/raid1/www/Hosts/bankrupt/TCREUR_Public/090901.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, September 1, 2009, Vol. 10, No. 172
Headlines
A U S T R I A
AUSTRIAN AIRLINES: European Commission Approves Restructuring
AUSTRIAN AIRLINES: Commission Approves Proposed Lufthansa Takeover
BALASSO FURNIERWERK: Creditors Must File Claims by September 10
HAK MARKT: Claims Filing Deadline is September 1
HEINZ BRUNN: Claims Filing Deadline is September 1
HEINZ BRUNN: Claims Filing Deadline is September 1
PR IMMOBILIENDEVELOPMENT: Claims Filing Deadline is September 10
RANOVA BAU: Claims Filing Deadline is September 3
B E L G I U M
DEXIA GROUP: Moody's Junks Rating on Preferred Stock Securities
B U L G A R I A
KREMIKOVTZI AD: Creditors Ready to Capitalize Debts
G E R M A N Y
ARCANDOR AG: Karstadt May Not Have to Merge with Kaufhof, CEO Says
ARCANDOR AG: Seven Board Members May Step Down Today, FTD Reports
G R E E C E
ARIES MARITIME: Posts US$8.2 Million Net Loss for June 30 Quarter
DRYSHIPS INC: 2009 Shareholders' Meeting on September 21
WIND HELLAS: Fitch Cuts Long-Term Issuer Default Rating to 'C'
I R E L A N D
INDEPENDENT NEWS: Posts EUR48.5MM Pre-Tax Loss in First Half 2009
I T A L Y
GIOVANNI CRESPI: Mazars Unable to Give Opinion on 1H09 Results
GRUPO GAIA: Comm. Invites Tenders for Selection of Off'l Assignee
SNIA SPA: KPMG Unable to Give Opinion on First-Half Results
TISCALI SPA: 1H09 Loss Widens to EUR402.9 Mil. After UK Asset Sale
K A Z A K H S T A N
ALMATY STROY: Creditors Must File Claims by September 5
COM BYT: Creditors Must File Claims by September 5
JALGYZTAU-2030: Creditors Must File Claims by September 5
KSM SERVICE: Creditors Must File Claims by September 5
SEM GAS: Creditors Must File Claims by September 5
K Y R G Y Z S T A N
ADRENALIN PLUS: Creditors Must File Claims by September 24
L I T H U A N I A
UKIO BANKAS: S&P Downgrades Counterparty Credit Ratings to 'B/C'
L U X E M B O U R G
ORCO PROPERTY: Net Loss Widens to EUR200 Mil. in First Half 2009
N E T H E R L A N D S
* Amsterdam Court OKs Randstad, Shareholders Assn, SUVS Settlement
N O R W A Y
NEMI FORSIKRING: S&P Affirms 'BB+' Counterparty Credit Rating
THINK NORDIC: Exits Court Protection; To Sell Cars in U.S.
R U S S I A
BELORETSKIY LES: Creditors Must File Claims by September 7
SOTS-STROY LLC: Creditors Must File Claims by September 7
STROY-GRAD LLC: Creditors Must File Claims by September 7
VIMPEL-COMMUNICATIONS: Posts RUR22.6 Bil. Net Profit in 2Q09
S L O V A K R E P U B L I C
SKYEUROPE AIRLINES: Files for Bankruptcy on Lack of Funding
S W I T Z E R L A N D
ACKERMANN AUTOMOBILE: Claims Filing Deadline is September 24
ARCHITEKTURBUORO RUEDI: Claims Filing Deadline is September 9
DREAMBOX AG: Claims Filing Deadline is September 15
FAHRSCHULE BOSSY: Creditors Must File Claims by September 18
H&H SERVICES: Claims Filing Deadline is September 30
HAL ALUMINIUMGUSS: Claims Filing Deadline is September 30
MEDICHANCE GMBH: Creditors Have Until September 7 to File Claims
NCC RE: Claims Filing Deadline is September 30
RETO'S PASTA-ARTS: Creditors Must File Claims by October 15
Z-CONSULTING: Claims Filing Deadline is September 7
U K R A I N E
CANT TRADE: Creditors Must File Claims by September 3
CONTINENT-2005 LLC: Creditors Must File Claims by September 3
DNEPROAGROTECHSERVICE-AVTO: Claims Filing Deadline is September 3
NAFTOGAZ UKRAINY: In Talks to Restructure US$500 Mil. Eurobond
SPECIAL BUILDING: Creditors Must File Claims by September 3
TECHNO-INFORM LLC: Creditors Must File Claims by September 3
U N I T E D K I N G D O M
BRITISH ENERGY: Creditors to Take Control of Eggborough Plant
DE BEERS: Calls in PwC to Help Renegotiate US$1.5 Bil. Loan
HIGHLANDS INSURANCE: Court Grants Motion for Permanent Injunction
JOHNSTON PRESS: Has GBP485 Mil. Facility; Offers Share Warrants
LEHMAN BROTHERS: European Administrator May File US$100-Bil. Claim
LLOYDS BANKING: May Close 300 Halifax Counters
NATIONAL EXPRESS: May Push Through with GBP350 Mil. Rights Issue
OMEGA DESIGNER: In Liquidation; Vantis Appointed
SMART ENERGY: Administrators Ink Two Assets Acquisition Deals
SONGBIRD ESTATES: CIC Joins Bailout to Help Avert Citi Debt Breach
TRAVELZEST PLC: Fails to Secure GBP2MM of Fresh Funds to Pay Debt
YELL GROUP: Mulls GBP350 Mil. Rights Offering, Independent Says
* Chadbourne & Parke Expands Bankruptcy and Fin'l Group in London
* Large Companies with Insolvent Balance Sheet
*********
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A U S T R I A
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AUSTRIAN AIRLINES: European Commission Approves Restructuring
-------------------------------------------------------------
The European Commission has decided to close the formal
investigation procedure into the privatization and restructuring
of Austrian Airlines concluding that the restructuring following
its sale to Lufthansa is compatible with community law. The
Commission has concluded that the price to be paid by Lufthansa
involves State aid but that such aid is compatible in accordance
with the Community framework for rescue and restructuring of firms
in difficulty.
European Commission Vice-President and Commissioner for Transport
Antonio Tajani said "This decision is yet another step taken
favouring the consolidation of the airline sector. It will lead
to a market that is undistorted by state aid, with an ultimate
benefit for passengers."
Following a privatization procedure Lufthansa has been selected to
buy the Austrian State's stake (41.56%) in Austrian Airlines. The
other shareholders (free floating and institutional) will also be
bought out by Lufthansa. The price to be paid is made up of three
elements:
* Lufthansa will pay a purchase price of EUR366.268,75
* the State receives a debtor warrant, which may lead to an
additional payment
* Lufthansa has requested that Austria recapitalize Austrian
Airlines with EUR500 million to compensate for Austrian
Airlines' high level of historical debt. Without the State
recapitalization Lufthansa will not buy Austrian Airlines.
Having opened an investigation into the sale and the restructuring
plan and having examined the evidence provided by Austria and the
observations received from over 40 interested parties, the
Commission has reached the conclusion that the (negative) price
paid by Lufthansa for Austrian Airlines reflects the value of the
enterprise at the time it was being sold. However, as bankruptcy
would have been a cheaper option for the State the decision of
Austria to accept a negative price amounted to a grant of State
aid.
The Commission has therefore examined the restructuring plan
submitted by the Austrian authorities and has concluded that this
plan is in conformity with the applicable Community rules. The
aid is kept to a minimum and a reduction in capacity combined with
a cap on growth will be sufficient to address any competitive
concerns raised by the acquisition. The capacity of Austrian
airlines will be reduced by 15% from its January 2008 level by the
end of 2010. Thereafter Austrian Airlines' growth will be capped
at the average of the growth rate observed for member airlines of
the Association of European Airlines. Such cap will remain in
place until end 2015 or until Austrian Airlines reaches an
operational break even, whichever comes first. Austrian Airlines
will also reduce its shareholding in Schedule Coordination Austria
GmbH to 25%.
The Commission has also approved the acquisition of Austrian
Airlines by Lufthansa under the Merger Control Regulation.
Austrian Airlines AG -- http://www.austrianairlines.co.at/deu/--
is an Austria-based holding company of Austrian Airlines Group,
operating in the air transportation sector. The Group is
comprised of Austrian Airlines, an operator of scheduled passenger
flights; Lauda Air, which is engaged in the charter flight sector,
and Tyrolean Airways, which operates as a short-haul carrier under
the consumer brand Austrian arrows. The Company divides its
activities into three segments: scheduled services, charter and
complementary services. The scheduled flights of the Group
operate under the brands of Austrian and Austrian arrows, while
charter flights are handled under the Lauda Air brand. The
Company has six affiliated companies and six wholly owned
subsidiaries, including Lauda Air Luftfahrt GmbH, Austrian
Airlines Lease & Finance Company Ltd., AUA Beteiligungen GmbH,
Austrian Airlines Technik Marketing GmbH, Austrian Airlines
Technik Bratislava sro and Tyrolean Airways TirolerLuftfahrt GmbH.
AUSTRIAN AIRLINES: Commission Approves Proposed Lufthansa Takeover
------------------------------------------------------------------
The European Commission has approved, under the EU Merger
Regulation, the proposed acquisition of Austrian Airlines by
Deutsche Lufthansa AG of Germany. The decision is conditional
upon the implementation of a set of remedies offered by Lufthansa
to remove the Commission's competition concerns. The Commission's
in-depth investigation, opened on July 1, 2009, indicated that the
transaction, as originally notified, would have led to competition
concerns on a number of routes. The in-depth investigation
enabled the Commission to reduce the number of routes where it was
concerned that the transaction would result in consumers being
faced with reduced choice and likely higher prices to the routes
Vienna-Frankfurt, Vienna-Munich, Vienna-Stuttgart, Vienna-Cologne
and Vienna-Brussels. Lufthansa submitted commitments which have
removed these competition concerns on all these routes.
Competition Commissioner Neelie Kroes said: "This case shows that
consolidation in the airline sector is possible with proper
remedies to safeguard consumers' interests".
Lufthansa is the largest German airline with hubs at Frankfurt and
Munich airports. Lufthansa also controls Swiss, Air Dolomiti,
Eurowings and Germanwings. Lufthansa recently acquired British
Midland and SN Brussels Airlines. Austrian Airlines is Austria’s
largest airline with its hub in Vienna. Its subsidiaries include
Lauda Air and Tyrolean Airways. Both parties are members of the
Star Alliance.
After the Commission had opened an in-depth inquiry on July 1,
2009, Lufthansa submitted a comprehensive set of remedies. This
remedies package includes commitments to offer slots, according to
an efficient and timely slot allocation mechanism. This will
allow new entrants to operate flights or existing competitors to
improve and expand their services on the routes where the
Commission's investigation confirmed competition concerns, namely
the routes from Vienna to Frankfurt, Munich, Stuttgart, Cologne
and Brussels. New entrants will, under certain conditions, also
obtain grandfathering rights over the relevant slots, once a route
has been operated by them for a pre-determined period of time.
The remedy package further foresees ancillary measures, in
particular participation in Lufthansa's Frequent Flyer Programme.
The Commission's investigation showed that these commitments
address the problem of slot congestion as a main barrier to entry
on the five routes with competition concerns and are likely to
attract the entry of new operators or expansion of existing
operators on these routes and thereby maintain effective
competition to the benefit of passengers.
The Commission has also approved the restructuring aid to Austrian
Airlines under the EC Treaty state aid rules.
Austrian Airlines AG -- http://www.austrianairlines.co.at/deu/--
is an Austria-based holding company of Austrian Airlines Group,
operating in the air transportation sector. The Group is
comprised of Austrian Airlines, an operator of scheduled passenger
flights; Lauda Air, which is engaged in the charter flight sector,
and Tyrolean Airways, which operates as a short-haul carrier under
the consumer brand Austrian arrows. The Company divides its
activities into three segments: scheduled services, charter and
complementary services. The scheduled flights of the Group
operate under the brands of Austrian and Austrian arrows, while
charter flights are handled under the Lauda Air brand. The
Company has six affiliated companies and six wholly owned
subsidiaries, including Lauda Air Luftfahrt GmbH, Austrian
Airlines Lease & Finance Company Ltd., AUA Beteiligungen GmbH,
Austrian Airlines Technik Marketing GmbH, Austrian Airlines
Technik Bratislava sro and Tyrolean Airways TirolerLuftfahrt GmbH.
BALASSO FURNIERWERK: Creditors Must File Claims by September 10
---------------------------------------------------------------
Creditors of Balasso Furnierwerk GmbH have until September 10,
2009, to file their proofs of claim.
A court hearing for examination of the claims has been scheduled
for September 16, 2009 at 11:00 a.m. at:
The Civil Court of Graz
Room 222
Second Floor
Graz
Austria
For further information, contact the company's administrator:
Dr. Norbert Scherbaum
Einspinnergasse 3
8010 Graz
Austria
Tel.: 0316/832460
Fax: 0316/832460-20
E-mail: office@Scherbaum-Seebacher.at
HAK MARKT: Claims Filing Deadline is September 1
------------------------------------------------
Creditors of HAK Markt Ayhan GmbH have until September 1, 2009, to
file their proofs of claim.
A court hearing for examination of the claims has been scheduled
for September 10, 2009 at 9:30 a.m.
For further information, contact the company's administrator:
Dr. Bernhard Ess
Hirschgraben 14
6800 Feldkirch
Austria
Tel.: 05522/79090
Fax: 05522/79090-7
E-mail: rechtsanwalt-feldkirch@aon.at
HEINZ BRUNN: Claims Filing Deadline is September 1
--------------------------------------------------
Creditors of Heinz Brunn GmbH have until September 1, 2009, to
file their proofs of claim.
A court hearing for examination of the claims has been scheduled
for September 10, 2009 at 9:20 a.m.
For further information, contact the company's administrator:
Dr. Anita Einsle
Deuringstraße 9
6900 Bregenz
Austria
Tel: 05574/54447
Fax: 05574/54447-20
E-mail: anita@einsle.at
HEINZ BRUNN: Claims Filing Deadline is September 1
--------------------------------------------------
Creditors of Heinz Brunn GmbH & Co KG have until September 1,
2009, to file their proofs of claim.
A court hearing for examination of the claims has been scheduled
for September 10, 2009 at 9:10 a.m.
For further information, contact the company's administrator:
Mag. Matthias Kucera
Hofsteigstrasse 89
6971 Hard
Austria
Tel.: 05574/76655
Fax: 05574/76655-6
E-mail: rechtsanwalt@kucera.at
PR IMMOBILIENDEVELOPMENT: Claims Filing Deadline is September 10
----------------------------------------------------------------
Creditors of PR Immobiliendevelopment & Constructing GmbH have
until September 10, 2009, to file their proofs of claim.
A court hearing for examination of the claims has been scheduled
for September 24, 2009 at 11:30 a.m.
For further information, contact the company's administrator:
Mag. Gerhard Bauer
Mahlerstrasse 7
1010 Wien
Austria
Tel: 512 97 06
Fax: 512 97 06 20
E-mail: ra-g.bauer@aon.at
RANOVA BAU: Claims Filing Deadline is September 3
-------------------------------------------------
Creditors of Ranova Bau GmbH have until September 3, 2009, to file
their proofs of claim.
A court hearing for examination of the claims has been scheduled
for September 10, 2009 at 11:30 a.m.
For further information, contact the company's administrator:
Mag. Andreas Berchtold
Raubergasse 16/I
8010 Graz
Austria
Tel.: 0316/83 58 62
Fax: 0316/83 58 626
E-mail: office@bk-rechtsanwalt.at
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B E L G I U M
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DEXIA GROUP: Moody's Junks Rating on Preferred Stock Securities
---------------------------------------------------------------
Moody's Investors Service downgraded the hybrid instruments with
optional deferral features issued by Dexia Group's main banking
entities, Dexia Credit Local, Dexia Bank Belgium and Dexia Banque
Internationale a Luxembourg, and their issuing vehicles. The
ratings of the preferred stock securities (qualifying as Tier 1
capital) were downgraded to Caa1 with a stable outlook from B2
with a negative outlook. The rating of the 6.25% junior
subordinated debt issued by DBB in November 1997 was downgraded to
Ba2 with a negative outlook from Baa2 with a negative outlook.
The ratings of the other junior subordinated debt instruments were
affirmed at Baa2 with a negative outlook.
Meanwhile, the A1 long-term debt and deposit ratings, the A2
subordinated debt ratings and D+ bank financial strength ratings
of DCL, DBB and DBIL were unchanged, all with a negative outlook.
The Prime-1 short-term ratings were also unchanged.
The rating actions on some of Dexia's cumulative and non-
cumulative hybrid instruments reflect Moody's assessment of an
increased probability of coupon suspension on these securities
with optional deferral features. Dexia and the European
Commission are engaged in ongoing discussions on Dexia's state aid
package and restructuring plan. In Moody's opinion, there is a
risk that Dexia may be advised or may decide to include these
instruments as loss-absorbing capital.
