/raid1/www/Hosts/bankrupt/TCREUR_Public/090526.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 26, 2009, Vol. 10, No. 102
Headlines
A U S T R I A
DUFFY GASTRO: Claims Registration Period Ends June 17
DUFFY GASTRO GMBH: Claims Registration Period Ends June 17
INAS INTERNATIONAL: Claims Registration Period Ends June 17
JOHANN RATHGEBER: Claims Registration Period Ends June 5
NIMMERVOLL GMBH: Claims Registration Period Ends June 5
TECHWEB SOLUTIONS: Claims Registration Period Ends June 8
WEINHAUPL & SALLETMAIER: Claims Registration Period Ends June 17
B E L G I U M
FORTIS L: Moody's Downgrades Fund Credit Rating to 'B' from 'Ba'
C Y P R U S
RITZIO INTERNATIONAL: Moody's Cuts Corp. Family Rating to 'Caa3'
G E R M A N Y
ARCANDOR AG: Says Metro Merger Won't Replace State Aid
COVERA GMBH: Claims Registration Period Ends June 16
DELPHIN GROUP: Claims Registration Period Ends June 26
DUESENBERG COLLECTION: Claims Registration Period Ends June 5
E.U.R.O. DACH: Claims Registration Period Ends June 3
FINO WOHNBAUPARTNER: Claims Registration Period Ends June 12
GENERAL MOTORS: Beijing Auto Expresses Interest in Opel
GFCAR GMBH: Claims Registration Period Ends July 25
GOEBEL & PARTNER: Claims Registration Period Ends June 10
IHT HOLDING: Claims Registration Period Ends July 10
IMG SERVICE: Claims Registration Period Ends June 16
G R E E C E
ASPIS PRONIA: Fitch's Junks Insurer Financial Strength Ratings
I R E L A N D
TAURUS CMBS: Fitch Cuts Ratings on Class E and F Notes to 'B'
WINDERMERE VII: Moody's Cuts Rating on Class D Notes to 'B1'
WINDERMERE XI: Fitch Affirms 'CCC' Rating on Two Classes of Notes
K A Z A K H S T A N
JAMBYL JSC: Creditors Must File Claims by June 19
KAZ TRANS: Creditors Must File Claims by June 19
SPECTR PRODUCT: Creditors Must File Claims by June 19
TRANS KAMAZ: Creditors Must File Claims by June 19
UPRAVLENIYE VREMENNYH: Creditors Must File Claims by June 19
* KAZAKHSTAN: Nonperforming Loans Nearing "Critical State"
K Y R G Y Z S T A N
KAZ TRADE: Court Names A. Mamytova as Insolvency Manager
L I T H U A N I A
FLYLAL: To Axe All 274 Employees
R U S S I A
AK JSC: Fitch Assigns 'B' Long-Term Issuer Default Rating
KALUZHSKIY PLYWOOD: Kaluzhskaya Bankruptcy Hearing Set Sept. 17
KHIM-FORM CJSC: Saratovskaya Bankruptcy Hearing Set September 24
KOLOMENSKIY PAPER: Creditors Must File Claims by July 7
KOMPEK-STROY LLC: Tulskaya Bankruptcy Hearing Set September 10
SEVERSTAL OAO: Fitch Cuts Long-Term Issuer Default Rating to 'BB-'
TRANSCREDITBANK: S&P Gives Negative Outlook; Affirms 'BB' Rating
S L O V E N I A
* SLOVENIA: Central Bank Governor Warns of Insolvency
S P A I N
IM CAJAMAR: Fitch Cuts Ratings on Two Class E Tranches to 'CC'
MADRID RMBS: S&P Downgrades Rating on Class E Notes to 'D'
S W I T Z E R L A N D
ECH WERBEGESCHENKE: Creditors Have Until June 5 to File Claims
OUNDJIAN AG: Claims Filing Deadline is June 23
RR RORCHACHER: Claims Filing Deadline is June 8
WFT FASSADENTECHNIK: Creditors Must File Claims by June 30
W.J. MAURER: Claims Filing Deadline is June 23
U K R A I N E
ERIDAN LLC: Creditors Must File Claims by June 5
FOR STAR: Creditors Must File Claims by June 5
GENERALI GARANT: Moody's Lowers Local Currency IFSR to 'Ba1'
PRYCHORNOMORIA BANK: NBU Launches Liquidation Procedure
SOYUZ-A LLC: Creditors Must File Claims by June 5
TECHNOPROJECT LLC: Creditors Must File Claims by June 5
UKRAINE MORTGAGE: Moody's Cuts Ratings on 2 Classes of Notes to B1
ULIANA LLC: Court Starts Bankruptcy Supervision Procedure
U N I T E D K I N G D O M
APPLECROSS PROPERTIES: Put Into Receivership by Bank of Scotland
BRITISH AIRWAYS: Posts GBP375 Mln Loss for 12-Mos Ended March 31
BRIXTON PLC: Gets Preliminary Approach from Segro
BRIXTON PLC: SEGRO Offer Won't Affect Fitch's Low-B Ratings
CENTRAL METAL: Appoints Joint Administrators from BDO
CHARTERS DEVELOPMENTS: Brings in Joint Administrators from PwC
TITAN 2005-1: Moody's Cuts Rating on Class E Notes to 'B2'
ELLIOTT ROSS: Taps Joint Administrators from Smith & Williamson
INEOS GROUP: May Secure Waiver Extension This Week
JUST FORMS: Appoints Joint Administrators from Tenon Recovery
LAND SECURITIES: CEO Ordered to Draw Up Turnaround Plans
LLOYDS BANKING: To Auction Stakes Inherited From HBOS
LLOYDS BANKING: U.K. Holds Stress Tests Results on Stability Issue
NEW EAST: Appoints Joint Administrators from Tenon Recovery
REMIND4U LTD: Taps Joint Administrators from Smith & Williamson
ROYAL BANK: U.K. Holds Stress Tests Results on Stability Concerns
SOHO M LTD: Appoints Joint Administrators from Tenon Recovery
SOHO P LTD: Calls in Joint Administrators from Tenon Recovery
TFIF LTD: Taps Joint Administrators from Tenon Recovery
* Fitch Downgrades Long-Term IDRs of Five UK Building Societies
* Large Companies with Insolvent Balance Sheet
*********
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A U S T R I A
=============
DUFFY GASTRO: Claims Registration Period Ends June 17
-----------------------------------------------------
Creditors owed money by Duffy Gastro GmbH have until June 17,
2009, to file written proofs of claim to the court-appointed
estate administrator:
Dr. Wolfgang Lamprecht
Stadtplatz 5
5280 Braunau/Inn
Austria
Tel: 07722/62 457
Fax: 07722/62457-14
E-mail: mail@kanzlei-lamprecht.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on June 24, 2009, for the
examination of claims at:
Land Court of Ried im Innkreis
Ried im Innkreis
Austria
DUFFY GASTRO GMBH: Claims Registration Period Ends June 17
----------------------------------------------------------
Creditors owed money by Duffy Gastro GmbH & Co KG have until
June 17, 2009, to file written proofs of claim to the court-
appointed estate administrator:
Dr. Wolfgang Lamprecht
Stadtplatz 5
5280 Braunau/Inn
Austria
Tel: 07722/62 457
Fax: 07722/62457-14
E-mail: mail@kanzlei-lamprecht.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:40 a.m. on June 24, 2009, for the
examination of claims at:
Land Court of Ried im Innkreis
Hall 101
First Floor
Ried im Innkreis
Austria
INAS INTERNATIONAL: Claims Registration Period Ends June 17
-----------------------------------------------------------
Creditors owed money by InAS International Aluminium Systems GmbH
have until June 17, 2009, to file written proofs of claim to the
court-appointed estate administrator:
Dr. Karl Robert Hiebl
Stadtplatz 50/2
5280 Braunau am Inn
Austria
Tel: 07722 / 625 43
Fax: 07722 / 828 93
E-mail: kanzlei@lirk-hiebl.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on June 24, 2009, for the
examination of claims at:
Land Court of Ried im Innkreis
Hall 101
First Floor
Ried im Innkreis
Austria
JOHANN RATHGEBER: Claims Registration Period Ends June 5
--------------------------------------------------------
Creditors owed money by Johann Rathgeber GmbH have until June 5,
2009, to file written proofs of claim to the court-appointed
estate administrator:
Dr. Herbert Matzunski
Salurner Strasse 16
6020 Innsbruck
Austria
Tel: 0512/58 27 16
Fax: 0512/57 14 67
E-mail: law@hauska-matzunski.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on June 19, 2009, for the
examination of claims at:
Land Court of Innsbruck
Meeting Room 214
Second Floor
Innsbruck
Austria
NIMMERVOLL GMBH: Claims Registration Period Ends June 5
-------------------------------------------------------
Creditors owed money by Nimmervoll GmbH have until June 5, 2009,
to file written proofs of claim to the court-appointed estate
administrator:
Dr. Oskar Welzl
Fabrikstrasse 3
4020 Linz
Austria
Tel: 0732/773333-0, 773475
Fax: 0732/773333-44
E-mail: ra-welzl@aon.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on June 19, 2009, for the
examination of claims at:
Land Court of Linz
Room 522
5th Floor
Linz
Austria
TECHWEB SOLUTIONS: Claims Registration Period Ends June 8
---------------------------------------------------------
Creditors owed money by TechWeb Solutions GmbH have until June 8,
2009, to file written proofs of claim to the court-appointed
estate administrator:
Mag. Herbert Ortner
Hauptplatz 46
8570 Voitsberg
Austria
Tel: 03142/22303
Fax: 03142/22303-6
E-mail: office@recht-kompetent.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on June 23, 2009, for the
examination of claims.
WEINHAUPL & SALLETMAIER: Claims Registration Period Ends June 17
----------------------------------------------------------------
Creditors owed money by Weinhaupl & Salletmaier KG have until
June 17, 2009 , to file written proofs of claim to the court-
appointed estate administrator:
Mag. Petra Windhager
Tummelplatzstrasse 5
4780 Scharding
Austria
Tel: 07712 / 35855
Fax: 07712 / 35855-5
E-mail: office@kanzlei-windhager.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:20 a.m. on June 24, 2009, for the
examination of claims at:
Land Court of Ried im Innkreis
Hall 101
First Floor
Ried im Innkreis
Austria
=============
B E L G I U M
=============
FORTIS L: Moody's Downgrades Fund Credit Rating to 'B' from 'Ba'
----------------------------------------------------------------
Moody's Investors Service has downgraded the fund credit rating of
FORTIS L FUND Bond High Yield World to B from Ba and affirmed the
fund's market risk rating of MR5 prior to withdrawing both
ratings. The fund's ratings will be withdrawn for business
reasons.
The downgrade of the fund's credit risk rating follows
deterioration in the credit quality of a number of the fund's
underlying high yield investments. The high yield asset class is
under pressure due to the challenging macroeconomic environment.
The fund is managed by Fortis Investments, an autonomous global
asset management arm of the Fortis group. The most recent rating
action taken on this fund is dated November 22, 2002, when Moody's
assigned the initial ratings to the fund.
Moody's fund ratings consist of a credit rating and a companion
market risk rating. The fund credit rating incorporates Moody's
assessment of a fund's published investment objectives and
policies, the creditworthiness of the assets held by the fund, as
well as the management characteristics of the fund. Fund credit
ratings, which are not intended to consider the prospective
performance of a fund with respect to price appreciation,
volatility of net asset value or yield, are expressed using
traditional rating symbols that range from Aaa to C. A fund rated
B is judged to be of an investment quality similar to B-rated
fixed income obligations -- that is, they generally lack
characteristics of a desirable investment.
A market risk rating represents an opinion of the relative degree
of volatility of a rated fund's net asset value. The ratings are
not intended to reflect the prospective performance of a fund with
respect to price appreciation or yield. Market risk ratings use a
numerical scale that ranges from MR1 to MR5. An MR5 judged to
have very high sensitivity to changing interest rates and other
market conditions.
===========
C Y P R U S
===========
RITZIO INTERNATIONAL: Moody's Cuts Corp. Family Rating to 'Caa3'
----------------------------------------------------------------
Moody's Investors Service has downgraded to Caa3 from Caa2 the
corporate family and senior unsecured ratings of the existing
US$280 million Loan Participation Notes due 2010, and to Ca from
Caa2 the probability of default rating of Ritzio International
Limited, and left the ratings on review for possible downgrade
pending the outcome of the imminent liquidity issues and ultimate
refinancing risks. The rating action was triggered by the
increased probability of termination of the company's operations
in Ukraine should the new legislation banning gaming activities in
the country be enacted by the president. Moody's note that the
mature Ukrainian operations contributing a significant share of
the company's revenue and the bulk of its EBITDA have already been
suspended by the authorities. Their discontinuation would have a
major negative effect on Ritzio International's credit profile and
its ability to support debt service.
The downgrade of the probability of default rating to Ca reflects
an increased risk of a liquidity shortfall in July 2009 and
January 2010 when semi-annual coupon payments on the LPN are due,
aggravated by refinancing pressures associated with debt maturing
in July 2010, and Moody's assessment that the potential recoveries
are likely to be modest given the limited fixed asset and property
base.
The corporate family rating of Ritzio International may come under
further downward pressure if the company fails to meet its pending
coupon payment, an event which could potentially be avoided
through a re-negotiation of the terms of the Notes with the
noteholders. The company's ability to substantially reduce its
longer-term debt service requirements, or to re-capitalise the
company to accommodate the negative changes in the business
profile, will also be rating considerations. Moody's will examine
any restructuring of the debt structure or covenants to assess
whether it would amount to a default under Moody's definition.
The previous action of the agency was on April 28, 2009, when
Moody's downgraded to Caa2 from B3 the corporate family and
probability of default ratings of Ritzio International Limited,
and the senior unsecured rating of the existing US$280 million
Loan Participation Notes due 2010, and left the ratings on review
for downgrade pending the outcome of the imminent liquidity issues
and ultimate refinancing risks.
Ritzio International Limitedt is a gaming operator in Europe,
Latin America, CIS and the Baltics, primarily operating slot
machine halls. Ritzio International reported revenue of US$354.5
million and Operating profit before depreciation, amortisation and
financing costs of US$88 million for the first nine months of
2008.
=============
G E R M A N Y
=============
ARCANDOR AG: Says Metro Merger Won't Replace State Aid
------------------------------------------------------
Holger Elfes at Bloomberg News reports that Arcandor AG said it
needs state aid by June 12 if it is to survive and that talks with
Metro AG on a possible merger of the Karstadt and Kaufhof
department-store chains are no alternative to government
guarantees.
"Metro would have to bring the money we need for survival and it
really doesn't look like that at the moment," the report quoted
Arcandor spokesman Gerd Koslowski as saying. The Arcandor
spokesman, as cited in the report, said May 21 talks between
Arcandor Chief Executive Officer Karl-Gerhard Eick and Metro CEO
Eckhard Cordes didn't provide such an indication. Both executives
will meet again at a later date, the report says.
According to Bloomberg News, Arcandor is facing a June 12 expiry
of a credit line worth EUR650 million (US$907 million). The
report recalls Arcandor said May 20 its lenders, including the
Royal Bank of Scotland Plc, Commerzbank AG and BayernLB, have
agreed on applying for a state guarantee and that the proposal is
being probed by PricewaterhouseCoopers LLP for the federal
government. Metro however repeatedly said it opposes state
guarantees for Arcandor, the report relates.
About Arcandor AG
Germany-based Arcandor AG (FRA:ARO) -- http://www.arcandor.com/--
formerly KarstadtQuelle AG, is a tourism and retail group. Its
three core business areas are tourism, mail order services and
department store retail. The Company's business areas are covered
by its three operating segments: Thomas Cook, Primondo and
Karstadt. Thomas Cook Group plc is a tour operator with
operations in Europe and North America, set up as a result of a
merger between MyTravel and Thomas Cook AG. It also operates the
e-commerce platform, Thomas Cook, supporting travel services.
Primondo has a portfolio of European universal and specialty mail
order companies, including the core brand Quelle. Karstadt
operates a range of department stores, such as cosmopolitan
stores, including KaDeWe (Kaufhaus des Westens), Karstadt
Oberpollinger and Alsterhaus; Karstadt brand department stores;
Karstadt sports department stores, offering sports goods in a
variety of retail outlets, and a portal, karstadt.de that offers
online shopping, among others.
COVERA GMBH: Claims Registration Period Ends June 16
----------------------------------------------------
Creditors of Covera GmbH have until June 16, 2009, to register
their claims with court-appointed insolvency manager.
Creditors and other interested parties are encouraged to attend
the meeting at 10:10 a.m. on July 21, 2009, at which time the
insolvency manager will present his first report.
The meeting of creditors will be held at:
The District Court of Bueckeburg
Hall 4117
Herminenstrasse 30
31675 Bueckeburg
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:
Olaf Handschuh
Mindener St. 6
31675 Bueckeburg
Germany
Tel: 05722/1016
Fax: 05722/9667490
The court opened bankruptcy proceedings against the company on
May 5, 2009. Consequently, all pending proceedings against the
company have been automatically stayed.
The Debtor can be reached at:
Covera GmbH
Roentgenstr. 13
31737 Rinteln
Germany
Attn: Josef Johannes Borgerding Jun.
Hagen-Ringstr. 37 B
49377 Vechta
Germany
DELPHIN GROUP: Claims Registration Period Ends June 26
------------------------------------------------------
Creditors of Delphin Group Wohn-u. Gewerbebau GmbH have until
June 26, 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 July 30, 2009, at which time the
insolvency manager will present his first report.
The meeting of creditors will be held at:
The District Court of Ingolstadt
Meeting Room 28 I
Schrannenstr. 3
85049 Ingolstadt
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:
Florian Fuechsl
Leopoldstrasse 139
80804 Muenchen
Germany
Tel: 089/361930-0
Fax: 089/361930-199
The court opened bankruptcy proceedings against the company on
May 5, 2009. Consequently, all pending proceedings against the
company have been automatically stayed.
The Debtor can be reached at:
Delphin Group Wohn-u. Gewerbebau GmbH
Am Nordbahnhof 6
85049 Ingolstadt
Germany
Atn: Rita Maria Rottler, Manager
Schillerstr. 9 A
85084 Reichertshofen
Germany
DUESENBERG COLLECTION: Claims Registration Period Ends June 5
-------------------------------------------------------------
Creditors of Duesenberg Collection GmbH have until June 5, 2009,
to register their claims with court-appointed insolvency manager.
Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Duesseldorf
Meeting Hall A 357
Fourth Floor
Muehlenstrasse 34
40213 Duesseldorf
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:
Michael Bremen
Sternstr. 58
40479 Duesseldorf
Germany
The court opened bankruptcy proceedings against the company on
May 7, 2009. Consequently, all pending proceedings against the
company have been automatically stayed.
The Debtor can be reached at:
Duesenberg Collection GmbH
Max-Volmer-Str. 18
40742 Hilden
Germany
Attn: Georg Kaim, Manager
Friedrich-Ebert-Strasse 271
58566 Kierspe
Germany
E.U.R.O. DACH: Claims Registration Period Ends June 3
-----------------------------------------------------
Creditors of E.U.R.O. Dach GmbH have until June 3, 2009, to
register their claims with court-appointed insolvency manager.
Creditors and other interested parties are encouraged to attend
the meeting at 10:10 a.m. on July 15, 2009, at which time the
insolvency manager will present his first report.
The meeting of creditors will be held at:
The District Court of Duisburg
Room C315
Kardinal-Galen-Strasse 124-132
47058 Duisburg
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:
Lothar Venn
Bruener Strasse 4 – 6
46499 Hamminkeln
Germany
The court opened bankruptcy proceedings against the company on
May 4, 2009. Consequently, all pending proceedings against the
company have been automatically stayed.
The Debtor can be reached at:
E.U.R.O. Dach GmbH
Dr. Alfred-Herrhausen-Allee 20
47228 Duisburg
Germany
Attn: Carlo Vercoulen, Manager
Hertog-Reinondsingel 152
NLD-NL -5913 XH Venlo
Germany
FINO WOHNBAUPARTNER: Claims Registration Period Ends June 12
------------------------------------------------------------
Creditors of Fino Wohnbaupartner GmbH have until June 12, 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 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 Paderborn
Meeting Hall 218
Bogen 2-4
33098 Paderborn
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:
Sandra Bitter
Busdorfwall 22
33098 Paderborn
Germany
Tel: 05251/ 180660
Fax: 05251 / 1806666
The court opened bankruptcy proceedings against the company on
May 7, 2009. Consequently, all pending proceedings against the
company have been automatically stayed.
The Debtor can be reached at:
Fino Wohnbaupartner GmbH
Freihof 6
33106 Paderborn
Germany
Attn: Josef Georg Meier, Manager
Gesselner Hude 46
33106 Paderborn
Germany
GENERAL MOTORS: Beijing Auto Expresses Interest in Opel
-------------------------------------------------------
Beijing Automotive Industry Holding Co has submitted an expression
of interest for General Motors Corp.'s Opel and Vauxhall
operations in Europe, Bloomberg News reports citing a person
familiar with the matter.
The Chinese company sent a letter a day after the May 20 deadline
for bids but a specific offer may not materialize, two people, who
declined to be identified because the negotiations are private,
were cited by Bloomberg News as saying.
"The risks are huge" for a potential Chinese bidder, Bloomberg
News quoted Yu Bing, an analyst at Ping An Securities in Shanghai,
as saying. "Chinese carmakers aren't big or experienced enough
and lack the technology and management skills to buy something
like Opel."
According to Bloomberg News, GM has said that Opel needs EUR3.3
billion (US$4.6 billion) in government aid to survive. The
carmaker is selling a majority stake in its European operations
while preparing for a probable June 1 bankruptcy, the report says.
The unit attracted bids from Italian carmaker Fiat SpA, Canadian
auto supplier Magna International Inc. and buyout firm RHJ
International SA, the report notes.
The report relates the same people said the bids from Magna and
RHJ include cash, while Fiat’s offer requires EUR7 billion of
financing to reorganize Opel.
Greg Chang at Bloomberg News reports that Magna confirmed it made
an offer for Opel with Sberbank Rossii, with a total possible
investment of EUR700 million.
Fiat Chief Executive Officer Sergio Marchionne, according to
Bloomberg News, has said his bid for Opel wouldn't require cash.
He would offer "100 percent of Fiat's auto unit clean of debt and
assume Opel debt," he said in a May 6 interview, Bloomberg News
recalls.
Opel will get EUR1.5 billion in bridge loans from German federal
and state governments, the report cited Juergen Reinholz, economy
minister of the state of Thuringia, as saying. The German
government will contribute EUR750 million and the four states with
Opel factories will provide the remainder, he added.
Meanwhile, Tony Czuczka at Bloomberg News relates that German
Economy Minister Karl-Theodor zu Guttenberg said he remains
unpersuaded by any of the three bids for GM's Opel unit even after
Fiat sweetened its offer aimed at winning state aid.
Mr. Guttenberg, as cited in the report, said Fiat's new offer was
being reviewed to see "if they can stand up everything they say"
while questions remain over bids by Magna and RHJ.
"We still cannot be sure whether Magna, or Fiat, or [RHJ] will
ensure that bridge loans won't disappear into a black hole; that
any further guarantees will be effective; and that they're really
offering something more than high-minded romantic ideas," the
report quoted Mr. Guttenberg as saying.
About General Motors
Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908. GM employs
about 266,000 people around the world and manufactures cars and
trucks in 35 countries. In 2007, nearly 9.37 million GM cars and
trucks were sold globally under the following brands: Buick,
Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling. GM's OnStar
subsidiary is the industry leader in vehicle safety, security and
information services.
GM Europe is based in Zurich, Switzerland, while General Motors
Latin America, Africa and Middle East is headquartered in Miramar,
Florida.
As reported by the Troubled Company Reporter, GM reported net loss
of US$6.0 billion, including special items, in the first quarter
of 2009. This compares with a reported net loss of US$3.3 billion
in the year-ago quarter. Excluding special items, the Company
reported an adjusted net loss of US$5.9 billion in the first
quarter of 2009 compared to an adjusted net loss of US$381 million
in the first quarter of 2008. As of March 31, 2009, GM had
US$82.2 billion in total assets and US$172.8 billion in total
liabilities, resulting in US$90.5 billion in stockholders'
deficit.
On April 27, General Motors presented the U.S. Department of
Treasury with an updated plan as required by the loan agreement
signed by GM and the U.S. Treasury on December 31, 2008. The plan
addresses the key restructuring targets required by the loan
agreement, including a number of the critical elements of the plan
that was submitted to the U.S. government on December 2, 2008.
Among these are: U.S. market competitiveness; fuel economy and
emissions; competitive labor cost; and restructuring of the
company's unsecured debt. It also includes a timeline for
repayment of the Federal loans, and an analysis of the Company's
positive net present value.
