55 177659446.07
CINEMAXX AG MXC PZ -45477041.55 177659446.07
CINEMAXX AG MXC EU -45477041.55 177659446.07
EM.TV & MERCHAND 985403Q GR -22067409.41 849175624.65
CINEMAXX AG MXC EO -45477041.55 177659446.07
VIVANCO GRUPPE VVA1 EU -16648688.57 131276010.89
CINEMAXX AG-RTS MXC8 GR -45477041.55 177659446.07
AGOR AG NDAGF US -482446.67 144432998.41
MATERNUS-KLINIKE MNUKF US -17434187.87 182076508.65
EECH GROUP AG PTAG IX -114331.83 108502676.25
EECH GROUP AG PTA EU -114331.83 108502676.25
TA TRIUMPH-ADLER TWN PZ -99845655.9 414500090.47
TA TRIUMPH-ADLER TTZAF US -99845655.9 414500090.47
TA TRIUMPH-RTS 3158577Q GR -99845655.9 414500090.47
TA TRIUMPH-NEW TWN1 GR -99845655.9 414500090.47
CONERGY AG -RTS CGYB GR -27062022.96 1174698570.48
ROSENTHAL AG-REG ROSG PZ -1744122.06 217776144.21
CONERGY AG CGYGBX EO -27062022.96 1174698570.48
CONERGY AG-ALTAK CGY2 GR -27062022.96 1174698570.48
SANDER (JIL)-PRF SAD3 GR -6153256.92 127548039.68
DORT ACTIEN-BRAU 944167Q GR -12689831.72 117543310.05
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BROKAT AG-ADR BROA US -27139391.98 143536859.72
PRIMACOM AG-ADR PCAGY US -14233212.49 729563484.73
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BROKAT TECH-ADR BRJA GR -27139391.98 143536859.72
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MATERNUS-KLINIKE MAK EU -17434187.87 182076508.65
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CONERGY AG CEYHF US -27062022.96 1174698570.48
CINEMAXX AG MXCUSD EU -45477041.55 177659446.07
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NORDAG AG-PFD DOO3 GR -482446.67 144432998.41
NORDAG AG DOO1 GR -482446.67 144432998.41
RINOL AG RIL GR -2.71 168095049.11
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TA TRIUMPH-RT TWN8 GR -99845655.9 414500090.47
ROSENTHAL AG-REG RSTHF US -1744122.06 217776144.21
NORDSEE AG 533061Q GR -8200552.05 194616922.62
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RINOL AG RNLAF US -2.71 168095049.11
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EECH GROUP AG PTA PZ -114331.83 108502676.25
RINOL AG RILB IX -2.71 168095049.11
ROSENTHAL AG-ADR RSTHY US -1744122.06 217776144.21
ROSENTHAL AG-REG ROS1 EU -1744122.06 217776144.21
BROKAT TECH AG BRJ NM -27139391.98 143536859.72
CBB HOLDING AG COBG PZ -42994732.85 904723627.84
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SPAR HANDELS-AG 773844Q GR -442426199.47 1433020960.55
MATERNUS KLINI-N MAK1 GR -17434187.87 182076508.65
SINNLEFFERS AG WHG GR -4491629.96 453887060.07
ALNO AG-RTS 2259765Z GR -28265004.17 366872263.74
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KAUFRING AG KFR PZ -19297516.68 151003511.1
SPAR HAND-PFD NV SPA3 GR -442426199.47 1433020960.55
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TA TRIUMPH-ACQ TWNA GR -99845655.9 414500090.47
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MANIA TECHNOLOGI MNI1 EO -35060803.57 107465704.61
MANIA TECHNOLOGI 2260970Z GR -35060803.57 107465704.61
GREECE
------
ALTEC SA INFO ALTEC PZ -76146878.27 293030892.79
EMPEDOS SA-RTS EMPEDR GA -33637669.62 174742646.9
ALTEC SA INFO AXY GR -76146878.27 293030892.79
AG PETZETAKIS SA PETZK PZ -18006653.74 263556535.23
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UNITED TEXTILES UTEX EU -44175517.41 341686182.1