The rating actions are part of Moody's review of certain hybrids
issued by European banks and insurers for which the EC's approval
is pending.
Pending the European Commision's Approval of
Dexia's Restructuring Plan
Moody's understands that Dexia is still discussing its
restructuring plan with the EC following the state aid received
from the governments of Belgium, France and Luxembourg, including:
* a total capital injection of EUR6 billion, representing nearly
4% of Dexia's risk-weighted assets at year-end 2008;
* a guarantee from the governments capped at a maximum of
EUR150 billion on short-to-medium term debt raised before the
end of October 2009;
* a guarantee by the Belgian and French governments on a
US$12 billion financial products portfolio, in excess of a
US$4.5 billion first-loss covered by Dexia Group, to facilitate
the sale of FSA's financial guaranty business, completed in July
2009.
While the guarantee relating to the Financial Products portfolio
was approved by the EC in March 2009, Moody's notes that the EC's
enquiry into the restructuring plan is still underway, including
discussions between the interested parties as noted in the
publication on State Aid in the Official Journal of the European
Union, dated August 4, 2009. Moody's also understands that the
conclusions of these restructuring discussions are expected by
October 2009.
Downgrade of Non-Cumulative Tier 1 with
Optional Deferral Features
The downgrade to Caa1 (stable outlook) from B2 (negative outlook)
of the non-cumulative Tier I instruments issued by DCL, DBIL and
Dexia Funding Luxembourg (DFL, guaranteed by Dexia Group)
reflects, in Moody's opinion, a high likelihood that these
instruments may suffer coupon deferral going forward. Indeed, it
is Moody's opinion that the ongoing discussions with the EC into
Dexia's restructuring plan might result in the group being
refrained from paying coupons on these instruments, as was
recently the case for KBC, in line with the EC's stated objective
of burden sharing. The ratings also take into account the non-
cumulative features of these perpetual instruments, implying a
higher expected loss than for cumulative instruments since they
are not subject to payment at a later date.
Moody's continues to view the weak mandatory solvency triggers
attached to the Tier I issues as unlikely to be breached in the
medium term due to the rating agency's expectations that Dexia
Group, DCL and DBIL's capital positions will remain adequate in
the medium term. However, Moody's believes that the optional non-
payment of interest by the issuer attached to these perpetual
instruments increases the risk of a coupon deferral and for a
longer period than previously estimated.
Additionally, in the case of the Tier 1 issued by DFL and DCL, an
optional regulatory intervention clause enables regulators to
suspend coupon-payment at their discretion as well as to impose a
principal write-down. Although the rating agency continues to
consider that the risk of principal write-down is lower in the
medium term than a coupon deferral, the ratings also incorporate
some risk of principal loss. The stable outlook reflects Moody's
conservative expected loss assumptions in terms of the likelihood
and time horizon of missed coupons, as well as the low sensitivity
of these instruments to Dexia's intrinsic financial strength.
Downgrade of the Ratings of the Cumulative Upper Tier 2
Instruments with Optional Deferral Features;
Affirmation of the Ratings of the Other Upper Tier 2 Issues
Moody's downgraded the ratings of the 6.25% junior subordinated
debt issued by DBB in November 1997 (ISIN BE0116241358) to Ba2
(negative outlook) from Baa2 (negative outlook), reflecting its
assessment of a high probability of coupons omissions being linked
to an optional deferral provision tied to dividend payment by DBB
to its parent. The cumulative nature of coupon payments limits
the loss severity of a coupon deferral for this particular
issuance and explains the rating differential when compared with
the Tier 1 non-cumulative instruments mentioned above, despite
similar assumptions in terms of potentially missed coupons. The
negative outlook incorporates the uncertainty linked to the
optional deferral provision of this particular instrument. It is
also in line with the negative outlook on the senior debt of DBB,
due to the sensitivity of this instrument's rating to DBB's BFSR.
Simultaneously, Moody's affirmed the ratings of the other junior
subordinated issues of DBIL and issuing vehicle Dexia Overseas
Limited (guaranteed by DBB) at Baa2 with a negative outlook. The
rating agency views the risk of deferred payment on these
securities as more limited given the weak financial triggers and
understands that there are no optional coupon deferral features
attached to these issues. Moreover, the cumulative nature of the
interest on such instruments limits the expected loss for
investors. However, Moody's will closely monitor the situation in
the coming months to see whether an intervention from the
authorities could include these instruments as loss-absorbing
capital, which is reflected in the negative outlook on these
instruments.
Ratings Affected
These hybrids were downgraded to Caa1 (stable outlook) from B2
(negative outlook):
-- Dexia Funding Luxembourg SA's preferred stock EUR500 million
4.892% (ISIN: XS0273230572)
-- DCL's preferred stock EUR700 million 4.3% (ISIN: FR0010251421)
-- DBIL's preferred stock EUR225 million 6.825% (ISIN:
XS0132253468)
This hybrid instrument was downgraded to Ba2 with a negative
outlook from Baa2 with a negative outlook:
-- DBB's junior subordinated debt 6.25% EUR230 million (ISIN:
BE0116241358)
These hybrid instruments were affirmed at Baa2 with a negative
outlook:
-- DBIL's junior subordinated debt 5% EUR153 million (ISIN
XS0350684907)
-- Dexia Overseas Limited's junior subordinated debt Flt
US$50 million (ISIN XS0116242784)
-- Dexia Overseas Limited's junior subordinated debt Flt
US$100 million (ISIN XS0117920149)
-- Dexia Overseas Limited's junior subordinated debt Flt
JPY10 000 million (ISIN XS0123134206)
-- Dexia Overseas Limited's junior subordinated debt Flt
JPY5 000 million (ISIN XS0123018557)
The last rating action on Dexia Group's main operating entities
was implemented on 2 April 2009, when Moody's downgraded the
ratings of preferred stock and junior subordinated debt issued by
DCL, DBB and DBIL and the group's issuing vehicles to,
respectively, B2 from Baa1 and Baa2 from A3, with a negative
outlook. The long-term debt and deposit ratings and BFSRs of DCL,
DBB and DBIL were unchanged at, respectively, A1 and D+ (the
latter mapping to a Ba1 BCA), with a negative outlook. The Prime-
1 short-term ratings were also unchanged.
Dexia SA, headquartered in Brussels, had unaudited total assets of
EUR651 billion at year-end 2008. It recorded a negative net
profit, group share, of EUR3.3 billion for the full year of 2008
(down from a positive EUR2.5 billion in 2007), and a net profit
group share of EUR534 million in 1H2009 (down from a net profit of
EUR821 million in 1H2008).
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B U L G A R I A
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KREMIKOVTZI AD: Creditors Ready to Capitalize Debts
---------------------------------------------------
Kremikovtzi AD's 57 largest creditors are ready to capitalize
their debts and become shareholders of the company, novinite.com
reports, citing Podkrepa union leader Lyudmil Pavlov.
The report relates Mr. Pavlov said a vote on the recovery program
for the insolvent mill will be held at the end of September.
According to the report, Mr. Pavlov said that if creditors vote in
favor of the recovery program as he expects, there will be no need
for the government to liquidate the mill.
About Kremikovtzi
Headquartered in Sofia, Bulgaria, Kremikovtzi AD --
http://www.kremikovtzi.com/-- is a company principally engaged in
the steel industry. Its production capacity includes a complete
steel production cycle, from ore mining to finished products, such
as hot rolled and cold rolled products (coils, slabs, plates,
blooms and billets), different thickness wire rods and tubes. The
Company's product range also includes coke and chemical products,
ferro-alloys and metallurgical lime. The Company operates through
a number of subsidiaries, including Kremikovtzi Trans EOOD,
Nezavisima laboratoriya za analizi EOOD, Kremikovtzi rudodobiv AD,
Ferosplaven zavod EOOD, Global Trade Trans and Kremi Logistics
EOOD, among others. The Company has undergone the insolvency
process since August 6, 2008.
As reported in the Troubled Company Reporter-Europe on Aug. 8,
2008, the Sofia City Court commenced insolvency proceedings
against Kremikovtzi AD after declaring it bankrupt. The court
appointed a temporary bankruptcy administrator for the steelmaker.
The court also ruled that Kremikovtzi's insolvency started on
Dec. 31, 2005. As of Dec. 31, 2007, the company had BGN1.63
billion (US$1.3 billion) in total debts.
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G E R M A N Y
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ARCANDOR AG: Karstadt May Not Have to Merge with Kaufhof, CEO Says
------------------------------------------------------------------
Reuters, citing German magazine Spiegel, reports that Arcandor AG
CEO Karl-Gerhard Eick said its department store business Karstadt
could survive independently and may not need to merge with rival
Kaufhof.
Reuters relates Mr. Eick told Spiegel "I'm deeply convinced that
it is possible to run Karstadt profitably" but it would be
necessary to give up unprofitable stores and cut costs further.
About Arcandor AG
Germany-based Arcandor AG (FRA:ARO) -- http://www.arcandor.com/--
formerly KarstadtQuelle AG, is a tourism and retail group. Its
three core business areas are tourism, mail order services and
department store retail. The Company's business areas are covered
by its three operating segments: Thomas Cook, Primondo and
Karstadt. Thomas Cook Group plc is a tour operator with
operations in Europe and North America, set up as a result of a
merger between MyTravel and Thomas Cook AG. It also operates the
e-commerce platform, Thomas Cook, supporting travel services.
Primondo has a portfolio of European universal and specialty mail
order companies, including the core brand Quelle. Karstadt
operates a range of department stores, such as cosmopolitan
stores, including KaDeWe (Kaufhaus des Westens), Karstadt
Oberpollinger and Alsterhaus; Karstadt brand department stores;
Karstadt sports department stores, offering sports goods in a
variety of retail outlets, and a portal, karstadt.de that offers
online shopping, among others.
As reported in the Troubled Company Reporter-Europe, on June 9,
2009, Arcandor filed for bankruptcy protection after the German
government turned down its request for loan guarantees. On
June 8, 2009, the government rejected two applications for help by
the company, which employs 43,000 people. The retailer sought
loan guarantees of EUR650 million (US$904 million) from Germany's
Economy Fund program. It also sought a further EUR437 million
from a state-owned bank.
ARCANDOR AG: Seven Board Members May Step Down Today, FTD Reports
-----------------------------------------------------------------
Cornelius Rahn at Bloomberg News, citing Financial Times
Deutschland, reports that seven members of Arcandor AG's executive
board may step down today, Sept. 1, as insolvency proceedings
begin.
According to Bloomberg, the newspaper said Chief Executive Officer
Karl-Gerhard Eick will leave his post along with Arnold Matschull
and Zvezdana Seeger, but it wasn't clear whether Thomas Cook chief
Manny Fontenla-Novoa and Ruediger Guenther, head of finance, would
retain their positions.
Bloomberg relates the newspaper said Karstadt chief Stefan
Herzberg and Primondo head Marc Sommer would stay on as executive
board members.
About Arcandor AG
Germany-based Arcandor AG (FRA:ARO) -- http://www.arcandor.com/--
formerly KarstadtQuelle AG, is a tourism and retail group. Its
three core business areas are tourism, mail order services and
department store retail. The Company's business areas are covered
by its three operating segments: Thomas Cook, Primondo and
Karstadt. Thomas Cook Group plc is a tour operator with
operations in Europe and North America, set up as a result of a
merger between MyTravel and Thomas Cook AG. It also operates the
e-commerce platform, Thomas Cook, supporting travel services.
Primondo has a portfolio of European universal and specialty mail
order companies, including the core brand Quelle. Karstadt
operates a range of department stores, such as cosmopolitan
stores, including KaDeWe (Kaufhaus des Westens), Karstadt
Oberpollinger and Alsterhaus; Karstadt brand department stores;
Karstadt sports department stores, offering sports goods in a
variety of retail outlets, and a portal, karstadt.de that offers
online shopping, among others.
As reported in the Troubled Company Reporter-Europe, on June 9,
2009, Arcandor filed for bankruptcy protection after the German
government turned down its request for loan guarantees. On
June 8, 2009, the government rejected two applications for help by
the company, which employs 43,000 people. The retailer sought
loan guarantees of EUR650 million (US$904 million) from Germany's
Economy Fund program. It also sought a further EUR437 million
from a state-owned bank.
===========
G R E E C E
===========
ARIES MARITIME: Posts US$8.2 Million Net Loss for June 30 Quarter
-----------------------------------------------------------------
Aries Maritime Transport Limited said total revenues from
continuing operations of US$15.4 million were recorded for the
three months ended June 30, 2009, compared to total revenues of
US$18.0 million recorded for the three months ended June 30, 2008.
For the three month periods ended June 30, 2009 and June 30, 2008,
the Company reported revenues of US$13.0 million and US$15.4
million, respectively, excluding deferred revenue due to the
assumption of charters associated with certain vessel acquisitions
as well as direct expenses including commissions and voyage
expenses. The decrease in revenues is primarily attributable to
lower charter rates achieved for the MR tankers, as well as out-
of-service days related to the Nordanvind. The decrease was
partially offset by an increase in the utilization for the
Saronikos Bridge. Vessel operating days for the three months
ended June 30, 2009 and 2008 were 1,001. The Company defines
operating days as the total days the vessels were in the Company's
possession for the relevant period. Total revenue days for the
three months ended June 30, 2009, were 883 and total revenue days
for the three months ended June 30, 2008, were 947. The Company
defines revenue days as the total days the vessels were not off
hire or out of service.
Net loss from continuing operations was US$2.6 million or US$0.10
basic and diluted loss per share, for the three months ended
June 30, 2009, compared to net income of US$1.8 million, or
US$0.06 basic and diluted income per share, recorded for the three
months ended June 30, 2008. The results for the second quarter of
2009 include a US$1.2 million non-cash gain from the change in the
fair value of derivatives. The results for the same period of
2008 include a US$3.6 million non-cash gain from the change in the
fair value of derivatives.
Net loss from continuing and discontinued operations for the three
months ended June 30, 2009, was US$8.2 million, or US$0.29 basic
and diluted loss per share, compared to net income of US$13.2
million, or US$0.46 basic and diluted income per share, recorded
for the three months ended June 30, 2008.
Adjusted EBITDA for the three months ended June 30, 2009, was
US$4.5 million compared to US$7.4 million for the three months
ended June 30, 2008.
Jeff Parry, Chief Executive Officer, commented, "Our results for
the second quarter reflect previously announced out-of-service
time for the Nordanvind and reduced charter rates as anticipated
for certain vessels, partially offset by lower general and
administrative expenses. During this challenging global economic
environment, management continues to take proactive measures to
improve the Company's financial position and maximize shareholder
value. Specifically, we sold the Ocean Hope, the oldest vessel in
our fleet, for a net price of US$2.3 million. We also entered
into a non-binding letter of intent with Grandunion, Inc., which
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
the Company, and a change of control of the Company's Board of
Directors. As we maintain our focus on negotiating the definitive
agreements with Grandunion, management remains committed to
strengthening Aries' ship operations and enhancing the Company's
future performance."
The Company said total revenues of US$30.9 million from continuing
operations were recorded for the six months ended June 30, 2009,
compared to total revenue of US$36.7 million recorded for the six
months ended June 30, 2008. For the six month periods ended
June 30, 2009 and June 30, 2008, the Company reported revenues of
US$25.8 million and US$31.7 million, respectively, excluding
deferred revenue due to the assumption of charters associated with
certain vessel acquisitions as well as direct expenses including
commissions and voyage expenses. The decrease in revenues is
primarily attributable to lower charter rates achieved for the
fleet as well as out-of-service days related to the Nordanvind.
The decrease was partially offset by an increase in the
utilization for the Saronikos Bridge. Vessel operating days for
the six months ended June 30, 2009 were 1,991 and for the six
months ended June 30, 2008 were 2,002. The Company defines
operating days as the total days the vessels were in the Company's
possession for the relevant period. Total revenue days
for the six months ended June 30, 2009, were 1,771 and total
revenue days for the six months ended June 30, 2008, were 1,916.
The Company defines revenue days as the total days the vessels
were not off hire or out of service.
Net loss from continuing operations was US$7.0 million or US$0.24
basic and diluted loss per share, for the six months ended
June 30, 2009, compared to a net loss of US$3.3 million, or
US$0.12 basic and diluted loss per share, recorded for the six
months ended June 30, 2008. The results for the second quarter of
2009 include a US$1.1 million non-cash gain from the change in the
fair value of derivatives.
Net loss from continuing and discontinued operations for the six
months ended June 30, 2009, was US$12.5 million, or US$0.43 basic
and diluted loss per share, compared to net income of US$6.3
million, or US$0.22 basic and diluted income per share, recorded
for the six months ended June 30, 2008.
