/raid1/www/Hosts/bankrupt/TCREUR_Public/090714.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 14, 2009, Vol. 10, No. 137
Headlines
A U S T R I A
AUSTRIAN AIRLINES: EU Finds Lufthansa's Concessions Inferior
BARTL JOHANN: Claims Filing Deadline is August 5
FRIEDRICH KARLON: Creditors Must File Claims by August 26
HUNDESALON WUFF: Claims Filing Deadline is August 11
LIEBETEGGER SVEN: Creditors Must File Claims by July 21
MUSTAFA OEZDEMIR: Creditors Must File Claims by July 21
B U L G A R I A
PETROL AD: Fitch Cuts Long-Term Issuer Default Rating to 'CC'
F R A N C E
PEUGEOT CITROEN: Secures EUR1.5 Bln of Two-Year Loans From Banks
G E R M A N Y
ARCANDOR AG: Quelle to Resume Operations After Securing Loan
DEUTSCHE PFANDBRIEFBANK: Moody's Takes Rating Actions on Bonds
ESCADA AG: May Cease Trading; In Talks with Insolvency Experts
GENERAL MOTORS: RHJ in Advance Talks to Buy Major Stake in Opel
HAPAG-LLOYD AG: Tui Supervisory Board Authorizes Further Aid
PORSCHE AUTOMOBIL: VW Sweetens Bid for 49.9% Stake in Porsche AG
I R E L A N D
KIRK SPV: Moody's Junks Ratings on Class B5 & B6 Unfunded Swaps
NEWSROUND TOYCITY: In Liquidation; Murray Named as Liquidator
O'BRIEN'S SANDWICH: To Close Nine Irish Stores Under Rescue Plan
K A Z A K H S T A N
BIOS PHARM: Creditors Must File Claims by July 17
PROM TECH: Creditors Must File Claims by July 17
L TRADE: Creditors Must File Claims by July 17
SYMBAT STROY: Creditors Must File Claims by July 17
TEMIR STROY: Creditors Must File Claims by July 17
TRISTAN OIL: Lack of Transparency Cues Fitch to Junk Ratings
K Y R G Y Z S T A N
AGRO CONTACT: Creditors Must File Claims by August 7
N E T H E R L A N D S
E-MAC NL 2002-I: Moody's Junks Ratings on Three Classes of Notes
R U S S I A
B&N BANK: Fitch Changes Outlook to Negative; Affirms 'B-' Rating
GALLERY MEDIA: Moody's Cuts Probability of Default Rating to 'Ca'
GAZ OAO: Alfa Bank Balks at Debt Restructuring Deal
MECHEL OAO: Set to Sign Debt Restructuring Deal
PROBUSINESSBANK: Fitch Puts 'B-' Issuer Ratings on Negative Watch
RAIFFEISENBANK ZAO: Fitch Assigns 'D' Individual Rating
SHIPREPAIRING-PRIMORSKIY OJSC: Claims Filing Period Ends Aug. 10
TONOT LLC: Creditors Must File Claims by August 10
TVER-INVA-STROY LLC: Creditors Must File Claims by August 5
VLADIKAVKAZSKIY INSTRUMENT: Creditors Must File Claims by August 5
S P A I N
TDA IBERCAJA: Moody's Assigns (P)'C' Rating on Series B Notes
S W I T Z E R L A N D
ARBIG IMMO GMBH: Claims Filing Deadline is July 20
BERNARDI EDV: Creditors Must File Claims by July 22
HRB PARKETT: Creditors Must File Claims by July 24
SWISSALP IMMO: Claims Filing Deadline is July 20
U K R A I N E
COMPLEX SMV: Creditors Must File Claims by August 1
OKSANA LLC: Creditors Must File Claims by August 1
SHARM CJSC: Creditors Must File Claims by August 1
UKRAINE AUTO: Moody's Junks Ratings on US$18.7 Mln Class B Notes
UKRAINE MORTGAGE: Moody's Cuts Rating on Class B Notes to 'B3'
U N I T E D K I N G D O M
ASTON MARTIN: To Cut 95 Jobs at Gaydon Plant
BRITISH AIRWAYS: Shareholders Support GBP500 Mln Rights Issue
BRITISH AIRWAYS: Spain's Iberia Wants to Close Merger Deal
EMI GROUP: Terra Firm in Talks with Citigroup Over Restructuring
FOCUS DIY: Ernst & Young to Submit Business Review on Friday
LLOYDS BANKING: Set to Reveal GBP13 Bln of Write-Offs on Bad Debts
QUADRANT HOUSING: Moody's Lifts Rating on GBP130MM Bonds from Ba3
TATA MOTORS: JLR May Extend Closure of Three UK Plants
TATA STEEL: Corus to Slash Another 366 Jobs at Scunthorpe Plant
VIRGIN MEDIA: S&P Raises Rating on Junior-Lien Facility to 'BB-'
* Large Companies with Insolvent Balance Sheet
*********
=============
A U S T R I A
=============
AUSTRIAN AIRLINES: EU Finds Lufthansa's Concessions Inferior
------------------------------------------------------------
Nikki Tait and Gerrit Wiesmann at The Financial Times report that
the European Commission accused Germany's Deutsche Lufthansa AG,
which is eyeing a takeover of Austrian Airlines AG, of submitting
new antitrust concessions that were inferior to its previous
offer.
According to the FT, competition officials at the Commision have
concerns about the takeover deal -- in particular, in respect of
routes from Vienna to Frankfurt, Munich, Stuttgart, Cologne,
Zurich, Geneva and Brussels. The FT relates the German carrier
acknowledged that it had presented the Commission with new
proposals that were "different" from the package of remedies first
proposed.
The Commission, the FT says, now has until November to reach a
final decision. The FT notes Commission officials however
indicated that they would try to work quickly -- and meet a July
deadline -- if Lufthansa came back with additional, satisfactory
concessions.
"Unless there's a miracle, we will not be in a position to launch
a procedure for a decision later this month," the FT quoted a
spokesman for Neelie Kroes, EU competition commissioner, as
saying. "It is very difficult to understand why they [Lufthansa]
are adopting this approach if they want a rapid decision."
On July 9, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported Lufthansa said in February that it has
the right to withdraw if the EU doesn't approve the sale by the
end of July.
As reported in the Troubled Company Reporter-Europe on February 9,
2009, Reuters said Austrian state holding company and key
Austrian Airlines shareholder OeIAG warned the Austrian flag
carrier could go insolvent if a planned takeover by Germany's
Lufthansa falls through.
Austrian Airlines AG -- http://www.austrianairlines.co.at/deu/--
is an Austria-based holding company of Austrian Airlines Group,
operating in the air transportation sector. The Group is
comprised of Austrian Airlines, an operator of scheduled passenger
flights; Lauda Air, which is engaged in the charter flight sector,
and Tyrolean Airways, which operates as a short-haul carrier under
the consumer brand Austrian arrows. The Company divides its
activities into three segments: scheduled services, charter and
complementary services. The scheduled flights of the Group
operate under the brands of Austrian and Austrian arrows, while
charter flights are handled under the Lauda Air brand. The
Company has six affiliated companies and six wholly owned
subsidiaries, including Lauda Air Luftfahrt GmbH, Austrian
Airlines Lease & Finance Company Ltd., AUA Beteiligungen GmbH,
Austrian Airlines Technik Marketing GmbH, Austrian Airlines
Technik Bratislava sro and Tyrolean Airways TirolerLuftfahrt GmbH.
BARTL JOHANN: Claims Filing Deadline is August 5
------------------------------------------------
Creditors of Bartl Johann have until August 5, 2009, to file their
proofs of claim.
A court hearing for examination of the claims has been scheduled
for August 19, 2009 at 9:50 a.m.
For further information, contact the company's administrator:
Dr. Felix Stortecky
Schulerstrasse 18
1010 Wien
Austria
Tel: 513 88 37
Fax: 5138837-37
E-mail: office@stortecky.at
FRIEDRICH KARLON: Creditors Must File Claims by August 26
---------------------------------------------------------
Creditors of Friedrich Karlon GmbH have until August 26, 2009, to
file their proofs of claim.
A court hearing for examination of the claims has been scheduled
for September 9, 2009 at noon at:
Land Court of Leoben
Hall 4
First Floor
For further information, contact the company's administrator:
Dr. Reinhard Teubl
Mittergasse 28
8600 Bruck an der Mur
Austria
Tel: 03862/51462
Fax: 03862/51462-10
E-mail: rechtsanwaelte@bzt.at
HUNDESALON WUFF: Claims Filing Deadline is August 11
----------------------------------------------------
Creditors of Hundesalon Wuff Reichert KG have until August 11,
2009, to file their proofs of claim.
A court hearing for examination of the claims has been scheduled
for August 25, 2009 at 11:30 a.m.
For further information, contact the company's administrator:
Mag. Valentin Piskernik
Hochstrasse 31
2380 Perchtoldsdorf
Austria
Tel.: 01/86 93 888
Fax: 01/8691660-33
E-mail: anwalt@aon.at
LIEBETEGGER SVEN: Creditors Must File Claims by July 21
-------------------------------------------------------
Creditors of Liebetegger Sven have until July 21, 2009, to file
their proofs of claim.
A court hearing for examination of the claims has been scheduled
for August 11, 2009 at 12:10 p.m. at:
Land Court of St. Poelten
Room 216
Second Floor
St. Poelten
Austria
For further information, contact the company's administrator:
Dr. Johannes Jaksch
Schiessstattring 35/13
3100 St. Poelten
Austria
Tel: 02742/74 731
Fax: 02742/74 731-22
E-mail: kanzlei@jsr.at
MUSTAFA OEZDEMIR: Creditors Must File Claims by July 21
-------------------------------------------------------
Creditors of Mustafa OEZDEMIR have until July 21, 2009, to file
their proofs of claim.
A court hearing for examination of the claims has been scheduled
for August 11, 2009 at 11:30 a.m. at:
Land Court of St. Poelten
Room 216
Second Floor
St. Poelten
Austria
For further information, contact the company's administrator:
Mag. Alfred Schneider
Klosterrotte 4
3180 Lilienfeld
Austria
Tel: 02762/55 280
Fax: 02762/55 280-20
E-mail: office@derschneider.at
===============
B U L G A R I A
===============
PETROL AD: Fitch Cuts Long-Term Issuer Default Rating to 'CC'
-------------------------------------------------------------
Fitch Ratings has downgraded Bulgaria-based fuel distributor
Petrol AD's Long-term Issuer Default Rating to 'CC' from 'CCC' and
assigned a Negative Outlook. Its EUR100 million notes due in 2011
have also been downgraded to senior unsecured 'CC' from 'CCC' and
the Recovery Rating on the notes is 'RR4.'
Fitch understands from its recent discussions with management that
Petrol AD assumes in its current financial plan that all the
BGN294 million cash spent on share-buybacks in 2008 will be re-
invested by Petrol Holding AD, the company's controlling
shareholder. Petrol AD will then use the re-invested funds to
meet their strategic goals via acquisitions of petrol stations and
other capex by 2011. The target is to replenish lost fuel volumes
and EBITDA caused by the disposal of an important part of Petrol
AD's petrol station network to Lukoil Bulgaria EOOD in H108. This
network accounted for about 30% of previous retail fuel volumes,
and its disposal generated the proceeds used by the company for
the share buy-backs mainly acquired from Petrol Holding AD in
2008.
The downgrade reflects Fitch's view that Petrol Holding AD may be
unable or unwilling to return cash it received in 2008 from the
sale of Petrol AD shares to Naftex Petrol EOOD, a subsidiary of
Petrol AD. Agency forecasts indicate that this cash will be
needed to redeem the company's notes maturing in October 2011.
The notes account for more than 90% of Petrol AD's debt.
The downgrade also incorporates the company's weaker-than-expected
funds from operations and credit metrics, in particular its tight
interest coverage ratio as calculated by the agency for 2009. The
downgrade also reflects delays in the implementation of the
company's plan to acquire smaller petrol station networks in
Bulgaria using the proceeds from the disposal to Lukoil Bulgaria
(some BGN320 million in 2008), largely received in H108. This
will impede the company's efforts to improve cash flow which is
needed for the bond redemption in October 2011.
Fitch is also concerned about Petrol AD's weak corporate
governance standards, which negatively affect the position of
bondholders versus shareholders, as the company is effectively
controlled through Petrol Holding AD by two Bulgarian individuals.
Fitch views the company's financial policy, which includes the use
of hedging and derivates, as risky and aggressive following
substantial losses on derivatives of BGN125 million in 2008, which
were three times higher than the company's pre-disposal EBITDA.
The Negative Outlook reflects the agency's expectations that the
rating may be downgraded again if Petrol AD further delays its
plans to improve its funds from operations and EBITDA to pre-
disposal levels on the back of acquisitions and capex. In such a
scenario, the company would have less time to recover FFO and
EBITDA before the bond redemption date in October 2011.
Petrol AD's net debt/EBITDA is weak compared to other oil refining
and/or fuel marketing companies rated by Fitch. The latest 12-
month (LTM) net debt/EBITDA worsened to 14.3x at end-March 2009,
from 9.8x at FYE08 and 5.6x at FYE07 (Fitch's EBITDA calculation
excludes gains on disposals). While the company's short-term debt
is not substantial at BGN16m or 8% of total debt at end-March
2009, it was not fully covered by unrestricted cash of BGN10m at
that date. As a result, the company's liquidity position is
partly dependent on the improvement of FFO and the renewal of its
working capital bank facility in H209.
Petrol AD is the leading fuel distributor in Bulgaria. It
operates a retail and wholesale distribution business with
domestic market shares of 16% and 14% respectively. Post the
Lukoil disposals, the retail network consisted of 445 petrol
stations at end-2008.
===========
F R A N C E
===========
PEUGEOT CITROEN: Secures EUR1.5 Bln of Two-Year Loans From Banks
----------------------------------------------------------------
Patricia Kuo and Steve Rhinds at Bloomberg News report that PSA
Peugeot Citroen obtained EUR1.5 billion (US$2.1 billion) of
two-year loans from a group of 12 international banks.
Bloomberg relates the company, which got the funds in the form of
a revolving credit, said in a statement on Friday that it will
also receive a GBP420-million (US$680 million) three-year loan
from the French government's Societe de Financement de L'Economie
Francaise. Bloomberg recalls the company got a EUR3-billion loan
from the French government in February.
"Peugeot has sufficient liquidity for 2009 but it has about 5
billion euros of refinancing needs next year," Bloomberg quoted
Frank Hussing, a Frankfurt-based credit analyst with Commerzbank
AG, as saying. "It makes sense for them to raise as much cash as
possible from the capital markets for the possible rainy days in
2010."
As reported in the Troubled Company Reporter-Europe on July 9,
2009, Bloomberg News said Peugeot's sales of cars and light trucks
fell 14% in the first half of 2009 to 1.59 million, compared with
1.85 million a year earlier.
PSA Peugeot Citroen S.A. -- http://www.psa-peugeot-citroen.com/--
is a France-based manufacturer of passenger cars and light
commercial vehicles. It produces vehicles under the Peugeot and
Citroen brands. In addition to its automobile division, the
Company includes Banque PSA Finance, which supports the sale of
Peugeot and Citroen vehicles by financing new vehicle and
replacement parts inventory for dealers and offering financing and
related services to car buyers; Faurecia, an automotive equipment
manufacturer focused on four component families: seats, vehicle
interior, front end and exhaust systems; Gefco, which offers
logistics services covering the entire supply chain, including
overland, sea and air transport, industrial logistics, container
management, vehicle preparation and distribution, and customs and
value added tax (VAT) representation, and Peugeot Motocycles,
which manufactures scooters and motorcycles. In 2008, PSA Peugeot
Citroen S.A. sold over 3.2 million vehicles in 150 countries
worldwide.
* * *
As reported in the Troubled Company Reporter-Europe on June 25,
2009, Fitch Ratings said that Peugeot SA's launch of a minimum
EUR500 million convertible bond and the announcement that it will
post an operating loss of between EUR1 billion-EUR2 billion in
2009 will have no immediate impact on its 'BB+' Long-term Issuer
Default rating and 'B' Short-term IDR. The Outlook on PSA's Long-
term IDR is Negative.
=============
G E R M A N Y
=============
ARCANDOR AG: Quelle to Resume Operations After Securing Loan
------------------------------------------------------------
Patrick Donahue at Bloomberg News reports that Arcandor AG's
Quelle mail-order unit secured a EUR50-million (US$70 million)
loan after it finalized an agreement with banks Friday.
Bloomberg relates Quelle said in an e-mailed statement all
contracts for the insolvency loan were signed on Friday.
According to Bloomberg, Quelle said the loan, which was backed by
Germany's federal government and the states of Saxony and Bavaria,
will enable the unit to deliver its main catalog, run its online
business and make deliveries.
Quelle, as cited by Bloomberg, said it will formulate a
reorganization program in the coming weeks.
On July 8, 2009, the Troubled Company Reporter-Europe, citing Dow
Jones Newswires, reported Quelle said Prinovis stopped printing
the mail-order unit's new catalog due to a lack of material from
suppliers Schlott and Print.Forum.
About Arcandor AG
Germany-based Arcandor AG (FRA:ARO) -- http://www.arcandor.com/--
formerly KarstadtQuelle AG, is a tourism and retail group. Its
three core business areas are tourism, mail order services and
department store retail. The Company's business areas are covered
by its three operating segments: Thomas Cook, Primondo and
Karstadt. Thomas Cook Group plc is a tour operator with
operations in Europe and North America, set up as a result of a
merger between MyTravel and Thomas Cook AG. It also operates the
e-commerce platform, Thomas Cook, supporting travel services.
Primondo has a portfolio of European universal and specialty mail
order companies, including the core brand Quelle. Karstadt
operates a range of department stores, such as cosmopolitan
stores, including KaDeWe (Kaufhaus des Westens), Karstadt
Oberpollinger and Alsterhaus; Karstadt brand department stores;
Karstadt sports department stores, offering sports goods in a
variety of retail outlets, and a portal, karstadt.de that offers
online shopping, among others.
The Troubled Company Reporter-Europe, citing Bloomberg News,
reported that Arcandor on June 9 filed for bankruptcy protection
after the German government turned down its request for loan
guarantees. German Chancellor Angela Merkel, as cited by
Bloomberg, said Arcandor's collapse was "unavoidable" after
investors and banks offered too little to save the retailer.
Bloomberg aid the government on June 8 rejected two
applications for help by Arcandor, which employs 43,000 people.
According to Bloomberg, the retailer sought loan guarantees
of EUR650 million (US$904 million) from Germany's Economy Fund
program as debt came due this week. It also sought a further
EUR437 million from a state-owned bank, Bloomberg said.
DEUTSCHE PFANDBRIEFBANK: Moody's Takes Rating Actions on Bonds
--------------------------------------------------------------
Moody's has taken these rating actions on the Pfandbriefe issued
by Hypo Real Estate Bank AG and Depfa Deutsche Pfandbriefbank AG:
-- Public Sector Covered Bonds (Oeffentliche Pfandbriefe)
originally issued by HRE; affirmed at Aaa; previously on 11
February 2009 affirmed at Aaa;
-- Public Sector Covered Bonds (Oeffentliche Pfandbriefe)
originally issued by Depfa affirmed at Aaa; previously on 11
February 2009 affirmed at Aaa;
-- Mortgage Covered Bonds (Hypothekenpfandbriefe) originally
issued by HRE affirmed at Aa3; previously on 11 February 2009
affirmed at Aa3; and
-- Mortgage Covered Bonds (Hypothekenpfandbriefe) originally
issued by Depfa assigned new definitive Aa3 long-term ratings.
The above affirmations follow the merger of Depfa into HRE on
June 29, 2009 which has resulted in the legal mergers of the
respective cover pools.
HRE has since been renamed Deutsche Pfandbriefbank AG (the
Issuer), and continues to be rated A3/Prime-1/E+, see separate
press release dated July 7, 2009. All outstanding Pfandbriefe
originally issued by HRE and Depfa or their predecessors are now
full recourse to the Issuer.
Moody's notes that as a result of the merger, the assets included
in the cover pool backing both Depfa and HRE's Public Sector
Covered Bonds (rated Aaa) are now backing the public sector
Covered Bonds of the Issuer on a pari passu basis. The same
applies to the assets in the mortgage cover pools and the Mortgage
Covered Bonds (rated Aa3).
Moody's has also assigned definitive ratings to these Mortgage
Covered Bonds, which were originally issued by Depfa and have been
assumed by the combined Mortgage Covered Bond programme as a
result of the merger:
-- DEM11.2 million 6.7% Mortgage Covered Bonds due 28 February
2011 issued on 11 June 1996;
-- DEM5 million 6.7% Mortgage Covered Bonds due 28 February 2011
issued on 11 June 1996;
-- DEM20 million 6.7% Mortgage Covered Bonds due 30 January 2012
issued on 23 January 1997;
-- DEM50 million 6.7% Mortgage Covered Bonds due 30 January 2012
issued on 24 January 1997;
-- EUR5 million 5.13% Mortgage Covered Bonds due 21 July 2009
issued on 19 July 1999; and
-- EUR5 million 5.13% Mortgage Covered Bonds due 21 July 2009
issued on 19 July 1999.
The TPI assigned to the Public Sector Covered Bonds is "High", and
"Probable-High" for the Mortgage Covered Bonds. At the Issuer's
current rating level, the TPIs do not restrain the ratings of the
Covered Bonds.
The rating assigned by Moody's addresses the expected loss posed
to investors. 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 and/or
payments to investors.
Headquartered in Munich, HRE Group reported consolidated total
assets of EUR420 billion and a pre-tax loss of EUR5.375 billion as
of December 31, 2008.
ESCADA AG: May Cease Trading; In Talks with Insolvency Experts
--------------------------------------------------------------
AFP reports that Escada AG may cease trading if creditors reject
its debt restructuring plan.
AFP relates chairman of the board Bruno Saelzer said in an
interview in Welt am Sonntag "Talks have already taken place with
insolvency experts". Mr. Saelzer, as cited by AFP, said the
company had enough liquidity to last until August but not beyond.
Escada, AFP says, has put a debt restructuring plan to its
creditors which must be approved by 80 percent of them by a
July 31 deadline. According to Bloomberg News, the company wants
investors to exchange EUR200 million (US$279 million) in seven-
year bonds due 2012 by the end of July to shore up finances and
win support from banks. Bloomberg notes according to Welt am
Sonntag, Mr. Saelzer said he expects investors to decide first in
the last three days on the offer.
Bloomberg discloses Welt am Sonntag said if the refinancing plan
is implemented, Mr. Saelzer sees a good chance for a loan from the
German state-owned lender KfW-Group.
As reported in the Troubled Company Reporter-Europe on June 24,
2009, Reuters said at the end of April, Escada's net debt was at
EUR187.6 million (US$260.7 million), compared with EUR177.1
million at the end of October. The company's cash and cash
equivalents had declined to EUR24.7 million after the first six
months of its fiscal year, compared with EUR26.6 million a year
earlier, Reuters disclosed.
ESCADA AG -- http://www.escada.com/-- is a Germany-based fashion
group engaged in women's designer fashion. The Company is
structured into two segments: ESCADA and PRIMERA. Under its core
brand ESCADA, the Company sells women's designer fashions for
daytime, evening, business, leisure, wellness and special
occasions, as well as couture. The fashion range is supplemented
with accessories like handbags, shoes and small leather goods.
Fragrances, eyewear, kids wear and jewelry from licensed partners
are also sold under the ESCADA brand. The Company also offers the
ESCADA Sport product line with clothes and accesoires. Through
its wholly owned subsidiary, PRIMERA AG, the Company additionally
sells the mid-priced brands apriori, BiBA, cavita and Laurel. As
of October 31, 2008, ESCADA AG operated 182 own shops and 225
franchise shops in more than 60 countries. Its manufacture
capacities are mainly outsourced to partner operations, located in
Germany, Italy, Eastern Europe and Asia.
GENERAL MOTORS: RHJ in Advance Talks to Buy Major Stake in Opel
---------------------------------------------------------------
John Reed and Martin Arnold at The Financial Times report that
Belgium's RHJ International confirmed on Monday that it was "at an
advanced stage" of talks about acquiring a 51% to 55% stake in
General Motors Corp.'s Opel unit.
The FT notes it was unclear on Monday how much RHJ would offer for
the stake.
Citing a person with direct knowledge of its plans, the FT
discloses RHJ is now preparing a final contract to buy Opel, which
it plans to present to GM this week. According to the FT, as part
of its offer, RHJ is promising to repay all state-backed loans for
Opel by 2015 and make the unit profitable by 2011. The FT says
RHJ, which has held talks with governments of most of the European
countries that have GM plants, has reduced an earlier projection
of job losses needed in an Opel/Vauxhall restructuring from 10,000
to 12,000 to fewer than 10,000 -– about the same as Canada's Magna
International Inc., which signed a memorandum of understanding in
May to buy 55 per cent of Opel with Russia’s Sberbank.
RHJ, the FT notes, also retreated from a plan to close Opel’s
plant in Bochum, Germany and two Vauxhall plants in the UK. Rene
Wagner at Reuters reports the the state of Thuringia said on
Monday that four German states with Opel plants have reservations
about RHJ a stake in GM's European unit. "Magna is still the best
solution, the second best would be Fiat," Reuters quotes
Thuringia's Economy Minister Juergen Reinholz, as saying.
The FT relates Magna, which had spoken of sealing the deal by
July 15, cancelled a board meeting scheduled today, July 14, that
had been due to rubber-stamp its offer.
Negotiations
In a July 10 report the FT said General Motors' chief executive
said on Friday that the carmaker was working "round the clock" to
agree the sale of a stake in its European Opel-Vauxhall arm by the
end of this month.
GM, as cited by the FT, said negotiations were continuing with
Magna, RHJ and China's Beijing Automotive Industry Holding
Company. Ray Young, GM's chief financial officer, told the FT
that future arrangements on intellectual property rights remained
"major issues" in talks with Magna and the two other bidders for a
stake in Opel.
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 counsel.
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.
General Motors changed its name to Motors Liquidation Co.
following the sale of its key assets to a company 60.8% owned by
the U.S. Government.