The plan details the future reduction of GM's vehicle brands and
nameplates in the U.S., further consolidation in its workforce and
dealer network, accelerated capacity actions and enhanced
manufacturing competitiveness, while maintaining GM's strong
commitment to high-quality, fuel-efficient vehicles and advanced
propulsion technologies.
GM also launched a bond exchange offer for roughly US$27 billion
of unsecured public debt. If successful, the bond exchange would
result in the conversion of a large majority of this debt to
equity.
GM is also in talks with the UAW to modify the terms of the
Voluntary Employee Benefit Association, and with the U.S. Treasury
regarding possible conversion of its debt to equity. The current
bond exchange offer is conditioned on the converting to equity of
at least 50% of GM's outstanding U.S. Treasury debt at June 1,
2009, and at least 50% of GM's future financial obligations to the
new VEBA. GM expects a debt reduction of at least US$20 billion
between the two actions.
In total, the U.S. Treasury debt conversion, VEBA modification and
bond exchange could result in at least US$44 billion in debt
reduction.
GM filed with the Securities and Exchange Commission a
registration statement related to its exchange offer. The filing
incorporates the revised Viability Plan. A full-text copy of the
filing is available at http://ResearchArchives.com/t/s?3c09
A full-text copy of GM's viability plan presented in February 2009
is available at http://researcharchives.com/t/s?39a4
Going Concern Doubt
Deloitte & Touche LLP, has said there is substantial doubt about
GM's ability to continue as a going concern after reviewing GM's
2008 financial report. Deloitte cited the Company's recurring
losses from operations, stockholders' deficit and failure to
generate sufficient cash flow to meet the Company's obligations
and sustain the its operations. It said GM's future is dependent
on the Company's ability to execute the Company's Viability Plan
successfully or otherwise address these matters. If the Company
fails to do so for any reason, the Company would not be able to
continue as a going concern and could potentially be forced to
seek relief through a filing under the U.S. Bankruptcy Code.
Standard & Poor's Ratings Services on April 10 lowered its issue-
level rating on GM's US$4.5 billion senior secured revolving
credit facility to 'CCC-' (one notch above the 'CC' corporate
credit rating on the company) from 'CCC'. It revised the recovery
rating on this facility to '2' from '1', indicating its view that
lenders can expect substantial (70% to 90%) recovery in the event
of a payment default. The corporate credit rating remains
unchanged, at 'CC', reflecting its view of the likelihood that GM
will default -- through either a bankruptcy or a distressed debt
exchange.
Moody's Investors Service said February 18 that the risk of a
bankruptcy filing by GM and Chrysler remains high. The last
rating action on GM and Chrysler was a downgrade of their
Corporate Family Ratings to Ca on December 3, 2008.
GFCAR GMBH: Claims Registration Period Ends July 25
---------------------------------------------------
Creditors of GFCar GmbH have until July 25, 2009, to register
their claims with court-appointed insolvency manager.
Creditors and other interested parties are encouraged to attend
the meeting at 10:10 a.m. on Aug. 18, 2009, at which time the
insolvency manager will present his first report.
The meeting of creditors will be held at:
The District Court of Bad Kreuznach
Hall A4
Hofgartenstr. 2
55545 Bad Kreuznach
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:
Dr. Wolfgang Maus
Fachanwalt fuer Insolvenzrecht
Mannheimer St. 254a
D 55543 Bad Kreuznach
Germany
Tel: 0671-79496-13
Fax: 0671-79496-10
The court opened bankruptcy proceedings against the company on
May 6, 2009. Consequently, all pending proceedings against the
company have been automatically stayed.
The Debtor can be reached at:
GFCar GmbH
Schiefersteinstr. 73a
55606 Kellenbach
Germany
Attn: Elena Schult, Manager
Elstorferstr. 43e
21149 Hamburg
Germany
GOEBEL & PARTNER: Claims Registration Period Ends June 10
---------------------------------------------------------
Creditors of Goebel & Partner Immobilien GmbH have until
June 10, 2009, to register their claims with court-appointed
insolvency manager.
Creditors and other interested parties are encouraged to attend
the meeting at 2:15 p.m. on July 2, 2009, at which time the
insolvency manager will present his first report.
The meeting of creditors will be held at:
The District Court of Schweinfurt
Meeting Hall 22
Eingang Friedenstr. 2
Schweinfurt
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:
Robert Wartenberg
Friedrichstr. 15
96047 Bamberg
Germany
Tel: 0951/29743-0
Fax: 0951/29743-29
The court opened bankruptcy proceedings against the company on
May 7, 2009. Consequently, all pending proceedings against the
company have been automatically stayed.
The Debtor can be reached at:
Goebel & Partner Immobilien GmbH
Rittergasse 6
97421 Schweinfurt
Germany
Attn: Erwin Ross, Manager
Am Entensee 5
97422 Schweinfurt
Germany
IHT HOLDING: Claims Registration Period Ends July 10
----------------------------------------------------
Creditors of IHT Holding GmbH have until July 10, 2009, to
register their claims with court-appointed insolvency manager.
Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on July 31, 2009, at which time the
insolvency manager will present his first report.
The meeting of creditors will be held at:
The District Court of Bielefeld
Hall 4065
Gericht Street 6
33602 Bielefeld
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:
Dr. Norbert Westhoff
Adenauerplatz 4
33602 Bielefeld
Germany
The court opened bankruptcy proceedings against the company on
May 1, 2009. Consequently, all pending proceedings against the
company have been automatically stayed.
The Debtor can be reached at:
IHT Holding GmbH
Attn: Ulrich Hacker, Manager
Zum Industriehafen 8
32423 Minden
Germany
IMG SERVICE: Claims Registration Period Ends June 16
----------------------------------------------------
Creditors of IMG Service GmbH have until June 16, 2009, to
register their claims with court-appointed insolvency manager.
Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on July 21, 2009, at which time the
insolvency manager will present his first report.
The meeting of creditors will be held at:
The District Court of Aachen
Room D 1.409
Adalbertsteinweg 92
52070 Aachen
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:
Thomas Georg
Juelicher Strasse 116
52070 Aachen
Germany
Tel: 0241/94618-0
Fax: 0241/533562
The court opened bankruptcy proceedings against the company on
May 1, 2009. Consequently, all pending proceedings against the
company have been automatically stayed.
The Debtor can be reached at:
IMG Service GmbH
Attn: Deniz Aksakal, Manager
Theaterplatz 6-8
52062 Aachen
Germany
===========
G R E E C E
===========
ASPIS PRONIA: Fitch's Junks Insurer Financial Strength Ratings
--------------------------------------------------------------
Fitch Ratings has downgraded Aspis Pronia AEGA's and Aspis Pronia
AEAZ's Insurer Financial Strength ratings to 'CCC' from 'B+',
respectively, and maintained the ratings on Rating Watch Negative.
Fitch has simultaneously withdrawn the ratings as it considers the
available information insufficient to maintain rating coverage or
resolve the RWN.
Fitch will no longer provide ratings or analytical coverage on
these two Aspis Pronia entities.
The downgrade of the ratings reflects the significant
deterioration in financial strength of the two companies during
2008, and the agency's opinion that there is currently a high
degree of uncertainty regarding the insurers' ability to meet
obligations.
As of December 31, 2008, Aspis Pronia AEGA had recorded negative
shareholder equity of EUR114 million in the operating company,
resulting from substantial losses on underwriting activities and
the weakened condition of the investment market during 2008.
Furthermore, Fitch has not been able to access any recent
financial information on Aspis Pronia AEAZ, the non-life insurance
entity. However, given the strong operational links between the
two Aspis Pronia entities, Fitch is concerned that Aspis Pronia
AEAZ may also have been significantly affected by adverse market
conditions.
In addition, the agency is concerned that recent regulatory
intervention into Commercial Value, a related insurance company in
which Aspis Pronia AEGA and Aspis Pronia AEAZ have a substantial
shareholding, may place negative pressure on the two companies'
ratings. Fitch believes that the regulator has indicated that the
two Aspis companies cannot account for their shareholdings in
Commercial Value as part of the capital available to cover
solvency requirements.
The ratings also remain under pressure due to the potential
difficulty of rebuilding shareholder equity in the current
financial climate, the highly competitive operating environment in
the Greek insurance market, and the impact of current economic
conditions in Greece on investment values and prospective
investment returns.
=============
I R E L A N D
=============
TAURUS CMBS: Fitch Cuts Ratings on Class E and F Notes to 'B'
-------------------------------------------------------------
Fitch Ratings has downgraded Taurus CMBS (Pan-Europe) 2007-1 Ltd's
class E and F commercial mortgage-backed notes, due February 2020.
The agency has simultaneously affirmed the transaction's other
seven tranches. Except for the class X1 and X2 notes which are on
Outlook Stable, all other note classes are on Outlook Negative.
-- EUR401,173,802.46 class A1 (XS0305732181): affirmed at 'AAA';
Outlook revised to Negative from Stable
-- EUR21,109,622.34 class A2 (XS0309194248): affirmed at 'AA+';
Outlook revised to Negative from Stable
-- EUR50,000 class X1 (XS0305733668): affirmed at 'AAA'; Outlook
Stable
-- EUR100,000 class X2 (XS0305734476): affirmed at 'AAA';
Outlook Stable
-- EUR31,218,455.57 class B (XS0305744608): affirmed at 'AA';
Outlook revised to Negative from Stable
-- EUR45,390,643.36 class C (XS0305745597): affirmed at 'A';
Outlook Negative
-- EUR35,876,447.36 class D (XS0305746215): affirmed at 'BBB';
Outlook Negative
-- EUR4,955,310.42 class E (XS0309195567): downgraded to 'B'
from 'BBB'; Outlook Negative
-- EUR2,483,428.43 class F (XS0309195997): downgraded to 'B'
from 'BBB'; Outlook Negative
Taurus CMBS (Pan-Europe) 2007-1 is a securitization of a pool of
13 commercial mortgage loans originated by subsidiaries of Merrill
Lynch & Co., Inc. ('A+'/'F1+') which are secured on a total of 57
commercial properties located in Switzerland, France and Germany.
The class E and F notes have been downgraded because the EUR5.9
million WPC loan (about 1.1% of the pool balance) has been
reported to be in a payment default due to the insolvency of its
single tenant, the car parts manufacturer Gorts & Schiele which
initially sold the collateral to the borrower as part of a sale-
and-leaseback transaction. Consequently, the liquidity facility
was drawn at the May 2009 interest payment date in an amount of
EUR77,321 to cover the interest shortfall.
The WPC loan is secured by two heavy industrial properties located
on brownfield sites near Saarbrucken, Germany. Although the
reported loan-to-value ratio appears healthy at 51.1% (and was
originally scheduled to amortize to 42.6% at loan maturity), Fitch
believes that the value of the properties is intrinsically linked
to the tenant and that G&S would be difficult to replace, should
it vacate the property.
G&S stopped making rental payments after it experienced trading
difficulties in September 2008. This was deemed to be a major
tenant default under the loan documents and an amount representing
six months interest (EUR191,474) was deposited into a debt service
account (deposit remedy amount). The tenant has remained in
occupation, however, it has not paid rent since September. In the
meantime, G&S has filed for provisional insolvency. The remaining
balance of the deposit remedy amount was used to partially pay
down the loan at the May 2009 IPD. The borrower did not further
support the loan this quarter and hence there were insufficient
funds to meet interest payments resulting in a drawing on the
liquidity facility. A default notice has been issued and a
special servicing transfer event is contemplated by the servicer,
once the specified timescales for such an event have elapsed.
Fitch will continue to monitor the performance of the transaction.
WINDERMERE VII: Moody's Cuts Rating on Class D Notes to 'B1'
------------------------------------------------------------
Moody's Investors Service has downgraded these four classes of
Notes issued by Windermere VII CMBS plc (amounts reflect initial
outstandings):
-- EUR466,000,000 Class A2 Commercial Mortgage-Backed Notes due
2016 downgraded to Aa1 on Review for Possible Downgrade;
previously on 16 May 2006 assigned Aaa;
-- EUR50,000,000 Class B Commercial Mortgage-Backed Notes due
2016 downgraded to A2 on Review for Possible Downgrade;
previously on 16 May 2006 assigned Aa2;
-- EUR27,400,000 Class C Commercial Mortgage-Backed Notes due
2016 downgraded to Baa3 on Review for Possible Downgrade;
previously on 16 May 2006 assigned A2;
-- EUR50,800,000 Class D Commercial Mortgage-Backed Notes due
2016 downgraded to B1 on Review for Possible Downgrade;
previously on 16 May 2006 assigned Baa3.
At the same time, Moody's has kept the rating of the Class X Notes
on review for possible downgrade. Moody's does not rate the Class
E and Class F Notes issued by Windermere VII CMBS plc. The Class
A1 Notes were redeemed in full on July 22, 2008.
The Class A2, Class X, Class B, Class C and Class D Notes were
placed on review for possible downgrade on September 15, 2008,
after Lehman Brothers Holdings Inc filed a petition under Chapter
11 of the U.S. Bankruptcy Code. The rating action takes Moody's
updated central scenarios into account, as described in Moody's
Special Report "Moody's Updates on Its Surveillance Approach for
EMEA CMBS". The Class A2, Class X, Class B, Class C and the Class
D Notes will remain on review for possible downgrade due to
several reasons.
Lehman Brothers Special Financing Inc., a guaranteed subsidiary of
LBHI, acted as counterparty of the Issuer under the interest rate
swap agreements. The replacement of Lehman Brothers Special
Financing Inc. as hedge counterparty is still underway as of this
date with completion expected by the July 2009 IPD.
Furthermore it is expected that the largest loan in the
transaction, the Tornet Loan (17.8% of the pool balance), will
prepay at or before the July 2009 IPD. The Notes remain on review
for further possible downgrade until the Issuer level swap
agreements have been replaced and until there is certainty
concerning the Tornet Loan prepayment.
Moody's analysis of the transaction and the current ratings are
based on the assumption that the Tornet Loan will prepay by the
July 2009 IPD. To the extent that this does not materialize, it
will have considerable negative implications for the current
ratings, especially on the lower classes of Notes.
1) Transaction and Portfolio Overview
Windermere VII CMBS plc closed in May 2006 and represents the
securitisation of initially twelve mortgage loans originated by
Lehman Commercial Paper Inc and secured by first-ranking legal
mortgages over initially 72 commercial properties located in
Germany (60.1% of the original pool), France (17.3%), Sweden
(17.5%) and Spain (5.1%). The portfolio comprised 54.5% office
properties, 22.6% retail properties and 23.0% multifamily
properties.
Since closing, there have been changes in the portfolio
composition. One loan (Darmstadt Loan -- 3.1% of the initial
portfolio balance) has prepaid in full and there have been some
property or unit sales under the Hanseatic, Corpus and Tornet
Loans. The remaining loans are not equally contributing to the
portfolio: the largest loan (Tornet Loan) represents 17.8% of the
current portfolio balance, while the smallest loan (RedLeaf II
Loan) represents 3.1%. The current loan Herfindahl index is 8.7,
virtually unchanged compared to closing. Following the one loan
prepayment and the various property sales, the remaining loans are
secured by 66 properties which are still predominantly office use
(53.6%). 58.1% of the properties are located in Germany.
To date, the sequential payment trigger has not been breached and
proceeds from prepayments (excluding release premia) and balloon
repayments are allocated to the Notes on a 50% sequential and 50%
pro-rata basis. Release premia is allocated pro-rata while
scheduled amortization payments are allocated sequential.
As of the last IPD, all of the remaining eleven loans in the
portfolio were current but three loans were on the servicer's
watchlist for various reasons (tenant lease breaks under the
Nitsba Loan (12.4%), pending loan maturity of the Phoenix Loan
(7.8%) and LTV covenant breach under the RedLeaf I Loan (4.3%)).
The Tornet Loan which is expected to prepay by the July 2009 IPD
is a Euro based loan with property cash flows derived in Swedish
Krona. This currency exposure is currently unhedged. According
to the servicer, the new financing arrangement is already is place
but the new loan has not been drawn down yet.
The debt service payment with respect to the some of the loans
have been trapped in the borrowers' account due to signatory
issues arising from Lehman Brothers International (Europe) and
Lehman Brothers Bankhaus AG insolvency, the security agent under
the respective loans. As a result, there was a shortfall in
income on Issuer level. Along with the issuer not receiving net
swap payments from the swap counterparty, this resulted in
liquidity facility draws at every IPD since October 2008.
The downgrades of the Class A2, Class B, Class C and Class D Notes
follow a detailed re-assessment of the loan and property
portfolio's credit risk. Hereby, Moody's main focus was on
property value declines, term default risk, refinancing risk and
the anticipated work-out timing for potentially defaulting loans.
In its review, Moody's reassessed each loan in the transaction and
assumed that the Tornet Loan will prepay by the July 2009 IPD.
As outlined in more detail below, the rating action is mainly
driven by (i) the transaction's refinancing profile, (ii) the most
recent performance of the European commercial property markets and
(iii) Moody's opinion about future property value performance.
Driven by, in most cases, a higher default risk assessment at the
loan maturity dates, Moody's now anticipates that a large portion
of the portfolio will default over the course of the transaction
term. Coupled with the negative impact of significantly reduced
property values, Moody's expects a considerable amount of losses
on the securitized portfolio. Those expected losses will, given
the back-loaded default risk profile and the anticipated work-out
strategy for defaulted loans, crystallize only towards the end of
the transaction term.
The subordination levels for Moody's rated classes, assuming that
the Tornet Loan prepays will be, 27.3% for the Class A2, 19.3% for
the Class B, 14.9% for the Class C and 6.8% for the Class D Notes,
provide protection against those expected losses. However, the
likelihood of higher than expected losses on the portfolio has
increased substantially, which results in the rating action.
Since closing, 24.1% of the initial loan portfolio has prepaid and
this would increase to 36.4% if the Tornet loan prepays. The
prepayment proceeds were allocated on a 50% sequential and 50%
pro-rata basis to the transaction. However, at the same time, the
loan portfolio only provides for limited scheduled principal
repayment over time. As a result, the Class A2, Class B, Class C
and the Class D Notes have benefited from some moderate increase
in subordination levels since closing.
The Class B, Class C and Class D Notes are subordinated in the
capital structure. Due to this additional leverage, the higher
portfolio risk assessment has a relatively bigger impact on the
expected loss of the Class B and the Class C Notes than on the
expected loss of the Class A2 Notes.
3) Moody's Portfolio Analysis
Property Values. Property values across Continental Europe have
declined significantly until Q1 2009 and are expected to continue
to decline at least until 2010. Moody's estimates that compared
to the underwriter's values at closing which were based on
predominantly 2005 valuations, the values of the properties
securing this transaction (excluding sold properties and excluding
the Tornet Loan) have declined by on aggregate 11% until the
beginning of 2009 (ranging from a 13% value increase for the
Phoenix Loan to a 27.5% decline for the Nordostpark Loan).
Looking ahead, Moody's anticipates further declines until 2010,
resulting in a 22% value decline compared to the U/W value at
closing This also includes VPV haircuts for the single tenant
exposures.
Based on this property value assessment, Moody's estimates that
the transaction's early-2009 weighted average securitized loan-to-
value ratio was 87% (including the Tornet Loan) compared to the U/
W LTV of 70.4% reported on the January 2009 IPD and which assumed
that the Tornet loan currency swap was still in place. Due to the
further envisaged declines, the WA LTV will increase in Moody's
opinion to 95% in 2010 (excluding the Tornet Loan) and will only
gradually recover thereafter. As three loans (have additional
debt in the form of B-loans (amounting to EUR23.7million on
aggregate) and one of these three loans also has a syndicated loan
portion, the overall whole loan leverage is on average 100%, based
on estimated trough values (excluding the Tornet Loan).
Moody's has taken the anticipated property value development,
including a gradual recovery from 2011 onwards, into account when
analyzing the default risk at loan maturity and the loss given
default for each securitized loan.
Refinancing Risk. The transaction's exposure to loans maturing in
the short-term (2009 and 2010 and excluding the Tornet Loan) is
substantial. Taking into account extension options, 30.0% of the
portfolio matures in 2009 and 2010, 66.3% in 2011 and 2012 and
3.7% in 2013. As Moody's expects property values in Continental
Europe to only slowly recover from 2011 onwards, all loans will be
highly leveraged at their respective maturity dates.
Consequently, in Moody's view, for all of the loans, the default
risk at maturity has increased substantially compared to the
closing analysis.
Term Default Risk. Most of the occupational markets in
Continental Europe are currently characterized by falling rents,
increasing vacancy rates and higher than average tenant default
rates. Taking into account the lease profile of the respective
loans and in particular the lease break option profiles, the
RedLeaf I and RedLeaf II Loans could be in Moody's view especially
exposed to weakening occupational markets. The balance of the
portfolio benefits either from long-dated leases in some cases to
relatively creditworthy tenants or from a higly diversified tenant
base in the case of multi-family properties. Based on the current
lease profile, Moody's has incorporated into its analysis an
allowance for deterioration in coverage ratios on some of the
loans, in turn increasing the term default risk assumption for the
respective loans.
Overall Default Risk. Based on its revised term and maturity
default risk assessment for the securitized loans, Moody's
anticipates that a large portion of the portfolio will default
over the course of the transaction term. The default risk of all
loans is predominantly driven by refinancing risk. In Moody's
view, the Nordostpark Loan has currently the highest default risk,
while the Adductor Loan has the lowest risk of defaulting.
Concentration Risk. The portfolio securitized in Windermere VII
CMBS plc exhibits below average concentration in terms of property
types (67.3% office, excluding the Tornet Loan) and property
location (68.4% Germany, excluding the Tornet Loan). In Moody's
view, the transaction benefits from some diversity of property
types and from different markets performing differently over time.
Work-Out Strategy. In scenarios where a loan defaults, Moody's
current expectation is that the servicer will most likely not
pursue an immediate sale of the property in the depressed market
conditions. Therefore, Moody's has assumed that in most cases,
upon default, a sale of the mortgaged properties and ultimate
work-out of the loan will occur at a later point in time.
Increased Portfolio Loss Exposure. Taking into account the
increased default risk of the loans, the most recent performance
of the Continental European commercial property markets, Moody's
opinion about future property value performance and the most
likely work-out strategies for defaulted loans, Moody's
anticipates a considerable amount of losses on the securitized
portfolio, which will, given the backloaded default risk profile
and the anticipated work-out strategy for defaulted loans,
crystallize only towards the end of the transaction term.
4) Lehman Brothers Insolvency and Subsequent Events
The transaction is exposed to LBHI entities through the hedging
agreements, the capex facilities and its role as security trustee
for the loans.
The transaction at closing benefited from loan-specific Issuer
level hedges provided by Lehman Brothers Special Financing Inc,
guaranteed by LBHI. The hedging agreements are designed to allow
the Issuer to exchange the fixed cashflows it receives from the
loans into floating cashflows matching the Notes liability
structure. As such, they are an integral part of the capital
structure of the Issuer. The replacement of Lehman Brothers
Special Financing Inc. as hedge counterparty is still underway as
of this date with completion expected by the July 2009 IPD. Once
the swap agreements have been replaced, Moody's will conclude its
analysis on the credit impact of the LBHI Chapter 11 filing,
initiated on September 15, 2008.
The transaction is also exposed to Lehman Brothers entities
through a) provision of capex facilities and b) its role as the
security trustee for the loans. Moody's based its analysis on the
assumption that the capex amounts will be available to the Firefly
and Phoenix Loans. Regarding the security trustee roles, Moody's
expectation in its credit analysis has been that there will be a
transition to a suitable replacement counterparty within the next
12 months.
WINDERMERE XI: Fitch Affirms 'CCC' Rating on Two Classes of Notes
-----------------------------------------------------------------
Fitch Ratings has affirmed Windermere XI CMBS plc's commercial
mortgage-backed notes, due April 2017.
-- GBP534.7 million Class A: affirmed at 'A+'; Outlook Negative
-- GBP53.5 million Class B: affirmed at 'BBB-'; Outlook Negative
-- GBP41.8 million Class C: affirmed at 'B+'; off Rating Watch
Negative; assigned Negative Outlook
-- GBP31.4 million Class D: affirmed at 'CCC'; Recovery Rating
is 'RR5'
-- GBP7.5 million Class E: affirmed at 'CCC'; Recovery Rating is
'RR5'
This transaction is a securitization of eight commercial mortgage
loans originated by Lehman Brothers Commercial Paper Inc, which
closed in April 2007.
As with all other CMBS from the Windermere series, this
transaction was affected by the insolvency of Lehman Brothers,
which acted as issuer hedge counterparty. The removal of the
class C notes from Rating Watch Negative follows the replacement
of Lehman Brothers in this capacity. A Negative Outlook has been
assigned, in line with class A and B due to worsening refinancing
prospects as discussed in "Windermere XI CMBS plc - A performance
update" published on March 12, 2009.
