/raid1/www/Hosts/bankrupt/TCREUR_Public/090605.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
Friday, June 5, 2009, Vol. 10, No. 110
Headlines
A U S T R I A
AMT AIRCRAFT : Creditors Have Until June 15 to File Claims
ETAX HANDEL: Claims Filing Period Ends June 17
HAASUNDKO GMBH: Claims Filing Period Ends June 30
INDEPENDENT TRADE: Creditors Must File Proofs of Claim by June 17
D E N M A R K
NORDIC TELEPHONE: S&P Lifts Ratings on Subordinated Notes to 'BB-'
TDC A/S: S&P Affirms 'BB-' Issue Rating on Unsecured Notes
F R A N C E
CMA CGM: Fitch Cuts Long-Term Issuer Default Rating to 'BB-'
G E R M A N Y
ARCANDOR AG: Smaller Banks Refuse to Extend Credit Line
DEUTSCHE SCHIFFSBANK: Moody's Cuts Bank Strength Rating to 'D'
VERSATEL AG: S&P Lowers Rating on EUR525 Mil. Notes to 'BB-'
I R E L A N D
MAGNOLIA FINANCE: Moody's Withdraws 'Ca' Rating on 2005-2 Notes
NEW BOND: S&P Cuts Ratings on Class A1 and A2 Notes to 'D'
K A Z A K H S T A N
BAHYT ALI: Creditors Must File Claims by June 26
MAMANGER LTD: Creditors Must File Claims by June 26
NEVODNIK ATYRAU: Creditors Must File Claims by June 26
TECHNOSPHERE NORD: Creditors Must File Claims by June 26
YSYK ATYRAU: Creditors Must File Claims by June 26
K Y R G Y Z S T A N
KENCH TRADE: Creditors Must File Claims by July 3
N E T H E R L A N D S
IFCO SYSTEMS: Moody's Assigns '(P)Ba3' Rating on EUR180 Mil. Notes
IFCO SYSTEMS: S&P Assigns 'BB-' Rating on EUR180 Mil. Notes
P O L A N D
TVN SA: Moody's Changes Outlook on 'Ba3' Ratings to Negative
R U S S I A
BIMS LLC: Creditors Must File Claims by July 15
FORGING PLANT: Court Names I.Kolesnikov as Insolvency Manager
KHIM-PROM OJSC: Volgogradskaya Bankruptcy Hearing Set August 27
KOZMODEMYANSKIY METAL: Creditors Must File Claims by June 15
SISTEMA JSFC: Posts US$395.5 Mln Net Loss in First Quarter 2009
TERMA LLC: Creditors Must File Claims by June 15
* Fitch Affirms Low-B Currency Ratings on Russian Leningrad Region
* Fitch Assigns Rating on Karelia Republic's RUB1 Bln Bond Issue
* S&P Affirms 'BB' LT Issuer Credit Rating on Tatarstan Republic
S P A I N
BANCAJA 3: S&P Puts 'BB-' Rating on Class D Notes on Neg. Watch
SOL MELIA: Moody's Downgrades Corporate Family Rating to 'Ba2'
TDA EMPRESAS: S&P Affirms Junk Rating on Class D Pastor 5 Notes
S W I T Z E R L A N D
AUTOHANDEL HAMDAR: Creditors Must File Claims by July 20
BERNET WARMETECHNIK: Creditors Must File Claims by July 31
ECAMOS GMBH: Claims Filing Deadline is July 22
KONRAD PRINT: Claims Filing Deadline is July 31
MITTELLANDPARK AG: Claims Filing Deadline is July 13
U K R A I N E
HYDROCARBON CJSC: Creditors Must File Claims by June 12
LUTUGINSKOYE REPAIR: Creditors Must File Claims by June 12
PERVOYE MAYA: Creditors Must File Claims by June 12
RADIALKA LLC: Creditors Must File Claims by June 13
VEL LLC: Creditors Must File Claims by June 13
U N I T E D K I N G D O M
DAIRY FARMERS: Goes Into Receivership
GENERAL MOTORS: Future of Vauxhall's Luton Plant Uncertain
INDESIT COMPANY: To Close UK Plant; 302 Jobs Affected
JJB SPORTS: Inks GBP50 Mln Funding Deal with Bankers
LEEK FINANCE 18: S&P Cuts Ratings on Two Classes of Notes to 'BB'
LEEK FINANCE 18: S&P Cuts Ratings on Two Classes of Notes to 'B-'
LLOYDS BANKING: Mulls 530 Job Cuts in the United Kingdom
MINORPLANET SYSTEMS: Casts Doubt on Future, Posts GBP2.5 Mln Loss
PEARL GROUP: Receives EUR600 Mln Capital Injection From Liberty
ROCK: Goes Into Administration, Pwc Appointed
TITAN EUROPE: Fitch Downgrades Rating on Class E Notes to 'BB-'
* BOOK REVIEW: Taking America - How We Got from the First Hostile
*********
=============
A U S T R I A
=============
AMT AIRCRAFT : Creditors Have Until June 15 to File Claims
----------------------------------------------------------
Creditors owed money by AMT Aircraft Manufacturing Technology GmbH
have until have until June 15, 2009, to file written proofs of
claim to the court-appointed estate administrator:
Mag. Barbara Senninger
Kastellstrasse 4
7551 Stegersbach
Tel: 03326/524 23
Fax: 03326/54156
E-mail: office@anwalt-bgld.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:15 a.m. on June 29, 2009, for the
examination of claims.
ETAX HANDEL: Claims Filing Period Ends June 17
----------------------------------------------
Creditors owed money by Etax Handel GmbH have until have until
June 17, 2009, to file written proofs of claim to the court-
appointed estate administrator:
Dr. Karl Schirl
Krugerstrasse 17/3
1010 Vienna
Austria
Tel: 513 22 31
Fax: DW 1
E-mail: dr.karl.schirl@der-.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:50 a.m. on July 1, 2009, for the
examination of claims.
HAASUNDKO GMBH: Claims Filing Period Ends June 30
-------------------------------------------------
Creditors owed money by haasundko GmbH have until have until
June 30, 2009, to file written proofs of claim to the court-
appointed estate administrator:
Dr. Guenther Grassner
Suedtirolerstrasse 4-6
4020 Linz
Austria
Tel: 0732/77 08 15
Fax: 770816
E-mail: lawfirm@gltp.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on July 14, 2009, for the
examination of claims at:
Land Court of Steyr
Hall 7
Second Floor
Steyr
Austria
INDEPENDENT TRADE: Creditors Must File Proofs of Claim by June 17
-----------------------------------------------------------------
Creditors owed money by Independent Trade Telework GmbH have until
have until June 17, 2009, to file written proofs of claim to the
court-appointed estate administrator:
Mag. Stefan Jahns
Gonzagagasse 15
1010 Vienna
Austria
Tel: 532 17 11
Fax: DW 11
E-mail: kanzlei@jahns.co.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on July 1, 2009, for the
examination of claims.
=============
D E N M A R K
=============
NORDIC TELEPHONE: S&P Lifts Ratings on Subordinated Notes to 'BB-'
------------------------------------------------------------------
Standard & Poor's Ratings Services said it raised to 'BB-' from
'B+' its issue ratings on the subordinated notes issued by Nordic
Telephone Co. Holding ApS, intermediate parent company of leading
Danish integrated telecommunications provider TDC A/S (BB-
/Stable/B). The recovery rating on this debt was revised to '4'
from '5', indicating S&P's expectation of average (30%-50%)
recovery in the event of a payment default. The 'BB-' long-term
corporate credit rating on NTCH is unchanged, with a stable
outlook.
At the same time, the 'BB-' issue rating on TDC's unsecured notes
maturing up to 2012 was affirmed. The recovery rating on this
debt was revised to '3' from '4', indicating S&P's expectation of
meaningful (50%-70%) recovery in the event of a payment default.
In addition, the issue rating on the EUR7.2 billion
(EUR3.6 billion outstanding as of March 31, 2009) senior secured
facilities issued by TDC was affirmed at 'BB+', two notches higher
than the corporate credit rating. The recovery rating on these
facilities is unchanged at '1', indicating S&P's expectation of
very high recovery (90%-100%) for senior secured lenders in the
event of a payment default.
The rating actions primarily reflect the reduced level of total
debt outstanding at NTCH following the buyback of EUR275 million
subordinated notes due 2016 via modified Dutch auction tender,
which was completed on May 22, 2009. The revised recovery ratings
reflect the reduction in total debt outstanding at the
hypothetical point of default.
TDC received proceeds of Danish krone 5.4 billion (EUR726 gross,
EUR710 million net of transaction costs) from the disposal of
Polkomtel in December 2008. Of this amount, EUR306 million was
applied to prepay senior facilities maturing in 2010 and 2011 on
Jan. 2, 2009.
Recovery Analysis
S&P has valued the business as a going concern. Given TDC's
satisfactory business risk profile and leading market position,
S&P believes that a default would most likely result from
excessive leverage and weakening operating cash flow generation
capability. Under S&P's simulated default scenario, S&P values
the company at about DKK42.9 billion at the hypothetical point of
default.
Recovery prospects for secured and unsecured debt instruments
reflect the estimated value available and accessible to creditors.
The prospects also reflect the current complex capital structure.
Specifically, S&P believes that European medium-term noteholders
and speculative-grade noteholders would likely need to negotiate
with one another to determine priority of repayment at default.
The recovery prospects could also be sensitive to any potential
significant devaluation of the Danish krone, as a large proportion
of the assets generate cash flows in the local currency while most
of the debt is denominated in euros.
Ratings List
Ratings Affirmed/Upgraded
Nordic Telephone Co. Holding ApS
Corporate credit rating BB-/Stable/--
To From
-- ----
Subordinated debt BB- B+
Recovery rating 4 5
TDC A/S
Corporate credit rating BB-/Stable/B
To From
-- ----
Unsecured debt BB- BB-
Recovery rating 3 4
Snr secd facilities BB+ BB+
Recovery rating 1 1
At the same time, the 'BB-' issue rating on TDC's unsecured notes
maturing up to 2012 was affirmed. The recovery rating on this
TDC A/S: S&P Affirms 'BB-' Issue Rating on Unsecured Notes
----------------------------------------------------------
Standard & Poor's Ratings Services said it raised to 'BB-' from
'B+' its issue ratings on the subordinated notes issued by Nordic
Telephone Co. Holding ApS, intermediate parent company of leading
Danish integrated telecommunications provider TDC A/S (BB-
/Stable/B). The recovery rating on this debt was revised to '4'
from '5', indicating S&P's expectation of average (30%-50%)
recovery in the event of a payment default. The 'BB-' long-term
corporate credit rating on NTCH is unchanged, with a stable
outlook.
At the same time, the 'BB-' issue rating on TDC's unsecured notes
maturing up to 2012 was affirmed. The recovery rating on this
debt was revised to '3' from '4', indicating S&P's expectation of
meaningful (50%-70%) recovery in the event of a payment default.
In addition, the issue rating on the EUR7.2 billion
(EUR3.6 billion outstanding as of March 31, 2009) senior secured
facilities issued by TDC was affirmed at 'BB+', two notches higher
than the corporate credit rating. The recovery rating on these
facilities is unchanged at '1', indicating S&P's expectation of
very high recovery (90%-100%) for senior secured lenders in the
event of a payment default.
The rating actions primarily reflect the reduced level of total
debt outstanding at NTCH following the buyback of EUR275 million
subordinated notes due 2016 via modified Dutch auction tender,
which was completed on May 22, 2009. The revised recovery ratings
reflect the reduction in total debt outstanding at the
hypothetical point of default.
