/raid1/www/Hosts/bankrupt/TCREUR_Public/090915.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 15, 2009, Vol. 10, No. 182
Headlines
A U S T R I A
ENGLER GASTWIRTSCHAFT: Claims Filing Deadline is September 17
VINZENZ SCHREIBER: Claims Filing Deadline is September 17
B U L G A R I A
* BULGARIA: One in Six Companies Face Liquidity Woes, Survey Says
C Z E C H R E P U B L I C
SKANSKA AB: Mulls 800 Job Cuts at Czech Unit on Weak Orders
G E R M A N Y
ARCANDOR AG: Quelle Mail Order Unit Secures Financing
ATU AUTO-TEILE-UNGER: Moody's Gives Neg. Outlook on 'Caa1' Rating
ATU AUTO-TEILE-UNGER: S&P Affirms 'CCC+' Corporate Credit Rating
GENERAL MOTORS: EU to Scrutinize Opel Restructuring Plan
HECKLER & KOCH: Moody's Gives Positive Outlook on 'B2' Rating
MTU AERO: Moody's Gives Positive Outlook on 'Ba1' Corp. Rating
* GERMANY: Corporate Insolvency Filings Up Nearly 15% in 1H09
G R E E C E
WIND HELLAS: Apax and TPG Express Interest
I R E L A N D
ANGLO IRISH: Nonpayment of Coupons Cues Fitch to Junk Ratings
INDEPENDENT NEWS: Mulls Debt-for Equity Swap
K A Z A K H S T A N
AKMOLA REKLAMA: Creditors Must File Claims by September 18
KAZ INTER: Creditors Must File Claims by September 18
KRAFT INFINITY: Creditors Must File Claims by September 18
SAIPEM SPA: Creditors Must File Claims by September 18
K Y R G Y Z S T A N
ASIAUNIVERSALBANK JSC: Moody's Upgrades Deposit Ratings to 'Caa1'
KINGZ IMPEX: Creditors Must File Claims by September 30
R U S S I A
ALFA-BANK OJSC: S&P Cuts LT Counterparty Credit Rating to 'B+'
AVTOVAZ OAO: To Reduce Workforce by 36,000
BANK VOZROZHDENIE: S&P Cuts LT Counterparty Credit Rating to 'B+'
BURPODSHIPNIK LLC: Udmurtia Bankruptcy Hearing Set September 17
COMMERCIAL BANK: S&P Removes 'B+' Rating From CreditWatch Negative
CONCRETE PRODUCTS: Creditors Must File Claims by September 17
KRASNOYARSK AIRLINES: Creditors Must File Claims by September 17
KRASNODAR-INVEST: Creditors Must File Claims by September 17
KREATIV-STROY LLC: Creditors Must File Claims by September 17
MEGASTROY LLC: Stavropolskiy Bankruptcy Hearing Set September 17
PROMSVYAZBANK OJSC: S&P Cuts LT Counterparty Credit Rating to 'B'
REM-STROY LLC: Creditors Must File Claims by September 17
STROITELNYY DVOR: Creditors Must File Claims by September 17
URAL BANK: S&P Removes 'B-' Rating From CreditWatch Negative
VERKHNELENSKIY TIMBER: Creditors Must File Claims by September 17
YENISEY-LES CJSC: Creditors Must File Claims by September 17
YUG-SPETS LLC: Creditors Must File Claims by September 17
S L O V E N I A
MURA D.D.: Mulls Bankruptcy Filing, STA Says
S P A I N
NOZAR SA: Files for Creditor Protection
U K R A I N E
AGRICULTURAL TECHNICAL: Bankruptcy Supervision Procedure Begins
BRILON LLC: Creditors Must File Claims by September 17
LIFER LLC: Creditors Must File Claims by September 17
LIST LLC: Creditors Must File Claims by September 17
MAJOREL LLC: Creditors Must File Claims by September 17
ODESSA LLC: Creditors Must File Claims by September 17
RUD-SNAB LLC: Creditors Must File Claims by September 17
SHELTON-NIKOLAYEV LLC: Creditors Must File Claims by September 17
SKLO LLC: Creditors Must File Claims by September 17
SILEZIYA LLC: Creditors Must File Claims by September 17
TERNOVOYE LLC: Creditors Must File Claims by September 17
TIMRET LLC: Creditors Must File Claims by September 17
UKRHAZBANK AB: Temporary Administration Ends
UKRNEOBUD LLC: Creditors Must File Claims by September 17
U N I T E D K I N G D O M
GALA CORAL: Mezzanine Debt Holders Assess Options
LEHMAN BROTHERS: PwC Says Euro Unit Clients Have to Wait 2 Years
LEHMAN BROTHERS: Firms Face FSA Action Over Structured Products
NATIONAL EXPRESS: Takeover Offer Deadline Extended
ROBERT DYAS: Secures Debt-for-Equity Swap Deal with Banks
SPINVOX LTD: Put Up for Sale, Invesco Says
X X X X X X X X
* Large Companies with Insolvent Balance Sheet
*********
=============
A U S T R I A
=============
ENGLER GASTWIRTSCHAFT: Claims Filing Deadline is September 17
-------------------------------------------------------------
Creditors of Engler Gastwirtschaft GmbH have until September 17,
2009, to file their proofs of claim.