Adjusted EBITDA for the six months ended June 30, 2009, was
US$8.7 million compared to US$14.9 million for the six months
ended June 30, 2008.
As of June 30, 2009, the Company had US$299.5 million in total
assets and US$246.2 million in total liabilities. As of March 31,
2009, the Company had US$309.4 million in total assets and
US$248.0 million in total liabilities.
A full-text copy of the Company's earnings release is available at
no charge at http://ResearchArchives.com/t/s?4371
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.
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. Four
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.
DRYSHIPS INC: 2009 Shareholders' Meeting on September 21
--------------------------------------------------------
The 2009 Annual Meeting of Shareholders of DryShips Inc. will be
held at the Company's offices located at 80 Kifissias Avenue, GR
151 25, Marousi, in Athens, Greece on September 21, 2009, at 1:00
p.m., for these purposes:
Proposal 1 -- To elect two Class B Directors to serve until
the 2012 Annual Meeting of Shareholders
Proposal 2 -- To approve the appointment of Deloitte
Hadjipavlou Sofianos & Cambanis S.A., as the
Company's independent auditors for the fiscal
year ending December 31, 2009; and
To transact other business as may properly come before the Meeting
or any adjournment thereof.
The board of directors has fixed the close of business August 7,
2009, as the record date for the determination of the shareholders
entitled to receive notice and to vote at the Meeting or any
adjournment thereof.
The nominees for election to the Company's board of directors are:
-- Evangelos Mytilinaios, 59, as Class B Director; and
Mr. Mytilinaios was appointed to the board of directors of
DryShips Inc. on December 19, 2008, to fill the vacancy resulting
from the resignation of Mr. Angelos Papoulias. Mr. Mytilinaios
has over 20 years of experience in the shipping industry. He
served as a senior executive in the Peraticos and Inlessis Group
of Companies, which are involved in the drybulk and tanker
shipping sectors. He presently heads a diversified group of
companies involved in tourism and real estate development in
Greece and the United Kingdom. After attending the Athens
University of Economics, he started his career by joining
and heading his family's aluminum production enterprise,
Mytilineos Holdings S.A., one of the largest aluminum product
manufacturers in Greece. Mr. Mytilinaios is the chairman of the
Company's Audit Committee.
-- George Xiradakis, 44, as Class B Director
Mr. Xiradakis was appointed to the board of directors of DryShips
Inc. in May 2006. Since 1999, Mr. Xiradakis has been the Managing
Director of XRTC Business Consultants Ltd., a consulting firm
providing financial advice to the maritime industry, including
financial and state institutions. XRTC acted as the commercial
representative of international banks including the French banking
groups Credit Lyonnais and NATIXIS in Greece. Mr. Xiradakis is
also the advisor of various shipping companies, as well as
international and state organizations. Mr. Xiradakis has served
as a President of the Hellenic Real Estate Corporation and
Hellenic National Center of Port Development. He also serves as
the General Secretary of the Association of Banking and Shipping
Executives of Hellenic Shipping. Mr. Xiradakis has a certificate
as a Deck Officer from the Hellenic Merchant Marine and he is a
graduate of the Nautical Marine Academy of Aspropyrgos, Greece.
He also holds a postgraduate Diploma in Commercial Operation of
Shipping from London Guildhall University, formerly known as City
of London Polytechnic, in London. Mr. Xiradakis holds an MSc., in
Maritime Studies from the University of Wales.
A full-text copy of the Proxy Statement is available at no charge
at http://ResearchArchives.com/t/s?436f
As reported by the Troubled Company Reporter on August 12, 2009,
DryShips reached an agreement with WestLB on waiver terms for
US$71 million of its outstanding debt. This agreement is subject
to customary documentation. George Economou, Chairman and Chief
Executive Officer, said, "We continue to have constructive
discussions with the remainder of our banks who are all very
supportive of the company."
About DryShips Inc.
DryShips Inc., -- http://www.dryships.com/-- based in Athens,
Greece, is an owner and operator of drybulk carriers that operate
worldwide. As DryShips owns a fleet of 41 drybulk carriers
comprising 7 Capesize, 29 Panamax, 2 Supramax and 3 newbuilding
drybulk vessels with a combined deadweight tonnage of over 3.6
million tons, 2 ultra deep water semisubmersible drilling rigs and
4 ultra deep water newbuilding drillships. DryShips Inc.'s common
stock is listed on the NASDAQ Global Market where trades under the
symbol "DRYS."
WIND HELLAS: Fitch Cuts Long-Term Issuer Default Rating to 'C'
--------------------------------------------------------------
Fitch Ratings has downgraded Greek mobile operator WIND Hellas
Telecommunications S.A.'s Long-term Issuer Default Rating to 'C'
from 'CCC'. The company's Short-term IDR is affirmed at 'C'.
The downgrade reflects the company's announcement, concurrent with
its Q209 results, that it is evaluating strategic options and that
its capital structure is presently unsustainable. The downgrade
also reflects the belief that the shareholder is unlikely to
inject fresh equity funds with the current capital structure, and
in any event, given the company's latest operating performance,
WIND Hellas increasingly needs a longer-term solution.
WIND Hellas' debt instrument ratings have been downgraded and
affirmed:
* Hellas Telecommunications (Luxembourg) V senior revolving credit
facility: downgraded to 'CC' from 'B-'; Recovery Rating 'RR3'
* Hellas Telecommunications (Luxembourg) V senior secured
floating-rate notes due 2012: downgraded to 'CC' from 'B-';
Recovery Rating 'RR3'
* Hellas Telecommunications (Luxembourg) III senior notes due
2013: downgraded to 'C' from 'CC'; Recovery Rating revised to
'RR6' from 'RR5'
* Hellas Telecommunications (Luxembourg) II subordinated floating-
rate notes due 2015: affirmed at 'C'/'RR6'
"The downgrade to 'C' reflects Fitch's view that a default or
coercive debt restructuring is now inevitable, and that the
timeframe open to the company to complete such a restructuring is
limited," says Bulent Akgul, Director in Fitch's TMT team. "The
company has stated that its current capital structure is
unsustainable, and even though it has not formally launched a debt
restructuring or yet defaulted on its obligations. Fitch believes
that the company will be forced to address its capital structure
before its liquidity is further challenged by the EUR67 million
interest payment due on October 15, 2009."
Although Fitch believes that WIND Hellas is a strategic asset for
its parent, the lack of a public statement by Weather Investments
on potential cash support of WIND Hellas lends further weight to
the inevitability of a restructuring or a default.
In Q209, WIND Hellas' results continued to be weak, and the latest
guidance for YE09 has EBITDA at EUR320-340 million, which would
represent a 20-25% decline over 2008. The company has stated that
its much reduced financial flexibility means that it has been
unable to react to aggressive promotional campaigns from its
competitors, and that it has lost market share in both mobile and
fixed. The deteriorating EBITDA performance, together with the
need for a higher level of capital investment in 2010 and 2011 in
order to ensure the continued competitiveness of the company,
leaves WIND Hellas with a funding gap which will need to be
addressed. A debt restructuring involving a reduction in the debt
outstanding is a likely scenario, which would save on interest
costs and give some cash flow relief, as well as reducing longer-
term refinancing risk. However, such a restructuring would be
considered a coercive debt exchange by Fitch.
=============
I R E L A N D
=============
INDEPENDENT NEWS: Posts EUR48.5MM Pre-Tax Loss in First Half 2009
-----------------------------------------------------------------
Salamander Davoudi at The Financial Times reports that Independent
News & Media plc posted a pre-tax loss of EUR48.5 million for the
six months to June 30, compared with a profit of EUR96.6 million a
year earlier.
According to the FT, INM said first-half revenues fell 22% from
EUR780.4 million (GBP686 million) to EUR608.8 million. The FT
discloses advertising revenues from publishing, including online,
fell 25.8% and the only area to show any growth was INM's outdoor
advertising operation, which increased sales by 1.3%.
Talks
The FT relates INM said talks with bondholders remained
"constructive" amid an extended standstill agreement to September
25. The company's net debt stands at EUR1.3 billion, the FT
states.
As reported in the Troubled Company Reporter-Europe on Aug. 28,
2009, INM said the extension of the standstill period will
facilitate the continuation of ongoing and constructive
discussions between all key stakeholders in relation to the
group's financial restructuring. The company said it has
sufficient funding in place to meet all working capital
requirements during the standstill period.
Examinership
Arthur Beesley at The Irish Times reports that Gavin O'Reilly,
INM's chief executive officer, said an examinership or any other
court process would not be in the interests of the company or its
stakeholders. Mr. O'Reilly, as cited by the Irish Times, said an
examinership was "certainly a million miles away" from the focus
of INM's board and management. "Certainly from the company's
perspective, we are working towards a consensual deal with all
stakeholders," the FT quoted the INM chief as saying.
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
=========
GIOVANNI CRESPI: Mazars Unable to Give Opinion on 1H09 Results
--------------------------------------------------------------
Francesca Cinelli at Bloomberg News reports that Giovanni Crespi
SpA said auditor Mazars SpA was unable to express an opinion on
its first-half results.
According to Bloomberg, the company said Mazars wrote in a report
that Crespi's ability to continue operating depends on banks'
willingness to renegotiate their positions.
Giovanni Crespi SpA -- http://www.crespi.it/-- is an Italy-based
industrial holding company. It splits its activities into three
divisions: the Polyurethane Foam division, the Synthetic Material
division and the Advanced Technologic Textile division. The
Company's core activities include the manufacturing of synthetic
leathers, the production of non-woven polyurethane foams and the
manufacturing of materials for the footwear, fashion accessories,
upholstery and bookbinding markets. Giovanni Crespi offers a
range of products, covering tablecloths, leather goods and
polyurethane polymer product range, the Vita shoe lining product
range and other shoe lining and sock lining materials, as well as
traditional polyvinyl chloride (PVC) clear and compound foils,
next to various finishing and metal effects. It has production
plants in Italy, Poland , China and Brazil, and it sells its
products in more than 70 countries around the world
GRUPO GAIA: Comm. Invites Tenders for Selection of Off'l Assignee
-----------------------------------------------------------------
Andrea Lolli, as Special Commissioner of the Consortium G.A.I.A.
Spa, AGEN.S.E.L. Srl, FEMASUD Srl, GAIGEST Srl, GAI.SER. Srl,
MOBILESERVICE Srl, and SARI Srl in Extraordinary Administration
(Companies under composition), as authorized by the Ministry of
Economic Development, invites binding offers through open
procedure for the selection of the official assignee of the
consortium. Offers must be received no later than 1:00 p.m.
(Italian time) of October 16, 2009.
Interested parties are invited to view the integral version of
this Tender and the annexed guidelines, which can be found on the
Web site www.consorziogala.it
For further information, interested parties can contact:
Consorzio Gaia SpA in the Amministrazione straordinaria
Via Carpinetana sud, 1244 – 00034 Colleferro (RM)
Fax: 0039 06-97204393
Email: affari.generali@consorziogala.it
SNIA SPA: KPMG Unable to Give Opinion on First-Half Results
-----------------------------------------------------------
Francesca Cinelli at Bloomberg News reports that Snia SpA said
Saturday in a stock-exchange statement that auditor KPMG
International was unable to express an opinion on its first-half
results as there were "significant uncertainties" related to the
liquidation of its Caffaro Srl unit.
According to Bloomberg, Snia said in January that shareholders of
Caffaro decided to file for bankruptcy as liabilities outweighed
assets.
As reported in the Troubled Company Reporter-Europe on July 10,
2009, Snia said the liquidator for its bankrupt Caffaro unit
received a binding offer for property in Torvicosa, Brescia and
Colleferro, Italy.
Headquartered in Milan Italy, Snia SpA -- http://www.snia.it--
manufactures chemicals and artificial fibers. It has operating
units in the European Union and the United States. Caffaro Srl is
Snia SpA's lead company in the area of chemicals.
TISCALI SPA: 1H09 Loss Widens to EUR402.9 Mil. After UK Asset Sale
------------------------------------------------------------------
Andrew Davis at Bloomberg News reports that Tiscali SpA said its
net loss widened to EUR402.9 million (US$579 million) in the first
half of 2009 after the sale of assets in the U.K. Bloomberg
relates the company said first-half revenue fell to EUR151.6
million.
Asset Sale
On July 2, 2009, the Troubled Company Reporter-Europe, citing the
Financial Times, reported that the European Commission Carphone
Warehouse's acquisition of Tiscali's UK broadband business.
According to the FT, the commission said the transaction would not
damage competition. The FT disclosed Carphone agreed to pay
GBP236 million (US$388 million) for the UK assets of Tiscali.
Debt
In a May 8 report Bloomberg News disclosed Tiscali's board
approved a debt restructuring plan, including a rights offering to
raise as much as EUR210 million (US$281 million), after it agreed
to sell its U.K. unit to Carphone. In March, Tiscali halted
payments on long-term bank debts. It had about EUR500 million of
long-term bank borrowings at the end of last year.
About Tiscali
Cagliari, Italy-based Tiscali S.p.A. (BIT:TIS) --
http://www.tiscali.com/-- is an Internet communications company
providing broadband and narrowband access for consumer and
business applications, as well as communications services and
content. The Company's portfolio includes Internet access in the
form of dial-up, broadband, satellite and leased lines, and
hosting services, such as co-location, shared hosting and managed
hosting. Tiscali also offers streaming media, telephony and such
services as virtual private networks (VPN), allowing companies to
communicate with remote branches. Its consumer products and
services include Internet access, voice, media, Internet Protocol
Television (IPTV) and value-added services, such as e-mail, Net
calendar, Net fax, Net phone, mail, instant messaging and Web
hosting. It is operational in Europe through its subsidiaries and
joint ventures. As of June 30, 2008, Tiscali had approximately
3.2 million active users in Italy and the United Kingdom.
===================
K A Z A K H S T A N
====================
ALMATY STROY: Creditors Must File Claims by September 5
-------------------------------------------------------
Creditors of LLP Almaty Stroy consulting have until September 5,
2009, to submit proofs of claim to:
The Specialized Inter-Regional
Economic Court of Almaty
Tauelsyzdyk Str. 53
Taldykorgan
Almaty
Kazakhstan
The court commenced bankruptcy proceedings against the company on
June 15, 2009.
COM BYT: Creditors Must File Claims by September 5
--------------------------------------------------
Creditors of LLP Com byt Rem Stroy have until September 5, 2009,
to submit proofs of claim to:
Altynsarin Str. 31
Aktobe
Aktube
Kazakhstan
The Specialized Inter-Regional Economic Court of Aktube commenced
bankruptcy proceedings against the company on June 1, 2009, after
finding it insolvent.
The Court is located at:
The Specialized Inter-Regional
Economic Court of Aktube
Satpaev Str. 16
Aktobe
Aktube
Kazakhstan
JALGYZTAU-2030: Creditors Must File Claims by September 5
---------------------------------------------------------
Creditors of LLP Jalgyztau-2030 have until September 5, 2009, to
submit proofs of claim to:
Myzy Str. 1
Office 102
Ust-Kamenogorsk
East Kazakhstan
Kazakhstan
The Specialized Inter-Regional Economic Court of East Kazakhstan
commenced bankruptcy proceedings against the company on June 2,
2009, after finding it insolvent.
The Court is located at:
The Specialized Inter-Regional
Economic Court of East Kazakhstan
Bajov Str. 2
Ust-Kamenogorsk
East Kazakhstan
Kazakhstan
KSM SERVICE: Creditors Must File Claims by September 5
------------------------------------------------------
Creditors of LLP KSM Service XXI have until September 5, 2009, to
submit proofs of claim to:
Altynsarin Str. 31
Aktobe
Aktube
Kazakhstan
The Specialized Inter-Regional Economic Court of Aktube commenced
bankruptcy proceedings against the company on June 1, 2009, after
finding it insolvent.
The Court is located at:
The Specialized Inter-Regional
Economic Court of Aktube
Satpaev Str. 16
Aktobe
Aktube
Kazakhstan
SEM GAS: Creditors Must File Claims by September 5
--------------------------------------------------
Creditors of OJSC Sem Gas Service have until September 5, 2009, to
submit proofs of claim to:
Myzy Str. 1
Office 102
Ust-Kamenogorsk
East Kazakhstan
Kazakhstan
The Specialized Inter-Regional Economic Court of East Kazakhstan
commenced bankruptcy proceedings against the company on May 27,
2009 after finding it insolvent.
The Court is located at:
The Specialized Inter-Regional
Economic Court of East Kazakhstan
Bajov Str. 2
Ust-Kamenogorsk
East Kazakhstan
Kazakhstan
===================
K Y R G Y Z S T A N
===================
ADRENALIN PLUS: Creditors Must File Claims by September 24
----------------------------------------------------------
LLC Adrenalin Plus is currently undergoing liquidation. Creditors
have until September 24, 2009, to submit proofs of claim to:
Baitik Baatyr Str. 3/2
Bishkek
Kyrgyzstan
Tel: (+996 312) 52-11-81
=================
L I T H U A N I A
=================
UKIO BANKAS: S&P Downgrades Counterparty Credit Ratings to 'B/C'
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its long-
and short-term counterparty credit ratings on Lithuania-based AB
Ukio Bankas to 'B/C' from 'B+/B'. The outlook is negative.