TDC received proceeds of Danish krone 5.4 billion (EUR726 gross,
EUR710 million net of transaction costs) from the disposal of
Polkomtel in December 2008. Of this amount, EUR306 million was
applied to prepay senior facilities maturing in 2010 and 2011 on
Jan. 2, 2009.
Recovery Analysis
S&P has valued the business as a going concern. Given TDC's
satisfactory business risk profile and leading market position,
S&P believes that a default would most likely result from
excessive leverage and weakening operating cash flow generation
capability. Under S&P's simulated default scenario, S&P values
the company at about DKK42.9 billion at the hypothetical point of
default.
Recovery prospects for secured and unsecured debt instruments
reflect the estimated value available and accessible to creditors.
The prospects also reflect the current complex capital structure.
Specifically, S&P believes that European medium-term noteholders
and speculative-grade noteholders would likely need to negotiate
with one another to determine priority of repayment at default.
The recovery prospects could also be sensitive to any potential
significant devaluation of the Danish krone, as a large proportion
of the assets generate cash flows in the local currency while most
of the debt is denominated in euros.
Ratings List
Ratings Affirmed/Upgraded
Nordic Telephone Co. Holding ApS
Corporate credit rating BB-/Stable/--
To From
-- ----
Subordinated debt BB- B+
Recovery rating 4 5
TDC A/S
Corporate credit rating BB-/Stable/B
To From
-- ----
Unsecured debt BB- BB-
Recovery rating 3 4
Snr secd facilities BB+ BB+
Recovery rating 1 1
At the same time, the 'BB-' issue rating on TDC's unsecured notes
maturing up to 2012 was affirmed. The recovery rating on this
===========
F R A N C E
===========
CMA CGM: Fitch Cuts Long-Term Issuer Default Rating to 'BB-'
------------------------------------------------------------
Fitch Ratings has downgraded the French-based global shipping
company CMA CGM S.A.'s Long-term Issuer Default Rating and its
senior unsecured rating to 'BB-' from 'BB+'. The Outlook is
Negative. CMA CGM's Short-term IDR remains 'B'. The agency has
simultaneously withdrawn the ratings and will no longer provide
ratings coverage of CMA CGM.
The downgrade reflects a weakening of prospective coverage and
leverage ratios, amid the ongoing difficult conditions affecting
the global container shipping industry. CMA CGM and its
competitors face large vessel order book deliveries in 2009 and
2010 even as the industry is in the midst of a record down-cycle,
resulting in fleet over-capacity, reduced freight volumes and
downward pressure on freight rates. Dynamics on the key Asia-
Europe route, where CMA CGM deploys some 24% of its capacity,
remain challenging.
The Negative Outlook reflects Fitch's view that current,
exceptional, market conditions will be protracted and any
significant improvement is unlikely to occur before 2012. The
ratings acknowledge CMA CGM's ability to reduce its capacity
through the cancellation of charters, which represents some 71% of
its capacity, approximately 40% of which are short-term contracts.
Canceled charter agreements and falling bunker fuel net costs
should partially mitigate the decreased revenues from reduced
freight rates and volumes.
CMA CGM's liquidity was significantly lower by end-December 2008,
with unrestricted cash and cash equivalents of US$0.8 billion
(YE07: US$2.1 billion), which were sufficient to meet estimated
short-term maturities in 2009. Total debt rose to US$5.2 billion
from US$4.8 billion in the previous year. Fitch adjusts CMA CGM's
coverage and leverage ratios to reflect the annual fixed cost and
debt-equivalent effect of chartering/leasing. Lease-adjusted (on
a net present value basis) net debt/EBITDAR was 2.5x in FY08 and
EBITDAR/interest plus rent was 1.6x. As at December 2008, the
majority of CMA CGM's US$7 billion vessel order book had been pre-
financed.
=============
G E R M A N Y
=============
ARCANDOR AG: Smaller Banks Refuse to Extend Credit Line
-------------------------------------------------------
Patricia Uhlig at Reuters reports that refinancing talks among a
consortium of Arcandor AG's creditor banks have stalled.
Reuters relates according to financial sources, smaller banks in
the group were resisting for now extending a EUR650 million
(US$928.7 million) credit line that runs out on June 12. Reuters
discloses the sources said the banks were still seeking a joint
solution.
On June 3, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported Arcandor said it faces potential
insolvency on June 12, when the credit lines expire.
State Aid
BBC New says there are increasing signs from both the German
government and the European Commission that state aid will not
be forthcoming for Arcandor, the majority owner of travel firm
Thomas Cook. According to BBC News, both Berlin and Brussels have
indicated that the company is ineligible because its troubles pre-
date the global recession. BBC News notes the company has warned
it could go into administration within weeks until it gets
emergency loans from Berlin. BBC News states Arcandor's troubles
are not expected to affect the travel company.
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.
DEUTSCHE SCHIFFSBANK: Moody's Cuts Bank Strength Rating to 'D'
--------------------------------------------------------------
Moody's Investors Service downgraded the bank financial strength
rating of Deutsche Schiffsbank to D from C+, reflecting the rating
agency's expectation of weakening asset quality in the bank's
lending to shipping firms and pressure on its capital. Moody's
affirmed Schiffsbank's A2 senior unsecured debt and deposit
ratings and its Prime-1 short-term rating, but changed the outlook
on the long-term ratings to negative from stable. The outlook on
the D BFSR is also negative.
Weakening Asset Quality,
Pressure on Capital Prompt BFSR Downgrade
Moody's decision to downgrade Schiffsbank's BFSR to D from C+ was
prompted by its expectation that the bank, a specialized lender to
the shipping industry, will suffer from significant asset quality
deterioration and, subsequently, rising credit losses, which will
exert pressure on its currently modest capital levels.
The rating action reflects Moody's expectation that the
deterioration in Schiffsbank's main operating market could be more
severe than that seen during previous cyclical troughs in the
industry. Moreover, exchange rate risk exerts further pressure on
Schiffsbank's risk profile: a strengthening US dollar may
exacerbate likely weakening in regulatory capitalization as the
bank's loan book is largely denominated in that currency, while
capital is denominated in euros.
Moody's assessment of the bank's credit risk and loss absorption
capacity incorporates a stress analysis of Schiffsbank's loan
portfolio that shows the high potential for significant losses
over the next two years, which is more appropriately reflected by
the D BFSR than by the previous rating. The BFSR is constrained
by Schiffsbank being a "monoline" ship financier that therefore
has a high level of exposure to the shipping industry, which could
suffer from a potentially prolonged slump.
At the same time, Moody's views positively Schiffsbank's ongoing
integration into the reporting, group risk management and treasury
operations of its majority shareholder Commerzbank AG (Aa3/C-
/Prime-1) which should give the bank access to funding from
Commerzbank Group if required.
Moody's welcomes Schiffsbank's plans to strengthen its regulatory
and economic capitalization with additional capital in the near
future, which would provide the bank with a more suitable buffer
against the effects of adverse rating migration and rising risk-
weighted assets, adverse currency movements and losses on its
lending exposures. While the rating agency expects subdued
profitability and therefore constrained internal capital
generation going forward, it takes the view that other sources for
raising capital should be available.
While the D BFSR already factors in the sizable credit losses that
Moody's expects to see over the next two years, the negative
outlook on the rating reflects the low predictability of the
severity and length of the shipping market's ongoing downturn.
A2 Debt And Deposit Ratings Benefit Strongly From Shareholder
Support
Moody's affirmation of the bank's A2 senior unsecured debt and
deposit ratings reflects the rating agency's adjusted assumption
of a very high probability of parental support. Moody's had
previously considered the probability of shareholder support for
Schiffsbank to be low. However, the ownership structure of
Schiffsbank changed when Commerzbank AG took over Dresdner Bank AG
in January 2009, as both banks had previously held 40% each in
Schiffsbank. In the light of this change and the planned
integration of Schiffsbank into the group operations of
Commerzbank AG, Moody's concludes that Schiffsbank now benefits
from a very high probability of support from its two shareholders,
under the strategic leadership of Commerzbank AG. Furthermore,
the probability of systemic support for Schiffsbank is considered
moderate.
These assumptions result in a six-notch uplift for the long-term
debt and deposit ratings from the Ba2 baseline credit assessment
(which maps directly from the D BFSR).
The negative outlook on Schiffsbank's senior unsecured debt and
deposit ratings reflects the negative outlook on the debt and
deposit ratings of its parent, Commerzbank.
Moody's last rating action on Schiffsbank was on February 12,
2007, when Moody's assigned an A2 long-term issuer rating to the
bank and affirmed its existing A2 debt and deposit ratings, P-1
short-term rating and the C+ BFSR.
Schiffsbank is headquartered in Hamburg and Bremen. The bank
reported total assets of EUR17 billion as of December 31, 2008,
and a net profit of EUR0.25 million for the full year.
VERSATEL AG: S&P Lowers Rating on EUR525 Mil. Notes to 'BB-'
------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered to 'BB-'
from 'BB' the issue rating on German telecommunications operator
Versatel AG's senior secured EUR525 million floating-rate notes.
This is one notch above the corporate rating of 'B+'. At the same
time, S&P revised the recovery rating on the notes to '2' from
'1', indicating S&P's expectation of substantial (70%-90%)
recovery in the event of a payment default. The 'B+' long-term
corporate credit rating on Versatel is unchanged, with a stable
outlook.
The issue rating on the EUR75 million super senior revolving
credit facility maturing in 2012 is unchanged at 'BB', two notches
above the corporate credit rating. The recovery rating is
unchanged at '1', indicating S&P's expectation of very high (90%-
100%) recovery in the event of a payment default.
The difference between the ratings of the senior secured notes and
the RCF reflects the fact that RCF lenders have priority over
noteholders should any proceeds from enforcement be paid out.
The rating action on the senior secured issue reflects the fact
that S&P has lowered its stressed valuation at the hypothetical
point of default.
Recovery Analysis
The revised recovery rating on the senior secured notes primarily
reflects S&P's downward revision of the stressed valuation at
S&P's hypothetical point of default. This change results from a
harsher stress on operating performance, reduced assumptions on
growth and profitability margins, and a slightly lower valuation
multiple.
S&P has reduced its stressed valuation on Versatel moderately to
EUR600 million. This is a result of the group's recently revised
strategy of lower investment in residential digital subscriber
line user growth targets (which has lowered S&P's long-term
assumptions) and an assumed accelerated decline in operating
results prior to default. Moreover, at the hypothetical point of
default S&P has applied a lower valuation multiple of 4.8x, after
considering the price and implied multiples of recent transactions
in the sector.
Under S&P's hypothetical default scenario, S&P assumes that the
group is reorganized as a going concern. This is because S&P
believes that its extensive proprietary high-density multilocal
network, covering about 10 million German households (25% of the
total) would represent an asset that could attract a potential
market consolidator. S&P's stressed valuation at the hypothetical
point of default is about EUR600 million.
S&P's recovery estimate is underpinned by the share-pledge
security and guarantee package, and the supportive nature of the
German insolvency regime for secured creditors.
Ratings List
Downgraded
Versatel AG
To From
-- ----
EUR525 mil. snr secd fltg rate notes BB- BB
Recovery rating 2 1
=============
I R E L A N D
=============
MAGNOLIA FINANCE: Moody's Withdraws 'Ca' Rating on 2005-2 Notes
---------------------------------------------------------------
Moody's Investors Service announced it has withdrawn its ratings
of one class of notes issued by Magnolia Finance IV plc
The rating action follows the repurchase in full of the notes on
May 12, 2009.
