/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/090728.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 28, 2009, Vol. 10, No. 147 Headlines A U S T R I A OESTERREICHISCHE VOLKSBANKEN: Moody's Downgrades BFSR to 'E+' F I N L A N D STORA ENSO: Fitch Cuts Long-Term Issuer Default Rating to 'BB' F R A N C E THOMSON SA: Creditors Agree to Plan that Repays 45% of Debt G E R M A N Y GENERAL MOTORS: No Decision Yet on Two Opel Bids HYPO REAL: Has Paid German Gov't EUR308 Mln in June, Focus Says G R E E C E ARIES MARITIME: Amends Letter of Intent with Grandunion H U N G A R Y BORSODCHEM NYRT: Hungarian Gov't Offers EUR100 Million Loan I R E L A N D ANGLO IRISH: S&P Downgrades Ratings on Five Securities to 'C' INDEPENDENT NEWS: Gets Debt Reprieve; May Enter Into Examinership I T A L Y FIAT FINANCE: Fitch Assigns 'BB+' Rating on Senior Unsec. Bond SESTANTE FINANCE: Moody's Puts Ba1-Rated Class C2 Notes on Review K A Z A K H S T A N BTA BANK: Says May Take Years to Recover Assets EURO ASIA: Creditors Must File Claims by July 31 OIL GAS: Creditors Must File Claims by July 31 K Y R G Y Z S T A N AERODROM STROY: Creditors Must File Claims by July 31 N E T H E R L A N D S NXP BV: Exchange Offer Cues S&P's Issue Rating Cut to 'D' R O M A N I A BANCA TRANSILVANIA: Fitch Affirms Individual Rating at 'D' UNICREDIT TIRIAC: Fitch Affirms Individual Rating at 'D' S P A I N AIFOS PROMOCIONES: Seeks Creditor Protection PYME BANCAJA: Moody's Assigns (P)Caa1 Rating on Series C Notes S W E D E N CONCORDIA BUS: S&P Assigns 'B-' Rating on EUR130 Mil. Senior Notes S W I T Z E R L A N D ALII BETEILIGUNG: Creditors Must File Claims by July 30 ART AGENTUR: Claims Filing Deadline is July 31 ARTIWAHL AG: Creditors Must File Claims by July 30 BACHMANN IMMO: Claims Filing Deadline is July 30 CARE GERATE: Claims Filing Deadline is July 30 CARONAL AG: Claims Filing Deadline is July 30 EUKOTRA AG: Creditors Must File Claims by July 31 MTA MASCHINEN: Claims Filing Period Ends July 30 NORENT AG: Creditors Must File Claims by July 30 SERVO DIENSTLEISTUNG: Claims Filing Deadline is July 30 SPEISER LANDMASCHINEN: Creditors Must File Claims by July 30 SPORZ-IMMOBILIEN AG: Claims Filing Deadline is July 30 U K R A I N E NADRA BANK: To be Bailed Out by Ukraine After Debt Restructuring UKRPROMBANK TOV: Faces Liquidation; Deposits to Be Transferred U N I T E D K I N G D O M CATTLES PLC: AADB to Investigate PricewaterhouseCoopers GALA CORAL: RBS Mulls Break-Up Amid Restructuring Talks INVENSYS PLC: S&P Raises Corporate Credit Rating From 'BB+' JOHNSTON PRESS: Lenders May Own 5% Stake Under Debt Restructuring LLOYDS BANKING: Submits Restructuring Plan; Mulls Sale of Branches NATIONAL EXPRESS: Stagecoach Eyes All-Share Takeover Offer PARK RESORTS: Nears Debt Restructuring Deal with Lenders REXAM PLC: Mulls GBP350 Mln Rights Issue to Protect Credit Rating ROYAL BANK: Submits Restructuring Plan; APS Not Yet Finalized TATA MOTORS: JLR Core UK Operations Post GBP673.4MM 2008 Net Loss YELL GROUP: Says Refinancing Talks on Track * Bailed-Out Banks May Be Forced to Sell Units Under EU Guidelines * S&P Takes Rating Actions on 244 European Synthetic CDO Tranches * Large Companies with Insolvent Balance Sheet ********* ============= A U S T R I A ============= OESTERREICHISCHE VOLKSBANKEN: Moody's Downgrades BFSR to 'E+' ------------------------------------------------------------- Moody's Investors Service downgraded the bank financial strength rating of Oesterreichische Volksbanken AG to E+ from C-. The long-term senior debt and deposit ratings were downgraded to Baa1 from Aa3 and the subordinated liabilities to Baa2 from A1. All these ratings carry a negative outlook. VBAG's short-term rating was downgraded to Prime-2 from Prime-1. At the same time, Moody's also downgraded VBAG's subsidiary, Investkredit Bank AG, and various hybrid instruments of VBAG and Investkredit, as detailed below. Moody's affirmed, with a stable outlook, VBAG's Aaa ratings for debt guaranteed by the Republic of Austria. The rating actions conclude the review of VBAG and Investkredit initiated on 17 November 2008. Downgrade of BFSR Due to Asset Quality Pressure and Lack of Capital Generation Capacity VBAG's downgraded E+ BFSR translates to a Baseline Credit Assessment (BCA) of B1 and reflects Moody's assessment of the bank's overall very strained financial profile. Reported losses for the financial year 2008 of a moderate EUR152 million obscure the much larger losses attributable to VBAG's former public finance subsidiary, Kommunalkredit AG (D/Aa3, on review for downgrade), which was taken over by the Austrian government late last year in a rescue effort. (These losses were, however, partly offset by positive valuation effects on other participations.) VBAG reported further losses of EUR86 million in Q1 2009: although its operations in Central and Eastern Europe were still moderately profitable, the Austrian operations incurred losses. Moody's remains concerned that the economic environment in VBAG's major markets will pose considerable challenges for the bank given its persistently weak performance in its core corporate and real estate operations, which are chiefly carried out in its home Austrian market, while the macroeconomic outlook for CEE has strongly deteriorated. Although, the rating agency recognizes the strong retail franchise that the bank has established in its CEE markets, it believes that the anticipated rise in credit charges across all segments cannot be buffered through operating earnings and therefore expects the bank to be loss-making over the next two years at least. As positive factors, Moody's recognizes the bank's strengthened capital base as a result of an injection of EUR1 billion of participation capital from the Republic of Austria and the liquidity support received from the Republic of Austria's guarantee of a EUR3 billion debt issuance program. VBAG reports a moderate Tier 1 capital ratio of 7.4%. However, the coupon on the fresh capital, which amounts to 9.3% or EUR93 million per year, places a further burden on the bank's profitability. Given VBAG's lack of internal capital generation capacity for the foreseeable future, the possible substantial rise in risk charges and some potential for further impairments emanating from its structured credit portfolio, Moody's remains concerned about the increased probability of additional capital support in the medium term. Moreover, Moody's observes shortcomings in the effective oversight of group risk and liquidity management as shown by the near collapse of Kommunalkredit in late 2008. However, the rating agency notes that the entity was managed at arms' length, although it understands that other major subsidiaries are more closely integrated into the group-wide risk and liquidity management system. Moody's will continue to closely assess and monitor VBAG's risk management practices going forward. Overall, Moody's believes that the E+ BFSR better reflects VBAG's profile given its low recurring earnings power and rising provisioning needs related to the challenges posed by the weak economic environment. As a consequence, there is increased pressure on VBAG's capital and a greater likelihood that it will require further outside support in the future. Senior Debt Ratings Receive a Large Uplift From Probability of Systemic Support VBAG's Baa1 long-term debt and deposit ratings continue to benefit from Moody's assessment of a very high probability of systemic support. The rating agency notes that the dependence of VBAG's investment-grade ratings on systemic support has increased, while at the same time the probability of co-operative support has decreased. While Moody's recognises the co-operative sector's strong willingness to support VBAG in the event of need, it views the sector's ability to support VBAG in a severe downturn as rather limited, given the sector's overall size in the Austrian banking system and its limited financial power in relation to the size of VBAG group. The negative outlook on all the ratings reflects the potential downside risk of a more severe than anticipated adverse change in the overall economic environment, which could exert further pressure on VBAG's BFSR and, in turn, on the long-term unsecured debt ratings. Downgrade of Hybrid Instruments Reflects Increased Risk of Coupon Losses 1) Moody's downgraded VBAG's participation capital certificates to Caa2 from A3 and the non-cumulative preferred securities issued by OeVAG Finance (Jersey) Ltd to Caa2 from A2. The downgrade reflects the rating agency's expectation of a high likelihood that coupons will not be paid for 2009 and 2010 and a moderate likelihood of a non-payment for 2011 due to a breach of the distributable profit trigger. Moody's believes that VBAG's reserves are not sufficient to compensate for losses in coming years. Coupon payments on the instruments are non-cumulative. With regard to the participation capital certificates, the Unpaid Remuneration Settlement Mechanism would allow the bank to pay deferred coupons through the issuance of common shares or other equity-like securities for up to five years. However, since they are subject to the availability of sufficient distributable profits, Moody's does not expect such payments. 2) The rated Upper Tier 2 securities ("Ergaenzungskapitalanleihen") were downgraded to Caa2 from A1 as a result of the high likelihood of two coupon losses for 2009 and 2010 and a moderate likelihood of one coupon loss for 2011. The instruments have a net profit trigger and are non- cumulative. The outlook on all the hybrid instruments is stable. Downgrade of Investkredit's BFSR, Long-Term and Hybrid Ratings Investkredit's BFSR was downgraded to E+ (BCA of B1) from C-, reflecting Moody's concerns about the bank's profitability and increased risks inherent in its exposure to corporate and real estate markets in Austria and CEE. VBAG's corporate and real estate business is concentrated in Investkredit. Investkredit's debt and deposit ratings were downgraded to Baa2 from A1. The rating for the subordinated liabilities was downgraded to Baa3 from A2. Both sets of ratings reflect a very high probability of parental support, reflecting Moody's views of the co-operative sector and systemic support. The ratings carry a negative outlook, reflecting the same concerns that lead to the negative outlook on VBAG's ratings. The short-term rating was downgraded to Prime-2 from Prime-1. Moody's downgraded the ratings of the non-cumulative hybrid securities (Tier 1 instruments) issued by Investkredit's subsidiaries, Investkredit Funding Ltd and Investkredit Funding II Ltd, to Caa1 from A3 as a result of its assessment of a high likelihood of a coupon loss for 2010 and a moderate likelihood of a coupon loss for 2011. With regard to 2009, Moody's believes that Investkredit's reserves might still be sufficient to buffer a loss and pay the coupons; hence, it assumes a moderate likelihood of a deferral. The rated Upper Tier 2 securities ("Ergaenzungskapitalanleihen") were downgraded to Caa2 from A2, reflecting Moody's view of a high likelihood of coupon deferrals for 2009 and 2010 and a moderate likelihood of a coupon deferral for 2011. The instruments have a net loss trigger and are non-cumulative. The outlook on all the hybrid instruments is stable. Rating History and Moody's Methodologies Moody's previous rating action on VBAG was on November 17, 2008, when the bank's BFSR was downgraded to C- from C and placed on review for possible downgrade. With respect to hybrid instruments and subordinated debt, Moody's adds that it has released a Request for Comment entitled, "Moody's Proposed Changes to Bank Subordinated Capital Ratings", dated June 2009. In this comment, the rating agency requested market feedback on potential changes to its bank hybrid rating methodology. Should Moody's implement this revised methodology as proposed, the ratings of VBAG's and Investkredit's instruments will most likely not be affected. Based in Vienna, Austria, VBAG reported 2008 net losses of EUR152 million and total assets of EUR52.9 billion at the end of the year. ============= F I N L A N D ============= STORA ENSO: Fitch Cuts Long-Term Issuer Default Rating to 'BB' -------------------------------------------------------------- Fitch Ratings has downgraded Finland-based Stora Enso Oyj's Long- term Issuer Default Rating and senior unsecured rating to 'BB' from 'BB+', respectively. The agency has affirmed the Short-term IDR of 'B'. The Outlook on the Long-term IDR is Negative. The downgrade reflects Fitch's view that the current cyclical erosion in demand is intensifying the challenges faced by Stora and durably impacting its already weak credit profile. The pricing momentum from industry-wide capacity shutdowns in 2008 threatens to be short lived, and the global economic downturn is impacting performance in divisions that have historically provided some earnings stability. Stora's sales dropped 24.3% to EUR4.3bn y-o-y in the six months to June 30, 2009 (YTD 6/09) as volumes declined across all divisions. Price trends were mixed, but increases in some grades did