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ALMA-ATERMON SA ATERM PZ -5395431.61 106400366.91
ALMA-ATERM-AUCT ATERME GA -5395431.61 106400366.91
SWITZERLAND
-----------
FORTUNE MGMT-REG CTLI US -119470863.28 265021012.85
FORTUNE MANAGEME FMI1 PZ -119470863.28 265021012.85
FORTUNE MANAGEME FMI3 GR -119470863.28 265021012.85
FORTUNE MANAGEME FMI1 GR -119470863.28 265021012.85
FORTUNE MANA-NEW FMI5 GR -119470863.28 265021012.85
FORTUNE MANAG-NE FMI7 GR -119470863.28 265021012.85
FORTUNE MANAGEME FMI1 EU -119470863.28 265021012.85
FORTUNE MANAGEME FMIG IX -119470863.28 265021012.85
FORTUNE MANAGEME FMI GR -119470863.28 265021012.85
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FORTUNE MANAGEME FMI1 DU -119470863.28 265021012.85
FORTUNE MANAGEME FMI1 EO -119470863.28 265021012.85
UNITED KINGDOM
--------------
PREMIER FARN-ADR PFLZ LN -7994895.94 689988072.4
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PATIENTLINE PLC 2928903Q EU -54677284.64 124948245.8
PARK GROUP PLC PKG EU -61525595.88 223674903.79
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SKYEPHARMA PLC SK8C GR -130883498.29 153620497.99
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SMITHS NEWS PLC NWS2EUR EO -124124665.08 201361828.57
SKYEPHARMA PLC SKP PO -130883498.29 153620497.99
SKYEPHARMA PLC SKP LN -130883498.29 153620497.99
PATIENTLINE PLC PTL PZ -54677284.64 124948245.8
GALIFORM PLC MFI VX -84844622.18 585251745.06
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PATIENTLINE PLC 2928907Q EO -54677284.64 124948245.8
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SMITHS NEWS PLC NWS2 EU -124124665.08 201361828.57
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AMEY PLC AMEYF U -48862569.33 931527720.46
AMEY PLC AMY LN -48862569.33 931527720.46
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TOPPS TILES PLC TPTJY US -101299346.32 170960682.59
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ORANGE PLC 951641Q LN -593935051.02 2902299501.9
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EMI GROUP -ASSD EMIA LN -2265916256.89 2950021937.14
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ANKER PLC-ASSD ANKB LN -21861359.81 115463159
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RANK GROUP PLC RNK NR -6412999.92 835001785.71
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SKYEPHARMA PLC SKP1 VX -130883498.29 153620497.99
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CARLISLE GROUP 506819Q -11904426.45 203548565.03
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TOPPS TILES PLC TPTEUR EU -101299346.32 170960682.59
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MYTRAVEL GROUP P 1018144Q -379721841.57 1817512773.61
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STV GROUP PLC STVGEUR EU -24923249.67 194430485.8
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LADBROKES PLC LADEUR EU -478059993.74 1887316678.66
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TOPPS TILES PLC TPTEUR EO -101299346.32 170960682.59
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PARK GROUP PLC PRKGF -61525595.88 223674903.79
AMEY PLC-ASSENT AMYA LN -48862569.33 931527720.46
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M 2003 PLC 203055Q LN -2203513803.24 7204891601.83