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)
HAPAG-LLOYD AG: Tui Supervisory Board Authorizes Further Aid
------------------------------------------------------------
Robert Wright at The Financial Times reports that Tui AG's
supervisory board has agreed in principle to meet at least some of
the demands for cash from Hapag-Lloyd AG.
According to the FT, it remains unclear what proportion of the
support for Hapag-Lloyd Tui will provide, and what proportion will
come from Albert Ballin consortium of Hamburg businesses that now
own 57 per cent of the company. The board, the FT discloses,
authorized Tui's management to launch negotiations with the
consortium over the precise amount of aid it required and how the
contributions from the two shareholder groups would be structured.
Tui, as cited by the FT, said a final decision on precise amounts
to be paid would be made at the next supervisory board meeting at
the beginning of August. The FT relates one person involved said
the two groups look unlikely to grant the entire demand for
EUR1.75 billion.
As reported in the Troubled Company Reporter-Europe on July 10,
2009, the FT said Hapag-Lloyd asked its shareholders for EUR1.75
billion (US$2.4 billion) in fresh capital in a bid to secure its
future. The FT said an application for state aid remains a
possibility if the shareholders proved unable to find the money.
Tui, the travel and tourism group, holds a 43 percent stake in
Hapag-Lloyd, which lost EUR222 million in the first quarter of
this year.
Hapag-Lloyd AG -- http://www.hapag-lloyd.com/-- is the
transportation arm of German tourism giant TUI. Subsidiary Hapag-
Lloyd Container Line, which accounts for most of Hapag-Lloyd's
sales, operates a fleet of about 135 containerships. Overall,
Hapag-Lloyd Container Line's vessels have a capacity of more than
490,000 twenty-foot equivalent units (TEU). The unit's routes
link Europe, Asia, the Americas, and Africa. In addition to
freight transportation, Hapag-Lloyd offers luxury ocean and river
cruises under its Hapag-Lloyd Cruises brand. TUI sold Hapag-
Lloyd's container operations to a German investment group in March
2009.
PORSCHE AUTOMOBIL: VW Sweetens Bid for 49.9% Stake in Porsche AG
----------------------------------------------------------------
Citing Germany's Der Spiegel, Christiaan Hetzner at Reuters
reports that Volkwagen AG is prepared to offer considerably more
than EUR4 billion for a 49.9 percent stake in Porsche AG, Porsche
Automobil Holding SE's wholly-owned manufacturer of 911 Carrera
coupes.
Reuters relates the weekly magazine wrote on Saturday that
Wendelin Wiedeking, the chief executive of parent Porsche
Automobil Holding, however, still considered the amount
insufficient. According to Reuters, Mr. Wiedeking prefers a rival
concept to reduce debt that entails the aid of Sheikh Hamad bin
Khalifa al-Thani, ruler of the natural gas-rich Gulf state of
Qatar. Reuters discloses Der Spiegel wrote the sheikh has stated
his willingness, via an investor agreement, to offer EUR7 billion
for both a stake of just over 25 percent in the listed holding and
Porsche Automobil Holding's cash-settled options in VW stock that
Mr. Wiedeking used to hedge the cost of his failed takeover of VW.
As reported in the Troubled Company Reporter-Europe on July 7,
2009, Bloomberg News said net debt at Porsche Automobil Holding
tripled to more than EUR9 billion after the company increased its
stake in Volkswagen to 50.8 percent at the beginning of this year.
KfW Loan
On July 3, 2009, the Troubled Company Reporter-Europe, citing
Reuters, reported that the German state-controlled bank KFW
officially rejected Porsche Automobil Holding'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 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, 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.
=============
I R E L A N D
=============
KIRK SPV: Moody's Junks Ratings on Class B5 & B6 Unfunded Swaps
---------------------------------------------------------------
Moody's Investors Service has assigned these definitive ratings to
six unfunded credit default swaps entered into by Kirk SPV
Limited, a bankruptcy-remote vehicle incorporated in Ireland.
-- Aaa to the EUR440 million Class B1 credit default swap,
-- A1 to the EUR360 million Class B2 credit default swap,
-- Ba1 to the EUR100 million Class B3 credit default swap,
-- B1 to the EUR140 million Class B4 credit default swap,
-- Caa1 to the EUR140 million Class B5 credit default swap, and
-- Ca to the EUR400 million Class B6 credit default swap.
These credit default swaps reference a EUR3 billion managed
portfolio of corporate and structured finance reference
obligations. Approximately 83% of the portfolio exposure is to
corporate reference entities, 53% representing direct exposure and
30% being exposure to ten mezzanine tranches of bespoke corporate
CDO's (inner CDO's). The remaining 17% of the portfolio is
comprised of structured finance reference obligations.
The direct corporate exposures have these characteristics
(expressed as percentage of total direct corporate exposure): the
major sectors are Finance, Insurance and Real Estate (38%) and
Banking (8%); the underlying exposure is concentrated in North
America (55%), Europe (20%) and Asia (15%); the rating composition
is 2% Aa-rated, 11% A-rated, 39% Baa-rated, 27% Ba-rated, 14% B-
rated and 6.3% Caa-rated.
Each of the ten inner CDO's constitutes the 6.5% to 12.5% tranche
of exposure to a unique corporate portfolio, and represents 3% of
the total portfolio exposure. The underlying corporate portfolios
are each well diversified -- both geographically and across
industries. The weighted average rating factors of the inner CDO
portfolios range from 970 to 1335 (representing a Ba1 to Ba2
Moody's rating range).
The attachment and detachment points of the credit default swaps
are: Class B1 78-100%, Class B2 60-78%, Class B3 55-60%, Class B4
48-55%, Class B5 41-48%, and Class B6 21-41%.
The ratings measure the risk on an expected loss basis that the
credit protection provider will be required to make payments in
respect of credit events under the terms of the transaction. The
ratings also address any premiums due but not paid by the
protection buyer, up until an early termination date, if any. The
ratings do not address potential losses resulting from an early
termination of the transaction, nor any market risk associated
with the transaction.
The main drivers of Moody's analysis for this transaction are:
1. The credit quality of the assets in the portfolio. The average
modelled default probability of the direct corporate portfolio
is 15.81%. The average modelled default probability of the
indirect portfolios is 12.16%.
2. The average assumed Moody's recovery rate for the direct
portfolio of 29.3%. The average assumed Moody's recovery rate
for the indirect portfolios of 37.6%.
3. The asset correlation structure of the portfolio (weighted
average asset correlation of 11% for the direct corporate
portfolio).
4. The initial subordination of each credit default swap.
5. The alignment of interests between the noteholders and the
portfolio manager, and the management rules (including the
Moody's Metrics constraint) to be followed by the portfolio
manager.
Moody's analyzed this transaction primarily using the CSO
methodology as described in Moody's Special Report below:
-- Moody's Approach to Rating Corporate Collateralized Synthetic
Obligations, April 2009
Moody's did not give any credit to the 17% structured finance
reference obligations and considered them 100% defaulted with 100%
severity for the purposes of analyzing the loss distribution of
the portfolio.
Additionally, Moody's looked at the impact of market implied
ratings on the rated tranche. The analysis revealed that a
substantial portion of the names included in the corporate
portfolios had a negative gap (i.e. the Market Implied Rating was
lower than the Moody's rating). In particular, thirty names in
the direct corporate portfolio had gaps ranging from -5 to -13
notches. Moody's considered this to be reflective of a bias
towards reference entities that posed a higher credit risk
relative to their rating category, as a consequence, while the
Market Implied Ratings are not the primary drivers of the rating
methodology or model, the committee considered the potential
impact of this bias in assigning the final ratings on the B5; B4;
B3 & B2 credit default swaps at a level 2 notches below the model-
indicated rating.
Moodys has assessed a V Score of Medium-High assumption
uncertainty, in line with the Medium-High score for the Corporate
Synthetic CDO sector. V Scores are a relative assessment of the
quality of available credit information and of the degree of
dependence on various assumptions used in determining the rating.
High variability in key assumptions could expose a rating to more
likelihood of rating changes.
Moody's tested the sensitivity of the model indicated ratings to
changes in the portfolio default probabilities and portfolio
recovery rates parameters. For example increasing the default
probability of the portfolio by 70% generated these model
indicated ratings (change in the model-indicated rating from the
base case (# of notches) is noted in parentheses):
* The results were Class B6 - C(1); Class B5 - Ca(5); Class B4 --
Caa3(7); Class B3 -- B2 (6); Class B2 -- A3(4); Class B1 -- Aaa
(0).
Likewise a 60% decrease of the recovery rates generated these
model indicated ratings:
* Class B6 - Ca(0); Class B5 -- Caa3(4); Class B4 --Caa1(5); Class
B3 -- Ba3 (4); Class B2 -- A2(3); Class B1 -- Aaa (0).
Moody's will monitor this rating. Any change in the rating will
be publicly disseminated by Moody's through normal print and
electronic media.
NEWSROUND TOYCITY: In Liquidation; Murray Named as Liquidator
-------------------------------------------------------------
Ian Kehoe at The Sunday Business Post reports that toy chain
Toycity has gone into liquidation after being hit by the economic
slump and the fall-off in consumer spending.
The report relates Tom Murray, a partner with Friel Stafford
accountants in Dublin, was appointed liquidator to the holding
company behind the chain, Newsround Toycity, in recent days.
Mr. Murray, the report says, is now attempting to dispose of the
company's assets, which are valued at EUR617,000.
The company, the report notes, had been profitable in recent
years, but suffered from high rents and falling revenues over the
past six months. According to the report, the company, which
operated five large outlets in Leinster and Connacht, has
liabilities of EUR4.5 million. The report discloses Toycity's
statement of affairs shows the company owes some EUR1.2 million in
outstanding rents on its five locations.
O'BRIEN'S SANDWICH: To Close Nine Irish Stores Under Rescue Plan
----------------------------------------------------------------
Ian Kehoe at The Sunday Business Post reports that O'Brien's
Sandwich Bars plans to shut down nine loss making stores and
restructure its lease arrangements on another 10 vacant premises
under its rescue plan.
The report, citing High Court documents, discloses the company,
which seeks to avoid liquidation, plans to radically alter the
nature of its lease agreements with its franchisees to limit the
financial exposure of the master franchise. The report says the
company's examiner, Grant Thornton partner Paul McCann, will now
attempt to restructure this arrangement and assign all the leases
to the franchisees directly. Negotiations will begin this week in
relation to the leases, the report notes.
Mr. McCann, the report states, is also seeking to source fresh
investment, which would be used to offer a dividend to creditors,
who will be asked to partially write down their debts.
On July 13, 2009, the Troubled Company Reporter-Europe, citing The
Irish Times, reported that the High Court placed O'Brien's
Sandwich Bars in examinership. According to the Irish Times,
O'Brien's, which employs 800 people at its 85 Irish stores, has
debts exceeding EUR4 million, including EUR3.4 million it owes
Bank of Ireland. The Irish Times disclosed O'Brien's chairman
Brody Sweeney said in a statement that franchisees were not
subject to examinership. Mr. Sweeney, the Irish Times said,
blamed the firm's troubles on the collapse of the property market.
Mr. Sweeney, as cited by the Irish Times, said "A number of our
franchisees are struggling to pay their rents, as footfalls in
shopping centers and high streets across the country fall and
consumers are spending less. This in turn puts pressure on our
own company, as we hold the head leases for most of the outlets in
the chain."
Citing an independent accountant's report prepared by KPMG, The
Sunday Business Post notes in addition to the ten vacant and nine
loss-making stores, 33 of the remaining 54 O'Brien's outlets in
Ireland owe rents.
O'Brien's Sandwich Bars -- http://www.obriensonline.com/-- has
more than 300 stores providing healthy food option in 13 countries
across Europe, Asia, Australia and Africa. The company sells
made-to-order hot or cold sandwiches -- ShambosTM, Tripledecker,
Wrappos and Toosties. The extensive selection includes gourmet
coffees, fresh soups, patisseries, deli dishes, salads, snacks and
a wide range of soft drinks, including freshly made smoothies and
juices from the instore juice bar offerings.
===================
K A Z A K H S T A N
===================
BIOS PHARM: Creditors Must File Claims by July 17
-------------------------------------------------
Creditors of LLP Bios Pharm have until July 17, 2009, to submit
proofs of claim to:
The Specialized Inter-Regional
Economic Court of Karaganda
Alalykin Str. 9
Karaganda
Kazakhstan
The court commenced bankruptcy proceedings against the company on
April 6, 2009.
PROM TECH: Creditors Must File Claims by July 17
------------------------------------------------
Creditors of LLP Prom Tech Montage Service have until July 17,
2009, to submit proofs of claim to:
The Specialized Inter-Regional
Economic Court of East Kazakhstan
Bajov Str. 2
070000 Ust-Kamenogorsk
East Kazakhstan
Kazakhstan
The court commenced bankruptcy proceedings against the company on
April 7, 2009.
L TRADE: Creditors Must File Claims by July 17
----------------------------------------------
Creditors of LLP L Trade Service have until July 17, 2009, to
submit proofs of claim to:
The Specialized Inter-Regional
Economic Court of East Kazakhstan
Bajov Str. 2
070000 Ust-Kamenogorsk
East Kazakhstan
Kazakhstan
The court commenced bankruptcy proceedings against the company on
April 17, 2009.
SYMBAT STROY: Creditors Must File Claims by July 17
---------------------------------------------------
Creditors of LLP Symbat Stroy have until July 17, 2009, to submit
proofs of claim to:
Luxemburg Str. 1a
Room 22
Astana
Kazakhstan
The Specialized Inter-Regional Economic Court of Astana commenced
bankruptcy proceedings against the company on April 6, 2009, after
finding it insolvent.
The Court is located at:
The Specialized Inter-Regional
Economic Court of Astana
Abai Ave. 36
Astana
Kazakhstan
TEMIR STROY: Creditors Must File Claims by July 17
--------------------------------------------------
Creditors of LLP Temir Stroy ProjecT have until July 17, 2009, to
submit proofs of claim to:
The Specialized Inter-Regional
Economic Court of Karaganda
Alalykin Str. 9
Karaganda
Kazakhstan
The court of Karaganda commenced bankruptcy proceedings against
the company on April 6, 2009.
TRISTAN OIL: Lack of Transparency Cues Fitch to Junk Ratings
------------------------------------------------------------
Fitch Ratings has downgraded Tristan Oil Ltd.'s Long-term foreign
currency Issuer Default Rating to 'CC' from 'B+' and senior
unsecured rating to 'C' from 'B+' with a recovery rating of RR5.
The agency has simultaneously maintained the Rating Watch Negative
on the Long-term foreign currency IDR and placed the senior
unsecured debt class rating on Rating Watch Evolving.
The downgrade reflects Fitch's concern about lack of transparency
in the structure of the recent debt issuance transaction. This
relates to the cash flows between the entities in the structure,
the beneficiaries involved in the transaction, creditor rankings
under default and sale scenarios, and the overall rationale for
the structure. On the basis of information received to date Fitch
has concerns that under certain scenarios there is the possibility
that existing bond holders positions could be adversely affected.
On June 18, 2009 Tristan placed an additional US$111.11 million of
Eurobonds (on the same terms as existing bonds) with Laren
Holdings Ltd., a BVI special purpose entity that is owned by a
charitable trust, whose beneficiaries at present remain unclear.
The bonds were placed at a significant discount to face value --
US$30 million -- but represent a further senior unsecured
obligation for Tristan of the entire US$111.11 million. The
stated purpose of the placing is for payment of the outstanding
balance of excess profit tax owed by the operating companies,
Kazpolmunai and Tolkynneftegas, and for other general corporate
purposes.
Laren was able to make the purchase having received a US$60m
credit facility, at a very high rate of interest, from a group of
lenders, secured on, amongst other assets, the equity of the
holding companies which own KPM and TNG. KPM and TNG guarantee
Tristan's existing Eurobonds, but according to Tristan are now
also guaranteeing Laren's obligations under this credit facility
on a subordinated basis. As stated above half of the funds were
used to pay for the discounted bonds, but the other half of the
proceeds was lent to Montvale Invest Ltd., an oil trader and
affiliated company of Tristan. According to Tristan, Montvale
used the proceeds to repay a portion of its accounts payable to
KPM and TNG, and the latter two entities applied the received
proceeds for payment of excess profit tax and other general
corporate purposes.
At present Fitch does not have access to the credit facility
documentation, or inter-creditor agreements relating to the new
guaranteed facility or the arrangements with the charitable trust.
The agency is concerned that the additional short-term maturity (6
months) of the US$60 million guaranteed Laren facility places
Tristan in a position whereby it may be unable to repay the amount
from internally generated funds (FYE08 cash position US$9.3
million), at maturity. At this point in time the creditor
implications for such a default are not known, due to the lack of
information currently available to the agency, leading Fitch to
conclude that the funding arrangement is unsustainable under
current operating conditions.
A material increase in Tristan's leverage has occurred as a result
of this transaction with forecast gross leverage now of about 2.6x
at year end 2009, based on Fitch's oil price deck (base case) of
US$55/bbl, compared with gross leverage of 1.4x at year end 2008
(all based on the nominal value of the Eurobonds outstanding).
Overall, the opaque nature of this transaction has also further
exacerbated the agency's concerns regarding weak corporate
governance standards at Tristan.
The worsened recovery prospects have led to a notching down of the
senior unsecured debt class rating from the Long-term foreign
currency IDR. In order to resolve the RWE placed on the senior
unsecured rating, Fitch anticipates receiving further information
in the near term from the company to clarify issues related to the
transaction (summarised above). The receipt of adequate
information, to allow the RWE to be resolved in the near term,
should enable Fitch to maintain its rating and thereby not lead to
an event risk occurring under the existing bond documentation.
The RWN on the Long-term foreign currency IDR has been maintained
pending the resolution of the Kazakh authorities' actions related
to the potential license revocation at the TNG operating company,
and pending criminal charges against the KPM operating company.
===================
K Y R G Y Z S T A N
===================
AGRO CONTACT: Creditors Must File Claims by August 7
----------------------------------------------------
LLC Agro Contact is currently undergoing liquidation. Creditors
have until August 7, 2009, to submit proofs of claim.
Inquiries can be addressed to (0-555) 51-79-79.
=====================
N E T H E R L A N D S
=====================
E-MAC NL 2002-I: Moody's Junks Ratings on Three Classes of Notes
----------------------------------------------------------------
Moody's Investors Service said that following the execution of
transaction amendments that introduced a back-up cash manager in
all the Dutch E-MAC residential mortgage-backed securities
transactions, it has concluded its review and confirmed the
ratings of all the notes in the non-NHG transactions, except those
of the E-MAC NL 2002-I, E-MAC NL 2003-I, and E-MAC NL 2003-II
transactions.
Moody's has downgraded its ratings on all the notes in the E-MAC
NL 2002-I transaction, following the July 7, 2009 announcement
that as a result of the failure to obtain rating confirmations,
the notes are due to be redeemed in full on July 27, 2009 and the
publication of the step-up margins payable on the notes as from
July 27, 2009, if they are not redeemed on that date. Moody's
ratings do not address the likelihood of timely payments under
this mandatory redemption. However, the rating agency believes
that given the uncertainty regarding the obligation and ability of
GMAC RFC Nederland B.V. (GMAC RFC NL) to provide funds for the
notes to be redeemed on July 27, 2009, the transaction is now much
likelier to move into enforcement, which will change the priority
of payments and subordinate payments on each class of notes to the
payments of the step up margins on higher ranking notes. As the
ratings now incorporate the full probability of this scenario, as
well as the execution of the back up cash management agreement,
Moody's does not expect to further downgrade its ratings if the
notes failed to be redeemed on July 27, 2009 and has therefore
concluded its rating review.
Moody's has kept the ratings of the E-MAC 2003-I and E-MAC 2003-II
transactions on review for possible downgrade, reflecting their
exposure to a similar risk of a change in the priority of payments
upon enforcement if they became subject to a mandatory redemption,
as in the E-MAC NL 2002-I transaction. As the two E-MAC NL 2003
transactions now benefit from a back-up cash manager, Moody's
rating review no longer reflects cash management related risks.
Moody's expects to conclude its review after revising its
assessment of the probability of a mandatory redemption of the
notes and a subsequent enforcement scenario.
Moody's has also maintained the ratings of the four E-MAC NL NHG
transactions on review for possible downgrade while it completes
its analysis of transaction-specific features unrelated to cash
management. The conclusion of this review will reflect
methodology updates detailed in "Moody's Updated Approach to NHG
Mortgages in Rating Dutch RMBS" published on 17 March 2009.
Moody's placed the ratings of all the notes in the E-MAC NL non-
NHG transactions issued prior to April 2008 on review for possible
downgrade on December 3, 2008 and those of the four Dutch E-MAC
NHG transactions on July 10, 2008. As detailed in press releases
issued then, Moody's rating review reflected the exposure of the
affected transactions to the ability of GMAC RFC NL to fulfil its
role as cash manager in these transactions, if it were to become
insolvent. GMAC RFC NL is an indirect wholly-owned subsidiary of
Residential Capital, LLC, which was downgraded to Moody's lowest
rating of C, on November 20, 2008. Moody's rating review of the 4
E-MAC NL NHG transactions was also prompted by NHG guarantee-
related concerns.
In addition, on June 16, 2009, Moody's downgraded the ratings of
all the notes in the E-MAC NL 2002-I and those of the non-senior
classes of notes in the E-MAC NL 2003-I and 2003-II transactions,
due to structural features that Moody's believed might affect the
likelihood of an event of default (E-MAC 2002-I) and the severity
of potential losses to noteholders after the notes are subject to
a step-up of interest. A step-up of interest occurs if the notes
remain outstanding after the relevant put option date. All the
Dutch E-MAC NL transactions are subject to a similar put option
process and interest step-up mechanism but Moody's believes that
not all of them are exposed to the same credit risks as the
affected transactions, due to different structural features.
On July 10 back-up agreements for the role of issuer administrator
(performing the tasks generally associated with a cash manager),
were entered into by the relevant parties in all the E-MAC NL
transactions that closed prior to April 2008. Under these
agreements, ATC Financial Services B.V. must step in as third-
party cash manager, within a short time from the termination of
GMAC RFC NL's role as cash manager. In particular, ATC has
committed that within two business days from termination of GMAC
RFC NL's role as cash manager, it would take over GMAC RFC NL's
obligations with respect to payments to be made under the swap and
interest payments under the notes. As the E-MAC NL 2003-I and E-
MAC NL 2003-II and the four E-MAC NL NHG transactions are also
subject to the back-up agreements, Moody's continued review is no
longer driven by the risk of a cash management disruption.
Moody's notes that in the two most recent Dutch E-MAC transactions
issued in 2008 (E-MAC NL 2008-II and E-MAC NL 2008-IV), ATC is the
appointed third-party issuer administrator performing most of the
cash management functions, although GMAC RFC NL still performs
administrative activities at the programme level. Despite their
residual exposure to GMAC RFC NL, the ratings of these
transactions have not been downgraded or placed on review due to
the limited scope of GMAC RFC NL's role.
In all of the E-MAC NL transactions, the interest rate on any
notes not redeemed at the put option date is subject to a step up.
Because this step-up interest (referred to as the "extension
margin") is calculated with reference to market prevailing rates,
it can be significantly higher than the current interest rate
level. This was evidenced by the extension margins published on
July 7, 2009 for E-MAC NL 2002-I (for instance, for Class A, the
extension margin is 6.87% per annum). The step-up component of
the interest on the notes, which is unrated by Moody's, is
generally deeply subordinated in the waterfall. In E-MAC NL 2002-
I and the EMAC NL 2003-I and 2003-II transactions, in a post-
enforcement scenario, the step-up component of the interest on
each class of notes would rank higher in the priority of payments
than the interest and principal on more junior notes, which could
significantly affect the severity of losses on the less senior
notes in the transaction. In addition, in that scenario, the
step-up component of the interest on each class of notes --
including the senior notes -- would also rank higher than
principal payments on the same class of notes, which would affect
the severity of principal losses for that class.
While Moody's rating downgrades for E-MAC NL 2002-I on June 16,
2009 incorporated the uncertainty as to the outcome of the credit
agency confirmation process and the potential consequences of a
mandatory redemption, the downgrades incorporate the much higher
likelihood of an enforcement process actually occurring after
June 27, 2009, given the uncertainty of whether GMAC RFC NL will
provide funds to redeem the notes on that date under the mandatory
redemption announced on June 7, 2009. However, it should be noted
that with respect to principal payments, Moody's ratings address
the ultimate payment at par on or before the rated final legal
maturity date and not the likelihood of timely payments under a
mandatory redemption.
Moody's ratings address only the credit risks associated with the
transaction. Other risks have not been addressed, but may have a
significant effect on yield to investors.
Detailed List of Rating Actions
E-MAC NL 2002-I B.V.
-- Class A, downgraded to Baa1; previously on 18 June 2009 Aa3
placed under review for possible downgrade
-- Class B, downgraded to Ca; previously on 18 June 2009
downgraded to Ba1 and maintained under review for possible
downgrade
-- Class C, downgraded to C; previously on 18 June 2009
downgraded to Ba2 and maintained under review for possible
downgrade
-- Class D, downgraded to C; previously on 18 June 2009
downgraded to B2 and maintained under review for possible
downgrade
E-MAC NL 2004-I B.V.
-- Class A, confirmed at Aaa; previously on 03 December 2008 Aaa
placed under review for possible downgrade
-- Class B, confirmed at A2; previously on 03 December 2008 A2
placed under review for possible downgrade
-- Class C, confirmed at Baa2; previously on 03 December 2008
Baa2 placed under review for possible downgrade
E-MAC NL 2004-II B.V.
-- Class A, confirmed at Aaa; previously on 03 December 2008 Aaa
placed under review for possible downgrade
-- Class B, confirmed at Aa3; previously on 03 December 2008 Aa3
placed under review for possible downgrade
-- Class C, confirmed at Baa1; previously on 03 December 2008
Baa1 placed under review for possible downgrade
E-MAC NL 2005-I B.V.
-- Class A, confirmed at Aaa; previously on 03 December 2008 Aaa
placed under review for possible downgrade
-- Class B, confirmed at Aa3; previously on 03 December 2008 Aa3
placed under review for possible downgrade
-- Class C, confirmed at Baa1; previously on 03 December 2008
Baa1 placed under review for possible downgrade
E-MAC NL 2005-III B.V.