The rating action is:
Magnolia Finance IV plc:
1) Series 2005-2 US$30,000,000 Portfolio Credit Linked Notes due
2045
-- Current rating: WR
-- Prior Rating: Ca
-- Prior Rating Date: August 14, 2008, downgraded to Ca from
Caa1 under review for possible downgrade
NEW BOND: S&P Cuts Ratings on Class A1 and A2 Notes to 'D'
----------------------------------------------------------
Standard & Poor's Ratings Services took various rating actions on
the notes issued by New Bond Street CDO 1 PLC.
Specifically, S&P has:
-- lowered and removed from CreditWatch negative its rating on
the class A1 notes;
-- lowered its rating on the class A2 notes;
-- removed from CreditWatch negative its rating on the class X
notes; and
-- subsequently withdrawn the ratings on these notes.
These rating actions follow S&P's receiving a notice of early
redemption from the trustee. The notice stated that at the
request of requisite noteholders, the notes were redeemed on
March 31, 2009.
According to the March 31 payment report, released by the trustee,
the waterfall of payments showed that the principal amount
outstanding on the class X notes were redeemed in full, including
any interest that had accrued up to the redemption date.
Consequently, S&P has removed the class X notes from CreditWatch
negative and withdrawn the rating.
Further, according to the payment report, there were insufficient
funds available to fully repay the class A1 and A2 notes. As
S&P's ratings on the class A1 and A2 notes address payment of
timely interest and ultimate principal on the notes, S&P has
lowered its ratings on the class A1 and A2 notes to 'D' before
withdrawing its ratings on these notes.
Ratings List
New Bond Street CDO 1 PLC
US$1.0026 Billion Floating-Rate Notes
Rating Lowered, Removed From CreditWatch Negative, and Withdrawn
Rating
------
Class To From
----- -- ----
A1 D BB+/Watch Neg
NR D
Rating Lowered and Withdrawn
Rating
------
Class To From
----- -- ----
A2 D CC
NR D
Rating Removed From CreditWatch Negative and Withdrawn
Rating
------
Class To From
----- -- ----
X A A/Watch Neg
NR A
NR - Not rated.
===================
K A Z A K H S T A N
===================
BAHYT ALI: Creditors Must File Claims by June 26
------------------------------------------------
Creditors of LLP Bahyt Ali Kurylys have until June 26, 2009, to
submit proofs of claim to:
The Specialized Inter-Regional
Economic Court of South Kazakhstan
Tynybaev Str. 42
Shymkent
South Kazakhstan
Kazakhstan
The Specialized Inter-Regional Economic Court of South Kazakhstan
commenced bankruptcy proceedings against the company on March 10,
2009.
MAMANGER LTD: Creditors Must File Claims by June 26
---------------------------------------------------
Creditors of LLP Mamanger Ltd have until June 26, 2009, to submit
proofs of claim to:
The Specialized Inter-Regional
Economic Court of South Kazakhstan
Tynybaev Str. 42
Shymkent
South Kazakhstan
Kazakhstan
The Specialized Inter-Regional Economic Court of South Kazakhstan
commenced bankruptcy proceedings against the company on March 10,
2009.
NEVODNIK ATYRAU: Creditors Must File Claims by June 26
------------------------------------------------------
Creditors of LLP Nevodnik Atyrau have until June 26, 2009, to
submit proofs of claim to:
The Specialized Inter-Regional
Economic Court of Atyrau
Satpaev Str. 3
Atyrau
Kazakhstan
The Specialized Inter-Regional Economic Court of Atyrau commenced
bankruptcy proceedings against the company on April 6, 2009.
TECHNOSPHERE NORD: Creditors Must File Claims by June 26
--------------------------------------------------------
Creditors of LLP Technosphere Nord have until June 26, 2009, to
submit proofs of claim to:
Jumabaev Str. 109-301
Petropavlovsk
North Kazakhstan
Kazakhstan
The Specialized Inter-Regional Economic Court of North Kazakhstan
commenced bankruptcy proceedings against the company on March 30,
2009, after finding it insolvent.
The Court is located at:
The Specialized Inter-Regional
Economic Court of North Kazakhstan
Brusilovsky Str. 60
Petropavlovsk
North Kazakhstan
Kazakhstan
YSYK ATYRAU: Creditors Must File Claims by June 26
--------------------------------------------------
Creditors of LLP Ysyk Atyrau have until June 26, 2009, to submit
proofs of claim to:
The Specialized Inter-Regional
Economic Court of Atyrau
Satpaev Str. 3
Atyrau
Kazakhstan
The Specialized Inter-Regional Economic Court of Atyrau commenced
bankruptcy proceedings against the company on April 6, 2009.
===================
K Y R G Y Z S T A N
===================
KENCH TRADE: Creditors Must File Claims by July 3
-------------------------------------------------
Creditors of LLC Kench Trade have until July 3, 2009, to submit
proofs of claim to:
Baitik Baatyr Str. 6-4
Bishkek
Kyrgyzstan
Tel: (0-555) 00-30-49
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N E T H E R L A N D S
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IFCO SYSTEMS: Moody's Assigns '(P)Ba3' Rating on EUR180 Mil. Notes
------------------------------------------------------------------
Moody's Investors Service assigned a (P)Ba3 rating to the proposed
EUR180 million guaranteed notes due June 2016 to be issued by IFCO
Systems N.V. Moody's also affirmed IFCO's Ba3 corporate family
rating and probability of default rating, and changed the outlook
to stable from negative. The assigned rating and revised outlook
assumes that there will be no material variations to the draft
legal documentation reviewed by Moody's, and that the final amount
of notes issued will not be less than EUR180 million.
IFCO will use the proceeds of the notes -- together with a new
EUR65 million bank revolving credit facility due May 2012 at IFCO
Systems GmbH -- to redeem its EUR110 million notes due October
2010, refinance the existing bank revolver, and provide additional
liquidity headroom for general corporate purposes.
IFCO's Ba3 CFR reflects the company's solid business profile,
underpinned by the Reusable Plastic Container business which
provides about 75% of group Ebitda. Moody's expects that this
business will continue to show revenue and Ebitda growth in 2009
and 2010, despite the economic downturn; with growth in Europe due
to the acquisition in April 2008 of STECO, and organic growth in
the Americas. IFCO's US pallets business -- which provides about
a quarter of group Ebitda -- is more directly negatively impacted
by the economic downturn, but Moody's anticipates that the decline
in Ebitda from the pallets business through 2010 should be more
than compensated by the growth in the RPC business.
IFCO's leverage (as adjusted, mainly for operating leases) rose to
4.1x at 31 March 2009, from 2.6x at the end of 2007. This
increase was due to the combination of the acquisition of STECO; a
working capital outflow following the cancellation of a contract
with a large customer (EDEKA); and a high level of costs incurred
in relation to ongoing investigations by US regulatory
authorities. Moody's anticipates that leverage should reduce
materially in 2009 -- in large part due to the conclusion of the
US regulatory investigations -- and continue reducing through 2010
due to operating performance improvements. The Ba3 rating assumes
that adjusted leverage will fall below 3x by the end of 2010, with
solid liquidity headroom maintained throughout.
Moody's has previously considered IFCO as having low liquidity
headroom, and its weak liquidity profile was the primary reason
for the negative outlook. IFCO has stated that further unexpected
cash outflows analogous to the EDEKA situation should not be
repeated. The stabilization of the outlook reflects the
improvement in liquidity headroom that the refinancing has
created, assuming that at least EUR180 million of notes is issued;
and also assumes that this additional headroom will be maintained.
The 2016 notes will benefit from the same guarantees from
operating subsidiaries, and certain liens, as the current 2010
notes; plus second ranking share pledges over various European
operating subsidiaries. This security package has resulted in the
new notes being rated at the same level as the CFR.
The last credit rating announcement for IFCO Systems was on 29
March 2007, when Moody's implemented its Loss Given Default and
Probability of Default rating methodology to non-financial
speculative-grade corporate issuers in Europe, Middle East and
Africa.
Headquartered in the Netherlands, IFCO Systems NV is a leading
logistics services provider operating throughout Europe and also
in the US. The company generated US$736 million revenue in 2008.
IFCO SYSTEMS: S&P Assigns 'BB-' Rating on EUR180 Mil. Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'BB-'
issue rating to the proposed EUR180 million senior secured notes
to be issued by IFCO Systems N.V., the Netherlands-based provider
of reusable plastic containers and pallet services. The recovery
rating on this debt is '4', indicating Standard & Poor's
expectation of average (30%-50%) recovery in the event of a
payment default. The 'BB-' long-term corporate credit rating on
IFCO is unchanged, with a negative outlook.
The rating on the new notes issue is based on preliminary
information and is subject to S&P's satisfactory review of final
documentation. In the event of any changes to the amount or terms
of the bond, the recovery and issue ratings will be subject to
further review.
The new notes are being issued in order to repay the existing
EUR110 million senior secured notes issued by IFCO. The 'BB-'
issue rating and recovery rating of '4' on the existing bond will
be withdrawn on successful completion of the new bond issuance.
Recovery Analysis
Recovery prospects for the bond are in S&P's view at the low end
of the 30%-50% range. They are exposed to some degree of
exchange-rate movements, being denominated in euros but secured
over U.S. assets, and reflect the partial first-lien security
package granted on the U.S. operations only. Although second-lien
share pledge security over certain European operations is also
provided, S&P considers that prior claims on the European
operations from secured working capital facilities and finance
leases would substantially limit the value available to secured
bondholders. S&P values the first-lien security package at about
$100 million, taking into account stressed asset valuations under
a liquidation approach.
IFCO faces intense price competition, particularly in the RPC
business (evidenced by the loss of a major customer in 2007).
Therefore, under S&P's hypothetical default scenario, S&P now
consider it more likely that the group would be liquidated rather
than reorganized. The pallet-management business is relatively
commoditized, with limited asset-value and fierce competition. On
the other hand, the low cash margins (EBITDA minus capital
expenditures) of the RPC business could, in S&P's view, make it
difficult for IFCO to grow this segment on a stand-alone basis.
Ratings List
IFCO Systems N.V.
Corporate credit rating BB-/Negative/--
EUR110 mil. snr secd notes BB-
Recovery rating 4
New Ratings
EUR180 mil. (proposed) snr secd notes BB-
Recovery rating 4
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P O L A N D
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TVN SA: Moody's Changes Outlook on 'Ba3' Ratings to Negative
------------------------------------------------------------
Moody's Investors Service has changed the outlook to negative from
stable for the Ba3 corporate family rating of TVN S.A. and the Ba3
rating of TVN Finance Corporation plc's EUR235 million senior
unsecured notes due 2013.
"The action follows an assessment of the company's Q1 2009
results, in conjunction with Moody's consideration of possible
operating performance trends in Q2 2009 and onwards," explained
Ayse Kayral, an Analyst in Moody's Corporate Finance Group. "The
negative outlook reflects the ongoing uncertainty about the extent
of the downturn in TV advertising in 2009 and beyond, and its
impact on the company's financial risk and liquidity profile."