not offset the volume contraction. Stora's EBITDA was down 42% y-o-y in YTD 6/09 at EUR325 million, and the EBITDA margin contracted to 7.5% in the period, from 9.8% a year earlier. Fitch notes, however, that sales increased 2.5% q-o-q in Q209 on the back of seasonal factors and higher wood product prices from record low levels. Stora's management has reiterated its commitment to balance sheet strength and deleveraging, and is intensifying cost cutting and cash preservation measures. The group led the capacity closures of 2008 with 675,000T of paper and board, 550,000T of pulp and 170,000 cubic meters of sawmilling products permanently removed from the market. Stora also curtailed paper and board, pulp and sawmilling production capacity by 20%, 28% and 31% respectively in Q209. In combination with lower fibre costs, the market-related downtime lifted profitability across most divisions q-o-q in Q209, and the EBITDA margin increased to 8.7% from the record low 6.3% of Q109. The group is on track to deliver announced cost savings of EUR250 million by FY10, the bulk of which are expected in FY09. Fixed costs were reduced by EUR109 million y-o-y in Q209. Stora is working on further permanent closures in Finland, with specific plans to be announced in Q309. Fitch takes comfort in management's proactive stance to tackle the cost base, but believes that the new initiatives, while limiting the downside risk on margins in FY09, are unlikely to sufficiently offset the impact of potential volume declines in the region of 20% y-o-y and renewed pricing pressure. The agency expects operating earnings and funds from operations to decline significantly from levels already deemed weak in FY08, with a resulting deterioration in Stora's debt protection metrics. Net debt/LTM EBITDA increased to 4.2x at the end of Q209 from 3.6x at FYE08. The Negative Outlook reflects Fitch's opinion that Stora's metrics offer limited headroom for worsening market trends and for a further contraction in earnings or cash flow erosion in the near term. In the absence of recovery, the group will continue to rely heavily on curbing discretionary expenditures (capex, dividends, acquisitions) to preserve its financial profile in the near to medium-term. On a more positive note, Fitch expects working capital relief and cash preservation measures to support positive free cash flow generation in FY09, after two consecutive years of negative numbers. The ratings also factor in Stora's adequate liquidity, with cash reserves of EUR648 million at June 30, 2009, positive CFO, full availability under its EUR1.4 billion revolver (2012 maturity), and its proven ability to access the debt capital markets. The group successfully tapped its EUR517.5 million 5.125% June 2014 notes by EUR232.5 million in May 2009. The ratings continue to be supported by Stora's strong diversification, its integration into fibre and partial energy self-sufficiency and progress on its strategic goal to increase the supply of cost-competitive pulp in Latin America through the announced joint venture with Chile's Celulosa Arauco y Constitucion S.A. ('BBB+'/Stable). =========== F R A N C E =========== THOMSON SA: Creditors Agree to Plan that Repays 45% of Debt ----------------------------------------------------------- Vidya Root at Bloomberg News reports that Thomson SA reached an agreement with its senior creditors on a restructuring that would reduce its EUR2.84 billion (US$4.04 billion) of debt. According to Bloomberg, Thomson said its senior creditors agreed to a plan under which the company will repay 45% of its debt, raising EUR989 million in share and bond sales and about EUR300 million through asset disposals. According to Bloomberg, under the deal, Thomson will raise EUR350 million through a rights offer and EUR639 million in notes redeemable into shares. Anousha Sakoui and Esther Bintliff at The Financial Times report the deal still requires approval from some creditors, including Deutsche Bank, along with two thirds of shareholders. Frederic Rose, the chief executive of the French media services group, as cited by the FT, said Deutsche Bank's approval would speed up the process but was "confident that we'll go to implementation even without them, it will just take longer". The FT notes a meeting will be held at the end of the fourth quarter of 2009 at which shareholders would be required to vote on the proposal. The FT says the restructuring would reduce the company's debt to EUR1.55 billion. Loss Bloomberg discloses Thomson said its first-half net loss widened to EUR325 million from EUR182 million a year earlier. Bloomberg states the adjusted loss, excluding impairment and restructuring charges, narrowed to EUR20 million from EUR89 million, while revenue slipped 5.5% to EUR1.8 billion. About Thomson SA France-based Thomson SA -- http://www.thomson.net/-- provides technology, services, and systems to Media & Entertainment (M&E) clients, including content creators, content distributors and broadcasters. It has three principal operating divisions: Services, Systems (previously Systems & Equipment) and Technology. The remaining activities are regrouped in two additional segments: Other and Corporate. The Services Division offers end-to-end management of video-related services for its customers in the M&E industries. Systems division plays a role in supplying hardware and software technology for the M&E industries in the areas of production, delivery, management, transmission, and access. Technology division includes activities, such as corporate research; Silicon Solutions: Integrated Circuit design and tuners, and Software & Technology Solutions: video and audio security solutions, and other technologies. In December 2008, the Company sold its digital film equipment product line. * * * As reported in the Troubled Company Reporter-Europe on May 21, 2009, Moody's Investors Service changed to Ca/LD from Ca the Probability of Default Rating for Thomson S.A. Moody's said the outlook on the ratings remains negative. ============= G E R M A N Y ============= GENERAL MOTORS: No Decision Yet on Two Opel Bids ------------------------------------------------ Frances Robinson at Bloomberg News reports that the trust that controls General Motors Co.'s Opel unit said it hasn't yet made a preliminary decision on the two bids for the carmaker. "We will take our decision only when the necessary pre- conditions have been met and we have received a firm proposal to base our decision on," Bloomberg quoted Fred Irwin, the trust's chairman, as saying. The trust, as cited by Bloomberg, said it will vote "in favor of the proposal that offers the best commercial concept for the future of Opel" and that deciding in advance of this would contradict the purpose of the trust. Katie Merx and Jeff Green at Bloomberg News reports that GM's 13-member board, which include TPG Capital LP founder David Bonderman and Carlyle Group's Daniel Akerson, will review bids for the Opel brand as part of its first meeting starting Aug. 3. Citing people familiar with the planning, Bloomberg discloses the discussion topics will include asset sales, committee assignments and a product overview. On July 27, 2009, the Troubled Company Reporter-Europe, citing Bloomberg News, reported that Beijing Automotive Industry Holding Co. has been excluded from bidding for GM's Opel unit in Europe, leaving Canadian car-parts maker Magna International Inc. and Belgian investment company RHJ International SA in the race. Bloomberg disclosed that following talks in Berlin on Wednesday, GM negotiators and aides from Chancellor Angela Merkel's government agreed to drop BAIC from the Opel race. "We have agreed to continue detailed talks with both Magna and RHJI to secure Opel's future," Bloomberg quoted John Smith, GM's chief negotiator for the sale of Opel, as saying in a July 23 statement. As reported in the Troubled Company Reporter-Europe on July 22, 2009, The Financial Times said Magna and Sberbank revised their final bid to give each a 27.5% for a combined 55% stake. According to the FT, their earlier offer would have seen the Russian bank taking a larger, 35% stake and Magna 20 per cent. 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) HYPO REAL: Has Paid German Gov't EUR308 Mln in June, Focus Says --------------------------------------------------------------- Frances Robinson at Bloomberg News reports that Focus, citing the finance ministry, said Hypo Real Estate Holding AG has paid the German government EUR308 million (US$437 million) in interest and fees on state guarantees at the end of June. As reported in the Troubled Company Reporter-Europe on July 21, 2009, Telegraph.co.uk said the bank may need at least EUR10 billion (GBP8.6 billion) in fresh capital from the German state to stay afloat. According to Telegraph.co.uk, a leaked memo by the German regulator BaFin said Hypo Real, which was saved last October in a EUR50 billion joint rescue by the Bundesbank and private lenders, had "problematic assets" of EUR268 billion. The German Financial Markets Stabilisation Fund (SoFFin) has since taken over 90pc of the Munich bank, though fresh capital has so far been limited to EUR3 billion, Telegraph.co.uk said. As previously reported in the Troubled Company Reporter-Europe, Hypo Real was forced to seek a bailout after Depfa Bank Plc, its Dublin-based unit, failed to get short-term funding in September when credit markets seized up. About Hypo Real Estate Germany-based Hypo Real Estate Holding AG (FRA:HRXG) -- http://www.hyporealestate.com/-- is a German holding company for the Hypo Real Estate Group. It is an international real estate financing company, combining commercial real estate financing products with investment banking. The Company divides its operations into three business units: Commercial Real Estate, which provides real estate financing on the international and German market; Public Sector & Infrastructure Finance, and Capital Markets & Asset Management. Hypo Real Estate Group operates through a number of subsidiaries, including, among others, Hypo Real Estate Bank International AG that focuses on Pfandbrief-based commercial real estate financing in all international markets, and offers large-volume investment banking and structured finance transactions; Hypo Real Estate Bank AG that focuses on the commercial real estate financing and refinancing business in Germany, and DEPFA Bank plc in Dublin, Ireland, which is a provider of public finance. * * * As reported in the Troubled Company Reporter-Europe on July 6, 2009, Fitch Ratings affirmed Hypo Real Estate Holding AG's individual rating at 'F'. =========== G R E E C E =========== ARIES MARITIME: Amends Letter of Intent with Grandunion ------------------------------------------------------- Aries Maritime Transport Limited has entered into an amendment to its letter of intent with Grandunion, Inc., a company controlled by Michael Zolotas and Nicholas Fistes. As reported by the Troubled Company Reporter, due to the current financial turmoil that has significantly affected the industry and our vessels' values, the Company's lenders notified it on April 9, 2009, that the Security Value of the Company's vessels was less than the Security Requirement, as defined in the credit agreement. However, the Company believes that the valuations obtained by the lenders are not valid due to the lack of liquidity in the vessel sale and purchase market as noted in the various disclaimers included in such valuations. On June 24, 2009, the Company signed a non-binding letter of intent with Grandunion that contemplates, among other things, the acquisition of three Capesize drybulk carriers with an approximate net asset value of US$36.0 million in exchange for 15,977,778 newly issued shares of Aries Maritime and a change of control of the Company's board of directors. The letter of intent provides for a binding 60-day exclusivity period, presently expiring on August 23, 2009. The letter of intent also included a 30-day period for Grandunion to procure an agreement with the Company's syndicate of lenders to make certain amendments to the Company's existing credit facility, which ended on July 24, 2009. The Company has waived this provision to permit negotiations with the syndicate of lenders to continue through the remainder of the 60-day exclusivity period. Aries Maritime also said the annual general meeting of shareholders is scheduled for August 26, 2009 at the Company's offices located at 18 Zerva Nap. Street, Glyfada 16675 Athens, Greece at 11:00 a.m. local time. The Company filed its 2008 Annual Report on Form 20-F with the United States Securities and Exchange Commission on June 26, 2009. As reported by the Troubled Company Repoter, Aries Maritime incurred a net loss, has a net working capital deficit and has not met certain of its financial covenants of debt agreements with lenders. "These conditions raise substantial doubt about its ability to continue as a going concern," PricewaterhouseCoopers S.A. in Athens, Greece, said in its June 26, 2009 audit report. The Company had US$317,777,000 in total assets and