On April 17, 2009, the issuer entered into a fixed-to-floating
interest rate swap agreement with HSBC Bank plc (rated
'AA'/Outlook Negative/'F1+') to hedge the mismatch between the
fixed-rate interest receivable on the loans and the floating-rate
interest payable on the notes. The new agreements effectively
replace Lehman Brothers Special Financing Inc as counterparty on
this transaction on the same economic basis as the original hedge
agreements. Consequently, the interest rate risk of this
transaction remains unchanged from that of the closing date, at no
additional cost to the issuer.
Fitch will continue to monitor the performance of the transaction.
===================
K A Z A K H S T A N
===================
JAMBYL JSC: Creditors Must File Claims by June 19
-------------------------------------------------
Creditors of JSC Jambyl have until June 19, 2009, to submit proofs
of claim to:
Kassin Str. 2/2-21
Mamyr
Almaty
Kazakhstan
Tel: 8 777 559 68-31
The Specialized Inter-Regional Economic Court of Almaty commenced
bankruptcy proceedings against the company on Dec. 12, 2008, after
finding it insolvent.
The Court is located at:
The Specialized Inter-Regional Economic Court of Almaty
Tauelsyzdyk Str. 53
Taldykorgan
Almaty
Kazakhstan
KAZ TRANS: Creditors Must File Claims by June 19
------------------------------------------------
Creditors of LLP Kaz Trans Logistic have until June 19, 2009, to
submit proofs of claim to:
The Specialized Inter-Regional
Economic Court of Aktube
Satpaev Str. 16
Aktobe
Aktube
Kazakhstan
The Specialized Inter-Regional Economic Court of Aktube commenced
bankruptcy proceedings against the company on April 17, 2009.
SPECTR PRODUCT: Creditors Must File Claims by June 19
-----------------------------------------------------
Creditors of LLP Spectr Product have until June 19, 2009, to
submit proofs of claim to:
The Specialized Inter-Regional
Economic Court of Aktube
Satpaev Str. 16
Aktobe
Aktube
Kazakhstan
The Specialized Inter-Regional Economic Court of Aktube commenced
bankruptcy proceedings against the company on April 17, 2009.
TRANS KAMAZ: Creditors Must File Claims by June 19
--------------------------------------------------
Creditors of LLP Trans Kamaz have until June 19, 2009, to submit
proofs of claim to:
Micro District Mamyr 1, 6/18
Almaty
Kazakhstan
The Specialized Inter-Regional Economic Court of Almaty commenced
bankruptcy proceedings against the company on Dec. 19, 2008, after
finding it insolvent.
The Court is located at:
The Specialized Inter-Regional
Economic Court of Almaty
Baizakov Str. 273b
Almaty
Kazakhstan
UPRAVLENIYE VREMENNYH: Creditors Must File Claims by June 19
------------------------------------------------------------
Creditors of OJSC Upravleniye Vremennyh Stoyanok have until
June 19, 2009, to submit proofs of claim to:
Tole bi Str. 295-317
Almaty
azakhstan
The Specialized Inter-Regional Economic Court of Almaty commenced
bankruptcy proceedings against the company on Aug. 14, 2008, after
finding it insolvent.
The Court is located at:
The Specialized Inter-Regional
Economic Court of Almaty
Baizakov Str. 273b
Almaty
Kazakhstan
* KAZAKHSTAN: Nonperforming Loans Nearing "Critical State"
----------------------------------------------------------
Nariman Gizitdinov at Bloomberg News reports that according to
Kazakhstan's Agency for Financial Supervision, the risk posed to
the country's banks by nonperforming loans has increased from a
"satisfactory level" and is trending toward a "critical state."
The report relates the agency said higher risk had resulted from
an increase in nonperforming loans from 8.1 percent of all loans
outstanding at the start of the year to 12.4 percent on April 1.
Nonperforming loans jumped from 6.3 percent of banks' assets to 9
percent in the period, the agency said as cited by the report.
Kazakh banks increased provisions from 11.1 percent of all loans
outstanding on Jan. 1 to 15.2 percent on April 1, a rise of
KZT535.2 billion US$3.6 billion), mostly to cover bad loans, the
report cited the agency as saying.
===================
K Y R G Y Z S T A N
===================
KAZ TRADE: Court Names A. Mamytova as Insolvency Manager
--------------------------------------------------------
The Inter-District Court of Bishkek for Economic Issues appointed
A. Mamytova as insolvency manager for LLC Kaz Trade Ltd on
April 2, 2009. She can be reached at:
A. Mamytova
Room 108
Moskovskaya Str. 151
Bishkek
Kyrgyzstan
Tel: (+996 312) 61-40-74
The court commenced bankruptcy proceedings against the company
after finding it insolvent. The case is docketed under Case No.
ED-391/08M??5.
=================
L I T H U A N I A
=================
FLYLAL: To Axe All 274 Employees
--------------------------------
The Baltic Course's Danuta Pavilenene reports that Lithuanian
airline flyLAL is to lay off all of its 274 employees.
According to the report, the employees to be dismissed, including
100 administration staff and pilots as well as flight attendants,
will not receive retirement compensations. Citing the newspaper
15 Minuciu/ELTA, the report says the airline has no funds for
retirement compensations.
The report relates according to preliminary data, flyLAL has debts
of around LTL80-90 million (EUR23.217-EUR26.119 million) which are
not covered by any fixed assets.
On Jan. 27, 2009, the Troubled Company Reporter-Europe, citing
Reuters, reported that flyLAL filed for bankruptcy after
its failure to find an investor forced it to ground flights.
"Being unable to continue flights and without seeing any real
chances to renew operations, we were forced to file for
bankruptcy," Reuters quoted CEO Vytautas Kaikaris as saying in a
statement.
Reuters disclosed according to Mr. Kaikaris, flyLAL's financial
situation "worsened significantly at the end of 2008 and
beginning of 2009 and there were no possibilities to improve it
without additional investments".
Reuters recalled the Lithuanian government rejected a proposal to
buy the airline back for a symbolic LTL1 and cover its debts,
which stood at LTL89 million (US$33.41 million) at the end of
2008.
As reported in the TCR-Europe on Jan. 21, 2009, Reuters said
flyLAL's acquisition deal with Swiss Capital Holding failed to
materialize. Citing airline officials, The Associated Press noted
the Swiss company failed to pay US$1 million (EUR756,000) that
would have cleared the airline's debts and potentially saved it
from bankruptcy. flyLAL ceased its operations from Jan. 17, 2009,
the AP stated.
===========
R U S S I A
===========
AK JSC: Fitch Assigns 'B' Long-Term Issuer Default Rating
---------------------------------------------------------
This announcement corrects the version issued on May 21, 2009.
The ratio cited at the end of the fifth paragraph should have
stated FY09 EBITDAR/net interest at 2.7-3.0x.
Fitch Ratings has assigned Russian diamond producer JSC AK Alrosa
a Long-term foreign currency Issuer Default Rating of 'B', a
Short-term foreign currency IDR of 'B' and a senior unsecured
rating of 'B'. Fitch has simultaneously placed the Long-term IDR
and senior unsecured rating on Rating Watch Negative. The agency
has also assigned a Recovery Rating of 'RR4' to the senior
unsecured rating.
Fitch applied its parent and subsidiary rating linkage criteria in
assigning Alrosa's ratings due to the legal, operational and
strategic links Alrosa has with its ultimate parent, the Russian
Federation ('BBB'/'F2'/Negative), which owns 50.9% of the company.
Fitch considered the various forms of support provided to Alrosa
by the Russian State, such as the expected procurement of the
company's output in H1 2009 for RUB45bn, and the provision of
financing via state bank VTB ('BBB'/'F3'/Negative) of RUB44
billion for the refinancing of some of Alrosa's loan facilities.
The support also includes the renegotiation of a rental contract
between Alrosa and the Republic of Sakha, the owner of 32% of
Alrosa (also known as Yakutia, rated 'BB'/Stable), which resulted
in ceasing a royalty payment to the Republic of Sakha. The State
is also assisting in selling non-core assets. Nevertheless, in
the absence of formal State guaranties or cross-default
provisions, operational integration, and the direct financing of
Alrosa's capital expenditures and operations by the Russian State,
Fitch believes there would be a weak linkage relationship between
Alrosa and its key shareholder. State support has provided a two-
notch uplift to yield the current 'B' rating.
Alrosa's stand-alone credit profile is driven by the company's
strong market position as the global number two producer in the
highly consolidated diamond industry. The company currently
accounts for 97% of all Russia diamond production. Alrosa has
significant diamond mining reserves to continue mining operations
until at least through 2029. The rating also reflects the
company's current low cost position despite the difficult
operating environment in northeastern Russia and its conversion to
underground mining. The company's EBITDA margin is 30%, on
average, which exceeds the EBITDA margin of market leader De
Beers, which had an EBITDA margin of 17% in 2008 and 2007.
Constraints on the ratings include the company's exposure to
diamond market cycles. Unlike other mining companies rated by
Fitch such as Rio Tinto ('BBB+'/'F2'/RWE) and Anglo American
('A-'/'F2'/Negative), which have wide diversification across
products and can reduce exposure to one product cycle, almost all
of Alrosa's operations are in diamond production. Other
constraints include high indebtedness which exceeds that of
Commonwealth of Independent States's metal and mining companies
rated by Fitch (average FYE2008 gross debt/EBITDAR of 1.2x).
Fitch estimates Alrosa's FYE2008 gross debt/EBITDAR in a range of
4.1-4.2x, and FYE2008 net debt/EBITDAR in a range of 3.5-3.7x. As
of H108, Alrosa had breached covenants (net debt/EBITDA less than
2.5x) for some loan agreements, but it received a waiver from
creditors until the next half-year covenants testing in July 2009.
Fitch forecasts that Alrosa's revenue and profitability will be
significantly affected by the global recession in financial year
2009. Fitch expects that the company's FY09 sales will be 20%-25%
below that of FY08, including volume off-take by the Russian
State. The agency estimates FY09 gross debt/EBITDAR at 3.8-4.0x
and EBITDAR/net interest at 2.7-3.0x.
The RWN reflects Fitch's concerns that Alrosa will again breach
covenants under some debt facilities at half-year testing for
FYE08 and 2009. Fitch expects to resolve the RWN once the issuer
has addressed this matter by either renegotiating its covenant
level or by improving its capital structure, for example, by using
proceeds from the sale of non-core assets for debt repayments.
Conversely, a failure to do so and increased negative pressure on
Alrosa's credit profile, as a result of a sharper-than-expected
deterioration in market conditions or insufficient support from
the Russian State, could place downward pressure on the company's
ratings.
As of end-2007, Alrosa had a total debt of RUB81.7bn with short-
term maturities of RUB49bn. Total debt includes USD500m of
eurobonds maturing in 2014. All the debt is unsecured. Fitch
notes that Alrosa's debt measured in US$ has increased in the last
three years by 2x from US$1.5 billion to US$3.3 billion as the
company has continued to implement a significant capex program of
conversion of open-pit mines to underground mining and engaged in
M&A activities.
KALUZHSKIY PLYWOOD: Kaluzhskaya Bankruptcy Hearing Set Sept. 17
--------------------------------------------------------------
The Arbitration Court of Kaluzhskaya will convene at 2:30 p.m. on
Sept. 17, 2009, to hear bankruptcy supervision procedure on CJSC
Kaluzhskaya Plywood Manufacturing Plant (TIN 4027026356, PSRN
1024001195569). The case is docketed under Case No. 23–856/09?-
17–56.
The Temporary Insolvency Manager is:
Y. Daniloy
Office 1
Saltykova-Shchedrina Str. 23
248002 Kaluga
Russia
The Court is located at:
The Arbitration Court of Kaluzhskaya
Staryy Torg Sq. 4
Kaluga
Russia
The Debtor can be reached at:
CJSC Kaluzhskaya Plywood Manufacturing Plant
Krasnopivtseva Str. 4
248002 Kaluga
Russia
KHIM-FORM CJSC: Saratovskaya Bankruptcy Hearing Set September 24
----------------------------------------------------------------
The Arbitration Court of Saratovskaya will convene on Sept. 24,
2009, to hear bankruptcy supervision procedure on CJSC Khim-Form
(TIN 6439047119, PSRN 1026401400662) (Rubber Goods). The case is
docketed under Case No. ?-57–4539/2009.
The Temporary Insolvency Manager is:
R. Abdullin
Apt. 188
Kuznechnaya Str. 11/21
410031 Saratov
Russia
The Debtor can be reached at:
CJSC Khim-Form
30 Let Pobedy Str. 76
Balakovo
413800 Saratovskaya
Russia
KOLOMENSKIY PAPER: Creditors Must File Claims by July 7
-------------------------------------------------------
The Arbitration Court of Dagestan commenced bankruptcy proceedings
against CJSC Kolomenskiy Paper Stain Plant (TIN 5022027735, PSRN
1025002738980) after finding it insolvent. The case is docketed
under Case No. ?15–1805/2008.
Creditors have until July 7, 2009, to submit proofs of claims to:
A. Barinov
Insolvency Manager
Office 309
Leningradskoe shosse 43a
125212 Moscow
Russia
KOMPEK-STROY LLC: Tulskaya Bankruptcy Hearing Set September 10
--------------------------------------------------------------
The Arbitration Court of Tulskaya will convene at 10:00 a.m. on
Sept. 10, 2009, to hear bankruptcy supervision procedure on LLC
Kompek-Stroy (TIN 7103016090, PSRN 1027100516068). The case is
docketed under Case No. ?68–1547/09.
The Temporary Insolvency Manager is:
Y. Stretinskaya
Office 507
Boldina Str. 98
300028 Tula
Russia
The Debtor can be reached at:
LLC Kompek-Stroy
Sakko and Vantsety Str. 24
300002 Tula
Russia
SEVERSTAL OAO: Fitch Cuts Long-Term Issuer Default Rating to 'BB-'
------------------------------------------------------------------
Fitch Ratings has downgraded Russia-based metals and mining
company OAO Severstal's Long-term Issuer Default Rating and senior
unsecured rating to 'BB-' from 'BB'. At the same time, the agency
has downgraded the National Long-term rating to 'A+(rus)' from
'AA-(rus)'. It has simultaneously placed these ratings on Rating
Watch Negative. The Short-term IDR is affirmed at 'B'.
The downgrade and RWN reflect Fitch's view that Severstal's
profitability and credit metrics will deteriorate in 2009-2012 to
levels that are not consistent with a 'BB' rating. EBITDA margin
dropped to -5.7% and 7.4% in Q109 and Q408 respectively, from an
average 23%-24% in 2006-2008. Fitch forecasts that EBITDA margin
will remain in single digit in 2009-2010.
Fitch is also concerned about uncertainty surrounding steel
product volume and pricing trends over 2009-2010, especially in
the automotive and construction sectors to which Severstal is most
exposed. The agency notes that Severstal's attempts to
restructure its US assets have failed to improve the performance
of its North America division, which in Q109 reported an EBITDA
margin of -25%. Its Russian steel operations reported an EBITDA
margin of 7.6%, down from over 30% in 2006-2008. Fitch expects
Severstal's 2009 profitability to remain under pressure and to
materially weaken from 2006-2008 levels. As a result, the agency
believes that Severstal could breach covenants under various
facilities.
Fitch expects to resolve the RWN within the next two months. In
resolving the RWN, the agency will assess expected developments in
Severstal's key markets and the adequacy of anti-crisis measures
announced by management to reduce financial and operational risks.
Fitch considers Severstal's liquidity position as adequate. At
end-Q109, Severstal had cash and short-term deposits of US$2.7
billion, undrawn facilities of US$645 million against a total debt
of US$7.5 billion of which US$1.7 billion is short-term.
Severstal is the largest Russia-based vertically integrated steel
producer by volume (including production at its international
facilities), with crude steel production of 19.2 million tonnes in
2008. The company generated revenues of US$22.4 billion, EBITDAR
of US$5.4 billon and had an adjusted net leverage (net
debt/EBITDAR) of 0.9x at FYE08.
TRANSCREDITBANK: S&P Gives Negative Outlook; Affirms 'BB' Rating
----------------------------------------------------------------
Standard & Poor's Ratings said that it had revised its outlook on
Russia-based TransCreditBank to negative from stable. At the same
time, the 'BB' long-term and 'B' short-term counterparty credit
ratings on the bank were affirmed.
"The outlook revision reflects potential deterioration of asset
quality that would pressure TransCreditBank's relatively weak
capital and loan loss reserves, and the potential for weaker links
to its major shareholder," said Standard & Poor's credit analyst
Victor Nikolskiy.
TransCreditBank's creditworthiness benefits from the bank's
significant commercial links to major shareholder, state-owned
railway monopoly Russian Railways (RZD; BBB/Negative/--; Russia
national scale 'ruAAA'). The railways company, with its suppliers
and employees, represents over one-half of TransCreditBank's
business flows, including loans and funding. The bank is the main
settlement bank for RZD and its related companies. It also
provides loans and payroll services to more than 1 million of
RZD's employees.
S&P's issuer credit rating on TransCreditBank incorporates a
three-notch uplift above the bank's stand-alone credit profile,
reflecting S&P's expectation of significant future support from
RZD to TransCreditBank in case of need, due to the close
operational ties between the bank and the parent. S&P consider
that TransCreditBank is a strategically important subsidiary of
RZD under S&P's group methodology.
S&P expects problem loans in Russia to increase severalfold in
2009, including at TransCreditBank. The bank's relatively weak
capital and loss reserves will come under pressure as the
recession deepens in Russia.
"We would lower the ratings on the bank if its stand-alone credit
profile deteriorated beyond S&P's expectations or if the bank's
links with RZD weakened," said Mr. Nikolskiy.
S&P will closely monitor the slow, ongoing process of
TransCreditBank's privatization, whereby RZD is gradually
decreasing its stake in TransCreditBank.
A positive rating action is unlikely unless the adverse
macroeconomic environment eases significantly.
===============
S L O V E N I A
===============
* SLOVENIA: Central Bank Governor Warns of Insolvency
-----------------------------------------------------
Marja Novak at Reuters reports according to daily Dnevnik, Bank of
Slovenia Governor Marko Kranjec said Slovenia could become
insolvent in the long run as there is a risk that inflation would
rise in the long-term.
Slovenia's inflation slowed to a record low of 1.1 percent year-
on-year in April, down from 6.2 percent in April 2008, the report
discloses.
The report relates the International Monetary Fund (IMF) said on
Friday that Slovenia, which has a budget deficit of only 0.9
percent of gross domestic produc in 2008, has been severely
affected by the global crisis and that it should be prepared to
inject money into its banks to help them weather the crisis. Mr.
Kranjec, as cited in the report, said on Tuesday that Slovene
banks are healthy but could still take a turn for the worse due to
a strong impact of the global crisis on Slovenia's export-oriented
real sector of the economy.
Slovenia's budget deficit this year is seen at some 5 percent of
GDP, the report says.
=========
S P A I N
=========
IM CAJAMAR: Fitch Cuts Ratings on Two Class E Tranches to 'CC'
--------------------------------------------------------------
Fitch Ratings has downgraded six and affirmed 14 tranches of four
IM Cajamar transactions. The agency has also revised the Outlook
to Negative from Stable on eight tranches. The rating actions
reflect Fitch's concern about the performance of the deals, as
well as the impact of the current macroeconomic environment in
Spain on the future performance of the transactions. A full list
of rating actions is provided at the end of this comment.
As noted in a Fitch comment on March 30, 2009, as of the last
payment date, in March 2009, three of the transactions -- IM
Cajamar 3, 4 and 6 -- had drawn on their reserve funds. The
reserve fund draws occurred due to an increase in the volume of
defaulted loans being provisioned for. Based on the monthly
delinquency data and the loan-by-loan breakdown of the pool, Fitch
believes that further defaults will continue to be realised and
that further reserve fund draws are likely to occur on the three
deals that have drawn to date. The agency also believes that IM
Cajamar 5 is likely to experience reserve fund draws during
forthcoming payment dates.
The overall volume of loans in arrears in March 2009 decreased
across all four deals, however, loans in arrears by more than
three months as a percentage of the outstanding portfolios
continue to increase on the two more recent transactions, IM
Cajamar 5 and 6. According to the most recent reports, loans in
arrears by more than three months ranged between 0.89% (IM Cajamar
4) and 2.5% (IM Cajamar 6) of the respective portfolios. However
the agency has concern over the performance of the underlying
portfolio of IM Cajamar 6, especially given the low seasoning of
the deal (13 months). Cumulative net defaults to date stand
between 0.18% (IM Cajamar 5) and 0.65% (IM Cajamar 3) of the
original portfolio. The agency's expectation for recovery timing
in Spain is three years, therefore recoveries are not expected on
these transactions in the near term.
The underlying collateral of the transactions are residential
mortgage loans originated by Caja Rural Intermediterranea Sociedad
Cooperativa de Credito (Cajamar) with current weighted average
loan-to-value ratios ranging from 60.97% (IM Cajamar 4) to 66.95%
(IM Cajamar 3), as calculated by Fitch. Based on the loan-by-loan
analysis of the pool, Fitch found that the defaulted loans are
seeing much higher LTV ratios (between 65% and 74%), and that such
loans carry higher margins (between 1.1% and 1.25%, compared to
the weighted average margins seen on the overall pools which are
in the range of 0.81% to 0.86%). Over 40% of the outstanding
portfolios are to borrowers in Andalusia, where the main office of
Cajamar is located, while the majority of defaulted loans in the
pools (with the exception of IM Cajamar 6) were made to borrowers
in the Murcia region (ranging between 44% and 72%).
The rating actions are:
IM Cajamar 3, Fondo de Titulizacion de Activos:
-- Class A (ISIN ES0347783005) affirmed at 'AAA'; Outlook
Stable; assigned a Loss Severity Rating of 'LS1'
-- Class B (ISIN ES0347783013) affirmed at 'A+'; Outlook Stable;
assigned a Loss Severity Rating of 'LS2'
-- Class C (ISIN ES0347783021) affirmed at 'A-'; Outlook Stable;
assigned a Loss Severity Rating of 'LS3'
-- Class D (ISIN ES0347783039) affirmed at 'BBB-'; Outlook
revised to Negative from Stable; assigned a Loss Severity
Rating of 'LS3'
-- Class E (ISIN ES0347783047) downgraded to 'CCC' from 'BB-';
assigned a Recovery Rating of 'RR1'
IM Cajamar 4, Fondo de Titulizacion de Activos:
-- Class A (ISIN ES0349044000) affirmed at 'AAA' ; Outlook
Stable; assigned a Loss Severity Rating of 'LS1'
-- Class B (ISIN ES0349044018) affirmed at 'AA'; Outlook revised
to Negative from Stable; assigned a Loss Severity Rating of
'LS2'
-- Class C (ISIN ES0349044026) affirmed at 'A+'; Outlook revised
to Negative from Stable; assigned a Loss Severity Rating of
'LS4'
-- Class D (ISIN ES0349044034) downgraded to 'BBB-' from 'BBB';
Outlook revised to Negative from Stable; assigned a Loss
Severity Rating of 'LS3'
-- Class E (ISIN ES0349044042) downgraded to 'CC' from 'CCC';
assigned a Recovery Rating of 'RR5'
IM Cajamar 5, Fondo de Titulizacion de Activos :
-- Class A (ISIN ES0347566004) affirmed at 'AAA'; Outlook
Stable; assigned a Loss Severity Rating of 'LS1'
-- Class B (ISIN ES0347566012) affirmed at 'AA'; Outlook Stable;
assigned a Loss Severity Rating of 'LS3'
-- Class C (ISIN ES0347566020) affirmed at 'A'; Outlook revised
to Negative from Stable; assigned a Loss Severity Rating of
'LS3'
-- Class D (ISIN ES0347566038) downgraded to 'BBB-' from 'BBB';
Outlook revised to Negative from Stable; assigned a Loss
Severity Rating of 'LS3'
-- Class E (ISIN ES0347566046) downgraded to 'CC' from 'CCC';
assigned a Recovery Rating of 'RR5'
IM Cajamar 6, Fondo de Titulizacion de Activos:
-- Class A (ISIN ES0347559009) affirmed at 'AAA'; Outlook Stable
; Loss Severity Rating 'LS1' assigned
-- Class B (ISIN ES0347559017) affirmed at 'AA'; Outlook Stable;
assigned a Loss Severity Rating of 'LS3'
-- Class C (ISIN ES0347559025) affirmed at 'A'; Outlook revised
to Negative from Stable; assigned a Loss Severity Rating of
'LS4'
-- Class D (ISIN ES0347559033) downgraded to 'BB+' from 'BBB-';
Outlook revised to Negative from Stable; assigned a Loss
Severity Rating of 'LS3'
-- Class E (ISIN ES0347559041) affirmed at 'CC'; assigned a
Recovery Rating of 'RR5'.