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SKYEPHARMA -SUB 2976665Z -130883498.29 153620497.99
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PARK GROUP PLC PKG PO -61525595.88 223674903.79
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REGUS PLC-ADS REGSY US -46111835.37 367181111
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TOPPS TILES PLC TPT PZ -101299346.32 170960682.59
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REGUS PLC-ADS REGSV US -46111835.37 367181111
REGUS PLC-ADS REGS US -46111835.37 367181111
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UTC GROUP UGR LN -11904426.45 203548565.03
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TOPPS TILES PLC TPT VX -101299346.32 170960682.59
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RANK GROUP-ADR RANKY US -6412999.92 835001785.71
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HILTON GROUP PLC HG/ LN -478059993.74 1887316678.66
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GALIFORM PLC GFRMNOK EO -84844622.18 585251745.06
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GALIFORM PLC MFI PO -84844622.18 585251745.06
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STV GROUP PLC STVG VX -24923249.67 194430485.8
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STV GROUP PLC STVGEUR EO -24923249.67 194430485.8
GALIFORM PLC GFRM EU -84844622.18 585251745.06
GALIFORM PLC GFRM BQ -84844622.18 585251745.06
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GALIFORM PLC MFI IX -84844622.18 585251745.06
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GALIFORM PLC GFRM PZ -84844622.18 585251745.06
VIRGIN MOB-ASSD VMOA LN -392165437.58 166070003.71
MARCONI PLC MNI LN -2203513803.24 7204891601.83
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BRIT ENERGY PLC 555140Q VX -5822867500.78 4921095749.61
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SKYEPHARMA PLC SK8A GR -130883498.29 153620497.99
GALIFORM PLC GFRMEUR EU -84844622.18 585251745.06
THORN EMI-ADR TORNY US -2265916256.89 2950021937.14
JESSOPS PLC JSPEUR EU -27246210.42 167576832.77
THORN EMI-CDR THN NA -2265916256.89 2950021937.14
ORBIS PLC OBS LN -4168498.48 127701679.5
COMPASS GROUP QOP GR -668101173.88 2972459078.38
SMITHS NEWS PLC NWS PO -124124665.08 201361828.57
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SMITHS NEWS PLC NWS2 TQ -124124665.08 201361828.57
STYLES & WOOD GR STY LN -56925299.42 107404841.17
ATKINS (WS) PLC ATKEUR EU -36314039.75 1257996718.47
GALIFORM PLC GFRM NQ -84844622.18 585251745.06
REGUS PLC-ADS RGUA GR -46111835.37 367181111
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HILTON GROUP-CRT HIG BB -478059993.74 1887316678.66
ATKINS (WS) PLC ATK EU -36314039.75 1257996718.47
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EASYNET GROUP ESY PO -45232889.17 322770283.93
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ATKINS (WS) PLC ATK EB -36314039.75 1257996718.47
SAATCHI & SAATCH SSI LN -119260804.15 705060824.55
MYTRAVEL GROUP MT/S VX -379721841.57 1817512773.61
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STYLES & WOOD GR STYEUR EO -56925299.42 107404841.17
BRITISH ENER-CED BGYNY AR -5822867500.78 4921095749.61
SMITHS NEWS PLC NWS2EUR EU -124124665.08 201361828.57
VIRGIN MOB-ASSD VMOC LN -392165437.58 166070003.71