US$252,261,000 in total liabilities as of December 31, 2008. During the years ended December 31, 2008 and December 31, 2007, the Company incurred losses of US$39.8 million and US$8.7 million, respectively. As at December 31, 2008, the Company reported working capital deficit of US$231.7 million which includes US$223.7 million of debt reflected as current. During the years ended December 31, 2008 and December 31, 2007, the Company has not been in compliance with these covenants of its facility agreement: -- The interest coverage ratio financial covenant, during each quarter of 2007 and 2008; -- The minimum working capital financial covenant, as at December 31, 2007 and during each quarter of 2008, as a result of the Company's outstanding borrowings being reflected as current; -- The adjusted equity ratio financial covenant, as of December 31, 2008; and -- The reduction of the outstanding borrowings from their level of US$284.8 million as at June 11 to US$200 million, by disposal of vessels, by August 31, 2008. Going Concern As reported by the Troubled Company Reporter on July 8, 2009, Aries Maritime said the audit report of the Company's independent registered public accounting firm, PricewaterhouseCoopers S.A., included in the Company's Form 20-F filed with the U.S. Securities and Exchange Commission contains an explanatory paragraph which notes that there are specific factors which raise substantial doubt about the Company's ability to continue as a going concern. These factors include the Company's 2008 and 2007 net losses and a previously announced re-classification of long term debt due to its inability to meet certain financial covenants under its revolving credit facility. Aries Maritime is currently in negotiations with its lenders to obtain waivers for certain financial covenants. The Company has plans in place to improve the performance and financial strength of the Company. These plans primarily relate to the reduction of expenses, possible sales of vessels and the potential addition of assets to enhance future cash earnings. At March 31, 2009, the Company had US$309,426,000 in total assets and US$248,010,000 in total liabilities. About Aries Maritime Aries Maritime Transport Limited (NASDAQ: RAMS) is an international shipping company that owns and operates products tankers and container vessels. The Company's products tanker fleet consists of five MR tankers and four Panamax tankers, all of which are double-hulled. The Company also owns a fleet of two container vessels with a capacity of 2,917 TEU per vessel. Five of the Company's 11 vessels are secured on period charters. Charters for two of the Company's products tanker vessels currently have profit-sharing components. ============= H U N G A R Y ============= BORSODCHEM NYRT: Hungarian Gov't Offers EUR100 Million Loan ----------------------------------------------------------- Martin Arnold and Anousha Sakoui at The Financial Times report that the Hungarian government has offered a EUR100 million (US$142 million) loan to Borsodchem Nyrt. According to the FT, the loan from the state-owned Hungarian Development Bank is conditional on Permira reaching an agreement with Borsodchem's lenders to restructure its excessive debt in a way that is acceptable to Budapest. The FT discloses the Hungarian Development Bank has agreed a EUR100 million loan to finance completion of a new chemicals plant. The FT recalls Permira acquired the chemicals group for EUR1.6 billion in 2006. The FT relates at the time of Permira�s buy-out, banks provided the company with a EUR300 million capital expenditure facility -- partly to finance the new plant, but they are reluctant to allow this to be drawn down now that its earnings have fallen sharply. Permira, the FT says, is expected to inject about EUR80 million-EUR90 million more cash into the company, which has about EUR1.1 billion of debt, to keep control. According to the FT, mezzanine lenders are being asked to swap their EUR200 million loans for equity, while senior lenders are being asked to roll-up interest payments, delaying their cash payment until the maturity of the loans. About BorsodChem Headquartered in Kazincbarcika, Hungary, BorsodChem Nyrt. (fka BorsodChem Rt) -- http://www.borsodchem.hu/-- produces chlorine, chloric alkali, hydrochloric acid, caustic lye and PVC resins, and additives for the plastic and rubber industries. The Company exports its products mainly to Western Europe. ============= I R E L A N D ============= ANGLO IRISH: S&P Downgrades Ratings on Five Securities to 'C' ------------------------------------------------------------- Standard & Poor's Ratings Services said that it lowered its ratings on five hybrid capital securities issued or guaranteed by Anglo Irish Bank Corp. Ltd. to 'C' from 'CC'. At the same time, the ratings on the securities were removed from CreditWatch, where they had been placed with negative implications on July 14, 2009, after Anglo's announcement that following the tender offer it intends to defer payment of coupons. All other ratings are unchanged. The rating action follows Anglo's launch of its tender offer on July 22, 2009. S&P considers that the offer for the five Tier 1 hybrid capital securities constitutes a "distressed exchange" under S&P's criteria. Upon completion of the offer, expected on Aug. 4, 2009, S&P does not expect to raise the ratings on Anglo's hybrid Tier 1 securities to the pre-tender level, given the proximity to the announced first coupon deferral in September 2009. In addition to the Tier 1 securities, the tender offer includes two series of Tier 2 securities, which are not rated by Standard & Poor's. S&P considers the tender offer for the lower Tier 2 securities to be "opportunistic" under S&P's criteria, as the securities fall outside the scope of the EC prohibition of interest payments and the instrument is not deferrable according to the terms. Therefore, S&P considers that Anglo is likely to continue servicing the coupons on these securities. Ratings List Downgraded; CreditWatch/Outlook Action Anglo Irish Asset Finance PLC* GBP200 mil. var rate callable perp jr sub nts GBP250 mil. var rate fxd/fltg rate callable perp jr sub nts To From -- ---- C CC/Watch Neg Anglo Irish Capital U.K. (2) LP* EUR600 mil. var rate fxd/fltg rate callable perp jr sub dtd 03/04/2008 due 02/15/2037 nts To From -- ---- C CC/Watch Neg Anglo Irish Capital U.K. (3) LP* GBP350 mil. var rate fxd/fltg-rate non-cum callable perp pfd stk To From -- ---- C CC/Watch Neg Anglo Irish Capital U.K. LP* EUR600 mil. var rate callable perp fxd/fltg rate non-cum pfd stk To From -- ---- C CC/Watch Neg * Guaranteed by Anglo Irish Bank Corp. Ltd. INDEPENDENT NEWS: Gets Debt Reprieve; May Enter Into Examinership ----------------------------------------------------------------- Carmel Crimmins at Reuters reports that Independent News and Media plc said on Friday it reached a standstill deal with bondholders on a EUR200 million senior bond until Aug. 27, the third extension in as many months. Examinership Reuters relates in an interview with The Sunday Times newspaper that Irish telecoms tycoon Denis O'Brien, who holds a 26% stake in Independent, said examinership, in which a company gets court protection from creditors for a specified period while it tries to negotiate a settlement, was an option for the media conglomerate. Reuters notes Mr. O'Brien, however, said the costs of examinership would be prohibitive for the company, which has a debt pile of around EUR1.4 billion. Non-Core Asset Sale Reuters recalls Independent has said it hoped to raise up to EUR150 million from disposals of non-core assets, including its outdoor advertising firm in South Africa, INM Outdoor, to help pay some of its debts. According to Reuters, Mr. O'Brien said he would block any sale of that business. "I'm against it," Reuters quoted Mr. O'Brien as saying. "The earnings in the outdoor business are growing at 20 percent a year. It's a great business. It doubles in four years." About Independent News & Media Headquartered in Dublin, Ireland, Independent News & Media PLC (ISE:IPD) -- http://www.inmplc.com/-- is engaged in printing and publishing of metropolitan, national, provincial and regional newspapers in Australia, India, Ireland, New Zealand, South Africa and the United Kingdom. It also has radio operations in Australia and New Zealand, and outdoor advertising operations in Australia, New Zealand, South-East Asia and across Africa. The Company also has online operations across each of its principal markets. The Company has three business segments: printing, publishing, online and distribution of newspapers and magazines and commercial printing; radio, and outdoor advertising. INM publishes over 200 newspaper and magazine titles, delivering a combined weekly circulation of over 32 million copies with a weekly audience of over 100 million consumers. In March 2008, it acquired The Sligo Champion. During the year ended December 31, 2007, the Company acquired the remaining 50% interest in Toowoomba Newspapers Pty Ltd. ========= I T A L Y ========= FIAT FINANCE: Fitch Assigns 'BB+' Rating on Senior Unsec. Bond -------------------------------------------------------------- Fitch Ratings has assigned Fiat Finance & Trade Ltd's EUR1,250 million bond a senior unsecured rating of 'BB+'. The notes have a three-year maturity and a coupon of 9%. Bonds issued by FFT will be unconditionally and irrevocably guaranteed by its parent, Fiat Spa, under its EUR15 billion GMTN program. The 'BB+' rating on the bond reflects Fiat's Long-term Issuer Default rating and senior unsecured rating of 'BB+', respectively. The Outlook for Fiat's Long-term IDR is Negative. FFT is a wholly-owned subsidiary of Fiat. The net proceeds from the issue of the notes will be used to finance the activities of Fiat. The guarantee from Fiat is a direct, general and unconditional obligation of the company and will at all times rank at least equally with all its other present and future unsecured and unsubordinated obligations. Terms and conditions also include standard events of default, but there are no financial covenants. SESTANTE FINANCE: Moody's Puts Ba1-Rated Class C2 Notes on Review ----------------------------------------------------------------- Moody's Investors Service has placed on review for possible downgrade all the rated notes issued by Sestante Finance S.r.l.: Sestante Finance S.r.l. Series 2004, Sestante Finance S.r.l. Series 2005, and Sestante Finance S.r.l. Series 2006. Sestante 2004: -- Class A Asset-Backed Floating-Rate Notes due 2042, current rating Aaa placed on review for possible downgrade, previously on 26 January 2009 confirmed; -- Class B Asset-Backed Floating-Rate Notes due 2042, current rating Aa3 placed on review for possible downgrade, previously on 26 January 2009 confirmed; -- Class C1 Asset-Backed Floating-Rate Notes due 2042, current rating A3 placed on review for possible downgrade, previously on 26 January 2009 confirmed; and -- Class C2 Asset-Backed Floating-Rate Notes due 2042, current rating Baa3 placed on review for possible downgrade, previously on 26 January 2009 confirmed. Sestante 2005: -- Class A Asset-Backed Floating-Rate Notes due 2045, current rating Aaa placed on review for possible downgrade, previously on 26 January 2009 confirmed; -- Class B Asset-Backed Floating-Rate Notes due 2045, current rating Aa3 placed on review for possible downgrade, previously on 26 January 2009 confirmed; -- Class C1 Asset-Backed Floating-Rate Notes due 2045, current rating A3 placed on review for possible downgrade, previously on 26 January 2009 confirmed; and -- Class C2 Asset-Backed Floating-Rate Notes due 2045, current rating Baa3 placed on review for possible downgrade, previously on 26 January 2009 confirmed. Sestante 2006: -- Class A1 Asset-Backed Floating-Rate Notes due 2046, current rating Aaa placed on review for possible downgrade, previously on 26 January 2009 confirmed; -- Class A2 Asset-Backed Floating-Rate Notes due 2046, current rating Aaa placed on review for possible downgrade, previously on 26 January 2009 confirmed; -- Class B Asset-Backed Floating-Rate Notes due 2046, current rating Aa3 placed on review for possible downgrade, previously on 26 January 2009 confirmed; -- Class C1 Asset-Backed Floating-Rate Notes due 2046, current rating A3 placed on review for possible downgrade, previously on 26 January 2009 confirmed; and -- Class C2 Asset-Backed Floating-Rate Notes due 2046, current rating Ba1 placed on review for possible downgrade, previously on 26 January 2009 downgraded from Baa3. Moody's rating actions were prompted by a worse-than-expected collateral performance of the underlying portfolios. This may lead to an increase in portfolio loss expectation resulting from higher-than-expected delinquency and default levels in all three transactions. Moody's concluded the review of these transactions on the 26 January 2009, downgrading the class C2 notes of Sestante 2006 to Ba1 from Baa3. At the same time, all other ratings were confirmed as Moody's concluded also the review linked to Lehman swap exposure. At that time, Moody's