Fitch will continue to monitor the performance of the
transactions, and may take further rating actions as deemed
necessary. More details on the performance of the four
transactions will be covered in a Special Report, "IM Cajamar 3 to
6, Fondo de Titulizaction de Activos, Performance Update", which
will be published shortly.
MADRID RMBS: S&P Downgrades Rating on Class E Notes to 'D'
----------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D' its credit
ratings on the class E notes issued by MADRID RMBS II, Fondo de
Titulizacion de Activos and the class D and E notes issued by
MADRID RMBS III, Fondo de Titulizacion de Activos following missed
interest payments on these classes of notes on the May 22 interest
payment date.
At the same time, S&P has taken various other rating actions:
-- S&P lowered its ratings on various mezzanine notes issued by
MADRID RMBS II, MADRID RMBS III, and MADRID RMBS I, Fondo de
Titulizacion de Activos.
-- S&P withdrew its ratings on the class A1 notes issued by
MADRID RMBS I and MADRID RMBS II following full repayment.
-- S&P affirmed the class A2 and E notes in MADRID RMBS I, the
class A2, A3, and D notes in MADRID RMBS II, and the class A1
to A3 notes in MADRID RMBS III.
MADRID RMBS I, MADRID RMBS II, and MADRID RMBS III closed in
November 2006, December 2006, and July 2007, respectively, and are
each backed by a portfolio of residential mortgage loans secured
over properties in Spain, originated and serviced by Caja de
Ahorros y Monte de Piedad de Madrid.
When the level of defaulted loans in these transactions reaches a
certain percentage of the initial collateral balance, the priority
of payments is altered so as to shut off interest payments to
junior notes in turn, with these funds diverted to amortize the
most senior notes.
Defaults in these transactions are defined as arrears greater than
six months, which is generally more conservative than in other
Spanish residential mortgage-backed securities transactions that
S&P rate.
The deferral trigger for each of the affected transactions and the
current cumulative default level (both as a percentage of the
initial collateral balance) are:
-- MADRID RMBS I. Current cumulative default level: 7.91%.
Trigger levels: Class B: 18.30%, class C: 13.20%, class D:
9.40%, and class E: 8.00%.
-- MADRID RMBS II. Current cumulative default level: 9.29%.
Trigger levels: Class B: 18.30%, class C: 13.20%, class D:
9.40%, and class E: 8.00%.
-- MADRID RMBS III. Current cumulative default level: 10.92%.
Trigger levels: Class B: 20.30%, class C: 14.65%, class D:
10.47%, and class E: 8.94%.
As a result of breaching their respective trigger levels, the
issuer has not paid interest on the class E notes issued by MADRID
RMBS II and the class D and E notes issued by MADRID RMBS III; S&P
has accordingly lowered S&P's ratings on these notes to 'D'. The
nonpayments were also due in part to the full depletion of the
reserve funds in both transactions, which could have otherwise
been used to cure the interest shortfalls.
The mortgage portfolios underlying these transactions continue to
generate high delinquency levels. In S&P's view, recent
performance data, combined with the portfolio characteristics,
suggests that delinquencies will continue to rapidly increase over
the next few quarters. S&P calculates severe delinquencies,
defined as arrears greater than 90 days (including outstanding
defaulted loans), as standing at 11.68%, 13.00%, and 13.85% of the
closing balance as of the end of Q1 2009 for MADRID I, II, and
III, respectively. Given this deterioration, S&P has lowered the
ratings on the class B and C notes in each transaction and on the
class D notes in MADRID RMBS I to reflect the increased risk of
interest deferral in the future.
Ratings List
MADRID RMBS I, Fondo de Titulizacion de Activos
EUR2 Billion Mortgage-Backed Floating-Rate Notes
Ratings Lowered
Rating
------
Class To From
----- -- ----
B BBB- A-
C B BB
D CCC B
Ratings Affirmed
Class Rating
----- ------
A2 AA
E CCC
Rating Withdrawn
Rating
------
Class To From
----- -- ----
A1 NR AAA
MADRID RMBS II, Fondo de Titulizacion de Activos
EUR1.8 Billion Mortgage-Backed Floating-Rate Notes
Ratings Lowered
Rating
------
Class To From
----- -- ----
B BB BBB
C B BB
Rating
------
Class To From
----- -- ----
E D CCC
Ratings Affirmed
Class Rating
----- ------
A2 AA
A3 AA
D CCC
Rating Withdrawn
Rating
------
Class To From
----- -- ----
A1 NR AAA
MADRID RMBS III, Fondo de Titulizacion de Activos
EUR3 Billion Mortgage-Backed Floating-Rate Notes
Ratings Lowered
Rating
------
Class To From
----- -- ----
B BB BBB
C B BB
D D CCC
E D CCC
Ratings Affirmed
Class Rating
----- ------
A1 AA
A2 AA
A3 AA
NR — Not rated.
=====================
S W I T Z E R L A N D
=====================
ECH WERBEGESCHENKE: Creditors Have Until June 5 to File Claims
--------------------------------------------------------------
Creditors of ECH Werbegeschenke GmbH are requested to file their
proofs of claim by June 5, 2009, to:
KPMG Fides
Landis + Gyr-Strasse 1
6300 Zug
Switzerland
The company is currently undergoing liquidation in Zug. The
decision about liquidation was accepted at a shareholders' meeting
held on Feb. 23, 2009.
OUNDJIAN AG: Claims Filing Deadline is June 23
----------------------------------------------
Creditors of Oundjian AG are requested to file their proofs of
claim by June 23, 2009, to:
Kurt Gross
Liquidator
Muchried 10
8907 Wettswil
Switzerland
The company is currently undergoing liquidation in Zurich. The
decision about liquidation was accepted at a general meeting held
on Dec. 11, 2008.
RR RORCHACHER: Claims Filing Deadline is June 8
-----------------------------------------------
Creditors of RR Rorschacher Reisen AG are requested to file their
proofs of claim by June 8, 2009, to:
Herrn Otto Teufel
Liquidator
Hafenzentrum
9400 Rorschach
Switzerland
The company is currently undergoing liquidation in Rorschach. The
decision about liquidation was accepted at a general meeting held
on March 19, 2009.
WFT FASSADENTECHNIK: Creditors Must File Claims by June 30
----------------------------------------------------------
Creditors of WFT Fassadentechnik AG are requested to file their
proofs of claim by June 30, 2009, to:
G-Consult GmbH
Hans Giger
Michlenberg 1/Mail Box 64
9038 Rehetobel
Switzerland
The company is currently undergoing liquidation in Weinfelden.
The decision about liquidation was accepted at a general meeting
held on March 13, 2009.
W.J. MAURER: Claims Filing Deadline is June 23
----------------------------------------------
Creditors of W.J. Maurer AG re requested to file their proofs of
claim by June 23, 2009, to:
Kurt Gross
Liquidator
Muchried 10
8907 Wettswil
Switzerland
The company is currently undergoing liquidation in Zurich. The
decision about liquidation was accepted at a general meeting held
on Dec. 11, 2008.
=============
U K R A I N E
=============
ERIDAN LLC: Creditors Must File Claims by June 5
------------------------------------------------
Creditors of LLC Trading Company Eridan (code EDRPOU 34645553)
have until June 5, 2009, to submit proofs of claim to:
LLC Mediasale
Insolvency Manager
Naberezhnaya Str. 8-A
Vyshgorod
07300 Kiev
Ukraine
The Economic Court of Kiev commenced bankruptcy proceedings
against the company on Feb. 26, 2009. The case is docketed under
Case No. 28/53-b.
The Court is located at:
The Economic Court of Kiev
B. Hmelnitskiy Str. 44-b
01030 Kiev
Ukraine
FOR STAR: Creditors Must File Claims by June 5
----------------------------------------------
Creditors of LLC For Star (code EDRPOU 32896547) have until
June 5, 2009, to submit proofs of claim to D. Benzeliuk, the
company's insolvency manager.
The Economic Court of Odessa commenced bankruptcy proceedings
against the company on April 24, 2009. The case is docketed under
Case No. 7/82-09-1242.
The Court is located at:
The Economic Court of Odessa
Shevchenko Avenue 29
65032 Odessa
Ukraine
GENERALI GARANT: Moody's Lowers Local Currency IFSR to 'Ba1'
------------------------------------------------------------
Moody's Investors Service has has lowered its ratings on Ukrainian
insurer Generali Garant. The local currency rating was lowered to
Ba1 from Baa2, and the foreign currency rating was lowered to B1
from Ba3. The Aaa.ua National Scale rating was affirmed. The
ratings remain on review for a further possible downgrade. These
ratings actions follow the rating actions on the Government of the
Ukraine on the May 12, 2009.
The recent action on the Ukraine Sovereign ratings on May 12
resulted in the government bonds being downgraded to B2 from B1,
the foreign currency bond ceiling being lowered to B1 from Ba3 and
the local currency bond ceiling being downgraded to Ba1 from A3.
The downgrades reflected concern over the continuing fragility of
both the Ukrainian economy and its banking system. A negative
outlook was also assigned
The ratings of Generali Garant remain on review for possible
downgrade reflecting concerns about the standalone strength of
Generali Garant and the worsening business environment in the
Ukraine, and to some extent the support factored into the rating
from Generali Garant's owners, which include Assicurazioni
Generali (rated Aa3 IFSR). The review will focus on these
factors, along with the level of disclosure through local GAAP,
IFRS and internal management accounts. The downgrade on the local
currency rating could be multiple notches.
Generali Garant published audited IFRS statements up to 2006. It
continues to publish audited Ukrainian GAAP statements and reports
internally to Generali using a modified form of IFRS. Disclosure
under local GAAP is not so transparent in comparison with IFRS,
and valuation of some asset classes still differ from IFRS.
These ratings were downgraded and remain on review for further
possible downgrade:
* Generali Garant -- local currency insurance financial strength
rating Ba1 from Baa2;
* Generali Garant -- foreign currency insurance financial strength
rating to B1 from Ba3;
These rating was affirmed and remains on review for further
possible downgrade:
* Generali Garant -- national scale rating of Aaa.ua
The last rating action was on 12th March 2009 when all ratings on
Generali Garant were placed on review for possible downgrade.
Based in Kiev, Ukraine, Generali Garant is ultimately controlled
by Generali SpA. In 2008, Generali Garant reported Gross Premiums
Written of UAH643.5 million compared to UAH527.8 million in 2007.
Shareholders' equity under local GAAP was UAH83.5 million as at 31
December 2008.
PRYCHORNOMORIA BANK: NBU Launches Liquidation Procedure
-------------------------------------------------------
The National Bank of Ukraine has decided to liquidate OJSC
Prychornomoria Bank, Interfax-Ukraine reports citing a letter from
the NBU sent out to banks on May 22, 2009.
The report relates according to the letter, Prychornomoria's
banking license has been cancelled as of May 25, 2009.
"The procedure of the bank's liquidation has been launched," the
report quoted the NBU as saying in the document.
The report recalls the NBU introduced a temporary administration
at the Dnipropetrovsk-based bank on February 2, 2009. It is to
work until August 2, 2009, the report says. The report notes a
six-month moratorium on meeting creditors' claims against the bank
was also introduced until August 2, 2009.
The bank, founded in 1993, had no shareholders owning over 10% of
its statutory capital as of April 1, 2009, the report states. As
of April 1, 2009, in terms of overall assets (UAH158 million), the
bank ranked 167th among the 182 banks operating in Ukraine, the
report discloses citing the NBU.
SOYUZ-A LLC: Creditors Must File Claims by June 5
-------------------------------------------------
Creditors of LLC SOYUZ-A (code EDRPOU 32426315) have until June 5,
2009, to submit proofs of claim to:
S. Gritsay
Insolvency Manager
Office 50
Heroes of Sevastopol Str. 12
Kiev
Ukraine
The Economic Court of Kiev commenced bankruptcy proceedings
against the company on Feb. 19, 2009. The case is docketed under
Case No. 28/27-b.
The Court is located at:
The Economic Court of Kiev
B. Hmelnitskiy Str. 44-b
01030 Kiev
Ukraine
The Debtor can be reached at:
LLC SOYUZ-A
Office 69
Pobeda Avenue 16
01135 Kiev
Ukraine
TECHNOPROJECT LLC: Creditors Must File Claims by June 5
-------------------------------------------------------
Creditors of LLC Commercial Union Technoproject (code EDRPOU
34731060) have until June 5, 2009, to submit proofs of claim to:
LLC Mediasale
Insolvency Manager
Naberezhnaya Str. 8-A
Vyshgorod
07300 Kiev
Ukraine
The Economic Court of Kiev commenced bankruptcy proceedings
against the company on Feb. 26, 2009. The case is docketed under
Case No. 28/48-b.
The Court is located at:
The Economic Court of Kiev
B. Hmelnitskiy Str. 44-b
01030 Kiev
Ukraine
UKRAINE MORTGAGE: Moody's Cuts Ratings on 2 Classes of Notes to B1
------------------------------------------------------------------
Issuer: Ukraine Mortgage Loan Finance No. 1 Plc
-- Class A US$134,100,000 Class A Residential Mortgage Backed
Floating Rate Notes due 2031, Downgraded to Ba1 from Baa3, on
review for possible downgrade. Previously on 16 December
2008 ratings were placed on review for possible downgrade.
-- Class B US$36,900,000 Class B Residential Mortgage Backed
Floating Rate Notes due 2031, Downgraded to B1 from Ba3, on
review for possible downgrade. Previously on 16 December
2008 ratings were placed on review for possible downgrade.
Issuer: Ukraine Auto Loan Finance No.1 PLC
-- Class A US$85,800,000 Class A Floating Rate Notes due 2018,
Downgraded to Ba1 from Baa3, on review for possible
downgrade. Previously on 16 December 2008 ratings were
placed on review for possible downgrade.
-- Class B US$18,700,000 Class B Floating Rate Notes due 2018,
Downgraded to B1 from Ba3, on review for possible downgrade.
Previously on 16 December 2008 ratings were placed on review
for possible downgrade.
On May 12, 2009 the Local Currency Country Bond Ceiling of Ukraine
was downgraded to Ba1 from A3. This consequently limits the
highest achievable rating for both transactions to Ba1. Other
sovereign ratings were also affected, amongst them the Foreign
Currency Country Bond Ceiling, which was downgraded to B1 from
Ba3. This rating represents the maximum rating achievable by
foreign currency bonds without the benefit of liquidity to
mitigate currency transferability and convertibility risks. The
Class A Notes of both transactions are supported by a PRI reserve
fund and a PRI Policy provided by Steadfast Insurance Company
(NR), which mitigate the risks associated with the transferability
and convertibility of foreign currency. The ratings of these
notes are therefore limited by the Local Currency Country Bond
Ceiling of Ba1 and were downgraded to that level. Class B Notes
do not benefit from such support and, as a result, their ratings
are limited by the Foreign Currency Country Bond Ceiling, which is
currently B1.
On May 12, 2009, the Foreign Currency Deposit Rating of PrivatBank
was downgraded to B3 from B2 and its Foreign Currency Debt Rating
was downgraded to B1 from Ba3. In October 2008, the Local
Currency Deposit Rating was downgraded to Ba1/NP from Baa3/P-3.
PrivatBank is the originator/seller and servicer for both
transactions. On May 20, 2009 the Local Currency Deposit Rating
of PrivatBank was placed on review for possible downgrade.
In addition, there still exists uncertainty related to the rapid
depreciation of the Hryvnia against the US Dollar and the
resulting low but increased risk, in Moody's opinion, of
redenomination of US$mortgages and loan agreements into Hryvnia.
If such redenomination were to occur at an unfavorable exchange
rate, this would result in significant immediate losses to the
noteholders. In addition, following a redenomination of the
portfolio, the transactions would suffer from an unhedged risk
with respect to the currency mismatch between the Hryvnia-
denominated portfolio and the foreign-denominated notes.
Due to the remaining risk associated with redenomination, and due
to the uncertainty around the originator/servicer as reflected by
the fact that its ratings retain a negative outlook/review for
possible downgrade, the notes will remain on review for possible
downgrade.
During the review process, Moody's will assess the risks
associated with the uncertainty surrounding the credit quality of
the originator/servicer, monitor any further developments of the
US$/ Hryvnia exchange rate and resulting performance of the
underlying assets, and, if necessary, re-model the redenomination
risk with updated assumptions.
Both transactions use the redenomination methodology described in
the report "Impact of Redenomination Risk on Emerging Market RMBS
and ABS Transactions" dated February 4, 2008.
ULIANA LLC: Court Starts Bankruptcy Supervision Procedure
---------------------------------------------------------
The Economic Court of Kharkov commenced bankruptcy supervision
procedure on LLC Uliana (code EDRPOU 24135957).
The Insolvency Manager is:
A. Rodzinsky
50 Years of USSR Str. 2-A
62431 Kharkov
Ukraine
The Court is located at:
The Economic Court of Kharkov
Svoboda Square 5
61022 Kharkov
Ukraine
The Debtor can be reached at:
LLC Uliana
Yelizarov Str. 16
Kharkov
Ukraine
===========================
U N I T E D K I N G D O M
===========================
APPLECROSS PROPERTIES: Put Into Receivership by Bank of Scotland
----------------------------------------------------------------
The Scotman's Jane Bradley reports that Applecross Properties
Limited has been put into receivership by its banker, Bank of
Scotland, resulting in the loss of nearly all of the company's 45
staff, including founders Colin Cumberland and Graham Aggett.
The report relates representatives from receivers
PricewaterhouseCoopers arrived at Applecross's Edinburgh Park
office Friday afternoon to close the company, which has been hit
by the falling housing market. According to the report, the
property market slowdown coincided with a period of rapid
expansion by the company. The report recalls the company, founded
in 1979, took out a massive GBP70 million debt facility with Bank
of Scotland in 2006 and quickly began to expand, making its first
foray into Glasgow last year with the Williamswood development and
unveiling plans to build homes south of the Border. "It all came
at the wrong time. We had a great business and the time was right
to do what we did –- then all of a sudden all of the ground rules
changed. If you take blood out of a body, it dies. And money is
the property market's blood," the report quoted Mr. Aggett as
saying.
Bruce Cartwright, joint receiver and partner at PwC, as cited by
the report, said he was hopeful of selling off as many of the
company's assets as possible -– in the form of undeveloped land
bank and completed properties. The report states properties which
PwC will continue to market include developments at Eskmill,
Midlothian, and The Cedars in Edinburgh, and Williamwood in
Glasgow.
Headquartered in Edinburgh, Applecross Properties Limited (t/a)
Applecross -- http://www.applecross.co.uk/-- specializes in
luxury apartment developments.
BRITISH AIRWAYS: Posts GBP375 Mln Loss for 12-Mos Ended March 31
----------------------------------------------------------------
Kaveri Niththyananthan and Steve McGrath at Dow Jones Newswires
reports that British Airways plc posted a GBP375 million (US$594.6
million) loss for the 12 months ended March 31, compared with a
GBP712 million profit a year earlier.
Dow Jones relates the loss came as passenger and cargo volumes
slumped and fuel costs rose 45% to GBP3 billion. According to Dow
Jones, the airline said it would cut costs further and take an
additional 4% of capacity out of the market this winter by
grounding 16 planes. It expects to reduce fuel costs by GBP400
million, Dow Jones says. The airline also warned of further jobs
cuts, Dow Jones relates.
Martin Flanagan at The Scotsman reports that management will forgo
bonuses. The Scotsman discloses chief executive Willie Walsh, who
earns GBP735,000 a year, and finance director Keith Williams, who
is paid GBP440,000 a year will work for no pay in July. The chief
executive also cancelled the group's dividend, The Scotsman
states.
The airline's net debt nearly doubled to GBP2.4 billion, compared
with GBP1.3 billion a year earlier, while its cash balance was
just under GBP1.4 billion, down GBP483 million, Dow Jones notes.
About British Airways
Headquartered in Harmondsworth, England, British Airways Plc
(LON:BAY) -- http://www.ba.com/-- is engaged in the operation of
international and domestic scheduled air services for the carriage
of passengers, freight and mail, and the provision of ancillary
services. The Company's principal place of business is Heathrow.
The Company also operates a worldwide air cargo business with its
scheduled passenger services. The Company operates international
scheduled airline route networks, comprising some 300 destinations
at March 31, 2008. During the fiscal year ended March 31, 2008
(fiscal 2008), British Airways carried more than 33 million
passengers. It carried 805,000 tons of cargo to destinations in
Europe, the Americas and worldwide. At March 31, 2008, it had 245
aircraft in service. In July 2008, British Airways plc completed
the purchase of French airline L'Avion.
* * *
As reported in the Troubled Company Reporter-Europe on March 10,
2009, Standard & Poor's Ratings Services said that it lowered its
long-term corporate credit rating on U.K.-based British Airways
PLC to 'BB+' from 'BBB-'. At the same time, the rating remains on
CreditWatch with negative implications, where it was originally
placed on Jan. 27, 2009.
On Feb. 13, 2009, the TCR-Europe reported Moody's lowered the
Corporate Family Rating of British Airways plc ('BA', or 'the
company') to Ba1, and assigned a Probability of Default Rating of
Ba1; the senior unsecured and subordinate ratings have been
lowered to Ba2 and Ba3, respectively. The ratings remain under
review for possible downgrade.
BRIXTON PLC: Gets Preliminary Approach from Segro
-------------------------------------------------
Anital Likus and Jonathan Buck at Dow Jones Newswires report that
U.K. industrial real-estate investment trust Segro plc has made a
preliminary approach to buy Brixton plc in a potential all-share
deal.
Segro, as cited by Dow Jones, said that the consideration for any
offer will be in the form of Segro shares, but reserved the right
to introduce other forms of consideration.
Talks
The Board of Brixton on Friday said that following the receipt of
preliminary approaches relating to possible offers for the
company, it has entered into discussions with a small number of
parties. Brixton said these discussions are at a very early stage
and there can be no certainty that any offer will be made.
Telegraph.co.uk discloses potential bidders include MGPA, the
Australian fund backed by Macquarie Group and Barwood
Developments, the privately-owned property company.
Telegraph.co.uk notes both Brixton and the potential suitors are
likely to come under pressure from the Takeover Panel to clarify
whether they are -- or are not –- interested in bidding.
Covenant Breach
According to Dow Jones, selling the company might be the only
option for Brixton's shareholders because it is expected to breach
its debt covenants at the June 30 valuation unless it raises
GBP250 million (US$396.4 million) in new equity and sells more
assets. Dow Jones says the company would have to sell some of its
prime portfolio to raise sufficient cash. Dow Jones discloses
Brixton's wholly owned portfolio is valued at GBP1.6 billion. Dow
Jones recalls in March the company said its net asset value had
plunged 47% and warned a further 10% fall would spark a breach
when the covenants were next tested. Dow Jones relates the
company said Friday that gearing covenants will be tested on the
basis of the net assets published in its half-year results.
The company, Dow Jones discloses, has about GBP650 million of debt
approaching maturity. Its most pressing repayments are a GBP275
million bond and a GBP370 million bank facility, which mature by
the end of 2010, Dow Jones states.
On April 30, 2009, the Troubled Company Reporter-Europe, citing
Dow Jones, reported Brixton was exploring options including an
equity issue, disposals and debt refinancing, to strengthen its
balance sheet to avoid breaching covenants.
Telegraph.co.uk disclosed the company has lost 80pc of its market
value since the start of the year on fears that it could breach
its covenants.
About Brixton plc
Brixton plc -- http://www.brixton.plc.uk/-- is a United Kingdom-
based real estate investment trust. The Company operates as a
specialist owner of industrial and warehousing space in the United
Kingdom. It owns and/or manages in excess of 19 million square
feet in over 1,300 units in nearly 90 estates. During the year
ended December 31, 2007, it acquired Pisces Industrial Estate,
Trafford Park; Heathrow International Trading Estate; Rockware
Avenue, Greenford; Severnside Trading Estate and Europa Way,
Trafford Park; Jupiter House, Poyle; Oldfield Lane, Greenford;
Mercury Centre and Riverside Cargo Centre, Heathrow, and Heathrow
Gateway.
BRIXTON PLC: SEGRO Offer Won't Affect Fitch's Low-B Ratings
-----------------------------------------------------------
Following the announcements by Brixton Plc (Brixton, Long-term
Issuer Default Rating 'BB', Senior Unsecured 'BB+', Short term IDR
'B', Rating Watch Negative) and SEGRO Plc (SEGRO, rated Long-term
IDR 'BBB+', Senior Unsecured 'A-', Short-term IDR 'F2', Stable
Outlook), Fitch Ratings notes that SEGRO has made a preliminary
approach to Brixton's Board of Directors regarding a possible
offer for the company. A bid from SEGRO, or other unrevealed
suitors, is not certain however.
There is currently no detail on the structure, timing or
likelihood of any potential transaction. As such, Fitch does not
intend to take any rating action at this time on SEGRO or Brixton.