-- Class A, confirmed at Aaa; previously on 03 December 2008 Aaa
placed under review for possible downgrade
-- Class B, confirmed at Aa3; previously on 03 December 2008 Aa3
placed under review for possible downgrade
-- Class C, confirmed at Baa1; previously on 03 December 2008
Baa1 placed under review for possible downgrade
E-MAC NL 2006-II B.V.
-- Class A, confirmed at Aaa; previously on 03 December 2008 Aaa
placed under review for possible downgrade
-- Class B, confirmed at Aa3; previously on 03 December 2008 Aa3
placed under review for possible downgrade
-- Class C, confirmed at Baa1; previously on 03 December 2008
Baa1 placed under review for possible downgrade
E-MAC Program B.V./ Compartment NL 2006-III
-- Class A1, confirmed at Aaa; previously on 03 December 2008
Aaa placed under review for possible downgrade
-- Class A2, confirmed at Aaa; previously on 03 December 2008
Aaa placed under review for possible downgrade
-- Class B, confirmed at Aa3; previously on 03 December 2008 Aa3
placed under review for possible downgrade
E-MAC Program B.V./ Compartment NL 2007-I
-- Class A1, confirmed at Aaa; previously on 03 December 2008
Aaa placed under review for possible downgrade
-- Class A2, confirmed at Aaa; previously on 03 December 2008
Aaa placed under review for possible downgrade
-- Class B, confirmed at Aa3; previously on 03 December 2008 Aa3
placed under review for possible downgrade
E-MAC Program B.V. / Compartment NL 2007-III
-- Class A1, confirmed at Aaa; previously on 03 December 2008
Aaa placed under review for possible downgrade
-- Class A2, confirmed at Aaa; previously on 03 December 2008
Aaa placed under review for possible downgrade
-- Class B, confirmed at Aa2; previously on 03 December 2008 Aa2
placed under review for possible downgrade
-- Class C, confirmed at A2; previously on 03 December 2008 A2
placed under review for possible downgrade
E-MAC Program II B.V. / Compartment NL 2007-IV
-- Class A, confirmed at Aaa; previously on 03 December 2008 Aaa
placed under review for possible downgrade
-- Class B, confirmed at Aa3; previously on 03 December 2008 Aa3
placed under review for possible downgrade
-- Class C, confirmed at A2; previously on 03 December 2008 A2
placed under review for possible downgrade
-- Class D, confirmed at Baa3; previously on 03 December 2008
Baa3 placed under review for possible downgrade
E-MAC Program III B.V. / Compartment NL 2008-I
-- Class A1, confirmed at Aaa; previously on 03 December 2008
Aaa placed under review for possible downgrade
-- Class A2, confirmed at Aaa; previously on 03 December 2008
Aaa placed under review for possible downgrade
-- Class B, confirmed at Aa2; previously on 03 December 2008 Aa2
placed under review for possible downgrade
-- Class C, confirmed at A2; previously on 03 December 2008 A2
placed under review for possible downgrade
===========
R U S S I A
===========
B&N BANK: Fitch Changes Outlook to Negative; Affirms 'B-' Rating
----------------------------------------------------------------
Fitch Ratings has revised Russia-based B&N Bank's Outlook to
Negative from Stable, while affirming the Long-term Issuer Default
Rating at 'B-'. Simultaneously, Fitch has downgraded the bank's
National Long-term rating to 'BB-(rus)' from BB(rus)' and changed
the Outlook to Negative from Stable. A full list of rating
actions follows at the end of this release.
The rating actions reflect the sharp deterioration in the bank's
asset quality over the last few months and uncertainty surrounding
the extent of further losses which the bank will need to recognize
on its loan portfolio. Non-performing loans have risen
considerably since the onset of the crisis in Russia, with 10.8%
of loans at least three months in arrears at end-May 2009, driven
primarily by increasing retail NPLs (23% at end-May 2009).
Corporate NPLs were at a more modest 5%, although corporate loan
restructuring increased sharply to about 27% of the corporate
portfolio, according to management data. Loan impairment has been
greatest in retail and corporate portfolios most exposed to the
real estate downturn, and Fitch expects non-performing assets to
continue to climb through the rest of 2009 as the bank's retail
and corporate clients continue to face growing economic pressures.
Fitch expects elevated credit costs to significantly strain
earnings in 2009. B&N recorded a sizeable net loss in January-May
under National GAAP (equal to 23% of end-2008 equity), as
management continued to provide to loan loss reserves in
recognition of increasing impairment. If asset quality continues
to deteriorate rapidly and is accompanied by a significant
weakening in the bank's capital position, this could result in a
downgrade of the ratings. At the same time, Fitch notes that the
bank's current capital position continues to offer material loss
absorption capacity; the agency estimates that the ratio of
impairment reserves to loans could have risen to 19.6% at end-May
2009 before the regulatory capital ratio (15.8% at end-May) would
have fallen to the minimum 10%.
B&N's ratings are also supported by the fact that the bank has
little wholesale debt outstanding following the maturity of the
bank's US$200 million eurobond in May 2009 (part of the issue had
earlier been bought back by the bank). The recent relative
stability of the deposit base (which now accounts for 81% of
liabilities), combined with a currently solid liquidity buffer
about 13% of assets in cash and repoable securities, plus 20% in
short-term interbank placements), provides the bank with some
flexibility to navigate through the ongoing crisis.
B&N is a medium-sized Russian bank. Its core focus is on lending
to medium-sized local corporates, although it has been expanding
its operations quite aggressively into the retail market and
undertaking regional expansion. B&N is controlled by Russian
businessman, Mikhail Shishkhanov, who is, as the bank's CEO,
closely involved in operational management.
Rating actions:
-- Long-term IDR: affirmed at 'B-'; Outlook changed to Negative
from Stable
-- Short-term IDR: affirmed at 'B'
-- National Long-term Rating: downgraded to 'BB-(rus)'from
'BB(rus)'; Outlook changed to Negative from Stable
-- Individual rating: affirmed at 'D/E'
-- Support rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'No Floor'
GALLERY MEDIA: Moody's Cuts Probability of Default Rating to 'Ca'
-----------------------------------------------------------------
Moody's Investors Service has downgraded the probability of
default rating of Gallery Media Group Ltd. to Ca from Caa3. The
corporate family rating of Gallery and the existing bond rating of
Gallery Capital SA remain at Caa3, on review for downgrade. The
action was prompted by the expiry of the grace period which
commenced on May 15, 2009, triggered by the company's failure to
pay interest on its US$175 million Senior Secured Notes issued by
Gallery Capital S.A. Moody's understands that the company is in
negotiations with the creditors. The CFR and the bond rating
remain on review for downgrade given limited visibility on the
probable outcome of the restructuring and the recoveries.
The last rating action on Gallery was on May 13, 2009 when Moody's
downgraded the corporate family rating of Gallery Media Group
Ltd., the existing bond rating of Gallery Capital SA, and
probability of default rating from Caa2 to Caa3, and placed all
ratings on review for downgrade.
Gallery'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 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 Gallery's core industry and Gallery's ratings are
believed to be comparable to those of other issuers of similar
credit risk.
Headquartered in Moscow, Russia, Gallery currently operates the
second-largest outdoor advertising network after News Outdoor in
Russia and Ukraine (based on revenues and the number of
advertising faces owned). During the year of 2008, Gallery
reported revenues of US$212 million and adjusted for imputed tax
EBITDA of US$59.6 million. Net loss for the year 2008 amounted to
US$156.2 million, reflecting significant impairment losses on the
Russian and Ukrainian assets, and foreign exchange losses.
GAZ OAO: Alfa Bank Balks at Debt Restructuring Deal
---------------------------------------------------
Toni Vorobyova at Reuters reports that GAZ OAO has agreed to the
restructuring of RUR40 billion (US$1.25 billion) of debt with most
creditors.
Reuters relates Valeri Lukin, managing director of 60 percent
shareholder Russian Machines, told Vedomosti that GAZ hopes to
sign the agreements by August 1.
According to Reuters, Vedomosti said Alfa Bank is unhappy with the
terms and could jeopardize the deal. Reuters says the agreement
with all 18 creditors is needed but the bank does not want to
sign. Reuters discloses a bank representative told the business
daily that the business model presented by the management of GAZ
is ineffective.
GAZ, controlled by indebted Russian tycoon Oleg Deripaska through
Russian Machines, has secured state guarantees worth
EUR20 billion for its loan, Reuters notes. The money, Reuters
states, will be used as collateral for half the planned debt
restructuring.
GAZ OAO (GAZ OJSC) -- http://www.gazgroup.ru/-- is a Russia-based
automotive manufacturer. The Company produces light commercial
vehicles, trucks, buses, diesel engines, cars, power-train
components, road construction equipment, as well as spare parts
for produced vehicles. The Company's sales markets include
Eastern Europe, South-East Asia, South America, the Middle East,
Africa and the Commonw ealth of Independent States countries. GAZ
OAO has five manufacturing plants Commercial Vehicle Plant in
Nizhny Novgorod, Pavlovo Bus Plant, Linkino Bus Plant, Avtodizel
on Yaroslavl and Ural Truck Plant. The Company operates through
one representative office located in Hungary and 49 subsidiaries
and two affiliated companies. It is 61.34%-owned by Sberbank
Rossii OAO.
MECHEL OAO: Set to Sign Debt Restructuring Deal
-----------------------------------------------
Alexander Kolyandr at Dow Jones Newswires reports that OAO Mechel
said it plans to sign a deal in coming days to restructure
US$3.5 billion of its US$5.8 billion in debt.
Dow Jones relates Mechel in June said it wouldn't be able to
survive unless its creditors agreed to restructure its loans.
Mechel, Dow Jones discloses, posted a first-quarter net loss of
US$690.1 million, compared with a net profit of US$500 million a
year earlier. The company attributed the loss to lower demand for
steel and coal and a loss of US$592 million caused by the ruble's
sharp drop against the dollar, Dow Jones notes.
Mechel OAO (Mechel Steel Group OAO) -- http://www.mechel.com/--
is a Russia-based vertically integrated mining and metals company.
The Company's business comprises two segments, mining and steel.
The mining segment includes the production and sale of coal, iron
ore and nickel, while the steel business covers the production and
sale of semi-finished steel products, carbon and stainless flat
products as well as value added downstream metal products, such as
hardware, stampings and forgings. In addition, Mechel OAO owns
and operates two trade ports, a railway and an energy company. It
has production facilities located in Russia, Romania and
Lithuania. The Company has 22 subsidiaries, of which 12 are
wholly owned. Numerous representative offices located worldwide,
allow the Company to offer its products on both domestic and
international markets.
PROBUSINESSBANK: Fitch Puts 'B-' Issuer Ratings on Negative Watch
-----------------------------------------------------------------
Fitch Ratings has placed ratings of Russia-based Probusinessbank,
including its 'B-' Long-term Issuer Default Ratings, on Rating
Watch Negative, reflecting asset quality and capital concerns.
The RWN on the Long-term IDRs replaces the Negative Outlook
assigned earlier, and indicates the heightened probability of a
downgrade in the near-term following a full review of the bank. A
list of rating actions is detailed at the end of this
announcement.
The RWN reflects continued deterioration of asset quality at both
PBB and its subsidiary banks, combined with the limited ability
offered by the banks' capital to absorb any future losses. Non-
performing loans (those 90 days or more overdue), as reported by
management, stood at 8.6% in PBB (unconsolidated) at end-May 2009,
and 11.9% on a consolidated basis. PBB's regulatory capital
adequacy ratio was 11% at end-H109, with the regulatory minimum at
10%, and ratios at VUZ Bank and Express Volga, the two largest
subsidiaries, were in the 11%-12% range. Impairment reserve
coverage of reported NPLs was 115% at PBB (stand-alone) at end-May
2009, but closer to 100% on a consolidated basis. The capital
ratio of PBB's third-largest subsidiary, the recently acquired
Bank24.ru, was just 2% at end-May, reflecting a waiver received
from the Central Bank of Russia in respect to compliance with
minimum capital adequacy requirements.
Although PBB has applied for a RUB665 million subordinated loan
from Vnesheconombank (equal to 13% of end-H109 regulatory
capital), Fitch believes this will not by itself be sufficient to
strengthen the bank's capital position, given the already high
proportion of tier 2 in the bank's capital and the negative trend
in asset quality. At the same time, Fitch notes PBB's solid
reported pre-impairment profit in 2009 to date (RUB1.4 billion in
H109, equal to 28% of end-H109 regulatory capital). Given its
balance sheet size (just over RUB50 billion stand-alone at end-
H109), PBB could also be a potential beneficiary of any Russian
government bank recapitalization plan, while long-standing
relationships with international financial institutions may
feasibly offer another source of new capital.
The liquidity position is currently comfortable given the
stability of the deposit base, limited refinancing risk and
substantial long-term funding received from the Deposit Insurance
Agency to restructure Bank24.ru and Gazenergobank, another
distressed bank acquired by PBB in Q408. Potential big ticket
wholesale borrowing repayments in H209 are equal to only 4% of
total assets, represented by the still outstanding part of an
US$80 million Eurobond which has a put option in August. Highly
liquid assets (cash and equivalents and unpledged securities
eligible for refinancing with the Central Bank of Russia (repo)
amounted to 14% of total assets at PBB (stand-alone) at end-H109,
albeit in part these represented balances held at subsidiary
banks, while an unsecured line from the CBR was unutilised at end-
H109.
Fitch's review of PBB, and its resolution of the RWN, will focus
primarily on asset quality trends in the bank and its subsidiaries
and group recapitalisation plans. Given the complexity of the
group, the high level of integration between the group's banks and
the limitations of analysis of PBB on a standalone basis, Fitch
will seek to utilize consolidated data in its review. The ratings
could be downgraded if PBB's capital position does not improve
and/or if a review of the bank's asset quality suggests that
further impairment will likely need to be recognized.
PBB is the parent of a banking group which at present includes
five other Russian banks. PBB's stand-alone balance sheet of
RUB55 billion made it one of the largest 60 banks in Russia, Fitch
estimates, at end-H109. The subsidiaries have combined balance
sheets of c.RUB36 billion, meaning that on a consolidated basis
the group would probably rank among the 40 largest banking groups
in the country. Group banks provide services to corporate, retail
and SME clients under the common "Life" brand, but have retained
their original names. Four individuals, who are also senior
managers of the bank, own 58.4% of PBB, while four private equity
funds hold the remaining 41.6%.
The rating actions are:
-- Long-term foreign currency IDR: 'B-'; placed on RWN
-- Senior unsecured debt; 'B-' placed on RWN; Recovery Rating at
'RR4'
-- Long-term local currency IDR: 'B-' placed on RWN
-- Short-term IDR: 'B'; placed on RWN
-- National Long-term rating: 'BB-(rus)'; placed on RWN
-- Individual rating: 'D/E', placed on RWN
-- Support rating: affirmed at '5'
-- Support rating floor: affirmed at 'No Floor'
RAIFFEISENBANK ZAO: Fitch Assigns 'D' Individual Rating
-------------------------------------------------------
Fitch Ratings has assigned ZAO Raiffeisenbank's upcoming issues of
fixed-rate RUB-denominated bonds (Series 7-9) expected National
Long-term ratings of 'AAA(rus)'. The 5-year bonds are to be
issued in three series of RUB5 billion, RUB5 billion and RUB10
billion each.
The final ratings are contingent upon the receipt of final
documents conforming to information already received.
* ZAO Raiffeisenbank's ratings are: Long-term Issuer Default
rating 'BBB+', Short-term IDR 'F2', Support Rating '2',
Individual Rating 'D', National Long-term rating 'AAA(rus)'.
The Outlook for the Long-term IDR is Negative, and the Outlook
for the National Long-term rating is Stable.
The bank's obligations under the issues will rank at least equally
with all its other unsecured and unsubordinated creditors, except
those preferred by any bankruptcy, employment, insolvency,
liquidation or similar laws of general application. Under Russian
law, the claims of retail depositors rank above those of other
senior unsecured creditors.
Established in Moscow in 1996, ZAO Raiffeisenbank is 99.97%-owned
by Raiffeisen International Bank-Holding AG, which in turn is
68.5%-owned by Austria's Raiffeisen Zentralbank Osterreich AG
(RZB; Support Rating '1'). Raiffeisen International is a
management holding company for RZB's banking and leasing
subsidiaries operating in 17 central and eastern European
countries. At end-2008, ZAO Raiffeisenbank was the ninth-largest
bank by asset size in Russia, with a broad corporate, investment
and retail banking franchise. At end-May, 2009, the bank's
network included 222 branches and banking outlets and about 1,400
ATMs in 45 regions across Russia.
SHIPREPAIRING-PRIMORSKIY OJSC: Claims Filing Period Ends Aug. 10
----------------------------------------------------------------
The Arbitration Court of Primorskiy commenced bankruptcy
proceedings against OJSC Shiprepairing-Primorskiy Plant after
finding the company insolvent. The case is docketed under
Case No. ?51–10942/2008 15–56B.
Creditors have until Aug. 10, 2009, to submit proofs of claims to:
Ye.Novochikhin
Insolvency Manager
Sudoremontnaya Str. 32
Nakhodka
692911 Primorskiy
Russia
The Debtor can be reached at:
OJSC Shiprepairing-Primorskiy Plant
Sudoremontnaya Str. 32
Nakhodka
692911 Primorskiy
Russia
TONOT LLC: Creditors Must File Claims by August 10
--------------------------------------------------
The Arbitration Court of Moskovskaya commenced bankruptcy
proceedings against LLC Tonot (Construction) after finding the
company insolvent. The case is docketed under Case No.
?41–1120/09
Creditors have until Aug. 10, 2009, to submit proofs of claims to:
Yu.Zmievets
Insolvency Manager
Office 13
Sadovnicheskaya Str. 21
115035 Moscow
Russia
The Debtor can be reached at:
LLC Tonot
Proezd Zavodskoy 16
Protvino
Moskovskaya
Russia
TVER-INVA-STROY LLC: Creditors Must File Claims by August 5
-----------------------------------------------------------
The Arbitration Court of Tverskaya commenced bankruptcy
proceedings against LLC Tver-Inva-Stroy (TIN 6905063417, PSRN
1026900571026) (Construction) after finding the company insolvent.
The case is docketed under Case No. ?66–6703/2007.
Creditors have until Aug. 5, 2009, to submit proofs of claims to:
A. Gulyaev
Insolvency Manager
Post User Box 266
Postal Office 100
170100 Tver
Russia
The Debtor can be reached at:
LLC Tver-Inva-Stroy
Pushkinskaya Str. 9
Tver
Russia
VLADIKAVKAZSKIY INSTRUMENT: Creditors Must File Claims by August 5
------------------------------------------------------------------
Creditors of OJSC Vladikavkazskiy Instrument-Making Plant (TIN
1504001862, PSRN 1021500507214) have until Aug. 5, 2009, to submit
proofs of claims to:
S. Shevchenko
Insolvency Manager
Office 4
Lermontova Str. 343
355029 Stavropol
Russia
The Arbitration Court of North Osetia will convene at 10:00 a.m.
on Oct. 26, 2009, to hear bankruptcy proceedings on the company.
The case is docketed under Case No. ?61–1157/08.
The Debtor can be reached at:
OJSC Vladikavkazskiy Instrument-Making Plant
Bratyev Gazdanovykh Str. 64
Vladikavkaz
Russia
=========
S P A I N
=========
TDA IBERCAJA: Moody's Assigns (P)'C' Rating on Series B Notes
-------------------------------------------------------------
Moody's Investors Service assigned provisional credit ratings to
these classes of Notes issued by TDA IBERCAJA ICO-FTVPO FTH:
-- (P)Aaa to the EUR409.5 million Series A(G) notes
-- (P)C to the EUR37.7 million Series B notes
The transaction represents the securitization of Spanish
residential mortgage loans originated by Caja de Ahorros y Monte
de Piedad de Zaragoza, Aragon Y Rioga. The assets being
securitized are all backed by VPO properties. VPO properties are
residential properties that are offered at a lower price than the
market value as a result of various forms of government aid.
Moody's based the provisional ratings primarily on: (i) an
evaluation of the underlying portfolio of loans; (ii) an analysis
of the collateral historical performance; (iii) the swap
agreements hedging the interest rate risk; (iv) the credit
enhancement provided by the reserve fund, the subordination of the
notes, and the excess spread; and (v) the legal and structural
integrity of the transaction.
The key parameters used to calibrate the loss distribution curve
for this portfolio include a Milan Aaa CE of 7.7% and an expected
loss of 2.4%. In the structure, penalty interest is not
transferred to the Fund, which drove to a Milan Aaa CE in excess
of the standard Milan model outcome.
The V Score for this transaction is Medium/High, which is higher
than the Medium V Score assigned for the Spanish RMBS sector.
This is due to the limited historical data for VPO, the limited
historical information provided by the originator which doesn't
cover a severe stress scenario, and the complexity of the analysis
resulting from the specific characteristics of this collateral as
well as this transaction's penalty interest mechanics. V Scores
are a relative assessment of the quality of available credit
information and of the degree of dependence on various assumptions
used in determining the rating. High variability in key
assumptions could expose a rating to more likelihood of rating
changes. The V-Score has been assigned accordingly to the report
"V-Scores and Parameter Sensitivities in the Major EMEA RMBS
Sectors" published in April 2009.
The Spanish Government announced on November 4, 2008 a package of
aid to assist unemployed, self employed and pensioner borrowers
through a form of mortgage subsidy aid. It is unclear how the
transaction will be affected, although both liquidity and credit
implications are possible on this portfolio. However, any
implications on the ratings will ultimately depend on the actual
financial aid conditions which will be approved.
The provisional ratings address the expected loss posed to
investors by the legal final maturity. In Moody's opinion, the
structure allows for timely payment of interest and ultimate
payment of principal at par on or before the rated final legal
maturity date in May 2036 for the Series A(G) note, and ultimate
payment of principal at par on or before the rated final legal
maturity date for the Series B note. 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 the yield to investors.
Moody's issues provisional ratings in advance of the final sale of
securities and these ratings represent Moody's preliminary
opinion. Upon a conclusive review of the transaction and
associated documentation, Moody's will endeavor to assign
definitive rating to the Notes. A definitive rating may differ
from a provisional rating.
=====================
S W I T Z E R L A N D
=====================
ARBIG IMMO GMBH: Claims Filing Deadline is July 20
--------------------------------------------------
Creditors of ARBIG Immo GmbH are requested to file their proofs of
claim by July 20, 2009, to:
Christine Augsburger
Im Feld 1
4663 Aarburg
Switzerland
The company is currently undergoing liquidation in Aarburg. The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on April 23, 2009.
BERNARDI EDV: Creditors Must File Claims by July 22
---------------------------------------------------
Creditors of Bernardi EDV AG are requested to file their proofs of
claim by July 22, 2009, to:
Heimo Treuhand AG
Im Zentrum 1
9300 Wittenbach
Switzerland
The company is currently undergoing liquidation in Wittenbach.
The decision about liquidation was accepted at a general meeting
held on May 12, 2009.
HRB PARKETT: Creditors Must File Claims by July 24
---------------------------------------------------
Creditors of HRB Parkett GmbH are requested to file their proofs
of claim by July 24, 2009, to:
Raphael Buerki
Liquidator
Rainstrasse 39
8645 Jona SG
Switzerland
The Company is currently undergoing liquidation in Rapperswil-
Jona. The decision about liquidation was accepted at a
shareholders' meeting held on September 11, 2008.
SWISSALP IMMO: Claims Filing Deadline is July 20
------------------------------------------------
Creditors of Swissalp Immo Chur AG are requested to file their
proofs of claim by July 20, 2009, to:
Dr.iur. Juerg Riedi
Hartbertstrasse 11
Mail Box 180
7002 Chur
Switzerland
The company is currently undergoing liquidation in Chur. The
decision about liquidation was accepted at an extraordinary
general meeting held on May 27, 2009.
=============
U K R A I N E
=============
COMPLEX SMV: Creditors Must File Claims by August 1
---------------------------------------------------
Creditors of LLC Complex SMV (code EDRPOU 31451356) have until
August 1, 2009, to submit proofs of claim to:
V. Shelupets
Insolvency Manager
F. Kon Str. 5
Donetsk
Ukraine
The Economic Court of Kiev commenced bankruptcy proceedings
against the company on June 25, 2009. The case is docketed under
Case No. 43/223.
The Court is located at:
The Economic Court of Kiev
B. Hmelnitskiy street 44-b
01030 Kiev
Ukraine
The Debtor can be reached at:
LLC Complex SMV
Kerchenskaya Str. 7/7
03151 Kiev
Ukraine
OKSANA LLC: Creditors Must File Claims by August 1
--------------------------------------------------
Creditors of LLC Oksana (code EDRPOU 23978085) have until
August 1, 2009, to submit proofs of claim to:
D. Goncharov
Insolvency Manager
Shevchenko Boulevard 31/307
83017 Donetsk
Ukraine
The Economic Court of Donetsk commenced bankruptcy proceedings
against the company on June 4, 2004. The case is docketed under
Case No. 5/167b.
The Court is located at:
The Economic Court of Donetsk
Artem Str. 157
Donetsk
Ukraine
The Debtor can be reached at:
LLC Oksana
Cosmonauts Str. 56
Druzhkovka
84200 Donetsk
Ukraine
SHARM CJSC: Creditors Must File Claims by August 1
----------------------------------------------------
Creditors of CJSC Sharm (code EDRPOU 19139350) have until
August 1, 2009, to submit proofs of claim to:
S. Liaschenko
Insolvency Manager
Post Office Box 1784
49027 Dnepropetrovsk
Ukraine
The Economic Court of Dnepropetrovsk commenced bankruptcy
proceedings against the company on June 23, 2009. The case is
docketed under Case No. B24/101-09.
The Court is located at:
The Economic Court of Dnepropetrovsk
Kujbishev Str. 1a
49600 Dnepropetrovsk
Ukraine
The Debtor can be reached at:
CJSC Sharm
Novokrimskaya Str. 1
49000 Dnepropetrovsk
Ukraine
UKRAINE AUTO: Moody's Junks Ratings on US$18.7 Mln Class B Notes
----------------------------------------------------------------
Moody's Investors Service has downgraded and left on review for
further downgrade these classes of Notes of certain Ukrainian ABS
and RMBS Transactions backed by US$-denominated collateral
originated in Ukraine.