"The negative rating actions follow a sharp deterioration in asset
quality which, alongside weakened revenue generation, is having a
significant impact on profitability. The subsequent impact on
capital levels is leading to the financial profile of the bank
becoming more vulnerable," said Standard & Poor's credit analyst
Matthew Pirnie.
Since S&P's last rating action on March 31, 2009, the economic
conditions in Lithuania have continued to deteriorate and GDP is
presently anticipated to contract by 18% in 2009. Consequently,
the bank's nonperforming loans soared to Lithuanian Litas
514 million, an amount that exceeds reported shareholders' equity
and accounted for as much as 11.64% of total loans at June 30,
2009, compared with only 1.64% a year ago.
The ratings on Ukio reflect the bank's weak asset quality, very
low profitability, threatened capital ratios, and the
deteriorating economic prospects in the Republic of Lithuania
(BBB/Negative/A-3) where the bank operates. Positive rating
factors include the bank's currently adequate funding and
liquidity profile, which are considered to be vulnerable in the
current economic downturn, and a recent shareholder capital
injection. The ratings on Ukio mirror the bank's stand-alone
credit quality, and do not include any uplift for extraordinary
external support.
"The negative outlook reflects S&P's opinion that Ukio's financial
profile is increasingly under threat from asset quality
deterioration and weak profitability, as the economic conditions
in Lithuania decline," added Mr. Pirnie. S&P's base case
expectation factored into the negative outlook is that the bank's
profitability will not be sufficient to cover the anticipated
increase in loan loss provisions that will likely be required
during the second half of 2009, resulting in a net operating loss.
The ratings could come under further pressure if the weakening of
the financial profile or operating environment were to take place
at a faster pace than presently expected, thereby endangering the
bank's capitalization. The outlook could be revised to stable if
S&P's concerns over the operating environment abate and the bank's
asset quality deteriorates at slower levels than presently
expected while revenue generation and profitability return to
levels reported to more appropriate levels.
===================
L U X E M B O U R G
===================
ORCO PROPERTY: Net Loss Widens to EUR200 Mil. in First Half 2009
----------------------------------------------------------------
Douglas Lytle and Lenka Ponikelska at Bloomberg News report that
Orco Property Group SA's net loss widened to EUR200 million
(US$287 million) in the first half of 2009 from EUR14.1 million in
the year-ago period as the value of its properties declined.
According to Bloomberg, the value of Orco's real-estate holdings
fell 12% to EUR1.83 billion at the end of June from EUR2.13
billion at the end of December.
Bloomberg relates Orco said in a statement revenue climbed 17% to
EUR132 million from EUR113.2 million.
Orco has EUR442.8 million in outstanding bonds, Bloomberg
discloses. Jean Francois Ott, Orco's chairman and chief executive
officer, as cited Bloomberg said the company expects to
renegotiate debt with bondholders soon and its projects will
"recover their complete value".
Creditor Protection
In a March 27 report Bloomberg News disclosed Orco secured
protection from creditors after it struggled to find buyers for
its assets because of the global credit crisis. The company
received creditor protection at the Paris Commercial Court. The
French sauvegarde protection system is similar to Chapter 11
protection in the U.S. and calls for an "observation period" of as
much as six months.
Orco Property Group SA -- http://www.orcogroup.com-- is a
Luxembourg-based real estate company, specializing in the
development, rental and management of properties in Central and
Eastern Europe. Through its fully consolidated subsidiaries, Orco
Property Group SA operates in several countries, including the
Czech Republic, Slovakia, Germany, Hungary, Poland, Croatia and
Russia. The Company rents and manages real estate and hotels
properties composed of office buildings, apartments with services,
luxury hotels and hotel residences; it also develops real estate
projects as promoter.
=====================
N E T H E R L A N D S
=====================
* Amsterdam Court OKs Randstad, Shareholders Assn, SUVS Settlement
------------------------------------------------------------------
By order dated July 15, 2009, the Court of Appeal of Amsterdam,
the Netherlands, declared binding the collective settlement
agreement between Randstad Holding nv, the Dutch Association of
Shareholders (Vereniging van Effectenbezitters) and the Stichting
Uitvoer Vedior Schikking foundation (the 'SUVS') dated
September 26, 2008, as amended by an additional agreement dated
February 2, 2009. The Order became irrevocable on July 15, 2009.
The Agreement was concluded in connection with the events that
took place on November 30, 2007, in which context there was an
unexpected development in the price of the shares in Vedior N.V.
on the Euronext Amsterdam stock exchange, which was accompanied by
rumors in the media about exploratory discussions between Vedior
and third parties with respect to a merger of their companies.
Vedior was merged into Ranstad by deed dated June 30, 2008. As a
result, all of Vedior's rights and obligations were transferred to
Randstad. Th parties that are entitled to a remuneration under
the Agreement comprise exclusively the legal entities that and
natural persons who sold shares on November 30, 2007, between 9:00
a.m. and 11:34 a.m. by placing one or more orders in the Euronext
Amsterdam order book. The Agreement provides that each Entitled
Party will receive an amount for each share that he or she sold on
November 30, 2007, between 9:00 a.m. and 11:34 a.m, equal to
approximately 80% of the difference between the price at which the
Entitled Party sold that share on November 30, 2007, between 9:00
a.m. and 11:34 a.m. and the opening price of the share when
trading resumed at 1:20 p.m., in the amount of EUR15.80. However,
the total amount owed to all Entitled Parties jointly (the
'Remuneration') may not exceed the amount of EUR4,250,000 (the
'Settlement Amount').
Each Entitled Party who claims payment of a Remuneration under
that Agreement must send a written request to Randstad by fully
completing the form that has been made available at
www.vediorschikking.nl and www.vediorsettlement.com Entitled
Parties who have give notice in a timely manner within the meaning
of Article 7:908(2) and (3) of the Dutch Civil Code (Burgerlijk
Wetboek) will be deemed to have revoked their earlier
notifications if they give the written notification claiming a
Remuneration in the manner indicated above.
The Agreement and the Order may be inspected at the website of the
Court of Appeal of Amsterdam. A hardcopy or electronic copy of
those documents may be requested free of charge from Ranstad, PO
Box 12600, 1100 AP Amsterdam, the Netherlands, Attn Mr. J.
Miedema, or by sending an email to info@vediorschikking.nl
Entitled Parties may also also ask to inspect those documents by
sending a written request to the Court Registry of the Trade
Division of the Court of Appeal. A request for that purpose
should be addressed to the court of Appeal of Amsterdam (Trade
Division), Prinsengracht 436, 1017 KE Amsterdam, the Netherlands,
Asttn Ms I. Torn, quoting reference Vedior 200.015.289.
===========
N O R W A Y
===========
NEMI FORSIKRING: S&P Affirms 'BB+' Counterparty Credit Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its 'BB+'
long-term counterparty credit and insurer financial strength
ratings on Norway-based non-life insurer NEMI Forsikring ASA. At
the same time, the ratings were withdrawn at the company's
request. Consequently, NEMI is no longer subject to surveillance
by Standard & Poor's. The outlook at the time of withdrawal was
stable.
The affirmation reflected NEMI's good capitalization and
conservative investment policy. These strengths are offset by the
unproven track record and business model of NEMI's new parent,
Copenhagen-based insurer Alpha Group (not rated), and by NEMI's
marginal competitive position and marginal financial flexibility.
THINK NORDIC: Exits Court Protection; To Sell Cars in U.S.
----------------------------------------------------------
Alisa Priddle at The Detroit News reports that Norwegian carmaker
Think Nordic ASA has emerged from bankruptcy protection.
The report relates on Thursday, courts in Norway approved Think's
debt settlement plan, enabling it to exit court protection. The
report recalls production of a two-seat, all-electric car in
Norway was halted when Think sought bankruptcy protection in
December.
"Effectively, this puts Think back in business and in a position
to resume normal operations in terms of the manufacture and sale
of new electric vehicles," the report quoted Think Chief Executive
Officer Richard Canny as saying in a statement.
According to the report, the automaker wants to build and sell the
Think City, which has a range of 112 miles, in the U.S.; Michigan
is on the short list of sites -- down from eight -- to make the
car.
Think spokesman Brendan Prebo, as cited in the report, said a
decision is expected before year's end.
Capital Increase
On Aug. 27, Think said a significant capital increase has also
been arranged to enable the company to immediately get back to the
business of producing and selling EVs. The company continues to
be backed by a very loyal group of investors, made up of some
individual Norwegian investors as well as leading venture capital
and clean-tech investment firms from the USA and the UK.
In addition, some new investors have joined the shareholder group
as part of the capital increase, which is worth some US$47 million
in total capital introduced and conversion of interim financing to
equity. The equity transaction is scheduled to close this week.
Named investors are Ener1, Inc. from the USA, Valmet Automotive
from Finland and Investinor, the Norwegian Government-backed
investment fund.
Headquartered in Oslo, Norway, Think -- http://www.think.no/--
designs, develops and produces electric vehicles and other
innovative, affordable and clean modes of transportation for fleet
customers.
===========
R U S S I A
===========
BELORETSKIY LES: Creditors Must File Claims by September 7
----------------------------------------------------------
Creditors of LLC Beloretskiy Les-Prom-Khoz (TIN 0256015768, PSRN
1050202053483) (Forestry) have until September 7, 2009, to submit
proofs of claims to:
I. Nesterov
Insolvency Manager
Post User Box 1554
410000 Saratov
Russia
The Arbitration Court of Bashkortostan commenced bankruptcy
proceedings against the company after finding it insolvent. The
case is docketed under Case No. ?07–9066/2009.
The Debtor can be reached at:
LLC Beloretskiy Les-Prom-Khoz
Krupskoy Str. 10
Beloretsk
Beloretskiy
Bashkortostan
Russia
SOTS-STROY LLC: Creditors Must File Claims by September 7
---------------------------------------------------------
Creditors of LLC Sots-Stroy (TIN 3443076340, PSRN 1073443000432)
(Construction) have until September 7, 2009, to submit proofs of
claims to:
A. Minin
Temporary Insolvency Manager
Post User Box 199
400050 Volgograd
Russia
The Arbitration Court of Volgogradskaya will convene at 10:00 a.m.
on November 3, 2009, to hear bankruptcy supervision procedure.
The case is docketed under Case No. ?12–9881/2009.
The Debtor can be reached at:
LLC Sots-Stroy
Krasnopolyaskaya Str. 55a
400075 Volgograd
Russia
STROY-GRAD LLC: Creditors Must File Claims by September 7
---------------------------------------------------------
Creditors of LLC Stroy-Grad (TIN 2801086797, PSRN 1022800521776)
(Construction) have until September 7, 2009, to submit proofs of
claims to:
T. Bryantseva
Insolvency Manager
Apt. 24
Zaburkhanovskaya Str. 85
Blagoveshchensk
Russia
The Arbitration Court of Amurskaya will convene on October 7,
2009, to hear bankruptcy proceedings. The case is docketed under
Case No. ?04–1153/2009.
The Debtor can be reached at:
LLC Stroy-Grad
Novotroitskoe 2-e shosse
Blagoveshchensk
Russia
VIMPEL-COMMUNICATIONS: Posts RUR22.6 Bil. Net Profit in 2Q09
------------------------------------------------------------
RIA Novosti reports Vimpel-Communications posted a net profit of
RUR22.6 billion (US$719.75 million) calculated to International
Financial Reporting Standards for the second quarter of 2009,
compared with a net loss of RUR8.5 billion in the previous
quarter.
According to the report, revenue rose 3.3% to RUR69 billion rubles
(US$2.2 billion) in the reporting period.
The report relates the company's managing director Boris Nemshich
said the improved results were due to a 19% year-on-year increase
in the number of subscribers to 63.7 million people.
Vimpel-Communications -- http://www.vimpelcom.com/-- is a
provider of telecommunications services in Russia and the
Commonwealth of Independent States. The VimpelCom group of
companies consists of telecommunications operators providing voice
and data services through a range of mobile, fixed and broadband
technologies. The Group includes companies operating in Russia,
Kazakhstan, Ukraine, Uzbekistan, Tajikistan, Georgia, Armenia, as
well as Vietnam and Cambodia. As of September 30, 2008,
VimpelCom’s total number of active subscribers in Russia and the
CIS was 57.8 million. On February 29, 2008, VimpelCom completed a
merger with Golden Telecom, a provider of integrated
telecommunications and Internet services in Russia and the CIS. In
July 2008, VimpelCom signed a joint venture agreement to launch a
global system for mobile communications (GSM) network in Vietnam
and acquired a 90% stake in Sotelco.
* * *
Vimpel-Communications continues to carry a 'BB+' long-term
corporate credit rating from Standard & Poor's Ratings Services.
The outlook on the rating is negative.
=============================
S L O V A K R E P U B L I C
=============================
SKYEUROPE AIRLINES: Files for Bankruptcy on Lack of Funding
-----------------------------------------------------------
Martin Santa at Reuters, citing the Vienna bourse Web site,
reports that the Slovak court-appointed restructuring trustee of
SkyEurope Airlines a.s. yesterday commenced bankruptcy proceedings
for the carrier, the operating subsidiary of SkyEurope Holding AG,
due to the lack of sufficient interim funding to finance ongoing
operations.
According to Reuters, the bourse site said "All flights of
SkyEurope Airlines a.s. are suspended with immediate effect".
Reuters says the company earlier on Monday cancelled all flights
from Slovakia until midnight on Monday. The company, the report
says, also faces suspension in flights from the Czech capital of
Prague starting on Tuesday due to outstanding bills.
On June 24, 2009, the Troubled Company Reporter-Europe, citing the
Financial Times, reported that SkyEurope said it had been granted
protection from its creditors by the district court in Bratislava.
The FT disclosed the low-cost airline was forced to seek
court-administered protection from its creditors following several
years of heavy losses. As reported in the Troubled Company
Reporter-Europe on Aug. 5, 2009, Monsters and Critics said
SkyEurope had a net loss of EUR15.1 million in the last business
quarter ending June.
Headquartered in Bratislava, Slovakia, SkyEurope Holding AG --
http://www.skyeurope.com/-- is a low-cost passenger airline with
bases in the Czech Republic, Austria and Slovakia. It offers a
route network of 38 destinations in 18 countries from its bases in
Prague, Vienna and Bratislava. The Company's fleet consists of 14
Boeing 737-700NG aircrafts. SkyEurope Holding AG operates through
subsidiaries and affiliated companies: SkyEurope Airlines, a.s.,
SkyEurope Asset Management (Ireland), SkyEurope Asset Management
Hungary Kft., SkyEurope Airlines Hungary Kft, SkyEurope Airlines
A.S., Spolka Akcyjna, Oddzial w Polsce, SkyEurope Airlines, a.s. -
organizacni slozka and GroundEurope Kft
=====================
S W I T Z E R L A N D
=====================
ACKERMANN AUTOMOBILE: Claims Filing Deadline is September 24
---------------------------------------------------------------
Creditors of Ackermann Automobile AG are requested to file their
proofs of claim by September 24, 2009, to:
Ackermann Automobile AG
Industriestrasse 18
Mail Box 188
8887 Mels
Switzerland
The company is currently undergoing liquidation in Mels. The
decision about liquidation was accepted at an extraordinary
general meeting held on June 29, 2009.
ARCHITEKTURBUORO RUEDI: Claims Filing Deadline is September 9
-------------------------------------------------------------
Creditors of Architekturbuoro Ruedi Kreis AG are requested to file
their proofs of claim by September 9, 2009, to:
Architekturbuoro Ruedi Kreis AG
Hubwiesen 12
8588 Zihlschlacht
Switzerland
The company is currently undergoing liquidation in Bischofszell.
The decision about liquidation was accepted at an extraordinary
general meeting held on November 18, 2008.
DREAMBOX AG: Claims Filing Deadline is September 15
---------------------------------------------------
Creditors of Dreambox AG are requested to file their proofs of
claim by September 15, 2009, to:
Reguida AG
Freie Strasse 88
4001 Basel
Switzerland
The company is currently undergoing liquidation in Basel. The
decision about liquidation was accepted at an extraordinary
general meeting held on June 25, 2009.
FAHRSCHULE BOSSY: Creditors Must File Claims by September 18
------------------------------------------------------------
Creditors of Fahrschule Bossy GmbH are requested to file their
proofs of claim by September 18, 2009, to:
Pascal Bossy
Ruegerholzstrasse 5
8500 Frauenfeld
Switzerland
The company is currently undergoing liquidation in Matzingen. The
decision about liquidation was accepted at a shareholders' meeting
held on July 14, 2009.