TVN's estimates regarding April 2009 trading suggest that a
negative trend in Poland's TV advertising market has significantly
worsened since Q1 2009 such that TVN channel's ad sales are
expected to be down by as much as 16% year-on-year on 100% sell-
out in peak time due to significant price cuts, compared to -5% in
Q1 2009 y-o-y. Moody's positively acknowledges the existence and
the growing nature of non-ad revenues (including subscription fees
and "n" digital platform revenues), which together constituted
around 38% of total revenues in Q1 2009 (including "n":
PLN105 million). However, the rating agency believes that EBITDA
generation capacity (excluding one-off gains/losses) is likely to
be under substantial pressure in 2009, due to contraction in TV ad
revenues, together with the still developing nature of the "n"
digital platform and increasing operating costs due to -- amongst
others- ongoing investments in online and new thematic channel(s).
Moody's anticipates that the company's leverage as measured by
Debt/EBITDA (as adjusted by Moody's and excluding one-off gain on
consolidation of associate) is likely to slightly exceed 5.0x at
the end of 2009. There is limited visibility regarding the extent
and duration of macroeconomic deterioration in Poland, which
increases Moody's concerns about the positioning of the company's
ratings over the next 12 to 18 months.
The negative outlook reflects the potential for downward pressure
on TVN's ratings in the event that the macroeconomic backdrop in
its market, the depreciation of local currency against the euro,
and/or the company's operating performance deteriorate more
severely than currently anticipated by Moody's and result in: (1)
leverage on a Debt/EBITDA basis (as adjusted by Moody's) exceeding
5.0x for a prolonged period of time; and/or (2) TVN's ability to
remain comfortably in compliance with its PLN200 million bank
facility covenant being constrained over the next 12 months.
TVN's ratings continue to factor in Moody's expectations that: (1)
TVN will take steps to strengthen its liquidity profile while
navigating through the deepening economic slowdown; and (2) ITI
Group (TVN's parent company) should be in a position to meet its
pro-rata share of investments required for the development of the
platform going forward without relying on any further financial
support from TVN.
The last rating action on TVN was implemented on April 21, 2009,
when Moody's downgraded the company's CFR to Ba3 from Ba2.
Headquartered in Warsaw, TVN S.A. is one of the leading television
broadcasters in Poland. TVN and its subsidiaries own and operate
12 television channels: TVN, TVN 7, TVN 24, TVN Meteo, TVN Turbo,
ITVN, TVN Style, TVN Warszawa, Discovery Historia, Telezakupy
Mango 24, NTL and TVN CNBC Biznes. It also owns and operates
Poland's leading internet portal, Onet.pl, and has a 51% stake in
Pay-TV DTH operator "n". As of December 2008, the company
reported net revenues of approximately PLN1.9 billion and EBITDA
of PLN711 million. As of June 2, 2009, TVN had a market
capitalization of PLN 4,201 million.
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R U S S I A
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BIMS LLC: Creditors Must File Claims by July 15
-----------------------------------------------
The Arbitration Court of Tatarstan commenced bankruptcy
proceedings against LLC Bims (Construction) after finding the
company insolvent. The case is docketed under Case No. ?65-
13161/2008-SG4-40.
Creditors have until July 15, 2009, to submit proofs of claims to:
A. Mikhaylova
Insolvency Manager
Post User Box 265
420029 Kazan
Russia
The Debtor can be reached at:
LLC Bims
Aktayskaya Str. 21
420054 Kazan
Russia
FORGING PLANT: Court Names I.Kolesnikov as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Kurskaya appointed I. Kolesnikov as
Insolvency Manager for LLC Forging Plant. The case is docketed
under Case No. ?35-3507/08-S24. He can be reached at:
3-ya Kurskaya Str. 15
302004 Orel
Russia
The Debtor can be reached at:
LLC Forging Plant
Agregatnaya Str. 23
305022 Kursk
Russia
KHIM-PROM OJSC: Volgogradskaya Bankruptcy Hearing Set August 27
---------------------------------------------------------------
The Arbitration Court of Volgogradskaya will convene at 10:00 a.m.
on Aug. 27, 2009, to hear bankruptcy supervision procedure on
OJSC Khim-Prom (TIN 3447006030, PSRN 1023404290800) (Chemical
Products). The case is docketed under Case No. ?12-4561/2009.
The Temporary Insolvency Manager is:
R. Obskov
Post User Box 2
107045 Moscow
Russia
The Debtor can be reached at:
OJSC Khim-Prom
Promyslovaya Str. 23
400057 Volgograd
Russia
KOZMODEMYANSKIY METAL: Creditors Must File Claims by June 15
------------------------------------------------------------
Creditors of LLC Kozmodemyanskiy Metal Construction Plant (TIN
1217004563) have until June 15, 2009, to submit proofs of claims
to:
I. Sedykh
Temporary Insolvency Manager
Apt. 49
Petrova Str. 15a
Ioshkar-Ola
424033 Mariy El
Russia
The Arbitration Court of Mariy El will convene at 10:00 a.m. on
Aug. 15, 2009, to hear bankruptcy supervision procedure. The case
is docketed under Case No. ?38-303/2009.
The Debtor can be reached at:
LLC Kozmodemyanskiy Metal Construction Plant
Energeticheskaya Str. 5
Kozmodemyansk
Gornomariyskiy
Mariy El
Russia
SISTEMA JSFC: Posts US$395.5 Mln Net Loss in First Quarter 2009
---------------------------------------------------------------
RIA Novosti reports Sistema JSFC posted a US GAAP net loss of
US$395.5 million in the first quarter of 2009 compared with a
net profit of US$398.8 million a year earlier.
According to the report, Sistema attributed its first quarter net
loss to foreign exchange losses of US$437.5 million resulting from
the ruble's weakening against the U.S. dollar.
The report relates the company's consolidated revenues fell 24.1%
to US$2.8 billion while its OIBDA (operating income before
depreciation and amortization) dropped 37.9% to US$869.4 million.
Headuartered in Moscow, Russia, JSFC Sistema --
http://www.sistema.com/-- operates in the telecommunications,
high technology, banking and other sectors, including real estate
development, retail, tourism, health care and others. It operates
in three business segments: telecommunications, technology and
industry, and consumer assets. Its subsidiaries include MTS,
which is engaged in providing wireless telecommunications
services; Comstar UTS, which is engaged in providing fixed line
telecommunication services, data transmission, and Internet
services; Sistema Mass Media, which is engaged in cable
television, advertising, production and distribution of
periodicals, movie production; Concern RTI Systems, which is
engaged in the manufacturing of radio technical equipment, and
research and development, and Binnofarm, which produces and
distributes pharmaceuticals. In May 2009, the Company transferred
its ownership in Lubyanka Development OJSC to Sistema-Hals in
exchange for a controlling stake in Mosdachtrest OJSC.
* * *
Sistema JSFC continues to carry a 'B1' long-term corporate family
rating from Moody's Investors Service with stable outlook.
TERMA LLC: Creditors Must File Claims by June 15
------------------------------------------------
The Arbitration Court of Rostovskaya commenced bankruptcy
supervision procedure on LLC Terma (TIN 6147027098,
PSRN1076147000973) (Construction). The case is docketed under
Case No. ?53-2430/2008.
Creditors have until June 15, 2009, to submit proofs of claims to:
S. Zhidov
Temporary Insolvency Manager
Sovetskaya Str. 4
440026 Penza
Russia
The Court is located at:
The Arbitration Court of Rostovskaya
Stanislavskogo Str. 8A
344002 Rostov-on-Don
Russia
The Debtor can be reached at:
LLC Terma
Kirova Str. 112
Kamensk-Shakhtinskiy
347800 Rostovskaya
Russia
* Fitch Affirms Low-B Currency Ratings on Russian Leningrad Region
------------------------------------------------------------------
Fitch Ratings has affirmed the Russian Leningrad region's Long-
term foreign and local currency ratings at 'BB' respectively,
while affirming the region's Short-term foreign currency rating at
'B'. The agency has also affirmed its National Long-term rating
at 'AA-(rus)'. All the Long-term rating Outlooks are Stable.
The ratings reflect the region's sound budgetary performance, its
capacity to self-finance capital expenditure and reduced indirect
risk stemming from guarantees. However, the ratings also take
into account forecasts of lower tax revenue growth and increase in
direct debt, due to a deteriorating regional economy. The Stable
Outlook reflects Fitch's expectation that the Leningrad region
will be able to adjust its operating and capital expenditure to
counterbalance a fall in tax revenue, hence allowing it to
maintain a satisfactory operating margin.
The region recorded a sound 16.9% operating margin in 2008,
underpinned by strong tax revenue generated by the local economy
in H108. Tax concentration is moderate and payments from the top
10 taxpayers declined to 27.1% of the region's total tax revenue
from 32.6% in 2007. Following the region's decision to cease
issuing guarantees in 2008, indirect risk has reduced. The direct
debt stock is composed of RUB2.1 billion domestic bonds which will
mature from 2010 onwards. Although direct debt will increase in
2009 by an expected RUB1.1 billion in the form of short-term bank
loans, it should remain at a manageable level.
The global financial crisis and domestic recession affected the
region's economy in H208 and Q109, causing the surplus before debt
variation to shrink to RUB82 million in 2008 from RUB3.1 billion
in 2007. A moderate deficit is projected for 2009. However, cash
reserves of RUB4.9 billion at end-Q109 (end-2008 RUB5.1 billion)
will help the region to meet any short-term cash requirements and
to finance the expected deficit. The Leningrad region is
committed to optimize its expenditure primarily by scaling back
its capex program in 2009; this is expected to bring the operating
balance to about 10% of operating revenue by end-2009, down from
16.9% at end-2008.
The Leningrad region is located in the north-west of the Russian
Federation. The region accounted for 1.1% of the Russian
Federation's GDP and 1.2% of the nation's population in 2007.
* Fitch Assigns Rating on Karelia Republic's RUB1 Bln Bond Issue
----------------------------------------------------------------
Fitch Ratings has assigned the Republic of Karelia's upcoming RUB1
billion domestic bond issue, due 2 June 2011, an expected National
Long-term rating of 'A+(rus)'. The Republic has Long-term local
and foreign currency ratings of 'BB-', respectively, and a
National Long-term rating of 'A+(rus)'. The Long-term ratings
both have Positive Outlooks. The Republic's Short-term foreign
currency rating is 'B'.
The bond issue has a fixed-rate coupon. The coupon rate will be
set at the auction on June 4, 2009. The principal will be
amortized by 40% of the initial bond issue value on September 2,
2010, and by another 30% of the initial value on December 2, 2010.
The remaining 30% will be redeemed on June 2, 2011.
The final rating is contingent upon the receipt of final documents
conforming to information already received.
The Republic of Karelia is located in the northwest of the Russian
Federation and accounts for 0.4% of Russia's GDP and around 0.5%
of its population.
* S&P Affirms 'BB' LT Issuer Credit Rating on Tatarstan Republic
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'BB' long-term issuer credit rating on the Republic of Tatarstan,
located in the Russian Federation (foreign currency
BBB/Negative/A-3; local currency BBB+/Negative/A-2; Russia
national scale 'ruAAA'), and then withdrawn it at the republic's
request.
At the time of withdrawal, the rating was constrained by the
republic's economic concentration in the oil sector -- in
particular on Russian oil company Tatneft OAO (not rated) -- and
the need to improve governance practices. Further constraints on
the rating were the republic's contingent liabilities arising from
a high involvement in the economy and the need for additional
support of the municipal sector, and restricted budgetary
predictability and flexibility. Offsetting these constraints were
Tatarstan's low debt burden and good liquidity.
"The Republic of Tatarstan is no longer subject to Standard &
Poor's Ratings Services' surveillance," said Standard & Poor's
credit analyst Irina Pilman.