Issuer: Ukraine Mortgage Loan Finance No. 1 PLC
-- Class B US$36,900,000 Residential Mortgage Backed Floating
Rate Notes due 2031, Downgraded to B3 from B1, on review for
possible downgrade. Previously on 22 May 2009 ratings were
downgraded from Ba3 to B1 following the downgrade of the
Foreign Currency Ceiling of Ukraine.
The Class A US$134,100,000 Residential Mortgage Backed Floating
Rate Notes due 2031 issued by Ukraine Mortgage Loan Finance No. 1
Plc remains on review for possible downgrade.
Issuer: Ukraine Auto Loan Finance No.1 PLC
-- Class A US$85,800,000 Floating Rate Notes due 2018, Downgraded
to B1 from Ba1, on review for possible downgrade. Previously
on 22 May 2009 ratings were downgraded from Baa3 to Ba1
following the downgrade of the Local Currency Ceiling of
Ukraine.
-- Class B US$18,700,000 Floating Rate Notes due 2018, Downgraded
to Caa1 from B1, on review for possible downgrade. Previously
on 22 May 2009 ratings were downgraded from Ba3 to B1
following the downgrade of the Foreign Currency Ceiling of
Ukraine.
These actions result from the increased risk of redenomination in
Ukraine due to the general adverse economic conditions in Ukraine
combined with the potential risk of government intervention. For
instance Moody's notes a recent proposal by the President of
Ukraine for a change to the Law on Banks and Banking, which would
allow borrowers to repay foreign currency loans using domestic
currency (the hryvnia) at the exchange rate set by the National
Bank of Ukraine on the date of repayment. Although the law
remains to be voted in parliament, if adopted, it could provide
the tools to support borrowers at the expense of Noteholders if
the exchange rate set by the NBU was set at a rate different from
the market rate.
In addition, general adverse economic conditions that Ukraine is
currently experiencing combined with recent depreciation of
hryvnia lead to an increased pressure on the borrowers who may
suffer as a result of increased unemployment rate in the country
and have to repay their loans in US Dollars. This, in turn, puts
an increased pressure on the government of Ukraine to redenominate
these loans into hryvnia at the exchange rate, which would be more
affordable for consumers.
These factors resulted in an increase in the probability of
redenomination assumed in the analysis, which led to the downgrade
of the above mentioned notes. The Class A note of the Ukraine
Mortgage Loan Finance No. 1 PLC transaction was not downgraded
because the high degree of subordination available for this note
(over 60% including 9.5% reserve fund) limited the impact of the
revised redenomination probability assumption on this note.
In addition, these transactions are impacted by the downgrade of
PrivatBank's long-term global local currency deposit rating to Ba3
from Ba1. PrivatBank is the originator and servicer for these
transactions, and, as a result, the ratings of the notes issued by
these transactions are linked to the ratings of PrivatBank due to
the true sale concerns resulting from the untested legal system in
Ukraine.
Due to the remaining risk associated with redenomination, all
notes of these transactions will remain on review for possible
downgrade.
During the review process, Moody's will monitor any further
developments with regards to the law proposal described above,
and, if necessary, re-model the redenomination risk with updated
assumptions.
UKRAINE MORTGAGE: Moody's Cuts Rating on Class B Notes to 'B3'
--------------------------------------------------------------
Moody's Investors Service has downgraded and left on review for
further downgrade these classes of Notes of certain Ukrainian ABS
and RMBS Transactions backed by US$-denominated collateral
originated in Ukraine.
Issuer: Ukraine Mortgage Loan Finance No. 1 PLC
-- Class B US$36,900,000 Residential Mortgage Backed Floating
Rate Notes due 2031, Downgraded to B3 from B1, on review for
possible downgrade. Previously on 22 May 2009 ratings were
downgraded from Ba3 to B1 following the downgrade of the
Foreign Currency Ceiling of Ukraine.
The Class A US$134,100,000 Residential Mortgage Backed Floating
Rate Notes due 2031 issued by Ukraine Mortgage Loan Finance No. 1
Plc remains on review for possible downgrade.
Issuer: Ukraine Auto Loan Finance No.1 PLC
-- Class A US$85,800,000 Floating Rate Notes due 2018, Downgraded
to B1 from Ba1, on review for possible downgrade. Previously
on 22 May 2009 ratings were downgraded from Baa3 to Ba1
following the downgrade of the Local Currency Ceiling of
Ukraine.
-- Class B US$18,700,000 Floating Rate Notes due 2018, Downgraded
to Caa1 from B1, on review for possible downgrade. Previously
on 22 May 2009 ratings were downgraded from Ba3 to B1
following the downgrade of the Foreign Currency Ceiling of
Ukraine.
These actions result from the increased risk of redenomination in
Ukraine due to the general adverse economic conditions in Ukraine
combined with the potential risk of government intervention. For
instance Moody's notes a recent proposal by the President of
Ukraine for a change to the Law on Banks and Banking, which would
allow borrowers to repay foreign currency loans using domestic
currency (the hryvnia) at the exchange rate set by the National
Bank of Ukraine on the date of repayment. Although the law
remains to be voted in parliament, if adopted, it could provide
the tools to support borrowers at the expense of Noteholders if
the exchange rate set by the NBU was set at a rate different from
the market rate.
In addition, general adverse economic conditions that Ukraine is
currently experiencing combined with recent depreciation of
hryvnia lead to an increased pressure on the borrowers who may
suffer as a result of increased unemployment rate in the country
and have to repay their loans in US Dollars. This, in turn, puts
an increased pressure on the government of Ukraine to redenominate
these loans into hryvnia at the exchange rate, which would be more
affordable for consumers.
These factors resulted in an increase in the probability of
redenomination assumed in the analysis, which led to the downgrade
of the above mentioned notes. The Class A note of the Ukraine
Mortgage Loan Finance No. 1 PLC transaction was not downgraded
because the high degree of subordination available for this note
(over 60% including 9.5% reserve fund) limited the impact of the
revised redenomination probability assumption on this note.
In addition, these transactions are impacted by the downgrade of
PrivatBank's long-term global local currency deposit rating to Ba3
from Ba1. PrivatBank is the originator and servicer for these
transactions, and, as a result, the ratings of the notes issued by
these transactions are linked to the ratings of PrivatBank due to
the true sale concerns resulting from the untested legal system in
Ukraine.
Due to the remaining risk associated with redenomination, all
notes of these transactions will remain on review for possible
downgrade.
During the review process, Moody's will monitor any further
developments with regards to the law proposal described above,
and, if necessary, re-model the redenomination risk with updated
assumptions.
===========================
U N I T E D K I N G D O M
===========================
ASTON MARTIN: To Cut 95 Jobs at Gaydon Plant
--------------------------------------------
BBC News reports that up to 95 of the 1,200 workers at Aston
Martin's plant in Gaydon in Warwickshire are to lose their jobs.
According to BBC, a company spokesman said the redundancies were
part of 600 jobs cuts -- a third of the workforce -- announced in
December. Des Quinn, The Transport and General Workers' Union's
regional organizer, as cited by BBC, said he was concerned at the
number of cuts but discussions with management were on-going.
BBC recalls production line staff were put on a three-day week in
January.
As reported in the Troubled Company Reporter-Europe on January 20,
2009, The Daily Telegraph said Aston warned it could breach its
banking covenants later this year amid the economic downturn.
The Daily Telegraph said David Richards, chairman of Aston,
admitted in an interview that the current turmoil could force the
company into a technical breach of its covenants. The company,
the Daily Telegraph disclosed, had been forced to make a series of
cutbacks after it was left with a huge overhang of unsold stock as
buyers of its cars, which start at about GBP83,000, have proved to
be scarce.
Based in Gaydon, Warwickshire, Aston Martin Lagonda Limited --
http://www.astonmartin.com/-- manufactures luxury sports cars.
BRITISH AIRWAYS: Shareholders Support GBP500 Mln Rights Issue
-------------------------------------------------------------
Tim Webb at The Observer reports that British Airways plc has
secured shareholder backing for an emergency rights issue to
secure the airline's survival.
According to the Observer, BA chief executive Willie Walsh sounded
out a dozen of BA's largest institutional investors about raising
capital at a meeting held at the offices of its broker, Merrill
Lynch, at the end of last month. The Observer discloses analysts
said that BA could be forced to tap the market for GBP500 million
unless passenger numbers recover soon to shore up its creaking
balance sheet. "If the economy limps on for another six months
and if oil prices stay high, BA might as well get on with it now,"
a fund manager present at the meeting told the Observer. The
Observer relates one top 10 shareholder who was also present added
that there was "unanimous support" from institutions for a rights
issue.
BA declined to comment on reports of the rights issue.
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 July 13,
2009, Moody's lowered the Corporate Family and Probability of
Default Ratings of British Airways plc to Ba3; the senior
unsecured and subordinate ratings have been lowered to B1 and B2,
respectively. Moody's said the outlook is stable.
BRITISH AIRWAYS: Spain's Iberia Wants to Close Merger Deal
----------------------------------------------------------
Graham Keeley at The Times reports that Spain's Iberia Lineas
Aereas de Espana SA is eyeing to seal a merger deal with British
Airways plc.
The report relates Antonio Vazquez Romero, the executive chairman,
told Cinco Dias, the Spanish newspaper, "I've come here with the
object of closing a deal with our British partners. Negotiations
cannot drag on much longer, but this isn't to say that we are in a
rush to seal a deal at any price."
The report discloses Mr. Vazquez said that any fusion between BA
and Iberia had to bring positive results for the Spanish airline.
Mr. Vazquez, the report notes, was replacing Fernando Conte, 59,
who had run Iberia for seven years.
According to the report, analysts said that BA's deficit of more
than GBP1.7 billion was a major hurdle to the merger with Iberia,
which is without debt and holds about EUR2 billion (GBP1.7
billion) in cash. The report states Iberia's market
capitalization is about EUR1.4 billion, while BA is worth about
GBP1.38 billion.
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 July 13,
2009, Moody's lowered the Corporate Family and Probability of
Default Ratings of British Airways plc to Ba3; the senior
unsecured and subordinate ratings have been lowered to B1 and B2,
respectively. Moody's said the outlook is stable.
EMI GROUP: Terra Firm in Talks with Citigroup Over Restructuring
----------------------------------------------------------------
Salamander Davoudi and Martin Arnold at The Financial Times report
that Terra Firma, the private equity firm, is in the early stages
of talks with Citigroup over a restructuring of EMI Group Ltd.
Proposal
According to the FT, a formal proposal has yet to be submitted but
Guy Hands, head of Terra Firma, is offering to inject up to GBP300
million of fresh equity in EMI, while negotiating with Citigroup
to write down a large chunk of the music label's debt. Mr. Hands,
the Sunday Times discloses, is attempting to negotiate a big
writedown of EMI's GBP2.5 billion debt pile as well as a new set
of financing arrangements. The Sunday Times discloses the main
terms are that the debt must stay within a certain multiple of
earnings, which is tested every six months. If it does not, Terra
Firma can inject new equity to "cure" the difference, the Sunday
Times states. Mr. Hands' debt proposal, as well as requiring the
agreement of Citigroup, needs the approval of 75% of his
investors, the Sunday Times says. The FT notes one person close
to the talks said Citigroup was not close to agreeing to write off
a large chunk of EMI's debt and that a deal remained highly
uncertain.
Write-offs
The FT recalls in March Terra Firma disclosed it had written off
half of GBP2.3 billion investment in EMI. Citigroup has also
partly written down some debt, the FT states.
Equity Injections
Terra Firma, the FT says, has carried out a series of equity
injections into EMI, including GBP28 million in March.
Terra Firma was forced in May to inject more cash into EMI for the
second time in six months, after it missed targets imposed in
banking covenants, the FT recounts.
London-based EMI Group Limited -- http://www.emigroup.com/--
houses recorded music segment EMI Music and EMI Music Publishing.
EMI Music distributes CDs, videos, and other formats primarily
through imprints Capitol Music Group, EMI Records, and Virgin, and
sports a roster of artists such as The Beastie Boys, Norah Jones,
and Lenny Kravitz. EMI Music Publishing, the world's largest
music publisher, handles the rights to more than a million songs.
Private equity firm Terra Firma bought EMI for US$4.9 billion in
2007.
FOCUS DIY: Ernst & Young to Submit Business Review on Friday
------------------------------------------------------------
Helia Ebrahimi at Telegraph.co.uk reports that Ernst & Young is
expected to submit its review of Focus DIY Ltd.'s financial
position to group's lenders this Friday.
According to Telegraph.co.uk, the review will help the lenders
decide whether to continue backing Focus, which is considering
seeking a company voluntary arrangement. Telegraph.co.uk says the
use of a CVA would enable Focus, owned by US private equity firm
Cerberus, to shed a group of costly legacy property leases.
Telegraph.co.uk relates Focus chief executive Bill Grimsey said
that this remained only one option among a range of strategies and
that the company was currently in talks with landlords regarding
those problem stores.
Telegraph discloses lenders, GMAC and HBOS, have agreed in
principle to renew a two-year credit facility which expires in
December. Telegraph.co.uk however notes even if Ernst & Young's
report is favorable and a new facility is granted it is likely to
be on much more onerous terms.
Headquartered in Crewe, Focus (DIY) Limited --
http://www.focusdiy.co.uk-- markets a range of products for do-
it-yourselfers engaged in light home improvement and gardening
projects, including power tools, hardware, appliances, decking and
flooring, contemporary home and patio furniture, garden buildings,
and plants and seeds. Focus sells its merchandise through about
180 stores in the UK and Ireland, as well as through its Web site.
The site also offers guides, price lists, and calculators for DIY
projects. The company is owned by US investment firm Cerberus
Capital Management.
LLOYDS BANKING: Set to Reveal GBP13 Bln of Write-Offs on Bad Debts
------------------------------------------------------------------
Erikka Askeland at The Scotsman reports that Lloyds Banking Group
plc is set to reveal GBP13 billion worth of write-offs on bad
debts when it releases results for the first six months of 2009 in
August.
According to the report, analysts at UBS calculated Lloyds -– 43
per cent owned by the taxpayer -– will see pre-tax losses of more
than GBP6 billion for the first half of the year alone, while
total write-offs at the bank could top GBP20 billion this year.
Insurance Scheme
Lloyds, the report notes, is still in talks with the government
about placing GBP260 billion in toxic debt -– mostly from HBOS -–
into a taxpayer-backed insurance scheme to strengthen its balance
sheet.
About Lloyds Banking Group PLC
Lloyds Banking Group PLC (LON:LLOY) --
http://www.lloydsbankinggroup.com/-- formerly Lloyds TSB Group
plc, is United Kingdom-based financial services company, whose
businesses provide a range of banking and financial services in
the United Kingdom and a limited number of locations overseas.
The operations of Lloyds TSB Group in the United Kingdom were
conducted through over 2,000 branches of Lloyds TSB Bank, Lloyds
TSB Scotland plc and Cheltenham & Gloucester plc during the year
ended December 31, 2007. Cheltenham & Gloucester plc (C&G) is the
Company's specialist mortgage arranger. Following the transfer of
its mortgage lending and deposits to Lloyds TSB Bank, during 2007,
C&G arranges mortgages for Lloyds TSB Bank rather than for its own
account. International business is conducted mainly in the United
States and continental Europe. Lloyds TSB Group's services in
these countries are offered through branches of Lloyds TSB Bank.
In January 2009, the Company acquired HBOS plc.
QUADRANT HOUSING: Moody's Lifts Rating on GBP130MM Bonds from Ba3
-----------------------------------------------------------------
Moody's Investors Service has upgraded and kept on review for
possible upgrade these Bonds issued by Quadrant Housing Finance
Limited (amounts reflect initial outstandings):
-- GBP130,000,000 Guaranteed Secured Stepped Coupon Bonds due
2033 to Aa2 on review for possible upgrade from Ba3,
previously placed on review for possible upgrade on 17 June
2009, and previously downgraded to Ba3 from Baa1 on 13 April
2009.
The ratings of the above referenced bonds have, up until the
rating action, matched the ratings assigned to AMBAC Insurance UK
Limited. At the February 1998 closing date, Ambac entered into a
financial guarantee insurance policy with the Bond Trustee as main
beneficiary on behalf of the Bondholders. Under that policy,
Ambac guarantees the obligations of the Issuer to the Bondholders
over the full legal term of the Bonds, which covers the Issuer's
promise to pay interest and principal on specific dates, as set
out in the terms and conditions of the Bonds.
Until very recently, the rating of the Bonds was following the
rating of Ambac's insurance financial strength since Moody's was
not able to assign or to monitor a stand-alone (in other words,
un-guaranteed) rating. The Bonds, which were initially rated Aaa
were downgraded in June 2008 to Aa3 following Ambac's downgrade to
Aa3. Since that date until April 13, 2009, Ambac's ratings were
further downgraded to Ba3 over several rating actions, and hence,
the Bond rating has been moving in line with Ambac's outstanding
rating.
The Bonds represent a securitization of a single loan, advanced by
the Issuer to London & Quadrant Housing Trust as the "Borrower".
Both the Issuer and the Borrower are subsidiaries of the L&Q
Group, rated Aa2 since July 12, 2009. The Borrower is the main
operating entity and the principal provider of social housing
within the Group, and currently holds 98% of the Groups assets and
liabilities. Given the Borrower's dominating position within the
Group, it's implied probability of default matches that of the
Group, in other words, commensurate with a Aa2 rating."
Moody's rating review concentrated on two key aspects: (i) a close
review of the degree of recourse which Bondholders have to the
Borrower, and (ii) a review of the quality of the portfolio which
is secured for the benefit of the Issuer as lender, by way of
first ranking mortgage.
The Bonds' source of income are payments under the Loan, as well
as a general covenant to pay which is given by the Borrower. The
loan cash-flows are exactly sufficient to pay for the Bond debt
service, and all other costs and expenses are indemnified for by
the Borrower. Therefore, the probability of default of the Loan
is highly correlated to the Borrower's overall credit-worthiness.
However, should the Group and the Borrower's structure and
strategy diverge over time, there is a possibility of future
rating sensitivity should Moody's assess that the credit-
worthiness of the Borrower and of the Group have become less
linked to each other.
Secondly, Moody's has assessed the information provided so far
regarding the properties backing the loan. Moody's was provided
with the latest valuation report, dated April 2008. The
portfolio, which is revalued every five years, consisted in April
2008 of 5684 residential housing units, mainly 2 and 3 bedroom
flats and houses, located in the south-east of England,: Kent
49.7%, Greater London 42.8% and Surrey 3.7% (percentages were
calculated over the market value).
As is usual in this sector, the Borrower has considerable
flexibility in deciding how the portfolio will be managed over
time. In particular, the Borrower has the ability to remove
properties from the security as long as the minimum asset cover
test is met. The asset cover test for the Loan is set such that
the ratio of the aggregate properties' MV-T value versus debt
outstanding must not drop below 115%, where the MV-T value is the
market value subject to existing tenancy agreements. The
portfolio is also valued according to other methodologies,
including the EU-V value, which is the value of the portfolio
subject to its existing use. The ratio between the MV-T value and
the EU-V value as of April 2008 was approximately 1:0.47.
As a result of the consideration of credit factors outlined above,
Moody's was able to upgrade the rating of the secured Bonds to the
rating level of the Group. Moody's ongoing review for possible
upgrade will now concentrate on an analysis of additional
information to be provided by the Borrower, principally in
relation to the underlying portfolio quality and historic
performance. It is currently Moody's expectation that, following
the rating review, there will remain a high degree of linkage
between the Bonds' ratings and the credit-worthiness of the
Borrower. Once Moody's has concluded on its analysis, a further
press release will be disseminated containing the rating review
conclusion.
The last Performance Overview for this transaction was published
on March 17, 2009.
TATA MOTORS: JLR May Extend Closure of Three UK Plants
------------------------------------------------------
Dominic O'Connell at The Sunday Times reports that Tata Motors
Ltd.'s Jaguar Land Rover may extend the closure of its three UK
plants over the summer and implement another round of jobs cuts as
it struggles to cope with the slump in the world car market.
According to the report, the company, which employs roughly 15,000
people in the UK, however explained that there was no concrete
plan. "We have always said there may be a need in the future to
take further action, but there are no plans at present," the
report quoted a spokesman as saying.
The report recalls the company extended its Christmas break to two
weeks, moving to a four-day week and laid off around 2,000
temporary staff.
Loan Guarantee
Jaguar Land Rover, the report discloses, is still trying to
convince the government to provide a loan guarantee that would
unlock a GBP340 million advance from the European Investment Bank.
The report notes the EIB gave the green light two months ago, but
cannot dispense the cash until Britain agrees to repay it if
Jaguar Land Rover goes under.
About Tata Motors
India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the company. The company's operating segments consists of
Automotive and Others. In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations. TML is listed on the Bombay Stock
Exchange, the National Stock Exchange of India and New York
Stock Exchange. It was ultimately 33.4% owned by the Tata Group
as of December 2007.
Tata Motors has operations in Russia and the United Kingdom.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
March 27, 2009, Standard & Poor's Ratings Services lowered its
corporate credit rating on India-based automaker Tata Motors Ltd.
to 'B+' from 'BB-'. The rating remains on CreditWatch with
negative implications, where it was placed on Dec. 12, 2008. At
the same time, S&P lowered its issue rating on the company's
senior unsecured notes to 'B+' from 'BB-' and also kept the rating
on CreditWatch with negative implications.
S&P said the rating action follows material deterioration in Tata
Motors' cash flows and related metrics on a consolidated basis,
derived from an adverse operating environment, which, combined
with significantly high debt levels, will affect its credit
protection measures beyond those consistent with a 'BB' rating
category.
On June 4, 2009, Moody's Investors Service affirmed the B3
corporate family rating of Tata Motors Ltd. The outlook on the
rating is changed to stable from negative.
TATA STEEL: Corus to Slash Another 366 Jobs at Scunthorpe Plant
---------------------------------------------------------------
BBC News reports that Corus, a unit of India's Tata Steel Ltd.,
has confirmed plans to cut a further 366 jobs at its plant
in Scunthorpe, North Lincolnshire.
According to BBC, the proposed job cuts are expected to affect
staff in the company's manufacturing department. BBC relates
Corus said consultations had begun with workers and it would seek
voluntary redundancies wherever possible.
"The business still needs to make significant savings to secure a
viable future for the site so we have had to take this urgent
action to align our employment costs to current and forecast
demand for our products," BBC quoted Corus site director Sean
Lyons as saying.
About Tata Steel Limited
Headquartered in Mumbai, India, Tata Steel Limited --
http://www.tatasteel.com/-- is a diversified steel producer. It
has operations in 24 countries and commercial presence in over 50
countries. Its operations predominantly relate to manufacture of
steel and ferro alloys and minerals business. Other business
segments comprises of tubes and bearings. On April 2, 2007, Tata
Steel UK Limited (TSUK), a subsidiary of Tulip UK Holding No.1,
which in turn is a subsidiary of Tata Steel completed the
acquisition of Corus Group plc. Tata Metaliks Limited, which is
engaged in the business of manufacturing and selling pig iron,
became a subsidiary of the Company with effect from February 1,
2008. In September 2008, the Company acquired a 7.3% interest in
Riversdale Mining Ltd.
* * *
As reported in the Troubled Company Reporter-Asia on June 10,
2009, Moody's Investors Service downgraded the corporate family
rating of Tata Steel Ltd to Ba3 from Ba2. Moody's said the rating
outlook is stable.
VIRGIN MEDIA: S&P Raises Rating on Junior-Lien Facility to 'BB-'
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it raised to 'BB-'
from 'B+' its issue rating on the junior-lien facility issued by
Virgin Media Investment Holdings Ltd., a subsidiary of U.K.-based
telecommunications provider Virgin Media Inc. (B+/Stable/--),
whose rating remains unchanged. The recovery rating on this
debt was revised to '2' from '3', indicating S&P's expectation of
substantial (70%-90%) recovery in the event of a payment default.
At the same time, the issue ratings on the senior unsecured notes
maturing in 2014 and 2016, and new US$1 billion equivalent notes
maturing 2016, issued by Virgin Media Finance PLC (B+/Stable/--),
were raised to 'B' from 'B-'. The recovery ratings on this debt
were revised to '5' from '6', indicating S&P's expectation of
modest (10%-30%) recovery in the event of a
payment default.
All the above-mentioned issue ratings were removed from
CreditWatch, where they were placed with positive implications on
May 28, 2009, following an announcement by the VMI group of its
intention to issue bonds to fund a partial prepayment of its
senior facilities.
In addition, the issue ratings on the senior secured facilities
issued by VMIH were affirmed at 'BB', two notches higher than the
corporate credit rating on VMI. The recovery rating on these
facilities is unchanged at '1', indicating S&P's expectation of
very high recovery (90%-100%) for senior secured lenders in the
event of a payment default. The 'B-' issue rating on VMI's
unsecured convertible bond was also affirmed. The recovery rating
on this debt issue is unchanged at '6', indicating S&P's
expectation of negligible (0%-10%) recovery for creditors in the
event of a payment default.
The convertible bond issued at the parent company level does not
benefit from any operating companies' guarantees and is therefore
subordinated to the claims of the secured facilities and
speculative-grade notes.
The upgrade and resolution of the CreditWatch on the junior-lien
and unsecured debt instruments follows the partial repayment of
the senior secured bank loans. This repayment forms part of the
amendment process agreed between VMI management and senior bank
lenders in November 2008, and reflects improved recovery prospects
for both unsecured noteholders at VMF and junior-lien
debtholders at VMIH as a result of lower projected senior secured
debt outstanding at the point of default.
In line with the amendment of the senior facility (following the
full 20% repayment of the outstanding A tranches), VMI has rolled
over about GBP1.2 billion of the 2010-2011 bank amortization
payments to June 2012.
