/raid1/www/Hosts/bankrupt/TCREUR_Public/090707.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
E U R O P E
Tuesday, July 7, 2009, Vol. 10, No. 132
Headlines
A U S T R I A
BERNARD MADOFF: Sonja Kohn Investigated Over Alleged Kickbacks
FORNAX GMBH: Creditors Must File Claims by July 29
HEFTBERGER FRIEDRICH: Creditors Must File Claims by July 20
KARTALOVIC HARUN: Claims Filing Deadline is July 27
VTB AUSTRIA: Moody's Cuts Bank Financial Strength Rating to 'D-'
F R A N C E
VTB FRANCE: Moody's Lowers Bank Financial Strength Rating to 'D-'
G E R M A N Y
GENERAL MOTORS: Beijing Auto Submits Non-Binding Offer for Opel
PORSCHE AUTOMOBIL: Attracts Three More Bidders
* GERMANY: Steinrueck's Bad-Bank Plan Gets Lower House Approval
I C E L A N D
TRYGGINGAMIDSTODIN HF: S&P Keeps 'BB' Insurer Strength Rating
I T A L Y
SAFILO SPA: S&P Lowers Long-Term Corporate Credit Rating to 'SD'
K A Z A K H S T A N
EXPERIMENTALNO-STROITELNAYA COMPANIYA: Claims Filing Ends July 10
PETROPAVLOVSKY INVENTARIZATSIONNY: Claims Filing Ends July 10
PV LLP: Creditors Must File Claims by July 10
TASU-PV LLP: Creditors Must File Claims by July 10
TEMIR JOL: Creditors Must File Claims by July 10
K Y R G Y Z S T A N
TSIO ZAO: Creditors Must File Claims by July 24
N E T H E R L A N D S
ASTIR BV: S&P Junks Rating on Tranche 2 of Series 23 Notes
N O R W A Y
CANARGO ENERGY: Breach of Trading Rules Cue Oslo Bors Delisting
R U S S I A
ABSOLUT BANK: Moody's Changes Outlook on 'D-' BFSR to Negative
KRASNODAR BRICK: Creditors Must File Claims by July 19
PERSPEKTIVA LLC: Creditors Must File Claims by July 19
VTB OAO: Posts RUR26.45 Billion Net Loss in First Half 2009
VOEN-STROY LLC: Creditors Must File Claims by July 19
S P A I N
IM GRUPO: Moody's Assigns 'Caa1' Rating on Series B Notes
OBRASCON HUARTE: Fitch Maintains 'BB+' LT Issuer Default Rating
S W I T Z E R L A N D
MEYER MALERGESCHAFT GMBH: Claims Filing Deadline is July 10
METALLUM AG: Creditors Must File Claims by July 10
MODEBOUTIQUE CLEMODA: Claims Filing Deadline is July 15
MUNDIMED AG: Creditors Must File Claims by July 16
RESTAURANT TOURING: Claims Filing Deadline is July 10
U K R A I N E
ALFA-BANK UKRAINE: S&P Cuts Long-Term Counterparty Rating to 'CC'
ALFA BANK: Exchange Offer Cues Moody's to Junk Debt Ratings
EASTERN FINANCIAL: Creditors Must File Claims by July 10
INDUSTRIAL CONTRACT: Creditors Must File Claims by July 10
INDUSTRIAL TRADE: Creditors Must File Claims by July 10
MILK PRODUCTS: Creditors Must File Claims by July 10
SPECIAL BUILDING: Creditors Must File Claims by July 10
U N I T E D K I N G D O M
ADDINGTON PALACE: Put Into Receivership by Hanley
BRITISH AIRWAYS: To Cut Capacity; June 2009 Traffic Down 14.9%
CASTLEMORE SECURITIES: PwC Puts 'The British' Up for Sale
CHELSEA BUILDING: Moody's Cuts Subordinated Debt Ratings to 'Caa1'
COFFEE REPUBLIC: To Go Into Administration; Seeks Share Suspension
EPIC PLC: S&P Cuts Ratings on Four Classes of Notes to Low-B
EPL ACCESS: In Administration; KPMG Appointed
FONEHOUSE HOLDINGS: Put Into Administration by Bayley
HOUSE OF EUROPE: S&P Lowers Rating on Class C Notes to 'CC'
LEHMAN BROTHERS: Moody's Withdraws Ratings on Various Notes
LONDON TOWN: Avoids Shares Suspension; In Breach of Debt Covenants
LUPUS CAPITAL: Executive Chairman Greg Hutchings Steps Down
MODUS VENTURES: Two Units in Administration
MONIER GROUP: Lenders Approve Financial Restructuring Plan
NATIONAL EXPRESS: Holds On to East Coast Franchise
NEWCASTLE BUILDING: Moody's Cuts Subordinated Debt Ratings to 'B1'
PRINCIPALITY BUILDING: Moody's Lowers Sub. Debt Ratings to 'B1'
PETER DEILMANN: Put Into Administration Over Poor Bookings
REFLEX MOULDINGS: Goes Into Administration; 71 Jobs at Risk
VASANTA GROUP: On Brink of Administration; In Rescue Talks
YELL GROUP: Moody's Downgrades Corporate Family Rating to 'B2'
* UK: KPMG Says Number of Companies in Administration Drops
* Large Companies with Insolvent Balance Sheet
*********
=============
A U S T R I A
=============
BERNARD MADOFF: Sonja Kohn Investigated Over Alleged Kickbacks
--------------------------------------------------------------
David Crawford at the Wall Street Journal reports that U.S., U.K.
and Austrian prosecutors are investigating former Bank Medici AG
Chairman Sonja Kohn for allegedly receiving more than
US$40 million in kickbacks to funnel billions of dollars of
investments to Bernard Madoff.
Citing affidavits detailing the investigations and hundreds of
documents collected by Austrian prosecutors, the Journal disclosed
that prosecutors from all three investigations believe Bernard
Madoff paid kickbacks to Ms. Kohn while she was chairwoman of
Austria's Bank Medici via separate companies she controlled.
According to the WSJ, in exchange for the kickbacks, prosecutors
allege, Ms. Kohn turned three Bank Medici funds into "feeder
funds" that supplied Mr. Madoff with an estimated US$3.5 billion
from European investors. The WSJ states U.S. prosecutors allege
that Ms. Kohn, which owns 75% of Bank Medici, acted on her own
behalf in receiving kickbacks. U.S. prosecutors also allege that
Ms. Kohn and Bank Medici failed to disclose to investors that
their funds were being invested wholly with Mr. Madoff, the WSJ
notes.
Mr. Crawford relates a spokeswoman for Bank Medici, however, said
neither Ms. Kohn nor the bank had received kickbacks.
About Bernard Madoff
Bernard L. Madoff Investment Securities LLC was a market maker in
U.S. stocks, including all of the S&P 500 and more than 350 Nasdaq
stocks. The firm moved large blocks of stock for institutional
clients by splitting up orders or arranging off-exchange
transactions between parties. It also performed clearing and
settlement services. Clients included brokerages, banks, and
other financial institutions. In addition, Madoff Securities
managed assets for high-net-worth individuals, hedge funds, and
other institutional investors.
The firm is being liquidated in the aftermath of a fraud scandal
involving founder Bernard L. Madoff.
As reported by the Troubled Company Reporter on December 15, 2008,
the Securities and Exchange Commission charged Mr. Madoff and his
investment firm with securities fraud for a multi-billion dollar
Ponzi scheme that he perpetrated on advisory clients of his firm.
The estimated losses from Mr. Madoff's fraud were allegedly at
least US$50 billion.
Also on December 15, 2008, the Honorable Louis A. Stanton of the
U.S. District Court for the Southern District of New York granted
the application of the Securities Investor Protection Corporation
for a decree adjudicating that the customers of BLMIS are in need
of the protection afforded by the Securities Investor Protection
Act of 1970. Irving H. Picard, Esq., was appointed as trustee for
the liquidation of BLMIS, and Baker & Hostetler LLP was appointed
as counsel.
As reported by the TCR, Judge Denny Chin of the U.S. District
Court for the Southern District of New York on June 29, 2009,
sentenced Mr. Madoff to 150 years of life imprisonment for
defrauding investors.
FORNAX GMBH: Creditors Must File Claims by July 29
--------------------------------------------------
Creditors of Fornax GmbH have until July 29, 2009 to file their
proofs of claim.
A court hearing for examination of the claims has been scheduled
for August 12, 2009 at 9:00 a.m.
For further information, contact the company's administrator:
Dr. Bernhard Eder
Brucknerstrasse 4
1040 Wien
Austria
Tel: 505 78 61
Fax: 505 78 61 9
E-mail: eder@rechtsanwaelte.co.at
HEFTBERGER FRIEDRICH: Creditors Must File Claims by July 20
-----------------------------------------------------------
Creditors of Heftberger Friedrich have until July 20, 2009 to file
their proofs of claim.
A court hearing for examination of the claims has been scheduled
for July 30, 2009 at 10:40 a.m. on at:
Land Court of Wels
Hall 101
Wels
Austria
For further information, contact the company's administrator:
Dr. Bernhard Birek
Marktplatz 4
4707 Schluesslberg
Austria
Tel: 07248/64720
Fax: 07248/64720-20
E-mail: ra-birek@aon.at
KARTALOVIC HARUN: Claims Filing Deadline is July 27
---------------------------------------------------
Creditors of Kartalovic Harun have until July 27, 2009 to file
their proofs of claim.
A court hearing for examination of the claims has been scheduled
for August 10, 2009 at 9:30 a.m.
For further information, contact the company's administrator:
Dr. Thomas Deschka
Spiegelgasse 10
1010 Wien
Austria
Tel: 513 99 39
Fax: 513 99 39-30
E-mail: deschka@lawcenter.at
VTB AUSTRIA: Moody's Cuts Bank Financial Strength Rating to 'D-'
----------------------------------------------------------------
Moody's Investors Service downgraded its bank financial strength
rating of VTB Bank (Austria), VTB Capital plc and VTB Bank
(France) to D- from D. The outlook on the BFSRs is negative. All
three banks are owned by the Russian Bank VTB (rated
D-/Baa1/Prime-2). At the same time, Moody's affirmed the banks'
Baa3 long-term global local currency deposit ratings, with a
stable outlook. The rating actions conclude the review process
initiated in February 2009, when the BFSR and deposit ratings of
those banks were put on review for a possible downgrade.
The negative outlook on these banks' BFSRs reflects Moody's medium
term expectation that the operating environment in Russia and
globally would continue to negatively impact their financial
fundamentals, particularly capitalization, asset quality,
profitability and liquidity. The outlook on the GLC deposit
ratings is stable, reflecting Moody's expectation that further
lowering of the banks' BFSRs by one notch, if it happens, is
unlikely to result in the downgrade of the banks' deposit ratings.
The downgrade of the BFSRs mainly reflects the negative pressure
on financial fundamentals of these banks, stemming from their
historically high credit and market risk exposures to Russian
counterparties. The severe stress in the Russian economy is
leading to a rapid deterioration in borrowers' credit quality. As
a result, Moody's see a rapid increase in problem loans and much
weaker profitability metrics at VTBA, VTBC and VTBF. Higher
expected credit losses put additional stress on banks' capital
levels, due to the need to allocate new provisions.
These subsidiaries' D- BFSRs are now in line with the BFSR of VTB.
The BFSRs of all three banks are supported by their membership in
the large VTB group, which supports these banks through funding
and capital, and facilitates client and transaction origination.
Although the three banks accounted for a minor 10% of group
assets, they play an important role in servicing foreign
transactions of the group and its clients in areas like trade
finance (VTBA and VTBF) and investment banking (VTBC). All three
are closely supervised by the parent bank.
More detailed considerations for the rating actions follow below.
VTBA's BFSR is pressured by a weaker Tier 1 capitalization
following the consolidation of VTBF and VTB Bank Deutschland --
Tier 1 ratio deteriorated to 8.3% at YE2008, from 10.5% at YE2007.
The loan portfolio is concentrated, with the 20 largest borrowers
accounting for 150% of Tier 1 capital and mostly composed of
Russian and CIS companies (on a consolidated basis). Moody's
estimate the share of problem loans to account for 6.7% of gross
loans at YE2008 (this ratio already includes a high share of
legacy problem loans), with a negative trend in 2009. Management
expects impaired and restructured loans to reach 15% at the
maximum in the medium term. In addition, VTBA has a large
exposure to market and credit risks through CDS sold on Russian
and CIS counterparties, which accounted for ca. 100% of Tier 1
capital.
The BFSR on VTBC is negatively pressured by uncertainties over the
impact of the bank's new strategy -- focusing on investment
banking and away from wholesale banking, on its franchise value
and risk profile. Although Moody's acknowledge that the bank is
making good progress in building the necessary managerial,
operational and risk infrastructure for an investment bank, as
well as inking high-profile deals, this strategic repositioning
leads to high execution risk. VTBC's financial fundamentals are
under pressure: Tier 1 capitalization dropped to 10% at YE2008,
from 25% in 2007, following a rapid increase in risk assets and a
large net loss. However in 2008 VTBC received US$250 million in
Tier 1 capital and US$600 million in upper Tier 2, which brought
its total CAR back to 20.1% at YE2008, the same level as in 2007.
Although the quality of VTBC's capital base has weakened because
of a larger Tier 2 component than previously, overall CAR remains
strong. The share of impaired loans in the bank's portfolio
increased substantially in 2008, to 10% of gross loans at year-
end. Moody's notes that credit risk concentration is very high
with the top 20 corporate loans exceeding 230% of Tier1 capital at
YE2008; those are legacy loans, however, with no new origination
in line with new strategy.
The BFSR on VTBF is impacted by asset quality deterioration. At
YE2008, problem loans accounted for around 7% of total exposure to
banks and customers. The bank also has large single party
concentrations, with the 20 largest borrowers exceeding 200% of
Tier 1 capital. Although VTBF is a strongly capitalized bank
compared to VTBA and VTBF (with total capital funds covering 70%
of assets), Moody's still believe that higher loan loss provisions
would impact its capital base, however without materially
affecting Tier 1 capitalization -- which stood at 13.6% at YE2008.
The banks' long-term global local currency deposit ratings were
affirmed at Baa3, based on their baseline credit assessments of
Ba3 and VTB's supported rating (Baa1; this rating incorporates
Moody's view of the very high likelihood of support for VTB and
its subsidiaries from the Russian government). According to
Moody's joint default analysis methodology, in most cases when
incorporating parental support into bank ratings of a foreign
subsidiary, Moody's uses the parent's stand-alone rating (Ba3 in
case of VTB) -- that is, the rating without benefit of any
systemic support -- to determine the parent's ability to support
its foreign bank subsidiaries. However, in case of VTBA, VTBC and
VTBF, Moody's used the parent's supported rating (Baa1), to
reflect Moody's opinion that these foreign subsidiaries are very
likely to indirectly benefit from systemic support provided by the
Russian government to VTB. Moody's base Moody's opinion on a
track record of support to these banks from the Russian government
and its bodies.
Moody's believes that these banks are unlikely to receive systemic
support from their domicile countries (UK, France and Austria);
therefore their deposit ratings only benefit from support from VTB
and the Russian government, resulting in three notches of uplift
above their stand-alone BCAs of Ba3.
Moody's previous rating action on VTBA, VTBC and VTBF was
implemented on February 24, 2009, when the BFSRs and deposit
ratings on all three banks were placed on review for possible
downgrade.
VTBA is headquartered in Vienna. At YE2008, it reported
consolidated assets of EUR5.3 billion (year-end 2007:
EUR4.1 billion). The bank posted a net loss of EUR5 million for
2008, versus net income of EUR25 million for 2007.
VTBC is headquartered in London. As at YE2008, it reported total
assets of GBP5.2 billion under IFRS (x2.15 increase over 2007).
However, the majority of this increase relates to short-term
interbank assets with investment grade developed-market banks
which arose as the result of the implementation of a defensive
liquidity strategy by VTBC. The bank posted a net loss of
GBP140 million under IFRS for 2008 (2007: net income of
GBP26 million).
VTBF is Paris-based. At YE2008, it reported unconsolidated total
assets of EUR1.1 billion (2007: EUR1.1 billion). As in previous
years, the net result of VTBF was nil in 2008, as all the after
tax result has been allocated to the replenishment of a
subordinated loan. Before this allocation, VTBF generated
EUR30 million profit for 2008 (2007: EUR54 million).
===========
F R A N C E
===========
VTB FRANCE: Moody's Lowers Bank Financial Strength Rating to 'D-'
-----------------------------------------------------------------
Moody's Investors Service downgraded its bank financial strength
rating of VTB Bank (Austria), VTB Capital plc and VTB Bank
(France) to D- from D. The outlook on the BFSRs is negative. All
three banks are owned by the Russian Bank VTB (rated
D-/Baa1/Prime-2). At the same time, Moody's affirmed the banks'
Baa3 long-term global local currency deposit ratings, with a
stable outlook. The rating actions conclude the review process
initiated in February 2009, when the BFSR and deposit ratings of
those banks were put on review for a possible downgrade.
The negative outlook on these banks' BFSRs reflects Moody's medium
term expectation that the operating environment in Russia and
globally would continue to negatively impact their financial
fundamentals, particularly capitalization, asset quality,
profitability and liquidity. The outlook on the GLC deposit
ratings is stable, reflecting Moody's expectation that further
lowering of the banks' BFSRs by one notch, if it happens, is
unlikely to result in the downgrade of the banks' deposit ratings.
The downgrade of the BFSRs mainly reflects the negative pressure
on financial fundamentals of these banks, stemming from their
historically high credit and market risk exposures to Russian
counterparties. The severe stress in the Russian economy is
leading to a rapid deterioration in borrowers' credit quality. As
a result, Moody's see a rapid increase in problem loans and much
weaker profitability metrics at VTBA, VTBC and VTBF. Higher
expected credit losses put additional stress on banks' capital
levels, due to the need to allocate new provisions.
These subsidiaries' D- BFSRs are now in line with the BFSR of VTB.
The BFSRs of all three banks are supported by their membership in
the large VTB group, which supports these banks through funding
and capital, and facilitates client and transaction origination.
Although the three banks accounted for a minor 10% of group
assets, they play an important role in servicing foreign
transactions of the group and its clients in areas like trade
finance (VTBA and VTBF) and investment banking (VTBC). All three
are closely supervised by the parent bank.
More detailed considerations for the rating actions follow below.
VTBA's BFSR is pressured by a weaker Tier 1 capitalization
following the consolidation of VTBF and VTB Bank Deutschland --
Tier 1 ratio deteriorated to 8.3% at YE2008, from 10.5% at YE2007.
The loan portfolio is concentrated, with the 20 largest borrowers
accounting for 150% of Tier 1 capital and mostly composed of
Russian and CIS companies (on a consolidated basis). Moody's
estimate the share of problem loans to account for 6.7% of gross
loans at YE2008 (this ratio already includes a high share of
legacy problem loans), with a negative trend in 2009. Management
expects impaired and restructured loans to reach 15% at the
maximum in the medium term. In addition, VTBA has a large
exposure to market and credit risks through CDS sold on Russian
and CIS counterparties, which accounted for ca. 100% of Tier 1
capital.
The BFSR on VTBC is negatively pressured by uncertainties over the
impact of the bank's new strategy -- focusing on investment
banking and away from wholesale banking, on its franchise value
and risk profile. Although Moody's acknowledge that the bank is
making good progress in building the necessary managerial,
operational and risk infrastructure for an investment bank, as
well as inking high-profile deals, this strategic repositioning
leads to high execution risk. VTBC's financial fundamentals are
under pressure: Tier 1 capitalization dropped to 10% at YE2008,
from 25% in 2007, following a rapid increase in risk assets and a
large net loss. However in 2008 VTBC received US$250 million in
Tier 1 capital and US$600 million in upper Tier 2, which brought
its total CAR back to 20.1% at YE2008, the same level as in 2007.
Although the quality of VTBC's capital base has weakened because
of a larger Tier 2 component than previously, overall CAR remains
strong. The share of impaired loans in the bank's portfolio
increased substantially in 2008, to 10% of gross loans at year-
end. Moody's notes that credit risk concentration is very high
with the top 20 corporate loans exceeding 230% of Tier1 capital at
YE2008; those are legacy loans, however, with no new origination
in line with new strategy.
The BFSR on VTBF is impacted by asset quality deterioration. At
YE2008, problem loans accounted for around 7% of total exposure to
banks and customers. The bank also has large single party
concentrations, with the 20 largest borrowers exceeding 200% of
Tier 1 capital. Although VTBF is a strongly capitalized bank
compared to VTBA and VTBF (with total capital funds covering 70%
of assets), Moody's still believe that higher loan loss provisions
would impact its capital base, however without materially
affecting Tier 1 capitalization -- which stood at 13.6% at YE2008.