However, the agency will closely monitor the potential
transaction's evolution and evaluate the impact of any changes to
a combined group's business and financial profile. Fitch would in
particular focus on the combined group's liquidity structure and
access to debt capital markets, including bank debt facilities.
Rating actions could occur in the future if the acquisition
progresses.
In the event of a successful offer by SEGRO for Brixton on a share
exchange offer basis, Fitch estimates the combined group would
have a pro-forma (based on FYE08 to December 2008) net interest
cover of around 1.7x and a loan-to-value of 50%-55%. SEGRO has a
standalone Fitch adjusted NIC of 1.7x and a LTV of 54% post its
GBP501 million rights issue, whilst Brixton has a standalone
Fitch-adjusted NIC of 1.7x and a LTV 51% at FY08. The combined
group would have investment property assets totaling GBP5.5
billion and net rents of GBP320 million, confirming it as the
largest business space property company in the UK and one of the
largest in Europe. Fitch anticipates that under such a scenario,
SEGRO would seek to sell certain Brixton property assets to reduce
borrowings and retain strong liquidity. A key element in any
possible share offer by SEGRO will be the discount to net asset
value it has to offer new shares at and thus the dilution of
existing SEGRO shareholders. Brixton's market capitalization as
of the date stands at a GBP162 million.
Brixton's bondholders are currently protected by a gearing
covenant whereby Net Borrowings (as defined) must not exceed 175%
of Adjusted Capital and Reserves. Brixton announced that its
gearing covenants will be tested on the basis of the net assets
published in its H109 (June 2009) interim results. Any potential
bidder will have to take account of this now revised compliance
date in terms of possible refinance risk should a covenant breach
materialize. Furthermore, Brixton's bond documentation provides
additional comfort to bondholders by way of a put option further
to a Rating Downgrade or Negative Rating Event, in the event of a
change of control at Brixton. The New Owner Restriction of
Dividends Clause provides protection preventing both loans to a
new owner and the repurchase of share capital from a new owner.
Unsecured bondholders on both the 2010 and 2019 bond issues also
benefit from a negative pledge clause which limits secured and
unguaranteed subsidiary debt to 50% of adjusted capital and
reserves.
Brixton's operational performance in 2009, although satisfactory
in FY08 (vacancy on Brixton portfolio, including unlet
developments, of 17.3% ((10.6% excluding developments)) against a
UK industrial average of 14.6% according to Independent Property
Databank Ltd January 2009), could be affected by a possible rent
roll reduction from significant lease expiries in 2009 and 2010.
For the year to FYE08, NIC fell to 1.7x (versus 2.0x at FYE07),
due to interest on acquisitions, the remaining costs on the
development program and higher attendant voids. With no
development under construction, Brixton's contracted capital
commitments at FY08 amounted to just GBP2.8 million.
SEGRO's ratings are supported at their current level by the
company's long average lease terms and debt maturities, good net
interest cover (NIC of 1.7x at FY08) and its property portfolio
which is well diversified regarding tenants and geography. Post
the GBP501 million rights issue in April 2009, SEGRO currently
benefits from a strong liquidity position with cash, deposits and
undrawn bank facilities totaling around GBP1.16 billion, which can
support development spending expected to be around GBP196 million
in 2009. There are no debt maturities within the next twelve
months. No other bond debt matures until July 2010, at which time
a GBP125 million bond becomes due for repayment.
CENTRAL METAL: Appoints Joint Administrators from BDO
-----------------------------------------------------
Joanne Marie Wright and Geoffrey Stuart Kinlan of BDO Stoy Hayward
LLP were appointed joint administrators of Central Metal
Manufacturing Ltd. on May 7, 2009.
The company can be reached through BDO Stoy Hayward LLP at:
125 Colmore Row
Birmingham
B3 3SD
England
CHARTERS DEVELOPMENTS: Brings in Joint Administrators from PwC
--------------------------------------------------------------
Peter Norman Spratt and Colin Michael Trevethyn Haig of
PricewaterhouseCoopers LLP were appointed joint administrators of
Charters Developments Ltd. on May 6, 2009.
The company can be reached at:
Charters Developments Ltd.
Manor Cottage
18a Waxwell Lane
Pinner
Middlesex
HA5 3EN
England
TITAN 2005-1: Moody's Cuts Rating on Class E Notes to 'B2'
----------------------------------------------------------
Moody's Investors Service has downgraded these classes of Notes
issued by Cornerstone Titan 2005-1 p.l.c. (amounts reflect initial
outstandings):
-- GBP38,480,000 Class B Commercial Mortgage Backed Floating
Rate Notes due 2014 downgraded to Aa3, previously on 13
October 2005 assigned Aa2;
-- GBP47,350,000 Class C Commercial Mortgage Backed Floating
Rate Notes due 2014 downgraded to Baa2, previously on 13
October 2005 assigned A2;
-- GBP77,060,000 Class D Commercial Mortgage Backed Floating
Rate Notes due 2014 downgraded to Ba3, previously on 13
October 2005 assigned Baa3;
-- GBP7,280,000 Class E Commercial Mortgage Backed Floating Rate
Notes due 2014 downgraded to B2, previously on 14 November
2005 assigned Ba2.
At the same time Moody's has affirmed the Aaa rating of the Class
A1, Class A2 and Class X Notes issued by Cornerstone Titan 2005-1
p.l.c. Moody's does not rate the Class F, Class VA and the Class
VB Notes.
The rating action concludes the review for possible downgrade that
was initiated for the Class B, Class C, Class D and the Class E
Notes on 08 April 2009. The rating action takes Moody's updated
central scenarios in account, as described in Moody's Special
Report "Moody's Updates on Its Surveillance Approach for EMEA
CMBS".
1) Transaction and Portfolio Overview
Cornestone Titan 2005-1 plc closed in October 2005 and represents
the securitisation of initially nine commercial mortgage loans
originated by Credit Suisse and GMAC Commercial Mortgage Bank
Europe plc and secured by first-ranking legal mortgages over
initially 71 commercial properties located across the UK. The
properties were predominantly offices (82%) and located in London
(72%). The remaining collateral pool largely consisted of self
storage (6.7%) and industrial (4.8%) properties located
predominantly in South East (excluding London) (21.1%) and West
Midlands (3.9%).
Since closing of the transaction, five loans (50% of the initial
portfolio balance) have prepaid in full and one loan (5.4% of
original, 2.6% of current portfolio balance) had partial
prepayments due to property disposals. The aggregate principal
amount outstanding of the Notes is 44.2% of the aggregate amount
outstanding at closing (excluding the Class X Notes). Therefore
the allocation of loan prepayments has switched from modified pro-
rata to sequential.
The remaining loans are not equally contributing to the portfolio:
the biggest loan (the Eagle Office Portfolio Loan) represents
86.7% of the current portfolio balance, while the smallest loans
(the Bentima House Portfolio Loan and the Jubilee Way Loan)
represent 2.6% each. The current loan Herfindahl index is 1.3
compared to 4.3 at closing, indicating a higher loan concentration
after the prepayments. The remaining four loans are secured by
six properties which are still predominantly office use (97.4%).
and located mainly in London (97.4%).
As of the last interest payment date, all of the remaining loans
in the portfolio were current. However, one loan (Jubilee Way
Loan -- 2.6% of the current portfolio) was transferred to special
servicing on April 24, 2009, due to a breach of its ICR covenant
of 1.2x and failure to rectify such breach within the agreed grace
period.
2) Rating Rationale
The downgrades of the Class B, Class C, Class D, and the Class E
Notes follow a detailed re-assessment of the loan and property
portfolio's credit risk. Hereby, Moody's main focus was on
property value declines since closing, term default risk,
refinancing risk and the anticipated work-out timing for
potentially defaulting loans. In its review, Moody's especially
concentrated on the largest loans in the portfolio (the Eagle
Office Portfolio Loan and the Trevelyan House Loan) and on the
loan that is currently in special servicing (the Jubilee Way
Loan).
As outlined in more detail below, the rating action is mainly
driven by the most recent performance of the UK commercial
property markets, Moody's opinion about future property value
performance and increased portfolio concentration following
prepayments. Driven by, in most cases, a higher default risk
assessment at the loan maturity dates, Moody's now anticipates
that a large portion of the portfolio will default over the course
of the transaction term. Coupled with the negative impact of
significantly reduced property values, Moody's expects a
considerable amount of losses on the securitized portfolio. Those
expected losses will, given the backloaded default risk profile
and the anticipated work-out strategy for defaulted loans,
crystallize only towards the end of the transaction term.
The current subordination levels for Moody's rated classes, 74%
for the Class A1 Notes, 50.5% for Class A2, 41% for Class B, 28.1%
for Class C, 7.2% for Class D and 5.2% for the Class E Notes
provide protection against those expected losses. However, the
likelihood of higher than expected losses on the portfolio has
increased substantially, which results in the rating action for
the Class B, Class C, Class D and Class E Notes. The Moody's
rated classes of Notes have benefited from a large amount of
prepayments (50.0% of the original portfolio balance have prepaid
in full), which has increased the subordination that is available
to the Notes and hence the protection the Notes have against
portfolio losses.
The Class B, Class C, Class D and Class E are subordinated classes
in the transaction's capital structure. Due to this additional
leverage, the higher portfolio risk assessment has a relatively
bigger impact on the expected loss of those Notes than on the
expected loss of the more senior Notes.
3) Moody's Portfolio Analysis
Property Values. Property values across the UK have declined
significantly until Q1 2009 and are expected to continue to
decline at least until 2010. Moody's estimates that compared to
the underwriter's values at closing in 2005, the values of the
properties securing this transaction have declined by on aggregate
12% until the beginning of 2009 (ranging from a 11% value decline
for the Eagle Office Portfolio Loan to a 47% value decline for the
Jubilee Way Loan). Looking ahead, Moody's anticipates further
declines until 2010, resulting in a 20.3% value decline compared
to the U/W value at closing (ranging from a 19.4% decline for the
Eagle Office Portfolio Loan to a 52% value decline for the Jubilee
Way Loan).
Based on this property value assessment, Moody's estimates that
the transaction's early-2009 weighted average securitised loan-to-
value ratio was 81.5% compared to the reported U/W LTV of 73.9%.
Due to the further envisaged declines, the WA LTV will increase in
Moody's opinion to 90.3% in 2010 and will only gradually recover
thereafter. Based on Moody's anticipated trough values, the LTVs
for the securitized loans range between 134% for the Jubilee Way
Loan to 53.6% for the Bentima House Loan. The largest loan in the
portfolio, the Eagle Office Portfolio Loan, has debt outside the
securitization in the form of a B-loan (amounting to GBP39.85
million as of closing). Based on estimated trough values, the
portfolio's weighted average whole loan LTV is 104%. Moody's has
taken the anticipated property value development, including a
gradual recovery from 2011 onwards, into account when analyzing
the default risk at loan maturity and the loss given default for
each securitized loan.
Refinancing Risk. The transaction's exposure to loans maturing in
the short-term (2009 and 2010) is considerable. 10.8% of the
current portfolio matures in 2009 and 2010 and 89.2% in 2012. As
Moody's expects property values in the UK to only slowly recover
from 2011 onwards, almost all loans (except for the Bentima House
Portfolio Loan, for which the LTV based on Moody's anticipated
trough value amounts to 53.6%) will be still highly leveraged at
their respective maturity dates, especially when taking into
account the B-loan for the Eagle Office Portfolio Loan.
Consequently, in Moody's view, for almost all of the loans, the
default risk at maturity has increased substantially compared to
the closing analysis.
Term Default Risk. The occupational markets in the UK are
currently characterized by falling rents, increasing vacancy rates
and higher than average tenant default rates. Taking into account
the lease profile of the respective loans, in particular the
Trevelyan House Loan and the Jubilee Way Loan could be in Moody's
view exposed to weakening occupational markets. Based on the
current lease profile, Moody's has incorporated into its analysis
an allowance for deterioration in coverage ratios on majority of
the loans, in turn increasing the term default risk assumption for
the respective loans.
Loans in Default and/or Special Servicing. One loan of the
portfolio (Jubilee Way Loan - 2.6%) was transferred on April 24,
2009, to special servicing due to the breach of its ICR covenant.
In Moody's analysis, this loan is deemed to be defaulted.
Overall Default Risk. Based on its revised term and maturity
default risk assessment for the securitized loans, Moody's
anticipates that a large portion of the portfolio will default
over the course of the transaction term. The default risk of all
currently performing loans (i.e. excluding the Jubilee Way Loan)
is predominantly driven by refinancing risk. Of those loans, the
Trevelyan House Loan has in Moody's view the highest default risk,
while the smallest loan in the portfolio (Bentima House Loan) has
the lowest risk of defaulting.
Concentration Risk. The portfolio securitized in Cornerstone
Titan 2005-1 plc exhibits an above average concentration in terms
of property types (97.4% office) and property location (100% UK
and 97.4% London). In Moody's view, this limits the potential
benefits from different markets performing differently over time.
Work-Out Strategy. In scenarios where a loan defaults, Moody's
current expectation is that the servicer will most likely not
pursue an immediate sale of the property in the depressed market
conditions. Therefore, Moody's has assumed that in most cases,
upon default, a sale of the mortgaged properties and ultimate
work-out of the loan will occur at a later point in time.
Increased Portfolio Loss Exposure. Taking into account the
increased default risk of the loans, the most recent performance
of the UK commercial property markets, Moody's opinion about
future property value performance and the most likely work-out
strategies for defaulted loans, Moody's anticipates a considerable
amount of losses on the securitized portfolio, which will, given
the backloaded default risk profile and the anticipated work-out
strategy for defaulted loans, crystallize only towards the end of
the transaction term.
ELLIOTT ROSS: Taps Joint Administrators from Smith & Williamson
---------------------------------------------------------------
James Douglas Ernle Money and Anthony Cliff Spicer of Smith &
Williamson Ltd. were appointed joint administrators of Elliott
Ross Associates Ltd. on May 5, 2009.
The company can be reached at:
Elliott Ross Associates Ltd.
3 Copthall Avenue
London
EC2R 7BH
England
INEOS GROUP: May Secure Waiver Extension This Week
--------------------------------------------------
The Independent's Mark Leftly reports that Ineos Group Holdings
Plc is close to securing a waiver on its debt terms to July 17.
According the report, the company's current waiver expires at the
end of the month. The report relates Ineos, which has debts of
EUR7.5 billion (GBP6.6 billion), sought for an extension so that
its lenders and their advisers, Houlihan Lokey and Deloitte, could
properly assess a new five-year business plan, drew up by big four
account KPMG.
The report discloses as of Friday night, 60 percent of the
company's shareholders voted in favor of the extension. The
company, the report says, needs two-thirds support from its 200-
plus banks which executive chairman Jim Ratcliffe expects to
secure by the middle of the week.
About INEOS Group
INEOS Group is a diversified chemical company consisting of
several businesses. Product lines include ethylene oxide-based
specialty and intermediate chemicals, fluorochemicals used as
refrigerants and propellants, and phenol and acetate products.
INEOS Chlor makes chlor-alkali chemicals, and INEOS Films and
Compounds manufactures PVC and PET films. INEOS Group was formed
in 1998 after a management buyout led by CEO Jim Ratcliffe, who
controls the group. Ratcliffe has placed INEOS among the world's
top chemical companies (with ExxonMobil, Dow, and BASF) through
his many and varied acquisitions.
JUST FORMS: Appoints Joint Administrators from Tenon Recovery
-------------------------------------------------------------
Ian Cadlock and A. J. Pear of Tenon Recovery were appointed joint
administrators of Just Forms Ltd. on April 24, 2009.
The company can be reached through Tenon Recovery at:
Third Floor
Lyndean House
43/46 Queens Road
Brighton
East Sussex
BN1 3XB
England
LAND SECURITIES: CEO Ordered to Draw Up Turnaround Plans
--------------------------------------------------------
Richard Fletcher at Telegraph.co.uk reports that Alison Carnwath,
chairman of Land Securities Group plc, has ordered Francis Salway,
chief executive, to draw up plans to turn around the company.
Ms. Carnwarth, however, denied reports that she has given Mr
Salway just six months -– or face being sacked, Telegraph.co.uk
relates.
On May 18, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported Land Securities said its net loss for
fiscal 2009 widened to GBP5.19 billion (US$7.9 billion) from
GBP830.8 million a year earlier as the value of properties from
Birmingham's Bullring mall to Cardinal Place in London slumped.
Revenue was little changed at GBP821.2 million, the report said.
The report related Land Securities's assets depreciated by GBP4.7
billion, or 34 percent, in the year ended March 31, forcing the
company to sell more shares to investors and cut its quarterly
dividend. According to the report, Land Securities said its
adjusted net asset value plunged 66 percent to 593 pence a share
from 1,552 pence six months earlier. Tenants accounting for 5.6
percent of retail rental income were in administration as of March
31, the report cited Mr. Salway as saying during a conference call
with reporters on May 13.
Headquartered in London, England, Land Securities Group plc
(LON:LAND) -- http://www.landsecurities.co.uk/-- is a real
estate investment trust. The Company's national portfolio of
commercial property includes some of United Kingdom's shopping
centers and landmarks. It is also involved in long-term, large-
scale regeneration projects in the south east. It operates
through three divisions: Retail portfolio, which includes shopping
centers, retail warehouses, shops outside London, shops held
through the Metro Shopping Fund LP, regional offices and other
regional properties; London Portfolio, which includes all London
offices and London retail, but excludes those assets held in the
Metro Shopping Fund LP., and Property Partnerships, which is
engaged in long-term property outsourcing partnerships with public
sector organizations, including DWP, DVLA and Royal Mail and with
corporates, including Norwich Union, Barclays and Accor Hotels. In
January 2009, the Company completed the sale of Land Securities
Trillium to Telereal, the property investment and services
company.
LLOYDS BANKING: To Auction Stakes Inherited From HBOS
-----------------------------------------------------
Richard Tyler at Telegraph.co.uk reports that Lloyds Banking Group
is to auction its shareholding in more than than 60 of Britain's
largest companies.
Telegraph.co.uk relates UBS, the investment bank, is working on
plans to auction the stakes, inherited from HBOS. Citing the
Sunday Telegraph, BreakingNews.ie discloses the investments were
accumulated by HBOS for around GBP1.4 billion (EUR1.6 billion).
Telegraph.co.uk says the combined value of the investments have
more than halved to GBP600 million since last June.
BreakingNews.ie discloses shareholdings reportedly being lined up
for sale by Lloyds include cinema chain Vue Entertainment, gym
group David Lloyd Leisure and D&D Restaurants, founded by Terence
Conran. Hamish Rutherford at The Scotsman reports other assets
reportedly to be included in the sale cover a wide range of
sectors, including Polypipe, a manufacturer of piping systems and
Sunseeker, a yacht-building company. According to
Telegraph,co.uk, a number of potential financial bidders are
understood to have expressed an interest in the stakes.
Telegraph.co.uk adds stakes in a number of smaller companies such
as Aberdeen-based oil industry specialist Red Spider Technology
and Leaseway Vehicle Rental are also thought to be included in the
the sale.
Telegraph states City sources told The Sunday Telegraph the
auction process could begin July. Breakingnews.ie notes Lloyds
may choose to sell assets individually or as a whole.
Breakingnews says it is not thought that Lloyds will rush into a
firesale of the HBOS investment portfolio.
On May 22, 2009, the Troubled Company Reporter-Europe, citing The
Scotsman, reported, Lloyds may be forced sell off core parts of
its business as the price for taking part in the government's
multi-billion pound bank support schemes.
The Scotsman related the group warned shareholders on Wednesday
that the European Commission could compel it to "divest or exit
core businesses" as a condition of granting state aid approval.
According to the Scotsman, under competition rules, the bank has
to obtain approval from Brussels for the GBP17 billion government
recapitalization and the placing of GBP260 billion of toxic debts
into the taxpayer-backed Asset Protection Scheme.
State Guarantees
As reported in the Troubled Company Reporter-Europe on March 9,
2009, Bloomberg News said Lloyds Banking Group obtained GBP260
billion or US$367 billion in state guarantees increasing the U.K.
government's stake in the bank to as much as 75 percent from 43
percent. Under the agreement, Lloyds will pay GBP15.6 billion for
asset protection, or 5.2 percent of the insured assets, in the
form of non-voting shares, the report said citing the bank in a
statement. Lloyds also agreed to increase lending to businesses
and homeowners by GBP28 billion over the next 24 months, the
report related. In return, the report disclosed Lloyds will get
government insurance for GBP74 billion of residential mortgages,
GBP18 billion of unsecured personal loans, GBP151 billion of
corporate and commercial loans and GBP17 billion of treasury
assets. The report stated Lloyds will be responsible for the
initial GBP25 billion of losses on the insured assets and will
cover 10 percent of any additional losses, with the Treasury
responsible for the rest. The government will also underwrite a
GBP4 billion share sale and convert existing preference shares
into equity, the report disclosed. According to Bloomberg News,
about 83 percent of the assets Lloyds is insuring came from HBOS
Plc. Lloyds acquired HBOS's deteriorating quality of loans when
it bought the firm in a government-brokered deal, the report said.
The report recalled in September, Lloyds agreed to buy HBOS for
about GBP7.7 billion as the government sought to prevent HBOS from
collapsing after credit markets froze. In February, HBOS posted a
pretax loss of GBP7.5 billion, the report noted.
About Lloyds Banking Group PLC
Lloyds Banking Group PLC (LON:LLOY) --
http://www.lloydsbankinggroup.com/-- formerly Lloyds TSB Group
plc, is United Kingdom-based financial services company, whose
businesses provide a range of banking and financial services in
the United Kingdom and a limited number of locations overseas.
The operations of Lloyds TSB Group in the United Kingdom were
conducted through over 2,000 branches of Lloyds TSB Bank, Lloyds
TSB Scotland plc and Cheltenham & Gloucester plc during the year
ended December 31, 2007. Cheltenham & Gloucester plc (C&G) is the
Company’s specialist mortgage arranger. Following the transfer of
its mortgage lending and deposits to Lloyds TSB Bank, during 2007,
C&G arranges mortgages for Lloyds TSB Bank rather than for its own
account. International business is conducted mainly in the United
States and continental Europe. Lloyds TSB Group's services in
these countries are offered through branches of Lloyds TSB Bank.
In January 2009, the Company acquired HBOS plc.
LLOYDS BANKING: U.K. Holds Stress Tests Results on Stability Issue
------------------------------------------------------------------
Andrew MacAskill at Bloomberg News reports that the U.K. refused
to release the results of stress tests conducted on British banks
saying publishing the information may increase instability and
force the government to take further action to shore up the U.K.
financial system.
According to the report, in response to a Freedom of Information
Act request by Bloomberg News that sought the test results and
criteria used to evaluate banks, the Treasury said disclosure of
the results "at this time may lead to uncertainty in financial
markets, either in relation to specific institutions or more
generally" adding that "such instability could require further
action by the authorities."
The report recalls the Financial Services Authority carried out
stress tests on U.K. banks earlier this year to determine their
ability to withstand losses amid the worst recession in 60 years.
Barclays Plc is the only bank to have disclosed its results,
saying it will continue to meet the regulator's capital
requirements under various credit risk, market risk and economic
scenarios, Bloomberg News relates.
According to Bloomberg News, the U.K. has committed as much as
GBP1.4 trillion (US$2.2 trillion) to bolster the nation's banking
system through direct investments, asset insurance and
underwriting loans. The government has nationalized Northern Rock
Plc and Bradford & Bingley Plc, and taken controlling stakes Royal
Bank of Scotland Group Plc and Lloyds Banking Group Plc, the
report says.
"Keeping the information under wraps will only serve to create
more uncertainty in the long term," Vince Cable, the opposition
Liberal Democrats' spokesman on treasury issues, said in an e-
mailed statement obtained by Bloomberg News. "We need a system
that is as open and as transparent as that in the United States."
In the U.S., the report says the Federal Reserve said similar
reviews showed 10 U.S. lenders needed to raise a total of US$74.6
billion and the banks were given six months to fill any capital
shortfalls identified by the U.S. tests or face expanded federal
ownership. The report relates U.S regulators said publishing
their findings would ease concerns about lenders.
About Lloyds Banking Group PLC
Lloyds Banking Group PLC (LON:LLOY) --
http://www.lloydsbankinggroup.com/-- formerly Lloyds TSB Group
plc, is United Kingdom-based financial services company, whose
businesses provide a range of banking and financial services in
the United Kingdom and a limited number of locations overseas.
The operations of Lloyds TSB Group in the United Kingdom were
conducted through over 2,000 branches of Lloyds TSB Bank, Lloyds
TSB Scotland plc and Cheltenham & Gloucester plc during the year
ended December 31, 2007. Cheltenham & Gloucester plc (C&G) is the
Company’s specialist mortgage arranger. Following the transfer of
its mortgage lending and deposits to Lloyds TSB Bank, during 2007,
C&G arranges mortgages for Lloyds TSB Bank rather than for its own
account. International business is conducted mainly in the United
States and continental Europe. Lloyds TSB Group's services in
these countries are offered through branches of Lloyds TSB Bank.