Recovery Analysis
For recovery prospects, and hence issue ratings, the amendment and
bond issuance have offsetting effects. The deferral of the
remaining amortization payments and the final maturity date of the
A tranches and revolving credit facility, combined with new debt
issuance, lead to a later default date in S&P's hypothetical
scenario. This, along with less stringent covenants, means that
VMI's core business might need to deteriorate further before
reaching a payment default, leading to lower overall enterprise
value at default. S&P's projected EBITDA at the point of default
is about GBP800 million (about 10% lower than in S&P's previous
analysis). As a result, S&P has revised the stressed valuation of
the group at GBP4.42 billion (versus GBP5.05 billion in S&P's
previous analysis).
However, S&P believes that this negative effect is more than
offset by a slightly lower gross leverage and different mix of
outstanding liabilities at default. This is because partial
repayment of the senior debt has been funded through the available
liquidity (an initial GBP300 million prepayment of Term loan A)
and proceeds from the unsecured debt issuance (about
GBP600 million). S&P assumes a lower amount of priority debt at
the point of default (representing about 50% of the total
projected indebtedness, which compares with about 65% proportion
of senior debt over total debt in the preamendment structure).
The issue-level and recovery ratings on the secured debt take into
account the nature of VMI's assets, the probability of a
restructuring or going-concern sale, and the level of expected
prior-ranking liabilities. The slightly improved recovery
prospects for the junior-lien facility reflect the partial
redemption of the structurally and contractually senior A and B
facilities as part of the amendment process.
The issue-level and recovery ratings on VMF's unsecured debt take
into consideration the same factors that affect the senior secured
debt. They also reflect the structural and contractual
subordination of the notes.
Ratings List
CreditWatch/Outlook Action; Ratings Affirmed
Virgin Media Investment Holdings Ltd.
To From
-- ----
GBP300 million junior-lien bank loan* BB- B+/Watch Pos
Recovery rating 2 3
Virgin Media Finance PLC
GBP375 million 9.75% senior unsecured notes**
$425 million 8.75% senior unsecured notes**
EUR225 million 8.75% senior unsecured notes**
$550 million 9.125% senior unsecured notes**
$750 million 9.5% senior unsecured notes**
EUR180 million 9.5% senior unsecured notes***
To From
-- ----
Senior Unsecured B B-/Watch Pos
Recovery rating 5 6
Ratings Affirmed
Virgin Media Investment Holdings Ltd.
Senior secured BB
Recovery rating 1
Virgin Media Inc.
Snr unsecd convertible bond B-
Recovery rating 6
* Guaranteed by Virgin Media Finance PLC.
** Guaranteed by Virgin Media Holdings Inc. and Virgin Media
Investment Holdings Ltd.
*** Guaranteed by Virgin Media Investment Holdings Ltd. and
Virgin Media Inc.
* Large Companies with Insolvent Balance Sheet
----------------------------------------------
Total
Shareholders Total
Company Ticker Equity Assets
------- ------ ------ ------
AUSTRIA
-------
LIBRO AG LBROF US -110486313.84 174004185.02
LIBRO AG LIB AV -110486313.84 174004185.02
LIBRO AG LB6 GR -110486313.84 174004185.02
LIBRO AG LIBR AV -110486313.84 174004185.02
SKYEUROPE SKYP PW -3897543.17 213166287.14
SKYEUROPE SKY PW -3897543.17 213166287.14
SKYEUROPE HLDG SKYPLN EU -3897543.17 213166287.14
SKYEUROPE HLDG SKYV IX -3897543.17 213166287.14
SKYEUROPE HLDG SKY AV -3897543.17 213166287.14
SKYEUROPE HLDG S8E GR -3897543.17 213166287.14
SKYEUROPE HLDG SKYPLN EO -3897543.17 213166287.14
SKYEUROPE HLDG SKYA PZ -3897543.17 213166287.14
SKYEUROPE HLDG SKURF US -3897543.17 213166287.14
SKYEUROPE HLDG SKY EO -3897543.17 213166287.14
SKYEUROPE HLDG SKY EU -3897543.17 213166287.14
SKYEUROPE HOL-RT SK1 AV -3897543.17 213166287.14
BELGIUM
-------
SABENA SA SABA BB -85494497.66 2215341059.54
SWITZERLAND
-----------
FORTUNE MANA-NEW FMI5 GR -57223391.61 186057993.69
FORTUNE MANAG-NE FMI7 GR -57223391.61 186057993.69
FORTUNE MANAGEME FMI1 EU -57223391.61 186057993.69
FORTUNE MANAGEME FMI3 GR -57223391.61 186057993.69
FORTUNE MANAGEME FMI GR -57223391.61 186057993.69
FORTUNE MANAGEME FMI1 GR -57223391.61 186057993.69
FORTUNE MANAGEME FMI1 PZ -57223391.61 186057993.69
FORTUNE MANAGEME FMI1 EO -57223391.61 186057993.69
FORTUNE MANAGEME FMI1 DU -57223391.61 186057993.69
FORTUNE MANAGEME FMIG IX -57223391.61 186057993.69
FORTUNE MANAGEME FMGT US -57223391.61 186057993.69
FORTUNE MGMT-REG CTLI US -57223391.61 186057993.69
CYPRUS
------
LIBRA HOLIDA-RTS LBR CY -5044973.6 274730005.26
LIBRA HOLIDA-RTS LGWR CY -5044973.6 274730005.26
LIBRA HOLIDAY-RT 3167808Z CY -5044973.6 274730005.26
LIBRA HOLIDAYS LHGCYP EU -5044973.6 274730005.26
LIBRA HOLIDAYS LHGR CY -5044973.6 274730005.26
LIBRA HOLIDAYS LHGCYP EO -5044973.6 274730005.26
LIBRA HOLIDAYS G LHG CY -5044973.6 274730005.26
LIBRA HOLIDAYS G LHG PZ -5044973.6 274730005.26
LIBRA HOLIDAYS G LHG EU -5044973.6 274730005.26
LIBRA HOLIDAYS G LHG EO -5044973.6 274730005.26
LIBRA HOLIDAYS-P LBHG PZ -5044973.6 274730005.26
LIBRA HOLIDAYS-P LBHG CY -5044973.6 274730005.26
CZECH REPUBLIC
--------------
CKD PRAHA HLDG CKDH CP -89435858.16 192305153.03
CKD PRAHA HLDG CKDH US -89435858.16 192305153.03
CKD PRAHA HLDG CDP EX -89435858.16 192305153.03
CKD PRAHA HLDG CKDPF US -89435858.16 192305153.03
CKD PRAHA HLDG 297687Q GR -89435858.16 192305153.03
SETUZA AS 2994759Q EO -61453764.17 138582273.56
SETUZA AS 2994755Q EU -61453764.17 138582273.56
SETUZA AS SZA GR -61453764.17 138582273.56
SETUZA AS SETU IX -61453764.17 138582273.56
SETUZA AS SETUZA PZ -61453764.17 138582273.56
SETUZA AS 2994763Q EU -61453764.17 138582273.56
SETUZA AS SZA EX -61453764.17 138582273.56
SETUZA AS SETUZA CP -61453764.17 138582273.56
SETUZA AS 2994767Q EO -61453764.17 138582273.56
GERMANY
-------
AGOR AG DOOG IX -482446.63 144432986.17
AGOR AG DOO EU -482446.63 144432986.17
AGOR AG DOO EO -482446.63 144432986.17
AGOR AG DOO GR -482446.63 144432986.17
AGOR AG NDAGF US -482446.63 144432986.17
AGOR AG DOOD PZ -482446.63 144432986.17
AGOR AG-RTS 2301918Z GR -482446.63 144432986.17
ALNO AG ANO EO -28265004.17 366872263.74
ALNO AG ALNO IX -28265004.17 366872263.74
ALNO AG ANO PZ -28265004.17 366872263.74
ALNO AG ANO EU -28265004.17 366872263.74
ALNO AG ANO GR -28265004.17 366872263.74
ALNO AG-NEW ANO1 GR -28265004.17 366872263.74
ALNO AG-RTS 2259765Z GR -28265004.17 366872263.74
BROKAT AG BROAF US -27139391.98 143536859.72
BROKAT AG BRKAF US -27139391.98 143536859.72
BROKAT AG BROFQ US -27139391.98 143536859.72
BROKAT AG BKISF US -27139391.98 143536859.72
BROKAT AG -NEW BRJ1 GR -27139391.98 143536859.72
BROKAT AG -NEW BRJ1 NM -27139391.98 143536859.72
BROKAT AG-ADR BROA US -27139391.98 143536859.72
BROKAT TECH -ADR BROAQ US -27139391.98 143536859.72
BROKAT TECH AG BRJ NM -27139391.98 143536859.72
BROKAT TECH AG BSA LN -27139391.98 143536859.72
BROKAT TECH AG BRJ GR -27139391.98 143536859.72
BROKAT TECH-ADR BRJA GR -27139391.98 143536859.72
CBB HOLD-NEW 97 COB2 GR -42994732.85 904723627.84
CBB HOLDING AG COB2 EU -42994732.85 904723627.84
CBB HOLDING AG COB GR -42994732.85 904723627.84
CBB HOLDING AG COBG PZ -42994732.85 904723627.84
CBB HOLDING AG CUBDF US -42994732.85 904723627.84
CBB HOLDING AG COBG IX -42994732.85 904723627.84
CBB HOLDING AG COB2 EO -42994732.85 904723627.84
CBB HOLDING-NEW COB1 GR -42994732.85 904723627.84
CBB HOLDING-NEW COB3 GR -42994732.85 904723627.84
CINEMAXX AG MXC PZ -42015165.72 146572416.37
CINEMAXX AG MXC EU -42015165.72 146572416.37
CINEMAXX AG MXC GR -42015165.72 146572416.37
CINEMAXX AG CNEMF US -42015165.72 146572416.37
CINEMAXX AG MXCUSD EO -42015165.72 146572416.37
CINEMAXX AG MXCUSD EU -42015165.72 146572416.37
CINEMAXX AG MXCG IX -42015165.72 146572416.37
CINEMAXX AG MXC EO -42015165.72 146572416.37
CINEMAXX AG-RTS MXC8 GR -42015165.72 146572416.37
DORT ACTIEN-BRAU 944167Q GR -12689156.29 117537053.71
DORT ACTIEN-RTS DAB8 GR -12689156.29 117537053.71
EECH GROUP AG PTAG IX -114331.83 108502676.25
EECH GROUP AG PTA EU -114331.83 108502676.25
EECH GROUP AG PTA PZ -114331.83 108502676.25
EECH GROUP AG PTA EO -114331.83 108502676.25
EECH GROUP AG PTA GR -114331.83 108502676.25
EM.TV & MERC-NEW ETV1 GR -22067409.41 849175624.65
EM.TV & MERC-NEW ETV1 NM -22067409.41 849175624.65
EM.TV & MERC-RTS ETV8 GR -22067409.41 849175624.65
EM.TV & MERC-RTS ETV8 NM -22067409.41 849175624.65
EM.TV & MERCHAND ETV VX -22067409.41 849175624.65
EM.TV & MERCHAND ETVMF US -22067409.41 849175624.65
EM.TV & MERCHAND EMTVF US -22067409.41 849175624.65
EM.TV & MERCHAND 985403Q GR -22067409.41 849175624.65
EM.TV & MERCHAND ETV LN -22067409.41 849175624.65
EM.TV & MERCHAND ETV NM -22067409.41 849175624.65
HYPO REAL ES-ADR HREHY US -813565059.9 543794828675.92
HYPO REAL ES-NEW HRXA PZ -813565059.9 543794828675.92
HYPO REAL ES-NEW 2916649Q EU -813565059.9 543794828675.92
HYPO REAL ES-NEW 2916645Q EO -813565059.9 543794828675.92
HYPO REAL ES-NEW HRXA EU -813565059.9 543794828675.92
HYPO REAL ES-NEW HRXA EO -813565059.9 543794828675.92
HYPO REAL ES-NEW HRX1 GR -813565059.9 543794828675.92
HYPO REAL ES-NEW HRXA GR -813565059.9 543794828675.92
HYPO REAL ESTATE HRXCHF EO -813565059.9 543794828675.92
HYPO REAL ESTATE HRX GR -813565059.9 543794828675.92
HYPO REAL ESTATE HRX BQ -813565059.9 543794828675.92
HYPO REAL ESTATE HREHF US -813565059.9 543794828675.92
HYPO REAL ESTATE HRX NR -813565059.9 543794828675.92
HYPO REAL ESTATE HRXGBX EO -813565059.9 543794828675.92
HYPO REAL ESTATE HRXAUD EO -813565059.9 543794828675.92
HYPO REAL ESTATE HRX EB -813565059.9 543794828675.92
HYPO REAL ESTATE HRX TQ -813565059.9 543794828675.92
HYPO REAL ESTATE HRX VX -813565059.9 543794828675.92
HYPO REAL ESTATE HRXCHF EU -813565059.9 543794828675.92
HYPO REAL ESTATE HRXAUD EU -813565059.9 543794828675.92
HYPO REAL ESTATE HRX AV -813565059.9 543794828675.92
HYPO REAL ESTATE HRXG IX -813565059.9 543794828675.92
HYPO REAL ESTATE HRXGBP EO -813565059.9 543794828675.92
HYPO REAL ESTATE HRX EU -813565059.9 543794828675.92
HYPO REAL ESTATE HRXGBX EU -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 HRX PZ -813565059.9 543794828675.92
HYPO REAL ESTATE HRX NQ -813565059.9 543794828675.92
HYPO REAL ESTATE HRX EO -813565059.9 543794828675.92
HYPO REAL-ACQ HRXV PZ -813565059.9 543794828675.92
HYPO REAL-ACQ HRXV EO -813565059.9 543794828675.92
HYPO REAL-ACQ HRXV EU -813565059.9 543794828675.92
HYPO REAL-ACQ HRXV GR -813565059.9 543794828675.92
KAUFRING AG KFR EO -19296489.56 150995473.81
KAUFRING AG KAUG IX -19296489.56 150995473.81
KAUFRING AG KFR EU -19296489.56 150995473.81
KAUFRING AG KFR PZ -19296489.56 150995473.81
KAUFRING AG KFR GR -19296489.56 150995473.81
MANIA TECHNOLOGI MNI NM -35060806.5 107465713.61
MANIA TECHNOLOGI MNIG IX -35060806.5 107465713.61
MANIA TECHNOLOGI MNI1 EU -35060806.5 107465713.61
MANIA TECHNOLOGI 2260970Z GR -35060806.5 107465713.61
MANIA TECHNOLOGI MNI GR -35060806.5 107465713.61
MANIA TECHNOLOGI MIAVF US -35060806.5 107465713.61
MANIA TECHNOLOGI MNI1 EO -35060806.5 107465713.61
MANIA TECHNOLOGI MNI PZ -35060806.5 107465713.61
MATERNUS KLINI-N MAK1 GR -17014754.15 172786677.74
MATERNUS-KLINIKE MAK GR -17014754.15 172786677.74
MATERNUS-KLINIKE MAKG IX -17014754.15 172786677.74
MATERNUS-KLINIKE MAK EU -17014754.15 172786677.74
MATERNUS-KLINIKE MAK EO -17014754.15 172786677.74
MATERNUS-KLINIKE MNUKF US -17014754.15 172786677.74
MATERNUS-KLINIKE MAK PZ -17014754.15 172786677.74
NORDAG AG DOO1 GR -482446.63 144432986.17
NORDAG AG-PFD DOO3 GR -482446.63 144432986.17
NORDAG AG-RTS DOO8 GR -482446.63 144432986.17
NORDSEE AG 533061Q GR -8200552.05 194616922.62
P & T TECHNOLOGY PTA NM -114331.83 108502676.25
PRIMACOM AG PCAGF US -14233212.49 729563484.73
PRIMACOM AG PRC EU -14233212.49 729563484.73
PRIMACOM AG PRC GR -14233212.49 729563484.73
PRIMACOM AG PRC2 GR -14233212.49 729563484.73
PRIMACOM AG PRCG IX -14233212.49 729563484.73
PRIMACOM AG PRCG PZ -14233212.49 729563484.73
PRIMACOM AG PRC NM -14233212.49 729563484.73
PRIMACOM AG PRC EO -14233212.49 729563484.73
PRIMACOM AG-ADR PCAG US -14233212.49 729563484.73
PRIMACOM AG-ADR PCAGY US -14233212.49 729563484.73
PRIMACOM AG-ADR+ PCAG ES -14233212.49 729563484.73
RINOL AG RIL GR -2.71 168095049.11
RINOL AG RILB IX -2.71 168095049.11
RINOL AG RILB PZ -2.71 168095049.11
RINOL AG RNLAF US -2.71 168095049.11
RINOL AG RILB EO -2.71 168095049.11
RINOL AG RILB GR -2.71 168095049.11
RINOL AG RILB EU -2.71 168095049.11
ROSENTHAL AG 2644179Q GR -1744121.91 217776125.75
ROSENTHAL AG-ACC ROS4 GR -1744121.91 217776125.75
ROSENTHAL AG-ADR RSTHY US -1744121.91 217776125.75
ROSENTHAL AG-REG ROSG IX -1744121.91 217776125.75
ROSENTHAL AG-REG RSTHF US -1744121.91 217776125.75
ROSENTHAL AG-REG ROS1 EO -1744121.91 217776125.75
ROSENTHAL AG-REG ROS1 EU -1744121.91 217776125.75
ROSENTHAL AG-REG ROSG PZ -1744121.91 217776125.75
ROSENTHAL AG-REG ROS GR -1744121.91 217776125.75
SANDER (JIL) AG JLSDF US -6153256.92 127548039.68
SANDER (JIL) AG SAD GR -6153256.92 127548039.68
SANDER (JIL)-PRF SAD3 PZ -6153256.92 127548039.68
SANDER (JIL)-PRF SAD3 GR -6153256.92 127548039.68
SANDER (JIL)-PRF 2916161Q EO -6153256.92 127548039.68
SANDER (JIL)-PRF 2916157Q EU -6153256.92 127548039.68
SINNLEFFERS AG WHG GR -4491629.96 453887060.07
SPAR HAND-PFD NV SPA3 GR -442426199.47 1433020960.55
SPAR HANDELS-AG 773844Q GR -442426199.47 1433020960.55
SPAR HANDELS-AG SPHFF US -442426199.47 1433020960.55
TA TRIUMPH-A-RTS 1018916Z GR -96966372.18 401755623.89
TA TRIUMPH-ACQ TWNA EU -96966372.18 401755623.89
TA TRIUMPH-ACQ TWNA GR -96966372.18 401755623.89
TA TRIUMPH-ADLER TWN EU -96966372.18 401755623.89
TA TRIUMPH-ADLER TTZAF US -96966372.18 401755623.89
TA TRIUMPH-ADLER TWN GR -96966372.18 401755623.89
TA TRIUMPH-ADLER TWN EO -96966372.18 401755623.89
TA TRIUMPH-ADLER TWNG IX -96966372.18 401755623.89
TA TRIUMPH-ADLER TWN PZ -96966372.18 401755623.89
TA TRIUMPH-NEW TWN1 GR -96966372.18 401755623.89
TA TRIUMPH-RT TWN8 GR -96966372.18 401755623.89
TA TRIUMPH-RTS 3158577Q GR -96966372.18 401755623.89
VIVANCO GRUPPE VIVGF US -16648688.57 131276010.89
VIVANCO GRUPPE VVA1 EO -16648688.57 131276010.89
VIVANCO GRUPPE VVA1 GR -16648688.57 131276010.89
VIVANCO GRUPPE VVA GR -16648688.57 131276010.89
VIVANCO GRUPPE VVA1 EU -16648688.57 131276010.89
VIVANCO GRUPPE VVA1 PZ -16648688.57 131276010.89
VIVANCO GRUPPE VVAG IX -16648688.57 131276010.89
DENMARK
-------
ELITE SHIPPING ELSP DC -27715991.74 100892900.29
ROSKILDE BAN-NEW ROSKN DC -532868894.9 7876687324.02
ROSKILDE BAN-RTS ROSKT DC -532868894.9 7876687324.02
ROSKILDE BANK ROSK EO -532868894.9 7876687324.02
ROSKILDE BANK ROSK EU -532868894.9 7876687324.02
ROSKILDE BANK ROSKF US -532868894.9 7876687324.02
ROSKILDE BANK ROSBF US -532868894.9 7876687324.02
ROSKILDE BANK RKI GR -532868894.9 7876687324.02
ROSKILDE BANK ROSK PZ -532868894.9 7876687324.02
ROSKILDE BANK RSKC IX -532868894.9 7876687324.02
ROSKILDE BANK ROSK DC -532868894.9 7876687324.02
ROSKILDE BANK-RT 916603Q DC -532868894.9 7876687324.02
SPAIN
-----
MARTINSA FADESA 4PU GR -936423454.31 10696164113.42
MARTINSA FADESA MTF EU -936423454.31 10696164113.42
MARTINSA FADESA MTF SM -936423454.31 10696164113.42
MARTINSA FADESA MTF EO -936423454.31 10696164113.42
MARTINSA FADESA MFAD PZ -936423454.31 10696164113.42
MARTINSA-FADESA MTF NR -936423454.31 10696164113.42
FRANCE
------
CARRERE GROUP CARG FP -23319835.34 364475420.31
CARRERE GROUP XRR GR -23319835.34 364475420.31
CARRERE GROUP CRRHF US -23319835.34 364475420.31
CARRERE GROUP CRGP IX -23319835.34 364475420.31
CARRERE GROUP CAR2 EO -23319835.34 364475420.31
CARRERE GROUP CAR2 EU -23319835.34 364475420.31
CARRERE GROUP CAR FP -23319835.34 364475420.31
CARRERE GROUP CARF PZ -23319835.34 364475420.31
CHAINE ET TRAME CTRM FP -46169771.5 134467847.56
CHAINE ET TRAME CHTR FP -46169771.5 134467847.56
GRANDE PAROISSE GAPA FP -927267926.9 629287290
GRANDE PAROISSE GDPA FP -927267926.9 629287290
GRANDE PAROISSE GDPXF US -927267926.9 629287290
IMMOB HOTEL BALN IMHB FP -66874823.95 301323804.92
IMMOB HOTELIERE IMBHF US -66874823.95 301323804.92
IMMOB HOTELIERE IMHO PZ -66874823.95 301323804.92
IMMOB HOTELIERE IMH GR -66874823.95 301323804.92
IMMOB HOTELIERE IMMH IX -66874823.95 301323804.92
IMMOB HOTELIERE SIH FP -66874823.95 301323804.92
IMMOB HOTELIERE IMHO FP -66874823.95 301323804.92
IMMOB HOTELIERE IMHO EO -66874823.95 301323804.92
IMMOB HOTELIERE IMHO EU -66874823.95 301323804.92
LAB DOLISOS LADL FP -27752176.19 110485462.44
LAB DOLISOS DOLI FP -27752176.19 110485462.44
MATUSSIERE & FOR 1007765Q FP -77896683.67 293868350.79
MATUSSIERE & FOR MTUSF US -77896683.67 293868350.79
MB RETAIL EUROPE MBRE PZ -46169771.5 134467847.56
MB RETAIL EUROPE MBRE EO -46169771.5 134467847.56
MB RETAIL EUROPE MBRE EU -46169771.5 134467847.56
MB RETAIL EUROPE CTRF IX -46169771.5 134467847.56
MB RETAIL EUROPE MBRE FP -46169771.5 134467847.56
NORTENE NRTP IX -35623999.56 117566786.87
NORTENE NRTN FP -35623999.56 117566786.87
NORTENE NORT FP -35623999.56 117566786.87
OROSDI OROS FP -7291.55 131233317.62
OROSDI-BACK OROS EO -7291.55 131233317.62
OROSDI-BACK OROS PZ -7291.55 131233317.62
OROSDI-BACK BACK IX -7291.55 131233317.62
OROSDI-BACK ORBA FP -7291.55 131233317.62
OROSDI-BACK OROS EU -7291.55 131233317.62
OUTSIDE LIVING I NORT EU -35623999.56 117566786.87
OUTSIDE LIVING I OLIN PZ -35623999.56 117566786.87
OUTSIDE LIVING I NORT PZ -35623999.56 117566786.87
OUTSIDE LIVING I NORT EO -35623999.56 117566786.87
OUTSIDE LIVING I OLIN FP -35623999.56 117566786.87
PAGESJAUNES PGJUF US -3061283156.27 1202048352.1
PAGESJAUNES GRP PAJGBX EO -3061283156.27 1202048352.1
PAGESJAUNES GRP PAJUSD EO -3061283156.27 1202048352.1
PAGESJAUNES GRP PAJUSD EU -3061283156.27 1202048352.1
PAGESJAUNES GRP PAJ VX -3061283156.27 1202048352.1
PAGESJAUNES GRP PAJ FP -3061283156.27 1202048352.1
PAGESJAUNES GRP PAJ NQ -3061283156.27 1202048352.1
PAGESJAUNES GRP PAJ EU -3061283156.27 1202048352.1
PAGESJAUNES GRP PAJ BQ -3061283156.27 1202048352.1
PAGESJAUNES GRP PAJGBP EO -3061283156.27 1202048352.1