The banks' long-term global local currency deposit ratings were
affirmed at Baa3, based on their baseline credit assessments of
Ba3 and VTB's supported rating (Baa1; this rating incorporates
Moody's view of the very high likelihood of support for VTB and
its subsidiaries from the Russian government). According to
Moody's joint default analysis methodology, in most cases when
incorporating parental support into bank ratings of a foreign
subsidiary, Moody's uses the parent's stand-alone rating (Ba3 in
case of VTB) -- that is, the rating without benefit of any
systemic support -- to determine the parent's ability to support
its foreign bank subsidiaries. However, in case of VTBA, VTBC and
VTBF, Moody's used the parent's supported rating (Baa1), to
reflect Moody's opinion that these foreign subsidiaries are very
likely to indirectly benefit from systemic support provided by the
Russian government to VTB. Moody's base Moody's opinion on a
track record of support to these banks from the Russian government
and its bodies.
Moody's believes that these banks are unlikely to receive systemic
support from their domicile countries (UK, France and Austria);
therefore their deposit ratings only benefit from support from VTB
and the Russian government, resulting in three notches of uplift
above their stand-alone BCAs of Ba3.
Moody's previous rating action on VTBA, VTBC and VTBF was
implemented on February 24, 2009, when the BFSRs and deposit
ratings on all three banks were placed on review for possible
downgrade.
VTBA is headquartered in Vienna. At YE2008, it reported
consolidated assets of EUR5.3 billion (year-end 2007:
EUR4.1 billion). The bank posted a net loss of EUR5 million for
2008, versus net income of EUR25 million for 2007.
VTBC is headquartered in London. As at YE2008, it reported total
assets of GBP5.2 billion under IFRS (x2.15 increase over 2007).
However, the majority of this increase relates to short-term
interbank assets with investment grade developed-market banks
which arose as the result of the implementation of a defensive
liquidity strategy by VTBC. The bank posted a net loss of
GBP140 million under IFRS for 2008 (2007: net income of
GBP26 million).
VTBF is Paris-based. At YE2008, it reported unconsolidated total
assets of EUR1.1 billion (2007: EUR1.1 billion). As in previous
years, the net result of VTBF was nil in 2008, as all the after
tax result has been allocated to the replenishment of a
subordinated loan. Before this allocation, VTBF generated
EUR30 million profit for 2008 (2007: EUR54 million).
=============
G E R M A N Y
=============
GENERAL MOTORS: Beijing Auto Submits Non-Binding Offer for Opel
---------------------------------------------------------------
Chris Reiter and Steve Rothwell at Bloomberg News report that
General Motors Corp. said Beijing Automotive Industry Holding Co.
submitted an offer for its Opel unit.
Bloomberg News relates a GM spokesman in Zurich, said Friday
Beijing Automotive made the non-binding proposal after examining
Opel's books.
"The deal is unlikely to help Beijing Auto substantially unless
the company buys designs and brings them back to China," Bloomberg
quoted Zhang Xin, an automobile analyst at Guotai Junan Securities
Co. in Beijing, as saying.
Bloomberg discloses Stephen Pope, chief global market strategist
for Cantor Fitzgerald in London, said in a Bloomberg Television
interview that Beijing Automotive may have an advantage over Magna
International Inc. because it "can demand less capital input from
the German government."
According to Bloomberg, Germany Deputy Economy Minister Jochen
Homann said Friday in Munich that talks with Magna are more
advanced than those with other bidders. Magna, Canada's biggest
auto-parts manufacturer, was chosen in May by the German
government as the preferred bidder for Opel.
Eva Kuehnen at Reuters reports that General Motors Europe
President Carl-Peter Forster told German newspaper Frankfurter
Allgemeine Sonntagszeitung expects to sell Opel to Magna soon.
Reuters notes Mr. Forster did not give any details on the date,
but said "it would be great if it worked out by mid July."
According to Ms. Kuehnen, sources had told Reuters in June that GM
and Magna had set a target of July 15 for agreeing on the sale of
a majority stake in Opel to the Canadian auto parts group and its
Russian partner Sberbank. According to RIA Novosti, Sberbank CEO
German Gref said the deal the bank struck by with Magna has no
serious competition.
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.
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.
Bankruptcy Creditors' Service, Inc., publishes General Motors
Bankruptcy News. The newsletter tracks the chapter 11 proceeding
undertaken by General Motors Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
PORSCHE AUTOMOBIL: Attracts Three More Bidders
----------------------------------------------
Reuters reports that according to German magazine Focus, three
more bidders are interested in taking a stake in Porsche
Automobil Holding AG.
Reuters relates that Focus, without citing sources, reported a
Chinese and a Russian sovereign wealth fund as well as a hedge
fund were interested.
Qatar Bid
As reported in the Troubled Company Reporter-Europe on July 1,
2009, Bloomberg News said Porsche got a bid from the Qatar
Investment Authority after it rejected an offer from Volkswagen
AG. Qatar, Bloomberg News disclosed, made a bid for a stake in
the holding company and options that can be converted
into VW shares. Frank Gaube, a Porsche spokesman, as cited by
Bloomberg News, said VW's offer for Porsche's operating unit
wasn't "feasible" because it would trigger the immediate repayment
of a EUR10.75 billion (US$15 billion) credit line. Citing reports
in Focus and Der Spiegel magazines, Bloomberg News said Volkswagen
offered to buy about half of Porsche's car business for EUR3
billion to EUR4 billion. Bloomberg News recalled net debt at
Porsche tripled to more than EUR9 billion after the company
increased its stake in Volkswagen to 50.8 percent at the beginning
of this year.
According to Reuters, sources said the Porsche's owners were set
to discuss an investment by Qatar in the next two weeks and a
decision may come even before Volkswagen's supervisory board
meeting on July 15.
KfW Loan
On July 3, 2009, the TCR-Europe, citing Reuters, reported that the
German state-controlled bank KFW officially rejected Porsche's
EUR1.75 billion (US$2.45 billion) loan application, prompting the
company to seek alternate ways of refinancing its debt. As
reported in the TCR-Europe on June 24, 2009, Bloomberg News,
citing two people familiar with the negotiations, said KfW
initially rejected Porsche's attempt to secure a loan as the
company failed to show the economic crisis led to funding
constraints. Bloomberg News disclosed a person said the company
offered EUR3 billion in Volkswagen shares as collateral and wanted
to pay EUR6 million interest per month. According to Bloomberg
News, two people familiar with the negotiations said KfW wants
Porsche to be more specific about how the loan will be used and
how it plans to repay it.
Headquartered in Stuttgart, Germany Porsche Automobil Holding SE
-- http://www.porsche-se.com-- is a holding company engaged in
the car manufacture industry. The Company's core products are
sports cars and all-terrain vehicles. The Porsche sports car
range includes the Boxster, the Cayman, the 911 and the Carrera
GT. The Boxster and the Boxster S are contemporary
reinterpretations of the Company's original roadsters, the 356/1
and the 550 Spyder. There are several varieties of the 911,
representing the model's continuous evolution. The Carrera GT has
the race-derived chassis construction and minimum weight. The
Company's all-terrain models, Cayenne, Cayenne S, Cayenne Turbo
and Cayenne Turbo S are balanced, four-wheel drive vehicles for
on-road and off-road use. Porsche Automobil Holding SE also
offers financing services, spare parts and accessories for new and
classic models, as well as an approved used car service.
* GERMANY: Steinrueck's Bad-Bank Plan Gets Lower House Approval
---------------------------------------------------------------
Brian Parkin at Bloomberg News reports that German lawmakers
backed Finance Minister Peer Steinbrueck's plan to purge state and
private banks of toxic assets.
Bloomberg News relates Chancellor Angela Merkel's coalition used
its majority to push the bill on so-called bad banks through the
lower house on the last session of parliament before Sept. 27
national elections. The bill, Bloomberg says, will now go to the
upper house on July 10.
According to Bloomberg News, the bad-bank plan is aimed at
encouraging banks to lend by freeing them of their toxic assets,
Bloomberg News says under the bill before parliament, private
banks will be able to swap toxic assets for guaranteed bonds at 90
percent of their value.
=============
I C E L A N D
=============
TRYGGINGAMIDSTODIN HF: S&P Keeps 'BB' Insurer Strength Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it maintained its
CreditWatch placement on the 'BB' insurer financial strength and
long-term counterparty credit ratings on Iceland-based insurer
Tryggingamidstodin hf., but revised the implications to developing
from negative. The ratings on TM were originally placed on
CreditWatch with negative implications on Oct. 7, 2008, following
increased systemic concerns surrounding the Icelandic economy and
uncertainty over TM's future ownership. TM is owned by Iceland-
based holding company, Stodir hf. (not rated), which subsequently
applied for bankruptcy protection.
"The revised CreditWatch placement follows the announcement that
the Reykjavik courts have finally approved the agreement that
Stodir has reached with its creditors," said Standard & Poor's
credit analyst Peter McClean. As a result, the largest
shareholders in Stodir are now the Icelandic banks Glitnir Bank,
Kaupthing Bank, and New Landsbanki (all not rated). Together
these entities account for 66.1% of the shares in Stodir.
"The CreditWatch status with developing implications reflects
continuing uncertainties, particularly surrounding TM's future
strategy and operating performance, as well as the shareholders'
intentions and likely support for TM," added Mr. McClean. There
exists potential upside to the ratings if forthcoming discussions
with TM's management and Stodir's representatives lead to suitable
clarification on these points. On the other hand, if discussions
fail to demonstrate a clear strategy and commitment to improving
operating performance, this may prompt a negative rating action.
S&P expects to resolve the CreditWatch status within the next
three months following a review of the ratings and discussions
with management and TM's new ultimate owners. S&P expects that
any change in rating will likely be limited to one notch either
upwards or downwards.
=========
I T A L Y
=========
SAFILO SPA: S&P Lowers Long-Term Corporate Credit Rating to 'SD'
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered to 'SD'
(Selective Default) from 'CC' its long-term corporate credit
rating on Italy-based eyewear manufacturer Safilo SpA. At the
same time, S&P affirmed s'C' issue rating on the EUR195 million
9.625% second-lien notes due 2013 issued by Safilo Capital
International S.A. The recovery rating on the debt is unchanged
at '5', indicating S&P's expectation of modest (10%-30%) recovery
in the event of a payment default.
The downgrade follows Safilo's announcement on July 2, 2009, that
it has agreed with its senior lenders to defer the repayment of
about EUR19 million of the unrated EUR129 amortizing facility A of
its senior bank loan due December 2011. The initial payment fell
due on June 30, 2009, and lenders have agreed to postpone the
payment to Dec. 31, 2009. Lenders have also agreed a waiver on
the maintenance covenant set for the aforementioned loan at the
test date of June 30, 2009.
"Under Standard & Poor's methodology, S&P consider the extension
of a debt maturity as tantamount to a restructuring below par by a
distressed issuer, and therefore a default," said Standard &
Poor's credit analyst Diego Festa.
Safilo has verbally confirmed that it remained current on the
payment of all other financial obligations, therefore S&P view the
extension of the maturity of Safilo's amortizing facility A as a
selective default. S&P's default definitions include payment
defaults on both rated and unrated financial obligations.
S&P will monitor Safilo's ongoing liquidity and service of its
debt until the end of the waiver period (Dec. 31, 2009), at which
date S&P will reassess Safilo's capital structure. Meanwhile, S&P
could lower the rating on Safilo to 'D' (Default) if the group's
senior creditors accelerate the debt and the group is unable to
repay. S&P could also lower the rating if Safilo renegotiates the
original terms under its senior bank loan; fails to pay interest
or principal on other financial obligations; undertakes a
distressed exchange offer for all or a substantial part of its
debt; or files for creditor protection. If and when Safilo were
to then emerge from any form of reorganization, S&P would reassess
the ratings and the factors behind them, taking into account the
factors that precipitated the default and also any gains achieved
through the reorganization process.
===================
K A Z A K H S T A N
===================
EXPERIMENTALNO-STROITELNAYA COMPANIYA: Claims Filing Ends July 10
-----------------------------------------------------------------
Creditors of LLP Experimentalno-Stroitelnaya Companiya have until
July 10, 2009, to submit proofs of claim to:
Djambulskaya Str. 6
Pavlodar
Kazakhstan
The Specialized Inter-Regional Economic Court of Pavlodar
commenced bankruptcy proceedings against the company on
April 20, 2009.
The Court is located at:
The Specialized Inter-Regional
Economic Court of Pavlodar
Djambulskaya Str. 6
Pavlodar
Kazakhstan
PETROPAVLOVSKY INVENTARIZATSIONNY: Claims Filing Ends July 10
-------------------------------------------------------------
Creditors of LLP Petropavlovsky Inventarizatsionny Center have
until July 10, 2009, to submit proofs of claim to:
Brusilovsky Str. 60
Petropavlovsk
North Kazakhstan
Kazakhstan
The Specialized Inter-Regional Economic Court of North Kazakhstan
commenced bankruptcy proceedings against the company on March 18,
2009.
The Court is located at:
The Specialized Inter-Regional
Economic Court of North Kazakhstan
Brusilovsky Str. 60
Petropavlovsk
North Kazakhstan
Kazakhstan
PV LLP: Creditors Must File Claims by July 10
---------------------------------------------
Creditors of LLP Industriya Service PV have until July 10, 2009,
to submit proofs of claim to:
Gagarin Str. 18-49
Pavlodar
Kazakhstan
The Specialized Inter-Regional Economic Court of Pavlodar
commenced bankruptcy proceedings against the company on
March 23, 2009 after finding it insolvent.
The Court is located at:
The Specialized Inter-Regional
Economic Court of Pavlodar
Djambulskaya Str. 6
Pavlodar
Kazakhstan
TASU-PV LLP: Creditors Must File Claims by July 10
--------------------------------------------------
Creditors of LLP Auto Transport Enterprise TASU-PV have until
July 10, 2009, to submit proofs of claim to:
Djambulskaya Str. 6
Pavlodar
Kazakhstan
The Specialized Inter-Regional Economic Court of Pavlodar
commenced bankruptcy proceedings against the company on
April 20, 2009.
The Court is located at:
The Specialized Inter-Regional
Economic Court of Pavlodar
Djambulskaya Str. 6
Pavlodar
Kazakhstan
TEMIR JOL: Creditors Must File Claims by July 10
------------------------------------------------
Creditors of LLP Temir Jol Jylu have until July 10, 2009, to
submit proofs of claim to:
Brusilovsky Str. 60
Petropavlovsk
North Kazakhstan
Kazakhstan
The Specialized Inter-Regional Economic Court of North Kazakhstan
commenced bankruptcy proceedings against the company on April 6,
2009.
The Court is located at:
The Specialized Inter-Regional
Economic Court of North Kazakhstan
Brusilovsky Str. 60
Petropavlovsk
North Kazakhstan
Kazakhstan
===================
K Y R G Y Z S T A N
===================
TSIO ZAO: Creditors Must File Claims by July 24
-----------------------------------------------
LLP Metallurgical Company Tsio Zao Temir is currently undergoing
liquidation. Creditors have until July 24, 2009 to submit proofs
of claim to:
Toktogula Str. 77
Bishkek
Kyrgyzstan
=====================
N E T H E R L A N D S
=====================
ASTIR BV: S&P Junks Rating on Tranche 2 of Series 23 Notes
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
Astir B.V.'s Pearl CDO 1 series 21 and 23 notes.
On July 9, 2007, Astir issued additional notes (tranche 2) under
Pearl CDO series 21 and 23. On April 30, 2009, S&P took rating
action on the original notes (tranche 1) in each of these series.
However, due to an administrative error, S&P did not lower the
ratings on the additional tranche 2 notes at that time. The
rating actions correct this error.
Ratings List
Astir B.V.
EUR65 Million Limited-Recourse Secured Variable-Rate Notes
Series 21
(Pearl CDO 1)
Rating
------
Class To From
----- -- ----
Tranche 2 B AAA
EUR15 Million Limited-Recourse Secured Variable-Rate Notes
Series 23
(Pearl CDO 1)
Rating
------
Class To From
----- -- ----
Tranche 2 CCC A
===========
N O R W A Y
===========
CANARGO ENERGY: Breach of Trading Rules Cue Oslo Bors Delisting
---------------------------------------------------------------
CanArgo Energy Corporation reports that on July 3, 2009, it was
notified by the Legal Department of the Oslo Bors ASA that the
Company is in breach of the Continuing Obligations of the Oslo
Bors and is given a notice of delisting under section 16 of the
Public Administration Act. The Company is in breach of the
Securities Trading Act section 5.5 in not having filed its annual
financial report within four months of the financial year end 2008
and is not in compliance with section 2.4 of the Continuing
Obligations in that its share price has traded below NOK1 for a
period in excess of six months.
The Company does not believe it has the financial means to comply
with the Continuing Obligations in the near term and expects the
Oslo Bors to commence delisting procedures immediately after
July 13, 2009.
Based in Guernsey, British Isles, CanArgo Energy Corporation
(OSLO: CNR) (PINK SHEETS: CANR) -- http://www.canargo.com/-- is
an independent oil and gas exploration and production company with
its oil and gas operations currently located in Georgia.
===========
R U S S I A
===========
ABSOLUT BANK: Moody's Changes Outlook on 'D-' BFSR to Negative
--------------------------------------------------------------
Moody's Investors Service has changed the outlook on the D- bank
financial strength rating of Absolut Bank (Russia) to negative
from stable. The bank's global local and foreign currency deposit
ratings as well as global foreign currency debt rating of
Baa3/Prime-3 (Negative outlook) have been affirmed. At the same
time, Moody's Interfax Rating Agency has affirmed the long-term
national scale credit ratings of Aaa.ru.
This rating action is driven by the rating agency's concerns about
the potential impact of the enduring economic downturn in Russia
on Absolut Bank's asset quality and financial performance which is
likely to exert further negative pressure on the bank's capital.
Absolut Bank is 95% owned subsidiary of KBC Bank N.V. (Aa3/Prime-
1/C+ (Negative outlook)).
Moody's notes that Absolut Bank's credit losses and loan loss
provision charges are likely to increase significantly going
forward. This reflects the overall deterioration of the
operational and economic environment in Russia and the high levels
of concentration in the bank's loan book. The bank's credit
exposure to the real estate and construction sector -- which has
been particularly affected by the crisis -- is significant and
exceeds 100% of its Tier 1 capital, whilst single-name
concentration in the bank's loan book (and hence Absolut Bank's
vulnerability to fortunes and financial standing of certain large
borrowers) has also been high.
"Absolut Bank's capitalisation has historically been kept at a
fairly low level compared to Russian peers -- Tier 1 capital
adequacy ratio stood at 11.2% in accordance with IFRS as at
December 31, 2008," said Elena Redko, a Moscow-based Moody's
Analyst and lead analyst for this issuer. "However given the
increasingly tough operating conditions, a likely decline in
revenue generation capacity and rapidly weakening asset quality
evidently necessitate strengthened capital cushion to absorb
credit losses that Moody's expects to materialize in 2009."
Moody's explained that it has applied a number of scenarios (base-
case and stressed) to the banks' loan books and revealed that
Absolut Bank's capital adequacy may rapidly decline as soon as the
overall asset quality deteriorates. Moody's also notes that
although the bank is likely to continue reporting a positive level
of pre-provision income this is unlikely to be sufficient to
absorb impairments in the bank's loan book in 2009 which will
negatively impact the bank's capital going forward.
More positively, Moody's said that Absolut Bank's liquidity
profile is currently sound, with the bank's funding sources being
59% supported by the parent and solid domestic retail-taking
franchise, while its assets and liabilities are well-matched in
terms of maturities, and the portion of liquid assets comprises
15% of the bank's total balance sheet.
Moody's previous rating action on Absolut Bank was on January 26,
2009, when the rating agency assigned negative outlook to the
bank's global local and foreign currency debt and deposit ratings
of Baa3/Not-Prime following downgrade of KBC Bank N.V. ratings to
Aa3/Prime-1/C+ (Negative outlook) from Aa2/Prime-1/B- (Negative
outlook).
Headquartered in Moscow, Russia, Absolut Bank reported total IFRS
assets of US$5.9 billion as at December 31, 2008 and net income of
US$14 million for 2008.
KRASNODAR BRICK: Creditors Must File Claims by July 19
------------------------------------------------------
Creditors of OJSC Krasnodar Brick Plant (TIN 2312046519, PSRN
1022301970184) have until July 19, 2009, to submit proofs of
claims to:
V. Magdin
Temporary Insolvency Manager
Office 307
Kolkhoznaya Str. 3
350042 Krasnodar
Russia
Tel: (861)275-89-30
The Arbitration Court of Krasnodar will convene on Dec.9, 2009, to
hear bankruptcy supervision procedure on the company. The case is
docketed under Case No. ?32–8693/2009–14/237B.