A court hearing for examination of the claims has been scheduled
for October 17, 2009 at 11:10 a.m.
For further information, contact the company's administrator:
Dr. Eva Mueller
Alte Landstrasse 26
6820 Frastanz
Austria
Tel: 05522/84990
Fax: 05522/84990-9
E-mail: office@ra-ettefagh.at
VINZENZ SCHREIBER: Claims Filing Deadline is September 17
---------------------------------------------------------
Creditors of Vinzenz Schreiber GmbH have until September 17, 2009,
to file their proofs of claim.
A court hearing for examination of the claims has been scheduled
for October 1, 2009 at 9:00 a.m.
For further information, contact the company's administrator:
Dr. Peter Schulyok
Mariahilfer Strasse 50
1070 Wien
Austria
Tel: 523 62 00 Serie
Fax: 526 72 74
E-mail: schulyok-unger@csg.at
===============
B U L G A R I A
===============
* BULGARIA: One in Six Companies Face Liquidity Woes, Survey Says
-----------------------------------------------------------------
The Sofia Echo, citing a survey by international debt management
group EOS Matrix, reports that every one in six Bulgarian
companies is facing liquidity trouble because of losses
accumulated from delayed payments by partners and customers.
According to Sofia Echo, the report highlights the severity of the
issue with outstanding debts for Bulgarian businesses. With 16%
of their receivables still due, Bulgarian companies occupy the
notorious top spot, lagging behind with almost every other bill,
Sofia Echo says. Thus, local companies write off and lose 4% of
their total receivables against a much more humble 1.4% for the UK
and Switzerland, for instance, Sofia Echo discloses.
===========================
C Z E C H R E P U B L I C
===========================
SKANSKA AB: Mulls 800 Job Cuts at Czech Unit on Weak Orders
-----------------------------------------------------------
Jason Hovet at Reuters, citing news website www.iDnes.cz, reports
that Skanska AB plans to cut its Czech workforce by 800 by the
beginning of 2010 due to weaker orders.
Citing the news Web site, Reuters discloses 400 jobs have already
been cut this year.
The company employs 6,800 in the Czech Republic.
Skanska AB -- http://www.skanska.com/-- is a Sweden-based
construction and project development company. It has four
business areas: Construction that handles construction of non-
residential and residential buildings, as well as civil
construction projects; Residential Development that initiates and
develops residential projects for sale; Commercial Development
that initiates, develops, leases and divests commercial property
projects, focusing on office buildings, shopping malls and
logistics properties, and Infrastructure Development that develops
manages and divests privately financed public infrastructure
projects, such as roads, hospitals, schools and power generating
plants. The Company's home markets include Sweden, Norway,
Denmark, Finland, Estonia, Poland, the Czech Republic, Slovakia,
Hungary, the United States, the United Kingdom and Latin America.
=============
G E R M A N Y
=============
ARCANDOR AG: Quelle Mail Order Unit Secures Financing
-----------------------------------------------------
Eva Kuehnen and Nikola Rotscheroth at Reuters report that Quelle,
Arcandor AG's mail order unit, has secured financing until the end
of the year.
Reuters relates Arcandor's insolvency administrator and creditor
banks came to an agreement for Quelle's factoring, in which banks
pay the company upfront for accounts receivable from customers.
"After [Friday's] agreements, we are now focusing on restructuring
measures for Europe's largest mail order company as announced in
mid-August," Reuters quoted Joerg Nerlich, who is part of the
administrator's team, as saying in a statement.
Insolvency Proceedings
On Sept. 2, 2009, the Troubled Company Reporter-Europe, Citing
Bloomberg News, reported that a local court in Essen formally
opened insolvency proceedings for the Arcandor on Sept. 1.