In January 2009, the Company acquired HBOS plc.
NEW EAST: Appoints Joint Administrators from Tenon Recovery
-----------------------------------------------------------
S. J. Parker and C. D. Wilson of Tenon Recovery were appointed
joint administrators of The New East One Company Ltd. on April 29,
2009.
The company can be reached through Tenon Recovery at:
Sherlock House
73 Baker Street
London
W1U 6RD
England
REMIND4U LTD: Taps Joint Administrators from Smith & Williamson
---------------------------------------------------------------
Mark Boughey and Colin Prescott of Smith & Williamson were
appointed joint administrators of Remind4u Ltd. on April 30, 2009.
The company can be reached through Smith & Williamson at:
Portwall Place
Portwall Lane
Bristol
BS1 6NA
England
ROYAL BANK: U.K. Holds Stress Tests Results on Stability Concerns
-----------------------------------------------------------------
Andrew MacAskill at Bloomberg News reports that the U.K. refused
to release the results of stress tests conducted on British banks
saying publishing the information may increase instability and
force the government to take further action to shore up the U.K.
financial system.
According to the report, in response to a Freedom of Information
Act request by Bloomberg News that sought the test results and
criteria used to evaluate banks, the Treasury said disclosure of
the results "at this time may lead to uncertainty in financial
markets, either in relation to specific institutions or more
generally" adding that "such instability could require further
action by the authorities."
The report recalls the Financial Services Authority carried out
stress tests on U.K. banks earlier this year to determine their
ability to withstand losses amid the worst recession in 60 years.
Barclays Plc is the only bank to have disclosed its results,
saying it will continue to meet the regulator's capital
requirements under various credit risk, market risk and economic
scenarios, Bloomberg News relates.
According to Bloomberg News, the U.K. has committed as much as
GBP1.4 trillion (US$2.2 trillion) to bolster the nation's banking
system through direct investments, asset insurance and
underwriting loans. The government has nationalized Northern Rock
Plc and Bradford & Bingley Plc, and taken controlling stakes Royal
Bank of Scotland Group Plc and Lloyds Banking Group Plc, the
report says.
"Keeping the information under wraps will only serve to create
more uncertainty in the long term," Vince Cable, the opposition
Liberal Democrats' spokesman on treasury issues, said in an e-
mailed statement obtained by Bloomberg News. "We need a system
that is as open and as transparent as that in the United States."
In the U.S., the report says the Federal Reserve said similar
reviews showed 10 U.S. lenders needed to raise a total of US$74.6
billion and the banks were given six months to fill any capital
shortfalls identified by the U.S. tests or face expanded federal
ownership. The report relates U.S regulators said publishing
their findings would ease concerns about lenders.
About RBS
The Royal Bank of Scotland Group plc (NYSE:RBS) --
http://www.rbs.com/-- is a holding company of The Royal Bank of
Scotland plc (Royal Bank) and National Westminster Bank Plc
(NatWest), which are United Kingdom-based clearing banks. The
company's activities are organized in six business divisions:
Corporate Markets (comprising Global Banking and Markets and
United Kingdom Corporate Banking), Retail Markets (comprising
Retail and Wealth Management), Ulster Bank, Citizens, RBS
Insurance and Manufacturing. On October 17, 2007, RFS Holdings
B.V. (RFS Holdings), a company jointly owned by RBS, Fortis N.V.,
Fortis SA/NV and Banco Santander S.A. (the Consortium Banks) and
controlled by RBS, completed the acquisition of ABN AMRO Holding
N.V. (ABN AMRO). In July 2008, the company disposed its entire
interest in Global Voice Group Ltd.
SOHO M LTD: Appoints Joint Administrators from Tenon Recovery
-------------------------------------------------------------
S. J. Parker and C. D. Wilson of Tenon Recovery were appointed
joint administrators of Soho M Ltd. on April 29, 2009.
The company can be reached through Tenon Recovery at:
Sherlock House
73 Baker Street
London
W1U 6RD
England
SOHO P LTD: Calls in Joint Administrators from Tenon Recovery
-------------------------------------------------------------
S. J. Parker and C. D. Wilson of Tenon Recovery were appointed
joint administrators of Soho P Ltd. on April 29, 2009.
The company can be reached through Tenon Recovery at:
Sherlock House
73 Baker Street
London
W1U 6RD
England
TFIF LTD: Taps Joint Administrators from Tenon Recovery
-------------------------------------------------------
Alexander Kinninmonth and Nigel Ian Fox of Tenon Recovery were
appointed joint administrators of TFIF Ltd. on may 5, 2009.
The company can be reached through Tenon Recovery at:
Highfield Court
Tollgate
Chandlers Ford
Eastleigh
Hampshire
SO53 3TZ
England
* Fitch Downgrades Long-Term IDRs of Five UK Building Societies
---------------------------------------------------------------
Fitch Ratings has downgraded the Long-term Issuer Default Ratings
of five UK building societies: Chelsea Building Society, Newcastle
Building Society, Principality Building Society, West Bromwich
Building Society and Yorkshire Building Society. The Long-term
IDRs of Britannia Building Society, Coventry Building Society,
Leeds Building Society and Norwich & Peterborough Building Society
are affirmed, while the Long-term IDR of Skipton Building Society
is placed on Rating Watch Negative.
"Fitch's concerns are concentrated on higher-risk lending by
societies, which includes buy-to-let, self-cert, adverse,
purchased loans and commercial mortgages," said Matthew Taylor,
Senior Director, in Fitch's Financial Institutions team. The
weakening economic environment has increased the credit risk of
the societies, as unemployment has risen and continues to rise,
and house prices have fallen.
"Fitch expects larger loan impairment charges to erode earnings,
making societies more vulnerable in the case of further
deterioration in loan quality or other shocks," added Andrea
Jaehne, Director, in Fitch's Financial Institutions team.
The loan books of most institutions are composed mainly of low-
risk, owner-occupied residential mortgages, which yield low profit
margins. Societies have offered higher-risk buy- to-let, self-
cert, second charge and adverse mortgages, which produce slightly
greater revenues but which are also showing signs of strain as
unemployment rises. Often a small percentage of the riskiest
loans generates a significant proportion of the loan impairment
charge. Commercial loans form a small part of some societies'
lending but the type of loan (for example, subordinated or
syndicated) and large size of some counterparties mean that the
risks may be large in relation to the other credit risks and pre-
impairment operating profitability in a society.
Fitch notes that the societies have been successful in raising
retail deposits and in the first months of 2009 have further
strengthened their holdings of liquid assets. In all cases, the
societies look well-placed to withstand a variety of potential
stresses linked to wholesale money markets, although access to
wholesale markets has narrowed. As a consequence, societies have
reduced their reliance on wholesale funding and, in some cases,
plan to reduce it further. While these actions should allow the
societies to cope with possible shocks, they also suggest that
availability of this important source of funding is more limited
than formerly, reducing financial flexibility. As a result, to
reflect the harsher operating conditions, the Short-Term IDR for a
society with a Long-term IDR of 'A-' has been downgraded to 'F2'
from 'F1'.
Capital is at least adequate at all societies and strong in
several. Fitch does not expect possible losses to erode a
significant proportion of capital at any society. However, to
reflect the increased strain on societies with a Long-term IDR in
the 'BBB' range, the ratings of the permanent interest bearing
shares have been notched farther from the Long-term IDR.
The affirmations of Britannia Building Society's Long- and Short-
Term IDRs and Individual rating reflect Fitch's view that capital,
funding and liquidity are all at acceptable levels. The
maintaining of the Negative Outlook on its Long-term IDR reflects
Fitch's concerns over the society's credit risk in relations to
earnings. In 2008, the society reported an improved pre-
impairment operating profit mainly as a result of reducing costs.
However, some of the society's higher risk loans reflected the
deteriorating economic environment and contributed to a larger
loan impairment charge. With unemployment and house prices
worsening, Fitch expects these higher risk loans to weigh on the
society's profitability, constraining financial flexibility. The
ratings take also into account Britannia Building Society's
proposed merger with the smaller Co-Operative Bank (Co-Op, rated
'A' RWN) which should create a larger institution with a more
diversified loan book and income streams. The new institution
should benefit from cost synergies supporting overall operating
profitability, adequate capitalization and liquidity as well as a
strong retail funding position. Legal completion of the merger is
scheduled for August 2009, at which point Fitch will review the
ratings of the new institution. Should the merger not take place
for any reason, the agency would review Britannia's ratings.
The downgrade of Chelsea Building Society's Long- and Short-term
IDRs and Individual rating as well as Negative Outlook reflects
the society's reduced ability to generate profits and the
vulnerability of its specialist lending to falling house prices
and rising unemployment. Fitch also believes there is a risk of
losses in Chelsea's small commercial book, which includes some
substantial syndicated loans and is mainly exposed to London.
Fitch expects arrears in Chelsea's substantial buy-to-let, self-
cert and adverse lending to rise and considers that recoveries are
likely to be adversely affected as a result of the relatively high
indexed loan to values. The society's new strategy is to focus on
its core business of retail savings and prime owner-occupied
residential mortgages although, given that there are limited
remortgaging opportunities for riskier borrowers, it is likely to
take some time for the composition of its mortgage book to change.
Liquidity is good and the society is well-capitalized although
capitalization is slightly lower than some similarly rated peers.
The affirmation of Coventry Building Society's Long- and Short-
term IDRs and Individual rating reflects its relatively minor
credit risks, strong asset quality and good cost efficiency. They
also take into account the society's good customer deposit inflows
and its satisfactory liquidity and capital position. In 2008
profitability proved to be more resilient than in many other
societies and, for 2009, Fitch expects the society to be
reasonably profitable. Downside risks could arise from
significant deterioration in asset quality resulting from higher-
than-expected levels of unemployment and a sharper decline in the
UK house prices. Given pressure on net interest revenue and
larger loan impairment charges, the agency also considers that a
larger-than-expected deterioration in profitability would put
pressure on the ratings.
The affirmation of Leeds Building Society Long- and Short-term
IDRs with Stable Outlook reflects the society's good earnings
capacity, strong cost efficiency and good capitalization. The
Rating Watch Negative placed on its Individual Rating signals
Fitch's concerns over the society's small commercial mortgage
exposure. Although the proportion of commercial loans in the
total loan book at 9% compares well with other rated building
societies, the agency is concerned about single name concentration
and its involvement in a small number of syndicated loans.
However, Fitch considers that Leeds has always provided
conservatively for its known risks.
The downgrade and placing on RWN of Newcastle Building Society's
Long- and Short-term IDRs and its Individual Rating reflect
concerns about certain elements in its buy-to-let mortgage book
and large exposure to commercial mortgages, including single name
concentrations, especially in light of its small absolute capital
size and limited earning capacity. On the other hand, the agency
takes comfort from the large proportion of less risky housing
association loans in the commercial mortgage book. The agency
will complete its analysis of Newcastle's commercial mortgage book
before resolving the RWN. Despite acknowledging the society's
good retail deposit flows and diversification of income streams,
the agency has some concerns over its profitability especially in
light of the pressure on its net interest revenue arising from the
low interest rate environment and the potential reduction in fee
income as a result of the more difficult economic conditions.
Norwich & Peterborough Building Society's Long-term IDR and
Individual Rating have been affirmed, reflecting its consistent
performance despite the worsening UK economy. The downgrade of
its Short-term IDR reflects the prolonged tightening of wholesale
funding markets, which has reduced the availability of long-term
wholesale funds, restricting flexibility. The society continues
to expand its customer deposits and its residential mortgage asset
quality remains good. In addition to containing lower-risk
housing associations, its commercial lending portfolio continues
to exhibit low arrears and is well-diversified by single names.
The downgrade of Principality Building Society's Long-term IDR and
Individual Rating reflects the continued deterioration in the
economy and the impact which it may have above all on the
society's commercial mortgage book. The book continues to perform
well but contains a small number of exposures which Fitch
considers large in proportion to equity and earnings and which
could therefore generate sizeable loan impairment charges.
Falling house prices and worsening unemployment are likely to lead
to significant loan impairment charges in second-charge mortgage
lending. The downgrade incorporates an expectation of some
further deterioration in the society's asset quality and
profitability but, if loan impairment charges exceed Fitch's
expectations, there could be pressure on the ratings. However,
Fitch takes some comfort from the wider risk-adjusted spreads on
these loans which should help absorb losses. Principality
Building Society has a strong retail funding franchise in Wales
and its capital is solid, justifying the Stable Outlook on the
Long-term IDR.
The placing of Skipton Building Society's Long- and Short-term
IDRs on RWN reflects the risks of asset quality deterioration in
its high, but sub-100%, LTV self-cert and adverse lending. Fitch
also recognizes potential integration risks in the merger with the
smaller Scarborough Building Society and the risks to Skipton
Building Society's profitability from its subsidiaries amid a
worsening economic environment. Following pressure on operating
profitability in 2008, management expects better performance in
2009. As a diversified group with subsidiaries including estate
agency, mortgage servicing, financial services and data services
the group is less dependent on net interest margin development
than peers. Skipton's liquidity remains good and it continues to
expand customer deposits strongly both organically and non-
organically.
The downgrade and placing on RWN of West Bromwich Building
Society's Long- and Short-term IDRs as well as its Individual
Rating reflect Fitch's concerns about the society's credit risk,
especially in light of the single name concentration in its
commercial mortgage book. This risk is worsened by the society's
limited ability to generate sufficient pre-impairment operating
profit to absorb potential losses in its loan book. The IDRs have
been placed on RWN, pending the outcome of further analysis of the
society's commercial mortgage loan book. Fitch acknowledges that
the asset quality of its buy-to-let portfolio is good, that the
society has benefited from strong retail deposit inflows over the
past 12 months and that it is adequately capitalized.
The downgrade of Yorkshire Building Society's Long- and Short-term
IDRs is in anticipation of worse performance during the economic
downturn due to its relatively high proportion of riskier high,
but sub-100%, LTV and broker-introduced borrowers. Operating
profitability is therefore likely to be placed under pressure by
larger loan impairment charges and the ratings incorporate
expectations of a weaker performance in 2009. The society's
public covered bond issuance has eased its funding situation but
it is not clear whether it will continue to access to this market.
The Stable Outlook is supported by strong capitalization and good
liquidity.
The ratings for all societies are below:
Britannia Building Society:
-- Long-term IDR affirmed at 'A-', Negative Outlook
-- Short-term IDR affirmed at 'F2'
-- Individual rating affirmed at 'C'
-- Support rating: affirmed at '3'
-- Support Rating Floor: affirmed at 'BB+'
-- Senior unsecured notes at 'A', remains on RWN
-- Subordinated notes and permanent interest bearing shares
affirmed at 'BBB+'
Chelsea Building Society
-- Long-term IDR downgraded to 'BBB+' from 'A-'; Outlook revised
to Negative from Stable
-- Short-term IDR downgraded to 'F2' from 'F1'
-- Individual Rating downgraded to 'C' from 'B/C'
-- Support Rating affirmed at '3'
-- Support Rating Floor affirmed at 'BB'
-- Senior unsecured notes downgraded to 'A-' from 'A'
-- Subordinated notes downgraded to 'BBB' from 'BBB+'
Coventry Building Society:
-- Long-term IDR affirmed at 'A' , Stable Outlook
-- Short-term IDR affirmed at 'F1'
-- Individual rating affirmed at 'B'
-- Support rating: affirmed at '3'
-- Support Rating Floor: affirmed at 'BB'
-- Senior unsecured notes affirmed at 'A+'
-- Subordinated notes and permanent interest bearing shares
affirmed at 'A-'
Leeds Building Society:
-- Long-term IDR affirmed at 'A', Stable Outlook
-- Short-term IDR affirmed at 'F1'
-- Individual rating at 'B', placed on RWN
-- Support rating: affirmed at '3'
-- Support Rating Floor: affirmed at 'BB'
-- Senior unsecured notes at 'A+'
-- Subordinated notes and permanent interest bearing shares
affirmed at 'A-'
Newcastle Building Society:
-- Long-term IDR downgraded to 'BBB+' from 'A-'; placed on RWN
-- Short-term IDR downgraded to 'F2' from 'F1'; placed on RWN
-- Individual rating downgraded to 'C' from 'B/C'; placed on RWN
-- Support rating: affirmed at '3'
-- Support Rating Floor: affirmed at 'BB'
-- Senior unsecured notes downgraded to 'A-' from 'A'; placed on
RWN
-- Subordinated notes downgraded to 'BBB' from 'BBB+'; placed on
RWN
Norwich & Peterborough Building Society
-- Long-term IDR affirmed at 'A-'
-- Short-term IDR downgraded to 'F2' from 'F1'
-- Individual rating affirmed at 'B/C'
-- Support rating: affirmed at '3'
-- Support Rating Floor: affirmed at 'BB'
Principality Building Society
-- Long-term IDR downgraded to 'BBB+' from 'A-'; Outlook Stable
-- Short-term IDR affirmed at 'F2'
-- Individual Rating downgraded to 'C' from 'B/C'
-- Support Rating affirmed at '3'
-- Support Rating Floor affirmed at 'BB'
-- Senior unsecured notes downgraded to 'A-' from 'A'
-- Subordinated notes downgraded to 'BBB' from 'BBB+'
-- Permanent interest bearing shares downgraded to 'BBB-' from
'BBB+'
Skipton Building Society:
-- Long-term IDR at 'A' placed on RWN
-- Short-term IDR at 'F1' placed on RWN
-- Individual rating affirmed at 'B/C'
-- Support rating: affirmed at '3'
-- Support Rating Floor: affirmed at 'BB'
-- Senior unsecured notes 'A+' placed on RWN
-- Subordinated notes and permanent interest bearing shares 'A-'
placed on RWN
West Bromwich Building Society:
-- Long-term IDR downgraded to 'BBB+' from 'A-'; placed on RWN
-- Short-term IDR at 'F2'; placed on RWN