The Debtor can be reached at:
OJSC Krasnodar Brick Plant
Zavodskaya Str. 5
350080 Krasnodar
Russia
PERSPEKTIVA LLC: Creditors Must File Claims by July 19
------------------------------------------------------
Creditors of LLC Perspektiva Construction Company have until
July 19, 2009, to submit proofs of claims to:
A. Borunov
Temporary Insolvency Manager
Office 606
Building 1
Mira Prospect 68
129110 Moscow
Russia
Tel: 495)680-11-93
The Arbitration Court of Saint-Petersburg will convene at
11:10 a.m. on July 8, 2009, to hear bankruptcy supervision
procedure on the company. The case is docketed under
Case No. ?56–2701/2009.
The Debtor can be reached at:
LLC Perspektiva
Narodnogo Opolcheniya Prospect 137/1/7N
198217 Saint-Petersburg
Russia
VTB OAO: Posts RUR26.45 Billion Net Loss in First Half 2009
-----------------------------------------------------------
RIA Novosti reports that VTB posted a net loss of RUR26.45 billion
or US$846 million in the first six months of the year.
According to the report, the bank's assets as of July 1, 2009,
were RUR2.688 trillion or US$86 billion compared with RUR2.551
billion as of January 1, 2009.
Bank VTB OAO (MCX:VTBR) -- http://www.vtb.ru/-- (Bank VTB OJSC),
formerly Bank vneshney torgovli or Vneshtorgbank OAO, is a Russia-
based bank, which is involved in the provision of banking and
financial products and services. It offers such services as the
opening and keeping bank accounts of physical and legal persons,
offering debit and credit cards and safety deposit boxes, cash and
non-cash money transfers, syndication arrangement for financial
institutions, derivative instruments, currency exchange,
securities and banknote trading, export and import payments,
lending services, international settlements, custody services,
card transactions, payroll and other services. It is a member of
the Association of Russian Banks (ARB), International Capital
Market Association and others. It operates through numerous
representative offices and branches, subsidiaries and affiliated
companies located in Russia, Europe, Asia and Africa. In December
2008, the company acquired a 51% stake in Azerbaijani AF-Bank.
* * *
VTB continues to carry a 'D-' bank financial strength rating from
Moody's Investors Service with stable outlook.
VOEN-STROY LLC: Creditors Must File Claims by July 19
-----------------------------------------------------
Creditors of LLC Voen-Stroy-Garant (TIN 370201001, PSRN
1033700051131) (Construction) have until July 19, 2009, to submit
proofs of claims to:
R. Latypov
Temporary Insolvency Manager
Post User Box 073
115114 Moscow
Russia
The Arbitration Court of Ivanovskaya will convene on Sept. 28,
2009, to hear bankruptcy proceedings on the company. The case is
docketed under Case No. ?17–1463/2009 10B.
The Debtor can be reached at:
LLC Voen-Stroy-Garant
Nekrasova Str. 63
153015 Ivanovo
Russia
=========
S P A I N
=========
IM GRUPO: Moody's Assigns 'Caa1' Rating on Series B Notes
---------------------------------------------------------
Moody's Investors Service has assigned these definitive ratings to
the debt to be issued by IM Grupo Banco Popular Empresas 3:
-- Aaa to the EUR500,000,000 Series A1 notes
-- Aaa to the EUR1,142,500,000 Series A2 notes
-- Caa1 to the EUR607,500,000 Series B notes
IM Grupo Banco Popular Empresas 3 is a cash securitisation of
standard loan contracts granted by Banco Popular and Banco
Andalucia to Spanish SME's, corporations and self-employed
individuals out of any guarantee program. The portfolio will be
serviced by Banco Popular.
According to Moody's, the transaction benefits from several credit
strengths including these: (1) Strong swap guaranteeing 30 bps of
Xs spread over a notional equal to the notes balance; and (2) no
loans in arrears will be included at closing. However, Moody's
notes that the deal also features credit weaknesses, notably: (1)
Low pool granularity, with the most concentrated loan being 4.55%
of the issuance amount; (2) low relative % of mortgages guarantees
(38%); (3) a 5 year lock up period; (4) around 29% of the
borrowers are concentrated in the Real Estate sector (including a
12% Real Estate Developers over total pool); and (5) weak
historical performance of recent Grupo Banco Pupular's SME deals
and overall SME book (the PD assumption for this deal is 16.35%).
These increased risks were reflected in the credit enhancement
calculation.
The pool of underlying assets was, as of April 2009, composed of a
portfolio of 19,934 loans and 17,362 borrowers granted to Spanish
SME's, corporations and self-employed individuals. The loans were
originated between 1995 and 2009 (>98% between 2005 and 2009),
with a weighted average seasoning of 1.24 years and a weighted
average remaining term of 8.1 years. Around 38% of the
outstanding of the portfolio is secured by a mortgage guarantee
(100% of them being first-lien with a weighted average LTV of
82%). Geographically, the pool is concentrated in Madrid (21%),
Andalusia (16%) and Catalonia (15%). At closing, there will be no
loans in arrears.
Moody's based the ratings primarily on: (i) an evaluation of the
underlying portfolio of loans; (ii) historical performance
information and other statistical information; (iii) the swap
agreement hedging the interest rate risk; (iv) the credit
enhancement provided through the GIC account, the excess spread,
the cash reserve and the subordination of the notes; and (v) the
legal and structural integrity of the transaction. Moody's
initially analysed and will monitor this transaction using the
rating methodology for EMEA SMEs loan-backed transactions as
described "Moody's Approach to Rating Granular SME Transactions in
Europe, Middle East and Africa," June 2007 and "Refining the ABS
SME Approach: Moody's Probability of Default assumptions in the
rating analysis of granular Small and Mid-sized Enterprise
portfolios in EMEA", March 2009.
The ratings address the expected loss posed to investors by the
legal final maturity of the notes. In Moody's opinion, the
structure allows for payment of interest and ultimate payment of
principal at par on or before the rated final legal maturity date
on Series A1 and A2 and for ultimate payment of interest and
principal at par on or before the rated final legal maturity date
on Series B. Moody's ratings address only the credit risks
associated with the transaction. Other non-credit risks have not
been addressed, but may have a significant effect on yield to
investors.
Provisional ratings were assigned to the Class A notes on 1 July
2009.
OBRASCON HUARTE: Fitch Maintains 'BB+' LT Issuer Default Rating
---------------------------------------------------------------
Fitch Ratings is maintaining Spanish construction group Obrascon
Huarte Lain SA's Long-term Issuer Default Rating and senior
unsecured rating at 'BB+' on Rating Watch Negative. The Short-
term IDR has been affirmed at 'B'.
Fitch downgraded OHL's ratings on March 16, 2009 and
simultaneously placed the ratings on RWN, pending a further review
of the company's concession portfolio, order book and liquidity
profile. This review, initially scheduled to be completed within
three months, is ongoing, and for this reason Fitch has extended
its Rating Watch for a further six weeks. Fitch will now seek to
resolve the RWN by mid-August.
The RWN continues to reflect concerns about a potential weakening
in cash flow generation in the company's concession and
construction businesses as a result of poor conditions in many of
its end markets (for example, Euroconstruct, a construction
forecast group, expects Spanish civil engineering to contract 3.2%
in 2009 and a further 2.3% in 2010). This is against a backdrop
of a gradual increase in leverage (net debt/EBITDAR, adjusted for
seasonality, non-recourse debt and ring-fenced concession cash
flows), which stood at 3.0x at end-Q109 (versus 2.6x at end-Q108).
Concerns also persist regarding OHL's reliance on short-term bank
funding and the possibility of underperforming concessions
requiring financial support from the parent company.
OHL's credit profile has, however, exhibited a degree of stability
during the past three months; the company has continued to
successfully roll over its short-term credit lines, with available
lines increasing by approximately 6% quarter-on-quarter (at Q109).
The company's Q109 results were also broadly in line with Fitch's
expectations, with stable sales and margins and a modest growth in
the construction order book. Its liquidity score (sources of
liquidity divided by uses of liquidity over the next 12 months)
has been steady at 1.1x. The agency, however, continues to have
concerns that operational performance could worsen in H209 and
into 2010.
A downgrade of the ratings, possibly by more than one notch, could
occur if the review concludes that: (i) OHL's concessions exposure
is inherently more risky than currently assumed, and will remain a
significant cash drain on the parent company for an extended
period, (ii) OHL's order book is inherently weaker or riskier than
currently assumed, therefore indicating future cash flow
deterioration, and/or (iii) OHL's liquidity position materially
deteriorates (such as a failure to roll over short-term credit
lines). The ratings will likely be affirmed at current levels if
none of these concerns materialise.
=====================
S W I T Z E R L A N D
=====================
MEYER MALERGESCHAFT GMBH: Claims Filing Deadline is July 10
-----------------------------------------------------------
Creditors of Meyer Malergeschaft GmbH are requested to file their
proofs of claim by July 10, 2009, to:
Fritz Meyer
Mengestorfstrasse 48
3144 Gasel
Switzerland
The company is currently undergoing liquidation in Koeniz. The
decision about liquidation was accepted at a shareholders' meeting
held on March 23, 2009.
METALLUM AG: Creditors Must File Claims by July 10
--------------------------------------------------
Creditors of Metallum AG are requested to file their proofs of
claim by July 10, 2009, to:
Argos Treuhand & Consulting AG
Zurlindenstrasse 21
4133 Pratteln
Switzerland
The company is currently undergoing liquidation in Pratteln. The
decision about liquidation was accepted at an extraordinary
general meeting held on May 15, 2009.
MODEBOUTIQUE CLEMODA: Claims Filing Deadline is July 15
-------------------------------------------------------
Creditors of Modeboutique CLEModa GmbH are requested to file their
proofs of claim by July 15, 2009, to:
ITVTreuhand AG
Hallwilerweg 2
6000 Luzern 7
Switzerland
The company is currently undergoing liquidation in Meggen. The
decision about liquidation was accepted at an extraordinary
general meeting held on May 5, 2009.
MUNDIMED AG: Creditors Must File Claims by July 16
--------------------------------------------------
Creditors of MundiMed AG are requested to file their proofs of
claim by July 16, 2009, to:
FCCF Finance and Consulting AG
Bahnhofstrasse 9
Mail Box 155
6341 Baar
Switzerland
The company is currently undergoing liquidation in Baar. The
decision about liquidation was accepted at an extraordinary
general meeting held on April 30, 2009.
RESTAURANT TOURING: Claims Filing Deadline is July 10
-----------------------------------------------------
Creditors of Restaurant Touring Pizzeria Roma GmbH are requested
to file their proofs of claim by July 10, 2009, to:
Richard Schwab
Bernstrasse 30
3250 Lyss
Switzerland
The company is currently undergoing liquidation in Solothurn. The
decision about liquidation was accepted at a shareholders' meeting
held on August 11, 2006.
=============
U K R A I N E
=============
ALFA-BANK UKRAINE: S&P Cuts Long-Term Counterparty Rating to 'CC'
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its long-
term counterparty credit rating on Alfa-Bank Ukraine to 'CC' from
'CCC+'. S&P also lowered the Ukrainian national scale rating on
ABU to 'uaCC' from 'uaB'. At the same time, S&P affirmed the 'C'
short-term counterparty credit rating on ABU and placed all
ratings on CreditWatch with negative implications.
The rating actions follow ABU's announcement on July 1, 2009, of
an exchange offer for three Loan Participation Notes that total
approximately US$1.0 billion and represent about one-third of
ABU's liabilities. ABU is reportedly soliciting consent from the
noteholders to amend the terms and conditions of these LP Notes.
ABU reportedly proposes an exchange of cash and New Notes equal to
100% of the principal amount of the LP Notes. The maturity of the
New Notes extends to 2012, beyond the maturity of the LP Notes,
one of which matures in December 2009.
"Under S&P's criteria, S&P consider this proposed debt
restructuring to be a distressed exchange and, as such, tantamount
to a default, as the new securities' maturities extend beyond
those of the original securities," said Standard & Poor's credit
analyst Ekaterina Trofimova.
At year-end 2008, ABU reported total assets of US$3.8 billion and
ranked among the top 10 banks in Ukraine with a market share of
about 3.5%. ABU is almost 100%-owned by Alfa Group Consortium
(AGC; not rated), one of Russia's largest conglomerates. ABU is a
sister bank of Russia-based OJSC Alfa-Bank (BB-/Watch Neg/B,
ruAA-/Watch Neg/--).
ABU reportedly intends to complete its exchange transaction in
July 2009 at which point S&P intends to resolve its CreditWatch.
If the exchange is successful, S&P will likely lower the ratings
on the LP Notes to 'D' and the counterparty credit and Ukrainian
national scale ratings to 'SD', should ABU continue to honor its
other debt obligations, or to 'D' if S&P concludes that ABU is in
default on a majority of its debt.
In S&P's view, ABU's liquidity remains extremely tight. S&P
intends to review the funding of the upfront cash portion of the
exchange offer as a key area of analysis.
"Following the completion of the offer and a review of ABU's
liabilities, S&P intends to reassess ABU's liquidity profile and
credit standing, and revise S&P's ratings accordingly," said
Ms. Trofimova. "The debt restructuring, including extension of
maturities, may reduce near-term pressure on liquidity and
refinancing."
Nonetheless, S&P expects the Ukrainian financial sector to remain
highly risky for the rest of 2009 and into 2010.
ALFA BANK: Exchange Offer Cues Moody's to Junk Debt Ratings
-----------------------------------------------------------
Moody's Investors Service has downgraded Alfa Bank Ukraine's local
and foreign currency deposit and senior unsecured debt ratings to
Caa1 from B3, bank financial strength rating to E from E+ and
National Scale Rating to Ba3.ua from Baa3.ua. All of the bank's
long-term ratings remain on review for possible further downgrade.
Moody's downgraded the ratings following Alfa Bank Ukraine's
recent offer to exchange its outstanding Eurobonds maturing and/or
puttable in 2009, 2010 and 2011 with new longer-dated bonds that
pay a higher coupon. The amount of the existing bonds is
US$1.05 billion or about half of the bank's total market
borrowings.
According to the proposed terms of the debt exchange, Alfa Bank
Ukraine would make an upfront payment to the existing noteholders
totalling up to 27% of the face value of the existing bonds. For
the remaining amount, Alfa Bank Ukraine will issue new bonds with
a 13% coupon rate and three-year tenor.
Although the proposed transaction presumes par-to-par debt
exchange, Moody's believes that this exchange offer highlights
Alfa Bank Ukraine's stretched liquidity position characterized by
high dependence on market funding and limited liquidity cushion.
Other than the Eurobonds the bank's wholesale debt consists of
local currency bonds and interbank loans, almost all of which are
due over the next one year. These persistent liquidity issues
coupled with ongoing asset quality deterioration challenge the
bank's franchise development as well.
Moody's continued ratings review on Alfa Bank Ukraine's debt and
deposit ratings will be concluded based on the outcome of the
proposed debt exchange, including its impact on the bank's
liquidity position.
A successful completion of the debt exchange may benefit the
bank's liquidity position and its franchise perspectives and
result in affirming the bank's ratings. Conversely, if the
exchange is rejected by the noteholders, this may increase the
likelihood of default on Alfa Bank Ukraine's upcoming debt
payments, and therefore lead to a further ratings downgrade.
The previous rating action on Alfa Bank Ukraine was implemented on
May 18, 2009 when the bank's B3/E+/Baa3.ua ratings were affirmed
and kept on review for possible downgrade.
Headquartered in Kiev, Alfa Bank Ukraine reported total assets of
US$3.8 billion and total equity of US$447 million, according to
IFRS financial statements at the end of 2008.
EASTERN FINANCIAL: Creditors Must File Claims by July 10
--------------------------------------------------------
Creditors of LLC Eastern Financial Resources (code EDRPOU
31952537) have until July 10, 2009, to submit proofs of claim to:
Pension Fund of Ukraine Department
in Kominternovsky District
Insolvency Manager
Dizelnaya Str. 8
Kharkov
Ukraine
The Economic Court of Kharkov commenced bankruptcy proceedings
against the company on March 16, 2009. The case is docketed under
Case No. B-50/19-09.
The Court is located at:
The Economic Court of Kharkov
Svoboda Square 5
61022 Kharkov
Ukraine
The Debtor can be reached at:
LLC Eastern Financial Resources
Gagarin Ave. 175
61124 Kharkov
Ukraine
INDUSTRIAL CONTRACT: Creditors Must File Claims by July 10
----------------------------------------------------------
Creditors of LLC Industrial Contract (code EDRPOU 32437421) have
until July 10, 2009, to submit proofs of claim to:
Pension Fund of Ukraine Department
in Kominternovsky District
Insolvency Manager
Dizelnaya Str. 8
Kharkov
Ukraine
The Economic Court of Kharkov commenced bankruptcy proceedings
against the company on March 4, 2009. The case is docketed under
Case No. B-24/17-09.
The Court is located at:
The Economic Court of Kharkov
Svoboda Square 5
61022 Kharkov
Ukraine
The Debtor can be reached at:
LLC Industrial Contract
Office 198
Gagarin Ave. 49a
61001 Kharkov
Ukraine
INDUSTRIAL TRADE: Creditors Must File Claims by July 10
-------------------------------------------------------
Creditors of State Company Industrial Trade (code EDRPOU 32948888)
have until July 10, 2009, to submit proofs of claim to:
Pension Fund of Ukraine Department
in Kominternovsky District
Insolvency Manager
Dizelnaya Str. 8
Kharkov
Ukraine
The Economic Court of Kharkov commenced bankruptcy proceedings
against the company on March 17, 2009. The case is docketed under
Case No. B-19/20-09.
The Court is located at:
The Economic Court of Kharkov
Svoboda Square 5
61022 Kharkov
Ukraine
The Debtor can be reached at:
State Company Industrial Trade
Morozov Str. 11
61036 Kharkov
Ukraine
MILK PRODUCTS: Creditors Must File Claims by July 10
----------------------------------------------------
Creditors of LLC Firm Milk Products (code EDRPOU 30884409) have
until July 10, 2009, to submit proofs of claim to:
Pension Fund of Ukraine Department
in Kominternovsky District
Insolvency Manager
Dizelnaya Str. 8
Kharkov
Ukraine
The Economic Court of Kharkov commenced bankruptcy proceedings
against the company on Feb. 4, 2009. The case is docketed under
Case No. B-50/03-09.
The Court is located at:
The Economic Court of Kharkov
Svoboda Square 5
61022 Kharkov
Ukraine
The Debtor can be reached at:
LLC Firm Milk Products
Office 1005
Plekhanovskaya Str. 92-a, b. B
61001 Kharkov
Ukraine
SPECIAL BUILDING: Creditors Must File Claims by July 10
-------------------------------------------------------
Creditors of LLC Special Building Service (code EDRPOU 31152485)
have until July 10, 2009, to submit proofs of claim to:
Pension Fund of Ukraine Department
in Kominternovsky District
Insolvency Manager
Dizelnaya Str. 8
Kharkov
Ukraine
The Economic Court of Kharkov region commenced bankruptcy
proceedings against the company on 03/17/2009. The case is
docketed under Case No B-19/19-09.
The Court is located at:
The Economic Court of Kharkov
Svoboda Square 5
61022 Kharkov
Ukraine
The Debtor can be reached at:
LLC Special Building Service
Office 9
Heroes of Stalingrad Ave. 144a
Kharkov
Ukraine
===========================
U N I T E D K I N G D O M
===========================
ADDINGTON PALACE: Put Into Receivership by Hanley
-------------------------------------------------
Peter Truman at thisislocallondon.co.uk reports that the Addington
Palace Hotel, owned by Addington Palace Limited, has been placed
into fixed charged receivership after concerns it could not pay
its creditors.
The report relates its mortgagee, the Hanley Economic Building
Society, appointed Bob Young as a Fixed Charge receiver.
The report notes that on March 26, Hanley submitted a petition to
wind up Addington Palace Limited, part of the Westmead Group, as
it believed the company was unable to pay its debts. Bob Young, a
partner in the firm Begbies Traynor which specializes in corporate
rescue, restructuring and recovery and personal insolvency, as
cited in the report, said his appointment was a "purely
protective" measure.
"The business has not changed. We are continuing to operate after
some restructuring," the report quoted Craig Davis, manager at the
Addington Palace Hotel, as saying. "We are still owned by the
Westmead Group and it is business as usual."
BRITISH AIRWAYS: To Cut Capacity; June 2009 Traffic Down 14.9%
--------------------------------------------------------------
British Airways plc reported traffic and capaciy statistics for
June 2009.
British Airways said in June 2009, passenger capacity, measured in
Available-Seat-Kilometers, was 1.7 per cent below June 2008.