H&H SERVICES: Claims Filing Deadline is September 30
----------------------------------------------------
Creditors of H&H Services Swiss GmbH are requested to file their
proofs of claim by September 30, 2009, to:
H&H Services Swiss GmbH
Einsiedlerstrasse 434
8810 Horgen
Switzerland
The company is currently undergoing liquidation in Horgen. The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on July 1, 2009.
HAL ALUMINIUMGUSS: Claims Filing Deadline is September 30
---------------------------------------------------------
Creditors of HAL Aluminiumguss Leipzig (Switzerland) GmbH are
requested to file their proofs of claim by September 30, 2009, to:
Alfred Schurter
Liquidator
Artilleriestrasse 22
8200 Schaffhausen
Switzerland
The company is currently undergoing liquidation in Schaffhausen.
The decision about liquidation was accepted at a shareholders'
meeting held on July 14, 2009.
MEDICHANCE GMBH: Creditors Have Until September 7 to File Claims
----------------------------------------------------------------
Creditors of Medichance GmbH are requested to file their proofs of
claim by September 7, 2009, to:
Michael Biro
Liquidator
Baarerstr. 12
6300 Zug
Switzerland
The company is currently undergoing liquidation in Zug. The
decision about liquidation was accepted at a shareholders' meeting
held on June 8, 2009.
NCC RE: Claims Filing Deadline is September 30
----------------------------------------------
Creditors of NCC Re AG are requested to file their proofs of claim
by September 30, 2009, to:
Stiffler & Partner
Dufourstrasse 101
8034 Zurich
Switzerland
The company is currently undergoing liquidation in Zug. The
decision about liquidation was accepted at an extraordinary
general meeting held on June 10, 2009.
RETO'S PASTA-ARTS: Creditors Must File Claims by October 15
-----------------------------------------------------------
Creditors of Reto's Pasta-Arts AG are requested to file their
proofs of claim by October 15, 2009, to:
BRUHIN KLASS AG
Poststrasse 24
Mail Box 1017
6301 Zug
Switzerland
The company is currently undergoing liquidation in Zug. The
decision about liquidation was accepted at a general meeting held
on June 23, 2009.
Z-CONSULTING: Claims Filing Deadline is September 7
---------------------------------------------------
Creditors of Z-Consulting GmbH are requested to file their proofs
of claim by September 7, 2009, to:
Christian Zumbrunnen
Holzmatt 7
5200 Brugg
Switzerland
The company is currently undergoing liquidation in Brugg AG. The
decision about liquidation was accepted at a shareholders' meeting
held on June 12, 2009.
=============
U K R A I N E
=============
CANT TRADE: Creditors Must File Claims by September 3
-----------------------------------------------------
Creditors of LLC Cant Trade Ltd. (code EDRPOU 35946747) have until
September 3, 2009, to submit proofs of claim to LLC Creaton-
Businessstar, the company's insolvency manager.
The Economic Court of Kiev commenced bankruptcy proceedings
against the company on July 29, 2009. The case is docketed under
Case No. 15/353-b.
The Court is located at:
The Economic Court of Kiev
B. Hmelnitskiy Str. 44-b
01030 Kiev
Ukraine
The Debtor can be reached at:
LLC Cant Trade Ltd.
Zhilianskaya Str. 107
01032 Kiev
Ukraine
CONTINENT-2005 LLC: Creditors Must File Claims by September 3
-------------------------------------------------------------
Creditors of LLC Continent-2005 (code EDRPOU 33465837) have until
September 3, 2009, to submit proofs of claim to:
T. Dutchak
Insolvency Manager
Krasnoarmeyskaya Str. 52/2
58001 Chernovtsy
Ukraine
The Economic Court of Chernovtsy commenced bankruptcy proceedings
against the company on July 20, 2009. The case is docketed under
Case No. 9/73/b.
The Court is located at:
The Economic Court of Chernovtsy
O. Kobilianskaya Str. 14
58000 Chernovtsy
Ukraine
The Debtor can be reached at:
LLC Continent-2005
Zavodskaya Str. 14-B
58007 Chernovtsy
Ukraine
DNEPROAGROTECHSERVICE-AVTO: Claims Filing Deadline is September 3
-----------------------------------------------------------------
Creditors of OJSC Dneproagrotechservice-Avto (code EDRPOU
23079702) have until September 3, 2009, to submit proofs of claim
to O. Gelashvili, the company's insolvency manager.
The Economic Court of Dnepropetrovsk commenced bankruptcy
proceedings against the company on July 28, 2009. The case is
docketed under Case No. B24/160-09.
The Court is located at:
The Economic Court of Dnepropetrovsk
Kujbishev Str. 1a
49600 Dnepropetrovsk
Ukraine
The Debtor can be reached at:
OJSC Dneproagrotechservice-Avto
Lesnoy lane 10
Orlevschina
Novomoskovsky
51215 Dnepropetrovsk
Ukraine
NAFTOGAZ UKRAINY: In Talks to Restructure US$500 Mil. Eurobond
--------------------------------------------------------------
Sabina Zawadzki at Reuters reports that Naftogaz said on Thursday
it held initial talks with creditors on restructuring its US$500
million Eurobond due by the end of September.
According to Reuters, the company has until Sept. 30 to repay the
debt or agree a change to its terms.
"We are exploring ways which will work best for all parties, both
investors and for the company. We are focused on finding a
solution that is investor-friendly and welcome dialogue with all
investors in terms of realizing the most effective structure,"
Reuters quoted Naftogaz chief Oleh Dubyna as saying in a
statement.
On July 31, 2009, the Troubled Company Reporter-Europe, citing the
Associated Press, reported experts said the Ukrainian government
was likely to come to Naftogaz' rescue in case the company fails
to come to an agreement with its lenders, after the International
Monetary Fund approved a third US$3.3 billion installment of a
US$16.4 billion rescue loan.
About NJSC Naftogaz of Ukraine
Headquartered in Kiev, Ukraine, NJSC Naftogaz of Ukraine --
http://www.naftogaz.com/-- processes gas, oil and condensate at
the Company's five gas processing plants, which produce LPG,
motor fuels and other types of petroleum products. Over 97% of
the oil and gas in Ukraine is produced by the enterprises of the
Company.
* * *
As reported in the Troubled Company Reporter-Europe on June 2,
2009, Moody's Investors Service downgraded to Caa1 from B2, the
foreign currency corporate family rating, and probability of
default and debt ratings of NJSC Naftogaz of Ukraine. Moody's
said the outlook on the ratings was changed to negative.
SPECIAL BUILDING: Creditors Must File Claims by September 3
-----------------------------------------------------------
Creditors of LLC Special Building Assembly (code EDRPOU 20147372)
have until September 3, 2009, to submit proofs of claim to:
O. Kushniruk
Insolvency Manager
Potebnia Str. 52-A/56
43018 Lutsk
Ukraine
The Economic Court of Volin commenced bankruptcy proceedings
against the company on July 16, 2009. The case is docketed under
Case No. 7/58-b.
The Court is located at:
The Economic Court of Volin
Volia Ave. 54-A
43010 Lutsk
Ukraine
The Debtor can be reached at:
LLC Special Building Assembly
Boratinskaya Str. 1
Torchin
Lutsk
Volin
Ukraine
TECHNO-INFORM LLC: Creditors Must File Claims by September 3
------------------------------------------------------------
Creditors of LLC Techno-Inform (code EDRPOU 34760222) have until
September 3, 2009, to submit proofs of claim to:
S. Gritsay
Insolvency Manager
Post Office Box 38
01030 Kiev
Ukraine
The Economic Court of Kiev commenced bankruptcy proceedings
against the company on July 17, 2009. The case is docketed under
Case No. 50/334.
The Court is located at:
The Economic Court of Kiev
B. Hmelnitskiy Str. 44-b
01030 Kiev
Ukraine
The Debtor can be reached at:
LLC Techno-Inform
Frunze Str. 160-b
Kiev
Ukraine
===========================
U N I T E D K I N G D O M
===========================
BRITISH ENERGY: Creditors to Take Control of Eggborough Plant
-------------------------------------------------------------
Anousha Sakoui and Ed Crooks at The Financial Times report that
creditors of Eggborough have exercised an option to take control
of the power station.
According to the FT, a group of distressed debt investors, which
bought debt claims against the Yorkshire power station following
the 2005 restructuring of British Energy have the right to take
ownership in March 2010.
"British Energy's lending banks have exercised their option to
acquire the Eggborough coal power station under the restructuring
agreements made by the British government in 2005," EDF told the
FT. "This transaction is in line with the commitments EDF made to
the European Commission, approved in 2009, as part of its
acquisition of British Energy."
The FT recalls British Energy bought the 2000MW power station in
2000 for GBP640 million but in 2002 wrote off GBP300 million of
that following a slump in electricity prices. EDF bought British
Energy in January for GBP12.5 billion.
Citing people close to the situation, the FT discloses distressed
debt funds Bluebay Asset Management and Strategic Value Partners
own about 80% of the debt claims. The FT notes the people said
the group of funds that would end up owning the plant had provided
GBP216 million to finance the exercising of the option and were
likely to sell the plant eventually for up to of up to
GBP1 billion.
About British Energy
British Energy delisted from the London Stock Exchange February 3,
2009, and is now part of EDF Energy. The combination of EDF
Energy and British Energy forms one of the UK's largest energy
companies. The combined business is the UK's biggest producer of
electricity and together provides power to a quarter of the
country’s population. With a current installed capacity of around
16.5GW, it supplies gas and electricity to over 5.5 million
business and residential customers from our nuclear, coal and gas
power stations, as well as combined heat and power plants and wind
farms. EDF Energy and British Energy together employ nearly
20,000 people at locations across the UK. The combined companies
are part of EDF S.A., one of Europe's largest power companies.
DE BEERS: Calls in PwC to Help Renegotiate US$1.5 Bil. Loan
------------------------------------------------------------
John Waples at The Sunday Times reports that De Beers is in
refinancing talks with its banks.
The report relates De Beers has hired PricewaterhouseCoopers to
help renegotiate a US$1.5 billion (GBP922 million) loan with a
consortium of more than 20 banks. According to the report, the
accountant has prepared a report on the company's financial
outlook to convince the syndicate, led by Royal Bank of Scotland
and Lloyds, that refinancing the loan is the best route to take.
The report says parallel conversations are taking place with its
banks over an additional US$1.7 billion loan that has to be
refinanced by 2012.
The report recalls De Beers took on big debts to finance four
capital projects.
De Beers Group -- http://www.debeersgroup.com/-- is a South
Africa-based diamond mining company engaged in producing, sorting
and valuing diamonds. As of December 31, 2006, the Company had 20
mines in production in Africa. Based in London, the Diamond
Trading Company is the rough diamond sales arm of the De Beers
Group. Its major mines include Cullinan, Finsch, Kimberley,
Koffiefontein, Namaqualand, The Oaks and Venetia.
HIGHLANDS INSURANCE: Court Grants Motion for Permanent Injunction
-----------------------------------------------------------------
On August 18, 2009, the U.S. Bankruptcy Court for the Southern
District of New York granted the motion of Dan Yoram Schwarzmann
and Mark Charles Batten, as the duly appointed foreign
representatives of Highlands Insurance Company (U.K.) Limited (in
administration) for permanent injunction and related relief.
As of the Effective Date and provided there has been no early
termination of the Scheme of Arrangement, the Court ordered, inter
alia, that:
-- The Scheme of Arrangement will be given full force and effect
and be binding on and enforceable against all Scheme
Creditors in the U.S.;
-- All claims of Scheme Creditors will be administered and
adjudicated exclusively pursuant to the terms of the Scheme;
-- All Section 51 Direct Policyholders/Claimants are required to
make any and all claims in respect of their Section 51 Direct
Policy and seek payment of such claims exclusively in
accordance with the provisions of the Scheme and are
precluded and enjoined from making any such claims except as
specifically provided for under the Scheme;
-- All Section 51 Direct Policyholders/Claimants are prohibited
and enjoined from asserting any and all claims in respect of
their Section 51 Direct Policy or seeking payment of said
claims (including asserting or effecting a set-off based on
said claims) against Highlands Insurance Company US; and
-- Except as provided in the Scheme, all Scheme Crediotrs are
permanently enjoined and restrained from taking any actions
contravention of, or that are inconsistent with, the terms of
the Scheme or its administration, implementation or
enforcement.
As reported in TCR Europe on August 26, 2009, Dan Schwarzmann and
Mark Batten of PricewaterhouseCoopers LLP, joint administrators of
Highlands Insurance Company (U.K.) Limited (Highlands UK)
announced that a scheme of arrangement for dealing with the direct
insurance business of the company has just become effective.
The Scheme is groundbreaking as it utilizes a UK mechanism to
provide certainty and finality to both a UK and a US company. In
summary, the Scheme resolves a long-standing legal dispute between
Highlands Insurance Company in the US (Highlands US) and Highlands
UK. Direct policyholders' claims will now be dealt with under the
Scheme and, furthermore, these policyholders are now prohibited
from taking action against Highlands US as the Scheme has been
granted Chapter 15 relief. The Scheme will also result in the
payment of US$13 million by Highlands US to Highlands UK.
Dan Schwarzmann, partner at PricewaterhouseCoopers LLP, said:
"This is a good example of innovative use and design of Schemes.
Importantly, it means direct policyholders should be paid in full
at the earliest possible time and by no later than July 2010. It
also enables us to formulate the most appropriate and expedient
strategy for dealing with the claims of Highlands UK's reinsurance
creditors."
Highlands Insurance Company (U.K.) Ltd. is a wholly-owned
subsidiary of Highlands Holdings (U.K.) Ltd., which is in turn a
wholly-owned subsidiary of Highlands Insurance Group Inc., a U.S.
based Company. On October 25, 2007, the Debtor's directors
presented an application to the High Court of Justice, Chancery
Division, Companies Court to place the Debtors into administration
under the U.K. Insolvency Act of 1986. On November 1, 2007, the
High Court granted the application.
Highlands Insurance Company (U.K.) Ltd. filed for Chapter 15
(Bankr. S.D.N.Y. Case No. 07-13970) on Dec. 18, 2007, through its
duly authorized foreign representatives. When the company filed
for Chapter 15, they listed assets between US$50 million and
US$100 million and debts of more than US$100 million.
The ultimate parent company of Highlands UK is Highlands Insurance
Group Inc., incorporated in the State of Delaware, USA which,
since October 2002 has (together with several subsidiaries) been
subject to bankruptcy proceedings in Delaware, USA.
JOHNSTON PRESS: Has GBP485 Mil. Facility; Offers Share Warrants
---------------------------------------------------------------
Jonathan Browning at Bloomberg News reports Johnston Press Plc
said it negotiated GBP485-million banking facility with its
lenders.
Johnston, Bloomberg discloses, also offered share warrants over 5%
of the company's share capital. Bloomberg says the company will
split the share warrants equally among its lenders and owners of
the private placement notes.
Bloomberg relates Johnston said the cost of borrowing had
"increased considerably" as it renegotiated its debt facilities.
According to Bloomberg, the company's chief financial officer
Stuart Paterson said on a conference call the interest rate costs
will rise to 10% from 5%.
Bloomberg recalls Johnston sought to refinance its borrowings with
its 22 creditors after failing to sell its Irish newspapers in May
because bids were too low. It agreed to defer testing the loan
facilities in June.
Loss
Johnston said its net loss in the six months ended June 30 widened
to GBP67.5 million, from GBP64.8 million a year earlier, while
first-half sales fell 25% to GBP218.6 million.
Advertising Revenues
Amanda Andrews at The Daily Telegraph reports that Johnston's
advertising revenues dropped 32.7%. According to the Daily
Telegraph, the group, which owns The Scotsman and Yorkshire Post,
said recruitment and property advertising revenues fell in tandem
with the recession but the rate of decline had slowed to 26.1% in
the first eight weeks of the second half.
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.
LEHMAN BROTHERS: European Administrator May File US$100-Bil. Claim
------------------------------------------------------------------
PricewaterhouseCoopers LLP, the administrator of Lehman Brothers'
European units, may claim as much as US$100 billion against New
York-based former parent Lehman Brothers Holdings Inc., according
to reporting by Kevin Crowley at Bloomberg. "A significant number
of claims arise as a result of guarantees issued by the parent
company to its subsidiaries globally," PwC said in an e-mailed
statement. "These claims are exceptionally complex and we
anticipate a large amount of further work in dealing with these
claims."
According to Bloomberg, clients of Lehman's European division
including MKM Longboat Capital Advisors LLP and GLG Partners Inc.
were among 700 hedge funds and investment companies that lost
control of assets when Lehman filed for the biggest bankruptcy in
history last year.
The U.S. Bankruptcy Court for the Southern District of New York
has set a Sept. 22 deadline for all claims against LBHI and its
affiliated debtors.
About Lehman Brothers
Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States. For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.
Lehman Brothers filed for Chapter 11 bankruptcy September 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555). Lehman's bankruptcy petition
listed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history. Several other affiliates followed thereafter.