took comfort from the size of the credit enhancement available in these transactions. However, since the last review delinquencies and defaults increased steeply in all three Sestante transactions. In Sestante 2006, delinquencies 90+ days jumped to 7.71% of current balance by July 2009 from 4.26% at the time of review in January. Cumulative defaults increased from 2.50% of original balance to 3.96% during the same time frame. In Sestante 2005, delinquencies 90+ days increased to 4.95% by July from 3.50% in January while defaults increased to 2.95% from 1.82% during this time. In Sestante 2004, delinquencies 90+ days more than trippled to 5.83% in July from 1.84% in January 2009 while defaults went up to 3.19% from 2.52% during this time. Moody's notes that all three transactions have been drawing on their reserve funds. In Sestante 2004, the reserve fund stands at EUR 2.38 million (38% of target) as of July 2009 as opposed to the required target of EUR6.25 million. Both Sestante 2005 and Sestante 2006 have fully used their reserve funds and were unable to pay the whole amount of the scheduled amortization of the class C2 notes in July 2009. Sestante 2006 recorded an unpaid principal deficiency ledger in April 2009 with EUR 240,874.38 remaining unpaid. This unpaid PDL increased to EUR 2,682,733.35 in July. Moody's notes that if delinquencies and defaults increase further, a portion of the pro-rata class C1 and C2 interest may remain unpaid on the next payment dates. As part of Moody's detailed transaction review, Moody's will reassess for each portfolio its lifetime loss expectation reflecting the collateral performance to date as well as the future macro-economic environment. Moody's will also request, whenever not already available, updated loan-by-loan information to revise its MILAN Aaa credit enhancement. Loan-by-loan information will also permit us to validate Moody's assumptions with regards to which loans have a higher default propensity. The lifetime loss and the MILAN Aaa credit enhancement are the key parameters used by Moody's to calibrate its loss distribution curve, which is one of the core inputs in the cash-flow model. During the review, Moody's will also assess the ability of servicer Meliorbanca S.p.A. (Baa3/P-3/D) to reduce delinquencies and new defaults and to increase the net present value of recoveries on defaulted assets. Under the Sestante RMBS transaction series, Meliorbanca securitized first-lien mortgage loans granted to individuals, all of whom used these loans to acquire, construct or refurbish residential properties in Italy. The issued class A, B, and C1 notes were backed by a portfolio of mortgage loans. The class C2 notes in all transactions are repaid by excess spread, in terms of both interest and principal. Moody's ratings address the expected loss posed to investors by the legal final maturity of the notes. Moody's ratings address only the credit risks associated with the transaction. Other non- credit risks have not been addressed, but may have a significant effect on yield to investors. =================== K A Z A K H S T A N =================== BTA BANK: Says May Take Years to Recover Assets ----------------------------------------------- Nariman Gizitdinov at Bloomberg News reports that BTA Bank said it may take years to recover some of its assets. Bloomberg relates Anvar Saidenov, the chief executive officer of BTA, told reporters in Almaty on Saturday the work to recover the bank's assets "isn't easy, as we need to dispute some deals and work with borrowers to recover loan documentation". Mr. Saidenov, as cited by Bloomberg, said the former management of the bank moved between November and February collateral and transferred debt to offshore companies which can't be reached. According to Bloomberg, Ernst and Young said in an audit on the Kazakhstan Stock Exchange Web site that some loan documentation, including agreements on collateral isn't available any more. As reported in the Troubled Company Reporter-Europe on July 16, 2009, Bloomberg News said Kazakh prosecutors charged 12 executives at BTA, its Temirbank unit and some of their corporate clients with embezzling more than KZT83 billion (US$550 million) from the lender. Bloomberg disclosed the Prosecutor General's Office said that BTA Chairman Mukhtar Ablyazov and Deputy Chief Executive Officer Zhaksylyk Zharimbetov are still being investigated, along with another 12 suspects. According to Bloomberg, the prosecutors said the 14 executives remain in hiding. Bloomberg disclosed on March 6, prosecutors issued international arrest warrants for Mr. Ablyazov and some of his associates for allegedly stealing from BTA and laundering the money via loans to fictitious companies. Mr. Ablyazov was removed as chairman on Feb. 2, the same day the state agreed to take over the bank. Debt Restructuring On July 2, 2009, the Troubled Company Reporter-Europe, citing Bloomberg News, reported BTA said in April it stopped making principal payments on its debt after creditors demanded accelerated payment, triggering a default. According to Bloomberg, Kairat Kelimbetov, the head of Samruk-Kazyna, said June 5 the bank was in talks with creditors and would probably reach a debt restructuring agreement by August. Samruk-Kazyna manages the state's 75.1% stake in the bank. Bloomberg said the resignation of the bank's New-York based adviser, Goldman Sachs International Inc. may hamper debt restructuring efforts. BTA hired Goldman Sachs and UBS AG as restructuring consultants after the government took control of the bank in February. About BTA Bank BTA Bank AO (BTA Bank JSC), formerly Bank TuranAlem AO, -- http://bta.kz/-- is a Kazakhstan-based financial institution, which is involved in the provision of banking and financial products for private and corporate clients. The Bank has in its offer personal banking services, comprised of current accounts, savings accounts, term deposits, safety deposit boxes, money transfer services, credit facilities, and corporate banking services, including business accounts, credit facilities, treasury services, letters of guarantee, letters of credit, foreign exchange services, remittances and other solutions, as well as debt and credit cards, card services and electronic banking services. The Bank has 14 subsidiaries and six affiliated companies. It offers its services through a network of numerous regional branches, cash settlement centers throughout Kazakhstan and international representative offices located in Ukraine, Russia, China and the United Arab Emirates. EURO ASIA: Creditors Must File Claims by July 31 ------------------------------------------------ Creditors of LLP Euro Asia Ltd. have until July 31, 2009, to submit proofs of claim to: Gorky Str. 37 Kokshetau Akmola Kazakhstan The Specialized Inter-Regional Economic Court of Akmola commenced bankruptcy proceedings against the company on May 18, 2009. The Court is located at: The Specialized Inter-Regional Economic Court of Akmola Gorky Str. 37 Kokshetau Akmola Kazakhstan OIL GAS: Creditors Must File Claims by July 31 ---------------------------------------------- Creditors of LLP Oil Gas Montage Aktobe Nefte Gas Montage Aktobe have until July 31, 2009, to submit proofs of claim to: Satpaev Str. 16 Aktobe Aktube Kazakhstan The Specialized Inter-Regional Economic Court of Aktube commenced bankruptcy proceedings against the company on May 22, 2009. The Court is located at: The Specialized Inter-Regional Economic Court of Aktube Satpaev Str. 16 Aktobe Aktube Kazakhstan =================== K Y R G Y Z S T A N =================== AERODROM STROY: Creditors Must File Claims by July 31 ----------------------------------------------------- CJSC Aerodrom Stroy #6 is currently undergoing liquidation. Creditors have until July 31, 2009, to submit proofs of claim to: Isanov Str. 18 Bishkek Kyrgyzstan Tel: (+996 312) 31-48-56 ===================== N E T H E R L A N D S ===================== NXP BV: Exchange Offer Cues S&P's Issue Rating Cut to 'D' --------------------------------------------------------- Standard & Poor's Ratings Services said that it lowered to 'D' from 'CC' its issue ratings on the senior unsecured and senior secured notes issued by Dutch semiconductor manufacturer NXP B.V. and subsidiary NXP Funding LLC. The issue ratings were removed from CreditWatch with negative implications, where they were placed on July 23, 2009. The 'CCC' long-term corporate credit rating on NXP is unchanged and the outlook remains negative. The issue ratings on NXP's other debt instruments, including the 'B-' ratings on NXP's super priority revolver due 2012 and super priority notes due 2013, are unchanged. The recovery ratings on NXP's debt instruments are also unchanged. The downgrade of the senior unsecured and senior secured notes reflects NXP's announcement that it has completed an exchange offer for these notes, which S&P view as distressed and, therefore, tantamount to default under S&P's criteria. In the coming days, S&P expects to raise the ratings on these debt issues back to 'CC', reflecting the risk S&P see that there may be further exchange offers. ============= R O M A N I A ============= BANCA TRANSILVANIA: Fitch Affirms Individual Rating at 'D' ---------------------------------------------------------- Fitch Ratings has affirmed Romania-based Banca Transilvania S.A.'s ratings at Long-term foreign currency Issuer Default 'BB-', Short- term foreign currency IDR 'B' and Individual 'D', Support '3' and Support Rating Floor 'BB-'. The Outlook for the Long-term foreign currency IDR is Stable. BT's Long-term IDR is driven by its intrinsic financial strength. The Individual Rating reflects increasing asset quality problems and weak efficiency, which negatively affect profitability. This is balanced by the bank's significantly improved nationwide franchise, its well-diversified loan book and funding sources, and comfortable liquidity. Profitability is negatively impacted by higher funding costs and rising credit impairment charges and under pressure due to the rising cost of risk in a worsening operating environment, while cost control and strong fee and commission income partly compensate for declining operating profit. Asset quality deteriorates as a result of the worsening operating environment and is also affected by seasoning of the loan book. A low share of foreign currency loans to unhedged borrowers and a well- diversified loan book by borrower and industrial sector mitigate potential asset quality problems to some degree. On the other hand, BT's increasing focus on SMEs, which are more vulnerable to the worsening operating environment poses potential asset quality problems. BT is mainly funded by well-diversified customer deposits and not reliant on wholesale funding as reflected in a relatively low loans/deposit (84%) ratio compared with the average Romanian banking system (150%) at end-Q109. As with other Romanian banks, liquidity is comfortable owing to stringent regulatory measures. BT has been able to raise equity consistently to support growth since 2002, despite the absence of a major foreign shareholder. At end-2008, BT's capital ratio improved to 15.05% as a result of retained earnings and capital increase from 12.18% at end-2007 and equalled 14.04% at end-Q109 (including net income for the period and adjusted for the planned payment of dividend). Fitch considers BT's capitalization to be just adequate, given increasing risks in the operating environment. Since 2002, after EBRD's acquisition of a 15% stake in the bank, BT has transformed itself from a regional bank into a bank with a nationwide presence. It remains the largest domestically owned bank in Romania and was the seventh-largest in total banking assets with a 5.4% market share at end-2008. BT is listed on the Bucharest stock exchange and ownership is widespread with the EBRD being the largest shareholder. In Fitch's rating criteria, a bank's standalone risk is reflected in Fitch's Individual Ratings and the prospect of external support is reflected in Fitch's Support Ratings. Collectively these ratings drive Fitch's Long- and Short-term IDRs. UNICREDIT TIRIAC: Fitch Affirms Individual Rating at 'D' -------------------------------------------------------- Fitch Ratings has affirmed Romania-based UniCredit Tiriac Bank S.A.'s ratings at Long-term foreign currency Issuer Default 'BBB' with Negative Outlook, Short-term foreign currency IDR 'F3' and Support '2'. It has also affirmed its Individual Rating at 'D'. The IDRs and Support rating reflect the support UCTB can expect to receive from its ultimate parent, Unicredit S.p.A ('A'/Stable Outlook), through its fully owned subsidiary, UniCredit Bank Austria AG ('A'/Stable Outlook). A change in UC's ability and/or willingness to support UCTB could affect the latter's IDRs and Support rating. The Long-term foreign currency IDR is constrained by Romania's Country Ceiling 'BBB' and the Outlook on UCTB reflects that of the sovereign. The Individual Rating reflects worsening asset quality due to deterioration in the economic environment and risks associated with