Bloomberg disclosed the proceedings started for the
Arcandor holding company and for 14 units, including the Karstadt
department-store chain and Primondo mail-order division.
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.
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.
ATU AUTO-TEILE-UNGER: Moody's Gives Neg. Outlook on 'Caa1' Rating
-----------------------------------------------------------------
Moody's Investors Service has changed the outlook to negative from
stable on the Caa1 Corporate Family Rating of A.T.U. Auto-Teile-
Unger Investment GmbH & Co. KG and the Caa3 rating of the
company's EUR150 million senior notes.
Although ATU's current rating remains supported by some recent
strengthening in the company's profitability, the outlook change
to negative reflects a somewhat weaker than expected operating
performance in Q2 2009 as well as continued buy-backs of smaller
debt pieces in the secondary market. In sum, these developments
have resulted in a lower than expected liquidity cushion, which
Moody's is concerned might not be sufficient to service upcoming
debt amortizations scheduled for 2010. Moreover, Moody's notes
that further debt buybacks could be viewed as distressed exchange
under Moody's definitions which consider debt buybacks as a deemed
default even if no payment default occurred when the buybacks are
designed to alleviate an unsustainable capital structure and
result in an economic loss for creditors.
Moody's also cautions that it might be challenging for ATU to
comply with financial covenants invoked in its financial
arrangements in future. Against this backdrop short-term rating
drivers will be (i) ATU's performance in the important winter
season, (ii) the company's ability to protect cash flow and
liquidity with a view towards the 2010 debt amortizations, (iii)
its ability to comply with financial covenants going forward and
(iv) ATU's financial policy in light of the recent debt buybacks
in the secondary market. A weak performance during the winter
season jeopardizing ATU's ability to comply with its financing
arrangements would put material pressure on the rating already in
the short term.
At the same time Moody's acknowledges ATU's significant
achievements in downsizing its cost base as well as recent signs
of a possible stabilization in like-for-like revenues despite a
challenging economic environment. As a result ATU reported EBITDA
of EUR23 million in H1 2009 after EUR12 million in 2008 (before
Moody's adjustments and excluding non-recurring restructuring
costs as well as accounting gains from debt buybacks). However,
the rating remains constrained by a high leverage (10.6x
Debt/EBITDA per FY2008) which resulted from a gradual erosion in
earnings over 2005-2008 and which so far has only slightly reduced
to 9.5x per H1 2009.
Outlook Actions:
Issuer: A.T.U. Auto-Teile-Unger Invtmt GmbH & Co. KG
-- Outlook, Changed To Negative From Stable
The last rating action was implemented on April 3, 2008, when the
Caa1 Corporate Family Rating was confirmed with a stable outlook.
Measured by sales, A.T.U. Auto-Teile-Unger is Germany's leading
operator of specialist auto retail stores with integrated, brand
independent workshops. The group had more than 640 retail stores
as of June 2009, mostly in Germany but also in Austria, Czech
Republic, Netherlands, Switzerland and Italy. For the last twelve
months ending June 2009, the company generated about
EUR1.25 billion of sales, approximately 78% of which came from
sales of car parts and accessories and the remainder mainly from
workshop and other services. ATU is owned by a consortium
including funds controlled by KKR (76.6%) and Doughty Hanson
(17.5%). The balance is held by ATU management.
ATU AUTO-TEILE-UNGER: S&P Affirms 'CCC+' Corporate Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'CCC+'
long-term corporate credit rating on Germany-based retailer and
integrated workshop operator A.T.U Auto-Teile-Unger. The rating
was subsequently withdrawn at the company's request. The outlook
was negative before the rating withdrawal.
At the same time, the 'CCC-' issue rating on the EUR150 million
floating-rate senior subordinated notes due 2014 issued by A.T.U
Auto-Teile-Unger Investment GmbH & Co. KG was affirmed then
withdrawn. Before the withdrawal, these notes carried a recovery
rating of '6', indicating S&P's expectation of negligible (0%-10%)
recovery in the event of payment default.
The recovery rating was based on S&P's valuation of the business,
partly as a going concern and on a partial-liquidation basis. S&P
now see continuously declining operating performance, accelerated
by tough competition and expected brand dilution, as a key trigger
for S&P's default scenario in early 2010. Under S&P's simulated
scenario, S&P assume that the most profitable branches will be
reorganized as going concerns, but that nonprofitable parts will
be liquidated at the point of default.
S&P estimates the stressed enterprise value to be in the range of
EUR200 million to EUR250 million, based on the proportion of
assets sold off on a fully going-concern basis versus assets that
are liquidated at the time of default.