=========
S P A I N
=========
BANCAJA 3: S&P Puts 'BB-' Rating on Class D Notes on Neg. Watch
---------------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch negative
its credit rating on the class D notes issued by FTPYME Bancaja 3,
Fondo de Titulizacion de Activos. At the same time, S&P removed
from CreditWatch negative and affirmed S&P's ratings on the class
A3(G) and B notes and affirmed its rating on the class C notes.
Caja de Ahorros de Valencia, Castellon y Alicante (Bancaja; NR/--
/NR) is the swap counterparty for this transaction. S&P
downgraded Bancaja on Sept. 23, 2008, and it is currently unrated
(S&P withdrew the rating on Bancaja on Dec. 10, 2008).
Consequently, S&P placed FTPYME Bancaja 3's class A(3) and B notes
on CreditWatch negative on Nov. 27, 2008.
According to S&P's published criteria, an unrated derivative
counterparty is not an eligible supporting party at any rating
level. S&P understands that Bancaja is taking steps to replace
itself with an eligible entity as swap counterparty for this
transaction. However, no replacement has been found.
The rating actions reflect S&P's assumption that the transaction
does not benefit from the swap and is consequently exposed to the
basis risk embedded in the difference between the indexation
mechanisms of assets and liabilities.
Under the swap agreement, the swap pays the weighted-average
interest rate of the notes plus a margin of 87 basis points. In
S&P's analysis, S&P sizes the basis risk as a function of the
difference between the maximum interest payable on the notes and
the minimum interest receivable on the underlying assets.
S&P based its updated credit analysis on the latest loan-level
data received for the underlying portfolio. S&P focused on real
estate and construction sector exposures, and the concentration of
loans granted for development, as well as risks related to loan
payment profiles and loans with bullet maturities. As of the
April investor report, the collateral shows a 48.83% concentration
in real estate and construction and a 55.75% concentration of
loans originated in the Valencia region.
According to the most recent data, 90+ day delinquencies accounted
for 7.42% of FTPYME Bancaja 3's current portfolio, up from 5.62%
in December 2008. Cumulative defaults were 0.4% of the original
balance. On the last payment date, the fund amortized almost
EUR3.1 million of new defaults. The available cash was not enough
to meet the fund's obligation, so the issuer withdrew EUR180,612
from the cash reserve.
The cash flow results show that the class A3(G), B, and C notes
are able to maintain their current ratings. If the swap is not
replaced and as the support coming from the excess spread and the
cash reserve might not be sufficient for the class D notes to
maintain the current rating, S&P placed these notes on CreditWatch
negative.
S&P will update its analysis in about three months if the
ineligible swap counterparty is not replaced with a suitable
entity, or sooner if receive information that this replacement has
occurred.
Ratings List
FTPYME Bancaja 3, Fondo de Titulizacion de Activos
EUR900 Million Floating-Rate Notes
Rating Placed on Creditwatch Negative
Rating
------
Class To From
----- -- ----
D BB-/Watch Neg BB-
Ratings Removed From Creditwatch Negative And Affirmed
Rating
------
Class To From
----- -- ----
A3(G) AAA AAA/Watch Neg
B AA- AA-/Watch Neg
Rating Affirmed
Class Rating
----- ------
C BBB
SOL MELIA: Moody's Downgrades Corporate Family Rating to 'Ba2'
--------------------------------------------------------------
Moody's Investors Service has downgraded Sol Melia's corporate
family rating and probability of default rating to Ba2 from Ba1.
The ratings remain under review for further downgrade.
The downgrade reflects Sol Melia's sharp deterioration in its
operating performance in Q1 2009 and its weakened credit metrics
which Moody's believes will be further pressured over the
intermediate term. Furthermore, Moody's cautions that the
company's headroom under its financial covenants is likely to be
limited over the upcoming testing periods.
Moody's notes the company's Debt to EBITDA ratio (as per the
rating agency's preliminary calculations) stood well above 6 times
at December 2008. Furthermore, given the softness of both the
business and leisure travel markets and the -14% RevPAR declines
recorded in Q1 2009, the company is unlikely to be able to sustain
its operating cash flow generation to support its credit metrics.
Moody's recognizes though that Sol Melia has undertaken cost-
saving measures to support margins and is reducing capex to below
EUR100 million. However, Moody's caution that it may take longer
than expected for these cost saving benefits to flow through and
that they may not be sufficient to compensate for the
deterioration in revenues and cash flow generation.
Moody's also caution that -- although Sol Melia was compliant with
its financial covenants at the end of FY2008 -- the headroom under
its interest cover and leverage covenants was limited and that, as
a result of the softness in operating performance that the company
is experiencing, there may be a risk of a covenant breach.
Moody's rating review will focus on assessing (i) the trading
outlook and initial bookings for the important summer season, (ii)
the further corrective actions that could be taken to sustain
sufficient EBITDA generation, and (iii) the evolution of headroom
under financial covenants.
More positively, Moody's notes that the rating continues to
reflect Sol Melia's good market position and brand in Spain, and
the asset coverage provided by its owned property assets.
The last rating action was implemented on March 3, 2009, when
Moody's placed Sol Melia's ratings on review for possible
downgrade.
Headquartered in Palma, Mallorca, Sol Melia is the 15th-largest
hotel operator in the world in terms of number of rooms and is
represented across the luxury, upscale and mid-scale segments of
the hotel market. Sol Melia operates both city hotels and
resorts, and has been developing its timeshare business through
its Sol Melia Vacation Club brand. Sol Melia generated revenues
of EUR1.3 billion at FYE2008.
TDA EMPRESAS: S&P Affirms Junk Rating on Class D Pastor 5 Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services took various rating actions on
the notes issued by TDA, Empresas Pastor 5, Fondo de Titulizacion
de Activos and EDT FTPYME Pastor 3, Fondo de Titulizacion de
Activos.
Specifically we:
-- lowered and removed from CreditWatch negative the ratings on
the class A notes issued by TDA, Empresas Pastor 5;
-- affirmed and removed from CreditWatch negative the ratings on
the class A1 and A2(G) notes issued by EDT FTPYME Pastor 3;
and
-- affirmed the ratings on the class B, C, and D notes issued by
TDA, Empresas Pastor 5 and on the class B and C notes issued
by EDT FTPYME Pastor 3.
In November 2008, S&P placed TDA Empresas Pastor 5's class A notes
and EDT FTPYME Pastor 3's class A1 and A2(G) notes on CreditWatch
negative as a result of the downgrade of Banco Pastor S.A. in
October 2008. Banco Pastor acts as swap counterparty in these
transactions, and had become an ineligible supporting party
according S&P's updated counterparty criteria for derivatives. On
Jan. 15, 2009, S&P withdrew the rating on Banco Pastor.
The rating action reflects S&P's understanding that Banco Pastor
will not be replaced in TDA Empresas Pastor 5. S&P has also
assumed that Banco Pastor will not be replaced in EDT FTPYME
Pastor 3. S&P's analysis now assumes that the swap provides no
benefit to these transactions.
Under the swap agreement, the swap guarantees interest equal to
the weighted-average interest rate of the notes, plus a margin of
90 basis points in TDA Empresas Pastor 5 and a margin of 95 bps in
EDT FTPYME Pastor 3. Moreover, in Pastor 3, the class B tranche
benefits from a guarantee from the European Investment Fund
(AAA/Stable/A-1+), for timely repayment of interest and principal;
the swap would pay the fee that accrues under this guarantee.
In S&P's review S&P assessed the rating effect of the additional
stress as determined by the basis risk exposure when the swap
contract is assumed to no longer be in the structure. S&P sized
the basis risk as a function of the difference between the
interest payable on the notes and the interest receivable on the
underlying assets, as well as the timing mismatch between the
notes' interest reset date and the assets' interest reset date.
S&P based its updated credit analysis on the latest loan-level
data received for the underlying portfolios. S&P focused on the
real estate and construction sector exposures, and the
concentration of loans granted for development, as well as risks
related to loan payment profiles and loans with bullet maturities.
According to the most recent investor report, the collateral shows
a 28.44% and 48.62% concentration in real estate and construction,
respectively, in TDA Empresas Pastor 5 and EDT FTPYME Pastor 3.
TDA Empresas Pastor 5 closed in December 2007. It is backed by a
pool of loans granted to Spanish small to midsize enterprises
originated by Banco Pastor. As of March 2009, 90+ day
delinquencies accounted for 10.24% of TDA Empresas Pastor 5's
current portfolio, up from 4.01% in December 2008. So far, no
defaults have been registered. The first defaults are likely to
come through in the next collection period as the transaction
features an 18-month definition of defaults. Given the rapid
increase in severe delinquencies, in S&P's view it is very likely
that the portfolio will register high default levels in the near
future. The early amortization mechanism, which pays down senior
notes based on the current balance of defaulted loans, could put
some pressure on the structure in the near future.
EDT FTPYME Pastor 3 closed in December 2005. The current pool is
27.3% of the original balance and comprises loans granted to
Spanish SMEs, also originated by Banco Pastor. As of April 2009,
the EDT 90+ day delinquencies accounted for 14.09% of EDT FTPYME
Pastor 3's current portfolio, up from 8.99% in December 2008.
Defaults represent 0.33% of the original balance. On the April
payment date the transaction amortized 1.48 million new defaulted
loans as it features an early amortization mechanism, under which
it pays down senior notes for an amount equivalent to the current
balance of defaulted loans.
In S&P's view, the collateral performance is likely to deteriorate
in both transactions, and the basis risk exposure is a further
cause for concern. S&P's credit and cash flow analyses showed
that the class A notes issued by TDA Empresas Pastor 5 could not
maintain their current rating. However, the greater seasoning of
the underlying assets in EDT FTPYME Pastor 3 was sufficient to
maintain the ratings on the class A1 and A2(G) notes.
Ratings List
Rating Lowered and Removed From Creditwatch Negative
TDA Empresas Pastor 5, Fondo de Titulizacion de Activos
EUR550.0 Million Asset-Backed Floating-Rate And EUR18.7 Million
Floating-Rate Notes
Rating
------
Class To From
----- -- ----
A AA AAA/Watch Neg
Ratings Affirmed and Removed From Creditwatch Negative
EDT FTPYME Pastor 3, Fondo de Titulizacion de Activos
EUR520.0 Million Asset-Backed Floating-Rate
Rating
------
Class To From
----- -- ----
A1 AAA AAA/Watch Neg
A2(G) AAA AAA/Watch Neg
Ratings Affirmed
TDA Empresas Pastor 5, Fondo de Titulizacion de Activos
EUR550.0 Million Asset-Backed Floating-Rate And EUR18.7 Million
Floating-Rate Notes
Class Rating
----- ------
B BBB
C B
D CCC-
EDT FTPYME Pastor 3, Fondo de Titulizacion de Activos
EUR520.0 Million Asset-Backed Floating-Rate
Class Rating
----- ------
B AAA
C BB
=====================
S W I T Z E R L A N D
=====================
AUTOHANDEL HAMDAR: Creditors Must File Claims by July 20
--------------------------------------------------------
Creditors of Autohandel Hamdar GmbH are requested to file their
proofs of claim by July 20, 2009, to:
Autohandel Hamdar GmbH
Staldenhoehe 28
6015 Reussbuehl
Switzerland
The company is currently undergoing liquidation in Littau. The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on March 19, 2009.
BERNET WARMETECHNIK: Creditors Must File Claims by July 31
----------------------------------------------------------
Creditors of Bernet Warmetechnik GmbH are requested to file their
proofs of claim by July 31, 2009, to:
Bernet Warmetechnik GmbH
Patricia Bernet
Glarnerstrasse 56
8854 Siebnen
Switzerland
The company is currently undergoing liquidation in Schuebelbach.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on March 17, 2009.