recent rapid loan growth, a high share of foreign currency lending and a concentrated loan book. It also takes into account the bank's sound profitability and internal capital generation and comfortable liquidity. Following a sequence of complex mergers and restructuring, UCTB started to fully focus on growth in 2008. Despite a significant increase in the cost of funding and credit impairment charges, profitability is sound, mainly due to strong contribution of non- interest income including foreign currency gains and good efficiency. Advanced risk measurement systems adapted from UC's systems and close monitoring of risks provide some comfort. Nevertheless, increasing loan impairment charges are putting pressure on profitability. Although there have been improvements in the customer deposit franchise, reliance on related-party funding continues. As with other Romanian banks, liquidity is comfortable owing to stringent regulatory measures. Despite strong internal capital generation, the total capital ratio declined to 11.42% at end-2008 from 15.12% at end-2007 as a result of increasing risk weighted assets, and estimated to improve to 11.90% at end-H109 including net income of the period. Higher levels of capital would provide a larger buffer against growing risks in the operating environment. The UC's commitment to funding UCTB in the context of Romania's IMF Stand-by Agreement provide some comfort as long as it has the financial resources to do so. UCTB is the sixth-largest bank in Romania by total assets with a market share of 5.5% at end-2008 and provides a wide range of banking services with a focus on corporate lending. It is 50.61%- owned by UCBA, which is 99.99%-owned by UC, and serves as UC's management holding company in central and eastern Europe. Another 45.06% is held by Redrum International Investments B.V. and Vesanio Trading Ltd., both of which are controlled by Ion Tiriac, and a further 4.33% is held by Romanian individuals and legal entities. UC is one of the Europe's largest banks and active in 22 countries. In Fitch's rating criteria, a bank's standalone risk is reflected in Fitch's Individual Ratings and the prospect of external support is reflected in Fitch's Support Ratings. Collectively these ratings drive Fitch's Long- and Short-term IDRs ========= S P A I N ========= AIFOS PROMOCIONES: Seeks Creditor Protection -------------------------------------------- Sharon Smyth at Bloomberg News reports that Aifos Promociones Inmobiliarias said it is seeking protection from creditors. "Insolvency proceedings will guarantee the survival of the company amid the current crisis in the nation's real estate industry and ensure that its employees and contracts with third parties are protected," Bloomberg quoted the company as saying in a statement. Citing newswire Efe, Bloomberg discloses the company has EUR1 billion (US$1.4 billion) of debt. Based in Malaga, Aifos Promociones Inmobiliarias is a privately held Spanish developer that owns hotels, apartments and holiday homes in the south of Spain. PYME BANCAJA: Moody's Assigns (P)Caa1 Rating on Series C Notes -------------------------------------------------------------- Moody's Investors Service has assigned provisional credit ratings to these classes of notes issued by PYME Bancaja 8: - (P)Aaa to the EUR 383.7 million Series A notes - (P)B3 to the EUR 70.2 million Series B notes - (P)Caa1 to the EUR 56.1 million Series C notes PYME Bancaja 8, Fondo de Titulizacion de Activos is a cash securitization of loans granted to small and medium sized enterprises by Bancaja (A3/P-2). The portfolio will be also serviced by Bancaja. The portfolio consists of commercial loans extended to Spanish SMEs, some secured by real estate mortgage and some unsecured, to fund general working capital and long term business expansion. The loans were originated between 2000 and 2009, with a weighted- average seasoning of 1.55 years and a weighted-average remaining term of 11.1 years. The longest loan matures in August 2048. All the loans are secured by a first-lien mortgage guarantee on properties with a current LTV lower than 100%. The current weighted-average LTV is 57.8%. Geographically, the pool is concentrated in the Region of Valencia (53.43%), a natural consequence of the location of the originator. The V-Score for this transaction is Medium/High. Although the overall V-Score is in line with the Medium/High V-Score assigned for the Spanish SME sector, some sub-components are weaker than that of the Spanish SME sector. In particular Moody's noted the deterioration of Bancaja's default rates, and the exposure to basis risk as the transaction is not protected by a basis swap. 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 was assigned according to the report "V- Scores and Parameter Sensitivities in the EMEA Small to Medium Enterprises ABS Sectors" published in June 2009. Moody's based the ratings primarily on: (i) an evaluation of the underlying portfolio of loans; (ii) historical performance information and other statistical information; (iii) the credit enhancement provided through the GIC account, the excess spread, the cash reserve and the subordination of the notes; and (iv) the legal and structural integrity of the transaction. Moody's initially analysed and will monitor this transaction using the rating methodology for EMEA SMEs loan-backed transactions as described "Moody's Approach to Rating Granular SME Transactions in Europe, Middle East and Africa", June 2007 and "Refining the ABS SME Approach: Moody's Probability of Default assumptions in the rating analysis of granular Small and Mid-sized Enterprise portfolios in EMEA", March 2009. The 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 on notes. 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 endeavour to assign definitive rating to the Notes. A definitive rating may differ from a provisional rating. No previous ratings have been assigned to this transaction. =========== S W E D E N =========== CONCORDIA BUS: S&P Assigns 'B-' Rating on EUR130 Mil. Senior Notes ------------------------------------------------------------------ Standard & Poor's Ratings Services said that it has assigned its 'B-' issue rating to the proposed EUR130 million senior secured exchange notes maturing on Aug. 1, 2012, to be issued by Sweden- based Concordia Bus Nordic AB. The issue rating is the same as S&P's corporate credit rating on ultimate parent Concordia Bus AB (B-/Watch Pos/--), the leading bus services provider in the Nordic region, and is therefore also on CreditWatch with positive implications. At the same time, S&P has assigned a '4' recovery rating to this debt, indicating Standard & Poor's expectation of average (30%- 50%) recovery in the event of a payment default. Recovery prospects are at the low end of the range, in S&P's view, and subject to some risk related to adverse currency movements and the potential for the raising of additional secured debt. The issuance proceeds will be used to repay Concordia Bus Nordic's existing EUR130 million senior secured notes maturing on Aug. 1, 2009 (rated B-/Watch Pos, with a '4' recovery rating). S&P expects to withdraw the 'B-' issue rating and '4' recovery rating on the existing notes upon successful completion of the refinancing. Recovery Analysis Recovery prospects for the new notes are, in S&P's view, at the low end of the 30%-50% range, given their risk exposure. They are exposed to a degree of exchange-rate risk considering that the debt is denominated in euros, but is secured over assets denominated in Swedish kronor (and, to a lesser extent, in Norwegian kroner). They are also exposed to the risk of potential additional debt being raised and/or pledged over the receivables by the time of S&P's hypothetical default, as permitted by the documentation of the proposed notes issue. S&P has simulated a default in August 2012, assuming that the group would face some operational difficulties that would make it unable to refinance or repay the notes at maturity. S&P has valued the group at this hypothetical point of default using a discrete asset valuation, and have calculated a stressed asset value of about Swedish krona (SEK) 440 million (about EUR40 million at current exchange rates). Under S&P's scenario, S&P assumes that the group's main asset at the time of default would be its trade receivables, since S&P believes that the value of the bus fleet owned by the group would have depreciated to a relatively modest level by this time. Typically, the group acquires new buses under finance leases, and, therefore, the value of the pledged fleet depreciates. S&P gives no value to the goodwill or cash on balance sheet, and only limited value to the other assets. According to S&P's calculations, after deducting priority liabilities (enforcement costs) of about SEK30 million, the coverage for the notes would be at the low end of the 30%-50% range, leaving very little flexibility for additional debt to be raised. Since the notes amortize at an annual rate of 10% starting August 1, 2010, S&P assumes that EUR104 million of principal will be outstanding at default. ===================== S W I T Z E R L A N D ===================== ALII BETEILIGUNG: Creditors Must File Claims by July 30 ------------------------------------------------------- Creditors of Alii Beteiligung AG are requested to file their proofs of claim by July 30, 2009, to: Martin Schwarz Neuengasse 25 3011 Bern Switzerland The company is currently undergoing liquidation in Stansstad. The decision about liquidation was accepted at an extraordinary general meeting held on June 5, 2009. ART AGENTUR: Claims Filing Deadline is July 31 ---------------------------------------------- Creditors of Art Agentur AG Basel are requested to file their proofs of claim by July 31, 2009, to: Ursula Piatti St. Johanns-Vorstadt 42 4056 Basel Switzerland The company is currently undergoing liquidation in Basel. The decision about liquidation was accepted at an extraordinary general meeting held on April 29, 2009. ARTIWAHL AG: Creditors Must File Claims by July 30 -------------------------------------------------- Creditors of Artiwahl AG are requested to file their proofs of claim by July 30, 2009, to: Marianne Luethi Liquidator Untermueli 7 Mail Box 4440 6304 Zug Switzerland The company is currently undergoing liquidation in Zug. The decision about liquidation was accepted at an extraordinary general meeting held on October 15, 2008. BACHMANN IMMO: Claims Filing Deadline is July 30 ------------------------------------------------ Creditors of Bachmann Immo AG are requested to file their proofs of claim by July 30, 2009, to: Willi Meier Emmaweg 6 7000 Chur Switzerland The company is currently undergoing liquidation in Igis. The decision about liquidation was accepted at an extraordinary general meeting held on June 8, 2009. CARE GERATE: Claims Filing Deadline is July 30 ---------------------------------------------- Creditors of Care Gerate AG are requested to file their proofs of claim by July 30, 2009, to: Siemens Healthcare Diagnostics AG Rautistrasse 33 8047 Zurich The company is currently undergoing liquidation in Zurich. The decision about liquidation was accepted at a general meeting held on June 10, 2009. CARONAL AG: Claims Filing Deadline is July 30 ---------------------------------------------- Creditors of CARONAL AG are requested to file their proofs of claim by July 30, 2009, to: Maria Zemp Liquidator Brambergstrasse 22 6004 Luzern Switzerland The company is currently undergoing liquidation in Rothenburg. The decision about liquidation was accepted at an extraordinary general meeting held on May 20, 2009. EUKOTRA AG: Creditors Must File Claims by July 31 ------------------------------------------------- Creditors of Eukotra AG are requested to file their proofs of claim by July 31, 2009, to: Eli-Treuhand Verwaltungen Inkasso Breitestrasse 121 8400 Winterthur Switzerland The company is currently undergoing liquidation in Zurich. MTA MASCHINEN: Claims Filing Period Ends July 30 ------------------------------------------------ Creditors of MTA Maschinen Technik AG are requested to file their proofs of claim by July 30, 2009, to: Olivier-J. Moulin Liquidator Tellenmattstrasse 23 6317 Oberwil b. Zug Switzerland The company is currently undergoing liquidation in Zug. The decision about liquidation was accepted at an extraordinary general meeting held on June 3, 2009. NORENT AG: Creditors Must File Claims by July 30 ------------------------------------------------ Creditors of Norent AG are requested to file their proofs of claim by July 30, 2009, to: Novisa Treuhand AG Rigistrasse 10 6304 Zug Switzerland The company is currently undergoing liquidation in Zug. The decision about liquidation was accepted at a general meeting held on June 2, 2009. SERVO DIENSTLEISTUNG: Claims Filing Deadline is July 30 ------------------------------------------------------- Creditors of SERVO Dienstleistung are requested to file their proofs of claim by July 30, 2009, to: SERVO Dienstleistungs AG Siewerdtstrasse 25 8050 Zurich Switzerland The company is currently