-- Individual rating downgraded to 'C' from 'B/C'
-- Support rating: affirmed at '3'
-- Support Rating Floor: affirmed at 'BB'
-- Senior unsecured notes downgraded to 'A-' from 'A'; placed on
RWN
-- Subordinated notes downgraded to 'BBB' from 'BBB+'; placed on
RWN
-- Permanent interest bearing shares downgraded to 'BBB-' from
'BBB+'; placed on RWN
Yorkshire Building Society
-- Long-term IDR downgraded to 'A-' from 'A'; Outlook Stable
-- Short-term IDR downgraded to 'F2' from 'F1'
-- Individual Rating affirmed at 'B/C'
-- Support Rating affirmed at '3'
-- Support Rating Floor affirmed at 'BB+'
-- Senior unsecured notes downgraded to 'A' from 'A+'
-- Subordinated notes downgraded to 'BBB+' from 'A-'
-- Permanent interest bearing shares downgraded to 'BBB+' from
'A-'
* Large Companies with Insolvent Balance Sheet
----------------------------------------------
Total
Shareholders Total
Company Ticker Equity Assets
------- ------ ------ ------
AUSTRIA
-------
LIBRO AG LBROF -110486313.84 174004185.02
SKYEUROPE HLDG SKY AV -3897543.17 213166287.14
SKYEUROPE HLDG SKYV IX -3897543.17 213166287.14
SKYEUROPE HLDG S8E GR -3897543.17 213166287.14
LIBRO AG LIB AV -110486313.84 174004185.02
LIBRO AG LIBR AV -110486313.84 174004185.02
LIBRO AG LB6 GR -110486313.84 174004185.02
SKYEUROPE HLDG SKYA PZ -3897543.17 213166287.14
SKYEUROPE HLDG SKYPLN EU -3897543.17 213166287.14
SKYEUROPE HLDG SKY EO -3897543.17 213166287.14
SKYEUROPE HLDG SKURF US -3897543.17 213166287.14
SKYEUROPE HLDG SKYPLN EO -3897543.17 213166287.14
SKYEUROPE SKY PW -3897543.17 213166287.14
SKYEUROPE HOL-RT SK1 AV -3897543.17 213166287.14
SKYEUROPE HLDG SKY EU -3897543.17 213166287.14
SKYEUROPE SKYP PW -3897543.17 213166287.14
BERLGIUM
--------
SABENA SA SABA BB -85494497.66 2215341059.54
CROATIA
-------
OT OPTIMA TELEKO 2299892Z CZ -46364581.24 128095158.43
IPK OSIJEK DD OS IPKORA CZ -12114019.44 135803427.79
BRODOGRADE INDUS 3MAJRA CZ -322247407.73 263945276.33
OT OPTIMA TELEKO OPTERA CZ -46364581.24 128095158.43
CYPRUS
------
LIBRA HOLIDAYS G LHG PZ -5044973.6 274730005.26
LIBRA HOLIDAYS G LHG EU -5044973.6 274730005.26
LIBRA HOLIDA-RTS LBR CY -5044973.6 274730005.26
LIBRA HOLIDAYS G LHG CY -5044973.6 274730005.26
LIBRA HOLIDA-RTS LGWR CY -5044973.6 274730005.26
LIBRA HOLIDAY-RT 3167808Z CY -5044973.6 274730005.26
LIBRA HOLIDAYS LHGR CY -5044973.6 274730005.26
LIBRA HOLIDAYS LHGCYP EU -5044973.6 274730005.26
LIBRA HOLIDAYS G LHG EO -5044973.6 274730005.26
LIBRA HOLIDAYS-P LBHG CY -5044973.6 274730005.26
LIBRA HOLIDAYS-P LBHG PZ -5044973.6 274730005.26
LIBRA HOLIDAYS LHGCYP EO -5044973.6 274730005.26
CZECH REPUBLIC
--------------
SETUZA AS 2994767Q EO -61453764.17 138582273.56
SETUZA AS SETUZA CP -61453764.17 138582273.56
SETUZA AS SZA EX -61453764.17 138582273.56
SETUZA AS 2994755Q EU -61453764.17 138582273.56
SETUZA AS 2994759Q EO -61453764.17 138582273.56
CKD PRAHA HLDG CDP EX -89435858.16 192305153.03
CKD PRAHA HLDG CKDH CP -89435858.16 192305153.03
SETUZA AS SETU IX -61453764.17 138582273.56
SETUZA AS SZA GR -61453764.17 138582273.56
SETUZA AS 2994763Q EU -61453764.17 138582273.56
CKD PRAHA HLDG CKDH US -89435858.16 192305153.03
CKD PRAHA HLDG CKDPF US -89435858.16 192305153.03
CKD PRAHA HLDG 297687Q GR -89435858.16 192305153.03
SETUZA AS SETUZA PZ -61453764.17 138582273.56
DENMARK
-------
ROSKILDE BANK ROSK DC -532868894.9 7876687324.02
ROSKILDE BANK ROSK EO -532868894.9 7876687324.02
ELITE SHIPPING ELSP DC -27715991.74 100892900.29
ROSKILDE BANK ROSKF US -532868894.9 7876687324.02
ROSKILDE BANK ROSK PZ -532868894.9 7876687324.02
ROSKILDE BANK ROSK EU -532868894.9 7876687324.02
ROSKILDE BAN-NEW ROSKN DC -532868894.9 7876687324.02
ROSKILDE BAN-RTS ROSKT DC -532868894.9 7876687324.02
ROSKILDE BANK ROSBF US -532868894.9 7876687324.02
ROSKILDE BANK RKI GR -532868894.9 7876687324.02
ROSKILDE BANK RSKC IX -532868894.9 7876687324.02
ROSKILDE BANK-RT 916603Q DC -532868894.9 7876687324.02
FRANCE
------
PAGESJAUNES GRP PAJ NQ -3061283156.27 1202048352.1
CARRERE GROUP CAR2 EO -23319835.34 364475420.31
RHODIA SA 3218857Q IX -670695098.16 5563991457.04
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RHODIA SA – NEW 3156011Q FP -670695098.16 5563991457.04
PAGESJAUNES GRP PAJ TQ -3061283156.27 1202048352.1
PAGESJAUNES GRP PAJ EB -3061283156.27 1202048352.1
LAB DOLISOS LADL FP -27752176.19 110485462.44
CARRERE GROUP CARG FP -23319835.34 364475420.31
SDR CENTREST 117241Q FP -132420119.65 252176017.15
PAGESJAUNES GRP PAJGBX EO -3061283156.27 1202048352.1
PAGESJAUNES GRP PAJP IX -3061283156.27 1202048352.1
CARRERE GROUP CAR FP -23319835.34 364475420.31
PAGESJAUNES GRP PAJ IX -3061283156.27 1202048352.1
RHODIA SA RHADF US -670695098.16 5563991457.04
RHODIA SA RHAGBP EO -670695098.16 5563991457.04
RHODIA SA 2324015Q EO -670695098.16 5563991457.04
RHODIA SA RHD GR -670695098.16 5563991457.04
CARRERE GROUP CRGP IX -23319835.34 364475420.31
RHODIA SA RHA NQ -670695098.16 5563991457.04
NORTENE NORT EO -35623999.56 117566786.87
PAGESJAUNES GRP QS3 GR -3061283156.27 1202048352.1
RHODIA SA RHA EU -670695098.16 5563991457.04
RHODIA SA RHA VX -670695098.16 5563991457.04
RHODIA SA RHANR PZ -670695098.16 5563991457.04
PAGESJAUNES GRP PAJ VX -3061283156.27 1202048352.1
NORTENE NORT EU -35623999.56 117566786.87
RHODIA SA RHA BQ -670695098.16 5563991457.04
NORTENE NRTN FP -35623999.56 117566786.87
NORTENE NRTP IX -35623999.56 117566786.87
IMMOB HOTELIERE IMH GR -66874823.95 301323804.92
RHODIA SA RHDI GR -670695098.16 5563991457.04
PAGESJAUNES GRP PAJ BQ -3061283156.27 1202048352.1
GRANDE PAROISSE GAPA FP -927267926.9 629287290
CARRERE GROUP XRR GR -23319835.34 364475420.31
CARRERE GROUP CAR2 EU -23319835.34 364475420.31
TROUVAY CAUVIN TVYCF US -396978 133986439.74
PAGESJAUNES GRP PAJGBP EO -3061283156.27 1202048352.1
PAGESJAUNES GRP PAJUSD EO -3061283156.27 1202048352.1
CARRERE GROUP CARF PZ -23319835.34 364475420.31
CARRERE GROUP CRRHF US -23319835.34 364475420.31
PAGESJAUNES GRP PAJGBX EU -3061283156.27 1202048352.1
NORTENE NORT PZ -35623999.56 117566786.87
RHODIA SA RHA EB -670695098.16 5563991457.04
RHODIA SA RHAY IX -670695098.16 5563991457.04
MATUSSIERE & FOR MTUSF US -77896683.67 293868350.79
RHODIA SA RHA PZ -670695098.16 5563991457.04
SELCODIS SLCO EO -21050704.97 140597126.19
RHODIA SA-RIGHTS 653447Q FP -670695098.16 5563991457.04
MATUSSIERE & FOR 1007765Q FP -77896683.67 293868350.79
RHODIA SA-ADR RHA US -670695098.16 5563991457.04
Selcodis SPVX FP -21050704.97 140597126.19
PAGESJAUNES PGJUF US -3061283156.27 1202048352.1
SELCODIS SLCO EU -21050704.97 140597126.19
RHODIA SA-RIGHTS RHADS FP -670695098.16 5563991457.04
IMMOB HOTELIERE IMHO EU -66874823.95 301323804.92
SELCODIS SLCO PZ -21050704.97 140597126.19
SELCODIS SPVX IX -21050704.97 140597126.19
PAGESJAUNES GRP PAJ FP -3061283156.27 1202048352.1
SELCODIS SLCO FP -21050704.97 140597126.19
MMOB HOTELIERE IMMH IX -66874823.95 301323804.92
GRANDE PAROISSE GDPA FP -927267926.9 629287290
PAGESJAUNES GRP PAJ EO -3061283156.27 1202048352.1
IMMOB HOTEL BALN IMHB FP -66874823.95 301323804.92
IMMOB HOTELIERE IMBHF US -66874823.95 301323804.92
LAB DOLISOS DOLI FP -27752176.19 110485462.44
PAGESJAUNES GRP PAJ EU -3061283156.27 1202048352.1
RHODIA SA RHA TQ -670695098.16 5563991457.04
RHODIA SA 2324011Q EU -670695098.16 5563991457.04
RHODIA SA RHANR FP -670695098.16 5563991457.04
IMMOB HOTELIERE IMHO FP -66874823.95 301323804.92
GRANDE PAROISSE GDPXF US -927267926.9 629287290
TROUVAY CAUVIN ETEC FP -396978 133986439.74
RHODIA SA RHDAF US -670695098.16 5563991457.04
IMMOB HOTELIERE SIH FP -66874823.95 301323804.92
RHODIA SA RHA IX -670695098.16 5563991457.04
RHODIA SA RHAGBX EU -670695098.16 5563991457.04
RHODIA SA RHA FP -670695098.16 5563991457.04
RHODIA SA RHA EO -670695098.16 5563991457.04
NORTENE NORT FP -35623999.56 117566786.87
RHODIA SA-ADR RHAYY US -670695098.16 5563991457.04
IMMOB HOTELIERE IMHO PZ -66874823.95 301323804.92
RHODIA SA RHAGBX EO -670695098.16 5563991457.04
IMMOB HOTELIERE IMHO EO -66874823.95 301323804.92
RHODIA SA – NEW RHANV FP -670695098.16 5563991457.04
RHODIA SA – NEW 2335921Q FP -670695098.16 5563991457.04
PAGESJAUNES GRP PAJ PZ -3061283156.27 1202048352.1
GERMANY
-------
VIVANCO GRUPPE VVA1 EU -16648688.57 131276010.89
CINEMAXX AG MXCUSD EU -45477041.55 177659446.07
PRIMACOM AG-ADR+ PCAG ES -14233212.49 729563484.73
CINEMAXX AG MXC EO -45477041.55 177659446.07
PRIMACOM AG-ADR PCAGY US -14233212.49 729563484.73
ALNO AG ANO EU -28265004.17 366872263.74
CINEMAXX AG MXC PZ -45477041.55 177659446.07
CINEMAXX AG MXC EU -45477041.55 177659446.07
CINEMAXX AG MXCG IX -45477041.55 177659446.07
VIVANCO GRUPPE VVA1 PZ -16648688.57 131276010.89
EM.TV & MERC-NEW ETV1 NM -22067409.41 849175624.65
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RINOL AG RILB PZ -2.71 168095049.11
EECH GROUP AG PTA PZ -114331.83 108502676.25
BROKAT TECH AG BSA LN -27139391.98 143536859.72
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BROKAT AG-ADR BROA US -27139391.98 143536859.72
NORDAG AG-RTS DOO8 GR -482446.63 144432986.17
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PRIMACOM AG PCAGF US -14233212.49 729563484.73
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CBB HOLD-NEW 97 COB2 GR -42994732.85 904723627.84
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HYPO REAL ESTATE HRX AV -813565059.9 543794828675.92
HYPO REAL ES-NEW 2916649Q EU -813565059.9 543794828675.92
HYPO REAL ES-NEW 2916645Q EO -813565059.9 543794828675.92
BROKAT TECH AG BRJ GR -27139391.98 143536859.72
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VIVANCO GRUPPE VVA1 GR -16648688.57 131276010.89
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NORDSEE AG 533061Q GR -8200552.05 194616922.62
ALNO AG ANO EO -28265004.17 366872263.74
EECH GROUP AG PTA EO -114331.83 108502676.25
HYPO REAL ESTATE HRX EU -813565059.9 543794828675.92
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EECH GROUP AG PTA GR -114331.83 108502676.25
EECH GROUP AG PTA EU -114331.83 108502676.25
EECH GROUP AG PTAG IX -114331.83 108502676.25
HYPO REAL-ACQ HRXV GR -813565059.9 543794828675.92
HYPO REAL-ACQ HRXV EO -813565059.9 543794828675.92
SPAR HANDELS-AG SPHFF US -442426199.47 1433020960.55
ROSENTHAL AG-ACC ROS4 GR -1744121.91 217776125.75
DORT ACTIEN-BRAU 944167Q GR -12689156.29 117537053.71
P & T TECHNOLOGY PTA NM -114331.83 108502676.25
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HYPO REAL ESTATE HRX NR -813565059.9 543794828675.92
HYPO REAL ESTATE HRXUSD EU -813565059.9 543794828675.92
HYPO REAL ESTATE HRX PZ -813565059.9 543794828675.92
HYPO REAL ESTATE HRX EB -813565059.9 543794828675.92
HYPO REAL ES-NEW HRXA GR -813565059.9 543794828675.92
HYPO REAL ES-NEW HRX1 GR -813565059.9 543794828675.92
HYPO REAL ESTATE HRX VX -813565059.9 543794828675.92
KAUFRING AG KFR GR -19296489.56 150995473.81
MANIA TECHNOLOGI MNI1 EO -35060806.5 107465713.61
HYPO REAL ESTATE HRX NQ -813565059.9 543794828675.92
MANIA TECHNOLOGI MNIG IX -35060806.5 107465713.61
HYPO REAL ESTATE HRXGBX EU -813565059.9 543794828675.92
MANIA TECHNOLOGI MNI PZ -35060806.5 107465713.61
SANDER (JIL) AG JLSDF US -6153256.92 127548039.68
SANDER (JIL)-PRF 2916157Q EU -6153256.92 127548039.68
SANDER (JIL)-PRF 2916161Q EO -6153256.92 127548039.68
CINEMAXX AG-RTS MXC8 GR -45477041.55 177659446.07
HYPO REAL ESTATE HREHF US -813565059.9 543794828675.92
RINOL AG RILB EU -2.71 168095049.11
PRIMACOM AG PRC NM -14233212.49 729563484.73
MATERNUS-KLINIKE MNUKF US -17434186.39 182076493.22
CINEMAXX AG MXC GR -45477041.55 177659446.07
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TA TRIUMPH-ACQ TWNA GR -96966372.18 401755623.89
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ROSENTHAL AG-ADR RSTHY US -1744121.91 217776125.75
RINOL AG RNLAF US -2.71 168095049.11
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TA TRIUMPH-NEW TWN1 GR -96966372.18 401755623.89
ROSENTHAL AG-REG RSTHF US -1744121.91 217776125.75
SANDER (JIL)-PRF SAD3 GR -6153256.92 127548039.68
ROSENTHAL AG-REG ROSG IX -1744121.91 217776125.75
ROSENTHAL AG-REG ROSG PZ -1744121.91 217776125.75
MATERNUS-KLINIKE MAK EO -17434186.39 182076493.22
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EM.TV & MERCHAND ETVMF US -22067409.41 849175624.65
MATERNUS-KLINIKE MAK EU -17434186.39 182076493.22
MATERNUS-KLINIKE MAK PZ -17434186.39 182076493.22
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VIVANCO GRUPPE VVA GR -16648688.57 131276010.89
AGOR AG NDAGF US -482446.63 144432986.17
ROSENTHAL AG-REG ROS1 EO -1744121.91 217776125.75
AGOR AG DOO GR -482446.63 144432986.17
AGOR AG DOO EO -482446.63 144432986.17
TA TRIUMPH-ACQ TWNA EU -96966372.18 401755623.89
TA TRIUMPH-ADLER TWN EO -96966372.18 401755623.89
TA TRIUMPH-ADLER TTZAF US -96966372.18 401755623.89
TA TRIUMPH-RT TWN8 GR -96966372.18 401755623.89
HYPO REAL ESTATE HRXUSD EO -813565059.9 543794828675.92
PRIMACOM AG PRCG PZ -14233212.49 729563484.73
ROSENTHAL AG-REG ROS1 EU -1744121.91 217776125.75
TA TRIUMPH-A-RTS 1018916Z GR -96966372.18 401755623.89
TA TRIUMPH-RTS 3158577Q GR -96966372.18 401755623.89
CBB HOLDING AG CUBDF US -42994732.85 904723627.84
MATERNUS-KLINIKE MAKG IX -17434186.39 182076493.22
TA TRIUMPH-ADLER TWN GR -96966372.18 401755623.89
TA TRIUMPH-ADLER TWNG IX -96966372.18 401755623.89
TA TRIUMPH-ADLER TWN PZ -96966372.18 401755623.89
SPAR HAND-PFD NV SPA3 GR -442426199.47 1433020960.55
VIVANCO GRUPPE VIVGF US -16648688.57 131276010.89
RINOL AG RIL GR -2.71 168095049.11
BROKAT AG -NEW BRJ1 GR -27139391.98 143536859.72
MANIA TECHNOLOGI 2260970Z GR -35060806.5 107465713.61
VIVANCO GRUPPE VVAG IX -16648688.57 131276010.89
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CINEMAXX AG MXCUSD EO -45477041.55 177659446.07
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GREECE
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ICELAND
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IRELAND
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ELAN CORP PLC DRX1 PZ -223400000 1844599936
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WATERFORD WED-UT WWW GR -505729895.23 820803256.03
ITALY
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LUXEMBOURG
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NETHERLANDS
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JAMES HARDIE IND 600241Q GR -37500000 1827000064
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NORWAY
------
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POLAND
------
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PORTUGAL
--------
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ROMANIA
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RAFO SA RAF RO -457922636.25 356796459.26
OLTCHIM RM VALCE OLTCF US -16862370.58 614340383.91
OLTCHIM RM VALCE OLTEUR EU -16862370.58 614340383.91
UZINELE SODICE G UZIM RO -35878364.71 104942905.83
OLTCHIM RM VALCE OLT EO -16862370.58 614340383.91
RUSSIA
------
DAGESTAN ENERGY DASB* RU -42846850.4 123618648.06
AMO ZIL-CLS ZILL* RU -233159478.39 443253297.59
URGALUGOL-BRD YRGL RU -14863411.56 135736934.02
ZIL AUTO PLANT-P ZILLP RM -233159478.39 443253297.59
DAGESTAN ENERGY DASB RM -42846850.4 123618648.06
ZIL AUTO PLANT-P ZILLP* RU -233159478.39 443253297.59
DAGESTAN ENERGY DASB RU -42846850.4 123618648.06
ZIL AUTO PLANT ZILL$ RU -233159478.39 443253297.59
AMO ZIL ZILL RM -233159478.39 443253297.59
KOMPANIYA GL-BRD GMST RU -7218941.93 1603534830.61
SAMARANEFTEGAS-P SMNGP* RU -331600428.45 891998590.74
TERNEYLES-BRD TERL* RU -15178937.2 182115156.77
SAMARANEFTEGAS-$ SMNG RU -331600428.45 891998590.74
SAMARANEFTEGAS-P SMNGP RM -331600428.45 891998590.74
TERNEYLES-BRD TERL RU -15178937.2 182115156.77
SAMARANEFTEGAS SVYOF US -331600428.45 891998590.74
SAMARANEFTEGAS-P SMNGP$ RU -331600428.45 891998590.74
KOMPANIYA GL-BRD GMST* RU -7218941.93 1603534830.61
ZIL AUTO PLANT-P ZILLP RU -233159478.39 443253297.59
GUKOVUGOL GUUG* RU -57835245.31 143665227.24
AKCIONERNOE-BRD SOVP$ RU -110204703.34 120620770.43
GUKOVUGOL GUUG RU -57835245.31 143665227.24
SAMARANEFTEGA-P$ SMNGP RU -331600428.45 891998590.74
URGALUGOL-BRD-PF YRGLP RU -14863411.56 135736934.02
EAST-SIBERIA-BRD VSNK RU -100985377.37 116491783.13
GUKOVUGOL-PFD GUUGP RU -57835245.31 143665227.24
SAMARANEFTEGAS SMNG* RU -331600428.45 891998590.74
SAMARANEFTEGAS SMNG RM -331600428.45 891998590.74
GUKOVUGOL-PFD GUUGP* RU -57835245.31 143665227.24
EAST-SIBERIA-BRD VSNK* RU -100985377.37 116491783.13
VIMPEL SHIP-BRD SOVP RU -110204703.34 120620770.43
AMO ZIL-CLS ZILL RU -233159478.39 443253297.59
SAMARANEFTEGAS SMNG$ RU -331600428.45 891998590.74
EAST-SIBERIAN-BD VSNK$ RU -100985377.37 116491783.13
VIMPEL SHIP-BRD SOVP* RU -110204703.34 120620770.43
URGALUGOL-BRD YRGL* RU -14863411.56 135736934.02
SERBIA
------
DUVANSKA DIVR SG -7729350.78 109207260.53
ZASTAVA AUTOMOBI ZAKG SG -353794358.88 222041784.93
SPAIN
-----
MARTINSA-FADESA MTF SM -936423454.31 10696164113.42
MARTINSA-FADESA 4PU GR -936423454.31 10696164113.42
MARTINSA-FADESA MFAD PZ -936423454.31 10696164113.42
MARTINSA-FADESA MTF EU -936423454.31 10696164113.42
MARTINSA-FADESA MTF EO -936423454.31 10696164113.42
MARTINSA-FADESA MTF NR -936423454.31 10696164113.42
SWITZERLAND
-----------
FORTUNE MANAGEME FMI1 EU -119470863.28 265021012.85
FORTUNE MANAGEME FMI1 EO -119470863.28 265021012.85
FORTUNE MANAGEME FMI1 DU -119470863.28 265021012.85
FORTUNE MANAGEME FMI3 GR -119470863.28 265021012.85
FORTUNE MANAG-NE FMI7 GR -119470863.28 265021012.85
FORTUNE MANAGEME FMI1 GR -119470863.28 265021012.85
FORTUNE MGMT-REG CTLI US -119470863.28 265021012.85
FORTUNE MANA-NEW FMI5 GR -119470863.28 265021012.85
FORTUNE MANAGEME FMI1 PZ -119470863.28 265021012.85
FORTUNE MANAGEME FMIG IX -119470863.28 265021012.85
FORTUNE MANAGEME FMGT US -119470863.28 265021012.85
FORTUNE MANAGEME FMI GR -119470863.28 265021012.85
TURKEY
------
ZORLU ENERJI ELE ZRLUF US -237590.68 1686710346.13
ZORLU ENERJI-ADR ZRLUY US -237590.68 1686710346.13
ZORLU ENERJI ELE ZOREN TI -237590.68 1686710346.13
ZORLU ENERJI ELE ZORENM TI -237590.68 1686710346.13
MUDURNU TAVUKCUL MDRNU TI -64930189.62 160408172.1
MUDURNU TAVUKC-N MDRNUN TI -64930189.62 160408172.1
NERGIS HOLDING NERGS TI -76515062.59 399425760.39
YASARBANK YABNK TI -4024959601.58 2643810456.86
EGS EGE GIYIM-RT EGDISR TI -7732138.55 147075066.65
EGS EGE GIYIM VE EGDIS TI -7732138.55 147075066.65
SIFAS SIFAS TI -15439198.6 130608103.96
IKTISAT FINANSAL IKTFN TI -46900661.12 108228233.63
TUTUNBANK TUT TI -4024959601.58 2643810456.86
IKTISAT FINAN-RT IKTFNR TI -46900661.12 108228233.63
UKRAINE
-------
LUGANSKOBLENERGO LOEN UZ -25962109.73 198804344.57
ZAPORIZHOBLENERG ZAON UZ -9405838.12 126687446.19
DNIPROOBLENERGO DNON UZ -20762857.28 271459240.45
DONETSKOBLENERGO DOON UZ -215120607.25 374165068.75
UNITED KINGDOM
--------------
PARK GROUP PLC PKG EU -61525595.88 223674903.79
ANKER PLC ANK PO -21861359.81 115463159
SCOTTISH MEDIA 1442Q GR -24923249.67 194430485.8
PARK GROUP PLC PKG PO -61525595.88 223674903.79
PARK GROUP PLC PKG EO -61525595.88 223674903.79
PATIENTLINE PLC PTL PZ -54677284.64 124948245.8
DANKA BUS SYSTEM DNK PZ -497127008 121439000
PARK FOOD GROUP PKFD LN -61525595.88 223674903.79
PATIENTLINE PLC PTL PO -54677284.64 124948245.8
PATIENTLINE PLC 2928907Q EO -54677284.64 124948245.8
PARK GROUP PLC PRKGF US -61525595.88 223674903.79
PARK GROUP PLC PKG PZ -61525595.88 223674903.79
DANKA BUS SYSTEM DNK PO -497127008 121439000
SMITHS NEWS PLC NWS PZ -124124656.94 201361815.36
PARK GROUP PLC PKG VX -61525595.88 223674903.79
AIRTOURS PLC ATORF US -379721841.57 1817512773.61
MYTRAVEL GROUP P MT/ VX -379721841.57 1817512773.61
MYTRAVEL GROUP P 1018144Q GR -379721841.57 1817512773.61
NEW STAR ASSET NSAM IX -397718038.04 292972732.12
SKYEPHARMA PLC SK8C GR -130883498.29 153620497.99
MYTRAVEL GROUP ARO2 GR -379721841.57 1817512773.61
MYTRAVEL GROUP MT IX -379721841.57 1817512773.61
MYTRAVEL GROUP MT/S PO -379721841.57 1817512773.61
NEW STAR ASSET N6S GR -397718038.04 292972732.12
ATKINS (WS) PLC ATK PO -36314039.75 1257996718.47
PARK GROUP PLC PKGGBP EO -61525595.88 223674903.79
MYTRAVEL GROUP-A MYTVF US -379721841.57 1817512773.61
NEW STAR ASSET NSAM LN -397718038.04 292972732.12
NEW STAR ASSET NWSAF US -397718038.04 292972732.12
AEA TECHNOLO-NPR AATN LN -98795549.33 133685509.1