LEEDS UNITED PLC LUFC LN -73166148.8 143762193.66
SAATCHI & SA-ADR SSA US -119260804.15 705060824.55
EMI GROUP PLC-B 1019425Q LN -2265916256.89 2950021937.14
EMI GROUP-ADR EMIPY US -2265916256.89 2950021937.14
EMI GROUP-ADR EMI$ LN -2265916256.89 2950021937.14
SKYEPHARMA-ADR SKYPY US -130883498.29 153620497.99
GALIFORM PLC GFRM PO -84844622.18 585251745.06
EMI GROUP PLC EMIPF US -2265916256.89 2950021937.14
ALLDAYS PLC ALDYF US -120493900.04 252232072.87
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EUROPEAN HOME KLZ VX -14328734.27 110864074.46
EUROPEAN HOME KLZ PO -14328734.27 110864074.46
EUROPEAN HOME EHRGBP EO -14328734.27 110864074.46
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BRIT ENERGY PLC BEN1 GR -5822867500.78 4921095749.61
RENTOKIL INITIAL RTO1 GR -90219248.82 3493481471.08
SKYEPHARMA PLC SKP VX -130883498.29 153620497.99
GALIFORM PLC MFIFF US -84844622.18 585251745.06
RANK GROUP PLC RNKEUR EU -6412999.92 835001785.71
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BRITISH ENER-ADR BGYNY US -5822867500.78 4921095749.61
PREMIER FARNELL PFL TQ -7994895.94 689988072.4
SKYEPHARMA PLC SKP IX -130883498.29 153620497.99
LADBROKES PLC LAD IX -478059993.74 1887316678.66
BRITISH SKY BROA BSB GR -30607499.6 8332527670.8
BRIT ENERGY-A BENA GR -5822867500.78 4921095749.61
EMI GROUP PLC 3020138Q GR -2265916256.89 2950021937.14
EMI GROUP LTD EMI LN -2265916256.89 2950021937.14
BRIT ENERGY PLC BGYEF US -5822867500.78 4921095749.61
BRIT SKY BRO-ADR BSY$ LN -30607499.6 8332527670.8
BRIT SKY BRO-ADR BSY US -30607499.6 8332527670.8
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EASYNET GROUP EZNGF US -45232889.17 322770283.93
STYLES & WOOD GR STY IX -56925299.42 107404841.17
EUROPEAN HOME EHREUR EU -14328734.27 110864074.46
RANK GROUP-ADR 935543Q GR -6412999.92 835001785.71
TELEWEST COMM TWSTF US -3702234580.99 7581020925.22
STYLES & WOOD GR STYGBP EO -56925299.42 107404841.17
MARCONI PLC-ADR QUQMON AU -2203513803.24 7204891601.83
FARNELL ELEC-RFD FRNR LN -7994895.94 689988072.4
BNB RECRUITMENT BNB IX -10242628.15 103637711.19
BOOKER PLC 1330Q GR -59832880.4 1298182548.71
GALIFORM PLC GFRM LN -84844622.18 585251745.06
STV GROUP PLC STVG EO -24923249.67 194430485.8
STV GROUP PLC SMGPF US -24923249.67 194430485.8
RENTOKIL INITIAL RTO PZ -90219248.82 3493481471.08
PATIENTLINE PLC PTL VX -54677284.64 124948245.8
STYLES & WOOD GR STY PZ -56925299.42 107404841.17
BNB RECRUITMENT BNBRF US -10242628.15 103637711.19
STYLES & WOOD GR STY EO -56925299.42 107404841.17
STYLES & WOOD GR STY VX -56925299.42 107404841.17
BRITISH ENER-C/E BGYC AR -5822867500.78 4921095749.61
FAREPAK PLC FPK LN -14328734.27 110864074.46
FARNELL ELEC-ADR FRN$ LN -7994895.94 689988072.4
GARTLAND WHALLEY GWB LN -10986769.42 145352034.49
FARNELL ELEC-ADR FRNZ LN -7994895.94 689988072.4
EUROPEAN HOME EHR VX -14328734.27 110864074.46
EUROPEAN HOME EHR LN -14328734.27 110864074.46
EUROPEAN HOME EHR PO -14328734.27 110864074.46
PATIENTLINE PLC PTL PO -54677284.64 124948245.8
BOOKER PLC 987188Q LN -59832880.4 1298182548.71
BRADSTOCK GROUP BDK LN -1855444.44 268563822.49
BOOKER PLC-ADR BOK$ LN -59832880.4 1298182548.71
REGUS PLC 2296Z LN -46111835.37 367181111
RENTOKIL INITIAL RTO IX -90219248.82 3493481471.08
FARNELL ELECTRON FRNL LN -7994895.94 689988072.4