PAGESJAUNES GRP PAJ TQ -3061283156.27 1202048352.1
PAGESJAUNES GRP QS3 GR -3061283156.27 1202048352.1
PAGESJAUNES GRP PAJ EO -3061283156.27 1202048352.1
PAGESJAUNES GRP PAJ IX -3061283156.27 1202048352.1
PAGESJAUNES GRP PAJ PZ -3061283156.27 1202048352.1
PAGESJAUNES GRP PAJGBX EU -3061283156.27 1202048352.1
PAGESJAUNES GRP PAJP IX -3061283156.27 1202048352.1
PAGESJAUNES GRP PAJ EB -3061283156.27 1202048352.1
RHODIA SA RHANR FP -670695098.16 5563991457.04
RHODIA SA 2324011Q EU -670695098.16 5563991457.04
RHODIA SA RHAUSD EU -670695098.16 5563991457.04
RHODIA SA RHA EU -670695098.16 5563991457.04
RHODIA SA RHAUSD EO -670695098.16 5563991457.04
RHODIA SA RHA IX -670695098.16 5563991457.04
RHODIA SA RHA PZ -670695098.16 5563991457.04
RHODIA SA RHA FP -670695098.16 5563991457.04
RHODIA SA RHA TQ -670695098.16 5563991457.04
RHODIA SA RHA VX -670695098.16 5563991457.04
RHODIA SA RHADF US -670695098.16 5563991457.04
RHODIA SA RHA NQ -670695098.16 5563991457.04
RHODIA SA RHA BQ -670695098.16 5563991457.04
RHODIA SA RHAGBX EU -670695098.16 5563991457.04
RHODIA SA RHANR PZ -670695098.16 5563991457.04
RHODIA SA RHAY IX -670695098.16 5563991457.04
RHODIA SA RHAGBX EO -670695098.16 5563991457.04
RHODIA SA RHDI GR -670695098.16 5563991457.04
RHODIA SA RHA EO -670695098.16 5563991457.04
RHODIA SA 3218857Q IX -670695098.16 5563991457.04
RHODIA SA RHD GR -670695098.16 5563991457.04
RHODIA SA RHAGBP EO -670695098.16 5563991457.04
RHODIA SA RHDAF US -670695098.16 5563991457.04
RHODIA SA 2324015Q EO -670695098.16 5563991457.04
RHODIA SA RHA EB -670695098.16 5563991457.04
RHODIA SA - NEW 3156011Q FP -670695098.16 5563991457.04
RHODIA SA - NEW 2335921Q FP -670695098.16 5563991457.04
RHODIA SA - NEW RHANV FP -670695098.16 5563991457.04
RHODIA SA-ADR RHAYY US -670695098.16 5563991457.04
RHODIA SA-RIGHTS 653447Q FP -670695098.16 5563991457.04
RHODIA SA-RIGHTS RHADS FP -670695098.16 5563991457.04
SDR CENTREST 117241Q FP -132420119.65 252176017.15
SELCODIS SLCO EO -21481214.33 175720770.81
Selcodis SPVX FP -21481214.33 175720770.81
SELCODIS SPVX IX -21481214.33 175720770.81
SELCODIS SLCO FP -21481214.33 175720770.81
SELCODIS SLCO EU -21481214.33 175720770.81
SELCODIS SLCO PZ -21481214.33 175720770.81
THOMSON - NEW TMSNV FP -186963510.99 7800843297.85
THOMSON - NEW 2336061Q FP -186963510.99 7800843297.85
THOMSON (EX-TMM) TMM LN -186963510.99 7800843297.85
THOMSON (EX-TMM) TMSGBX EO -186963510.99 7800843297.85
THOMSON (EX-TMM) TMS BQ -186963510.99 7800843297.85
THOMSON (EX-TMM) TMS FP -186963510.99 7800843297.85
THOMSON (EX-TMM) TNM GR -186963510.99 7800843297.85
THOMSON (EX-TMM) TMS EB -186963510.99 7800843297.85
THOMSON (EX-TMM) TMM ES -186963510.99 7800843297.85
THOMSON (EX-TMM) TMM IX -186963510.99 7800843297.85
THOMSON (EX-TMM) TMSGBP EO -186963510.99 7800843297.85
THOMSON (EX-TMM) TMSGBX EU -186963510.99 7800843297.85
THOMSON (EX-TMM) TMSUSD EO -186963510.99 7800843297.85
THOMSON (EX-TMM) TMMN FP -186963510.99 7800843297.85
THOMSON (EX-TMM) TNMA GR -186963510.99 7800843297.85
THOMSON (EX-TMM) TMS PZ -186963510.99 7800843297.85
THOMSON (EX-TMM) TMS EO -186963510.99 7800843297.85
THOMSON (EX-TMM) TMS VX -186963510.99 7800843297.85
THOMSON (EX-TMM) TMS EU -186963510.99 7800843297.85
THOMSON (EX-TMM) TMS NQ -186963510.99 7800843297.85
THOMSON (EX-TMM) TMSUSD EU -186963510.99 7800843297.85
THOMSON (EX-TMM) TMM VX -186963510.99 7800843297.85
THOMSON (EX-TMM) TMMLF US -186963510.99 7800843297.85
THOMSON (EX-TMM) TMS US -186963510.99 7800843297.85
THOMSON (EX-TMM) TMS TQ -186963510.99 7800843297.85
THOMSON MULT-ADR TMS-P US -186963510.99 7800843297.85
THOMSON MULTI-NE ZTM FP -186963510.99 7800843297.85
THOMSON MULTIMED TMM FP -186963510.99 7800843297.85
TROUVAY CAUVIN TVYCF US -396978 133986439.74
TROUVAY CAUVIN ETEC FP -396978 133986439.74
UNITED KINGDOM
--------------
ABBOTT MEAD VICK 648824Q LN -1685852.9 168258996.33
ADVANCE DISPLAY ADTP PZ -3015578834.69 2590007903.69
AEA TECHNOLO-FPR AATF PZ -149279984.66 121254240.42
AEA TECHNOLO-FPR AATF LN -149279984.66 121254240.42
AEA TECHNOLO-NPR AATN LN -149279984.66 121254240.42
AEA TECHNOLO-NPR AATN PZ -149279984.66 121254240.42
AEA TECHNOLOGY AATGBP EO -149279984.66 121254240.42
AEA TECHNOLOGY AAT IX -149279984.66 121254240.42
AEA TECHNOLOGY AAT EO -149279984.66 121254240.42
AEA TECHNOLOGY AAT LN -149279984.66 121254240.42
AEA TECHNOLOGY AAT PZ -149279984.66 121254240.42
AEA TECHNOLOGY AEY GR -149279984.66 121254240.42
AEA TECHNOLOGY EAETF US -149279984.66 121254240.42
AEA TECHNOLOGY AAT VX -149279984.66 121254240.42
AEA TECHNOLOGY AAT EU -149279984.66 121254240.42
AEA TECHNOLOGY AAT PO -149279984.66 121254240.42
AIRTOURS PLC AIR VX -379721841.57 1817512773.61
AIRTOURS PLC ATORF US -379721841.57 1817512773.61
AIRTOURS PLC AIR LN -379721841.57 1817512773.61
ALLDAYS PLC ALDYF US -120493900.04 252232072.87
ALLDAYS PLC 317056Q LN -120493900.04 252232072.87
AMER BUS SYS ARB LN -497127008 121439000
AMEY PLC AMY VX -48862569.33 931527720.46
AMEY PLC AMY LN -48862569.33 931527720.46
AMEY PLC AMEYF US -48862569.33 931527720.46
AMEY PLC-ASSENT AMYA LN -48862569.33 931527720.46
AMEY PLC-NEW AMYN LN -48862569.33 931527720.46
ANKER PLC ANK LN -21861359.81 115463159
ANKER PLC ANK PO -21861359.81 115463159
ANKER PLC DW14 GR -21861359.81 115463159
ANKER PLC - ASSD ANKC LN -21861359.81 115463159
ANKER PLC - ASSD ANKB LN -21861359.81 115463159
ANKER PLC-ASSD ANKA LN -21861359.81 115463159
ATKINS (WS) PLC ATKGBP EO -62199993.61 1184945671.16
ATKINS (WS) PLC ATK IX -62199993.61 1184945671.16
ATKINS (WS) PLC ATK TQ -62199993.61 1184945671.16
ATKINS (WS) PLC ATK EO -62199993.61 1184945671.16
ATKINS (WS) PLC ATK LN -62199993.61 1184945671.16
ATKINS (WS) PLC WATKF US -62199993.61 1184945671.16
ATKINS (WS) PLC ATKEUR EU -62199993.61 1184945671.16
ATKINS (WS) PLC ATK NQ -62199993.61 1184945671.16
ATKINS (WS) PLC ATK PO -62199993.61 1184945671.16
ATKINS (WS) PLC ATK BQ -62199993.61 1184945671.16
ATKINS (WS) PLC ATK PZ -62199993.61 1184945671.16
ATKINS (WS) PLC ATK EU -62199993.61 1184945671.16
ATKINS (WS) PLC ATK NR -62199993.61 1184945671.16
ATKINS (WS) PLC ATK VX -62199993.61 1184945671.16
ATKINS (WS) PLC ATK EB -62199993.61 1184945671.16
ATKINS (WS) PLC ATKEUR EO -62199993.61 1184945671.16
BCH GROUP PLC BCH LN -5728274.38 187993198.22
BLACK & EDGINGTO BLE LN -130883498.29 153620497.99
BNB RECRUITMENT BNB PO -10242627.53 103637704.96
BNB RECRUITMENT BNB IX -10242627.53 103637704.96
BNB RECRUITMENT BNB LN -10242627.53 103637704.96
BNB RECRUITMENT BNBRF US -10242627.53 103637704.96
BNB RECRUITMENT BQX GR -10242627.53 103637704.96
BOOKER PLC 1330Q GR -59832880.4 1298182548.71
BOOKER PLC BKERF US -59832880.4 1298182548.71
BOOKER PLC 987188Q LN -59832880.4 1298182548.71
BOOKER PLC-ADR BKRUY US -59832880.4 1298182548.71
BOOKER PLC-ADR BOK$ LN -59832880.4 1298182548.71
BRADSTOCK GROUP BDK LN -1855444.44 268563822.49
BRADSTOCK GROUP BSKGF US -1855444.44 268563822.49
BRIT ENERGY LTD 523362Q LN -5822867500.78 4921095749.61
BRIT ENERGY PLC 555140Q VX -5822867500.78 4921095749.61
BRIT ENERGY PLC BHEGF US -5822867500.78 4921095749.61
BRIT ENERGY PLC BGYEF US -5822867500.78 4921095749.61
BRIT ENERGY PLC BEN1 GR -5822867500.78 4921095749.61
BRIT ENERGY-A BENA GR -5822867500.78 4921095749.61
BRIT ENERGY-ADR BHEFF US -5822867500.78 4921095749.61
BRIT NUCLEAR 1046Z LN -4247644149.6 40325778907.11
BRIT SKY BRO-ADR BSY$ LN -30607499.6 8332527670.8
BRIT SKY BRO-ADR BSY US -30607499.6 8332527670.8
BRIT SKY BROADCA BSYB GR -30607499.6 8332527670.8
BRITISH ENER-$US BGYD AR -5822867500.78 4921095749.61
BRITISH ENER-$US BGYNYD AR -5822867500.78 4921095749.61
BRITISH ENER-ADR BGYNY US -5822867500.78 4921095749.61
BRITISH ENER-BLK BGYNYB AR -5822867500.78 4921095749.61
BRITISH ENER-BLK BGYB AR -5822867500.78 4921095749.61
BRITISH ENER-C/E BGYC AR -5822867500.78 4921095749.61
BRITISH ENER-C/E BGYNYC AR -5822867500.78 4921095749.61
BRITISH ENER-CED BGY AR -5822867500.78 4921095749.61
BRITISH ENER-CED BGYNY AR -5822867500.78 4921095749.61
BRITISH ENERGY-A 3012442Q LN -5822867500.78 4921095749.61
BRITISH ENERGY-A BGYA VX -5822867500.78 4921095749.61
BRITISH ENERGY-A BGYA PO -5822867500.78 4921095749.61
BRITISH ENERGY-A BHEAF US -5822867500.78 4921095749.61
BRITISH ENERGY-A BGYGF US -5822867500.78 4921095749.61
BRITISH SKY BROA BSY EB -30607499.6 8332527670.8
BRITISH SKY BROA BSY PO -30607499.6 8332527670.8
BRITISH SKY BROA BSY NR -30607499.6 8332527670.8
BRITISH SKY BROA BSB GR -30607499.6 8332527670.8
BRITISH SKY BROA BSYUSD EU -30607499.6 8332527670.8
BRITISH SKY BROA BSY IX -30607499.6 8332527670.8
BRITISH SKY BROA BSY EU -30607499.6 8332527670.8
BRITISH SKY BROA BSYBF US -30607499.6 8332527670.8
BRITISH SKY BROA BSY TQ -30607499.6 8332527670.8
BRITISH SKY BROA BSY EO -30607499.6 8332527670.8
BRITISH SKY BROA BSY PZ -30607499.6 8332527670.8
BRITISH SKY BROA BSYUSD EO -30607499.6 8332527670.8
BRITISH SKY BROA BSY NQ -30607499.6 8332527670.8
BRITISH SKY BROA BSY LN -30607499.6 8332527670.8
BRITISH SKY BROA BSY BQ -30607499.6 8332527670.8
BRITISH SKY BROA BSYGBP EO -30607499.6 8332527670.8
BRITISH SKY BROA BSYEUR EO -30607499.6 8332527670.8
BRITISH SKY BROA BSY VX -30607499.6 8332527670.8
BRITISH SKY BROA BSYEUR EU -30607499.6 8332527670.8
BRITVIC B6S GR -731325.03 1222775450.71
BRITVIC PLC BVICEUR EU -731325.03 1222775450.71
BRITVIC PLC BVICEUR EO -731325.03 1222775450.71
BRITVIC PLC BVIC PZ -731325.03 1222775450.71
BRITVIC PLC BVIC IX -731325.03 1222775450.71
BRITVIC PLC BVIC LN -731325.03 1222775450.71
BRITVIC PLC BVICUSD EO -731325.03 1222775450.71
BRITVIC PLC BVIC VX -731325.03 1222775450.71
BRITVIC PLC BVICUSD EU -731325.03 1222775450.71
BRITVIC PLC BVIC TQ -731325.03 1222775450.71
BRITVIC PLC BVIC EU -731325.03 1222775450.71
BRITVIC PLC BVIC BQ -731325.03 1222775450.71
BRITVIC PLC BVICGBP EO -731325.03 1222775450.71
BRITVIC PLC BVIC NQ -731325.03 1222775450.71
BRITVIC PLC BVIC NR -731325.03 1222775450.71
BRITVIC PLC BVIC EO -731325.03 1222775450.71
BRITVIC PLC BTVCF US -731325.03 1222775450.71
BRITVIC PLC BVIC EB -731325.03 1222775450.71
CARLISLE GROUP 506819Q LN -11904426.45 203548565.03
CHRYSALIS GROUP CHS PO -5851089.05 101497520.61
CHRYSALIS GROUP CHS VX -5851089.05 101497520.61
CHRYSALIS GROUP CHS EO -5851089.05 101497520.61
CHRYSALIS GROUP 5CY GR -5851089.05 101497520.61
CHRYSALIS GROUP CYGUF US -5851089.05 101497520.61
CHRYSALIS GROUP CHSGBP EO -5851089.05 101497520.61
CHRYSALIS GROUP CHSEUR EU -5851089.05 101497520.61
CHRYSALIS GROUP CHSUSD EO -5851089.05 101497520.61
CHRYSALIS GROUP CHS IX -5851089.05 101497520.61
CHRYSALIS GROUP CHSUSD EU -5851089.05 101497520.61
CHRYSALIS GROUP CHS PZ -5851089.05 101497520.61
CHRYSALIS GROUP CLYSF US -5851089.05 101497520.61
CHRYSALIS GROUP HR4 GR -5851089.05 101497520.61
CHRYSALIS GROUP CHS EU -5851089.05 101497520.61
CHRYSALIS GROUP CHSEUR EO -5851089.05 101497520.61
CHRYSALIS GROUP CHS LN -5851089.05 101497520.61
CLIPPER WINDPOWE CWP LN -99360000 989187968
CLIPPER WINDPOWE CWP IX -99360000 989187968
CLIPPER WINDPOWE C2W GR -99360000 989187968
CLIPPER WINDPOWE CWPA LN -99360000 989187968
CLIPPER WINDPOWE CWP EO -99360000 989187968
CLIPPER WINDPOWE CWP EU -99360000 989187968
CLIPPER WINDPOWE CRPWF US -99360000 989187968
CLIPPER WINDPOWE CWP PG -99360000 989187968
COMPASS GROU-OLD 1259Q LN -668101173.88 2972459078.38
COMPASS GROUP QOP GR -668101173.88 2972459078.38
COMPASS GRP-ADR CMSGY US -668101173.88 2972459078.38
COMPASS GRP-ADR CMSJY US -668101173.88 2972459078.38
DANKA BUS SYSTEM DNK IX -497127008 121439000
DANKA BUS SYSTEM 3205287Q EU -497127008 121439000
DANKA BUS SYSTEM DNK VX -497127008 121439000
DANKA BUS SYSTEM 3205283Q EO -497127008 121439000
DANKA BUS SYSTEM DNK PO -497127008 121439000
DANKA BUS SYSTEM DNK PZ -497127008 121439000
DANKA BUS SYSTEM 3205291Q EO -497127008 121439000
DANKA BUS SYSTEM DANKF US -497127008 121439000
DANKA BUS SYSTEM DNK LN -497127008 121439000
DANKA BUS-$US CE DANKD AR -497127008 121439000
DANKA BUS-ADR DB6 GR -497127008 121439000
DANKA BUS-ADR AP39 LI -497127008 121439000
DANKA BUS-ADR DANKY US -497127008 121439000
DANKA BUS-BLK CE DANKB AR -497127008 121439000
DANKA BUS-C/E CE DANKC AR -497127008 121439000
DANKA BUS-CEDEAR DANK AR -497127008 121439000
DAWSON HOLDINGS DWN1 EU -54451186.72 128196101.01
DAWSON HOLDINGS DWN PZ -54451186.72 128196101.01
DAWSON HOLDINGS DWN1EUR EO -54451186.72 128196101.01
DAWSON HOLDINGS DWHGF US -54451186.72 128196101.01
DAWSON HOLDINGS DWN VX -54451186.72 128196101.01
DAWSON HOLDINGS DWN1GBP EO -54451186.72 128196101.01
DAWSON HOLDINGS DWN LN -54451186.72 128196101.01
DAWSON HOLDINGS DWN1 EO -54451186.72 128196101.01
DAWSON HOLDINGS DWN PO -54451186.72 128196101.01
DAWSON HOLDINGS DWN IX -54451186.72 128196101.01
DAWSON HOLDINGS DWN1EUR EU -54451186.72 128196101.01
EASYNET GROUP ESY VX -45232889.17 322770283.93
EASYNET GROUP EAY GR -45232889.17 322770283.93
EASYNET GROUP ESY PO -45232889.17 322770283.93
EASYNET GROUP ESY LN -45232889.17 322770283.93
EASYNET GROUP EZNGF US -45232889.17 322770283.93
EASYNET GROUP-CV 91009Z LN -45232889.17 322770283.93
EMI GROUP -ASSD EMIA LN -2265916256.89 2950021937.14
EMI GROUP LTD EMI LN -2265916256.89 2950021937.14
EMI GROUP PLC EMI PO -2265916256.89 2950021937.14
EMI GROUP PLC EMI VX -2265916256.89 2950021937.14
EMI GROUP PLC EMIPF US -2265916256.89 2950021937.14
EMI GROUP PLC EMI IX -2265916256.89 2950021937.14
EMI GROUP PLC 3020138Q GR -2265916256.89 2950021937.14
EMI GROUP PLC-B 1019425Q LN -2265916256.89 2950021937.14
EMI GROUP-ADR EMI$ LN -2265916256.89 2950021937.14
EMI GROUP-ADR 38IS LN -2265916256.89 2950021937.14
EMI GROUP-ADR EMIPY US -2265916256.89 2950021937.14
EUROPEAN HOME EHREUR EO -14328735.16 110864081.39
EUROPEAN HOME EHREUR EU -14328735.16 110864081.39
EUROPEAN HOME EHR EO -14328735.16 110864081.39
EUROPEAN HOME KLZ VX -14328735.16 110864081.39
EUROPEAN HOME FPAKF US -14328735.16 110864081.39
EUROPEAN HOME EHR PO -14328735.16 110864081.39
EUROPEAN HOME EHR LN -14328735.16 110864081.39
EUROPEAN HOME EHR VX -14328735.16 110864081.39
EUROPEAN HOME EHR PZ -14328735.16 110864081.39
EUROPEAN HOME EHRGBP EO -14328735.16 110864081.39
EUROPEAN HOME KLZ PO -14328735.16 110864081.39
EUROPEAN HOME EHR EU -14328735.16 110864081.39
FAREPAK PLC FPK LN -14328735.16 110864081.39
GALIFORM PLC GFRMGBP EO -84844622.18 585251745.06
GALIFORM PLC GFRM BQ -84844622.18 585251745.06
GALIFORM PLC GFRMEUR EO -84844622.18 585251745.06
GALIFORM PLC GFRM LN -84844622.18 585251745.06
GALIFORM PLC GFRM VX -84844622.18 585251745.06
GALIFORM PLC GFRM NQ -84844622.18 585251745.06
GALIFORM PLC MFI PO -84844622.18 585251745.06
GALIFORM PLC GLFMF US -84844622.18 585251745.06
GALIFORM PLC MFI IX -84844622.18 585251745.06
GALIFORM PLC GFRMNOK EO -84844622.18 585251745.06
GALIFORM PLC GFRM EU -84844622.18 585251745.06
GALIFORM PLC GFRM NR -84844622.18 585251745.06
GALIFORM PLC MFIFF US -84844622.18 585251745.06
GALIFORM PLC GFRM PO -84844622.18 585251745.06
GALIFORM PLC GFRM IX -84844622.18 585251745.06
GALIFORM PLC GFRM PZ -84844622.18 585251745.06
GALIFORM PLC GFRM TQ -84844622.18 585251745.06
GALIFORM PLC GFRMNOK EU -84844622.18 585251745.06
GALIFORM PLC GFRM EO -84844622.18 585251745.06
GALIFORM PLC MFI VX -84844622.18 585251745.06
GALIFORM PLC GFRM EB -84844622.18 585251745.06
GALIFORM PLC GFRMEUR EU -84844622.18 585251745.06
GARTLAND WHALLEY GWB LN -10986769.42 145352034.49
HILTON G-CRT OLD HIGT BB -478059993.74 1887316678.66
HILTON GROUP PLC HG PO -478059993.74 1887316678.66
HILTON GROUP PLC HLTGF US -478059993.74 1887316678.66
HILTON GROUP PLC HG/ LN -478059993.74 1887316678.66
HILTON GROUP-ADR HLTGY US -478059993.74 1887316678.66
HILTON GROUP-CER HG BB -478059993.74 1887316678.66
HILTON GROUP-CRT HIG BB -478059993.74 1887316678.66
JESSOPS PLC JS4 GR -42702021.2 112964060.38
JESSOPS PLC JSP IX -42702021.2 112964060.38
JESSOPS PLC JSPEUR EO -42702021.2 112964060.38
JESSOPS PLC JSPGBP EO -42702021.2 112964060.38
JESSOPS PLC JSP PZ -42702021.2 112964060.38
JESSOPS PLC JSPEUR EU -42702021.2 112964060.38
JESSOPS PLC JSP LN -42702021.2 112964060.38
JESSOPS PLC JSP EO -42702021.2 112964060.38
JESSOPS PLC JSP EU -42702021.2 112964060.38
JESSOPS PLC JSP VX -42702021.2 112964060.38
JESSOPS PLC JSP PO -42702021.2 112964060.38
KLEENEZE PLC KLZ LN -14328735.16 110864081.39
LADBROKE GROUP LADB LN -478059993.74 1887316678.66
LADBROKE GRP-IDR 695767Q BB -478059993.74 1887316678.66
LADBROKE GRP-OLD LADB BB -478059993.74 1887316678.66
LADBROKES PLC LAD BQ -478059993.74 1887316678.66
LADBROKES PLC LAD IX -478059993.74 1887316678.66
LADBROKES PLC LAD NR -478059993.74 1887316678.66
LADBROKES PLC LAD PO -478059993.74 1887316678.66
LADBROKES PLC LAD LN -478059993.74 1887316678.66
LADBROKES PLC LAD NQ -478059993.74 1887316678.66
LADBROKES PLC LADEUR EO -478059993.74 1887316678.66
LADBROKES PLC LAD EO -478059993.74 1887316678.66
LADBROKES PLC LDBKF US -478059993.74 1887316678.66
LADBROKES PLC LADEUR EU -478059993.74 1887316678.66
LADBROKES PLC LAD PZ -478059993.74 1887316678.66
LADBROKES PLC LADGBP EO -478059993.74 1887316678.66
LADBROKES PLC LADNZD EU -478059993.74 1887316678.66
LADBROKES PLC LADUSD EO -478059993.74 1887316678.66
LADBROKES PLC LADNZD EO -478059993.74 1887316678.66
LADBROKES PLC LAD VX -478059993.74 1887316678.66
LADBROKES PLC HG/ VX -478059993.74 1887316678.66
LADBROKES PLC LAD EB -478059993.74 1887316678.66
LADBROKES PLC LAD GR -478059993.74 1887316678.66
LADBROKES PLC LAD TQ -478059993.74 1887316678.66
LADBROKES PLC LAD EU -478059993.74 1887316678.66
LADBROKES PLC-AD LDBKY US -478059993.74 1887316678.66
LADBROKES PLC-AD LDBKY LN -478059993.74 1887316678.66
LADBROKES PLC-CE LAD BB -478059993.74 1887316678.66
LAMBERT FENCHURC LMF LN -1453050.04 1826806853.46
LEEDS SPORTING LES LN -73166148.8 143762193.66
LEEDS SPORTING LEDPF US -73166148.8 143762193.66
LEEDS UNITED PLC LUFC LN -73166148.8 143762193.66
LEEDS UNITED PLC LDSUF US -73166148.8 143762193.66
LEEDS UNITED PLC 889687Q GR -73166148.8 143762193.66
LONDON TOWN PLC LTWR LN -15549465.1 160165508.92
LONDON TOWN PLC LOU GR -15549465.1 160165508.92
LONDON TOWN PLC LTW PG -15549465.1 160165508.92