undergoing liquidation in Zurich. The decision about liquidation was accepted at a general meeting held on December 4, 2008. SPEISER LANDMASCHINEN: Creditors Must File Claims by July 30 ------------------------------------------------------------ Creditors of Speiser Landmaschinen AG are requested to file their proofs of claim by July 30, 2009, to: Katja Speiser Liquidator Ottigenbuehlstrasse 72 6030 Ebikon Switzerland The company is currently undergoing liquidation in Ebikon. The decision about liquidation was accepted at an extraordinary general meeting held on April 8, 2009. SPORZ-IMMOBILIEN AG: Claims Filing Deadline is July 30 ------------------------------------------------------ Creditors of Sporz-Immobilien AG are requested to file their proofs of claim by July 30, 2009, to: Erich Schmid Promenade 63 7270 Davos Platz Switzerland The company is currently undergoing liquidation in Davos. The decision about liquidation was accepted at an extraordinary general meeting held on June 11, 2009. ============= U K R A I N E ============= NADRA BANK: To be Bailed Out by Ukraine After Debt Restructuring ---------------------------------------------------------------- Kateryna Choursina at Bloomberg News, citing Delo, reports the Ukrainian government reconfirmed its plan to bail out VAT Nadra Bank after the lender's debt is restructured. On Feb. 4, 2009, the Troubled Company Reporter-Europe, citing Bloomberg News, reported that Dmitry Firtash, the Ukrainian billionaire who has agreed to buy Nadra, called on the central bank to put it under the temporary control of an appointed head to prevent deposit withdrawals and calls on outstanding loans. Bloomberg disclosed Ekonomicheskie Izvestia, citing an unidentified person in the banking industry, said Nov. 6 that Mr. Firtash planned to buy 86.7% of Nadra for about US$600 million. Bloomberg said the bank had been hurt a lack of credit amid the fallout from the global credit crisis. About Nadra Bank VAT Nadra Bank a.k.a Nadra KB VAT or Commercial Bank Nadra OJSC (KSE:NADR) -- http://www.nadra.com.ua/rus/-- is a Ukraine-based nation-wide universal commercial bank. It provides financial services to three client segments: individuals, small and medium-sized enterprises and corporate clients. Its customer services platform comprises a network of branches located in all Ukrainian major cities, numerous Automated Teller Machines (ATM) and Point of Sale terminals (POS), as well as an electronic contact center. Nadra KB VAT has in its offer micro-loans, credit lines, overdrafts, personal and corporate credit and debit cards, current accounts, time deposits, cash management services, deposit taking, cash management and account services, corporate cards and securities transactions. * * * As reported in the Troubled Company Reporter-Europe on June 1, 2009, Standard & Poor's Ratings Services said that it had affirmed its 'SD' (selective default) long-term counterparty credit ratings on Ukraine-based Nadra Bank. The ratings were lowered to 'SD' from 'CC' on March 2, 2009, after Nadra failed to make interest payments on certain deposits and failed to honor drawings made on certain of its letters of credit. UKRPROMBANK TOV: Faces Liquidation; Deposits to Be Transferred -------------------------------------------------------------- Kateryna Choursina at Bloomberg News, citing Delo, reports that TOV Ukrprombank will be liquidated. Bloomberg relates Delo, citing an unidentified Finance Ministry official, reported that deposits with the Ukrainian lender will transferred to state-run VAT Oshchadbank. According to Bloomberg, the newspaper said Ukrprombank held UAH6.93 billion (US$880 million) in individual deposits at the beginning of June. On Jan. 23, 2009, the Troubled Company Reporter-Europe, citing Reuters, reported that Ukraine's central bank placed Ukrprombank, the country's 15th largest bank by assets, in receivership on Jan. 21. Ukrprombank is headquartered in Kiev, Ukraine. =========================== U N I T E D K I N G D O M =========================== CATTLES PLC: AADB to Investigate PricewaterhouseCoopers ------------------------------------------------------- Alex Spence at Times Online reports that PricewaterhouseCoopers is being investigated by the Accountancy and Actuarial Discipline Board, part of the Financial Reporting Council, into its oversight of Cattles plc. Times Online relates the AADB on Thursday said that it would investigate the preparation, approval and audit by PwC of the financial statements of Cattles and its Welcome Finance business for the year ended December 31, 2007, and interim financial statements for the first half of 2008. According to Times Online, the watchdog will also review the accountancy firm's conduct in relation to public statements on Cattles' financial position from February 28, 2008, until February 20 this year. Times Online says if PWC or one of its staff is found to have acted improperly, it could face a range of sanctions including an unlimited fine or withdrawal of an individual auditor's practicing license. As reported in the Troubled Company Reporter-Europe on Mar. 5, 2009, BBC News said Cattles suspended managing director John Blake, finance director Peter Miller and operations director Mick Belcher after it found out that there has been a failure of internal controls at the company. Cattles delayed the announcement of its 2008 earnings on Feb. 20, saying it was reviewing its provisions for loan losses. The company said it had uncovered problems in the ways it accounts for bad loans. Cattles plc -- http://www.cattles.co.uk/-- is a financial services company specializing in providing consumer credit to non- standard customers in United Kingdom. The Company also provides debt recovery services to external clients and its consumer credit business, and working capital finance for small- and medium-sized businesses. It also has a car retail operation, which is an introducer of hire purchase customers to its consumer credit business. Its business divisions include Welcome Financial Services, The Lewis Group and Cattles Invoice Finance. Welcome Financial Services consists of three businesses: Welcome Finance, Shopacheck and Welcome Car Finance. Shopacheck provides short- term home collected loans to some 260,000 customers through 52 branches. The Lewis Group provides debt recovery and investigation services, serving both external clients and Welcome Financial Services. In September 2007, it announced the acquisition of a debt portfolio of United Kingdom credit card, loan and overdraft receivables. * * * As reported in the Troubled Company Reporter-Europe on July 10, 2009, Fitch Ratings downgraded Cattles plc's Long-term Issuer Default Rating to 'RD' from 'CC'. Fitch simultaneously downgraded Cattles' Short-term IDR to 'RD' from 'C'. The company's senior unsecured bonds' Long-term rating was affirmed at 'C' with a Recovery Rating of 'RR5'. GALA CORAL: RBS Mulls Break-Up Amid Restructuring Talks ------------------------------------------------------- Simon Bowers at The Observer reports that Gala Coral Group Ltd. may be broken up and parts sold off to secure cash under plans being drawn up by its leading lender, the Royal Bank of Scotland. The Observer relates the RBS proposal comes in the midst of restructuring talks and ahead of a major debt deadline for the gambling group, which is jointly owned by Candover, Cinven and Permira. Gala Coral, which has hired investment bank Lazard to look at restructuring options, including a partial debt-for-equity swap, must repay GBP80 million to its lending banks by September and GBP150 million in 2010, the Observer discloses. Gala Coral, however, told the Observer: "We are not looking to sell off assets or break up the group. We have GBP200 million on the balance sheet and we are not seeking an equity injection." According to the Observer, while RBS's loan exposure to Gala Coral's GBP2.7 billion of debt is thought to be relatively small, the bank plays an influential role as the agent for all the group's senior debt holders. Gala Coral Group Ltd. -- http://www.galacoral.co.uk/-- is one of the leading gaming companies in the UK, with operations encompassing bingo, casinos, and sports betting. It runs more than 150 bingo halls throughout the country, as well as some 30 casinos. The company is also a leading bookmarker with nearly 1,600 betting shops and online betting sites. Gala Coral Group was formed in 2005 when Gala Group acquired Coral Eurobet. The company is jointly owned by private equity firms Cinven Group, Candover Investments, and Permira. INVENSYS PLC: S&P Raises Corporate Credit Rating From 'BB+' ----------------------------------------------------------- Standard & Poor's Ratings Services said that it raised its long- term corporate credit rating on U.K.-based engineering company Invensys PLC to 'BBB-' from 'BB+'. The outlook is stable. At the same time, the senior unsecured debt rating on the company's GBP400 million credit facility was raised to 'BBB-' from 'BB+'; the recovery rating of '3' on this debt was withdrawn. "The upgrade reflects S&P's view of reduced financial risk at Invensys and assumes that the company will be able to maintain credit metrics at levels that S&P views as commensurate with the 'BBB-' rating," said Standard & Poor's credit analyst Andres Albricci. "It also reflects S&P's assumption that Invensys will be able to continue to generate positive free operating cash flow. S&P anticipates that Invensys will be able to achieve relatively stable performance in spite of the economic downturn, mainly supported by the increasing weight of its Rail operations." The upgrade also assumes that Invensys will maintain a conservative financial policy, including only limited debt-funded acquisitions and modest dividends. Invensys' financial risk profile has improved considerably in recent years. It is underpinned by adequate liquidity, a lack of significant debt, a moderate financial policy, and S&P's anticipation of adequate cash flow generation. Total revenues in financial 2009 increased by 8.3% to GBP2.284 million thanks to favorable exchange rates. However, profitability deteriorated despite the positive currency effect, mainly because of declining margins in the company's Process Systems, Eurotherm, and Controls divisions. In S&P's view, Invensys will be able to maintain credit metrics commensurate with the 'BBB-' rating. In particular, S&P anticipates that the company will be able to maintain an FFO-to- debt ratio of more than 35%. S&P also anticipates that the company will continue to generate positive FOCF and maintain a conservative financial policy, including only limited debt-funded acquisitions and modest dividends. S&P could revise the outlook to negative if S&P believes that the company will not be able to achieve credit metrics in line with S&P's forecasts or that FOCF generation will turn negative. The combination of major shareholder distributions, large debt-funded acquisitions, and weak operating performance could also trigger a negative rating action. JOHNSTON PRESS: Lenders May Own 5% Stake Under Debt Restructuring ----------------------------------------------------------------- Anousha Sakoui and Salamander Davoudi at The Financial Times report that lenders to Johnston Press plc are set to own 5% of the company as part of the terms of a debt restructuring. The FT relates the company, which has GBP450 million debt, is in talks with lenders to reset covenants, as well as an extension of the repayment deadlines on its debt. Citing people familiar with the situation, the FT discloses lenders are also likely to be given warrants to subscribe to a 5% stake in the company in exchange for their support. The company said discussions with lenders were continuing, the FT notes. Johnston Press plc, along with its subsidiaries, -- http://www.johnstonpress.co.uk-- is engaged in publishing of local and regional weekly, evening and morning newspapers, both paid-for and free, together with associated Websites, as well as specialist publications in paper, online or via mobile technologies. The Company operates in two business segments: newspaper publishing (in print and online) and contract printing. It has operations in the United Kingdom and the Republic of Ireland. The Company's subsidiaries include Johnston Publishing Ltd, Johnston Press (Ireland) Ltd, Johnston (Falkirk) Ltd, Strachan & Livingston Ltd, Wilfred Edmunds Ltd, North Notts Newspapers Ltd, Yorkshire Weekly Newspaper Group Ltd, Sussex Newspapers Ltd, T R Beckett Ltd, Halifax Courier Ltd and Isle of Man Newspapers Ltd, among others. On March 7, 2008, the Company acquired Clonnad Ltd, which publishes one title, South Tipp Today. LLOYDS BANKING: Submits Restructuring Plan; Mulls Sale of Branches ------------------------------------------------------------------ Katherine Griffiths at The Times reports that Lloyds Banking Group plc and Royal Bank of Scotland Group plc have submitted restructuring proposals to the European Commission. According to the Times, the two banks, which have received GBP35 billion in aid from the British government