Traffic, measured in Revenue-Passenger-Kilometers, fell by 3.8 per
cent. This resulted in a passenger load factor decrease of 1.8
points versus last year, to 79.6 per cent. Traffic comprised a
14.9 per cent decrease in premium traffic and a 1.3 per cent fall
in non-premium traffic.
Cargo, measured in Cargo-Ton-Kilometers, fell by 9.8 per cent.
Market Conditions
British Airways said market conditions continue to be very
challenging with trading at levels well below last year. However
on an underlying basis both premium and non-premium volumes and
seat factors have now been stable for more than three months, the
airline said.
Business Update
In response to the challenging economic conditions British Airways
has reviewed its business plan. The airline said capacity for the
current summer period (April to October) is now expected to be
down 3.5 per cent (previously 2.5 per cent), with capacity in the
winter down 5 per cent (previously 4 per cent). The remaining
three mainline Boeing 757 aircraft will be grounded in summer 2010
and a further three Boeing 747-400s in winter 2010. The delivery
schedule for the first six Airbus A380 aircraft has been extended
by an average of five months with the first delivery still due in
2012. The schedule for the remaining six A380s has been extended
by an average of two years with the final aircraft arriving in
2016. Forecast capital expenditure has been reduced from GBP725
million to GBP580 million for 2009/10 and is likely to remain at
that level in 2010/11. As previously indicated Equivalents (MPE)
are targeted to be reduced by some 3,700 in 2009/10 -- this is in
addition to the reduction of around 2,500 achieved between June
2008 and March 2009.
Strategic Developments
Some 7,000 British Airways employees have volunteered for schemes
in support of the airline's cost reduction program. Their actions
will save the company up to GBP10 million.
British Airways announced that its new business class service from
London City airport to New York will launch on September 29, 2009.
Tickets for the twice-daily flights on a specially configured 32-
seat Airbus A318 are now on sale.
This winter, British Airways will launch extra flights from
Gatwick to Bermuda, Barbados, St Lucia and Port of Spain.
Gibraltar, Malaga and Pisa flights will move from Gatwick to
Heathrow and flights from Gatwick to Alicante, Barcelona, Krakow,
Madrid, Malta and Palma will be suspended.
About British Airways
Headquartered in Harmondsworth, England, British Airways Plc
(LON:BAY) -- http://www.ba.com/-- is engaged in the operation of
international and domestic scheduled air services for the carriage
of passengers, freight and mail, and the provision of ancillary
services. The Company's principal place of business is Heathrow.
The Company also operates a worldwide air cargo business with its
scheduled passenger services. The Company operates international
scheduled airline route networks, comprising some 300 destinations
at March 31, 2008. During the fiscal year ended March 31, 2008
(fiscal 2008), British Airways carried more than 33 million
passengers. It carried 805,000 tons of cargo to destinations in
Europe, the Americas and worldwide. At March 31, 2008, it had 245
aircraft in service. In July 2008, British Airways plc completed
the purchase of French airline L'Avion.
* * *
As reported in the Troubled Company Reporter-Europe on March 10,
2009, Standard & Poor's Ratings Services said that it lowered its
long-term corporate credit rating on U.K.-based British Airways
PLC to 'BB+' from 'BBB-'. At the same time, the rating remains on
CreditWatch with negative implications, where it was originally
placed on Jan. 27, 2009.
On Feb. 13, 2009, the TCR-Europe reported Moody's lowered the
Corporate Family Rating of British Airways plc ('BA', or 'the
company') to Ba1, and assigned a Probability of Default Rating of
Ba1; the senior unsecured and subordinate ratings have been
lowered to Ba2 and Ba3, respectively. The ratings remain under
review for possible downgrade.
CASTLEMORE SECURITIES: PwC Puts 'The British' Up for Sale
---------------------------------------------------------
PricewaterhouseCoopers LLP, the joint administrators and fixed
charge receivers of Castlemore Securities Ltd and other
subsidiaries, said they are currently marketing 'The British' -- a
1,300 acre site near Talywain in South Wales.
The British is a brown-field site previously used as a colliery
and steelworks. The site includes an estimated 360,000 tonnes of
coal for extraction by open-cast mining, and the subsequent
development of the site primarily for residential purposes. An
area of the site, extending to approximately 150 acres, is
currently included in the Local Plan as a General Development Area
and it is estimated that the site could eventually accommodate in
the region of 800 dwellings (subject to a Development Framework)
and mixed use components as part of a community development.
PricewaterhouseCoopers LLP real estate partner, Barry Gilbertson
explained: "'The British' has great potential for profit over time
from a range of property development and mining activities, so it
seems to be just the right kind of property to be marketing at
this stage of the recessionary cycle. Given the strong interest
already registered in The British, we expect there will be
significant competition from a range of well-funded and
experienced bidders".
Explaining how this sale fits in with the wider administration
strategy, Matthew Hammond, PwC partner and joint administrator of
Castlemore added: "Since our appointment, we have been greatly
encouraged by the extensive and persistent interest in the
better-known Castlemore properties, and in this site in
particular.
"We want to be very clear that this is a structured sale designed
to appeal to those developers who are excited by the opportunity
and who believe that they can add value to this site and formulate
considered proposals. We are undertaking no other marketing of
sites from the Castlemore appointments at this time."
Interested parties should contact Mark Whitehouse or Matt Newbold
by email at: castlemore.realestate@uk.pwc.com.
'The British' is owned by Spring (Talywain) Ltd which is
controlled by the Director, JG Whateley. In marketing the site,
Matthew Hammond is one of the Joint Administrators of Spring
Residential Limited which is the immediate holding company of
Spring (Talywain) Ltd.
Mark Batten and Matthew Hammond of PricewaterhouseCoopers LLP were
appointed joint administrators of Castlemore Securities Limited,
Castlemore (Temple Quay 4) Limited, Britten Investments Limited,
Spring Residential Limited, Spring (Sutton Coldfield) Limited on
February 27, 2009. Mark Batten and Matthew Hammond were also
appointed joint administrators of Castlemore (West Bar) Limited,
Castlemore (Temple Quay 6) Limited, Castlemore (Temple Quay 2)
Limited, Castlemore (Temple Quay 9) Limited and Castlemore (Temple
Quay 8) Limited on March 2, 2009.
CHELSEA BUILDING: Moody's Cuts Subordinated Debt Ratings to 'Caa1'
------------------------------------------------------------------
Moody's Investors Service downgraded the subordinated debt ratings
of these three societies: Chelsea's subordinated debt ratings were
downgraded from Caa1 to Caa3; Newcastle's and Principality's
subordinated debt ratings were downgraded from B1 to B3. All
other debt and deposit ratings as well as the BFSR ratings of the
above societies remain unchanged.
The rating action reflects Moody's concern that the risk profile
of subordinated debt issued by weaker building societies has
increased significantly in the wake of the debt-for equity swap of
West Bromwich Building Society. In the case of West Bromwich
Building Society, investors saw the plain-vanilla, dated
subordinated debt (counting as Lower Tier II capital with no
deferral features and loss-absorbing only in liquidation) swapped
into equity-like instruments called Profit Participating Deferred
Shares ("PPDS", counting towards core Tier-1). These PPDS rank
pari passu with existing PIBS in a liquidation scenario. In
addition, they have principal writedown features on a going-
concern basis which effectively places the holders of PPDS in a
more junior position han the holders of PIBS. The interest
payments on PIBS, however, which do not allow principal
writedowns, will be capped by the dividend payments on PPDS.
Earlier this year in April, Moody's had downgraded the BFSR of
Chelsea to E+, as well as the BFSR's of Newcastle and Principality
to D-, indicating the increased likelihood for these building
societies of needing third-party support to shore up their capital
base. Such a debt-for equity swap of subordinated debt may
provide these building societies with an alternative to a third-
party capital injection or to the resolution of a good bank/bad
bank which was used for the Dunfermline Building Society.
Commenting on the rating action, Marjan Riggi, Senior Credit
Officer at Moody's, noted: "We believe that the issuance of these
PPDS is an option that is likely to be followed by other building
societies in need of fresh capital".
Referring to the subordinated debt ratings of other building
societies that are not affected by this rating action, Moody's
added that for higher-rated Building Societies (with a BFSR of D
or higher) the increased risk profile of subordinated debt was
already largely reflected in the removal of systemic support and
the subsequent multi-notch-downgrade of most societies's
subordinated debt.
Previous Rating Action and Principal Methodologies
On April 14, 2009, Moody's Investors Service took ratings action
on the U.K. mortgage lenders. The rating actions reflected
Moody's concern that the economic crisis in the U.K would lead to
significantly higher credit losses than previously anticipated,
particularly among the residential and commercial real estate
assets, to which the U.K. mortgage lenders have a highly
concentrated exposure to. In addition, the subordinated and
hybrid securities of the same institutions were downgraded in line
with Moody's concern that systemic support may not be extended to
these instruments in the case of financial distress.
Chelsea's BFSR was downgraded to E+ from C- with a negative
outlook, and its debt and deposit ratings were downgraded from A2
to Baa3 with a stable outlook; Newcastle's BFSRs were downgraded
to D- from C-, and its debt and deposit ratings were downgraded to
Baa2 from A3 with a negative outlook; Principality's BFSR was
downgraded to D- from C- with a negative outlook and its debt and
deposit ratings were downgraded to Baa2 from A3 with a negative
outlook.
Building societies included in this action are headquartered in
the U.K.
COFFEE REPUBLIC: To Go Into Administration; Seeks Share Suspension
------------------------------------------------------------------
Reuters reports that Coffee Republic plc is expected to go into
administration after the company asked for its shares to be
suspended from trading Friday.
The company, as cited by Reuters, said "The board of Coffee
Republic has requested the suspension of the quotation of its
shares pending clarification of the financial position of certain
subsidiaries including Coffee Republic (UK) Limited, the principal
UK operating company."
According to Reuters, the company said documents had been lodged
with the court in anticipation of the appointment of
administrators to these subsidiaries.
Coffee Republic PLC -- http://www.coffeerepublic.co.uk-- is a
United Kingdom-based company. The Company is engaged in the
operation, both directly and through franchising, of specialty
espresso and deli bars. Its subsidiaries include Coffee Republic
(UK) Limited, Goodbean Limited, Republic Deli Limited and Coffee
Republic Franchising Limited. As of August 28, 2008, it had 16
company operated bars and 53 franchise operated bars.
EPIC PLC: S&P Cuts Ratings on Four Classes of Notes to Low-B
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
all classes of notes issued by Epic (Industrious) PLC.
Epic (Industrious) is a synthetic commercial mortgage-backed
securities transaction that closed in October 2006. The Royal
Bank of Scotland PLC arranged the deal, is the credit default swap
counterparty, and also acts as the servicer and special servicer.
The notes are backed by one loan (currently in special servicing)
secured by 120 secondary/average industrial properties in the U.K.
The assets are let to more than 1,000 tenants, with the largest
tenant accounting for 3% of the total rental income. Of the
lettable area, 18% is currently vacant. The latest external
valuation as of June 2008 was GBP521 million.
In 2008, S&P lowered its rating on the class F notes to 'BB' and
placed the ratings on the class E and F notes on CreditWatch
negative following the deterioration of the property value along
with a breach of the loan-to-value ratio covenant and the
occurrence of a credit event under the credit default swap. On
June 2, S&P also placed the class A to D notes on CreditWatch
negative.
S&P understands that Ernst & Young, the receiver, will put up for
auction 31 properties backing the transaction on July 16. In view
of market value declines experienced in the U.K. since the latest
valuation, there is a risk that the auction sale price achieved
will be less than the "allocated loan amount" (as that term is
defined in the documents). If the properties are sold below the
allocated loan amount, this will further weaken the loan's
interest-coverage ratio.
Before the auction announcement, S&P understands that a disposal
of the entire portfolio was contemplated. If, in addition to
these 31 properties, the transaction parties were to sell further
assets in the current market conditions, S&P considers there is a
risk that principal losses could occur of a magnitude that could
affect the senior classes of notes.
The rating actions are driven by these considerations.
The servicer has recently reported that the cash flow from the
properties is likely to reduce during 2009 because of falling
occupancy rates at the properties and increased void costs. As
S&P noted when S&P placed the class F notes on CreditWatch
negative, the servicer has a range of options to consider.
If it is determined, as S&P believes is possible, that the reduced
cash flow may still be sufficient not only to pay interest on the
securitized portion of the loan (disregarding default interest)
but also to generate excess cash, a "hold strategy" might be
adopted. Arguably, a hold strategy that would take advantage of
excess cash flow generated during an extended workout period
could see those funds being used to partially repay the loan,
thereby reducing the principal loss. However, S&P notes that this
strategy also risks a further decline in property values, which
may offset the gain from the excess cash.
S&P has relied principally on publicly available data in forming
S&P's views.
Ratings List
Epic (Industrious) PLC
GBP490 Million Commercial Mortgage-Backed Floating-Rate Notes
Ratings Lowered and Removed From CreditWatch Negative
Class To From
----- -- ----
A BBB- AAA/Watch Neg
B BB AAA/Watch Neg
C BB- AAA/Watch Neg
D B+ AA/Watch Neg
E B A/Watch Neg
F B- BB/Watch Neg
EPL ACCESS: In Administration; KPMG Appointed
---------------------------------------------
Ian Corfield and Myles Halley of KPMG Restructuring were appointed
joint administrators of EPL Access Ltd, a hydraulic access
equipment hire business based in Sandy, Bedfordshire, on
July 2, 2009.
The company employs a total of 105 members of staff at its head
office and across a further seven depots in Bristol, Birmingham,
Carlisle, Enfield, Falkirk, Manchester and Winchester.
EPL Access Ltd hires hydraulic access equipment to customers
including local authorities, highway maintenance companies and
security firms. The company has a turnover of GBP8.1 million and
a fleet of 454 assets.
Ian Corfield, joint administrator and KPMG director, said: "The
company has been suffering due to the current difficult trading
conditions which have resulted in problems with cash flow.
Despite the best efforts of its directors, they were unable to
secure additional funding and have had no option but to place the
company into administration.
"We will now be working to stabilize the business while we review
the options for the future of the company, which will include
restructuring its debt and/or trying to sell the business as a
going concern."
Any interested parties should contact ian.corfield@kpmg.co.uk.
FONEHOUSE HOLDINGS: Put Into Administration by Bayley
-----------------------------------------------------
Mobile News reports that retailer Bayley has placed Fonehouse
Holdings into administration.
The report relates Fonehouse managing director Clive Bayley has
appointed insolvency specialist Leonard Curtis as administrator to
Fonehouse Holdings, which has traditionally run the company's own
store portfolio. According to the report, Bayley, which has a 98
percent share in Fonehouse Holdings, put the unit into
administration as it looks to free itself of four shop leases and
drive forward its franchise program under a new division.
"We want to escape from four leases fairly quickly where stores
aren't performing. The only way to do that is to transfer our
remaining assets to one of our other companies and drop Fonehouse
Holdings. We want to renegotiate terms on premises with landlords
and franchise out the stores at a sensible price," Mobile News
quoted Mr. Bayley as saying.
Fonehouse, the report says, currently has 24 franchise stores.
The report discloses Fonehouse Holdings generated turnover of
GBP12.7 million in the year to February 2008.
HOUSE OF EUROPE: S&P Lowers Rating on Class C Notes to 'CC'
-----------------------------------------------------------
Standard & Poor's Rating Services lowered and removed from
CreditWatch negative its credit ratings on the class A3a, A3b, B,
and C notes issued by House of Europe Funding V PLC. At the same
time, S&P lowered its rating on the class A2 notes and affirmed
S&P's ratings on classes A1 and A1 DDN.
The rating actions follow S&P's assessment of the deterioration in
the credit quality of the underlying portfolio. While the
transaction has not been exposed to further asset defaults since
S&P placed some of the notes on CreditWatch negative on April 16,
2009, there has been an increase in the proportion of assets in
the pool rated 'CCC+' and lower.
The transaction is currently failing its overcollateralization
tests and has been paying down the senior notes in an attempt to
bring the tests back into compliance. While both interest and
principal proceeds were applied to reducing the notional of the
senior notes on the May payment date, reported
overcollateralization ratios have nevertheless deteriorated,
mainly due to discounts applied to the principal balance of assets
rated 'BB+' and lower in the calculation of the ratio.
S&P's analysis indicates that the pool contains about 16% of
assets on CreditWatch negative -- a significant increase from the
7% figure S&P observed in April, when S&P placed some of the notes
on CreditWatch negative. On April 6, S&P published revised
assumptions governing structured finance assets with ratings on
CreditWatch held within collateralized debt obligation
transactions. Under these revised assumptions, ratings on
CreditWatch are adjusted downward by at least three notches. The
deteriorating credit quality of the underlying portfolio and the
increased share of assets on CreditWatch negative have, according
to S&P's analysis, increased the scenario default rate to an
extent where, in S&P's view, the credit enhancement on classes A2,
A3a, A3b, B, and C is no longer sufficient to maintain their
previous ratings.
S&P has lowered the ratings assigned to classes A2, A3a, A3b, and
B to levels which, in S&P's view, reflect the current likelihood
of repayment to noteholders.
S&P has lowered its rating on the class C notes to 'CC', as S&P
believes that ultimate repayment of these notes is highly
unlikely. In accordance with the transaction documents, interest
payments are deferred on these notes until overcollateralization
ratios are brought into compliance with the trigger levels. S&P's
analysis indicates that interest payments to the class C notes are
unlikely to resume in the short term. Furthermore, in S&P's view,
the principal balance of the assets in the underlying portfolio is
insufficient to cover the principal of these notes.
Ratings List
House of Europe Funding V PLC
EUR996 Million Fixed- And Floating-Rate Notes
and EUR4 Million Annuity Notes
Rating Lowered
Rating
------
Class To From
----- -- ----
A2 AA AAA
Ratings Lowered and Removed From CreditWatch Negative
Rating
------
Class To From
----- -- ----
A3a BBB A+/Watch Neg
A3b BBB A+/Watch Neg
B BB- A-/Watch Neg
C CC CCC+/Watch Neg
Ratings Affirmed
Class Rating
----- ------
A1 DDN AAA
A1 AAA
LEHMAN BROTHERS: Moody's Withdraws Ratings on Various Notes
-----------------------------------------------------------
Moody's Investors Service has withdrawn its ratings of notes
issued by certain synthetic credit derivative transactions listed
below that have exposure to Lehman Brothers Special Financing Inc.
Moody's explained that LBSFI acts as a credit default swap
counterparty in the Transactions and that its obligations as such
are guaranteed by Lehman Brothers Holdings inc.
The ratings are withdrawn due to inadequate information.