LADBROKES PLC LAD GR -478059993.74 1887316678.66
BRIT ENERGY LTD 523362Q LN -5822867500.78 4921095749.61
STV GROUP PLC SMG VX -24923249.67 194430485.8
VIRGIN MOBILE VGMHF US -392165437.58 166070003.71
ATKINS (WS) PLC ATK IX -36314039.75 1257996718.47
BRITISH SKY BROA BSY IX -30607499.6 8332527670.8
STV GROUP PLC STVG LN -24923249.67 194430485.8
SMITHS NEWS PLC NWS2 EO -124124665.08 201361828.57
ATKINS (WS) PLC ATK NQ -36314039.75 1257996718.47
MYTRAVEL GROUP MT/S LN -379721841.57 1817512773.61
THORN EMI PLC THNE FP -2265916256.89 2950021937.14
SMITHS NEWS PLC SMWPF US -124124665.08 201361828.57
ANKER PLC – ASSD ANKC LN -21861359.81 115463159
SMITHS NEWS PLC SMWPY US -124124665.08 201361828.57
PATIENTLINE PLC 2928899Q EO -54677284.64 124948245.8
ANKER PLC-ASSD ANKA LN -21861359.81 115463159
HILTON GROUP-ADR HLTGY US -478059993.74 1887316678.66
EMI GROUP PLC EMI IX -2265916256.89 2950021937.14
SMITHS NEWS PLC NWS IX -124124665.08 201361828.57
NORTHERN ROCK 2733269Q EU -586206492.33 152084295061.92
SMITHS NEWS PLC NWS VX -124124665.08 201361828.57
SMITHS NEWS PLC NWS LN -124124665.08 201361828.57
SMITHS NEWS PLC NWS1 EU -124124665.08 201361828.57
NEW STAR ASSET NSAA LN -397718014.22 292972714.58
RANK ORG PLC-ADR 14873Z US -6412999.92 835001785.71
MARCONI PLC-ADR MCONY US -2203513803.24 7204891601.83
ATKINS (WS) PLC ATK EO -36314039.75 1257996718.47
LADBROKES PLC-AD LDBKY LN -478059993.74 1887316678.66
EMI GROUP-ADR 38IS LN -2265916256.89 2950021937.14
DAWSON HOLDINGS DWN VX -18157019.88 210051798.58
HILTON GROUP-CER HG BB -478059993.74 1887316678.66
LEEDS UNITED PLC LDSUF US -73166148.8 143762193.66
SMITHS NEWS PLC NWS1 EO -124124665.08 201361828.57
EUROPEAN HOME EHR EO -14328734.27 110864074.46
LEEDS SPORTING LEDPF US -73166148.8 143762193.66
LEEDS SPORTING LES LN -73166148.8 143762193.66
TOPPS TILES PLC TPT PO -101299346.32 170960682.59
MARCONI PLC-ADR MONI US -2203513803.24 7204891601.83
MARCONI PLC MY2 GR -2203513803.24 7204891601.83
DAWSON HOLDINGS DWN1GBP EO -18157019.88 210051798.58
BRITISH ENERGY-A 3012442Q LN -5822867500.78 4921095749.61
MARCONI PLC 203083Q VX -2203513803.24 7204891601.83
PREMIER FARNELL PFL LN -7994895.94 689988072.4
MARCONI PLC MONIF US -2203513803.24 7204891601.83
MARCONI PLC MONI BB -2203513803.24 7204891601.83
DAWSON HOLDINGS DWHGF US -18157019.88 210051798.58
SMG PLC SMG LN -24923249.67 194430485.8
DAWSON HOLDINGS DWN1 EO -18157019.88 210051798.58
BRITISH SKY BROA BSY EU -30607499.6 8332527670.8
MARCONI PLC-ADR MONIY US -2203513803.24 7204891601.83
MARCONI PLC-ADR MY2A GR -2203513803.24 7204891601.83
MARCONI PLC-ADR MCBA GR -2203513803.24 7204891601.83
MARCONI PLC-ADR MONIE US -2203513803.24 7204891601.83
MARCONI PLC MRCQF US -2203513803.24 7204891601.83
RANK GROUP PLC RNK EU -6412999.92 835001785.71
M 2003 PLC MTWOF US -2203513803.24 7204891601.83
M 2003 PLC-ADR MTWOE US -2203513803.24 7204891601.83
TELEWEST COM-ADR TWT$ LN -3702234580.99 7581020925.22
ATKINS (WS) PLC WATKF US -36314039.75 1257996718.47
SMG PLC-NIL PAID SMGN LN -24923249.67 194430485.8
ANKER PLC ANK PO -21861359.81 115463159
SMG PLC-FUL PAID SMGF LN -24923249.67 194430485.8
PREMIER FARNELL PFLGBP EO -7994895.94 689988072.4
DAWSON HOLDINGS DWN PZ -18157019.88 210051798.58
AMEY PLC-NEW AMYN LN -48862569.33 931527720.46