MARCONI PLC MRCQF US -2203513803.24 7204891601.83
MARCONI PLC 203083Q VX -2203513803.24 7204891601.83
MARCONI PLC-ADR MONIY US -2203513803.24 7204891601.83
MARCONI PLC MNI LN -2203513803.24 7204891601.83
M 2003 PLC-ADR MTWOY US -2203513803.24 7204891601.83
MARCONI PLC-ADR MCONY US -2203513803.24 7204891601.83
RENTOKIL INITIAL RTO EB -90219248.82 3493481471.08
MARCONI PLC-ADR MONIE US -2203513803.24 7204891601.83
RANK GROUP PLC RNKEUR EU -6412999.92 835001785.71
ORANGE PLC-ADR ONG GR -593935051.02 2902299501.9
MARCONI PLC MY2 GR -2203513803.24 7204891601.83
MARCONI PLC MONIF US -2203513803.24 7204891601.83
MARCONI PLC-ADR MRCQY US -2203513803.24 7204891601.83
MARCONI PLC-ADR QUQMON AU -2203513803.24 7204891601.83
ORANGE PLC-ADR ORNGY US -593935051.02 2902299501.9
ORBIS PLC OBS PO -4168498.48 127701679.5
ATKINS (WS) PLC ATKGBP EO -36314039.75 1257996718.47
PARK GROUP PLC PKG LN -61525595.88 223674903.79
NORTHERN ROCK 2733269Q EU -586206492.33 152084295061.92
ORANGE PLC 1460Q GR -593935051.02 2902299501.9
ORANGE PLC ORNGF US -593935051.02 2902299501.9
SKYEPHARMA-ADR SK8 GR -130883498.29 153620497.99
MYTRAVEL GROUP-A 2281919Q GR -379721841.57 1817512773.61
SKYEPHARMA PLC SKP PO -130883498.29 153620497.99
ORBIS PLC RLP GR -4168498.48 127701679.5
ORBIS PLC ORBSF US -4168498.48 127701679.5
ORBIS PLC OBS IX -4168498.48 127701679.5
NORTHERN ROCK 2733273Q EO -586206492.33 152084295061.92
NORTHERN ROCK 2733277Q EU -586206492.33 152084295061.92
TOPPS TILES PLC TPTEUR EU -101299352.89 170960693.68
NORTHERN ROCK NRK PZ -586206492.33 152084295061.92
PREMIER FARNELL PFL NR -7994895.94 689988072.4
NEW STAR ASSET NSAM PO -397718038.04 292972732.12
NORTHERN ROCK NRK VX -586206492.33 152084295061.92
ORANGE PLC-ADR ORA$ LN -593935051.02 2902299501.9
NORTHERN ROCK 2733265Q EO -586206492.33 152084295061.92
DAWSON HOLDINGS DWN PO -18157019.88 210051798.58
NORTHERN ROCK NR3 GR -586206492.33 152084295061.92
NORTHERN ROCK NHRKF US -586206492.33 152084295061.92
NORTHERN ROCK NRK PO -586206492.33 152084295061.92
NORTHERN ROCK 2733285Q EU -586206492.33 152084295061.92
NORTHERN ROCK 2733281Q EO -586206492.33 152084295061.92
REGUS PLC-ADS REGS US -46111835.37 367181111
AEA TECHNOLOGY AATGBP EO -98795549.33 133685509.1
DANKA BUS-ADR AP39 LI -497127008 121439000
STV GROUP PLC STVGEUR EO -24923249.67 194430485.8
BNB RECRUITMENT BNB PO -10242627.53 103637704.96
LADBROKES PLC LAD BQ -478059993.74 1887316678.66
ATKINS (WS) PLC ATK NQ -36314039.75 1257996718.47
EUROPEAN HOME FPAKF US -14328735.16 110864081.39
NEW STAR ASSET 3226443Q EO -397718038.04 292972732.12
BRITISH ENER-$US BGYNYD AR -5822867500.78 4921095749.61
M 2003 PLC-ADR MTWOE US -2203513803.24 7204891601.83
MYTRAVEL GROUP P MYTGF US -379721841.57 1817512773.61
SKYEPHARMA PLC SKPGBP EO -130883498.29 153620497.99
STV GROUP PLC SMGPF US -24923249.67 194430485.8
STV GROUP PLC SMG PZ -24923249.67 194430485.8
TELEWEST COM-ADR TWT$ LN -3702234580.99 7581020925.22
TELEWEST COM-ADR 940767Q GR -3702234580.99 7581020925.22
SMG PLC-FUL PAID SMGF LN -24923249.67 194430485.8
STV GROUP PLC STVG EO -24923249.67 194430485.8
STV GROUP PLC SMG IX -24923249.67 194430485.8
BRITISH SKY BROA BSY NQ -30607499.6 8332527670.8
STV GROUP PLC STVG LN -24923249.67 194430485.8
STV GROUP PLC STVG VX -24923249.67 194430485.8
STV GROUP PLC STVGGBP EO -24923249.67 194430485.8
EMI GROUP PLC EMI PO -2265916256.89 2950021937.14
SKYEPHARMA-ADR SKYE US -130883498.29 153620497.99
SKYEPHARMA-ADR AP80 LI -130883498.29 153620497.99
CARLISLE GROUP 506819Q LN -11904426.45 203548565.03
JESSOPS PLC JSPGBP EO -27246210.42 167576832.77
SKYEPHARMA-ADR SK8N GR -130883498.29 153620497.99
RENTOKIL INITIAL RTO EU -90219248.82 3493481471.08
SKYEPHARMA PLC SKP IX -130883498.29 153620497.99
BRIT SKY BRO-ADR BSY US -30607499.6 8332527670.8
SKYEPHARMA PLC SKP1 VX -130883498.29 153620497.99
BRITISH SKY BROA BSYEUR EU -30607499.6 8332527670.8
SKYEPHARMA PLC SKYEF US -130883498.29 153620497.99
SMITHS NEWS PLC NWS2 EO -124124656.94 201361815.36
SMITHS NEWS PLC NWS2 TQ -124124656.94 201361815.36
SMITHS NEWS PLC SMWPY US -124124656.94 201361815.36
SMITHS NEWS PLC NWS2 EU -124124656.94 201361815.36
SMITHS NEWS PLC NWS2EUR EU -124124656.94 201361815.36
SMITHS NEWS PLC NWS1 EO -124124656.94 201361815.36
SMG PLC-NIL PAID SMGN LN -24923249.67 194430485.8
SMG PLC SMG LN -24923249.67 194430485.8
SMG PLC SMG PO -24923249.67 194430485.8
SKYEPHARMA PLC SKP PZ -130883498.29 153620497.99
SMITHS NEWS PLC NWS LN -124124656.94 201361815.36
SMITHS NEWS PLC NWS2EUR EO -124124656.94 201361815.36
VIRGIN MOB-ASSD VMOC LN -392165437.58 166070003.71
RENTOKIL-SP ADR RTOKY US -90219248.82 3493481471.08
UTC GROUP UGR LN -11904426.45 203548565.03
PREMIER FARNELL PFL VX -7994895.94 689988072.4
VIRGIN MOBILE VMOB PO -392165437.58 166070003.71
VIRGIN MOB-ASSD VMOA LN -392165437.58 166070003.71
ORANGE PLC 951641Q LN -593935051.02 2902299501.9
LADBROKES PLC LADEUR EO -478059993.74 1887316678.66
MYTRAVEL GROUP MT/S VX -379721841.57 1817512773.61
RANK GROUP PLC RANKF US -6412999.92 835001785.71
LEEDS SPORTING LES LN -73166148.8 143762193.66
MARCONI PLC-ADR MONI US -2203513803.24 7204891601.83
NEW STAR ASSET 3226447Q EO -397718038.04 292972732.12
EMI GROUP PLC 3020138Q GR -2265916256.89 2950021937.14
THORN EMI-ADR TORNY US -2265916256.89 2950021937.14
BRIT ENERGY-A BENA GR -5822867500.78 4921095749.61
RANK GROUP-ADR RNK$ LN -6412999.92 835001785.71
WATSON & PHILIP WTSN LN -120493900.04 252232072.87
VIRGIN MOBILE VGMHF US -392165437.58 166070003.71
VIRGIN MOBILE UEM GR -392165437.58 166070003.71
VIRGIN MOBILE VMOB LN -392165437.58 166070003.71
LADBROKES PLC LAD TQ -478059993.74 1887316678.66
BRITISH ENERGY-A BHEAF US -5822867500.78 4921095749.61
SKYEPHARMA PLC SKP EO -130883498.29 153620497.99
THORN EMI-REGD 1772Q GR -2265916256.89 2950021937.14
THORN EMI-CDR THN NA -2265916256.89 2950021937.14
EMI GROUP PLC EMIPF US -2265916256.89 2950021937.14
TOPPS TILES PLC TPT PZ -101299352.89 170960693.68
DAWSON HOLDINGS DWN1 EU -18157019.88 210051798.58
AMER BUS SYS ARB LN -497127008 121439000
TELEWEST COMM TWT VX -3702234580.99 7581020925.22
TELEWEST COMM 604296Q GR -3702234580.99 7581020925.22
TELEWEST COM-ADR TWSTY US -3702234580.99 7581020925.22
THORN EMI PLC THNE FP -2265916256.89 2950021937.14
PREMIER FARNELL PFL EO -7994895.94 689988072.4
TELEWEST COMM 715382Q LN -3702234580.99 7581020925.22
TOPPS TILES PLC TPTGBP EO -101299352.89 170960693.68
NORTHERN ROCK NRK LN -586206492.33 152084295061.92
TOPPS TILES PLC TPT VX -101299352.89 170960693.68
JESSOPS PLC JSP PO -27246210.42 167576832.77
BRITISH SKY BROA BSY PO -30607499.6 8332527670.8
TOPPS TILES-NEW TPTN LN -101299352.89 170960693.68
TOPPS TILES PLC TPTEUR EO -101299352.89 170960693.68
TOPPS TILES PLC TPT PO -101299352.89 170960693.68
SKYEPHARMA -SUB 2976665Z LN -130883498.29 153620497.99
TOPPS TILES PLC TPTJY US -101299352.89 170960693.68
TOPPS TILES PLC TPT EU -101299352.89 170960693.68
TOPPS TILES PLC TPT EO -101299352.89 170960693.68
SKYEPHARMA PLC SKPEUR EO -130883498.29 153620497.99
RANK GROUP PLC RNK PO -6412999.92 835001785.71
RANK GROUP PLC RNK LN -6412999.92 835001785.71
RANK GROUP PLC RNKDKK EO -6412999.92 835001785.71
RANK GROUP-ADR RANKY US -6412999.92 835001785.71
CLIPPER WINDPOWE CWPA LN -99360000 989187968
RANK GROUP PLC RNKUSD EO -6412999.92 835001785.71
GALIFORM PLC GFRM PZ -84844622.18 585251745.06
RANK GROUP PLC RNKEUR EO -6412999.92 835001785.71
SMITHS NEWS PLC NWS PO -124124656.94 201361815.36
RANK GROUP PLC RNKDKK EU -6412999.92 835001785.71
RANK GROUP PLC RNK BQ -6412999.92 835001785.71
MYTRAVEL GROUP MT/S LN -379721841.57 1817512773.61
REGUS PLC-ADS REGSV US -46111835.37 367181111
REGUS PLC-ADS REGSY US -46111835.37 367181111
RENTOKIL INITIAL RTO NR -90219248.82 3493481471.08
RENTOKIL INITIAL RTO IX -90219248.82 3493481471.08
RENTOKIL INITIAL RTOGBP EO -90219248.82 3493481471.08
PATIENTLINE PLC PTL LN -54677284.64 124948245.8
REGUS LTD 273187Q LN -46111835.37 367181111
RANK ORG PLC RANKY SP -6412999.92 835001785.71
BRITISH SKY BROA BSY EO -30607499.6 8332527670.8
REGUS PLC REGSF US -46111835.37 367181111
REGUS PLC 2296Z LN -46111835.37 367181111
REGUS PLC 273195Q VX -46111835.37 367181111
DANKA BUS SYSTEM DNK LN -497127008 121439000
PREMIER FARNELL PFL PZ -7994895.94 689988072.4
RANK GROUP PLC RNKUSD EU -6412999.92 835001785.71
RENTOKIL INITIAL RTOKF US -90219248.82 3493481471.08
PREMIER FARNELL PFL TQ -7994895.94 689988072.4
PREMIER FARNELL PFL PO 7994895.94 689988072.4
NEW STAR ASSET 3226431Q EU -397718038.04 292972732.12
PATIENTLINE PLC PTL VX -54677284.64 124948245.8
PATIENTLINE PLC 2928899Q EO -54677284.64 124948245.8
PREMIER FARNELL PFLUSD EO -7994895.94 689988072.4
PREMIER FARNELL PFLSEK EU -7994895.94 689988072.4
PREMIER FARNELL PFL EB -7994895.94 689988072.4
TELEWEST COMM TWSTF US -3702234580.99 7581020925.22
RANK GROUP PLC RNK GR -6412999.92 835001785.71
STV GROUP PLC STVG EU -24923249.67 194430485.8
RANK GROUP PLC RNKGBP EO -6412999.92 835001785.71
RANK GROUP PLC RNK NR -6412999.92 835001785.71
RANK GROUP PLC RNK NQ -6412999.92 835001785.71
LADBROKES PLC LAD EB -478059993.74 1887316678.66
PATIENTLINE PLC PTL IX -54677284.64 124948245.8
PREMIER FARNELL PFLEUR EO -7994895.94 689988072.4
PREMIER FARNELL PFL LN -7994895.94 689988072.4
ABBOTT MEAD VICK 648824Q LN -1685852.9 168258996.33
PREMIER FARNELL PFLEUR EU -7994895.94 689988072.4
SCOTTISH MEDIA SSMR LN -24923249.67 194430485.8
RANK ORG PLC-ADR 14873Z US -6412999.92 835001785.71
RANK GROUP PLC RNK PZ -6412999.92 835001785.71
MARCONI PLC MONI BB -2203513803.24 7204891601.83
SCOTTISH TELEV SCTVF US -24923249.67 194430485.8
SCOTTISH MEDIA SSM LN -24923249.67 194430485.8
GALIFORM PLC GFRMEUR EO -84844622.18 585251745.06
ORBIS PLC OBS LN -4168498.48 127701679.5
AEA TECHNOLOGY AAT VX -98795549.33 133685509.1
SAATCHI & SAATCH 188190Q GR -119260804.15 705060824.55
SAATCHI & SA-ADR SSI$ LN -119260804.15 705060824.55
JESSOPS PLC JSP IX -27246210.42 167576832.77
SKYEPHARMA PLC SKP TQ -130883498.29 153620497.99
TOPPS TILES PLC TPT TQ -101299352.89 170960693.68
SKYEPHAR-RTS N/P SKPN VX -130883498.29 153620497.99
SKYEPHARMA PLC SKP EU -130883498.29 153620497.99
SKYEPHARMA PLC SK8A GR -130883498.29 153620497.99
SKYEPHARMA PLC SKP VX -130883498.29 153620497.99
EUROPEAN HOME EHR EO -14328735.16 110864081.39
SETON HEALTHCARE 2290Z LN -10585179.82 156822902.77
RANK GROUP PLC RNK EB -6412999.92 835001785.71
SKYEPHAR-RTS N/P SKPN LN -130883498.29 153620497.99
SFI GROUP PLC SUF LN -108067115.81 177647536.08
COMPASS GRP-ADR CMSGY US -668101173.88 2972459078.38
RENTOKIL INITIAL RTOEUR EU -90219248.82 3493481471.08
RENTOKIL INITIAL RTOEUR EO -90219248.82 3493481471.08
RENTOKIL INITIAL RTO TQ -90219248.82 3493481471.08
GALIFORM PLC GFRM LN -84844622.18 585251745.06
RENTOKIL INITIAL RTO1 GR -90219248.82 3493481471.08
RENTOKIL INITIAL RTO LN -90219248.82 3493481471.08
RENTOKIL INITIAL RTO GR -90219248.82 3493481471.08
BRITISH ENERGY-A BGYA PO -5822867500.78 4921095749.61
RENTOKIL INITIAL RTO EO -90219248.82 3493481471.08
ORBIS PLC OBG PO -4168498.48 127701679.5
RENTOKIL INITIAL RTOG IX -90219248.82 3493481471.08
RENTOKIL INITIAL RTO PZ -90219248.82 3493481471.08
EUROPEAN HOME EHR PZ -14328735.16 110864081.39
RENTOKIL INITIAL RTO PO -90219248.82 3493481471.08
JESSOPS PLC JSP PZ -27246210.42 167576832.77
ORBIS PLC OBS PZ -4168498.48 127701679.5
SAATCHI & SA-ADR SSA US -119260804.15 705060824.55
LADBROKES PLC HG/ VX -478059993.74 1887316678.66
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RENTOKIL INITIAL RTOUSD EO -90219248.82 3493481471.08
RENTOKIL INITIAL RTO BQ -90219248.82 3493481471.08
EMI GROUP -ASSD EMIA LN -2265916256.89 2950021937.14
ATKINS (WS) PLC ATK PZ -36314039.75 1257996718.47
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DANKA BUS SYSTEM DNK VX -497127008 121439000
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DANKA BUS-BLK CE DANKB AR -497127008 121439000
DANKA BUS-ADR DB6 GR -497127008 121439000
DANKA BUS-ADR DANKY US -497127008 121439000
PARK GROUP PLC PRKG IX -61525595.88 223674903.79
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BRITISH SKY BROA BSYBF US -30607499.6 8332527670.8
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EMI GROUP-ADR 38IS LN -2265916256.89 2950021937.14
EMI GROUP PLC-B 1019425Q LN -2265916256.89 2950021937.14
EMI GROUP PLC EMI VX -2265916256.89 2950021937.14
JESSOPS PLC JSP EO -27246210.42 167576832.77
REGUS PLC-ADS RGUA GR -46111835.37 367181111
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ANKER PLC DW14 GR -21861359.81 115463159
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ANKER PLC – ASSD ANKC LN -21861359.81 115463159
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AMEY PLC AMEYF US -48862569.33 931527720.46
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ANKER PLC-ASSD ANKA LN -21861359.81 115463159
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AEA TECHNOLO-FPR AATF LN -98795549.33 133685509.1
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BRITISH SKY BROA BSYUSD EO -30607499.6 8332527670.8
ALLDAYS PLC ALDYF US -120493900.04 252232072.87
ADVANCE DISPLAY ADTP PZ -3015578834.69 2590007903.69
BOOKER PLC-ADR BKRUY US -59832880.4 1298182548.71
NORTHERN ROCK NRKI IX -586206492.33 152084295061.92
AMEY PLC AMY VX -48862569.33 931527720.46
PATIENTLINE PLC 2928903Q EU -54677284.64 124948245.8
NEW STAR ASSET NSAA LN -397718038.04 292972732.12
ALLDAYS PLC 317056Q LN -120493900.04 252232072.87
AIRTOURS PLC AIR LN -379721841.57 1817512773.61
AIRTOURS PLC AIR VX -379721841.57 1817512773.61
TOPPS TILES PLC TPTJF US -101299352.89 170960693.68
BRITISH ENER-CED BGYNY AR -5822867500.78 4921095749.61
BRITISH SKY BROA BSY NR -30607499.6 8332527670.8
PREMIER FARNELL PFLUSD EU -7994895.94 689988072.4
HILTON GROUP-ADR HLTGY US -478059993.74 1887316678.66
BRITISH ENER-$US BGYD AR -5822867500.78 4921095749.61
BRIT SKY BROADCA BSYB GR -30607499.6 8332527670.8
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BRITISH ENER-C/E BGYC AR -5822867500.78 4921095749.61
BRITISH ENER-BLK BGYNYB AR -5822867500.78 4921095749.61
BRITISH ENER-BLK BGYB AR -5822867500.78 4921095749.61
BRITISH SKY BROA BSB GR -30607499.6 8332527670.8
BRITISH SKY BROA BSY EB -30607499.6 8332527670.8
BRITISH SKY BROA BSY LN -30607499.6 8332527670.8
BRITISH SKY BROA BSY EU -30607499.6 8332527670.8
SMITHS NEWS PLC SMWPF US -124124656.94 201361815.36
BRITISH SKY BROA BSY TQ -30607499.6 8332527670.8
GALIFORM PLC GFRM TQ -84844622.18 585251745.06
BRITISH SKY BROA BSY IX -30607499.6 8332527670.8
CLIPPER WINDPOWE CWP LN -99360000 989187968
BRITISH SKY BROA BSYEUR EO -30607499.6 8332527670.8
STV GROUP PLC SMG VX -24923249.67 194430485.8
BRITISH SKY BROA BSY PZ -30607499.6 8332527670.8
BNB RECRUITMENT BNB LN -10242627.53 103637704.96
BLACK & EDGINGTO BLE LN -130883498.29 153620497.99
BOOKER PLC BKERF US -59832880.4 1298182548.71
BNB RECRUITMENT BQX GR -10242627.53 103637704.96
BNB RECRUITMENT BNBRF US -10242627.53 103637704.96
ATKINS (WS) PLC ATKEUR EU -36314039.75 1257996718.47
ATKINS (WS) PLC ATK EU -36314039.75 1257996718.47
ATKINS (WS) PLC ATK TQ -36314039.75 1257996718.47
RANK GROUP PLC RNK EO -6412999.92 835001785.71
BCH GROUP PLC BCH LN -5728274.38 187993198.22
LAMBERT FENCHURC LMF LN -1453050.04 1826806853.46
BRIT ENERGY PLC BEN1 GR -5822867500.78 4921095749.61
BRIT ENERGY PLC BGYEF US -5822867500.78 4921095749.61
BRIT ENERGY PLC BHEGF US -5822867500.78 4921095749.61
SKYEPHARMA PLC SKP LN -130883498.29 153620497.99
BRIT NUCLEAR 1046Z LN -4247644149.6 40325778907.11
BRIT ENERGY-ADR BHEFF US -5822867500.78 4921095749.61
BRADSTOCK GROUP BSKGF US -1855444.44 268563822.49
STV GROUP PLC STVGEUR EU -24923249.67 194430485.8
BOOKER PLC 1330Q GR -59832880.4 1298182548.71
NEW STAR ASSET NSAM TQ -397718038.04 292972732.12
BRIT ENERGY LTD 523362Q LN -5822867500.78 4921095749.61
BRADSTOCK GROUP BDK LN -1855444.44 268563822.49
GALIFORM PLC GFRMNOK EU -84844622.18 585251745.06
FARNELL ELEC-RFD FRNR LN -7994895.94 689988072.4
BRITISH ENER-CED BGY AR -5822867500.78 4921095749.61
SKYEPHAR-RTS F/P SKPF VX -130883498.29 153620497.99
GARTLAND WHALLEY GWB LN -10986769.42 45352034.49
RENTOKIL INITIAL RTO NQ -90219248.82 3493481471.08
PREMIER FARN-ADR PIFLY US -7994895.94 689988072.4
GALIFORM PLC GFRM EU -84844622.18 585251745.06
SMITHS NEWS PLC NWS2GBP EO -124124656.94 201361815.36
SAATCHI & SAATCH SSATF US -119260804.15 705060824.55
PREMIER FARNELL PFLGBP EO -7994895.94 689988072.4
JESSOPS PLC JSPEUR EU -27246210.42 167576832.77
JESSOPS PLC JSPEUR EO -27246210.42 167576832.77
NEW STAR ASSET 3226435Q EO -397718038.04 292972732.12
JESSOPS PLC JS4 GR -27246210.42 167576832.77
DAWSON HOLDINGS DWHGF US -18157019.88 210051798.58
JESSOPS PLC JSP EU -27246210.42 167576832.77
DANKA BUS-C/E CE DANKC AR -497127008 121439000
PREMIER FARNELL PML GR -7994895.94 689988072.4
HILTON GROUP PLC HLTGF US -478059993.74 1887316678.66
MARCONI PLC MNI BB -2203513803.24 7204891601.83
HILTON GROUP PLC HG/ LN -478059993.74 1887316678.66
HILTON GROUP PLC HG PO -478059993.74 1887316678.66
GALIFORM PLC GFRM EO -84844622.18 585251745.06
GALIFORM PLC GFRMNOK EO -84844622.18 585251745.06
NORTHERN ROCK NRK IX -586206492.33 152084295061.92
GGT GROUP-ADR GGTRY US -156372271.99 408211200.87
SMITHS NEWS PLC NWS1 EU -124124656.94 201361815.36
RENTOKIL INITIAL RKLIF US -90219248.82 3493481471.08
PREMIER FARNELL PFL BQ -7994895.94 689988072.4
EUROPEAN HOME EHR EU -14328735.16 110864081.39
LADBROKES PLC LAD IX -478059993.74 1887316678.66
HILTON GROUP-CRT HIG BB -478059993.74 1887316678.66
HILTON GROUP-CER HG BB -478059993.74 1887316678.66
RENTOKIL-SP ADR AP76 LI -90219248.82 3493481471.08
SKYEPHARMA PLC SKPEUR EU -130883498.29 153620497.99
KLEENEZE PLC KLZ LN -14328735.16 110864081.39
LEEDS SPORTING LEDPF US -73166148.8 143762193.66
LEEDS UNITED PLC LDSUF US -73166148.8 143762193.66
LEEDS UNITED PLC LUFC LN -73166148.8 143762193.66
LEEDS UNITED PLC 889687Q GR -73166148.8 143762193.66
LADBROKES PLC-AD LDBKY LN -478059993.74 1887316678.66
LADBROKES PLC LAD EU -478059993.74 1887316678.66
LADBROKES PLC-CE LAD BB -478059993.74 1887316678.66
GALIFORM PLC GFRM VX -84844622.18 585251745.06
GALIFORM PLC GLFMF US -84844622.18 585251745.06
LADBROKES PLC LADEUR EU -478059993.74 1887316678.66
EMI GROUP-ADR EMIPY US -2265916256.89 2950021937.14
M 2003 PLC 203055Q LN -2203513803.24 7204891601.83
M 2003 PLC MTWOF US -2203513803.24 7204891601.83
SMITHS NEWS PLC NWS VX -124124656.94 201361815.36
BOOKER PLC 987188Q LN -59832880.4 1298182548.71
LADBROKES PLC LAD GR -478059993.74 1887316678.66
PREMIER FARNELL PFLSEK EO -7994895.94 689988072.4
LADBROKES PLC LADNZD EO -478059993.74 1887316678.66
LADBROKES PLC LAD VX -478059993.74 1887316678.66
LADBROKES PLC LADNZD EU -478059993.74 1887316678.66
RANK GROUP PLC RNK TQ -6412999.92 835001785.71
LADBROKE GRP-IDR 695767Q BB -478059993.74 1887316678.66
LADBROKE GROUP LADB LN -478059993.74 1887316678.66
LADBROKES PLC LAD LN -478059993.74 1887316678.66
LADBROKE GRP-OLD LADB BB -478059993.74 1887316678.66
PREMIER FARNELL PFL IX 7994895.94 689988072.4
LADBROKES PLC LAD PO -478059993.74 1887316678.66
LADBROKES PLC LAD EO -478059993.74 1887316678.66
ATKINS (WS) PLC ATKEUR EO -36314039.75 1257996718.47
ANKER PLC ANK LN -21861359.81 115463159
LADBROKES PLC LAD NR -478059993.74 1887316678.66
TELEWEST COM-ADR TWSTD US -3702234580.99 7581020925.22
LADBROKES PLC LDBKF US -478059993.74 1887316678.66
LADBROKES PLC LADGBP EO -478059993.74 1887316678.66
RENTOKIL INITIAL RTOUSD EU -90219248.82 3493481471.08
GALIFORM PLC MFIFF US -84844622.18 585251745.06
RANK GROUP PLC RNK EU -6412999.92 835001785.71
GALIFORM PLC MFI PO -84844622.18 585251745.06
GALIFORM PLC GFRMGBP EO -84844622.18 585251745.06
GALIFORM PLC GFRM NQ -84844622.18 585251745.06
BRITISH SKY BROA BSYUSD EU -30607499.6 8332527670.8
LADBROKES PLC-AD LDBKY US -478059993.74 1887316678.66
GALIFORM PLC MFI VX -84844622.18 585251745.06
GALIFORM PLC GFRMEUR EU -84844622.18 585251745.06
GALIFORM PLC GFRM BQ -84844622.18 585251745.06
GALIFORM PLC GFRM IX -84844622.18 585251745.06
GALIFORM PLC GFRM PO -84844622.18 585251745.06
GALIFORM PLC GFRM EB -84844622.18 585251745.06
BRITISH ENERGY-A 3012442Q LN -5822867500.78 4921095749.61
*********
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 * * *