The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman. Epiq
Bankruptcy Solutions serves as claims and noticing agent.
On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)). James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI
The Bankruptcy Court has approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for
US$1.75 billion. Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees. Nomura also
bought Lehman's operations in the Asia Pacific for US$225 million.
International Operations Collapse
Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd. Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008. The joint administrators have
been appointed to wind down the business.
Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.
Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and its various
affiliates. (http://bankrupt.com/newsstand/or 215/945-7000)
LLOYDS BANKING: May Close 300 Halifax Counters
----------------------------------------------
Graham Ruddick at The Daily Telegraph reports that Lloyds Banking
Group could close 300 Halifax counters as it seeks to cut costs
and integrate the HBOS business.
The report relates Lloyds confirmed that it was conducting a
review of the counters after a whistleblower revealed plans, named
Project Tulip, for widespread closures of counters and small
branches. The bank, however, denied it is considering branch
closures, the report notes.
Lloyds has already confirmed that 26 counters will close in
September and October, the report discloses. "A strategic review
of the remaining third-party agency counters is under way," the
report quoted a Lloyds spokesman as saying.
As reported in the Troubled Company Reporter-Europe, Lloyds sought
a GBP17-billion bailout from taxpayers after it agreed to buy HBOS
in September in a government- brokered deal to prevent the
collapse of Britain's biggest mortgage lender. The U.K. owns 43%
of Lloyds.
About Lloyds Banking Group PLC
Lloyds Banking Group PLC, formerly Lloyds TSB Group plc,
(LON:LLOY) -- http://www.lloydsbankinggroup.com/-- is a United
Kingdom-based financial services group providing a range of
banking and financial services, primarily in the United Kingdom,
to personal and corporate customers. The Company operates in
three divisions: UK Retail Banking, Insurance and Investments, and
Wholesale and International Banking. Its main business activities
are retail, commercial and corporate banking, general insurance,
and life, pensions and investment provision. The Company also
operates an international banking business with a global footprint
in 40 countries. Services are offered through a number of brands,
including Lloyds TSB, Halifax, Bank of Scotland, Scottish Widows,
Clerical Medical and Cheltenham & Gloucester. On January 16,
2009, Lloyds Banking Group plc acquired HBOS plc.
NATIONAL EXPRESS: May Push Through with GBP350 Mil. Rights Issue
----------------------------------------------------------------
Pan Kwan Yuk and Lina Saigol at The Financial Times report that
National Express Group plc is likely to push through with a GBP350
million rights issue after rejecting a GBP696 million cash
takeover proposal from a consortium led by its main shareholder.
According the FT, National Express said its strategy was to
"strengthen [its] balance sheet through an equity issue".
"We believe that we can create more value for shareholders by
remaining independent and refinancing the group," the FT quoted
John Devaney, executive chairman, as saying.
The FT recalls the company turned down a 450p-a-share joint offer
from Spain's Cosmen family, which holds an 18.5% stake, and CVC,
the private equity group, claiming that it undervalued the group.
Dominic O'Connell at The Sunday Times reports the Cosmen-led
consortium is considering whether to increase its offer before a
September 11 "put up or shut up" deadline imposed by the Takeover
Panel. The group, the Sunday Times says, may also attempt to
clarify its offer. Insiders, the report says, have said the
group's approach did not have as many conditions attached to it as
National Express claimed in its rejection statement.
Citing industry sources, the Sunday Times notes other bus and rail
groups, including Arriva and Go Ahead, are also considering
whether they might get involved in a bid.
Stagecoach Bid
Caroline Bingham at Bloomberg News, citing the Times of London,
reports that Stagecoach Group Plc is considering a bid for
National Express. "We continue to consider all our options,"
Steven Stewart, a spokesman at Stagecoach, said Saturday when
contacted by Bloomberg.
Bloomberg recalls Stagecoach said in July that it was in exclusive
talks with CVC on buying unspecified assets of National Express,
should the buyout firm succeed in purchasing the company.
Loss
On Aug. 4, 2009, the Troubled Company Reporter-Europe, citing
Telegraph.co.uk, said National Express made a pre-tax loss of
GBP48.1 million in the first six months of 2009, down from a
profit of GBP52.4 million last year, after taking a GBP54.7
million hit from its forced exit from the East Coast mainline
franchise, which is being taken back into government hands.
According Telegraph.co.uk, the accounts declared that while the
directors are confident of renegotiating covenant obligations with
lenders, "covenant compliance remains dependent on actions which
are yet to be delivered". In light of this the accounts warned
that "underlying implementation risks represent a material
uncertainty that may cast significant doubt upon the group's
ability to continue as a going concern".
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.
OMEGA DESIGNER: In Liquidation; Vantis Appointed
------------------------------------------------
Omega Designer Workshop Limited entered into creditors' voluntary
liquidation on Tuesday, August 18, 2009.
Dave Broadbent and Nick O'Reilly, Client Partners at Vantis
Business Recovery Services (BRS), a division of Vantis, the UK
accounting, tax and business advisory group, were appointed as
Joint Liquidators of the company.
Omega Designer Workshop Limited, an interior design company based
in Newcastle Upon Tyne, Northumberland, entered into liquidation
largely as a result current economic downturn under which the
property sector, and related sub-sectors, including interior
design, have been substantially affected. The business has
ceased to trade.
SMART ENERGY: Administrators Ink Two Assets Acquisition Deals
-------------------------------------------------------------
Smart Energy (UK) Limited, one of the largest installers of
domestic solar hot water systems in the UK, entered
into administration on July 17, 2009.
Joint Administrators, Jason Baker and Geoff Rowley, Client
Partners of Vantis Business Recovery Services, a division of
Vantis, the UK accounting, tax and business advisory group, have
negotiated two separate transactions for the sale of certain of
the assets of the business. This followed the decision to close
the business when it became evident that a sale of the business
and assets as a going concern was not possible.
One agreement is with Affordable Solar Energy Limited who has
acquired certain of the assets including all outstanding work in
progress. The other agreement is with Advanced Solar Limited and
under this agreement all former customers, which total some 16,000
people, will be notified in writing that Advanced Solar Limited
can provide ongoing service and repair work that might be
required.
Commenting on the administration, Jason Baker said: "Regrettably,
although it was not possible to achieve a sale of the business as
a going concern the agreements we have reached should enable
systems to be installed where customers would have otherwise lost
their deposit and in respect of former customers they will have
details of a company that can deal with ongoing maintenance of the
installed systems."
SONGBIRD ESTATES: CIC Joins Bailout to Help Avert Citi Debt Breach
------------------------------------------------------------------
Daniel Thomas at The Financial Times reports that China Investment
Corporation has joined a consortium to help bail out Canary Wharf
Group majority owner Songbird Estates plc, which was facing a
potential breach of an GBP880 million (US$1.3 billion) loan.
CIC, the FT says, will join several existing shareholders in
Songbird Estates in providing more than GBP800 million in new
equity to pay back a Citigroup loan. According to the FT, other
groups taking part in the placing include Morgan Stanley Real
Estate Funds, Qatar Holding and Simon Glick, the US private
investor. British Land, also one of the original shareholders,
has opted not to take part in the fully underwritten placing, the
FT notes.
The FT relates David Pritchard, chairman of Songbird Estates, said
that if this deal had not been agreed, the most likely outcome
would have been the administration and liquidation of the company,
which owns 60% of Canary Wharf. The FT recalls Songbird Estates
admitted on Friday that there was a "material risk" that the
company would breach the Citi loan covenants should a refinancing
not occur.
Headquartered in London, United Kingdom, Songbird Estates Plc --
http://www.songbirdestates.com/-- is engaged in the management of
its investment in its main subsidiary, Canary Wharf Group plc, a
holding company for a group (Canary Wharf Group), which
specializes in integrated property development, investment and
management. The activities of Canary Wharf Group are focused on
the development of the Canary Wharf Estate (the Estate) (including
Heron Quays and the adjacent sites at Canary Riverside and North
Quay). Canary Wharf Group is also engaged in development, through
joint ventures, of Wood Wharf and Drapers Gardens. As of December
31, 2007, Canary Wharf Group's investment portfolio comprised 16
completed properties (out of the 30 constructed on the Estate)
totaling 7.9 million square feet of net internal area.
TRAVELZEST PLC: Fails to Secure GBP2MM of Fresh Funds to Pay Debt
-----------------------------------------------------------------
Matthew Goodman at The Sunday Times reports that Travelzest plc
failed to secure GBP2 million pledged to it in a fundraising.
Citing a source close to Travelzest, the report discloses two
shareholders withdrew an offer to inject fresh funds into the
company after they tried to change the terms of the deal at the
last minute.
According to the report, Travelzest said that investors accounting
for GBP2 million of the new funds had failed to meet the deadline
for paying the money, and that it would need to find an
alternative means of securing the funds. The report relates the
company has asked for its shares to be suspended, "pending
clarification of its financial position".
The report discloses under its current lending arrangements,
Travelzest is due to repay GBP2 million to its banks by November
but the company stated this month that it is unlikely to be able
to meet this obligation without attracting fresh funds.
The report says Travelzest bosses will hold talks with other
shareholders this week to secure the missing GBP2 million.
Travelzest plc -- http://www.travelzestplc.com/-- is a United
Kingdom-based parent and holding company. The Company is engaged
in providing a range of online and specialist holidays. The
Company has operations in the United Kingdom and Canada. The
Company’s online and agency operations include itravel2000.com,
Fair’s Fare, Holiday Express and the Cruise Professionals. Its
tour operations offerings include VFB Holidays, Best of Morocco,
Peng Travel, Faraway Holidays & Malaysia Experience, The Tapestry
Collection, The Wow House Company, Captivating Cuba and JMB Travel
Consultants. Fair’s Fare is an airfare analyst, offering travel
planning service to both private and business clients. Holiday
Express operates the Websites holiday.co.uk and flight.co.uk. VFB
Holidays provides a range of specialist holidays, principally to
France. Best of Morocco specializes in tailor-made holidays to
Morocco. In June 2008, Travelzest plc announced the acquisition
of Canadian luxury cruise retailer, The Cruise Professionals
Limited.
YELL GROUP: Mulls GBP350 Mil. Rights Offering, Independent Says
---------------------------------------------------------------
Kevin Crowley at Bloomberg News, citing the Sunday Independent,
reports that Yell Group Plc is considering a GBP350-million
(US$569 million) rights offering to help reduce its GBP3.8-billion
debt pile.
According to Bloomberg, the newspaper said Yell's board is meeting
its lenders, led by HSBC Holdings Plc, and asking them to extend
their loan terms in a process likely to last through the autumn.
The newspaper said JPMorgan Chase & Co. and Rothschild are
advising Yell on refinancing its debt.
On July 22, 2009, the Troubled Company Reporter-Europe, citing the
Financial Times, reported that Yell was drawing up proposals to
extend its debt maturities and amend covenant terms. The FT said
the company must repay GBP328 million by March 2010 with the
remainder in effect falling due in April 2011. According to the
FT, 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.
* Chadbourne & Parke Expands Bankruptcy and Fin'l Group in London
-----------------------------------------------------------------
The international law firm of Chadbourne & Parke LLP on August 31
announced that Alper Deniz has joined the bankruptcy and financial
restructuring practice in the London office as a partner in
Chadbourne & Parke, the Firm's affiliated partnership.
Prior to joining Chadbourne, Deniz, 36, had been a partner in the
Finance and Restructuring Group of Paul Hastings Janofsky & Walker
(Europe) LLP in London and before that he was an associate with
Orrick, Herrington & Sutcliffe and Jones Day, both in London.
"Having Alper join us is strategically important for the
Bankruptcy and Financial Restructuring Group in Chadbourne &
Parke's London office as we help clients with cross-border issues
in today's economy," said Claude Serfilippi, Managing Partner of
Chadbourne's London office. "He will work closely with European
restructuring head Adrian Harris and be part of our integrated
global insolvency practice chaired by Howard Seife in New York."
Also joining the practice will be Nuala Casey, 32, an associate
who has been with Kirkland & Ellis International LLP in London and
before that, Cadwalader Wickersham & Taft LLP. She has worked on
cross-border restructurings, advising both debtors and creditors,
and on acquisitions, disposals, and reorganizations of distressed
businesses.
"We are delighted that Alper and Nuala are joining our Bankruptcy
and Financial Restructuring Group in London. Alper is an
experienced finance and debt capital markets lawyer who has been
involved in a number of significant restructurings and
refinancings," said Mr. Harris. "Our client focus is strongly
aligned and we have the advantage of having worked together
before."
The Bankruptcy and Financial Restructuring Group in the London
office has been at the forefront of a range of issues relating to
the collapse of Lehman Brothers, from advising fund clients on the
recovery of assets under their prime brokerage and custody
arrangements to the provisions of the forthcoming Scheme of
Arrangement. The group has recently completed the restructuring
of Carlton Screen Advertising Limited and continues to be heavily
involved in the restructuring of Golden Key, a structured
investment vehicle.
It has also advised a fund client on the refinancing of Spanish
real estate developer, Reyal Urbis and has, more recently, advised
on issues for noteholders arising out of the proposed merger of
Baxi Group and De Dietrich Remeha Group. In emerging markets, the
group has been involved in situations arising out of the
difficulties faced by financial institutions in Ukraine as a
result of the global economic downturn, and has advised on
restructurings in Russia alongside the Firm's Moscow and
St. Petersburg offices.
Firmwide, Chadbourne's bankruptcy and financial restructuring
lawyers have represented clients in Chapter 11 cases and corporate
restructurings in the United States and abroad, working for
committees, banks, investment banks, insurance companies,
bondholders and funds. They have had leading roles in the Enron,
Refco, TOUSA, Inc., VeraSun Energy Corp. and Mirant Chapter 11
cases, and represented creditors' committees in the Tribune Co.,
Spiegel, Inc./Eddie Bauer Inc. and Parmalat USA Corp. cases.
Chadbourne is a leader in the use of cross-border ancillary
proceedings, including its representation in a Chapter 15 of the
receiver in the Russian bankruptcy of Yukos Oil.
Mr. Deniz speaks frequently at conferences and writes extensively
on restructuring and insolvency. He qualified as a solicitor in
England and Wales in 1999. He received an LL.B. in 1994 and an
LL.M in 1995, both from University College London. He also
received a post graduate diploma, Legal Practice Course, in 1996
from the College of Law in London.
About Chadbourne & Parke LLP
Chadbourne & Parke LLP -- http://www.chadbourne.com/-- an
international law firm headquartered in New York City, provides a
full range of legal services, including mergers and acquisitions,
securities, project finance, private funds, corporate finance,
energy, communications and technology, commercial and products
liability litigation, securities litigation and regulatory
enforcement, special investigations and litigation, intellectual
property, antitrust, domestic and international tax, insurance and
reinsurance, environmental, real estate, bankruptcy and financial
restructuring, employment law and ERISA, trusts and estates and
government contract matters. Major geographical areas of
concentration include Central and Eastern Europe, Russia, the
Middle East and Latin America. The Firm has offices in New York,
Washington, DC, Los Angeles, Mexico City, London (a multinational
partnership), Moscow, St. Petersburg, Warsaw, Kyiv, Almaty, Dubai
and Beijing.
About Chadbourne's London office
In London, the Firm conducts its practice employing both English-
qualified solicitors and U.S. lawyers who work closely with other
Chadbourne offices to provide seamless service to international
clients. The London office offers a range of legal services under
both English and U.S. law and, in particular, focuses on project
finance, privatization, energy, bankruptcy and financial
restructuring, capital markets, banking, insurance and
reinsurance, securitizations, structured finance, corporate
finance, litigation and products liability.