BRITISH SKY BROA BSYGBP EO -30607499.6 8332527670.8
NORTHERN ROCK NRK LN -586206492.33 152084295061.92
HILTON G-CRT OLD HIGT BB -478059993.74 1887316678.66
EASYNET GROUP-CV 91009Z LN -45232889.17 322770283.93
ANKER PLC DW14 GR -21861359.81 115463159
LADBROKES PLC LAD PO -478059993.74 1887316678.66
LADBROKES PLC LAD EB -478059993.74 1887316678.66
GALIFORM PLC GFRM VX -84844622.18 585251745.06
SKYEPHARMA PLC SKYEF US -130883498.29 153620497.99
LADBROKES PLC LAD EO -478059993.74 1887316678.66
JESSOPS PLC JSP IX -27246210.42 167576832.77
RANK GROUP PLC RNK EB -6412999.92 835001785.71
LADBROKE GROUP LADB LN -478059993.74 1887316678.66
ANKER PLC ANK LN -21861359.81 115463159
LADBROKES PLC LAD EU -478059993.74 1887316678.66
LADBROKES PLC LADNZD EU -478059993.74 1887316678.66
RANK GROUP PLC RNK EO -6412999.92 835001785.71
LADBROKES PLC LAD TQ -478059993.74 1887316678.66
LADBROKES PLC LADEUR EO -478059993.74 1887316678.66
LADBROKES PLC LAD PZ -478059993.74 1887316678.66
ATKINS (WS) PLC ATK PZ -36314039.75 1257996718.47
LADBROKES PLC LADUSD EO -478059993.74 1887316678.66
REGUS PLC REGSF US -46111835.37 367181111
JESSOPS PLC JSPEUR EO -27246210.42 167576832.77
JESSOPS PLC JSP PO -27246210.42 167576832.77
JESSOPS PLC JS4 GR -27246210.42 167576832.77
RENTOKIL INITIAL RTOG IX -90219248.82 3493481471.08
JESSOPS PLC JSP EU -27246210.42 167576832.77
JESSOPS PLC JSP VX -27246210.42 167576832.77
JESSOPS PLC JSP PZ -27246210.42 167576832.77
ATKINS (WS) PLC ATK PO -36314039.75 1257996718.47
MYTRAVEL GROUP MYTPF US -379721841.57 1817512773.61
KLEENEZE PLC KLZ LN -14328734.27 110864074.46
ATKINS (WS) PLC ATK LN -36314039.75 1257996718.47
LADBROKES PLC LDBKF US -478059993.74 1887316678.66
JESSOPS PLC JSP EO -27246210.42 167576832.77
ATKINS (WS) PLC ATKEUR EO -36314039.75 1257996718.47
ATKINS (WS) PLC ATK VX -36314039.75 1257996718.47
NORTHERN ROCK NRK PO -586206492.33 152084295061.92
LADBROKES PLC LAD BQ -478059993.74 1887316678.66
BRIT ENERGY PLC BHEGF US -5822867500.78 4921095749.61
TELEWEST COMM TWT VX -3702234580.99 7581020925.22
BRITISH ENERGY-A BGYGF US -5822867500.78 4921095749.61
LADBROKES PLC LADGBP EO -478059993.74 1887316678.66
ATKINS (WS) PLC ATK NR -36314039.75 1257996718.47
LADBROKES PLC-CE LAD BB -478059993.74 1887316678.66
LAMBERT FENCHURC LMF LN -1453050.04 1826806853.46
LADBROKES PLC LAD NR -478059993.74 1887316678.66
LADBROKES PLC LAD LN -478059993.74 1887316678.66
LADBROKES PLC-AD LDBKY US -478059993.74 1887316678.66
JESSOPS PLC JSP LN -27246210.42 167576832.77
LADBROKES PLC LAD VX -478059993.74 1887316678.66
DAWSON HOLDINGS DWN1EUR EU -18157019.88 210051798.58
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/booksto order any title today.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA. Valerie C. Udtuhan, Marites O. Claro, Rousel Elaine
C. Tumanda, Pius Xerxes V. Tovilla, Joy A. Agravante, Marie
Therese V. Profetana and Peter A. Chapman, Editors.
Copyright 2009. All rights reserved. ISSN 1529-2754.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.
Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.
The TCR Europe subscription rate is US$625 per half-year,
delivered via e-mail. Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each. For subscription information,
contact Christopher Beard at 240/629-3300.
* * * End of Transmission * * *