ECAMOS GMBH: Claims Filing Deadline is July 22
----------------------------------------------
Creditors of ecamos GmbH are requested to file their proofs of
claim by July 22, 2009, to:
BERET AG
Liquidator
Bleicherweg 14
8022 Zurich
Switzerland
The company is currently undergoing liquidation in Zug. The
decision about liquidation was accepted at a shareholders' meeting
held on Jan. 19, 2009.
KONRAD PRINT: Claims Filing Deadline is July 31
-----------------------------------------------
Creditors of Konrad Print GmbH are requested to file their proofs
of claim by July 31, 2009, to:
Isidor Konrad
Liquidator
Sagiweg 6
6403 Kuessnacht a.R.
Switzerland
The company is currently undergoing liquidation in Arth. The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on April 7, 2009.
MITTELLANDPARK AG: Claims Filing Deadline is July 13
----------------------------------------------------
Creditors of MittellandPark AG are requested to file their proofs
of claim by July 13, 2009, to:
MittellandPark AG
Bahnhofstrasse 55
5001 Aarau
Switzerland
The company is currently undergoing liquidation in Aarau. The
decision about liquidation was accepted at a general meeting held
on March 19, 2009.
=============
U K R A I N E
=============
HYDROCARBON CJSC: Creditors Must File Claims by June 12
-------------------------------------------------------
Creditors of CJSC Hydrocarbon (code EDRPOU 32930912) have until
June 12, 2009, to submit proofs of claim to:
S. Klimenko
Insolvency Manager
Post Office Box 2144
49034 Dnepropetrovsk
Ukraine
The Economic Court of Dnepropetrovsk commenced bankruptcy
proceedings against the company on April 14, 2009. The case is
docketed under Case No. B29/122-09.
The Court is located at:
The Economic Court of Dnepropetrovsk region
Kujbishev Str. 1a
49600 Dnepropetrovsk
Ukraine
The Debtor can be reached at:
CJSC Hydrocarbon
Zheleznodorozhnya str. 5
Novoaleksandrovka
Sinelnikovsky
52561 Dnepropetrovsk
Ukraine
LUTUGINSKOYE REPAIR: Creditors Must File Claims by June 12
----------------------------------------------------------
Creditors of State Enterprise Lutuginskoye Repair and Building
Department (code EDRPOU 30090004) have until June 12, 2009, to
submit proofs of claim to:
K. Deynegina
Insolvency Manager
Sovetskaya Str. 59a/13
91000 Lugansk
Ukraine
The Economic Court of Lugansk commenced bankruptcy proceedings
against the company on April 24, 2009. The case is docketed under
Case No. 1/24b.
The Court is located at:
The Economic Court of Lugansk
Heroes of GPW Square 3-a
91000 Lugansk
Ukraine
The Debtor can be reached at:
State Enterprise Lutuginskoye
Repair and Building Department
Gorky Str. 33
Tcheliuskinets
Lutuginsky
Lugansk
Ukraine
PERVOYE MAYA: Creditors Must File Claims by June 12
---------------------------------------------------
Creditors of Agricultural LLC Pervoye Maya (code EDRPOU 03792289)
have until June 12, 2009, to submit proofs of claim to:
S. Vinnik
Insolvency Manager
Office 42
Dakhnovskaya Str. 44/1
Cherkassy
Ukraine
The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company on March 17, 2009. The case is docketed under
Case No. 14/658.
The Court is located at:
The Economic Court of Cherkassy
Shevchenko Boulevard 307
18004 Cherkassy
Ukraine
The Debtor can be reached at:
Agricultural LLC Pervoye Maya
Kiselevka
Katerinopol
Cherkassy
Ukraine
RADIALKA LLC: Creditors Must File Claims by June 13
---------------------------------------------------
Creditors of LLC Trading House Radialka (code EDRPOU 14362066)
have until June 13, 2009, to submit proofs of claim to T.
Vasiliuk, the company's insolvency manager
The Economic Court of Odessa commenced bankruptcy proceedings
against the company on April 30, 2009. The case is docketed under
Case No. 7/83-09-1286.
The Court is located at:
The Economic Court of Odessa
Shevchenko Avenue 29
65032 Odessa
Ukraine
The Debtor can be reached at:
LLC Trading House Radialka
Bugayevskaya Str. 21
65005 Odessa
Ukraine
VEL LLC: Creditors Must File Claims by June 13
----------------------------------------------
Creditors of LLC Vel (code EDRPOU 32348541) have until June 13,
2009, to submit proofs of claim to:
S. Avilov
Insolvency Manager
Office 175
Gagarin str. 29
Brovary
Kiev
Ukraine
The Economic Court of Kiev commenced bankruptcy proceedings
against the company on Feb. 19, 2009. The case is docketed under
Case No. 44/15-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 Vel
Reutars Str. 35-a
01034 Kiev
Ukraine
===========================
U N I T E D K I N G D O M
===========================
DAIRY FARMERS: Goes Into Receivership
-------------------------------------
BBC News reports that Dairy Farmers of Britain, which is
responsible for 10% of UK milk production, has gone into
receivership.
The report relates DFOB, which employs 2,200 people, has appointed
receivers. The receivers, the report says, are trying to sell the
cheese and milk businesses as well as maintaining milk
collections.
The report recalls DFOB shut down its Fole and Portsmouth dairies
in November last year. According to the report, DFOB has
struggled to pay its 1,800 member farmers a competitive price for
their milk and large numbers of them have been resigning. The
report states the loss of DFOB's milk contract from Co-operative
supermarkets made the restructuring process so far inadequate.
Dairy Farmers of Britain -- http://www.dairyfarmersofbritain.com/
-- is one of the UK's leading dairy co-operatives. The co-op's
services include milk collection and distribution, testing and
quota management, and business administration. Its brands include
Cadog (milk, butter, and cheese), Capricorn (cheese), Dairy
Farmers of Britain (milk, cream, and cheese), Clary's (ice cream),
Wonder Cow (organic dairy products) all of which are available at
UK food stores. Dairy Farmers delivers milk to more than 120,000
homes across England and Wales.
GENERAL MOTORS: Future of Vauxhall's Luton Plant Uncertain
----------------------------------------------------------
BBC News reports that workers at Opel, the German unit of General
Motors Corp., and its UK brand Vauxhall will have to wait at least
three months before they know which jobs are to go.
BBC news relates an Opel spokesman said no announcement would be
made about redundancies before the carmaker's sale to Canada's
Magna is concluded. According to BBC News, an interim deal is
expected in July, but the final agreement is not due until
September.
Magna, BBC News discloses, plans to cut 2,500 Opel jobs in
Germany. BBC News says the Canadian car parts maker needs to cut
jobs at Opel to return the firm to profitability and reduce
overcapacity. Opel, BBC News notes, employs a total of 54,500
workers across Europe, with 25,000 based in Germany, while its
Vauxhall brand employs 5,500 people in the UK, primarily at its
two British plants in Luton and Ellesmere Port. Graham Ruddick at
Telegraph.co.uk reports Magna co-chief executive Siegfried Wolf
refused to give assurances about the future of Vauxhall's Luton
plant. According to Telegraph.co.uk, there are concerns about the
Luton plant because its Vivaro contract ends in 2012 and sales of
commercial vehicles have collapsed. Telegraph.co.uk relates Mr.
Wolf, however, told Bloomberg Television that there was "no
question" about the future of Germany's four Opel assembly plants.
Bridging Loan
BBC News recalls Opel confirmed on Tuesday that it had received
the first tranche of a bridging loan from the German government to
help shore up its finances until the Magna sale is concluded. BBC
News states Opel has been given EUR300 million (US$423 million;
GBP259 million) out of the EUR1.5 billion pledged by Germany in
its rescue deal.
Opel, BBC News notes, has been unaffected by GM's filing for
bankruptcy protection in the US after it was temporarily
transferred to a trust fund ahead of the Magna sale.
Opel Takeover
On June 3, 2009, the Troubled Company Reporter-Europe, citing RIA
Novosti, reported the German government and Magna, backed by
Russia's Sberbank and GAZ, reached a deal early on Saturday that
will see the consortium take over Opel. According to RIA Novosti,
Magna will acquire a 20% stake in Opel with Russia's state-owned
Sberbank and car maker GAZ, owned by billionaire Oleg Deripaska,
taking a 35% slice to make the consortium a majority shareholder.
BBC News reported Magna said it will put more than EUR500 million
(SUS$700 million; GBP435 million) into Opel. Berlin, BBC News
said, is expected to provide an immediate loan facility of EUR1.5
billion (US$2.1 billion, GBP1.3 billion) as part of the deal.
BBC News noted details of the final deal with Magna have not yet
been released, but the terms of the agreement are thought to
involve GM keeping a 35% stake in the company, while 10% would be
owned by Opel employees. BBC News said some analysts believe the
merger has at best a 30% chance of going through.
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. 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. A full-text copy
of GM's viability plan presented in February 2009 is available at
http://researcharchives.com/t/s?39a4
General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D. N.Y. Lead Case
No. 09-50026). The Honorable Robert E. Gerber presides over the
Chapter 11 cases. Harvey R. Miller, Esq., Stephen Karotkin, Esq.,
and Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges LLP,
assist the Debtors in their restructuring efforts. Al Koch at AP
Services, LLC, an affiliate of AlixPartners, LLP, is the Debtors'
restructuring officer. GM is also represented by Jenner & Block
LLP and Honigman Miller Schwartz and Cohn LLP as counsels.
Cravath, Swaine, & Moore LLP is providing legal advice to the GM
Board of Directors. GM's financial advisors are Morgan Stanley,
Evercore Partners and the Blackstone Group LLP.
$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. A full-text copy
of GM's viability plan presented in February 2009 is available at
http://researcharchives.com/t/s?39a4
General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D. N.Y. Lead Case
No. 09-50026). The Honorable Robert E. Gerber presides over the
Chapter 11 cases. Harvey R. Miller, Esq., Stephen Karotkin, Esq.,
and Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges LLP,
assist the Debtors in their restructuring efforts. Al Koch at AP
Services, LLC, an affiliate of AlixPartners, LLP, is the Debtors'
restructuring officer. GM is also represented by Jenner & Block
LLP and Honigman Miller Schwartz and Cohn LLP as counsels.
Cravath, Swaine, & Moore LLP is providing legal advice to the GM
Board of Directors. GM's financial advisors are Morgan Stanley,
Evercore Partners and the Blackstone Group LLP.
INDESIT COMPANY: To Close UK Plant; 302 Jobs Affected
-----------------------------------------------------
BBC News reports Indesit Company SpA has decided to close its
washing machine plant in Bodelwyddan, Denbighshire with the loss
of 302 jobs.
The report says workers will effectively leave at the end of July
when the plant's annual summer shutdown begins.
Indesit, the report discloses, has blamed increased manufacturing
costs as well as falling demand for the closure. The report
relates according to the company, a number of options were
evaluated, including alternative investment, resizing the factory
and introducing new products to manufacture at the site. The
company, however, said these options were unsustainable, the
report notes.