The rating actions are:
Onyx Funding Limited
-- Series 2006-1 US$15,000,000 Synthetic Portfolio Notes due
2014, Withdrawn; previously on 21 May 2009 Downgraded to Caa3
-- Series 2008-1 US$20,000,000 Credit Linked Synthetic Portfolio
Notes due 2017, Withdrawn; previously on 20 October 2008
Downgraded to Caa2 and remains on Review for Direction
Uncertain
Phoenix 2002-1 Limited
-- Class A, Withdrawn; previously on 20 October 2008 Downgraded
to Caa2 and Placed Under Review for Direction Uncertain
-- Class B, Withdrawn; previously on 20 October 2008 Downgraded
to Caa2 and Placed Under Review for Direction Uncertain
-- Class C, Withdrawn; previously on 20 October 2008 Downgraded
to Caa2 and Placed Under Review for Direction Uncertain
Quartz Finance Plc
-- Series 2003-1 Eldon Street Class A Notes, Withdrawn;
previously on 20 October 2008 Downgraded to B2 and Placed
Under Review for Direction Uncertain
-- Series 2003-1 Eldon Street Class B Notes, Withdrawn;
previously on 20 October 2008 Downgraded to B2 and Placed
Under Review for Direction Uncertain
-- Series 2003-4 Kingsway Floating Rate Credit-Linked Notes,
Withdrawn; previously on 20 October 2008 Downgraded to B3 and
remains on Review for Direction Uncertain
-- Series 2003-5 Kingsway II Credit-Linked Synthetic Portfolio
Notes, Withdrawn; previously on 20 October 2008 Downgraded to
B3 and remains on Review for Direction Uncertain
-- Class A Kingsbury Credit-Linked Synthetic Portfolio CDO
Notes-1, Withdrawn; previously on 20 October 2008 Downgraded
to Caa3
-- Class B Kingsbury Credit-Linked Synthetic Portfolio CDO
Notes, Withdrawn; previously on 20 October 2008 Downgraded to
Caa3
-- Series 2005-2 Kingsway Credit-Linked Synthethic Portfolio
Notes, Withdrawn; previously on 20 October 2008 Downgraded to
B2 and remains on Review for Direction Uncertain
Ruby Finance Public Limited Company
-- Series 2004-1 Class A1 US$70,000,000 Credit-Linked Synthetic
Portfolio Elbe CDO I Notes Due 2011, Withdrawn; previously on
20 October 2008 Downgraded to B3 and remains on Review for
Direction Uncertain
-- Series 2004-1 Class A2 US$70,000,000 Credit-Linked Synthetic
Portfolio Elbe CDO I Notes Due 2011, Withdrawn; previously on
20 October 2008 Downgraded to B3 and remains on Review for
Direction Uncertain
-- Series 2004-3, Credit-Linked Synthetic Portfolio Notes,
Withdrawn; previously on 21 May 2009 Downgraded to Caa1
-- Series 2005-1 Class A1 EUR1,000,000 Leveraged Super Senior
Tranche Notes due 2010, Withdrawn; previously on 20 October
2008 Downgraded to B2 and remains on Review for Direction
Uncertain
-- Series 2005-1 Class A10 EUR2,000,000 Leveraged Super Senior
Tranche Notes due 2010, Withdrawn; previously on 20 October
2008 Downgraded to B2 and remains on Review for Direction
Uncertain
-- Series 2005-1 Class A11 EUR500,000 Leveraged Super Senior
Tranche Notes due 2010, Withdrawn; previously on 20 October
2008 Downgraded to B2 and remains on Review for Direction
Uncertain
-- Series 2005-1 Class A12 EUR500,000 Leveraged Super Senior
Tranche Notes due 2010, Withdrawn; previously on 20 October
2008 Downgraded to B2 and remains on Review for Direction
Uncertain
-- Series 2005-1 Class A13 EUR500,000 Leveraged Super Senior
Tranche Notes due 2010, Withdrawn; previously on 20 October
2008 Downgraded to B2 and remains on Review for Direction
Uncertain
-- Series 2005-1 Class A14 EUR10,000,000 Leveraged Super Senior
Tranche Notes due 2010, Withdrawn; previously on 20 October
2008 Downgraded to B2 and remains on Review for Direction
Uncertain
-- Series 2005-1 Class A15 EUR3,000,000 Leveraged Super Senior
Tranche Notes due 2010-1, Withdrawn; previously on 20 October
2008 Downgraded to B2 and remains on Review for Direction
Uncertain
-- Series 2005-1 Class A16 EUR3,000,000 Leveraged Super Senior
Tranche Notes due 2010, Withdrawn; previously on 20 October
2008 Downgraded to B2 and remains on Review for Direction
Uncertain
-- Series 2006-2 EUR10,000,000 Orion Enhanced Return Dynamic
CDO Credit Linked Synthetic Portfolio Notes due 2013,
Withdrawn; previously on 20 October 2008 Downgraded to B1 and
remains on Review for Possible Downgrade
-- Series 2006-3 EUR50,000,000 RIESLING Credit Linked Synthetic
Portfolio Notes due 2016, Withdrawn; previously on 20 October
2008 Downgraded to B1 and remains on Review for Possible
Downgrade
-- Series 2006-4 EUR50,000,000 Credit Linked Synthetic
Portfolio Notes due 2016, Withdrawn; previously on 20 October
2008 Downgraded to Caa3
-- Series 2006-5 EUR150,000,000 Bison Notes due 2013,
Withdrawn; previously on 29 October 2008 Downgraded to B3 and
remains on Review for Direction Uncertain
-- Series 2007-1 US$40,000,000 Credit Linked Synthetic Portfolio
Notes due 2014, Withdrawn; previously on 20 October 2008
Downgraded to B3 and remains on Review for Direction
Uncertain
-- Series 2007-3 Snowdon Portfolio Class A-1 Swap Agreement,
Withdrawn; previously on 17 September 2008 Aaa Placed Under
Review for Possible Downgrade
-- Series 2007-3 Snowdon Portfolio Class A-2 Notes, Withdrawn;
previously on 17 September 2008 Aaa Placed Under Review for
Possible Downgrade
-- Series 2007-3 Snowdon Portfolio Class B Notes, Withdrawn;
previously on 17 September 2008 Aa2 Placed Under Review for
Possible Downgrade
-- Series 2007-3 Snowdon Portfolio Class C Notes, Withdrawn;
previously on 17 September 2008 A2 Placed Under Review for
Possible Downgrade
-- Series 2007-3 Snowdon Portfolio Class D Notes, Withdrawn;
previously on 17 September 2008 Baa2 Placed Under Review for
Possible Downgrade
-- Series 2007-3 Snowdon Portfolio Class E Notes, Withdrawn;
previously on 17 September 2008 Ba2 Placed Under Review for
Possible Downgrade
LONDON TOWN: Avoids Shares Suspension; In Breach of Debt Covenants
------------------------------------------------------------------
Pan Kwan Yuk at The Financial Times reports that London Town
narrowly avoided having its shares suspended on the junior market
after filing its annual accounts at the eleventh hour.
The FT relates London Town, which has been hard hit by the general
decline in the pubs sector, revealed that it had breached
covenants on its GBP83.7 million (US$137.8 million) bank loans and
that it was in talks with its lenders over the terms of its
banking facilities. The group's net debt at the year end stood at
GBP110.8 million, the report discloses.
According to the FT, for the year to December 28, the company's
pre-tax losses more than doubled from GBP11.6 million to GBP24.7
million, despite an increase in revenue, which rose from GBP11.4
million to GBP25.9 million.
London Town plc and its subsidiaries -- http://londontownplc.co.uk
-- comprise the operation of pubs either under lease and tenancy
agreements or through the direct management of pubs. The
Company's agreements with tenants in the leased estate comprise
both tied and free of tie arrangements and generate income from
rents, sales of beer and other drinks, and through profit share
arrangements for income from leisure machines. The direct
management of pubs generates income directly from pub customers
from beer and other drink sales, as well as food sales. At
December 31, 2007, the Company operated 283 pubs, of which the
leased estate comprised 223 mostly freehold pubs and the managed
estate comprised 60 leased and tenanted pubs. On December 28,
2007, the Company acquired GRS Inns Limited, which operates
managed houses under leases and tenancy agreements with a number
of other pub companies.
LUPUS CAPITAL: Executive Chairman Greg Hutchings Steps Down
-----------------------------------------------------------
Tamsin Brown at Daily Mail reports that Greg Hutchings has quit
his post as executive chairman of Lupus Capital.
Daily Mail relates Lupus said Mr. Hutchings will be replaced by
former Party-Gaming and Sage chairman Michael Jackson.
The company, the report discloses, has appointed Keith Taylor as
chief executive. Daily Mail notes Mr. Taylor will conduct a
review of the company's operations and will consider all options
including disposals.
Daily Mail recalls Lupus, which has been hit badly by the downturn
in the building market, ran into problems with its lenders earlier
this year after the strengthening of the dollar pushed up the size
of its debt pile. In April the company breached a loan facility
and triggered a default on part of its GBP145 million debt
mountain, the Daily Mail recounts. Daily Mail states Lupus said
on June 30 it had renegotiated its banking agreements but at the
cost of GBP7.5 million.
Lupus Capital plc -- http://www.lupuscapital.co.uk/-- is a
holding company. The Company, along with its subsidiaries, is
engaged in the manufacture, supply and distribution of building
products, and of goods to the oil and gas industries. Its
subsidiary, Gall Thomson, is an international supplier of marine
breakaway couplings. Its other subsidiaries include Octroi Group
Limited, an investment company; Lupus Capital Management Limited,
engaged in management services; Schlegel Acquisition Holdings
Limited, a holding company, and Jasper Acquisition Holdings
Limited, a holding company. On April 27, 2007, the Company
acquired 100% interest in Laird Security Systems Division.
MODUS VENTURES: Two Units in Administration
-------------------------------------------
Lizzie Murphy at Yorkshire Post reports that two of Modus Ventures
Ltd.'s subsidiaries, Modus Bradford Ltd. and Modus Paignton Ltd.,
have gone into administration, bringing the total of Modus
companies which have gone into administration to 19.
According to Yorkshire Post, Tom Jack and Simon Allport at the
Manchester office of Ernst & Young were appointed as joint
administrators of Modus Bradford, the report discloses. Yorkshire
Post relates a spokeswoman for Ernst & Young said Modus Bradford
is a dormant company with no employees and the administration
would have no impact on Rawson Quarter.
As reported in the Troubled Company Reporter-Europe on June 2,
2009, the Financial Times reported that Modus Ventures was put
into administration by its lenders. KPMG was appointed as
administrator to the group, whose property portfolio has an
estimated value of GBP4.3 billion, the FT said.
Modus Ventures Ltd. is a commercial property developer based in
Manchester.
MONIER GROUP: Lenders Approve Financial Restructuring Plan
----------------------------------------------------------
Monier Group has reached an agreement with key stakeholders to
effect a financial restructuring of the Group after successfully
concluding negotiations with the Steering Committee appointed by
senior lenders. The Board of Directors of the holding company of
Monier Group has also unanimously approved the financial
restructuring plan.
Formal approval by the requisite majority of Monier's lender group
has been obtained (more than 2/3 of first and second lien lenders
and more than 75% of first lien lenders), and additional formal
approvals are expected to be received within the next few days.
The restructuring contains the following elements:
* Lenders agree to a reduction in cash pay debt by more than
half and reduced cash interest expense by approximately 80%
* Senior lenders commit to jointly provide a EUR150 million
new credit line
* The senior lenders will become the new shareholders of
Monier
* Apollo Global Management, LLC, TowerBrook Capital Partners
LLP and York Capital Management, three international
investment firms will be the largest shareholders post
restructuring
The Group Management Board of Monier, comprising three senior
executives, will remain unchanged and will continue to deploy its
strategy to maximize Monier's financial and operational
performance in order to enhance the Group's position as a global
leader in roofing materials.
Monier management, the Steering Committee and ATY are confident
that the restructuring agreement provides a stable, long-term
financial basis for Monier, which will underpin and strengthen
Monier’s relationships with customers and suppliers.
Pepyn Dinandt, CEO of Monier Group, commented: "The agreement
illustrates that lenders are prepared to invest in fundamentally
robust companies. In recent months, we have taken successful and
significant operational measures and positioned Monier for the
future. We can now look forward to further strengthening our
position as a market leader."
The lender led financial restructuring plan is based on a broad
consensus on the future strength and opportunities for Monier.
Despite the difficult market environment and the general economic
crisis, Monier has already been able to strengthen its market
leading position in several of its core markets.
Legal measures to implement the restructuring are expected to be
taken in the coming weeks. The process is expected to be formally
completed by the end of the year.
About Monier
Monier Group -- http://www.monier.co.uk/-- supplies pitched-
roofing products, roofing components and chimney systems. It has
more than 200 production sites and activities in 46 countries,
including the United Kingdom, Germany, Poland, among others. In
2008, the Group generated revenues totalling EUR1.5 billion and
had 11,155 employees.
NATIONAL EXPRESS: Holds On to East Coast Franchise
--------------------------------------------------
Nathalie Thomas at The Scotsman reports that National Express plc
is holding on to its East Coast Main rail line, insisting that it
has not yet defaulted on the contract.
The Scotsman relates Ray O'Toole, who took over from departing
chief executive Richard Bowker, argued that the government is not
yet in a position to legally strip National Express of the
franchise despite an admission that it was not likely to meet its
latest payment on the GBP1.4 billion contract. Mr. Toole, as
cited by The Scotsman, said the franchise would only be handed
over at Christmas if National Express fails to lure back
passengers.
On July 3, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported that U.K. Transport Secretary Andrew
Adonis said that the company's contract to run the East Coast rail
service between London and Scotland will be taken into public
ownership and may be subject of re-bidding in a year to 18 months.
Bloomberg News disclosed the minister said Elaine Holt, formerly
managing direct of FirstGroup's First Capital Connect unit, which
operates commuter trains across central London, has been selected
to run the East Coast franchise, which the National Express won in
August 2007, once it's brought under state ownership.
In the same TCR-Europe report Bloomberg News said National Express
is also at risk of losing its East Anglia franchise, which
operates between London's Liverpool Street station and Norwich,
eastern England, and C2C, which runs commuter trains to London
Fenchurch Street from Essex. "The government believes it may have
grounds to terminate those franchises," Bloomberg News quoted
Mr. Adonis as saying.
Legal Battle
National Express, The Scotsman says, is expected to argue that the
East Coast line is a separate entity from C2C and East Anglia and
cross default does not, therefore, apply. "If anybody attempts to
come and take them off us, we have got a leading QC who tells us
that we have got a very, very strong case and we will fight it
rigorously," The Scotsman quoted Mr. O'Toole as saying.
Rights Issue
Dominic O'Connell at The Sunday Times reports that National
Express chairman John Devaney called in Greenhill, the boutique
investment bank, to advise on the company's future. Devaney, The
Sunday Times discloses, is considering whether the heavily
indebted transport group can raise money through a rights issue -—
which analysts think will be difficult as long as uncertainty over
the company's rail operations remains. According to The Sunday
Times, Mr. Devaney's other option is a deal with a rival.
FirstGroup, led by chief executive Sir Moir Lockhead, has already
made an informal bid approach, with some transport bankers saying
that Stagecoach, which is led by founder Brian Souter, could also
be interested, The Sunday Times notes.
Takeover
On June 30, 200, the TCR-Europe, citing The Financial Times,
reported National Express rejected an unsolicited takeover bid
from its larger rival FirstGroup. The FT disclosed news of the
board's decision comes a week after the company agreed a deal with
bankers to ease restrictions on its GBP1.2 billion debt.
About National Express
National Express Group PLC -- http://www.nationalexpressgroup.com/
-- is the holding company of the National Express Group of
companies. Its subsidiary companies provide mass passenger
transport services in the United Kingdom and overseas. The
Company's segments comprise: UK Bus; UK Coach; UK Trains; North
American Bus; European Coach and Bus, and Central functions. Its
subsidiaries include Tayside Public Transport Co Limited, Durham
School Services LP, Stock Transportation Limited, Dabliu
Consulting SLU, Tury Express SA, General Tecnica Industrial SLU
and Continental Auto SLU. In June 2009, the Company announced the
completion of the sale of Travel London, its London bus business,
to NedRailways Limited, a subsidiary of NS Dutch Railway.
NEWCASTLE BUILDING: Moody's Cuts Subordinated Debt Ratings to 'B1'
------------------------------------------------------------------
Moody's Investors Service downgraded the subordinated debt ratings
of these three societies: Chelsea's subordinated debt ratings were
downgraded from Caa1 to Caa3; Newcastle's and Principality's
subordinated debt ratings were downgraded from B1 to B3. All
other debt and deposit ratings as well as the BFSR ratings of the
above societies remain unchanged.
The rating action reflects Moody's concern that the risk profile
of subordinated debt issued by weaker building societies has
increased significantly in the wake of the debt-for equity swap of
West Bromwich Building Society. In the case of West Bromwich
Building Society, investors saw the plain-vanilla, dated
subordinated debt (counting as Lower Tier II capital with no
deferral features and loss-absorbing only in liquidation) swapped
into equity-like instruments called Profit Participating Deferred
Shares ("PPDS", counting towards core Tier-1). These PPDS rank
pari passu with existing PIBS in a liquidation scenario. In
addition, they have principal writedown features on a going-
concern basis which effectively places the holders of PPDS in a
more junior position han the holders of PIBS. The interest
payments on PIBS, however, which do not allow principal
writedowns, will be capped by the dividend payments on PPDS.
Earlier this year in April, Moody's had downgraded the BFSR of
Chelsea to E+, as well as the BFSR's of Newcastle and Principality
to D-, indicating the increased likelihood for these building
societies of needing third-party support to shore up their capital
base. Such a debt-for equity swap of subordinated debt may
provide these building societies with an alternative to a third-
party capital injection or to the resolution of a good bank/bad
bank which was used for the Dunfermline Building Society.
Commenting on the rating action, Marjan Riggi, Senior Credit
Officer at Moody's, noted: "We believe that the issuance of these
PPDS is an option that is likely to be followed by other building
societies in need of fresh capital".
Referring to the subordinated debt ratings of other building
societies that are not affected by this rating action, Moody's
added that for higher-rated Building Societies (with a BFSR of D
or higher) the increased risk profile of subordinated debt was
already largely reflected in the removal of systemic support and
the subsequent multi-notch-downgrade of most societies's
subordinated debt.
Previous Rating Action and Principal Methodologies
On April 14, 2009, Moody's Investors Service took ratings action
on the U.K. mortgage lenders. The rating actions reflected
Moody's concern that the economic crisis in the U.K would lead to
significantly higher credit losses than previously anticipated,
particularly among the residential and commercial real estate
assets, to which the U.K. mortgage lenders have a highly
concentrated exposure to. In addition, the subordinated and
hybrid securities of the same institutions were downgraded in line
with Moody's concern that systemic support may not be extended to
these instruments in the case of financial distress.
Chelsea's BFSR was downgraded to E+ from C- with a negative
outlook, and its debt and deposit ratings were downgraded from A2
to Baa3 with a stable outlook; Newcastle's BFSRs were downgraded
to D- from C-, and its debt and deposit ratings were downgraded to
Baa2 from A3 with a negative outlook; Principality's BFSR was
downgraded to D- from C- with a negative outlook and its debt and
deposit ratings were downgraded to Baa2 from A3 with a negative
outlook.
Building societies included in this action are headquartered in
the U.K.
PRINCIPALITY BUILDING: Moody's Lowers Sub. Debt Ratings to 'B1'
---------------------------------------------------------------
Moody's Investors Service downgraded the subordinated debt ratings
of these three societies: Chelsea's subordinated debt ratings were
downgraded from Caa1 to Caa3; Newcastle's and Principality's
subordinated debt ratings were downgraded from B1 to B3. All
other debt and deposit ratings as well as the BFSR ratings of the
above societies remain unchanged.
The rating action reflects Moody's concern that the risk profile
of subordinated debt issued by weaker building societies has
increased significantly in the wake of the debt-for equity swap of
West Bromwich Building Society. In the case of West Bromwich
Building Society, investors saw the plain-vanilla, dated
subordinated debt (counting as Lower Tier II capital with no
deferral features and loss-absorbing only in liquidation) swapped
into equity-like instruments called Profit Participating Deferred
Shares ("PPDS", counting towards core Tier-1). These PPDS rank
pari passu with existing PIBS in a liquidation scenario. In
addition, they have principal writedown features on a going-
concern basis which effectively places the holders of PPDS in a
more junior position han the holders of PIBS. The interest
payments on PIBS, however, which do not allow principal
writedowns, will be capped by the dividend payments on PPDS.
Earlier this year in April, Moody's had downgraded the BFSR of
Chelsea to E+, as well as the BFSR's of Newcastle and Principality
to D-, indicating the increased likelihood for these building
societies of needing third-party support to shore up their capital
base. Such a debt-for equity swap of subordinated debt may
provide these building societies with an alternative to a third-
party capital injection or to the resolution of a good bank/bad
bank which was used for the Dunfermline Building Society.
Commenting on the rating action, Marjan Riggi, Senior Credit
Officer at Moody's, noted: "We believe that the issuance of these
PPDS is an option that is likely to be followed by other building
societies in need of fresh capital".
Referring to the subordinated debt ratings of other building
societies that are not affected by this rating action, Moody's
added that for higher-rated Building Societies (with a BFSR of D
or higher) the increased risk profile of subordinated debt was
already largely reflected in the removal of systemic support and
the subsequent multi-notch-downgrade of most societies's
subordinated debt.
Previous Rating Action and Principal Methodologies
On April 14, 2009, Moody's Investors Service took ratings action
on the U.K. mortgage lenders. The rating actions reflected
Moody's concern that the economic crisis in the U.K would lead to
significantly higher credit losses than previously anticipated,
particularly among the residential and commercial real estate
assets, to which the U.K. mortgage lenders have a highly
concentrated exposure to. In addition, the subordinated and
hybrid securities of the same institutions were downgraded in line
with Moody's concern that systemic support may not be extended to
these instruments in the case of financial distress.
Chelsea's BFSR was downgraded to E+ from C- with a negative
outlook, and its debt and deposit ratings were downgraded from A2
to Baa3 with a stable outlook; Newcastle's BFSRs were downgraded
to D- from C-, and its debt and deposit ratings were downgraded to
Baa2 from A3 with a negative outlook; Principality's BFSR was
downgraded to D- from C- with a negative outlook and its debt and
deposit ratings were downgraded to Baa2 from A3 with a negative
outlook.
Building societies included in this action are headquartered in
the U.K.
PETER DEILMANN: Put Into Administration Over Poor Bookings
----------------------------------------------------------
Jane Archer at TravelWeekly reports that Peter Deilmann Cruises
has been put into administration.