LONDON TOWN PLC LTW EU -15549465.1 160165508.92
LONDON TOWN PLC LTW EO -15549465.1 160165508.92
LONDON TOWN PLC LTW IX -15549465.1 160165508.92
LONDON TOWN PLC LTW LN -15549465.1 160165508.92
LONDON TOWN PLC LTW PO -15549465.1 160165508.92
LONDON TOWN PLC LTWX LN -15549465.1 160165508.92
M 2003 PLC 203055Q LN -2203513803.24 7204891601.83
M 2003 PLC MTWOF US -2203513803.24 7204891601.83
M 2003 PLC-ADR MTWOE US -2203513803.24 7204891601.83
M 2003 PLC-ADR MTWOY US -2203513803.24 7204891601.83
MARCONI PLC MRCQF US -2203513803.24 7204891601.83
MARCONI PLC 203083Q VX -2203513803.24 7204891601.83
MARCONI PLC MONI BB -2203513803.24 7204891601.83
MARCONI PLC MNI BB -2203513803.24 7204891601.83
MARCONI PLC MY2 GR -2203513803.24 7204891601.83
MARCONI PLC MNI LN -2203513803.24 7204891601.83
MARCONI PLC-ADR MY2A GR -2203513803.24 7204891601.83
MARCONI PLC-ADR QUQMON AU -2203513803.24 7204891601.83
MARCONI PLC-ADR MONIY US -2203513803.24 7204891601.83
MARCONI PLC-ADR MONIE US -2203513803.24 7204891601.83
MARCONI PLC-ADR MCONY US -2203513803.24 7204891601.83
MARCONI PLC-ADR MONI US -2203513803.24 7204891601.83
MARCONI PLC-ADR MRCQY US -2203513803.24 7204891601.83
MARCONI PLC-ADR MCBA GR -2203513803.24 7204891601.83
MFI FURNITURE GR MFI LN -84844622.18 585251745.06
MYTRAVEL GROUP MT/S VX -379721841.57 1817512773.61
MYTRAVEL GROUP ARO2 GR -379721841.57 1817512773.61
MYTRAVEL GROUP MT/S PO -379721841.57 1817512773.61
MYTRAVEL GROUP MT/S LN -379721841.57 1817512773.61
MYTRAVEL GROUP MT IX -379721841.57 1817512773.61
MYTRAVEL GROUP MYTPF US -379721841.57 1817512773.61
MYTRAVEL GROUP P MT/ VX -379721841.57 1817512773.61
MYTRAVEL GROUP P MYTGF US -379721841.57 1817512773.61
MYTRAVEL GROUP P 1018144Q GR -379721841.57 1817512773.61
MYTRAVEL GROUP-A MYTVF US -379721841.57 1817512773.61
MYTRAVEL GROUP-A 2281919Q GR -379721841.57 1817512773.61
NEW STAR ASSET 3226443Q EO -397718038.04 292972732.12
NEW STAR ASSET NSAA LN -397718038.04 292972732.12
NEW STAR ASSET N6S GR -397718038.04 292972732.12
NEW STAR ASSET 3226435Q EO -397718038.04 292972732.12
NEW STAR ASSET 3226439Q EU -397718038.04 292972732.12
NEW STAR ASSET NSAM PZ -397718038.04 292972732.12
NEW STAR ASSET NSAM IX -397718038.04 292972732.12
NEW STAR ASSET 3226447Q EO -397718038.04 292972732.12
NEW STAR ASSET 3226431Q EU -397718038.04 292972732.12
NEW STAR ASSET NSAM TQ -397718038.04 292972732.12
NEW STAR ASSET NWSAF US -397718038.04 292972732.12
NEW STAR ASSET NSAM PO -397718038.04 292972732.12
NEW STAR ASSET NSAM LN -397718038.04 292972732.12
NORTHERN ROCK NHRKF US -586206492.33 152084295061.92
NORTHERN ROCK NRK IX -586206492.33 152084295061.92
NORTHERN ROCK 2733269Q EU -586206492.33 152084295061.92
NORTHERN ROCK 2733289Q EO -586206492.33 152084295061.92
NORTHERN ROCK 2733265Q EO -586206492.33 152084295061.92
NORTHERN ROCK 2733281Q EO -586206492.33 152084295061.92
NORTHERN ROCK NRK PZ -586206492.33 152084295061.92
NORTHERN ROCK 2733277Q EU -586206492.33 152084295061.92
NORTHERN ROCK 2733273Q EO -586206492.33 152084295061.92
NORTHERN ROCK NRKI IX -586206492.33 152084295061.92
NORTHERN ROCK NRK VX -586206492.33 152084295061.92
NORTHERN ROCK NR3 GR -586206492.33 152084295061.92
NORTHERN ROCK NRK LN -586206492.33 152084295061.92
NORTHERN ROCK 2733285Q EU -586206492.33 152084295061.92
NORTHERN ROCK NRK PO -586206492.33 152084295061.92
ORANGE PLC 951641Q LN -593935051.02 2902299501.9
ORANGE PLC ORNGF US -593935051.02 2902299501.9
ORANGE PLC 1460Q GR -593935051.02 2902299501.9
ORANGE PLC-ADR ORNGY US -593935051.02 2902299501.9
ORANGE PLC-ADR ONG GR -593935051.02 2902299501.9
ORANGE PLC-ADR ORA$ LN -593935051.02 2902299501.9
ORBIS PLC RLP GR -4168498.48 127701679.5
ORBIS PLC OBS PO -4168498.48 127701679.5
ORBIS PLC OBS IX -4168498.48 127701679.5
ORBIS PLC OBG PO -4168498.48 127701679.5
ORBIS PLC OBS PZ -4168498.48 127701679.5
ORBIS PLC OBS LN -4168498.48 127701679.5
ORBIS PLC ORBSF US -4168498.48 127701679.5
PATIENTLINE PLC 2928899Q EO -54677284.64 124948245.8
PATIENTLINE PLC 2928907Q EO -54677284.64 124948245.8
PATIENTLINE PLC PTL IX -54677284.64 124948245.8
PATIENTLINE PLC PTL PO -54677284.64 124948245.8
PATIENTLINE PLC PTL LN -54677284.64 124948245.8
PATIENTLINE PLC PTL PZ -54677284.64 124948245.8
PATIENTLINE PLC PTL VX -54677284.64 124948245.8
PATIENTLINE PLC 2928903Q EU -54677284.64 124948245.8
RANK GROUP PLC RNK TQ -6412999.92 835001785.71
RANK GROUP PLC RNKUSD EU -6412999.92 835001785.71
RANK GROUP PLC RNKGBP EO -6412999.92 835001785.71
RANK GROUP PLC RNK NR -6412999.92 835001785.71
RANK GROUP PLC RNK LN -6412999.92 835001785.71
RANK GROUP PLC RNK PO -6412999.92 835001785.71
RANK GROUP PLC RNK PZ -6412999.92 835001785.71
RANK GROUP PLC RNKDKK EO -6412999.92 835001785.71
RANK GROUP PLC RNK VX -6412999.92 835001785.71
RANK GROUP PLC RNKEUR EO -6412999.92 835001785.71
RANK GROUP PLC RNK EU -6412999.92 835001785.71
RANK GROUP PLC RNK EB -6412999.92 835001785.71
RANK GROUP PLC RNK BQ -6412999.92 835001785.71
RANK GROUP PLC RNK IX -6412999.92 835001785.71
RANK GROUP PLC RANKF US -6412999.92 835001785.71
RANK GROUP PLC RNK EO -6412999.92 835001785.71
RANK GROUP PLC RNK NQ -6412999.92 835001785.71
RANK GROUP PLC RNKA GR -6412999.92 835001785.71
RANK GROUP PLC RNKEUR EU -6412999.92 835001785.71
RANK GROUP PLC RNKUSD EO -6412999.92 835001785.71
RANK GROUP PLC RNK GR -6412999.92 835001785.71
RANK GROUP PLC RNKDKK EU -6412999.92 835001785.71
RANK GROUP-ADR 935543Q GR -6412999.92 835001785.71
RANK GROUP-ADR RNK$ LN -6412999.92 835001785.71
RANK GROUP-ADR RANKY US -6412999.92 835001785.71
RANK ORG PLC RANKY SP -6412999.92 835001785.71
RANK ORG PLC-ADR 14873Z US -6412999.92 835001785.71
REGUS LTD 273187Q LN -46111835.37 367181111
REGUS PLC REGSF US -46111835.37 367181111
REGUS PLC 273195Q VX -46111835.37 367181111
REGUS PLC 2296Z LN -46111835.37 367181111
REGUS PLC RGU GR -46111835.37 367181111
REGUS PLC-ADS REGSV US -46111835.37 367181111
REGUS PLC-ADS REGSY US -46111835.37 367181111
REGUS PLC-ADS RGUA GR -46111835.37 367181111
REGUS PLC-ADS REGS US -46111835.37 367181111
RENTOKIL INITIAL RTO PO -90219248.82 3493481471.08
RENTOKIL INITIAL RTOEUR EU -90219248.82 3493481471.08
RENTOKIL INITIAL RTOUSD EU -90219248.82 3493481471.08
RENTOKIL INITIAL RTOG IX -90219248.82 3493481471.08
RENTOKIL INITIAL RTO IX -90219248.82 3493481471.08
RENTOKIL INITIAL RTO NR -90219248.82 3493481471.08
RENTOKIL INITIAL RTO PZ -90219248.82 3493481471.08
RENTOKIL INITIAL RTOKF US -90219248.82 3493481471.08
RENTOKIL INITIAL RTO BQ -90219248.82 3493481471.08
RENTOKIL INITIAL RTO1 GR -90219248.82 3493481471.08
RENTOKIL INITIAL RTOUSD EO -90219248.82 3493481471.08
RENTOKIL INITIAL RTOEUR EO -90219248.82 3493481471.08
RENTOKIL INITIAL RTO LN -90219248.82 3493481471.08
RENTOKIL INITIAL RTOGBP EO -90219248.82 3493481471.08
RENTOKIL INITIAL RTO NQ -90219248.82 3493481471.08
RENTOKIL INITIAL RTO EU -90219248.82 3493481471.08
RENTOKIL INITIAL RTO EB -90219248.82 3493481471.08
RENTOKIL INITIAL RTO GR -90219248.82 3493481471.08
RENTOKIL INITIAL RTO TQ -90219248.82 3493481471.08
RENTOKIL INITIAL RTO EO -90219248.82 3493481471.08
RENTOKIL INITIAL RTO VX -90219248.82 3493481471.08
RENTOKIL INITIAL RKLIF US -90219248.82 3493481471.08
RENTOKIL-SP ADR AP76 LI -90219248.82 3493481471.08
RENTOKIL-SP ADR RTOKY US -90219248.82 3493481471.08
SAATCHI & SA-ADR SSI$ LN -119260804.15 705060824.55
SAATCHI & SA-ADR SSA US -119260804.15 705060824.55
SAATCHI & SAATCH 188190Q GR -119260804.15 705060824.55
SAATCHI & SAATCH SSI LN -119260804.15 705060824.55
SAATCHI & SAATCH SSATF US -119260804.15 705060824.55
SCOTTISH MEDIA SSM LN -24923249.67 194430485.8
SCOTTISH MEDIA SSMR LN -24923249.67 194430485.8
SCOTTISH MEDIA 1442Q GR -24923249.67 194430485.8
SCOTTISH TELEV SCTVF US -24923249.67 194430485.8
SETON HEALTHCARE 2290Z LN -10585179.82 156822902.77
SFI GROUP PLC SUYFF US -108067115.81 177647536.08
SFI GROUP PLC SUF LN -108067115.81 177647536.08
SKYEPHAR-RTS F/P SKPF VX -130883498.29 153620497.99
SKYEPHAR-RTS F/P SKPF LN -130883498.29 153620497.99
SKYEPHAR-RTS N/P SKPN VX -130883498.29 153620497.99
SKYEPHAR-RTS N/P SKPN LN -130883498.29 153620497.99
SKYEPHARMA -SUB 2976665Z LN -130883498.29 153620497.99
SKYEPHARMA PLC SKP EO -130883498.29 153620497.99
SKYEPHARMA PLC SKP TQ -130883498.29 153620497.99
SKYEPHARMA PLC SKYEF US -130883498.29 153620497.99
SKYEPHARMA PLC SKP VX -130883498.29 153620497.99
SKYEPHARMA PLC SKPGBP EO -130883498.29 153620497.99
SKYEPHARMA PLC SKP PO -130883498.29 153620497.99
SKYEPHARMA PLC SKP IX -130883498.29 153620497.99
SKYEPHARMA PLC SKP EU -130883498.29 153620497.99
SKYEPHARMA PLC SK8A GR -130883498.29 153620497.99
SKYEPHARMA PLC SKPEUR EU -130883498.29 153620497.99
SKYEPHARMA PLC SKP1 VX -130883498.29 153620497.99
SKYEPHARMA PLC SKP LN -130883498.29 153620497.99
SKYEPHARMA PLC SKP PZ -130883498.29 153620497.99
SKYEPHARMA PLC SK8C GR -130883498.29 153620497.99
SKYEPHARMA PLC SKPEUR EO -130883498.29 153620497.99
SKYEPHARMA-ADR SK8N GR -130883498.29 153620497.99
SKYEPHARMA-ADR AP80 LI -130883498.29 153620497.99
SKYEPHARMA-ADR SKYE US -130883498.29 153620497.99
SKYEPHARMA-ADR SK8 GR -130883498.29 153620497.99
SKYEPHARMA-ADR SKYEY US -130883498.29 153620497.99
SKYEPHARMA-ADR SKYPY US -130883498.29 153620497.99
SMG PLC SMG LN -24923249.67 194430485.8
SMG PLC SMG PO -24923249.67 194430485.8
SMG PLC-FUL PAID SMGF LN -24923249.67 194430485.8
SMG PLC-NIL PAID SMGN LN -24923249.67 194430485.8
SMITHS NEWS PLC NWS1 EO -124124656.94 201361815.36
SMITHS NEWS PLC NWS PO -124124656.94 201361815.36
SMITHS NEWS PLC SMWPY US -124124656.94 201361815.36
SMITHS NEWS PLC NWS2GBP EO -124124656.94 201361815.36
SMITHS NEWS PLC NWS VX -124124656.94 201361815.36
SMITHS NEWS PLC NWS PZ -124124656.94 201361815.36
SMITHS NEWS PLC NWS2EUR EU -124124656.94 201361815.36
SMITHS NEWS PLC NWS IX -124124656.94 201361815.36
SMITHS NEWS PLC SMWPF US -124124656.94 201361815.36
SMITHS NEWS PLC NWS2 TQ -124124656.94 201361815.36
SMITHS NEWS PLC NWS2 EU -124124656.94 201361815.36
SMITHS NEWS PLC NWS1 EU -124124656.94 201361815.36
SMITHS NEWS PLC NWS LN -124124656.94 201361815.36
SMITHS NEWS PLC NWS2 EO -124124656.94 201361815.36
SMITHS NEWS PLC NWS2EUR EO -124124656.94 201361815.36
STAGECOACH GROUP SGC1USD EU -14183327.87 2231066974.58
STAGECOACH GROUP SGC1 NR -14183327.87 2231066974.58
STAGECOACH GROUP SGC1 EO -14183327.87 2231066974.58
STAGECOACH GROUP SGC1AUD EO -14183327.87 2231066974.58
STAGECOACH GROUP SHP4 GR -14183327.87 2231066974.58
STAGECOACH GROUP SGC1 BQ -14183327.87 2231066974.58
STAGECOACH GROUP SGCG PZ -14183327.87 2231066974.58
STAGECOACH GROUP SGC IX -14183327.87 2231066974.58
STAGECOACH GROUP SGC1 EU -14183327.87 2231066974.58
STAGECOACH GROUP SGC1 TQ -14183327.87 2231066974.58
STAGECOACH GROUP SGC1EUR EO -14183327.87 2231066974.58
STAGECOACH GROUP SGC1GBP EO -14183327.87 2231066974.58
STAGECOACH GROUP SGC1 NQ -14183327.87 2231066974.58
STAGECOACH GROUP SGC1AUD EU -14183327.87 2231066974.58
STAGECOACH GROUP SGC1EUR EU -14183327.87 2231066974.58
STAGECOACH GROUP SGC2 VX -14183327.87 2231066974.58
STAGECOACH GROUP SAGKF US -14183327.87 2231066974.58
STAGECOACH GROUP SHP GR -14183327.87 2231066974.58
STAGECOACH GROUP SGC PO -14183327.87 2231066974.58
STAGECOACH GROUP SGC LN -14183327.87 2231066974.58
STAGECOACH GROUP SGC1 EB -14183327.87 2231066974.58
STAGECOACH GROUP SGC1USD EO -14183327.87 2231066974.58
STAGECOACH GRP-B SGCB LN -14183327.87 2231066974.58
STAGECOACH-NEW SGCN LN -14183327.87 2231066974.58
STV GROUP PLC STVG VX -24923249.67 194430485.8
STV GROUP PLC STVGEUR EO -24923249.67 194430485.8
STV GROUP PLC STVG EU -24923249.67 194430485.8
STV GROUP PLC STVGEUR EU -24923249.67 194430485.8
STV GROUP PLC STVG EO -24923249.67 194430485.8
STV GROUP PLC STVGGBP EO -24923249.67 194430485.8
STV GROUP PLC SMG VX -24923249.67 194430485.8
STV GROUP PLC SMGPF US -24923249.67 194430485.8
STV GROUP PLC STVG LN -24923249.67 194430485.8
STV GROUP PLC SMG PZ -24923249.67 194430485.8
STV GROUP PLC SMG IX -24923249.67 194430485.8
TELEWEST COM-ADR TWSTD US -3702234580.99 7581020925.22
TELEWEST COM-ADR TWSTY US -3702234580.99 7581020925.22
TELEWEST COM-ADR 940767Q GR -3702234580.99 7581020925.22
TELEWEST COM-ADR TWT$ LN -3702234580.99 7581020925.22
TELEWEST COMM 604296Q GR -3702234580.99 7581020925.22
TELEWEST COMM TWT VX -3702234580.99 7581020925.22
TELEWEST COMM TWSTF US -3702234580.99 7581020925.22
TELEWEST COMM 715382Q LN -3702234580.99 7581020925.22
THORN EMI PLC THNE FP -2265916256.89 2950021937.14
THORN EMI-ADR TORNY US -2265916256.89 2950021937.14
THORN EMI-ADR THN$ LN -2265916256.89 2950021937.14
THORN EMI-CDR THN NA -2265916256.89 2950021937.14
THORN EMI-REGD 1772Q GR -2265916256.89 2950021937.14
TOPPS TILES PLC TPT LN -78172467.48 131014414.4
TOPPS TILES PLC TPT TQ -78172467.48 131014414.4
TOPPS TILES PLC TPT EO -78172467.48 131014414.4
TOPPS TILES PLC TPT IX -78172467.48 131014414.4
TOPPS TILES PLC TPTJF US -78172467.48 131014414.4
TOPPS TILES PLC TPT EU -78172467.48 131014414.4
TOPPS TILES PLC TPT PZ -78172467.48 131014414.4
TOPPS TILES PLC TPTEUR EU -78172467.48 131014414.4
TOPPS TILES PLC TPT VX -78172467.48 131014414.4
TOPPS TILES PLC TPTEUR EO -78172467.48 131014414.4
TOPPS TILES PLC TPTGBP EO -78172467.48 131014414.4
TOPPS TILES PLC TPT BQ -78172467.48 131014414.4
TOPPS TILES PLC TPT PO -78172467.48 131014414.4
TOPPS TILES PLC TPTJY US -78172467.48 131014414.4
TOPPS TILES-NEW TPTN LN -78172467.48 131014414.4
UTC GROUP UGR LN -11904426.45 203548565.03
VIRGIN MOB-ASSD VMOA LN -392165437.58 166070003.71
VIRGIN MOB-ASSD VMOC LN -392165437.58 166070003.71
VIRGIN MOBILE VMOB PO -392165437.58 166070003.71
VIRGIN MOBILE VMOB LN -392165437.58 166070003.71
VIRGIN MOBILE VGMHF US -392165437.58 166070003.71
VIRGIN MOBILE UEM GR -392165437.58 166070003.71
VIRGIN MOBILE VMOB VX -392165437.58 166070003.71
WATSON & PHILIP WTSN LN -120493900.04 252232072.87
WINCANTON PL-ADR WNCNY US -47615167.52 1316638025.67
WINCANTON PLC WIN1USD EO -47615167.52 1316638025.67
WINCANTON PLC WIN PO -47615167.52 1316638025.67
WINCANTON PLC WIN IX -47615167.52 1316638025.67
WINCANTON PLC WNCNF US -47615167.52 1316638025.67
WINCANTON PLC WIN1 TQ -47615167.52 1316638025.67
WINCANTON PLC WIN1 NQ -47615167.52 1316638025.67
WINCANTON PLC WIN1 BQ -47615167.52 1316638025.67
WINCANTON PLC WIN1GBP EO -47615167.52 1316638025.67
WINCANTON PLC WIN VX -47615167.52 1316638025.67
WINCANTON PLC WIN1 EU -47615167.52 1316638025.67
WINCANTON PLC WIN1USD EU -47615167.52 1316638025.67
WINCANTON PLC WIN1 EB -47615167.52 1316638025.67
WINCANTON PLC WIN PZ -47615167.52 1316638025.67
WINCANTON PLC WIN1EUR EU -47615167.52 1316638025.67
WINCANTON PLC WIN LN -47615167.52 1316638025.67
WINCANTON PLC WIN1 EO -47615167.52 1316638025.67
WINCANTON PLC WIN1EUR EO -47615167.52 1316638025.67
GREECE
------
AG PETZETAKIS SA PZETF US -28368224.67 235628427.44
AG PETZETAKIS SA PTZ GR -28368224.67 235628427.44
AG PETZETAKIS SA PETZK EU -28368224.67 235628427.44
AG PETZETAKIS SA PTZ1 GR -28368224.67 235628427.44
AG PETZETAKIS SA PETZK PZ -28368224.67 235628427.44
AG PETZETAKIS SA PETZK GA -28368224.67 235628427.44
AG PETZETAKIS SA PETZK EO -28368224.67 235628427.44
ALTEC SA -AUCT ALTECE GA -110161512.58 260065350.83
ALTEC SA INFO ALTEC GA -110161512.58 260065350.83
ALTEC SA INFO ALTEC EU -110161512.58 260065350.83
ALTEC SA INFO ATCQF US -110161512.58 260065350.83
ALTEC SA INFO AXY GR -110161512.58 260065350.83
ALTEC SA INFO ALTEC EO -110161512.58 260065350.83
ALTEC SA INFO ALTEC PZ -110161512.58 260065350.83
ALTEC SA INFO-RT ALTED GA -110161512.58 260065350.83
ALTEC SA INFO-RT ALTECR GA -110161512.58 260065350.83
EMPEDOS SA EMPED GA -33637669.62 174742646.9
EMPEDOS SA-RTS EMPEDR GA -33637669.62 174742646.9
HELLAS ONLINE SA BRAIN EU -18667491.57 432785331.49
HELLAS ONLINE SA HOLR GA -18667491.57 432785331.49
HELLAS ONLINE SA BRAIN EO -18667491.57 432785331.49
HELLAS ONLINE SA HOL GA -18667491.57 432785331.49
HELLAS ONLINE SA BRAIN PZ -18667491.57 432785331.49
HELLAS ONLINE SA BRAIN GA -18667491.57 432785331.49
HELLAS ONLINE SA UN5 GR -18667491.57 432785331.49
KOUMBAS INSUR-RT KOUMD GA -43411811.05 240860615.25
KOUMBAS RTS KOUMR GA -43411811.05 240860615.25
KOUMBAS SYNERGY KOUM GA -43411811.05 240860615.25
KOUMBAS SYNERGY KOUM EU -43411811.05 240860615.25
KOUMBAS SYNERGY KOUM EO -43411811.05 240860615.25
KOUMBAS SYNERGY KOUMF US -43411811.05 240860615.25
KOUMBAS SYNERGY KOUM PZ -43411811.05 240860615.25
NAOUSSA SPIN -RT NAOYD GA -44175513.67 341686153.14
NAOUSSA SPIN-AUC NAOYKE GA -44175513.67 341686153.14
NAOUSSA SPIN-RTS NAOYKR GA -44175513.67 341686153.14
NAOUSSA SPINNING NML GR -44175513.67 341686153.14
NAOUSSA SPINNING NML1 GR -44175513.67 341686153.14
PETZET - PFD-RTS PETZPD GA -28368224.67 235628427.44
PETZETAKIS - RTS PETZKD GA -28368224.67 235628427.44
PETZETAKIS-AUC PETZKE GA -28368224.67 235628427.44
PETZETAKIS-PFD PTZ3 GR -28368224.67 235628427.44
PETZETAKIS-PFD PETZP GA -28368224.67 235628427.44
RADIO KORASS-RTS KORAR GA -100972173.86 180679253.63
RADIO KORASSI-RT KORAD GA -100972173.86 180679253.63
RADIO KORASSIDIS RAKOF US -100972173.86 180679253.63
RADIO KORASSIDIS KORA GA -100972173.86 180679253.63
RADIO KORASSIDIS RKC GR -100972173.86 180679253.63
THEMELIODOMI THEME GA -55751178.85 232036822.56
THEMELIODOMI-AUC THEMEE GA -55751178.85 232036822.56
THEMELIODOMI-RTS THEMER GA -55751178.85 232036822.56
THEMELIODOMI-RTS THEMED GA -55751178.85 232036822.56
UNITED TEXTILES NAOYK GA -44175513.67 341686153.14
UNITED TEXTILES NAOSF US -44175513.67 341686153.14
UNITED TEXTILES UTEX EU -44175513.67 341686153.14
UNITED TEXTILES UTEX GA -44175513.67 341686153.14
UNITED TEXTILES UTEX PZ -44175513.67 341686153.14
UNITED TEXTILES UTEX EO -44175513.67 341686153.14
CROATIA
-------
BRODOGRADE INDUS 3MAJRA CZ -322247407.73 263945276.33
IPK OSIJEK DD OS IPKORA CZ -12114019.44 135803427.79
OT OPTIMA TELEKO 2299892Z CZ -46364581.24 128095158.43
OT-OPTIMA TELEKO OPTERA CZ -46364581.24 128095158.43
HUNGARY
-------
HUNGARIAN TELEPH HUGC IX -41577000 1251297920
HUNGARIAN TELEPH HUC EX -41577000 1251297920
HUNGARIAN TELEPH HUC GR -41577000 1251297920
INVITEL HOLD-ADR 0IN GR -41577000 1251297920