Indesit Company SpA -- http://www.indesitcompany.com/-- is an
Italy-based company engaged in the design and production of white
goods and appliances. It divides its products into four lines:
Washing and dryer, including washing machines and tumble dryers;
Cooling, including refrigerators and freezers; Cooking, which
includes stoves and ovens; and Services provided to customers like
after-sales maintenance, and the sale of extended warranties
beyond the legal minimum period. The Company's main brands are
Indesit, Ariston, Hotpoint and Scholtes. Its subsidiaries include
Indesit Electrodomesticos Sa, Merloni Domestic Appliances Ltd,
Indesit Company Portugal Electrodom‚sticos Sa, Indesit Company
Deutschland GmbH and Hotpoint UK Ltd, among others. Indesit
Company Group operates mainly in Europe, Turkey and the
Commonwealth of Independent States (CIS) through 17 production
facilities.
JJB SPORTS: Inks GBP50 Mln Funding Deal with Bankers
----------------------------------------------------
Michael Fahy at Crain's Manchester Business reports that JJB
Sports plc has agreed a new GBP50 million funding deal with its
bankers, Barclays and Bank of Scotland, after the successful
implementation of its company voluntary arrangement.
The report relates the JJB said the deal has allowed it to replace
its existing GBP65 million facilities, including a GBP16 million
short-term loan which was provided by the administrators of failed
Icelandic bank Kaupthing Singer & Friedlander.
According to the report, Barclays is providing a GBP25 million
short-term loan, which is repayable in full by the end of August
next year and Bank of Scotland is providing a GBP25 million
revolving working capital facility, which needs to be replaced by
the end of September 2010. The report discloses JJB said intends
to repay the Barclays loan from money it will receive from David
Whelan as a result of the sale of its gyms business.
CVA
On June 2, 2009,the Troubled Company Reporter-Europe, citing
Reuters, reported that the CVA took effect Friday last week.
Reuters recalled the CVA was approved by creditors and
shareholders late last month. The CVA, Reuters disclosed, will
see JJB settle the claims of landlords of 140 closed stores and
move from quarterly to monthly rent payments on 253 remaining
stores.
About JJB Sports
Headquartered in Wigan, England, JJB Sports plc --
http://www.jjbcorporate.co.uk/-- is engaged in the retailing of
sportswear and sporting equipment. The company also operates a
chain of fitness clubs, which has a smaller number of indoor
soccer centers attached to them. It also operates a television
broadcasting and marketing business, which specializes in the
marketing of golf products and fitness equipment through Sky
Television.
LEEK FINANCE 18: S&P Cuts Ratings on Two Classes of Notes to 'BB'
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its ratings on the junior classes of notes
issued by Leek Finance Number Seventeen PLC, Leek Finance Number
Eighteen PLC, and Leek Finance Number Nineteen PLC (Leek 17, 18,
and 19). S&P also removed from CreditWatch negative and affirmed
the class B notes in Leek 17.
At the same time, S&P affirmed its ratings on all other classes in
these transactions and on all the notes issued by Leek Finance
Number Sixteen PLC.
These rating actions follow credit and cash flow analyses based on
the most recent loan-level information S&P has received and its
review of the March 2009 investor report. The rating actions
reflect the high arrears and losses experienced in the underlying
portfolios backing the later Leek deals, and of the high weighted-
average loan-to-values of the loans in the portfolio.
While the notes issued by Leek 16 have, in S&P's opinion,
sufficient credit enhancement to maintain their current ratings
given current pool performance, S&P's credit and cash flow
analyses have shown that the credit support available to the
junior classes in Leek 17, 18, and 19 is not sufficient to
maintain their current ratings.
As with most U.K. nonconforming residential mortgage-backed
securities transactions of a similar vintage, these deals have
experienced significant increases in arrears and losses over the
past few months. According to the March 2009 investor report, of
the existing portfolio balances, total arrears (excluding
possessions) were 25.9% in Leek 16, 29.1% in Leek 17, 24.3% in
Leek 18, and 24.3% in Leek 19. Cumulative losses since closing
are currently 0.52%, 0.62%, 0.72%, and 1.06% for Leek 16, 17, 18,
and 19, respectively.
By indexing reported values to the Nationwide and Halifax indices
of U.K. house price movements, S&P calculate the portfolio
weighted-average LTVs as being 76%, 82%, 87%, and 91% for Leek 16,
17, 18, and 19, respectively.
In S&P's opinion, U.K. house prices are likely to fall further
from their peak over the coming months and S&P expects each
portfolio to be increasingly exposed to losses given increased
weighted-average LTVs in the context of increasing arrears.
Ratings List
Ratings Lowered and Removed From Creditwatch Negative
Leek Finance Number Seventeen PLC
GBP379.0 Million, EUR558.1 Million,
and US$697.0 Million Mortgage-Backed Floating-Rate Notes
Rating
------
Class To From
----- -- ----
Cc BBB BBB+/Watch Neg
Leek Finance Number Eighteen PLC
EUR286.7 Million, GBP307.6 Million,
and GBP1,025 Million Mortgage-Backed Floating-Rate Notes
Rating
------
Class To From
----- -- ----
Ma AA- AA/Watch Neg
Mc AA- AA/Watch Neg
Ba BBB+ A/Watch Neg
Bc BBB+ A/Watch Neg
Ca BB BBB/Watch Neg
Cc BB BBB/Watch Neg
Leek Finance Number Nineteen PLC
EUR283.1 Million, GBP192 Million,
and US$879.1 Million Mortgage-Backed Floating-Rate Notes
Rating
------
Class To From
----- -- ----
Ma A AA/Watch Neg
Mc A AA/Watch Neg
Ba BBB A/Watch Neg
Bc BBB A/Watch Neg
Ca BB BBB/Watch Neg
Cc BB BBB/Watch Neg
Da B- BB/Watch Neg
Dc B- BB/Watch Neg
Ratings Removed From Creditwatch Negative and Affirmed
Leek Finance Number Seventeen PLC
GBP379.0 Million, EUR558.1 Million,
and US$697.0 Million Mortgage-Backed Floating-Rate Notes
Rating
------
Class To From
----- -- ----
Ba A A/Watch Neg
Bc A A/Watch Neg
Ratings Affirmed
Leek Finance Number Sixteen PLC
GBP448.5 Million, EUR421.50 Million,
and US$391.00 Million Mortgage-Backed Floating-Rate Notes
Class Rating
----- ------
A2a AAA
A2b AAA
A2c AAA
Ma AA
Mc AA
Ba A
Bc A
Cc BBB
Leek Finance Number Seventeen PLC
GBP379.0 Million, EUR558.1 Million,
and US$697.0 Million Mortgage-Backed Floating-Rate Notes
Class Rating
----- ------
A2a AAA
A2b AAA
A2c AAA
Mc AA
Leek Finance Number Eighteen PLC
EUR286.7 Million, GBP307.6 Million,
and GBP1,025 Million Mortgage-Backed Floating-Rate Notes
Class Rating
----- ------
A2a AAA
A2b AAA
A2c AAA
A2d AAA
Leek Finance Number Nineteen PLC
EUR283.1 Million, GBP192 Million,
and US$879.1 Million Mortgage-Backed Floating-Rate Notes
Class Rating
----- ------
A2a AAA
A2b AAA
A2c AAA
LEEK FINANCE 18: S&P Cuts Ratings on Two Classes of Notes to 'B-'
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its ratings on the junior classes of notes
issued by Leek Finance Number Seventeen PLC, Leek Finance Number
Eighteen PLC, and Leek Finance Number Nineteen PLC (Leek 17, 18,
and 19). S&P also removed from CreditWatch negative and affirmed
the class B notes in Leek 17.
At the same time, S&P affirmed its ratings on all other classes in
these transactions and on all the notes issued by Leek Finance
Number Sixteen PLC.
These rating actions follow credit and cash flow analyses based on
the most recent loan-level information S&P has received and its
review of the March 2009 investor report. The rating actions
reflect the high arrears and losses experienced in the underlying
portfolios backing the later Leek deals, and of the high weighted-
average loan-to-values of the loans in the portfolio.
While the notes issued by Leek 16 have, in S&P's opinion,
sufficient credit enhancement to maintain their current ratings
given current pool performance, S&P's credit and cash flow
analyses have shown that the credit support available to the
junior classes in Leek 17, 18, and 19 is not sufficient to
maintain their current ratings.
As with most U.K. nonconforming residential mortgage-backed
securities transactions of a similar vintage, these deals have
experienced significant increases in arrears and losses over the
past few months. According to the March 2009 investor report, of
the existing portfolio balances, total arrears (excluding
possessions) were 25.9% in Leek 16, 29.1% in Leek 17, 24.3% in
Leek 18, and 24.3% in Leek 19. Cumulative losses since closing
are currently 0.52%, 0.62%, 0.72%, and 1.06% for Leek 16, 17, 18,
and 19, respectively.
By indexing reported values to the Nationwide and Halifax indices
of U.K. house price movements, S&P calculate the portfolio
weighted-average LTVs as being 76%, 82%, 87%, and 91% for Leek 16,
17, 18, and 19, respectively.
In S&P's opinion, U.K. house prices are likely to fall further
from their peak over the coming months and S&P expects each
portfolio to be increasingly exposed to losses given increased
weighted-average LTVs in the context of increasing arrears.
Ratings List
Ratings Lowered and Removed From Creditwatch Negative
Leek Finance Number Seventeen PLC
GBP379.0 Million, EUR558.1 Million,
and US$697.0 Million Mortgage-Backed Floating-Rate Notes
Rating
------
Class To From
----- -- ----
Cc BBB BBB+/Watch Neg
Leek Finance Number Eighteen PLC
EUR286.7 Million, GBP307.6 Million,
and GBP1,025 Million Mortgage-Backed Floating-Rate Notes
Rating
------
Class To From
----- -- ----
Ma AA- AA/Watch Neg
Mc AA- AA/Watch Neg
Ba BBB+ A/Watch Neg
Bc BBB+ A/Watch Neg
Ca BB BBB/Watch Neg
Cc BB BBB/Watch Neg
Leek Finance Number Nineteen PLC
EUR283.1 Million, GBP192 Million,
and US$879.1 Million Mortgage-Backed Floating-Rate Notes
Rating
------
Class To From
----- -- ----
Ma A AA/Watch Neg
Mc A AA/Watch Neg
Ba BBB A/Watch Neg
Bc BBB A/Watch Neg
Ca BB BBB/Watch Neg
Cc BB BBB/Watch Neg
Da B- BB/Watch Neg
Dc B- BB/Watch Neg
Ratings Removed From Creditwatch Negative and Affirmed
Leek Finance Number Seventeen PLC
GBP379.0 Million, EUR558.1 Million,
and US$697.0 Million Mortgage-Backed Floating-Rate Notes
Rating
------
Class To From
----- -- ----
Ba A A/Watch Neg
Bc A A/Watch Neg
Ratings Affirmed
Leek Finance Number Sixteen PLC
GBP448.5 Million, EUR421.50 Million,
and US$391.00 Million Mortgage-Backed Floating-Rate Notes
Class Rating
----- ------
A2a AAA
A2b AAA
A2c AAA
Ma AA
Mc AA
Ba A
Bc A
Cc BBB
Leek Finance Number Seventeen PLC
GBP379.0 Million, EUR558.1 Million,
and US$697.0 Million Mortgage-Backed Floating-Rate Notes
Class Rating
----- ------
A2a AAA
A2b AAA
A2c AAA
Mc AA
Leek Finance Number Eighteen PLC
EUR286.7 Million, GBP307.6 Million,
and GBP1,025 Million Mortgage-Backed Floating-Rate Notes
Class Rating
----- ------
A2a AAA
A2b AAA
A2c AAA
A2d AAA
Leek Finance Number Nineteen PLC
EUR283.1 Million, GBP192 Million,
and US$879.1 Million Mortgage-Backed Floating-Rate Notes
Class Rating
----- ------
A2a AAA
A2b AAA
A2c AAA
LLOYDS BANKING: Mulls 530 Job Cuts in the United Kingdom
--------------------------------------------------------
BBC News reports Lloyds Banking Group plc plans to shed 530 jobs
and close one site in the UK.