* Large Companies with Insolvent Balance Sheet
----------------------------------------------
Total
Shareholders Total
Company Ticker Equity (US$) Assets (US$)
------- ------ ------ ------
AUSTRIA
-------
LIBRO AG LIBR AV -110486313.84 174004185.02
LIBRO AG LBROF US -110486313.84 174004185.02
LIBRO AG LB6 GR -110486313.84 174004185.02
LIBRO AG LIB AV -110486313.84 174004185.02
SKYEUROPE SKY PW -3897543.17 213166287.14
SKYEUROPE SKYP PW -3897543.17 213166287.14
SKYEUROPE HLDG SKYV IX -3897543.17 213166287.14
SKYEUROPE HLDG SKY EO -3897543.17 213166287.14
SKYEUROPE HLDG SKY EU -3897543.17 213166287.14
SKYEUROPE HLDG SKYA PZ -3897543.17 213166287.14
SKYEUROPE HLDG S8E GR -3897543.17 213166287.14
SKYEUROPE HLDG SKYPLN EO -3897543.17 213166287.14
SKYEUROPE HLDG SKYPLN EU -3897543.17 213166287.14
SKYEUROPE HLDG SKURF US -3897543.17 213166287.14
SKYEUROPE HLDG SKY AV -3897543.17 213166287.14
SKYEUROPE HOL-RT SK1 AV -3897543.17 213166287.14
BELGIUM
-------
SABENA SA SABA BB -85494497.66 2215341059.54
SWITZERLAND
-----------
FORTUNE MANA-NEW FMI5 GR -57223391.61 186057993.69
FORTUNE MANAG-NE FMI7 GR -57223391.61 186057993.69
FORTUNE MANAGEME FMI1 DU -57223391.61 186057993.69
FORTUNE MANAGEME FMI1 GR -57223391.61 186057993.69
FORTUNE MANAGEME FMI3 GR -57223391.61 186057993.69
FORTUNE MANAGEME FMI GR -57223391.61 186057993.69
FORTUNE MANAGEME FMIG IX -57223391.61 186057993.69
FORTUNE MANAGEME FMI1 EO -57223391.61 186057993.69
FORTUNE MANAGEME FMI1 EU -57223391.61 186057993.69
FORTUNE MANAGEME FMI1 PZ -57223391.61 186057993.69
FORTUNE MANAGEME FMGT US -57223391.61 186057993.69
FORTUNE MGMT-REG CTLI US -57223391.61 186057993.69
CYPRUS
------
LIBRA HOLIDA-RTS LGWR CY -5044973.6 274730005.26
LIBRA HOLIDA-RTS LBR CY -5044973.6 274730005.26
LIBRA HOLIDAY-RT 3167808Z CY -5044973.6 274730005.26
LIBRA HOLIDAYS LHGCYP EU -5044973.6 274730005.26
LIBRA HOLIDAYS LHGCYP EO -5044973.6 274730005.26
LIBRA HOLIDAYS LHGR CY -5044973.6 274730005.26
LIBRA HOLIDAYS G LHG EO -5044973.6 274730005.26
LIBRA HOLIDAYS G LHG PZ -5044973.6 274730005.26
LIBRA HOLIDAYS G LHG EU -5044973.6 274730005.26
LIBRA HOLIDAYS G LHG CY -5044973.6 274730005.26
LIBRA HOLIDAYS-P LBHG CY -5044973.6 274730005.26
LIBRA HOLIDAYS-P LBHG PZ -5044973.6 274730005.26
CZECH REPUBLIC
--------------
CKD PRAHA HLDG CKDPF US -89435858.16 192305153.03
CKD PRAHA HLDG CKDH CP -89435858.16 192305153.03
CKD PRAHA HLDG CKDH US -89435858.16 192305153.03
CKD PRAHA HLDG CDP EX -89435858.16 192305153.03
CKD PRAHA HLDG 297687Q GR -89435858.16 192305153.03
SETUZA AS 2994759Q EO -61453764.17 138582273.56
SETUZA AS SZA GR -61453764.17 138582273.56
SETUZA AS 2994755Q EU -61453764.17 138582273.56
SETUZA AS 2994767Q EO -61453764.17 138582273.56
SETUZA AS SZA EX -61453764.17 138582273.56
SETUZA AS SETU IX -61453764.17 138582273.56
SETUZA AS SETUZA PZ -61453764.17 138582273.56
SETUZA AS SETUZA CP -61453764.17 138582273.56
SETUZA AS 2994763Q EU -61453764.17 138582273.56
GERMANY
-------
AGOR AG DOO EU -482446.63 144432986.17
AGOR AG NDAGF US -482446.63 144432986.17
AGOR AG DOO EO -482446.63 144432986.17
AGOR AG DOO GR -482446.63 144432986.17
AGOR AG DOOD PZ -482446.63 144432986.17
AGOR AG DOOG IX -482446.63 144432986.17
AGOR AG-RTS 2301918Z GR -482446.63 144432986.17
ALNO AG ANO GR -28265004.17 366872263.74
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ALNO AG ANO EO -28265004.17 366872263.74
ALNO AG ALNO IX -28265004.17 366872263.74
ALNO AG ANO EU -28265004.17 366872263.74
ALNO AG-NEW ANO1 GR -28265004.17 366872263.74
ALNO AG-RTS 2259765Z GR -28265004.17 366872263.74
BROKAT AG BRKAF US -27139391.98 143536859.72
BROKAT AG BROFQ US -27139391.98 143536859.72
BROKAT AG BKISF US -27139391.98 143536859.72
BROKAT AG BROAF US -27139391.98 143536859.72
BROKAT AG -NEW BRJ1 GR -27139391.98 143536859.72
BROKAT AG -NEW BRJ1 NM -27139391.98 143536859.72
BROKAT AG-ADR BROA US -27139391.98 143536859.72
BROKAT TECH -ADR BROAQ US -27139391.98 143536859.72
BROKAT TECH AG BRJ GR -27139391.98 143536859.72
BROKAT TECH AG BRJ NM -27139391.98 143536859.72
BROKAT TECH AG BSA LN -27139391.98 143536859.72
BROKAT TECH-ADR BRJA GR -27139391.98 143536859.72
CBB HOLD-NEW 97 COB2 GR -42994732.85 904723627.84
CBB HOLDING AG COB2 EO -42994732.85 904723627.84
CBB HOLDING AG COB GR -42994732.85 904723627.84
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DENMARK
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ELITE SHIPPING ELSP DC -27715991.74 100892900.29
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SPAIN
-----
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FRANCE
------
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UNITED KINGDOM
--------------
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REGUS LTD 273187Q LN -46111835.37 367181111
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SETON HEALTHCARE 2290Z LN -10585179.82 156822902.77
SFI GROUP PLC SUF LN -108067115.81 177647536.08
SFI GROUP PLC SUYFF US -108067115.81 177647536.08
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SKYEPHARMA -SUB 2976665Z LN -130883498.29 153620497.99
SKYEPHARMA PLC SK8C GR -130883498.29 153620497.99
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SKYEPHARMA PLC SKP LN -130883498.29 153620497.99
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SMG PLC SMG LN -24923249.67 194430485.8
SMG PLC SMG PO -24923249.67 194430485.8
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SMITHS NEWS PLC NWS IX -97992746.54 146917382.81
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STV GROUP PLC STVGEUR EU -24923249.67 194430485.8
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TOPPS TILES PLC TPTEUR EO -78172467.48 131014414.4
TOPPS TILES PLC TPT VX -78172467.48 131014414.4
TOPPS TILES PLC TPT PO -78172467.48 131014414.4
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TOPPS TILES PLC TPT PZ -78172467.48 131014414.4
TOPPS TILES PLC TPT IX -78172467.48 131014414.4
TOPPS TILES PLC TPTEUR EU -78172467.48 131014414.4
TOPPS TILES PLC TPT EU -78172467.48 131014414.4
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UTC GROUP UGR LN -11904426.45 203548565.03
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WINCANTON PL-ADR WNCNY US -47615167.52 1316638025.67
WINCANTON PLC WIN1EUR EU -47615167.52 1316638025.67
WINCANTON PLC WIN1 TQ -47615167.52 1316638025.67
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WINCANTON PLC WIN LN -47615167.52 1316638025.67
WINCANTON PLC WIN1 EU -47615167.52 1316638025.67
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XXPERT RENTAL XPRT CN -103725000 149477216
GREECE
------
AG PETZETAKIS SA PTZ GR -29943162.81 218449483.79
AG PETZETAKIS SA PZETF US -29943162.81 218449483.79
AG PETZETAKIS SA PETZK PZ -29943162.81 218449483.79
AG PETZETAKIS SA PETZK EO -29943162.81 218449483.79
AG PETZETAKIS SA PETZK EU -29943162.81 218449483.79
AG PETZETAKIS SA PETZK GA -29943162.81 218449483.79
AG PETZETAKIS SA PTZ1 GR -29943162.81 218449483.79
ALTEC SA -AUCT ALTECE GA -113800496.36 212288486.55
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ALTEC SA INFO ATCQF US -113800496.36 212288486.55
ALTEC SA INFO ALTEC GA -113800496.36 212288486.55
ALTEC SA INFO ALTEC EO -113800496.36 212288486.55
ALTEC SA INFO AXY GR -113800496.36 212288486.55
ALTEC SA INFO ALTEC PZ -113800496.36 212288486.55
ALTEC SA INFO-RT ALTED GA -113800496.36 212288486.55
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EMPEDOS SA EMPED GA -33637669.62 174742646.9
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KOUMBAS INSUR-RT KOUMD GA -47073006.65 212483361.18
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RADIO KORASS-RTS KORAR GA -100972173.86 180679253.63
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THEMELIODOMI THEME GA -55751178.85 232036822.56
THEMELIODOMI-AUC THEMEE GA -55751178.85 232036822.56
THEMELIODOMI-RTS THEMER GA -55751178.85 232036822.56
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UNITED TEXTILES UTEX EO -44175513.67 341686153.14
UNITED TEXTILES UTEX GA -44175513.67 341686153.14
UNITED TEXTILES UTEX PZ -44175513.67 341686153.14
UNITED TEXTILES NAOYK GA -44175513.67 341686153.14
UNITED TEXTILES NAOSF US -44175513.67 341686153.14
UNITED TEXTILES UTEX EU -44175513.67 341686153.14
CROATIA
-------
BRODOGRADE INDUS 3MAJRA CZ -351617348.75 237471555.63
IPK OSIJEK DD OS IPKORA CZ -20548292.01 131206123.83
OT OPTIMA TELEKO 2299892Z CZ -48565065 119632635.47
OT-OPTIMA TELEKO OPTERA CZ -48565065 119632635.47
HUNGARY
-------
HUNGARIAN TELEPH HUC EX -41577000 1251297920
HUNGARIAN TELEPH HUC GR -41577000 1251297920
HUNGARIAN TELEPH HUGC IX -41577000 1251297920
INVITEL HOLD-ADR 0IN GR -41577000 1251297920
INVITEL HOLD-ADR IHO US -41577000 1251297920
INVITEL HOLDINGS 3212873Z HB -41577000 1251297920
IRELAND
-------
BOUNDARY CAPITAL BCP1 EO -10192301.85 119787800.54
BOUNDARY CAPITAL BCP IX -10192301.85 119787800.54
BOUNDARY CAPITAL BCPI IX -10192301.85 119787800.54
BOUNDARY CAPITAL BCP LN -10192301.85 119787800.54
BOUNDARY CAPITAL BCM GR -10192301.85 119787800.54
BOUNDARY CAPITAL BCP1 EU -10192301.85 119787800.54
BOUNDARY CAPITAL BCP ID -10192301.85 119787800.54
BOUNDARY CAPITAL BCP1 PZ -10192301.85 119787800.54
BOUNDARY CAPITAL BCP1 PG -10192301.85 119787800.54
ELAN CORP PLC ECN VX -223400000 1844599936
ELAN CORP PLC ELN LN -223400000 1844599936
ELAN CORP PLC ELA PO -223400000 1844599936
ELAN CORP PLC ELN TQ -223400000 1844599936
ELAN CORP PLC ELNUSD EU -223400000 1844599936
ELAN CORP PLC DRX GR -223400000 1844599936
ELAN CORP PLC ELNCF US -223400000 1844599936
ELAN CORP PLC DRXG IX -223400000 1844599936
ELAN CORP PLC DRX1 PZ -223400000 1844599936
ELAN CORP PLC ELN EU -223400000 1844599936
ELAN CORP PLC ELN IX -223400000 1844599936
ELAN CORP PLC ELNGBP EO -223400000 1844599936
ELAN CORP PLC ELNGBX EO -223400000 1844599936
ELAN CORP PLC ELA IX -223400000 1844599936
ELAN CORP PLC ELN EO -223400000 1844599936
ELAN CORP PLC ELN ID -223400000 1844599936
ELAN CORP PLC ELN NR -223400000 1844599936
ELAN CORP PLC ELNUSD EO -223400000 1844599936
ELAN CORP PLC ELA LN -223400000 1844599936
ELAN CORP-ADR EANG IX -223400000 1844599936
ELAN CORP-ADR ELN US -223400000 1844599936
ELAN CORP-ADR QUNELN AU -223400000 1844599936
ELAN CORP-ADR ELAD LN -223400000 1844599936
ELAN CORP-ADR EAN GR -223400000 1844599936
ELAN CORP-ADR UT ELN/E US -223400000 1844599936
ELAN CORP-CVR LCVRZ US -223400000 1844599936
ELAN CORP-CVR ELNZV US -223400000 1844599936
ELAN CORP/OLD 1295Z ID -375500000 1693300096
PAYZONE PLC PAYZ PZ -138030903.22 510010035.33
PAYZONE PLC PAYZ EU -138030903.22 510010035.33
PAYZONE PLC PAYZ IX -138030903.22 510010035.33
PAYZONE PLC PAYZ LN -138030903.22 510010035.33
PAYZONE PLC 4P6 GR -138030903.22 510010035.33
PAYZONE PLC PAYZ PG -138030903.22 510010035.33
PAYZONE PLC PAYZ EO -138030903.22 510010035.33
WATERFORD - RTS WWWB GR -505729895.23 820803256.03
WATERFORD - RTS 508519Q LN -505729895.23 820803256.03
WATERFORD - RTS WWWB ID -505729895.23 820803256.03
WATERFORD - RTS 508523Q LN -505729895.23 820803256.03
WATERFORD - RTS WWWA GR -505729895.23 820803256.03
WATERFORD - RTS WWWA ID -505729895.23 820803256.03
WATERFORD W-ADR WATWY US -505729895.23 820803256.03
WATERFORD WDGEWD WATFF US -505729895.23 820803256.03
WATERFORD WDGEWD WATWF US -505729895.23 820803256.03
WATERFORD WE-RTS WTFF ID -505729895.23 820803256.03
WATERFORD WE-RTS WTFN ID -505729895.23 820803256.03
WATERFORD WE-RTS WTFN VX -505729895.23 820803256.03
WATERFORD WE-RTS WTFN LN -505729895.23 820803256.03
WATERFORD WE-RTS WTFF LN -505729895.23 820803256.03
WATERFORD WED-RT 586556Q LN -505729895.23 820803256.03
WATERFORD WED-RT 586552Q LN -505729895.23 820803256.03
WATERFORD WED-RT WTFR LN -505729895.23 820803256.03
WATERFORD WED-RT WWWC ID -505729895.23 820803256.03
WATERFORD WED-RT WWWD ID -505729895.23 820803256.03
WATERFORD WED-RT WWWD GR -505729895.23 820803256.03
WATERFORD WED-RT WWWC GR -505729895.23 820803256.03
WATERFORD WED-UT WWWD PZ -505729895.23 820803256.03
WATERFORD WED-UT WTFU LN -505729895.23 820803256.03
WATERFORD WED-UT WWW GR -505729895.23 820803256.03
WATERFORD WED-UT WTFUGBX EU -505729895.23 820803256.03
WATERFORD WED-UT WTFU IX -505729895.23 820803256.03
WATERFORD WED-UT WTFU EU -505729895.23 820803256.03
WATERFORD WED-UT WTFU EO -505729895.23 820803256.03
WATERFORD WED-UT WTFU ID -505729895.23 820803256.03
WATERFORD WED-UT WTFUGBX EO -505729895.23 820803256.03
WATERFORD WED-UT WTFU PO -505729895.23 820803256.03
WATERFORD WED-UT WTFU VX -505729895.23 820803256.03
WATERFORD WED-UT WWW PO -505729895.23 820803256.03
WATERFORD-ADR UT WFWA GR -505729895.23 820803256.03
WATERFORD-ADR UT WATFZ US -505729895.23 820803256.03
WATERFORD-SUB 3001875Z ID -505729895.23 820803256.03
ICELAND
-------
AVION GROUP B1Q GR -223771648 2277793536