INVITEL HOLD-ADR IHO US -41577000 1251297920
INVITEL HOLDINGS 3212873Z HB -41577000 1251297920
IRELAND
-------
ELAN CORP PLC ELN EU -223400000 1844599936
ELAN CORP PLC ELNCF US -223400000 1844599936
ELAN CORP PLC ELN TQ -223400000 1844599936
ELAN CORP PLC ELNUSD EU -223400000 1844599936
ELAN CORP PLC ELN IX -223400000 1844599936
ELAN CORP PLC ELA IX -223400000 1844599936
ELAN CORP PLC ELNUSD EO -223400000 1844599936
ELAN CORP PLC ELNGBX EO -223400000 1844599936
ELAN CORP PLC ELA LN -223400000 1844599936
ELAN CORP PLC ECN VX -223400000 1844599936
ELAN CORP PLC ELNGBP EO -223400000 1844599936
ELAN CORP PLC DRX GR -223400000 1844599936
ELAN CORP PLC DRX1 PZ -223400000 1844599936
ELAN CORP PLC ELA PO -223400000 1844599936
ELAN CORP PLC ELN ID -223400000 1844599936
ELAN CORP PLC ELN EO -223400000 1844599936
ELAN CORP PLC ELN LN -223400000 1844599936
ELAN CORP PLC DRXG IX -223400000 1844599936
ELAN CORP PLC ELN NR -223400000 1844599936
ELAN CORP-ADR ELN US -223400000 1844599936
ELAN CORP-ADR ELAD LN -223400000 1844599936
ELAN CORP-ADR QUNELN AU -223400000 1844599936
ELAN CORP-ADR EANG IX -223400000 1844599936
ELAN CORP-ADR EAN GR -223400000 1844599936
ELAN CORP-ADR UT ELN/E US -223400000 1844599936
ELAN CORP-CVR LCVRZ US -223400000 1844599936
ELAN CORP-CVR ELNZV US -223400000 1844599936
ELAN CORP/OLD 1295Z ID -323100000 1737800064
WATERFORD - RTS WWWB GR -505729895.23 820803256.03
WATERFORD - RTS WWWA ID -505729895.23 820803256.03
WATERFORD - RTS WWWA GR -505729895.23 820803256.03
WATERFORD - RTS 508519Q LN -505729895.23 820803256.03
WATERFORD - RTS WWWB ID -505729895.23 820803256.03
WATERFORD - RTS 508523Q LN -505729895.23 820803256.03
WATERFORD W-ADR WATWY US -505729895.23 820803256.03
WATERFORD WDGEWD WATWF US -505729895.23 820803256.03
WATERFORD WDGEWD WATFF US -505729895.23 820803256.03
WATERFORD WE-RTS WTFN ID -505729895.23 820803256.03
WATERFORD WE-RTS WTFF LN -505729895.23 820803256.03
WATERFORD WE-RTS WTFN VX -505729895.23 820803256.03
WATERFORD WE-RTS WTFN LN -505729895.23 820803256.03
WATERFORD WE-RTS WTFF ID -505729895.23 820803256.03
WATERFORD WED-RT WWWD GR -505729895.23 820803256.03
WATERFORD WED-RT 586552Q LN -505729895.23 820803256.03
WATERFORD WED-RT WWWC GR -505729895.23 820803256.03
WATERFORD WED-RT WWWD ID -505729895.23 820803256.03
WATERFORD WED-RT 586556Q LN -505729895.23 820803256.03
WATERFORD WED-RT WTFR LN -505729895.23 820803256.03
WATERFORD WED-RT WWWC ID -505729895.23 820803256.03
WATERFORD WED-UT WTFU EO -505729895.23 820803256.03
WATERFORD WED-UT WTFU ID -505729895.23 820803256.03
WATERFORD WED-UT WTFUGBX EU -505729895.23 820803256.03
WATERFORD WED-UT WWW PO -505729895.23 820803256.03
WATERFORD WED-UT WWW GR -505729895.23 820803256.03
WATERFORD WED-UT WWWD PZ -505729895.23 820803256.03
WATERFORD WED-UT WTFUGBX EO -505729895.23 820803256.03
WATERFORD WED-UT WTFU LN -505729895.23 820803256.03
WATERFORD WED-UT WTFU VX -505729895.23 820803256.03
WATERFORD WED-UT WTFU PO -505729895.23 820803256.03
WATERFORD WED-UT WTFU IX -505729895.23 820803256.03
WATERFORD WED-UT WTFU EU -505729895.23 820803256.03
WATERFORD-ADR UT WATFZ US -505729895.23 820803256.03
WATERFORD-ADR UT WFWA GR -505729895.23 820803256.03
WATERFORD-SUB 3001875Z ID -505729895.23 820803256.03
ICELAND
-------
AVION GROUP B1Q GR -223771648 2277793536
EIMSKIPAFELAG HF HFEIMEUR EO -223771648 2277793536
EIMSKIPAFELAG HF HFEIM EU -223771648 2277793536
EIMSKIPAFELAG HF AVION IR -223771648 2277793536
EIMSKIPAFELAG HF HFEIM IR -223771648 2277793536
EIMSKIPAFELAG HF HFEIM EO -223771648 2277793536
EIMSKIPAFELAG HF HFEIMEUR EU -223771648 2277793536
EIMSKIPAFELAG HF HFEIM PZ -223771648 2277793536
ITALY
-----
ARENA SPA ARE IM -26843216.33 117951651.43
ARENA SPA RON GR -26843216.33 117951651.43
ARENA SPA RNCNF US -26843216.33 117951651.43
ARENA SPA AREI PZ -26843216.33 117951651.43
ARENA SPA ARE2 EU -26843216.33 117951651.43
ARENA SPA ARE2 TQ -26843216.33 117951651.43
ARENA SPA RON IX -26843216.33 117951651.43
ARENA SPA ARE2 EO -26843216.33 117951651.43
BINDA SPA BND IM -11146475.29 128859802.94
BINDA SPA BNDAF US -11146475.29 128859802.94
CART SOTTRI-BIND DEM IM -11146475.29 128859802.94
CIRIO FINANZIARI FIY GR -422095869.5 1583083044.16
CIRIO FINANZIARI CRO IM -422095869.5 1583083044.16
COIN SPA GUCIF US -151690764.75 791310848.67
COIN SPA GC IX -151690764.75 791310848.67
COIN SPA 965089Q GR -151690764.75 791310848.67
COIN SPA-RTS GCAA IM -151690764.75 791310848.67
COIN SPA/OLD GC IM -151690764.75 791310848.67
COMPAGNIA ITALIA ICT IM -137726596.25 527372691.43
COMPAGNIA ITALIA CITU IX -137726596.25 527372691.43
COMPAGNIA ITALIA CGLUF US -137726596.25 527372691.43
CREDITO FOND-RTS CRFSA IM -200209050.26 4213063202.32
CREDITO FONDIARI CRF IM -200209050.26 4213063202.32
I VIAGGI DEL VEN VVE PZ -73353723.87 448043832.77
I VIAGGI DEL VEN VVE EO -73353723.87 448043832.77
I VIAGGI DEL VEN VVE TQ -73353723.87 448043832.77
I VIAGGI DEL VEN VVE IX -73353723.87 448043832.77
I VIAGGI DEL VEN IVGIF US -73353723.87 448043832.77
I VIAGGI DEL VEN IV7 GR -73353723.87 448043832.77
I VIAGGI DEL VEN VVE IM -73353723.87 448043832.77
I VIAGGI DEL VEN VVE EU -73353723.87 448043832.77
I VIAGGI-RTS VVEAA IM -73353723.87 448043832.77
LAZIO SPA SSL1 EU -15482934.18 260633690.01
LAZIO SPA LZO1 GR -15482934.18 260633690.01
LAZIO SPA SSL1 IX -15482934.18 260633690.01
LAZIO SPA SSLZF US -15482934.18 260633690.01
LAZIO SPA SSL IM -15482934.18 260633690.01
LAZIO SPA SSL1 EO -15482934.18 260633690.01
LAZIO SPA 571260Q US -15482934.18 260633690.01
LAZIO SPA SSLI PZ -15482934.18 260633690.01
LAZIO SPA LZO GR -15482934.18 260633690.01
LAZIO SPA-RTS SSLAA IM -15482934.18 260633690.01
LAZIO SPA-RTS SSLAZ IM -15482934.18 260633690.01
OLCESE SPA O IM -12846689.89 179691572.79
OLCESE SPA-RTS OAA IM -12846689.89 179691572.79
OLCESE VENEZIANO OLVE IM -12846689.89 179691572.79
OMNIA NETWORK SP ONT EU -14203645.83 330093845.4
OMNIA NETWORK SP ONT TQ -14203645.83 330093845.4
OMNIA NETWORK SP ONT PZ -14203645.83 330093845.4
OMNIA NETWORK SP ONT IM -14203645.83 330093845.4
OMNIA NETWORK SP ONTI IX -14203645.83 330093845.4
OMNIA NETWORK SP ONT EO -14203645.83 330093845.4
PARMALAT FINA-RT PRFR AV -18419390028.95 4120687886.18
PARMALAT FINANZI PRFI VX -18419390028.95 4120687886.18
PARMALAT FINANZI PMT LI -18419390028.95 4120687886.18
PARMALAT FINANZI PARAF US -18419390028.95 4120687886.18
PARMALAT FINANZI PRF IM -18419390028.95 4120687886.18
PARMALAT FINANZI FICN AV -18419390028.95 4120687886.18
PARMALAT FINANZI PAF GR -18419390028.95 4120687886.18
PARMALAT FINANZI PMLFF US -18419390028.95 4120687886.18
RONCADIN SPA RON IM -26843216.33 117951651.43
RONCADIN SPA-RT RONAA IM -26843216.33 117951651.43
RONCADIN SPA-RTS RONAAW IM -26843216.33 117951651.43
SNIA BPD SN GR -97720525.24 339401569.86
SNIA BPD-ADR SBPDY US -97720525.24 339401569.86
SNIA SPA SN IM -97720525.24 339401569.86
SNIA SPA SSMLF US -97720525.24 339401569.86
SNIA SPA SNIXF US -97720525.24 339401569.86
SNIA SPA SNIA GR -97720525.24 339401569.86
SNIA SPA SN TQ -97720525.24 339401569.86
SNIA SPA SIAI IX -97720525.24 339401569.86
SNIA SPA SBPDF US -97720525.24 339401569.86
SNIA SPA SNIB GR -97720525.24 339401569.86
SNIA SPA SN EO -97720525.24 339401569.86
SNIA SPA SIAI PZ -97720525.24 339401569.86
SNIA SPA SN EU -97720525.24 339401569.86
SNIA SPA - RTS SNAAW IM -97720525.24 339401569.86
SNIA SPA- RTS SNAXW IM -97720525.24 339401569.86
SNIA SPA-2003 SH SN03 IM -97720525.24 339401569.86
SNIA SPA-CONV SA SPBDF US -97720525.24 339401569.86
SNIA SPA-DRC SNR00 IM -97720525.24 339401569.86
SNIA SPA-NEW SN00 IM -97720525.24 339401569.86
SNIA SPA-NON CON SPBNF US -97720525.24 339401569.86
SNIA SPA-RCV SNIVF US -97720525.24 339401569.86
SNIA SPA-RCV SNR IM -97720525.24 339401569.86
SNIA SPA-RIGHTS SNAW IM -97720525.24 339401569.86
SNIA SPA-RNC SNIWF US -97720525.24 339401569.86
SNIA SPA-RNC SNRNC IM -97720525.24 339401569.86
SNIA SPA-RTS SNSO IM -97720525.24 339401569.86
SNIA SPA-RTS SNAA IM -97720525.24 339401569.86
SOCOTHERM SPA SCT EO -28370270.37 537950362.36
SOCOTHERM SPA SOCEF US -28370270.37 537950362.36
SOCOTHERM SPA SCT EU -28370270.37 537950362.36
SOCOTHERM SPA SCTM IX -28370270.37 537950362.36
SOCOTHERM SPA SCTI PZ -28370270.37 537950362.36
SOCOTHERM SPA SCT IM -28370270.37 537950362.36
SOCOTHERM SPA SCT TQ -28370270.37 537950362.36
TECNODIFF ITALIA TDIFF US -89894162.82 152045757.48
TECNODIFF ITALIA TDI IM -89894162.82 152045757.48
TECNODIFF ITALIA TDI NM -89894162.82 152045757.48
TECNODIFF ITALIA TEF GR -89894162.82 152045757.48
TECNODIFF-RTS TDIAOW NM -89894162.82 152045757.48
TECNODIFFUSIONE TDIAAW IM -89894162.82 152045757.48
TISCALI SPA TIQG IX -24638454.05 1569205599.82
TISCALI SPA TIS EO -24638454.05 1569205599.82
TISCALI SPA TIS IX -24638454.05 1569205599.82
TISCALI SPA TIS EU -24638454.05 1569205599.82
TISCALI SPA TIS FP -24638454.05 1569205599.82
TISCALI SPA TIQ GR -24638454.05 1569205599.82
TISCALI SPA TIS PZ -24638454.05 1569205599.82
TISCALI SPA TIS TQ -24638454.05 1569205599.82
TISCALI SPA TISN VX -24638454.05 1569205599.82
TISCALI SPA TIS NR -24638454.05 1569205599.82
TISCALI SPA TIS IM -24638454.05 1569205599.82
TISCALI SPA TISGBX EU -24638454.05 1569205599.82
TISCALI SPA TISN FP -24638454.05 1569205599.82
TISCALI SPA TISN IM -24638454.05 1569205599.82
TISCALI SPA TSCXF US -24638454.05 1569205599.82
TISCALI SPA TIS VX -24638454.05 1569205599.82
TISCALI SPA TIS NA -24638454.05 1569205599.82
TISCALI SPA TISN IX -24638454.05 1569205599.82
TISCALI SPA TISN NA -24638454.05 1569205599.82
TISCALI SPA TISGBP EO -24638454.05 1569205599.82
TISCALI SPA TISGBX EO -24638454.05 1569205599.82
TISCALI SPA- RTS TISAXA IM -24638454.05 1569205599.82
TISCALI SPA- RTS TIQ1 GR -24638454.05 1569205599.82
LUXEMBOURG
----------
CARRIER1 INT-AD+ CONE ES -94729000 472360992
CARRIER1 INT-ADR CONE US -94729000 472360992
CARRIER1 INT-ADR CONEE US -94729000 472360992
CARRIER1 INT-ADR CONEQ US -94729000 472360992
CARRIER1 INTL CJNA GR -94729000 472360992
CARRIER1 INTL CJN NM -94729000 472360992
CARRIER1 INTL CJN GR -94729000 472360992
CARRIER1 INTL SA CONEF US -94729000 472360992
CARRIER1 INTL SA 1253Z SW -94729000 472360992
NETHERLANDS
-----------
BAAN CO NV-ASSEN BAANA NA -7854741.41 609871188.88
BAAN COMPANY NV BAAN NA -7854741.41 609871188.88
BAAN COMPANY NV BAAVF US -7854741.41 609871188.88
BAAN COMPANY NV BAAN GR -7854741.41 609871188.88
BAAN COMPANY NV BAAN EU -7854741.41 609871188.88
BAAN COMPANY NV BNCG IX -7854741.41 609871188.88
BAAN COMPANY NV BAAN EO -7854741.41 609871188.88
BAAN COMPANY NV BAAN PZ -7854741.41 609871188.88
BAAN COMPANY NV BAAN IX -7854741.41 609871188.88
BAAN COMPANY-NY BAANF US -7854741.41 609871188.88
BUSINESSWAY INTL BITL US -69320 127631096
BUSINESSWAY INTL BITLE US -69320 127631096
CNW ORLANDO INC CNWD US -69320 127631096
GLOBALNETCARE GBCRE US -69320 127631096
GLOBALNETCARE GBCR US -69320 127631096
ICBS INTERNATION ICBO US -69320 127631096
ICBS INTERNATION ICBOE US -69320 127631096
JAMES HARDIE IND HAH NZ -37500000 1827000064
JAMES HARDIE IND HAH AU -37500000 1827000064
JAMES HARDIE IND 600241Q GR -37500000 1827000064
JAMES HARDIE IND 726824Z NA -37500000 1827000064
JAMES HARDIE NV JHXCC AU -37500000 1827000064
JAMES HARDIE-ADR JHX US -37500000 1827000064
JAMES HARDIE-ADR JHINY US -37500000 1827000064
JAMES HARDIE-CDI JHX AU -37500000 1827000064
JAMES HARDIE-CDI JHA GR -37500000 1827000064
JAMES HARDIE-CDI JHIUF US -37500000 1827000064
ROYAL INVEST INT RIIC US -69320 127631096
UNITED PAN -ADR UPEA GR -5505478849.55 5112616630.06
UNITED PAN-A ADR UPCOY US -5505478849.55 5112616630.06
UNITED PAN-EUR-A UPC LI -5505478849.55 5112616630.06
UNITED PAN-EUR-A UPC NA -5505478849.55 5112616630.06
UNITED PAN-EUR-A UPC LN -5505478849.55 5112616630.06
UNITED PAN-EUROP UPC VX -5505478849.55 5112616630.06
UNITED PAN-EUROP UPCEF US -5505478849.55 5112616630.06
UNITED PAN-EUROP UPE1 GR -5505478849.55 5112616630.06
UNITED PAN-EUROP UPCOF US -5505478849.55 5112616630.06
UNITED PAN-EUROP UPE GR -5505478849.55 5112616630.06
WAH KING INVEST WAHK US -69320 127631096
WAH KING INVEST WAHKE US -69320 127631096
NORWAY
------
PETRO GEO-SERV PGS VX -18066142.21 399710323.59
PETRO GEO-SERV PGS GR -18066142.21 399710323.59
PETRO GEO-SERV 265143Q NO -18066142.21 399710323.59
PETRO GEO-SERV-N PGSN NO -18066142.21 399710323.59
PETRO GEO-SV-ADR PGOGY US -18066142.21 399710323.59
PETRO GEO-SV-ADR PGSA GR -18066142.21 399710323.59
POLAND
------
KROSNO KRS1EUR EU -2241614.77 111838141.19
KROSNO KRS PW -2241614.77 111838141.19
KROSNO KROS IX -2241614.77 111838141.19
KROSNO KRS1EUR EO -2241614.77 111838141.19
KROSNO SA KRNFF US -2241614.77 111838141.19
KROSNO SA KRS PZ -2241614.77 111838141.19
KROSNO SA KROSNO PW -2241614.77 111838141.19
KROSNO SA KRS1 EO -2241614.77 111838141.19
KROSNO SA KRS1 EU -2241614.77 111838141.19
KROSNO SA-RTS KRSP PW -2241614.77 111838141.19
KROSNO-PDA-ALLT KRSA PW -2241614.77 111838141.19
TOORA 2916661Q EO -288818.39 147004954.18
TOORA TOR PZ -288818.39 147004954.18
TOORA 2916665Q EU -288818.39 147004954.18
TOORA TOR PW -288818.39 147004954.18
TOORA-ALLOT CERT TORA PW -288818.39 147004954.18
PORTUGAL
--------
COFINA CFN PL -9882836.46 319233214.35
COFINA CFASF US -9882836.46 319233214.35
COFINA COFI PL -9882836.46 319233214.35
COFINA COFSI IX -9882836.46 319233214.35
COFINA CFN1 PZ -9882836.46 319233214.35
COFINA COFI EO -9882836.46 319233214.35
COFINA COFI EU -9882836.46 319233214.35
COFINA CFNX PX -9882836.46 319233214.35
COFINA COFI TQ -9882836.46 319233214.35
PORCELANA VISTA PVAL PL -39167460.3 153384027.27
SPORTING-SOC DES SCP1 PZ -6889744.9 191103206.82
SPORTING-SOC DES SCP PL -6889744.9 191103206.82
SPORTING-SOC DES SCDF PL -6889744.9 191103206.82
SPORTING-SOC DES SCPX PX -6889744.9 191103206.82
SPORTING-SOC DES SCG GR -6889744.9 191103206.82
SPORTING-SOC DES SCDF EU -6889744.9 191103206.82
SPORTING-SOC DES SCDF EO -6889744.9 191103206.82
SPORTING-SOC DES SCPL IX -6889744.9 191103206.82
VAA VISTA ALEGRE VAF PL -39167460.3 153384027.27
VAA VISTA ALEGRE VAF EU -39167460.3 153384027.27
VAA VISTA ALEGRE VAFX PX -39167460.3 153384027.27
VAA VISTA ALEGRE VAF EO -39167460.3 153384027.27
VAA VISTA ALEGRE VAF PZ -39167460.3 153384027.27
VAA VISTA ALTAN VAFK EO -39167460.3 153384027.27
VAA VISTA ALTAN VAFKX PX -39167460.3 153384027.27
VAA VISTA ALTAN VAFK PL -39167460.3 153384027.27
VAA VISTA ALTAN VAFK PZ -39167460.3 153384027.27
VAA VISTA ALTAN VAFK EU -39167460.3 153384027.27
ROMANIA
-------
ARDAF ARDF RO -42156432.94 108310369.33
DUVANSKA DIVR SG -7729350.78 109207260.53
METANOLSKO SIRCE MSKK SG -152438442.69 135641001.94
OLTCHIM RM VALCE OLTEUR EO -16862370.58 614340383.91
OLTCHIM RM VALCE OLT EU -16862370.58 614340383.91
OLTCHIM RM VALCE OLT EO -16862370.58 614340383.91
OLTCHIM RM VALCE OLTEUR EU -16862370.58 614340383.91
OLTCHIM RM VALCE OLT RO -16862370.58 614340383.91
OLTCHIM RM VALCE OLT PZ -16862370.58 614340383.91
OLTCHIM RM VALCE OLTCF US -16862370.58 614340383.91
RAFO SA RAF RO -457922636.25 356796459.26
UZINELE SODICE G UZIM RO -35878364.71 104942905.83
ZASTAVA AUTOMOBI ZAKG SG -396504649.08 174692011.08
RUSSIA
------
AKCIONERNOE-BRD SOVP$ RU -110204703.34 120620770.43
ALFA CEMENT-BRD ALCE* RU -672832.37 105454563.92
ALFA CEMENT-BRD AFMTF US -672832.37 105454563.92
ALFA CEMENT-BRD ALCE RU -672832.37 105454563.92
AMO ZIL ZILL RM -165713442.78 328106800.85
AMO ZIL-CLS ZILL RU -165713442.78 328106800.85
AMO ZIL-CLS ZILL* RU -165713442.78 328106800.85
DAGESTAN ENERGY DASB* RU -24834103.03 105689368.23
DAGESTAN ENERGY DASB RM -24834103.03 105689368.23
DAGESTAN ENERGY DASB RU -24834103.03 105689368.23
EAST-SIBERIA-BRD VSNK RU -100985377.37 116491783.13
EAST-SIBERIA-BRD VSNK* RU -100985377.37 116491783.13
EAST-SIBERIAN-BD VSNK$ RU -100985377.37 116491783.13
GUKOVUGOL GUUG RU -57835245.31 143665227.24
GUKOVUGOL GUUG* RU -57835245.31 143665227.24
GUKOVUGOL-PFD GUUGP RU -57835245.31 143665227.24
GUKOVUGOL-PFD GUUGP* RU -57835245.31 143665227.24
KOMPANIYA GL-BRD GMST RU -72805537.11 1148203682.9
KOMPANIYA GL-BRD GMST* RU -72805537.11 1148203682.9
SAMARANEFTEGA-P$ SMNGP RU -331600428.45 891998590.74
SAMARANEFTEGAS SMNG* RU -331600428.45 891998590.74
SAMARANEFTEGAS SVYOF US -331600428.45 891998590.74
SAMARANEFTEGAS SMNG RM -331600428.45 891998590.74
SAMARANEFTEGAS SMNG$ RU -331600428.45 891998590.74
SAMARANEFTEGAS-$ SMNG RU -331600428.45 891998590.74
SAMARANEFTEGAS-P SMNGP RM -331600428.45 891998590.74
SAMARANEFTEGAS-P SMNGP* RU -331600428.45 891998590.74
SAMARANEFTEGAS-P SMNGP$ RU -331600428.45 891998590.74
TERNEYLES-BRD TERL* RU -15178937.2 182115156.77
TERNEYLES-BRD TERL RU -15178937.2 182115156.77
URGALUGOL-BRD YRGL* RU -14863411.56 135736934.02
URGALUGOL-BRD YRGL RU -14863411.56 135736934.02
URGALUGOL-BRD-PF YRGLP RU -14863411.56 135736934.02
VIMPEL SHIP-BRD SOVP* RU -110204703.34 120620770.43
VIMPEL SHIP-BRD SOVP RU -110204703.34 120620770.43
ZIL AUTO PLANT ZILL$ RU -165713442.78 328106800.85
ZIL AUTO PLANT-P ZILLP RM -165713442.78 328106800.85
ZIL AUTO PLANT-P ZILLP* RU -165713442.78 328106800.85
ZIL AUTO PLANT-P ZILLP RU -165713442.78 328106800.85
TURKEY
------
EGS EGE GIYIM VE EGDIS TI -7732138.55 147075066.65
EGS EGE GIYIM-RT EGDISR TI -7732138.55 147075066.65
IKTISAT FINAN-RT IKTFNR TI -46900661.12 108228233.63
IKTISAT FINANSAL IKTFN TI -46900661.12 108228233.63
MUDURNU TAVUKC-N MDRNUN TI -64930189.62 160408172.1
MUDURNU TAVUKCUL MDRNU TI -64930189.62 160408172.1
SIFAS SIFAS TI -15439198.6 130608103.96
TUTUNBANK TUT TI -4024959601.58 2643810456.86
YASARBANK YABNK TI -4024959601.58 2643810456.86
ZORLU ENERJI ELE ZORENM TI -91603977.68 1725908124.2
ZORLU ENERJI ELE ZOREN TI -91603977.68 1725908124.2
ZORLU ENERJI ELE ZRLUF US -91603977.68 1725908124.2
ZORLU ENERJI-ADR ZRLUY US -91603977.68 1725908124.2
UKRAINE
-------
AZOVZAGALMASH MA AZGM UZ -16212049.02 277693905.54
DNEPROPETROVSK DMZP UZ -15926384.43 424303604.81
DNIPROOBLENERGO DNON UZ -20762857.28 271459240.45
DONETSKOBLENERGO DOON UZ -215120607.25 374165068.75
LUGANSKOBLENERGO LOEN UZ -25962109.73 198804344.57
ZAPORIZHOBLENERG ZAON UZ -9405838.12 126687446.19
*********
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 * * *