According to the report, Lloyds, which is 43.4 percent-owned by
the Treasury, said it will close a customer service unit in Kent
that will result in the loss of 210 jobs, 190 of which are full-
time positions. The report says another 320 positions will go
from other retail operations throughout the UK, but no details of
where the cuts would fall were revealed.
The move, the report notes, comes on top of the 625 job cuts
announced last month.
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.
The Troubled Company Reporter-Europe reported on February 19,
2009, that Fitch Ratings affirmed the Long-term and Short-term
Issuer Default Ratings of the Lloyds Banking Group plc and its
subsidiaries, Lloyds TSB bank plc, HBOS plc and Bank of Scotland
plc at 'AA-' (AA minus) and 'F1+,' respectively. The agency has
downgraded LBG's, LTSB's and BOS's Individual ratings to 'C/D'
from 'B/C', 'B/C' from 'B' and 'C/D' from 'C' respectively. All
three Individual ratings have been placed on Rating Watch
Negative. The downgrades on the Individual ratings reflect
Fitch's concern about the significant deterioration in certain
portfolios within BOS's corporate banking and treasury units and
higher risk parts of its residential mortgage portfolio, together
with the agency's expectation that problems are likely to continue
to increase in a weakening operating environment, severely
challenging profitability and weakening capitalization over the
coming 12-18 months. The Rating Watch Negative on the Individual
ratings reflects ongoing uncertainty around these exposures and
group capitalization.
MINORPLANET SYSTEMS: Casts Doubt on Future, Posts GBP2.5 Mln Loss
-----------------------------------------------------------------
Roger Brown at roadtransport.com reports Minorplanet Systems plc
warned there is doubt over its ability to continue as a going
concern, citing the "unprecedented downturn" in the economy and
severely restricted availability of lease finance for customers.
Minorplanet, the report discloses, made a pre-tax loss of GBP2.5
million for the six months to February 2009, compared with a
profit of GBP300,000 in the same period in 2008. The report
says the company generated a turnover of GBP8.8 million, down 22%
on the same period last year.
According to the report, the company has been talking to several
potential new investors. "We don't have a particular target date
or deadline for investment, but this could come from existing
shareholders or new people taking a stake. Certainly we already
have some finance promised and believe we can bring in more during
June or July," the report quoted Terry Donovan, Minorplanet chief
executive, as saying.
The report notes Minorplanet's directors have also negotiated a
temporary increase in the company's overdraft facilities.
Headquartered in Leeds, Minorplanet Systems plc --
http://www.minorplanet.com/-- is engaged in provision of vehicle
management and information systems. Its principal purpose is to
assist its customers in managing their vehicle fleets.
The Company's subsidiaries includes Minorplanet Limited, which is
into designing and marketing of vehicle management information
systems; Minorplanet Systems BV, Minorplanet Asia Pacific Pty
Limited, Minorplanet Systems GmbH, Monitcom Limited, and Vuelta
Navigation SL., all engaged in marketing of vehicle management
information systems.
PEARL GROUP: Receives EUR600 Mln Capital Injection From Liberty
---------------------------------------------------------------
Jamie Dunkley at Telegraph.co.uk reports that Pearl Group Ltd has
secured a EUR600 million (GBP520 million) capital injection from
Cayman Islands-based Liberty Acquisition Holdings.
According to the report, the deal will give Liberty a 60pc holding
in Pearl. The report says the capital injection will come as a
relief to Pearl which, like other life insurers, has come under
pressure to increase its surplus capital to protect policyholders
during the financial crisis.
Debt Writedown
The report discloses a consortium of 17 banks, led by Lloyds and
Royal Bank of Scotland, agreed to take a GBP400 million writedown
on Pearl's debt and refinance the remainder on different terms.
The banks, the report says, will gain a GBP75 million convertible
bond as part of a 10pc holding in Pearl's equity as part of the
deal. The agreement is subject to a final sign-off by the banks
and shareholders in Liberty, which is listed in Amsterdam, the
report notes.
Pearl, the report states, holds about GBP2.2 billion of its debt
in Impala, the vehicle set up to facilitate its purchase of
closed life rival Resolution from insurance entrepreneur Clive
Cowdery last year in a GBP5 billion deal. The remaining GBP800
million of debt is spread across Pearl, the report discloses.
Coupon Payment
On May 7, 2009, the Troubled Company Reporter-Europe, citing
Telegraph.co.uk, reported Pearl deferred an interest payment worth
GBP33 million on a GBP500 million bond issue, prompting holders of
the group's subordinated debt to form a steering committee. The
committee, the report disclosed, includes units of Rathbone
Brothers, Abaci Investment Management, Axa, Fidelity
International, Oceanwood Capital Management, F&C Asset Management
and HSBC, Zaman Khan of Abaci told Bloomberg. Pearl, the report
noted, did not make the coupon payment, arguing there was a need
for "an increased level of prudence". Mr. Osmond, the report
stated, argued that the bonds were issued by Resolution plc before
the company was acquired as tier one capital, so they should be
regarded as an equity stake in a financial institution rather than
as a traditional bond.
Pearl Group Ltd. -- http://www.pearlgrouplimited.co.uk/-- is a
manager of closed life funds owned by Hugh Osmond's Sun Capital
Partners Ltd. and TDR Capital LLP. Its companies include Pearl,
London life, NPI, Phoenix, Scottish Mutual International, Ignis
Asset Management and Axial.
ROCK: Goes Into Administration, Pwc Appointed
---------------------------------------------
Graham Ruddick at Telegraph.co.uk reports that Paul Kemsley's
property empire has collapsed into administration.
The report relates last Thursday PricewaterhouseCoopers was
appointed administrators to the primary holding companies
-- Rock Joint Ventures Limited, Rock Investment Holdings, and
Birchridge Limited.
"Following the well documented slowdown in the property market,
the Rock board has re-evaluated its longer-term strategy and,
after discussions with its lenders, has taken the difficult
decision to place the company in administration,"
the report quoted Peter Spratt, joint administrator at PwC, as
saying.
Founded in 1995 Rock's assets include New York properties, the
former Burberry headquarters in Haymarket, London and Crystal
Palace's Selhurst Park football ground, the report discloses.
TITAN EUROPE: Fitch Downgrades Rating on Class E Notes to 'BB-'
---------------------------------------------------------------
Fitch Ratings has downgraded Titan Europe 2007-1 Limited's notes
and maintained them on Rating Watch Negative:
-- GBP42.15 million class B secured floating-rate notes due
2017: downgraded to 'A+' from 'AA-'; RWN
-- GBP42.00 million class C secured floating-rate notes due
2017: downgraded to 'BBB+' from 'A-'; RWN
-- GBP58.00 million class D secured floating-rate notes due
2017: downgraded to 'BBB' from 'BBB+'; RWN
-- GBP60.00 million class E secured floating-rate notes due
2017: downgraded to 'BB-' from 'BB'; RWN
Titan Europe 2007-1 (NHP) is the issuer behind the securitization
of a GBP638 million senior loan (Libra loan) granted to nursing
homes owned by NHP which are majority-operated by Southern Cross.
The downgrades reflect a further decline in value of the
properties securing the GBP1,172 million Libra Whole Loan -- of
which the Libra loan is the senior securitized tranche -- and the
increased potential breakage cost for the transaction's swaps
since the last rating action in December 2008.
The Libra Whole Loan has been in default since November 2008 and
there are currently ongoing restructuring discussions between the
lenders and special servicer. A third standstill agreement in
place, which expires on July 14, 2009, enables the restructuring
dialogue to continue and Fitch understands that no definitive
proposal has yet been reached. The agency also understands that
the special servicer would prefer to implement a solution in the
form of a consensual restructuring prior to January 2010.
However, the sale of the mortgaged properties still remains a
possible option. The agency has maintained the RWN on the
transaction's ratings to reflect uncertainty over the possible
outcome of the restructuring process.
Fitch continues to view the bonds as still being protected by the
eight-year tail period provided by the 2017 legal final maturity
date, the senior ranking of the securitized Libra loan within the
inter-creditor agreement, and the presence of an advance provider
if shortfalls arise in the rental payments to service the interest
payments.
Fitch will resolve the RWN when more information is available on
the outcome of restructuring negotiations, or when progress
towards the sale of the mortgaged properties has been achieved.
* BOOK REVIEW: Taking America - How We Got from the First Hostile
Takeover to Megamergers, Corporate Raiding and
Scandal
-----------------------------------------------------------------
Author: Jeff Madrick
Publisher: BeardBooks
Softcover: 310 pages
Review by Henry Berry
As the subtitle reveals, Taking America connotes the
indiscriminate buying up of the nation's assets of large
corporations by investment bankers, insider stock traders,
arbitrageurs, and the like. This occurred in the mid-1970s, when
low stock prices made many large corporations attractive as
takeover targets. At the time, they were not ready for what was
going to hit them. This was the business era when the term
"hostile takeover" came into use. Ivan Boesky, Carl Icahn, and T.
Boone Pickens became household names for their inconceivable, bold
attempts to buy out corporations. In doing so, they would stand
to make hundreds of millions of dollars as the stock of the
acquired company rose. But in most cases, such a stock rise would
come at the cost of breaking up the newly-acquired company by
selling off its most prized and valuable operations and assets or
by drastically reducing its work force to save on wage and
benefits costs.
In many ways, this wave of buyouts and mergers fundamentally
changed the way corporations did business; and it changed the way
corporations were seen by businesspersons and the public.
Corporations came to be seen not mainly as businesses relating to
a particular business sector or making a particular product or
product line.
Such considerations as operations and growth within a particular
or closely-related sector, employee security, and long-term
strategic planning were swept aside by the single-minded aim of
using a corporation's cash and other assets as leverage to
takeover vulnerable, and often unsuspecting, corporations for
quick, huge profit. Running a corporation became like playing the
stock market. Madrick's Taking America was originally published
in 1987, just after this wave of takeovers and mergers waned. But
it waned not from any restoration of rationality or temperance,
but mainly from having succeeded so well. There were scarcely any
big companies worth taking over left after the takeover frenzy, as
it was described by many.
Madrick follows this unprecedented, transformational takeover
spree occurring over the decade of the mid 1970s to the mid 1980s
mainly by following the activities of the key individuals driving
it, and as much as possible getting into their thinking, the
scheming, and the strategies. Most of the participants in the
takeover movement who are referred to in this book were
interviewed by the author. Most of the book's content is based on
these interviews. Other recognizable names in the author's long
listing of individuals he interviewed are Peter Drucker, Richard
Cheney, Robert Rubin, and Felix Rohatyn.
Looking back over this period, Madrick sees a takeover movement
that lost touch with business's first principles. These
principles take into consideration broad economic well-being for
employees and the public, not quickly-gained riches for a few.
Although Boesky and others were heavily fined or imprisoned for
illegal conduct, their view of business and business activity was
taken in by the business field. The "dot-com bubble" of the
1990's, when many young entrepreneurs in the field of computer
technology tried to create businesses with the hope of soon being
taken over by larger companies, is one instance of the legacy of
this takeover era. The Enron approach to business is another; as
are the business activities, particularly the financial
legerdemain, of WestCom, Tyco, and Adelphia, to name a few. In
Taking America, Madrick sheds much light on the origins of
widespread problems in today's business world.
*********
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 * * *