The report relates UK Managing director Stuart Perl said poor
bookings from US and Germany had sealed the fate of the river
cruise operation. According to the report, the company's UK
office will continue to operate as usual until the end of the
European river cruise season in October 2009.
Peter Deilmann Cruises -- http://www.deilmann-cruises.com/--
offers deluxe river cruise vacations for more than 25 years. It
owns and operates nine deluxe river vessels cruising the great
rivers of Europe.
REFLEX MOULDINGS: Goes Into Administration; 71 Jobs at Risk
-----------------------------------------------------------
The Irish Times reports that Reflex Mouldings has gone into
administration, putting 71 jobs at risk. According to the report,
the company has been hit by the downturn in both construction and
car sales.
The report relates Paul Rooney and Garth Calow, partners in
PricewaterhouseCoopers, were appointed as joint administrators of
the company.
Based in Markethill, Co Armagh, in Northern Ireland, Reflex
manufactures floor tiles for industrial, commercial and domestic
use, and number plates and car mats for a variety of local and
international customers.
VASANTA GROUP: On Brink of Administration; In Rescue Talks
----------------------------------------------------------
Mark Kleinman and Rowena Mason at Telegraph.co.uk report that
Vasanta Group is at risk of going into administration after being
hit by the withdrawal of credit insurance to key suppliers.
PricewaterhouseCoopers, Telegraph.co.uk discloses, has been lined
up to act as administrator to Vasanta, which is owned by Electra
Partners. Telegraph.co.uk says the company could collapse as soon
as this week unless it can secure new funding, putting 1,400 jobs
at risk.
According to the Telegraph.co.uk, Electra Partners, which wrote
off its GBP40 million investment in the company earlier this year,
is in talks with prospective investors including Alchemy Partners,
the private equity group, over a rescue deal. Richard Blackden of
Telegraph.co.uk notes talks with potential new investors are
understood to have been going on for a number of weeks and are
expected to conclude shortly.
Telegraph.co.uk states it is likely that the management of the
Sheffield-based company, including its chief executive, Richard
Martin, will lose its entire GBP8 million investment in the event
of a collapse.
Vasanta Group is one of Britain's largest providers of office
supplies.
YELL GROUP: Moody's Downgrades Corporate Family Rating to 'B2'
--------------------------------------------------------------
Moody's Investors Service has downgraded the Corporate Family
Rating of Yell Group plc to B2 from B1 and its Probability of
Default Rating to B3 from B2. At the same time, Moody's placed
the ratings on review for further possible downgrade. The rating
action follows the company's recent announcement regarding i) the
commencement of capital restructuring negotiations to
comprehensively refinance the company's debt capital structure and
ii) the update on its current trading.
The downgrade and decision to initiate a review reflects Moody's
increasing concerns about the sharply deteriorating trend in the
group's operating environment amid weakening macroeconomic
conditions in its markets at a time when it is entering into a
comprehensive negotiation of the maturity and terms of its credit
facilities with its debt holders and principal shareholders. The
rating action also reflects the increasing default risk amidst the
developing uncertainty over how the capital restructuring process
will impact Yell's financial risk profile, particularly in the
context of the need to finalize this process on a timely basis,
recognizing the very tight headroom that is developing under the
company's financial covenants.
Moody's aims to conclude the review as clarity develops over the
progress of Yell's negotiations with its various stakeholders.
The last rating action on Yell was implemented on April 21, 2009,
when Moody's downgraded the company's CFR to B1 and PDR to B2 with
a negative outlook.
Yell's ratings were assigned by evaluating factors Moody's believe
are relevant to the credit profile of the issuer, such as (i) the
business risk and competitive position of the company versus
others within its industry, (ii) the capital structure and
financial risk profile of the company, (iii) the projected
performance of the company over the near to intermediate term, and
(iv) management's track record and tolerance for risk. These
attributes were compared against other issuers both within and
outside of Yell's core industry and Yell's ratings are believed to
be comparable to those of other issuers of similar credit risk.
Yell Group plc is the leading publisher of classified directories
in the UK and, through its subsidiary, Yellow Book, is a leading
independent directories publisher in the US. Yell also owns 100%
of TPI (renamed "Yell Publicidad"), the largest publisher of
yellow and white pages in Spain with operations in certain
countries in Latin America. Yell's revenue for the twelve months
ended March 31, 2009 was GBP2.4 billion and its Adjusted EBITDA
(as defined by the group) was GBP816 million.
* UK: KPMG Says Number of Companies in Administration Drops
-----------------------------------------------------------
Monthly corporate insolvency figures from KPMG show a substantial
drop in the number of companies going into administration.
Richard Fleming, UK Head of Restructuring at KPMG, commented: "We
have seen average numbers of around 350 administrations a month
since the beginning of the year but the latest monthly figures are
much lower at 178. While we are entering the quieter summer
months, such a dramatic drop of almost a half is very unusual
given the current economic climate. We are not convinced,
however, that this indicates an upturn in sentiment; more a
temporary reprieve in advance of a second wave of insolvencies.
From the business perspective, HMRC's decision to allow companies
to delay payments on PAYE and VAT has bought them time by freeing
up working capital. From the lenders' perspective, the recent
emphasis has been on debt for equity swaps but they are preparing
for a significant uptick in insolvencies towards the end of the
year.
"The total number of insolvencies so far this year is at 1571,
some way behind the 5,000 we predicted for 2009, but our
conversations with businesses and lenders suggest this number will
be reached quickly after the holiday season with a wave of
insolvencies in quarters three and four."
Mr. Fleming went on to predict which businesses are likely to
suffer most in the second wave: "Time is running out for
businesses in a number of sectors where conditions have not
improved and are unlikely to for some time. We expect to see
further fall out in the automotive sector, particularly the
supplier base, where many companies have ever decreasing options
in the absence of demand. Commercial property is a sector whose
problems can’t be brushed under the carpet for much longer. With
billions of refinancing needed by the end of the year, it looks
set to suffer in the latter half of the year.
"September is likely to be the crunch month for many businesses in
tourism and leisure with the busiest period of the year over.
With demand expected to be at new lows, even larger industry
players could be affected.
He concluded: "Outside retail, we have hardly seen any businesses
in the GBP50-250 million turnover bracket go into administration
in the last decade, but we expect a number to enter formal
insolvency in the last quarter of 2009 when management has
utilised all the tools at their disposal, such as cost reduction
plans, and finally run out of options."
About KPMG
KPMG is a global network of professional firms providing Audit,
Tax, and Advisory services. It operates in 144 countries and has
more than 104,000 professionals working in member firms around the
world. The independent member firms of the KPMG network are
affiliated with KPMG International, a Swiss cooperative. KPMG
International provides no client services.
* Large Companies with Insolvent Balance Sheet
----------------------------------------------
Total
Shareholders Total
Company Ticker Equity Assets
------- ------ ------ ------
AUSTRIA
-------
SKYEUROPE HLDG SKURF US -3897543.17 213166287.14
SKYEUROPE HOL-RT SK1 AV -3897543.17 213166287.14
SKYEUROPE HLDG S8E GR -3897543.17 213166287.14
SKYEUROPE HLDG SKYA PZ -3897543.17 213166287.14
SKYEUROPE SKY PW -3897543.17 213166287.14
SKYEUROPE HLDG SKY EU -3897543.17 213166287.14
SKYEUROPE HLDG SKY EO -3897543.17 213166287.14
SKYEUROPE HLDG SKYPLN EO -3897543.17 213166287.14
LIBRO AG LB6 GR -110486313.84 174004185.02
SKYEUROPE HLDG SKY AV -3897543.17 213166287.14
SKYEUROPE HLDG SKYPLN EU -3897543.17 213166287.14
SKYEUROPE SKYP PW -3897543.17 213166287.14
SKYEUROPE HLDG SKYV IX -3897543.17 213166287.14
LIBRO AG LIB AV -110486313.84 174004185.02
LIBRO AG LIBR AV -110486313.84 174004185.02
LIBRO AG LBROF US -110486313.84 174004185.02
BELGIUM
-------
SABENA SA SABA BB -85494497.66 2215341059.54
SWITZERLAND
-----------
FORTUNE MANAGEME FMI1 PZ -57223391.61 186057993.69
FORTUNE MANAGEME FMI1 DU -57223391.61 186057993.69
FORTUNE MANAGEME FMI1 GR -57223391.61 186057993.69
FORTUNE MANAGEME FMI1 EU -57223391.61 186057993.69
FORTUNE MANAGEME FMGT US -57223391.61 186057993.69
FORTUNE MANAGEME FMI GR -57223391.61 186057993.69
FORTUNE MGMT-REG CTLI US -57223391.61 186057993.69
FORTUNE MANAG-NE FMI7 GR -57223391.61 186057993.69
FORTUNE MANA-NEW FMI5 GR -57223391.61 186057993.69
FORTUNE MANAGEME FMIG IX -57223391.61 186057993.69
FORTUNE MANAGEME FMI1 EO -57223391.61 186057993.69
FORTUNE MANAGEME FMI3 GR -57223391.61 186057993.69
CYPRUS
------
LIBRA HOLIDA-RTS LBR CY -5044973.6 274730005.26
LIBRA HOLIDA-RTS LGWR CY -5044973.6 274730005.26
LIBRA HOLIDAYS G LHG EU -5044973.6 274730005.26
LIBRA HOLIDAYS-P LBHG CY -5044973.6 274730005.26
LIBRA HOLIDAY-RT 3167808Z CY -5044973.6 274730005.26
LIBRA HOLIDAYS LHGR CY -5044973.6 274730005.26
LIBRA HOLIDAYS G LHG PZ -5044973.6 274730005.26
LIBRA HOLIDAYS LHGCYP EO -5044973.6 274730005.26
LIBRA HOLIDAYS LHGCYP EU -5044973.6 274730005.26
LIBRA HOLIDAYS-P LBHG PZ -5044973.6 274730005.26
LIBRA HOLIDAYS G LHG CY -5044973.6 274730005.26
LIBRA HOLIDAYS G LHG EO -5044973.6 274730005.26
CZECH REPUBLIC
--------------
CKD PRAHA HLDG CDP EX -89435858.16 192305153.03
SETUZA AS SETUZA CP -61453764.17 138582273.56
SETUZA AS 2994763Q EU -61453764.17 138582273.56
CKD PRAHA HLDG 297687Q GR -89435858.16 192305153.03
SETUZA AS 2994755Q EU -61453764.17 138582273.56
CKD PRAHA HLDG CKDH CP -89435858.16 192305153.03
SETUZA AS SETUZA PZ -61453764.17 138582273.56
SETUZA AS 2994767Q EO -61453764.17 138582273.56
CKD PRAHA HLDG CKDPF US -89435858.16 192305153.03
SETUZA AS SZA EX -61453764.17 138582273.56
SETUZA AS SETU IX -61453764.17 138582273.56
CKD PRAHA HLDG CKDH US -89435858.16 192305153.03
SETUZA AS 2994759Q EO -61453764.17 138582273.56
SETUZA AS SZA GR -61453764.17 138582273.56
GERMANY
-------
DORT ACTIEN-RTS DAB8 GR -12689156.29 117537053.71
AGOR AG DOO GR -482446.63 144432986.17
SPAR HANDELS-AG 773844Q GR -442426199.47 1433020960.55
BROKAT AG-ADR BROA US -27139391.98 143536859.72
MANIA TECHNOLOGI MNI NM -35060806.5 107465713.61
BROKAT TECH-ADR BRJA GR -27139391.98 143536859.72
MANIA TECHNOLOGI MIAVF US -35060806.5 107465713.61
MANIA TECHNOLOGI MNI GR -35060806.5 107465713.61
BROKAT AG BROAF US -27139391.98 143536859.72
EECH GROUP AG PTA EU -114331.83 108502676.25
EECH GROUP AG PTA EO -114331.83 108502676.25
MATERNUS-KLINIKE MAK GR -17014754.15 172786677.74
HYPO REAL ESTATE HRX TQ -813565059.9 543794828675.92
MATERNUS-KLINIKE MAK EU -17014754.15 172786677.74
EECH GROUP AG PTA GR -114331.83 108502676.25
BROKAT AG BROFQ US -27139391.98 143536859.72
MATERNUS KLINI-N MAK1 GR -17014754.15 172786677.74
PRIMACOM AG PRC GR -14233212.49 729563484.73
MATERNUS-KLINIKE MAKG IX -17014754.15 172786677.74
CINEMAXX AG MXC GR -42015165.72 146572416.37
PRIMACOM AG PRCG PZ -14233212.49 729563484.73
PRIMACOM AG PRC2 GR -14233212.49 729563484.73
BROKAT AG -NEW BRJ1 NM -27139391.98 143536859.72
AGOR AG NDAGF US -482446.63 144432986.17
MANIA TECHNOLOGI MNI1 EU -35060806.5 107465713.61
HYPO REAL ES-NEW HRXA PZ -813565059.9 543794828675.92
CINEMAXX AG MXCUSD EO -42015165.72 146572416.37
PRIMACOM AG PRC EO -14233212.49 729563484.73
CINEMAXX AG MXCUSD EU -42015165.72 146572416.37
PRIMACOM AG-ADR PCAG US -14233212.49 729563484.73
PRIMACOM AG-ADR PCAGY US -14233212.49 729563484.73
MANIA TECHNOLOGI MNI1 EO -35060806.5 107465713.61
NORDAG AG-RTS DOO8 GR -482446.63 144432986.17
HYPO REAL ESTATE HRX NR -813565059.9 543794828675.92
PRIMACOM AG-ADR+ PCAG ES -14233212.49 729563484.73
PRIMACOM AG PCAGF US -14233212.49 729563484.73
ALNO AG ANO PZ -28265004.17 366872263.74
MANIA TECHNOLOGI MNIG IX -35060806.5 107465713.61
ROSENTHAL AG-REG ROS1 EU -1744121.91 217776125.75
BROKAT AG -NEW BRJ1 GR -27139391.98 143536859.72
MANIA TECHNOLOGI MNI PZ -35060806.5 107465713.61
BROKAT TECH AG BRJ GR -27139391.98 143536859.72
AGOR AG DOO EO -482446.63 144432986.17
CINEMAXX AG MXC PZ -42015165.72 146572416.37
CINEMAXX AG-RTS MXC8 GR -42015165.72 146572416.37
BROKAT AG BKISF US -27139391.98 143536859.72
CINEMAXX AG MXC EO -42015165.72 146572416.37
CINEMAXX AG CNEMF US -42015165.72 146572416.37
MATERNUS-KLINIKE MAK PZ -17014754.15 172786677.74
MATERNUS-KLINIKE MAK EO -17014754.15 172786677.74
CBB HOLDING AG CUBDF US -42994732.85 904723627.84
CINEMAXX AG MXC EU -42015165.72 146572416.37
AGOR AG DOOG IX -482446.63 144432986.17
VIVANCO GRUPPE VVA1 EU -16648688.57 131276010.89
EM.TV & MERC-RTS ETV8 GR -22067409.41 849175624.65
CBB HOLDING AG COB2 EO -42994732.85 904723627.84
HYPO REAL ESTATE HRXGBP EO -813565059.9 543794828675.92
CBB HOLDING AG COB GR -42994732.85 904723627.84
BROKAT TECH AG BRJ NM -27139391.98 143536859.72
HYPO REAL ESTATE HREHF US -813565059.9 543794828675.92
SANDER (JIL) AG JLSDF US -6153256.92 127548039.68
TA TRIUMPH-ACQ TWNA EU -96966372.18 401755623.89
AGOR AG DOOD PZ -482446.63 144432986.17
PRIMACOM AG PRCG IX -14233212.49 729563484.73
HYPO REAL ES-NEW HRXA EU -813565059.9 543794828675.92
AGOR AG-RTS 2301918Z GR -482446.63 144432986.17
EM.TV & MERCHAND ETVMF US -22067409.41 849175624.65
TA TRIUMPH-ADLER TWN GR -96966372.18 401755623.89
EM.TV & MERCHAND ETV LN -22067409.41 849175624.65
EM.TV & MERCHAND ETV NM -22067409.41 849175624.65
EM.TV & MERC-NEW ETV1 GR -22067409.41 849175624.65
EM.TV & MERC-NEW ETV1 NM -22067409.41 849175624.65
HYPO REAL ES-NEW HRX1 GR -813565059.9 543794828675.92
CBB HOLD-NEW 97 COB2 GR -42994732.85 904723627.84
CBB HOLDING AG COB2 EU -42994732.85 904723627.84
EM.TV & MERCHAND EMTVF US -22067409.41 849175624.65
HYPO REAL ESTATE HRX EB -813565059.9 543794828675.92
HYPO REAL ESTATE HRXGBX EU -813565059.9 543794828675.92
CBB HOLDING AG COBG PZ -42994732.85 904723627.84
KAUFRING AG KAUG IX -19296489.56 150995473.81
KAUFRING AG KFR EO -19296489.56 150995473.81
ALNO AG ANO EO -28265004.17 366872263.74
HYPO REAL ESTATE HRX GR -813565059.9 543794828675.92
HYPO REAL-ACQ HRXV EO -813565059.9 543794828675.92
HYPO REAL-ACQ HRXV GR -813565059.9 543794828675.92
HYPO REAL-ACQ HRXV PZ -813565059.9 543794828675.92
TA TRIUMPH-A-RTS 1018916Z GR -96966372.18 401755623.89
MATERNUS-KLINIKE MNUKF US -17014754.15 172786677.74
CBB HOLDING-NEW COB1 GR -42994732.85 904723627.84