between them, have promised to reduce their share of certain markets and sell businesses. The Times relates RBS, which is 70 per cent state-owned, said it was committed to "the most radical restructuring ever undertaken in the banking sector, including major asset and business disposals", while Lloyds, which is 43 per cent owned by the government, said it had a "strong plan to exit state aid� but that it was "too early to tell" exactly what form its restructuring would take. RBS, the Times notes, has already signed up to selling or winding down GBP240 billion of "non-core" assets. The Times says Lloyds is likely to have to sign up for substantial reductions in its share of the current account, mortgage and small business markets. Lloyds, the Times discloses, is thought to have said it could sell some of its 3,000 branches in the UK. The Times discloses the Commission on Thursday said banks must shape their business so they have a long-term future without aid. It warned that they, and their investors, would have to show they were bearing a "fair burden" of restructuring costs. Asset Protection Scheme Jill Treanor and Nick Mathiason at The Observer reports that the government's insurance for the most troublesome loans at Lloyds and RBS will not be finalized until September at the earliest. The Observer says both banks need to hold shareholder meetings to endorse the scheme, which will increase the taxpayer's stakes in the banks through the issue of special "B" shares, which do not have voting rights. According to the Observer, in the case of RBS, the taxpayer stake could be pushed to 95%, and 70% at Lloyds. The Observer discloses under the APS, taxpayers shoulder 90% of the losses after the banks have exceeded a "first loss" buffer. Matthew Newman at Bloomberg News reports a spokesman for the U.K. Treasury on Thursday said the details of the asset protection portions of the banks' restructuring plans will be finished in "the coming months". "Under the asset protection schemes agreed by the U.K. government, the plans have to be approved by the EU, so Kroes has an element of leverage," Bloomberg quoted Simon Willis at NCB Stockbrokers Ltd. in London, as saying. "There has to be a chance for a quid pro quo for asset sales." 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. NATIONAL EXPRESS: Stagecoach Eyes All-Share Takeover Offer ---------------------------------------------------------- Ben Marlow and Dominic O'Connell at The Sunday Times report that Stagecoach Group Plc appointed Deutsche Bank to draw up plans for an all-share takeover offer for National Express Group plc. The Sunday Times says Brian Souter, Stagecoach's chief executive and founder, is considering whether to trump an imminent bid from Spain's Cosmen family -� National Express's biggest shareholder -� and CVC Capital, the private-equity group. Philip Stafford at The Financial Times reports Stagecoach hinted that it might be keen to make a bid of its own for the whole of National Express, disclosing that it would "continue to consider all other options" in addition to its talks with the Cosmens and CVC. Stagecoach, the FT says, is likely to be interested in National Express�s bus division although the combination could face regulatory examination. According to the Sunday Times, if Stagecoach does not make an offer for the entire company, then it may try to participate in a break-up bid with the Cosmens and CVC. The FT discloses Stagecoach was in exclusive talks with the consortium led by the Cosmen family and CVC over a possible break-up. Cosmen Bid The FT notes the board of National Express, however, is expected to reject the takeover approach from the Cosmen and CVC consortium. The consortium, the FT says, had been expected to bid GBP500 million, or about 325p per share, but the board has signalled it is unwilling to consider bids lower than about 400p, which values the group's equity at more than GBP600 million. The Cosmen family is National Express's largest single shareholder, with an 18.5 per cent holding, and Jorge Cosmen is deputy chairman of the transport group and president of Spain's Alsa, a Spanish coach operator previously owned by the Cosmens. National Express, the FT states, will argue at its interim results on Thursday that its plans for an independent future by cutting costs and paying down debt. Gill Plimmer at The Financial Times reports National Express, however, demanded on Monday details of the plans from the Spanish- led consortium and potential bidder Stagecoach. The FT relates in a statement on Monday the group said it was still evaluating the consortium's cash proposal. Debt According to the FT, National Express needs to refinance hundreds of millions of pounds of the GBP1.2 billion debt it acquired in part through acquisitions including the Alsa bus business previously owned by the Cosmens and Continental Auto, a Spanish coach operator. The FT recalls bid interest in the company has grown this month since it had to announce it would offer no further support to its loss-making East Coast rail franchise. The government is to take over the franchise when funds run out, the FT notes. National Express Group PLC -- http://www.nationalexpressgroup.com/ -- is the holding company of the National Express Group of companies. Its subsidiary companies provide mass passenger transport services in the United Kingdom and overseas. The Company's segments comprise: UK Bus; UK Coach; UK Trains; North American Bus; European Coach and Bus, and Central functions. Its subsidiaries include Tayside Public Transport Co Limited, Durham School Services LP, Stock Transportation Limited, Dabliu Consulting SLU, Tury Express SA, General Tecnica Industrial SLU and Continental Auto SLU. In June 2009, the Company announced the completion of the sale of Travel London, its London bus business, to NedRailways Limited, a subsidiary of NS Dutch Railways. PARK RESORTS: Nears Debt Restructuring Deal with Lenders -------------------------------------------------------- Anousha Sakoui and Pan Kwan Yuk at The Financial Times report that Park Resorts Ltd. is close to agreeing terms with its lenders on restructuring the terms of its GBP330 million (US$542 million) debt. The company, the FT discloses, has been hit by plummeting caravan sales and cuts in discretionary spending last year, making it harder to meet its debt obligations. According to the FT, the deal being finalized with banks, including Bank of Scotland, also includes a resetting of the covenants on the caravan park operator's debt. Citing people familiar with the terms, the FT says that while no debt is being written off in exchange for equity, lenders will get a portion of the proceeds of any sale of the business in exchange for their support of the restructuring. Park Resorts Ltd. -- http://www.park-resorts.com-- is a campground operator in the UK with more than 35 vacation spots throughout the country. The parks offer accommodations for recreational vehicles (caravans), as well as caravan rentals and some vacation homes. Park Resorts' properties also provide such amenities as beaches, indoor pools, and other recreational or entertainment facilities. Private equity firm GI Partners owns the company. REXAM PLC: Mulls GBP350 Mln Rights Issue to Protect Credit Rating ----------------------------------------------------------------- Sabine Pirone and Kari Lundgren at Bloomberg News report that Rexam Plc said it is considering a sale of shares to protect its credit rating from being downgraded to junk status. Citing the Sunday Telegraph, Bloomberg discloses a GBP350-million (US$575 million) rights offer will start this week. Bloomberg relates Rexam, rated BBB- at Standard & Poor's, obtained GBP860 million of loans to extend debt maturity until 2012. The company, as cited by Bloomberg, said "The board concludes that the risk of a downgrade to sub- investment grade has significantly increased and has now become unacceptably high". Headquartered in London, Rexam PLC -- http://www.rexam.com/-- is a global consumer packaging company and a beverage can-maker. The Company offers a range of packaging products and solutions for different industries, using different materials and technologies. The Company's global operations focus on beverage packaging, as well as plastic packaging solutions. Rexam makes beverage cans used for an array of beverages, including beer, carbonated soft drinks, juices, sports and energy drinks, water, wine and spirit mixers. Its plastic packaging business is focused primarily on segments, such as pharmaceutical packaging, closures for beverages and personal care applications and packaging for cosmetics, home and personal care products, as well as food. Its products include spray samplers, lipstick and mascara cases, compacts, closures for fragrances, lotions and beverages, fine mist and foam pumps, food containers and drug delivery devices. * * * Rexam continues to carry a 'Ba2' junior subordinated debt rating from Moody's Investors Service with negative outlook. ROYAL BANK: Submits Restructuring Plan; APS Not Yet Finalized ------------------------------------------------------------- Katherine Griffiths at The Times reports that Lloyds Banking Group plc and Royal Bank of Scotland Group plc have submitted restructuring proposals to the European Commission. According to the Times, the two banks, which have received GBP35 billion in aid from the British government between them, have promised to reduce their share of certain markets and sell businesses. The Times relates RBS, which is 70 per cent state-owned, said it was committed to "the most radical restructuring ever undertaken in the banking sector, including major asset and business disposals", while Lloyds, which is 43 per cent owned by the government, said it had a "strong plan to exit state aid� but that it was "too early to tell" exactly what form its restructuring would take. RBS, the Times notes, has already signed up to selling or winding down GBP240 billion of "non-core" assets. The Times says Lloyds is likely to have to sign up for substantial reductions in its share of the current account, mortgage and small business markets. Lloyds, the Times discloses, is thought to have said it could sell some of its 3,000 branches in the UK. The Times discloses the Commission on Thursday said banks must shape their business so they have a long-term future without aid. It warned that they, and their investors, would have to show they were bearing a "fair burden" of restructuring costs. Asset Protection Scheme Jill Treanor and Nick Mathiason at The Observer reports that the government's insurance for the most troublesome loans at Lloyds and RBS will not be finalized until September at the earliest. The Observer says both banks need to hold shareholder meetings to endorse the scheme, which will increase the taxpayer's stakes in the banks through the issue of special "B" shares, which do not have voting rights. According to the Observer, in the case of RBS, the taxpayer stake could be pushed to 95%, and 70% at Lloyds. The Observer discloses under the APS, taxpayers shoulder 90% of the losses after the banks have exceeded a "first loss" buffer. Matthew Newman at Bloomberg News reports a spokesman for the U.K. Treasury on Thursday said the details of the asset protection portions of the banks' restructuring plans will be finished in "the coming months". "Under the asset protection schemes agreed by the U.K. government, the plans have to be approved by the EU, so Kroes has an element of leverage," Bloomberg quoted Simon Willis at NCB Stockbrokers Ltd. in London, as saying. "There has to be a chance for a quid pro quo for asset sales." About RBS The Royal Bank of Scotland Group plc (NYSE:RBS) -- http://www.rbs.com/-- is a holding company of The Royal Bank of Scotland plc (Royal Bank) and National Westminster Bank Plc (NatWest), which are United Kingdom-based clearing banks. The company's activities are organized in six business divisions: Corporate Markets (comprising Global Banking and Markets and United Kingdom Corporate Banking), Retail Markets (comprising Retail and Wealth Management), Ulster Bank, Citizens, RBS Insurance and Manufacturing. On October 17, 2007, RFS Holdings B.V. (RFS Holdings), a company jointly owned by RBS, Fortis N.V., Fortis SA/NV and Banco Santander S.A. (the Consortium Banks) and controlled by RBS, completed the acquisition of ABN AMRO Holding N.V. (ABN AMRO). In July 2008, the company disposed its entire interest in Global Voice Group Ltd. As previously reported in the Troubled Company Reporter-Europe, risky investing and lending by the previous management brought RBS close to collapse and required a public bail-out. RBS is now 70% owned by the government. TATA MOTORS: JLR Core UK Operations Post GBP673.4MM 2008 Net Loss ----------------------------------------------------------------- John Reed at The Financial Times reports that Jaguar and Land Rover's core UK operations posted a combined net loss of GBP673.4 million (US$1.1 billion) last year, compared with a combined net profit of GBP641.5 million in 2007. Citing accounts filed with Companies House last week, the FT discloses that "total recognized losses" at the two carmakers -- including actuarial and other losses related to their pension schemes -- reached nearly GBP1.2 billion last year. According to the FT, JLR, owned by India's Tata Motors, acknowledged that the figures "demonstrate the significant impact of the global recession and credit crunch on the automotive [industry] and the premium segment in particular". 