EIMSKIPAFELAG HF HFEIM EU -223771648 2277793536
EIMSKIPAFELAG HF HFEIM EO -223771648 2277793536
EIMSKIPAFELAG HF HFEIMEUR EU -223771648 2277793536
EIMSKIPAFELAG HF HFEIM PZ -223771648 2277793536
EIMSKIPAFELAG HF HFEIMEUR EO -223771648 2277793536
EIMSKIPAFELAG HF AVION IR -223771648 2277793536
EIMSKIPAFELAG HF HFEIM IR -223771648 2277793536
ITALY
-----
AEDES AXA+W AEAXAW IM -24405906.61 1350851664.42
AEDES SPA AE PZ -24405906.61 1350851664.42
AEDES SPA AE IM -24405906.61 1350851664.42
AEDES SPA AE EO -24405906.61 1350851664.42
AEDES SPA AE EU -24405906.61 1350851664.42
AEDES SPA AE TQ -24405906.61 1350851664.42
AEDES SPA AEDSF US -24405906.61 1350851664.42
AEDES SPA AEDI IX -24405906.61 1350851664.42
AEDES SPA LLB GR -24405906.61 1350851664.42
AEDES SPA RNC AEDE IM -24405906.61 1350851664.42
AEDES SPA-OPA AEDROP IM -24405906.61 1350851664.42
AEDES SPA-OPA AEOPA IM -24405906.61 1350851664.42
AEDES SPA-RTS AESA IM -24405906.61 1350851664.42
AEDES SPA-RTS AEAA IM -24405906.61 1350851664.42
AEDES SPA-SVGS R AEDRAA IM -24405906.61 1350851664.42
ARENA SPA AREI PZ -26843216.33 117951651.43
ARENA SPA ARE2 TQ -26843216.33 117951651.43
ARENA SPA ARE IM -26843216.33 117951651.43
ARENA SPA RON IX -26843216.33 117951651.43
ARENA SPA ARE2 EU -26843216.33 117951651.43
ARENA SPA ARE2 EO -26843216.33 117951651.43
ARENA SPA RON GR -26843216.33 117951651.43
ARENA SPA RNCNF US -26843216.33 117951651.43
BINDA SPA BND IM -11146475.29 128859802.94
BINDA SPA BNDAF US -11146475.29 128859802.94
CART SOTTRI-BIND DEM IM -11146475.29 128859802.94
CIRIO FINANZIARI FIY GR -422095869.5 1583083044.16
CIRIO FINANZIARI CRO IM -422095869.5 1583083044.16
COIN SPA GUCIF US -151690764.75 791310848.67
COIN SPA GC IX -151690764.75 791310848.67
COIN SPA 965089Q GR -151690764.75 791310848.67
COIN SPA-RTS GCAA IM -151690764.75 791310848.67
COIN SPA/OLD GC IM -151690764.75 791310848.67
COMPAGNIA ITALIA ICT IM -137726596.25 527372691.43
COMPAGNIA ITALIA CGLUF US -137726596.25 527372691.43
COMPAGNIA ITALIA CITU IX -137726596.25 527372691.43
CREDITO FOND-RTS CRFSA IM -200209050.26 4213063202.32
CREDITO FONDIARI CRF IM -200209050.26 4213063202.32
LAZIO SPA SSL1 IX -15482934.18 260633690.01
LAZIO SPA SSL IM -15482934.18 260633690.01
LAZIO SPA SSLZF US -15482934.18 260633690.01
LAZIO SPA LZO GR -15482934.18 260633690.01
LAZIO SPA SSL1 EU -15482934.18 260633690.01
LAZIO SPA SSLI PZ -15482934.18 260633690.01
LAZIO SPA 571260Q US -15482934.18 260633690.01
LAZIO SPA SSL1 EO -15482934.18 260633690.01
LAZIO SPA LZO1 GR -15482934.18 260633690.01
LAZIO SPA-RTS SSLAA IM -15482934.18 260633690.01
LAZIO SPA-RTS SSLAZ IM -15482934.18 260633690.01
OLCESE SPA O IM -12846689.89 179691572.79
OLCESE SPA-RTS OAA IM -12846689.89 179691572.79
OLCESE VENEZIANO OLVE IM -12846689.89 179691572.79
OMNIA NETWORK SP ONT EU -14203645.83 330093845.4
OMNIA NETWORK SP ONT PZ -14203645.83 330093845.4
OMNIA NETWORK SP ONT TQ -14203645.83 330093845.4
OMNIA NETWORK SP ONT IM -14203645.83 330093845.4
OMNIA NETWORK SP ONT EO -14203645.83 330093845.4
OMNIA NETWORK SP ONTI IX -14203645.83 330093845.4
PARMALAT FINA-RT PRFR AV -18419390028.95 4120687886.18
PARMALAT FINANZI PRFI VX -18419390028.95 4120687886.18
PARMALAT FINANZI FICN AV -18419390028.95 4120687886.18
PARMALAT FINANZI PMLFF US -18419390028.95 4120687886.18
PARMALAT FINANZI PAF GR -18419390028.95 4120687886.18
PARMALAT FINANZI PARAF US -18419390028.95 4120687886.18
PARMALAT FINANZI PRF IM -18419390028.95 4120687886.18
PARMALAT FINANZI PMT LI -18419390028.95 4120687886.18
RONCADIN SPA RON IM -26843216.33 117951651.43
RONCADIN SPA-RT RONAA IM -26843216.33 117951651.43
RONCADIN SPA-RTS RONAAW IM -26843216.33 117951651.43
SNIA BPD SN GR -97720525.24 339401569.86
SNIA BPD-ADR SBPDY US -97720525.24 339401569.86
SNIA SPA SSMLF US -97720525.24 339401569.86
SNIA SPA SIAI IX -97720525.24 339401569.86
SNIA SPA SN TQ -97720525.24 339401569.86
SNIA SPA SNIB GR -97720525.24 339401569.86
SNIA SPA SNIXF US -97720525.24 339401569.86
SNIA SPA SBPDF US -97720525.24 339401569.86
SNIA SPA SN EU -97720525.24 339401569.86
SNIA SPA SIAI PZ -97720525.24 339401569.86
SNIA SPA SN EO -97720525.24 339401569.86
SNIA SPA SNIA GR -97720525.24 339401569.86
SNIA SPA SN IM -97720525.24 339401569.86
SNIA SPA - RTS SNAAW IM -97720525.24 339401569.86
SNIA SPA- RTS SNAXW IM -97720525.24 339401569.86
SNIA SPA-2003 SH SN03 IM -97720525.24 339401569.86
SNIA SPA-CONV SA SPBDF US -97720525.24 339401569.86
SNIA SPA-DRC SNR00 IM -97720525.24 339401569.86
SNIA SPA-NEW SN00 IM -97720525.24 339401569.86
SNIA SPA-NON CON SPBNF US -97720525.24 339401569.86
SNIA SPA-RCV SNR IM -97720525.24 339401569.86
SNIA SPA-RCV SNIVF US -97720525.24 339401569.86
SNIA SPA-RIGHTS SNAW IM -97720525.24 339401569.86
SNIA SPA-RNC SNRNC IM -97720525.24 339401569.86
SNIA SPA-RNC SNIWF US -97720525.24 339401569.86
SNIA SPA-RTS SNAA IM -97720525.24 339401569.86
SNIA SPA-RTS SNSO IM -97720525.24 339401569.86
SOCOTHERM SPA SOCEF US -28370270.37 537950362.36
SOCOTHERM SPA SCT IM -28370270.37 537950362.36
SOCOTHERM SPA SCT EU -28370270.37 537950362.36
SOCOTHERM SPA SCTI PZ -28370270.37 537950362.36
SOCOTHERM SPA SCTM IX -28370270.37 537950362.36
SOCOTHERM SPA SCT TQ -28370270.37 537950362.36
SOCOTHERM SPA SCT EO -28370270.37 537950362.36
TECNODIFF ITALIA TDIFF US -89894162.82 152045757.48
TECNODIFF ITALIA TDI IM -89894162.82 152045757.48
TECNODIFF ITALIA TEF GR -89894162.82 152045757.48
TECNODIFF ITALIA TDI NM -89894162.82 152045757.48
TECNODIFF-RTS TDIAOW NM -89894162.82 152045757.48
TECNODIFFUSIONE TDIAAW IM -89894162.82 152045757.48
TISCALI SPA TIQ GR -24638454.05 1569205599.82
TISCALI SPA TIQG IX -24638454.05 1569205599.82
TISCALI SPA TISGBX EU -24638454.05 1569205599.82
TISCALI SPA TISN FP -24638454.05 1569205599.82
TISCALI SPA TIS VX -24638454.05 1569205599.82
TISCALI SPA TIS PZ -24638454.05 1569205599.82
TISCALI SPA TIS NR -24638454.05 1569205599.82
TISCALI SPA TISN NA -24638454.05 1569205599.82
TISCALI SPA TISGBP EO -24638454.05 1569205599.82
TISCALI SPA TIS EU -24638454.05 1569205599.82
TISCALI SPA TIS EO -24638454.05 1569205599.82
TISCALI SPA TIS FP -24638454.05 1569205599.82
TISCALI SPA TIS TQ -24638454.05 1569205599.82
TISCALI SPA TISGBX EO -24638454.05 1569205599.82
TISCALI SPA TIS NA -24638454.05 1569205599.82
TISCALI SPA TISN IM -24638454.05 1569205599.82
TISCALI SPA TISN VX -24638454.05 1569205599.82
TISCALI SPA TSCXF US -24638454.05 1569205599.82
TISCALI SPA TISN IX -24638454.05 1569205599.82
TISCALI SPA TIS IX -24638454.05 1569205599.82
TISCALI SPA TIS IM -24638454.05 1569205599.82
TISCALI SPA- RTS TISAXA IM -24638454.05 1569205599.82
TISCALI SPA- RTS TIQ1 GR -24638454.05 1569205599.82
LUXEMBOURG
----------
CARRIER1 INT-AD+ CONE ES -94729000 472360992
CARRIER1 INT-ADR CONE US -94729000 472360992
CARRIER1 INT-ADR CONEQ US -94729000 472360992
CARRIER1 INT-ADR CONEE US -94729000 472360992
CARRIER1 INTL CJNA GR -94729000 472360992
CARRIER1 INTL CJN NM -94729000 472360992
CARRIER1 INTL CJN GR -94729000 472360992
CARRIER1 INTL SA 1253Z SW -94729000 472360992
CARRIER1 INTL SA CONEF US -94729000 472360992
NETHERLANDS
-----------
BAAN CO NV-ASSEN BAANA NA -7854741.41 609871188.88
BAAN COMPANY NV BAAVF US -7854741.41 609871188.88
BAAN COMPANY NV BNCG IX -7854741.41 609871188.88
BAAN COMPANY NV BAAN EU -7854741.41 609871188.88
BAAN COMPANY NV BAAN PZ -7854741.41 609871188.88
BAAN COMPANY NV BAAN EO -7854741.41 609871188.88
BAAN COMPANY NV BAAN IX -7854741.41 609871188.88
BAAN COMPANY NV BAAN GR -7854741.41 609871188.88
BAAN COMPANY NV BAAN NA -7854741.41 609871188.88
BAAN COMPANY-NY BAANF US -7854741.41 609871188.88
BUSINESSWAY INTL BITLE US -69320 127631096
BUSINESSWAY INTL BITL US -69320 127631096
CNW ORLANDO INC CNWD US -69320 127631096
GLOBALNETCARE GBCR US -69320 127631096
GLOBALNETCARE GBCRE US -69320 127631096
ICBS INTERNATION ICBO US -69320 127631096
ICBS INTERNATION ICBOE US -69320 127631096
JAMES HARDIE IND 726824Z NA -108700000 1898699904
JAMES HARDIE IND HAH NZ -108700000 1898699904
JAMES HARDIE IND HAH AU -108700000 1898699904
JAMES HARDIE IND 600241Q GR -108700000 1898699904
JAMES HARDIE NV JHXCC AU -108700000 1898699904
JAMES HARDIE-ADR JHX US -108700000 1898699904
JAMES HARDIE-ADR JHINY US -108700000 1898699904
JAMES HARDIE-CDI JHX AU -108700000 1898699904
JAMES HARDIE-CDI JHA GR -108700000 1898699904
JAMES HARDIE-CDI JHIUF US -108700000 1898699904
ROYAL INVEST INT RIIC US -69320 127631096
UNITED PAN -ADR UPEA GR -5505478849.55 5112616630.06
UNITED PAN-A ADR UPCOY US -5505478849.55 5112616630.06
UNITED PAN-EUR-A UPC LI -5505478849.55 5112616630.06
UNITED PAN-EUR-A UPC NA -5505478849.55 5112616630.06
UNITED PAN-EUR-A UPC LN -5505478849.55 5112616630.06
UNITED PAN-EUROP UPC VX -5505478849.55 5112616630.06
UNITED PAN-EUROP UPE1 GR -5505478849.55 5112616630.06
UNITED PAN-EUROP UPE GR -5505478849.55 5112616630.06
UNITED PAN-EUROP UPCOF US -5505478849.55 5112616630.06
UNITED PAN-EUROP UPCEF US -5505478849.55 5112616630.06
WAH KING INVEST WAHKE US -69320 127631096
WAH KING INVEST WAHK US -69320 127631096
NORWAY
------
PETRO GEO-SERV 265143Q NO -18066142.21 399710323.59
PETRO GEO-SERV PGS VX -18066142.21 399710323.59
PETRO GEO-SERV PGS GR -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 KRS PW -2241614.77 111838141.19
KROSNO KROS IX -2241614.77 111838141.19
KROSNO KRS1EUR EO -2241614.77 111838141.19
KROSNO KRS1EUR EU -2241614.77 111838141.19
KROSNO SA KRNFF US -2241614.77 111838141.19
KROSNO SA KROSNO PW -2241614.77 111838141.19
KROSNO SA KRS PZ -2241614.77 111838141.19
KROSNO SA KRS1 EU -2241614.77 111838141.19
KROSNO SA KRS1 EO -2241614.77 111838141.19
KROSNO SA-RTS KRSP PW -2241614.77 111838141.19
KROSNO-PDA-ALLT KRSA PW -2241614.77 111838141.19
TOORA TOR PW -288818.39 147004954.18
TOORA TOR PZ -288818.39 147004954.18
TOORA 2916661Q EO -288818.39 147004954.18
TOORA 2916665Q EU -288818.39 147004954.18
TOORA-ALLOT CERT TORA PW -288818.39 147004954.18
PORTUGAL
--------
COFINA COFI TQ -9882836.46 319233214.35
COFINA COFI EO -9882836.46 319233214.35
COFINA CFASF US -9882836.46 319233214.35
COFINA CFN PL -9882836.46 319233214.35
COFINA COFI EU -9882836.46 319233214.35
COFINA COFSI IX -9882836.46 319233214.35
COFINA COFI PL -9882836.46 319233214.35
COFINA CFN1 PZ -9882836.46 319233214.35
COFINA CFNX PX -9882836.46 319233214.35
PORCELANA VISTA PVAL PL -44208990.42 143765544.74
SPORTING-SOC DES SCPX PX -4083492.14 225687305.9
SPORTING-SOC DES SCG GR -4083492.14 225687305.9
SPORTING-SOC DES SCDF PL -4083492.14 225687305.9
SPORTING-SOC DES SCPL IX -4083492.14 225687305.9
SPORTING-SOC DES SCDF EO -4083492.14 225687305.9
SPORTING-SOC DES SCP PL -4083492.14 225687305.9
SPORTING-SOC DES SCDF EU -4083492.14 225687305.9
SPORTING-SOC DES SCP1 PZ -4083492.14 225687305.9
VAA VISTA ALEGRE VAF PZ -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 EO -44208990.42 143765544.74
VAA VISTA ALEGRE VAFX PX -44208990.42 143765544.74
VAA VISTA ALTAN VAFK 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 VAFKX PX -44208990.42 143765544.74
VAA VISTA ALTAN VAFK PL -44208990.42 143765544.74
ROMANIA
-------
OLTCHIM RM VALCE OLT RO -16862370.58 614340383.91
OLTCHIM RM VALCE OLTEUR EO -16862370.58 614340383.91
OLTCHIM RM VALCE OLTCF US -16862370.58 614340383.91
OLTCHIM RM VALCE OLTEUR EU -16862370.58 614340383.91
OLTCHIM RM VALCE OLT EO -16862370.58 614340383.91
OLTCHIM RM VALCE OLT EU -16862370.58 614340383.91
OLTCHIM RM VALCE OLT PZ -16862370.58 614340383.91
RAFO SA RAF RO -457922636.25 356796459.26
UZINELE SODICE G UZIM RO -35878364.71 104942905.83
DUVANSKA DIVR SG -7729350.78 109207260.53
IMK 14 OKTOBAR A IMKO SG -5175836.42 110102264.18
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 ALCE RU -672832.37 105454563.92
ALFA CEMENT-BRD AFMTF US -672832.37 105454563.92
AMO ZIL ZILL RM -165713442.78 328106800.85
AMO ZIL-CLS ZILL RU -165713442.78 328106800.85
AMO ZIL-CLS ZILL* RU -165713442.78 328106800.85
DAGESTAN ENERGY DASB RU -24834103.03 105689368.23
DAGESTAN ENERGY DASB* RU -24834103.03 105689368.23
DAGESTAN ENERGY DASB RM -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 -15706613.04 105440541.07
URGALUGOL-BRD YRGL* RU -15706613.04 105440541.07
URGALUGOL-BRD-PF YRGLP RU -15706613.04 105440541.07
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 ZRLUF US -91603977.68 1725908124.2
ZORLU ENERJI ELE ZOREN TI -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 -8466062.15 297261661.11
DONETSKOBLENERGO DOON UZ -222373172.26 391097664.92
LUGANSKOBLENERGO LOEN UZ -27999610.26 206103874.91
NAFTOKHIMIK PRIC NAFP UZ -18319042.42 308665797.86
NAFTOKHIMIK-GDR N3ZA GR -18319042.42 308665797.86
ZAPORIZHOBLENERG ZAON UZ -5929792.72 132397404.71
*********
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 * * *