KAUFRING AG KFR EU -19296489.56 150995473.81
KAUFRING AG KFR PZ -19296489.56 150995473.81
BROKAT TECH AG BSA LN -27139391.98 143536859.72
NORDAG AG DOO1 GR -482446.63 144432986.17
HYPO REAL ESTATE HRX PZ -813565059.9 543794828675.92
HYPO REAL ESTATE HRX VX -813565059.9 543794828675.92
NORDAG AG-PFD DOO3 GR -482446.63 144432986.17
HYPO REAL ESTATE HRX AV -813565059.9 543794828675.92
HYPO REAL ESTATE HRX BQ -813565059.9 543794828675.92
EM.TV & MERCHAND ETV VX -22067409.41 849175624.65
HYPO REAL ESTATE HRX EU -813565059.9 543794828675.92
HYPO REAL ESTATE HRXGBX EO -813565059.9 543794828675.92
HYPO REAL ESTATE HRXUSD EO -813565059.9 543794828675.92
HYPO REAL ESTATE HRXUSD EU -813565059.9 543794828675.92
HYPO REAL ESTATE HRXAUD EO -813565059.9 543794828675.92
SANDER (JIL)-PRF 2916157Q EU -6153256.92 127548039.68
HYPO REAL ESTATE HRXCHF EO -813565059.9 543794828675.92
HYPO REAL ESTATE HRXG IX -813565059.9 543794828675.92
DORT ACTIEN-BRAU 944167Q GR -12689156.29 117537053.71
CBB HOLDING-NEW COB3 GR -42994732.85 904723627.84
BROKAT TECH -ADR BROAQ US -27139391.98 143536859.72
HYPO REAL ES-NEW HRXA GR -813565059.9 543794828675.92
HYPO REAL ESTATE HRX EO -813565059.9 543794828675.92
SINNLEFFERS AG WHG GR -4491629.96 453887060.07
CBB HOLDING AG COBG IX -42994732.85 904723627.84
SPAR HAND-PFD NV SPA3 GR -442426199.47 1433020960.55
RINOL AG RILB EO -2.71 168095049.11
BROKAT AG BRKAF US -27139391.98 143536859.72
EECH GROUP AG PTAG IX -114331.83 108502676.25
NORDSEE AG 533061Q GR -8200552.05 194616922.62
SPAR HANDELS-AG SPHFF US -442426199.47 1433020960.55
SANDER (JIL)-PRF 2916161Q EO -6153256.92 127548039.68
ROSENTHAL AG-REG ROS GR -1744121.91 217776125.75
ROSENTHAL AG-REG RSTHF US -1744121.91 217776125.75
ROSENTHAL AG-ADR RSTHY US -1744121.91 217776125.75
EECH GROUP AG PTA PZ -114331.83 108502676.25
ROSENTHAL AG-REG ROS1 EO -1744121.91 217776125.75
ROSENTHAL AG-ACC ROS4 GR -1744121.91 217776125.75
ALNO AG ALNO IX -28265004.17 366872263.74
ROSENTHAL AG-REG ROSG PZ -1744121.91 217776125.75
PRIMACOM AG PRC NM -14233212.49 729563484.73
EM.TV & MERCHAND 985403Q GR -22067409.41 849175624.65
HYPO REAL ESTATE HRX NQ -813565059.9 543794828675.92
HYPO REAL ES-NEW HRXA EO -813565059.9 543794828675.92
SANDER (JIL) AG SAD GR -6153256.92 127548039.68
SANDER (JIL)-PRF SAD3 PZ -6153256.92 127548039.68
TA TRIUMPH-RT TWN8 GR -96966372.18 401755623.89
HYPO REAL ESTATE HRXCHF EU -813565059.9 543794828675.92
MANIA TECHNOLOGI 2260970Z GR -35060806.5 107465713.61
VIVANCO GRUPPE VIVGF US -16648688.57 131276010.89
ROSENTHAL AG 2644179Q GR -1744121.91 217776125.75
TA TRIUMPH-ACQ TWNA GR -96966372.18 401755623.89
TA TRIUMPH-ADLER TWNG IX -96966372.18 401755623.89
VIVANCO GRUPPE VVA GR -16648688.57 131276010.89
ALNO AG-RTS 2259765Z GR -28265004.17 366872263.74
VIVANCO GRUPPE VVA1 PZ -16648688.57 131276010.89
VIVANCO GRUPPE VVAG IX -16648688.57 131276010.89
HYPO REAL-ACQ HRXV EU -813565059.9 543794828675.92
VIVANCO GRUPPE VVA1 EO -16648688.57 131276010.89
VIVANCO GRUPPE VVA1 GR -16648688.57 131276010.89
ROSENTHAL AG-REG ROSG IX -1744121.91 217776125.75
SANDER (JIL)-PRF SAD3 GR -6153256.92 127548039.68
P & T TECHNOLOGY PTA NM -114331.83 108502676.25
HYPO REAL ES-NEW 2916649Q EU -813565059.9 543794828675.92
PRIMACOM AG PRC EU -14233212.49 729563484.73
AGOR AG DOO EU -482446.63 144432986.17
TA TRIUMPH-RTS 3158577Q GR -96966372.18 401755623.89
HYPO REAL ES-NEW 2916645Q EO -813565059.9 543794828675.92
TA TRIUMPH-ADLER TWN EU -96966372.18 401755623.89
TA TRIUMPH-ADLER TWN PZ -96966372.18 401755623.89
TA TRIUMPH-NEW TWN1 GR -96966372.18 401755623.89
HYPO REAL ESTATE HRXAUD EU -813565059.9 543794828675.92
TA TRIUMPH-ADLER TTZAF US -96966372.18 401755623.89
TA TRIUMPH-ADLER TWN EO -96966372.18 401755623.89
RINOL AG RILB GR -2.71 168095049.11
RINOL AG RIL GR -2.71 168095049.11
HYPO REAL ES-ADR HREHY US -813565059.9 543794828675.92
RINOL AG RNLAF US -2.71 168095049.11
RINOL AG RILB IX -2.71 168095049.11
RINOL AG RILB PZ -2.71 168095049.11
RINOL AG RILB EU -2.71 168095049.11
ALNO AG ANO GR -28265004.17 366872263.74
CINEMAXX AG MXCG IX -42015165.72 146572416.37
ALNO AG-NEW ANO1 GR -28265004.17 366872263.74
ALNO AG ANO EU -28265004.17 366872263.74
KAUFRING AG KFR GR -19296489.56 150995473.81
EM.TV & MERC-RTS ETV8 NM -22067409.41 849175624.65
DENMARK
-------
ROSKILDE BANK ROSK PZ -532868894.9 7876687324.02
ELITE SHIPPING ELSP DC -27715991.74 100892900.29
ROSKILDE BANK-RT 916603Q DC -532868894.9 7876687324.02
ROSKILDE BANK ROSK EO -532868894.9 7876687324.02
ROSKILDE BANK RSKC IX -532868894.9 7876687324.02
ROSKILDE BANK ROSKF US -532868894.9 7876687324.02
ROSKILDE BANK ROSK EU -532868894.9 7876687324.02
ROSKILDE BANK ROSK DC -532868894.9 7876687324.02
ROSKILDE BANK ROSBF US -532868894.9 7876687324.02
ROSKILDE BAN-NEW ROSKN DC -532868894.9 7876687324.02
ROSKILDE BAN-RTS ROSKT DC -532868894.9 7876687324.02
ROSKILDE BANK RKI GR -532868894.9 7876687324.02
SPAIN
-----
MARTINSA FADESA MTF EO -936423454.31 10696164113.42
MARTINSA FADESA MTF EU -936423454.31 10696164113.42
MARTINSA FADESA 4PU GR -936423454.31 10696164113.42
MARTINSA FADESA MTF SM -936423454.31 10696164113.42
MARTINSA FADESA MFAD PZ -936423454.31 10696164113.42
MARTINSA-FADESA MTF NR -936423454.31 10696164113.42
FRANCE
------
PAGESJAUNES GRP PAJGBX EU -3061283156.27 1202048352.1
PAGESJAUNES GRP PAJP IX -3061283156.27 1202048352.1
THOMSON (EX-TMM) TNM GR -186963510.99 7800843297.85
THOMSON (EX-TMM) TNMA GR -186963510.99 7800843297.85
RHODIA SA RHD GR -670695098.16 5563991457.04
PAGESJAUNES GRP PAJUSD EU -3061283156.27 1202048352.1
THOMSON (EX-TMM) TMSGBX EU -186963510.99 7800843297.85
THOMSON - NEW TMSNV FP -186963510.99 7800843297.85
THOMSON (EX-TMM) TMSUSD EO -186963510.99 7800843297.85
THOMSON MULTI-NE ZTM FP -186963510.99 7800843297.85
THOMSON (EX-TMM) TMS EU -186963510.99 7800843297.85
GRANDE PAROISSE GDPXF US -927267926.9 629287290
THOMSON (EX-TMM) TMS NQ -186963510.99 7800843297.85
THOMSON (EX-TMM) TMS EB -186963510.99 7800843297.85
THOMSON (EX-TMM) TMS EO -186963510.99 7800843297.85
PAGESJAUNES GRP PAJGBX EO -3061283156.27 1202048352.1
THOMSON (EX-TMM) TMSUSD EU -186963510.99 7800843297.85
THOMSON (EX-TMM) TMS TQ -186963510.99 7800843297.85
THOMSON MULT-ADR TMS-P US -186963510.99 7800843297.85
THOMSON (EX-TMM) TMSGBP EO -186963510.99 7800843297.85
THOMSON (EX-TMM) TMS PZ -186963510.99 7800843297.85
PAGESJAUNES GRP PAJUSD EO -3061283156.27 1202048352.1
LAB DOLISOS LADL FP -27752176.19 110485462.44
THOMSON (EX-TMM) TMS VX -186963510.99 7800843297.85
RHODIA SA RHA VX -670695098.16 5563991457.04
RHODIA SA RHA PZ -670695098.16 5563991457.04
THOMSON (EX-TMM) TMM IX -186963510.99 7800843297.85
IMMOB HOTELIERE IMHO EU -66874823.95 301323804.92
RHODIA SA-RIGHTS RHADS FP -670695098.16 5563991457.04
MB RETAIL EUROPE MBRE EU -46169771.5 134467847.56
RHODIA SA RHAGBX EO -670695098.16 5563991457.04
RHODIA SA RHA EU -670695098.16 5563991457.04
RHODIA SA RHA EO -670695098.16 5563991457.04
CARRERE GROUP CAR2 EO -23319835.34 364475420.31
RHODIA SA RHA NQ -670695098.16 5563991457.04
RHODIA SA RHA IX -670695098.16 5563991457.04
LAB DOLISOS DOLI FP -27752176.19 110485462.44
RHODIA SA RHAUSD EU -670695098.16 5563991457.04
PAGESJAUNES PGJUF US -3061283156.27 1202048352.1
RHODIA SA RHAUSD EO -670695098.16 5563991457.04
OROSDI OROS FP -7291.55 131233317.62
TROUVAY CAUVIN TVYCF US -396978 133986439.74
PAGESJAUNES GRP PAJ NQ -3061283156.27 1202048352.1
RHODIA SA - NEW RHANV FP -670695098.16 5563991457.04
THOMSON (EX-TMM) TMS US -186963510.99 7800843297.85
THOMSON (EX-TMM) TMSGBX EO -186963510.99 7800843297.85
SELCODIS SLCO PZ -21481214.33 175720770.81
RHODIA SA RHANR FP -670695098.16 5563991457.04
TROUVAY CAUVIN ETEC FP -396978 133986439.74
RHODIA SA RHAGBX EU -670695098.16 5563991457.04
THOMSON (EX-TMM) TMS BQ -186963510.99 7800843297.85
NORTENE NRTP IX -35623999.56 117566786.87
RHODIA SA RHA FP -670695098.16 5563991457.04
PAGESJAUNES GRP PAJ VX -3061283156.27 1202048352.1
RHODIA SA-ADR RHAYY US -670695098.16 5563991457.04
NORTENE NRTN FP -35623999.56 117566786.87
THOMSON - NEW 2336061Q FP -186963510.99 7800843297.85
PAGESJAUNES GRP PAJGBP EO -3061283156.27 1202048352.1
CARRERE GROUP CAR2 EU -23319835.34 364475420.31
SELCODIS SLCO EU -21481214.33 175720770.81
PAGESJAUNES GRP PAJ BQ -3061283156.27 1202048352.1
Selcodis SPVX FP -21481214.33 175720770.81
PAGESJAUNES GRP PAJ FP -3061283156.27 1202048352.1
SELCODIS SLCO EO -21481214.33 175720770.81
MATUSSIERE & FOR MTUSF US -77896683.67 293868350.79
MB RETAIL EUROPE MBRE EO -46169771.5 134467847.56
OROSDI-BACK OROS EU -7291.55 131233317.62
OUTSIDE LIVING I NORT EO -35623999.56 117566786.87
GRANDE PAROISSE GAPA FP -927267926.9 629287290
OROSDI-BACK OROS PZ -7291.55 131233317.62
MB RETAIL EUROPE MBRE FP -46169771.5 134467847.56
GRANDE PAROISSE GDPA FP -927267926.9 629287290
SELCODIS SLCO FP -21481214.33 175720770.81
IMMOB HOTELIERE SIH FP -66874823.95 301323804.92
OUTSIDE LIVING I NORT PZ -35623999.56 117566786.87
RHODIA SA RHA TQ -670695098.16 5563991457.04
OUTSIDE LIVING I NORT EU -35623999.56 117566786.87
RHODIA SA RHA EB -670695098.16 5563991457.04
PAGESJAUNES GRP PAJ EU -3061283156.27 1202048352.1
RHODIA SA RHAGBP EO -670695098.16 5563991457.04
THOMSON (EX-TMM) TMM ES -186963510.99 7800843297.85
OROSDI-BACK OROS EO -7291.55 131233317.62
PAGESJAUNES GRP PAJ EB -3061283156.27 1202048352.1
RHODIA SA-RIGHTS 653447Q FP -670695098.16 5563991457.04
THOMSON MULTIMED TMM FP -186963510.99 7800843297.85
PAGESJAUNES GRP PAJ PZ -3061283156.27 1202048352.1
THOMSON (EX-TMM) TMMN FP -186963510.99 7800843297.85
PAGESJAUNES GRP PAJ TQ -3061283156.27 1202048352.1
PAGESJAUNES GRP PAJ IX -3061283156.27 1202048352.1
THOMSON (EX-TMM) TMM VX -186963510.99 7800843297.85
THOMSON (EX-TMM) TMMLF US -186963510.99 7800843297.85
RHODIA SA RHA BQ -670695098.16 5563991457.04
CARRERE GROUP XRR GR -23319835.34 364475420.31
IMMOB HOTELIERE IMMH IX -66874823.95 301323804.92
IMMOB HOTELIERE IMHO PZ -66874823.95 301323804.92
RHODIA SA RHDAF US -670695098.16 5563991457.04
THOMSON (EX-TMM) TMS FP -186963510.99 7800843297.85
OUTSIDE LIVING I OLIN FP -35623999.56 117566786.87
IMMOB HOTELIERE IMHO FP -66874823.95 301323804.92
PAGESJAUNES GRP QS3 GR -3061283156.27 1202048352.1
OROSDI-BACK ORBA FP -7291.55 131233317.62
MB RETAIL EUROPE MBRE PZ -46169771.5 134467847.56
THOMSON (EX-TMM) TMM LN -186963510.99 7800843297.85
IMMOB HOTELIERE IMHO EO -66874823.95 301323804.92
IMMOB HOTEL BALN IMHB FP -66874823.95 301323804.92
PAGESJAUNES GRP PAJ EO -3061283156.27 1202048352.1
OROSDI-BACK BACK IX -7291.55 131233317.62
RHODIA SA RHDI GR -670695098.16 5563991457.04
CARRERE GROUP CARG FP -23319835.34 364475420.31
RHODIA SA RHAY IX -670695098.16 5563991457.04
CARRERE GROUP CRGP IX -23319835.34 364475420.31
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UNITED KINGDOM
--------------
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SKYEPHARMA PLC SKP LN -130883498.29 153620497.99
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M 2003 PLC MTWOF US -2203513803.24 7204891601.83
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MFI FURNITURE GR MFI LN -84844622.18 585251745.06
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MARCONI PLC MONI BB -2203513803.24 7204891601.83
JESSOPS PLC JSP EU -42702021.2 112964060.38
BRITISH SKY BROA BSYBF US -30607499.6 8332527670.8
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STAGECOACH GROUP SGC2 VX -14183327.87 2231066974.58
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BRITISH SKY BROA BSYUSD EO -30607499.6 8332527670.8
LADBROKES PLC LADNZD EU -478059993.74 1887316678.66
LADBROKES PLC LAD EO -478059993.74 1887316678.66
BRITISH SKY BROA BSY IX -30607499.6 8332527670.8
GREECE
------
HELLAS ONLINE SA HOL GA -18667491.57 432785331.49
UNITED TEXTILES UTEX EU -44175513.67 341686153.14
ALTEC SA -AUCT ALTECE GA -110161512.58 260065350.83
NAOUSSA SPIN -RT NAOYD GA -44175513.67 341686153.14
AG PETZETAKIS SA PETZK EU -28368224.67 235628427.44
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UNITED TEXTILES UTEX GA -44175513.67 341686153.14
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AG PETZETAKIS SA PTZ1 GR -28368224.67 235628427.44
ALTEC SA INFO-RT ALTED GA -110161512.58 260065350.83
NAOUSSA SPINNING NML GR -44175513.67 341686153.14
ALTEC SA INFO ALTEC PZ -110161512.58 260065350.83
CROATIA
-------
OT OPTIMA TELEKO OPTERA CZ -46364581.24 128095158.43
OT OPTIMA TELEKO 2299892Z CZ -46364581.24 128095158.43
BRODOGRADE INDUS 3MAJRA CZ -322247407.73 263945276.33
IPK OSIJEK DD OS IPKORA CZ -12114019.44 135803427.79
HUNGARY
-------
HUNGARIAN TELEPH HUC EX -41577000 1251297920
INVITEL HOLD-ADR 0IN GR -41577000 1251297920
HUNGARIAN TELEPH HUGC IX -41577000 1251297920
INVITEL HOLD-ADR IHO US -41577000 1251297920
INVITEL HOLDINGS 3212873Z HB -41577000 1251297920
HUNGARIAN TELEPH HUC GR -41577000 1251297920
IRELAND
-------
ELAN CORP PLC ELN LN -223400000 1844599936
WATERFORD WED-UT WWWD PZ -505729895.23 820803256.03
ELAN CORP PLC ELNGBX EO -223400000 1844599936
ELAN CORP-ADR UT ELN/E US -223400000 1844599936
WATERFORD WED-UT WTFU ID -505729895.23 820803256.03
WATERFORD WED-UT WTFU IX -505729895.23 820803256.03
ELAN CORP PLC ELN EO -223400000 1844599936
WATERFORD WDGEWD WATWF US -505729895.23 820803256.03
ELAN CORP PLC ELNUSD EO -223400000 1844599936
ELAN CORP PLC ELA LN -223400000 1844599936
ELAN CORP PLC ELN TQ -223400000 1844599936
WATERFORD WE-RTS WTFN VX -505729895.23 820803256.03
WATERFORD WE-RTS WTFN LN -505729895.23 820803256.03
ELAN CORP-ADR ELN US -223400000 1844599936
WATERFORD WED-UT WTFU EU -505729895.23 820803256.03
ELAN CORP PLC ELN ID -223400000 1844599936
WATERFORD W-ADR WATWY US -505729895.23 820803256.03
WATERFORD - RTS WWWB GR -505729895.23 820803256.03
ELAN CORP PLC ELN EU -223400000 1844599936
WATERFORD - RTS 508519Q LN -505729895.23 820803256.03
ELAN CORP PLC ELNCF US -223400000 1844599936
ELAN CORP-ADR EAN GR -223400000 1844599936
WATERFORD WED-RT WWWD ID -505729895.23 820803256.03
WATERFORD WED-RT WWWD GR -505729895.23 820803256.03
WATERFORD-SUB 3001875Z ID -505729895.23 820803256.03
WATERFORD WED-RT WWWC ID -505729895.23 820803256.03
WATERFORD WED-RT WTFR LN -505729895.23 820803256.03
WATERFORD WE-RTS WTFN ID -505729895.23 820803256.03
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WATERFORD - RTS WWWB ID -505729895.23 820803256.03
WATERFORD WED-UT WTFU PO -505729895.23 820803256.03
WATERFORD WED-UT WWW PO -505729895.23 820803256.03
ELAN CORP PLC ELN NR -223400000 1844599936
WATERFORD WED-UT WTFUGBX EO -505729895.23 820803256.03
WATERFORD WED-RT 586552Q LN -505729895.23 820803256.03
ELAN CORP PLC ECN VX -223400000 1844599936
WATERFORD-ADR UT WFWA GR -505729895.23 820803256.03
ELAN CORP PLC ELNUSD EU -223400000 1844599936
ELAN CORP-ADR EANG IX -223400000 1844599936
ELAN CORP PLC ELNGBP EO -223400000 1844599936
WATERFORD WED-UT WTFUGBX EU -505729895.23 820803256.03
ELAN CORP PLC DRXG IX -223400000 1844599936
ELAN CORP PLC DRX1 PZ -223400000 1844599936
WATERFORD WDGEWD WATFF US -505729895.23 820803256.03
WATERFORD-ADR UT WATFZ US -505729895.23 820803256.03
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WATERFORD WED-UT WTFU LN -505729895.23 820803256.03
WATERFORD - RTS WWWA ID -505729895.23 820803256.03
ELAN CORP-CVR ELNZV US -223400000 1844599936
ELAN CORP-ADR QUNELN AU -223400000 1844599936
WATERFORD WED-RT 586556Q LN -505729895.23 820803256.03
ELAN CORP-CVR LCVRZ US -223400000 1844599936