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. YELL GROUP: Says Refinancing Talks on Track ------------------------------------------- Salamander Davoudi at The Financial Times said Yell Group plc said refinancing negotiations with lenders were on track. The FT relates John Davis, chief financial officer, said talks to refinance the group's GBP4.26 billion debt were expected to complete in the autumn. "It is us driving these discussions," the FT quoted Mr. Davis as saying. The FT says the company has considered a rights issue but not a debt-for-equity swap. Results Yell, the company discloses, reported revenue in the three months to June 30 of GBP475.3 million (GBP468.4 million), up 1.5 per cent. The company's first-quarter earnings before interest, tax, depreciation and amortization fell 4.4% to GBP148 million (GBP154.8 million), while pre-tax profit fell to GBP18.5 million (GBP46.5 million). The FT states free cash flow rose to GBP129.6 million and Yell's covenant headroom stood at 16% but is expected to narrow to 7% at the end of September. According to the FT, the results were slightly ahead of Yell's previous guidance. Talks On July 22, 2009, the Troubled Company Reporter-Europe, citing The Financial Times, reported that Yell is drawing up proposals to extend its debt maturities and amend covenant terms. The FT said the company has started talks with its leading lenders to extend its debt maturities and amend covenant terms. The FT disclosed the company, which recently hired Houlihan Lokey to advise it in negotiations over a restructuring of its EUR1.2 billion (GBP1 billion) net debt, must repay GBP328 million by March 2010 with the remainder in effect falling due in April 2011. The FT said the company may try to extend its debt maturities -- currently 2011 and 2012 -- to about five years. About Yell Group Headquartered in Reading, England, Yell Group plc -- http://www.yellgroup.com/-- is an international directories business operating in the classified advertising market through printed, online, and phone media in the U.K. and the US. Yell also owns 100% of TPI (renamed "Yell Publicidad"), the largest publisher of yellow and white pages in Spain, with operations in certain countries in Latin America. Yell's revenue for the twelve months ended March 31, 2008 was GBP2,219 million and its Adjusted EBITDA was GBP738.9 million. * * * As reported in the Troubled Company Reporter-Europe on July 7, 2009, Moody's Investors Service downgraded the Corporate Family Rating of Yell Group plc to B2 from B1 and its Probability of Default Rating to B3 from B2. At the same time, Moody's placed the ratings on review for further possible downgrade. On July 3, 2009, the Troubled Company Reporter-Europe reported that, Standard & Poor's Rating Services said that it lowered to 'B' from 'B+' its long-term corporate credit ratings on U.K.-based classified directories publisher Yell Group PLC. S&P said the outlook is negative. * Bailed-Out Banks May Be Forced to Sell Units Under EU Guidelines ------------------------------------------------------------------ Matthew Newman at Bloomberg News reports that banks bailed out by governments may be forced to sell affiliates or branches to win European Union approval for restructuring plans under guidelines issued Thursday. Bloomberg relates the EU said the proposals call for stress tests, the disclosure of impaired assets and the possible closure of unprofitable operations. "We would impose a winding down if the viability of the bank isn't assured," Bloomberg quoted Philip Lowe, director general of the European Commission's competition department, as saying at a press conference in Brussels. The guidelines, Bloomberg discloses, will be used to scrutinize lenders that received aid after the credit crisis prompted EU governments to approve more than EUR3.77 trillion (US$5.37 trillion) to support banks. * S&P Takes Rating Actions on 244 European Synthetic CDO Tranches ----------------------------------------------------------------- Standard & Poor's Ratings Services took credit rating actions on 244 European synthetic collateralized debt obligation tranches. Specifically, the ratings on: * 131 tranches were lowered and removed from CreditWatch negative; * 108 tranches were lowered and remain on CreditWatch negative; * One tranche was lowered and placed on CreditWatch negative; and * Four tranches were removed from CreditWatch negative. Of the 240 tranches lowered and/or placed on CreditWatch negative: * 30 references U.S. residential mortgage-backed securities and U.S. CDOs that are exposed to U.S. RMBS, which have experienced negative rating actions; and * 210 have experienced corporate downgrades in their portfolio. The rating actions are part of S&P's regular monthly review of synthetic CDOs. These actions incorporate, among other things, the effect of recent rating migration within reference portfolios and recent credit events on several corporate entities. This table provides a summary of the rating actions S&P has taken on European synthetic CDO tranches since February 2009. Downgrades Upgrades (no. of (no. of Key corporate tranches) tranches) downgrades* ---------- --------- ------------- Feb-9 344 1 MBIA Inc. (A-/Negative to BB+/Negative) Feb. 18, 2009 MBIA Insurance Corp. (AA/Negative to BBB+/Negative) Feb. 18, 2009 Mar-9 208 4 MGIC Investment Corp. (BB+/Watch Neg to CCC/Negative) March 13, 2009 MGM MIRAGE (B/Watch Neg to CCC/Negative) March 19, 2009 Idearc Inc. (CCC/Negative to D) March 31, 2009 Apr-9 352 0 PMI Group Inc. (BBB-/Watch Neg to CCC/Watch Dev) April 8, 2009 May-9 283 17 Donnelley (R.H.) Corp. (CCC+/Negative to D) April 16, 2009 Jun-9 170 3 CIT Group Inc. (BBB- to BB-/Watch Neg) June 12, 2009 Sabre Holdings Corp. (B to SD) June 16, 2009 Jul-9 240 0 CIT Group Inc. (BB-/Watch Neg to CCC+/Watch Neg) June 13, 2009 (CCC+/Watch Neg to CC/Watch Neg) June 16, 2009 * Corporate names that have experienced a significant notch downgrade, as well as being highly referenced within European synthetic CDOs. These rating actions and the CreditWatch updates follow two reviews. The first review was of the CreditWatch placements made on July 13, 2009. For the second review, SROC (synthetic rated overcollateralization) is run for scenarios that project the current portfolio 90 days into the future, assuming no asset rating migration. For those transactions that have been on CreditWatch negative for longer than 90 days, where S&P has either not received material levels of information or relative portfolio credit quality has not improved since the CreditWatch placement to a level sufficient to affirm the rating, S&P has assessed portfolio credit quality and not run scenarios 90 days into the future. What Is SROC? One of the main steps in S&P's rating analysis is the review of the credit quality of the securitized assets. SROC is one of the tools S&P use for this purpose when rating and surveilling ratings assigned to most synthetic CDO tranches. SROC is a measure of the degree by which the credit enhancement (or attachment point) of a tranche exceeds the stressed loss rate assumed for a given rating scenario. It is comparable across different tranches of the same rating. Changes in SROC capture any developments in the major influences on a tranche's creditworthiness: the credit quality of a reference portfolio, improvement or deterioration of ratings in the reference portfolio, credit events, and time decay. When SROC is 100%, there is exactly sufficient credit enhancement to maintain the rating on a tranche. When SROC is less than 100%, it indicates that the current credit enhancement may not be sufficient to maintain the current tranche rating. If the SROC is less than 100%, but the 90 day projection indicates that the SROC would return to a level above 100% at that time, S&P usually maintain the rating at its current level and it remains on CreditWatch negative. However, where there is a difference of several notches in the rating level at which the SROC is passing and the level at which SROC passes in 90 days, rather than maintaining its current rating and keeping the CreditWatch negative placement, S&P may decide to lower the rating and keep it on CreditWatch negative. If, on the other hand, the projection indicates that the SROC would remain below 100%, S&P may lower the rating subject to its criteria. If the current SROC of a tranche would be greater than 100% at a higher rating level than the current rating, S&P may upgrade subject to its criteria. * Large Companies with Insolvent Balance Sheet ---------------------------------------------- Total Shareholders Total Company Ticker Equity (US$) Assets (US$) ------- ------ ------ ------ AUSTRIA ------- LIBRO AG LBROF US -110486313.84 174004185.02 LIBRO AG LIB AV -110486313.84 174004185.02 LIBRO AG LIBR AV -110486313.84 174004185.02 LIBRO AG LB6 GR -110486313.84 174004185.02 SKYEUROPE 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 EO -3897543.17 213166287.14 SKYEUROPE HLDG SKURF US -3897543.17 213166287.14 SKYEUROPE HLDG SKYA PZ -3897543.17 213166287.14 SKYEUROPE HLDG SKYPLN EO -3897543.17 213166287.14 SKYEUROPE HLDG SKY EU -3897543.17 213166287.14 SKYEUROPE HLDG S8E GR -3897543.17 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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 PGSA GR -18066142.21 399710323.59 PETRO GEO-SV-ADR PGOGY US -18066142.21 399710323.59 POLAND ------ KROSNO KRS1EUR EO -2241614.77 111838141.19 KROSNO KROS IX -2241614.77 111838141.19 KROSNO KRS1EUR EU -2241614.77 111838141.19 KROSNO KRS PW -2241614.77 111838141.19 KROSNO SA KRS1 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 EU -2241614.77 111838141.19 KROSNO SA-RTS KRSP PW -2241614.77 111838141.19 KROSNO-PDA-ALLT KRSA PW -2241614.77 111838141.19 TOORA TOR PW -288818.39 147004954.18 TOORA 2916665Q EU -288818.39 147004954.18 TOORA TOR PZ -288818.39 147004954.18 TOORA 2916661Q EO -288818.39 147004954.18 TOORA-ALLOT CERT TORA PW -288818.39 147004954.18 PORTUGAL -------- COFINA CFN PL -9882836.46 319233214.35 COFINA COFI TQ -9882836.46 319233214.35 COFINA CFNX PX -9882836.46 319233214.35 COFINA COFSI IX -9882836.46 319233214.35 COFINA CFN1 PZ -9882836.46 319233214.35 COFINA CFASF US -9882836.46 319233214.35 COFINA COFI EU -9882836.46 319233214.35 COFINA COFI EO -9882836.46 319233214.35 COFINA COFI PL -9882836.46 319233214.35 PORCELANA VISTA PVAL PL -44208990.42 143765544.74 SPORTING-SOC DES SCDF EU -4083492.14 225687305.9 SPORTING-SOC DES SCDF EO -4083492.14 225687305.9 SPORTING-SOC DES SCPX PX -4083492.14 225687305.9 SPORTING-SOC DES SCPL IX -4083492.14 225687305.9 SPORTING-SOC DES SCP PL -4083492.14 225687305.9 SPORTING-SOC DES SCP1 PZ -4083492.14 225687305.9 SPORTING-SOC DES SCDF PL -4083492.14 225687305.9 SPORTING-SOC DES SCG GR -4083492.14 225687305.9 VAA VISTA ALEGRE VAFX PX -44208990.42 143765544.74 VAA VISTA ALEGRE VAF EO -44208990.42 143765544.74 VAA VISTA ALEGRE VAF PL -44208990.42 143765544.74 VAA VISTA ALEGRE VAF EU -44208990.42 143765544.74 VAA VISTA ALEGRE VAF PZ -44208990.42 143765544.74 VAA VISTA ALTAN VAFK EU -44208990.42 143765544.74 VAA VISTA ALTAN VAFK EO -44208990.42 143765544.74 VAA VISTA ALTAN VAFK PL -44208990.42 143765544.74 VAA VISTA ALTAN VAFKX PX -44208990.42 143765544.74 VAA VISTA ALTAN VAFK PZ -44208990.42 143765544.74 ROMANIA ------- DUVANSKA DIVR SG -7729350.78 109207260.53 OLTCHIM RM VALCE OLT PZ -16862370.58 614340383.91 OLTCHIM RM VALCE OLT EO -16862370.58 614340383.91 OLTCHIM RM VALCE OLTCF US -16862370.58 614340383.91 OLTCHIM RM VALCE OLTEUR EO -16862370.58 614340383.91 OLTCHIM RM VALCE OLT EU -16862370.58 614340383.91 OLTCHIM RM VALCE OLT RO -16862370.58 614340383.91 OLTCHIM RM VALCE OLTEUR EU -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 RM -24834103.03 105689368.23 DAGESTAN ENERGY DASB RU -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 SVYOF US -331600428.45 891998590.74 SAMARANEFTEGAS SMNG* RU -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$ RU -331600428.45 891998590.74 SAMARANEFTEGAS-P SMNGP* RU -331600428.45 891998590.74 SAMARANEFTEGAS-P SMNGP RM -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 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 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 ZOREN TI -91603977.68 1725908124.2 ZORLU ENERJI ELE ZRLUF US -91603977.68 1725908124.2 ZORLU ENERJI ELE ZORENM TI -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 -13825589.49 286919127.51 DONETSKOBLENERGO DOON UZ -215120607.25 374165068.75 LUGANSKOBLENERGO LOEN UZ -26729316.66 197897643.49 NAFTOKHIMIK PRIC NAFP UZ -29072670.6 174909305.56 NAFTOKHIMIK-GDR N3ZA GR -29072670.6 174909305.56 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 * * *