WATERFORD WED-RT WWWC GR -505729895.23 820803256.03
WATERFORD - RTS WWWA GR -505729895.23 820803256.03
WATERFORD WE-RTS WTFF LN -505729895.23 820803256.03
ELAN CORP-ADR ELAD LN -223400000 1844599936
ELAN CORP PLC ELA PO -223400000 1844599936
ELAN CORP PLC ELA IX -223400000 1844599936
WATERFORD WED-UT WTFU EO -505729895.23 820803256.03
ELAN CORP PLC ELN IX -223400000 1844599936
ELAN CORP/OLD 1295Z ID -323100000 1737800064
ELAN CORP PLC DRX GR -223400000 1844599936
WATERFORD WED-UT WWW GR -505729895.23 820803256.03
WATERFORD WE-RTS WTFF ID -505729895.23 820803256.03
ICELAND
-------
EIMSKIPAFELAG HF HFEIM IR -223771648 2277793536
EIMSKIPAFELAG HF HFEIMEUR EO -223771648 2277793536
AVION GROUP B1Q GR -223771648 2277793536
EIMSKIPAFELAG HF AVION IR -223771648 2277793536
EIMSKIPAFELAG HF HFEIM PZ -223771648 2277793536
EIMSKIPAFELAG HF HFEIM EO -223771648 2277793536
EIMSKIPAFELAG HF HFEIM EU -223771648 2277793536
EIMSKIPAFELAG HF HFEIMEUR EU -223771648 2277793536
ITALY
-----
LAZIO SPA SSLI PZ -15482934.18 260633690.01
PARMALAT FINA-RT PRFR AV -18419390028.95 4120687886.18
TISCALI SPA TIS TQ -24638454.05 1569205599.82
TISCALI SPA TIS PZ -24638454.05 1569205599.82
TISCALI SPA TIS NA -24638454.05 1569205599.82
TISCALI SPA TIS VX -24638454.05 1569205599.82
TECNODIFF ITALIA TDI NM -89894162.82 152045757.48
I VIAGGI DEL VEN VVE EO -73353723.87 448043832.77
TECNODIFFUSIONE TDIAAW IM -89894162.82 152045757.48
TECNODIFF-RTS TDIAOW NM -89894162.82 152045757.48
COIN SPA/OLD GC IM -151690764.75 791310848.67
TECNODIFF ITALIA TDI IM -89894162.82 152045757.48
COIN SPA GC IX -151690764.75 791310848.67
COIN SPA-RTS GCAA IM -151690764.75 791310848.67
TISCALI SPA TIS EO -24638454.05 1569205599.82
TISCALI SPA TIS EU -24638454.05 1569205599.82
SNIA SPA-NEW SN00 IM -97720525.24 339401569.86
TISCALI SPA TIS IX -24638454.05 1569205599.82
SNIA SPA SSMLF US -97720525.24 339401569.86
RONCADIN SPA-RT RONAA IM -26843216.33 117951651.43
TISCALI SPA TIQG IX -24638454.05 1569205599.82
OLCESE VENEZIANO OLVE IM -12846689.89 179691572.79
TISCALI SPA TISGBP EO -24638454.05 1569205599.82
SNIA SPA SN EU -97720525.24 339401569.86
SNIA SPA-RCV SNIVF US -97720525.24 339401569.86
ARENA SPA ARE2 TQ -26843216.33 117951651.43
I VIAGGI DEL VEN VVE EU -73353723.87 448043832.77
BINDA SPA BND IM -11146475.29 128859802.94
SNIA BPD-ADR SBPDY US -97720525.24 339401569.86
ARENA SPA AREI PZ -26843216.33 117951651.43
SNIA SPA SN TQ -97720525.24 339401569.86
BINDA SPA BNDAF US -11146475.29 128859802.94
TISCALI SPA- RTS TIQ1 GR -24638454.05 1569205599.82
TECNODIFF ITALIA TEF GR -89894162.82 152045757.48
CART SOTTRI-BIND DEM IM -11146475.29 128859802.94
PARMALAT FINANZI PMLFF US -18419390028.95 4120687886.18
I VIAGGI DEL VEN VVE IX -73353723.87 448043832.77
I VIAGGI DEL VEN VVE IM -73353723.87 448043832.77
I VIAGGI-RTS VVEAA IM -73353723.87 448043832.77
I VIAGGI DEL VEN VVE TQ -73353723.87 448043832.77
OMNIA NETWORK SP ONT PZ -14203645.83 330093845.4
TISCALI SPA TISN NA -24638454.05 1569205599.82
TISCALI SPA TIS FP -24638454.05 1569205599.82
TISCALI SPA- RTS TISAXA IM -24638454.05 1569205599.82
TISCALI SPA TISGBX EU -24638454.05 1569205599.82
TISCALI SPA TISGBX EO -24638454.05 1569205599.82
TISCALI SPA TISN IX -24638454.05 1569205599.82
TISCALI SPA TISN IM -24638454.05 1569205599.82
TISCALI SPA TIS IM -24638454.05 1569205599.82
OLCESE SPA O IM -12846689.89 179691572.79
ARENA SPA ARE2 EU -26843216.33 117951651.43
COIN SPA 965089Q GR -151690764.75 791310848.67
SOCOTHERM SPA SCT TQ -28370270.37 537950362.36
PARMALAT FINANZI FICN AV -18419390028.95 4120687886.18
CREDITO FOND-RTS CRFSA IM -200209050.26 4213063202.32
SNIA SPA SIAI IX -97720525.24 339401569.86
SNIA SPA-DRC SNR00 IM -97720525.24 339401569.86
COMPAGNIA ITALIA CGLUF US -137726596.25 527372691.43
I VIAGGI DEL VEN IVGIF US -73353723.87 448043832.77
SNIA SPA-2003 SH SN03 IM -97720525.24 339401569.86
PARMALAT FINANZI PARAF US -18419390028.95 4120687886.18
SOCOTHERM SPA SCTM IX -28370270.37 537950362.36
SOCOTHERM SPA SCTI PZ -28370270.37 537950362.36
OMNIA NETWORK SP ONT EO -14203645.83 330093845.4
LAZIO SPA 571260Q US -15482934.18 260633690.01
TISCALI SPA TISN VX -24638454.05 1569205599.82
SNIA SPA-RIGHTS SNAW IM -97720525.24 339401569.86
SNIA SPA SN EO -97720525.24 339401569.86
COIN SPA GUCIF US -151690764.75 791310848.67
TISCALI SPA TIQ GR -24638454.05 1569205599.82
SNIA SPA-RTS SNAA IM -97720525.24 339401569.86
SNIA SPA SN IM -97720525.24 339401569.86
SNIA BPD SN GR -97720525.24 339401569.86
LAZIO SPA LZO GR -15482934.18 260633690.01
ARENA SPA ARE IM -26843216.33 117951651.43
ARENA SPA RNCNF US -26843216.33 117951651.43
CIRIO FINANZIARI FIY GR -422095869.5 1583083044.16
PARMALAT FINANZI PAF GR -18419390028.95 4120687886.18
TISCALI SPA TSCXF US -24638454.05 1569205599.82
SNIA SPA SIAI PZ -97720525.24 339401569.86
PARMALAT FINANZI PRF IM -18419390028.95 4120687886.18
LAZIO SPA SSLZF US -15482934.18 260633690.01
SOCOTHERM SPA SOCEF US -28370270.37 537950362.36
OLCESE SPA-RTS OAA IM -12846689.89 179691572.79
ARENA SPA RON IX -26843216.33 117951651.43
RONCADIN SPA RON IM -26843216.33 117951651.43
ARENA SPA RON GR -26843216.33 117951651.43
PARMALAT FINANZI PRFI VX -18419390028.95 4120687886.18
I VIAGGI DEL VEN VVE PZ -73353723.87 448043832.77
RONCADIN SPA-RTS RONAAW IM -26843216.33 117951651.43
TECNODIFF ITALIA TDIFF US -89894162.82 152045757.48
SNIA SPA SBPDF US -97720525.24 339401569.86
TISCALI SPA TISN FP -24638454.05 1569205599.82
SOCOTHERM SPA SCT IM -28370270.37 537950362.36
SOCOTHERM SPA SCT EU -28370270.37 537950362.36
SOCOTHERM SPA SCT EO -28370270.37 537950362.36
ARENA SPA ARE2 EO -26843216.33 117951651.43
CIRIO FINANZIARI CRO IM -422095869.5 1583083044.16
PARMALAT FINANZI PMT LI -18419390028.95 4120687886.18
I VIAGGI DEL VEN IV7 GR -73353723.87 448043832.77
SNIA SPA-CONV SA SPBDF US -97720525.24 339401569.86
SNIA SPA-RTS SNSO IM -97720525.24 339401569.86
SNIA SPA-RNC SNRNC IM -97720525.24 339401569.86
SNIA SPA-RNC SNIWF US -97720525.24 339401569.86
LAZIO SPA SSL1 EU -15482934.18 260633690.01
SNIA SPA-NON CON SPBNF US -97720525.24 339401569.86
COMPAGNIA ITALIA ICT IM -137726596.25 527372691.43
OMNIA NETWORK SP ONTI IX -14203645.83 330093845.4
SNIA SPA SNIB GR -97720525.24 339401569.86
OMNIA NETWORK SP ONT TQ -14203645.83 330093845.4
SNIA SPA-RCV SNR IM -97720525.24 339401569.86
SNIA SPA SNIXF US -97720525.24 339401569.86
LAZIO SPA SSL1 EO -15482934.18 260633690.01
COMPAGNIA ITALIA CITU IX -137726596.25 527372691.43
CREDITO FONDIARI CRF IM -200209050.26 4213063202.32
LAZIO SPA-RTS SSLAZ IM -15482934.18 260633690.01
LAZIO SPA-RTS SSLAA IM -15482934.18 260633690.01
OMNIA NETWORK SP ONT EU -14203645.83 330093845.4
OMNIA NETWORK SP ONT IM -14203645.83 330093845.4
LAZIO SPA SSL IM -15482934.18 260633690.01
LAZIO SPA LZO1 GR -15482934.18 260633690.01
LAZIO SPA SSL1 IX -15482934.18 260633690.01
SNIA SPA - RTS SNAAW IM -97720525.24 339401569.86
SNIA SPA- RTS SNAXW IM -97720525.24 339401569.86
TISCALI SPA TIS NR -24638454.05 1569205599.82
SNIA SPA SNIA GR -97720525.24 339401569.86
LUXEMBOURG
----------
CARRIER1 INTL SA CONEF US -94729000 472360992
CARRIER1 INT-ADR CONEQ US -94729000 472360992
CARRIER1 INTL CJN GR -94729000 472360992
CARRIER1 INT-AD+ CONE ES -94729000 472360992
CARRIER1 INTL CJN NM -94729000 472360992
CARRIER1 INTL SA 1253Z SW -94729000 472360992
CARRIER1 INT-ADR CONE US -94729000 472360992
CARRIER1 INT-ADR CONEE US -94729000 472360992
CARRIER1 INTL CJNA GR -94729000 472360992
NETHERLANDS
-----------
BAAN COMPANY NV BAAN EU -7854741.41 609871188.88
UNITED PAN-EUROP UPCOF US -5505478849.55 5112616630.06
JAMES HARDIE IND 726824Z NA -37500000 1827000064
ICBS INTERNATION ICBOE US -69320 127631096
BAAN COMPANY NV BAAN EO -7854741.41 609871188.88
JAMES HARDIE NV JHXCC AU -37500000 1827000064
UNITED PAN-EUR-A UPC NA -5505478849.55 5112616630.06
UNITED PAN-EUROP UPC VX -5505478849.55 5112616630.06
BAAN COMPANY NV BAAN IX -7854741.41 609871188.88
UNITED PAN-EUR-A UPC LI -5505478849.55 5112616630.06
UNITED PAN-EUROP UPE GR -5505478849.55 5112616630.06
UNITED PAN-EUROP UPE1 GR -5505478849.55 5112616630.06
UNITED PAN-EUROP UPCEF US -5505478849.55 5112616630.06
UNITED PAN-A ADR UPCOY US -5505478849.55 5112616630.06
JAMES HARDIE IND HAH AU -37500000 1827000064
UNITED PAN -ADR UPEA GR -5505478849.55 5112616630.06
JAMES HARDIE-ADR JHX US -37500000 1827000064
JAMES HARDIE IND 600241Q GR -37500000 1827000064
GLOBALNETCARE GBCRE US -69320 127631096
BUSINESSWAY INTL BITLE US -69320 127631096
BAAN COMPANY-NY BAANF US -7854741.41 609871188.88
ROYAL INVEST INT RIIC US -69320 127631096
ICBS INTERNATION ICBO US -69320 127631096
WAH KING INVEST WAHK US -69320 127631096
GLOBALNETCARE GBCR US -69320 127631096
BAAN COMPANY NV BNCG IX -7854741.41 609871188.88
WAH KING INVEST WAHKE US -69320 127631096
JAMES HARDIE-CDI JHIUF US -37500000 1827000064
JAMES HARDIE-CDI JHX AU -37500000 1827000064
JAMES HARDIE-ADR JHINY US -37500000 1827000064
JAMES HARDIE-CDI JHA GR -37500000 1827000064
BAAN COMPANY NV BAAN NA -7854741.41 609871188.88
JAMES HARDIE IND HAH NZ -37500000 1827000064
BUSINESSWAY INTL BITL US -69320 127631096
BAAN COMPANY NV BAAN GR -7854741.41 609871188.88
BAAN CO NV-ASSEN BAANA NA -7854741.41 609871188.88
BAAN COMPANY NV BAAVF US -7854741.41 609871188.88
UNITED PAN-EUR-A UPC LN -5505478849.55 5112616630.06
CNW ORLANDO INC CNWD US -69320 127631096
BAAN COMPANY NV BAAN PZ -7854741.41 609871188.88
NORWAY
------
PETRO GEO-SERV PGS GR -18066142.21 399710323.59
PETRO GEO-SERV PGS VX -18066142.21 399710323.59
PETRO GEO-SV-ADR PGSA GR -18066142.21 399710323.59
PETRO GEO-SV-ADR PGOGY US -18066142.21 399710323.59
PETRO GEO-SERV-N PGSN NO -18066142.21 399710323.59
PETRO GEO-SERV 265143Q NO -18066142.21 399710323.59
POLAND
------
KROSNO SA KRNFF US -2241614.77 111838141.19
KROSNO SA KRS PZ -2241614.77 111838141.19
TOORA 2916661Q EO -288818.39 147004954.18
TOORA-ALLOT CERT TORA PW -288818.39 147004954.18
KROSNO SA KRS1 EO -2241614.77 111838141.19
KROSNO SA-RTS KRSP PW -2241614.77 111838141.19
KROSNO-PDA-ALLT KRSA PW -2241614.77 111838141.19
TOORA TOR PW -288818.39 147004954.18
KROSNO KRS1EUR EO -2241614.77 111838141.19
KROSNO KRS1EUR EU -2241614.77 111838141.19
KROSNO SA KROSNO PW -2241614.77 111838141.19
TOORA 2916665Q EU -288818.39 147004954.18
KROSNO KRS PW -2241614.77 111838141.19
KROSNO SA KRS1 EU -2241614.77 111838141.19
TOORA TOR PZ -288818.39 147004954.18
KROSNO KROS IX -2241614.77 111838141.19
PORTUGAL
--------
COFINA CFNX PX -9882836.46 319233214.35
SPORTING-SOC DES SCP PL -6889744.9 191103206.82
SPORTING-SOC DES SCDF PL -6889744.9 191103206.82
COFINA COFSI IX -9882836.46 319233214.35
SPORTING-SOC DES SCP1 PZ -6889744.9 191103206.82
SPORTING-SOC DES SCPL IX -6889744.9 191103206.82
COFINA COFI PL -9882836.46 319233214.35
COFINA COFI EO -9882836.46 319233214.35
VAA VISTA ALEGRE VAF PL -39167460.3 153384027.27
SPORTING-SOC DES SCPX PX -6889744.9 191103206.82
VAA VISTA ALTAN VAFK PL -39167460.3 153384027.27
SPORTING-SOC DES SCDF EU -6889744.9 191103206.82
COFINA COFI TQ -9882836.46 319233214.35
COFINA CFASF US -9882836.46 319233214.35
VAA VISTA ALEGRE VAF EU -39167460.3 153384027.27
VAA VISTA ALTAN VAFKX PX -39167460.3 153384027.27
VAA VISTA ALTAN VAFK PZ -39167460.3 153384027.27
PORCELANA VISTA PVAL PL -39167460.3 153384027.27
COFINA CFN PL -9882836.46 319233214.35
COFINA COFI EU -9882836.46 319233214.35
SPORTING-SOC DES SCDF EO -6889744.9 191103206.82
VAA VISTA ALEGRE VAF EO -39167460.3 153384027.27
VAA VISTA ALEGRE VAFX PX -39167460.3 153384027.27
COFINA CFN1 PZ -9882836.46 319233214.35
VAA VISTA ALEGRE VAF PZ -39167460.3 153384027.27
SPORTING-SOC DES SCG GR -6889744.9 191103206.82
VAA VISTA ALTAN VAFK EO -39167460.3 153384027.27
VAA VISTA ALTAN VAFK EU -39167460.3 153384027.27
ROMANIA
-------
OLTCHIM RM VALCE OLTEUR EO -16862370.58 614340383.91
OLTCHIM RM VALCE OLT EO -16862370.58 614340383.91
ARDAF ARDF RO -42156432.94 108310369.33
OLTCHIM RM VALCE OLTCF US -16862370.58 614340383.91
UZINELE SODICE G UZIM RO -35878364.71 104942905.83
OLTCHIM RM VALCE OLT PZ -16862370.58 614340383.91
OLTCHIM RM VALCE OLT RO -16862370.58 614340383.91
RAFO SA RAF RO -457922636.25 356796459.26
OLTCHIM RM VALCE OLT EU -16862370.58 614340383.91
OLTCHIM RM VALCE OLTEUR EU -16862370.58 614340383.91
METANOLSKO SIRCE MSKK SG -152438442.69 135641001.94
ZASTAVA AUTOMOBI ZAKG SG -396504649.08 174692011.08
DUVANSKA DIVR SG -7729350.78 109207260.53
RUSSIA
------
SAMARANEFTEGAS-P SMNGP RM -331600428.45 891998590.74
ALFA CEMENT-BRD AFMTF US -672832.37 105454563.92
ALFA CEMENT-BRD ALCE* RU -672832.37 105454563.92
SAMARANEFTEGA-P$ SMNGP RU -331600428.45 891998590.74
SAMARANEFTEGAS SMNG* RU -331600428.45 891998590.74
ZIL AUTO PLANT ZILL$ RU -165713442.78 328106800.85
AMO ZIL-CLS ZILL* RU -165713442.78 328106800.85
URGALUGOL-BRD-PF YRGLP RU -14863411.56 135736934.02
AMO ZIL-CLS ZILL RU -165713442.78 328106800.85
ZIL AUTO PLANT-P ZILLP* RU -165713442.78 328106800.85
ALFA CEMENT-BRD ALCE RU -672832.37 105454563.92
EAST-SIBERIAN-BD VSNK$ RU -100985377.37 116491783.13
AKCIONERNOE-BRD SOVP$ RU -110204703.34 120620770.43
KOMPANIYA GL-BRD GMST RU -72805537.11 1148203682.9
KOMPANIYA GL-BRD GMST* RU -72805537.11 1148203682.9
SAMARANEFTEGAS-P SMNGP* RU -331600428.45 891998590.74
GUKOVUGOL GUUG RU -57835245.31 143665227.24
DAGESTAN ENERGY DASB RU -24834103.03 105689368.23
DAGESTAN ENERGY DASB RM -24834103.03 105689368.23
DAGESTAN ENERGY DASB* RU -24834103.03 105689368.23
GUKOVUGOL GUUG* RU -57835245.31 143665227.24
ZIL AUTO PLANT-P ZILLP RU -165713442.78 328106800.85
TERNEYLES-BRD TERL RU -15178937.2 182115156.77
SAMARANEFTEGAS-$ SMNG RU -331600428.45 891998590.74
URGALUGOL-BRD YRGL* RU -14863411.56 135736934.02
AMO ZIL ZILL RM -165713442.78 328106800.85
EAST-SIBERIA-BRD VSNK* RU -100985377.37 116491783.13
VIMPEL SHIP-BRD SOVP* RU -110204703.34 120620770.43
SAMARANEFTEGAS SMNG RM -331600428.45 891998590.74
EAST-SIBERIA-BRD VSNK RU -100985377.37 116491783.13
SAMARANEFTEGAS SMNG$ RU -331600428.45 891998590.74
ZIL AUTO PLANT-P ZILLP RM -165713442.78 328106800.85
TERNEYLES-BRD TERL* RU -15178937.2 182115156.77
GUKOVUGOL-PFD GUUGP RU -57835245.31 143665227.24
VIMPEL SHIP-BRD SOVP RU -110204703.34 120620770.43
SAMARANEFTEGAS-P SMNGP$ RU -331600428.45 891998590.74
URGALUGOL-BRD YRGL RU -14863411.56 135736934.02
GUKOVUGOL-PFD GUUGP* RU -57835245.31 143665227.24
SAMARANEFTEGAS SVYOF US -331600428.45 891998590.74
TURKEY
------
YASARBANK YABNK TI -4024959601.58 2643810456.86
IKTISAT FINAN-RT IKTFNR TI -46900661.12 108228233.63
ZORLU ENERJI-ADR ZRLUY US -91603977.68 1725908124.2
SIFAS SIFAS TI -15439198.6 130608103.96
ZORLU ENERJI ELE ZOREN TI -91603977.68 1725908124.2
ZORLU ENERJI ELE ZORENM TI -91603977.68 1725908124.2
EGS EGE GIYIM-RT EGDISR TI -7732138.55 147075066.65
MUDURNU TAVUKC-N MDRNUN TI -64930189.62 160408172.1
ZORLU ENERJI ELE ZRLUF US -91603977.68 1725908124.2
MUDURNU TAVUKCUL MDRNU TI -64930189.62 160408172.1
TUTUNBANK TUT TI -4024959601.58 2643810456.86
IKTISAT FINANSAL IKTFN TI -46900661.12 108228233.63
EGS EGE GIYIM VE EGDIS TI -7732138.55 147075066.65
UKRAINE
-------
DNIPROOBLENERGO DNON UZ -20762857.28 271459240.45
ZAPORIZHOBLENERG ZAON UZ -9405838.12 126687446.19
DNEPROPETROVSK DMZP UZ -15926384.43 424303604.81
LUGANSKOBLENERGO LOEN UZ -25962109.73 198804344.57
DONETSKOBLENERGO DOON UZ -215120607.25 374165068.75
*********
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, Joy A. Agravante 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 * * *