The corporate credit rating reflected S&P's assessment of ATU's
highly leveraged capital structure, weak liquidity, and the highly
competitive automotive aftermarket. The ratings benefited,
however, from the company's nationwide network coverage and S&P's
view of ATU's considerable purchasing power, which, along with
operating cost savings, should help the company improve its
operating and financial performance.
GENERAL MOTORS: EU to Scrutinize Opel Restructuring Plan
--------------------------------------------------------
Matthew Newman at Bloomberg News reports that Germany must submit
its restructuring plan for General Motors Co.'s Opel unit to
European Union competition chief Neelie Kroes.
According to Bloomberg, the European Commission said it hasn't
been formally notified of Germany's plan to provide Opel with
EUR3 billion (US$4.38 billion) in loan guarantees.
Bloomberg relates Neelie Kroes, the EU's competition commissioner,
warned Germany against any "protectionist motives" in its support
plan for GM's Opel unit as the carmaker's new owner announced
plans to cut about 10,500 jobs. Ms. Kroes, as cited by Bloomberg,
said no job or investment conditions are allowed to be tied to the
aid by the government of German Chancellor Angela Merkel, who is
seeking re-election in two weeks.
"Such conditions would create unacceptable distortions in the
internal market and could trigger a subsidy race which would
significantly damage the European economy in the present delicate
moment," Bloomberg quoted Ms. Kroes as saying. "We will be
scrutinizing the process very carefully to make sure it is based
on commercial considerations."
Job Cuts
Bloomberg reports that, at a press conference in Frankfurt
yesterday, Magna International Inc. Co-Chief Executive Officer
Siegfried Wolf said he expects the elimination of about 10,500
jobs at Opel.
Daniel Schafer and John Reed at The Financial Times report that
Mr. Wolf, Magna's co-chief executive, said that Opel and its UK
business, Vauxhall, would have to cut their combined workforce of
more than 50,000 by a fifth in the next 12 months. According to
the FT, more than 4,000 of the job cuts would be in Germany, where
25,000 are employed, and the rest elsewhere in Europe. The FT
relates Mr. Wolf confirmed that Magna might have to close Opel's
Belgian plant in Antwerp, which employs 2,580 and builds the Astra
compact model. Opel's new owners plan to invest EUR600 million
(US$877 million) in the Russian market, the FT discloses. The FT
notes Mr. Wolf said Opel's new owners plan to repay the government
loans by 2015 and return the company to profitability before that
date.
Antwerp
RIA Novosti, citing Belgian media, reports the Antwerp plant could
be saved should Belgian authorities allocate EUR200 million
(US$290 million). RIA Novosti relates the media quoted Opel top
labor representative Klaus Franz as saying Opel's plants in
Europe, planned for closure, can be kept running if EUR1.6 billion
(US$2.3 billion), including EUR200 million in state aid for the
Belgian plant, is allocated by the countries where the plants are
situated.
Vauxhall
Richard Wachman at The Guardian reports that UK business secretary
Lord Mandelson is seeking talks with senior executives at Magna
when he could offer up the prospect of GBP400 million of
taxpayer's money, if the company agrees to safeguard the future of
Vauxhall's Luton plant. According to the Guardian, GM's Luton van
factory is considered to the most vulnerable to closure as a
contract to produce van models expires in 2013, and the company
has said nothing about a replacement. Ellesmere Port and Luton
employ more than 5,000 employees.
As reported in the Troubled Company Reporter-Europe on Sept. 11,
2009, Magna and Savings Bank of the Russian Federation said their
joint offer to acquire a 55% interest in Opel has been selected by
both GM and the Opel Trust as the preferred solution to address
the future of Opel.
Under the offer, the acquired 55% interest in Opel would be owned
50:50 by a Magna/Sberbank consortium with GM retaining a 35%
interest and Opel employees acquiring 10% as part of a new labour
framework. The offer contemplates a total equity investment by
the consortium of EUR500 million over time. Completion of the
purchase remains subject to finalization of definitive agreements
and other conditions, including government-backed financing and
regulatory approvals.
Viability
John Reed and Bernard Simon at The Financial Times report analysts
raised questions about Magna's ability to execute a restructuring
needed to return Opel to profitability, even with the help of
EUR4.5 billion (US$6.5 billion) of mostly German government aid.
According ot the FT, while Magna's original bid document spoke of
cutting costs by axing 10,000 jobs across Europe, in an industry
driven by volumes, however, profitability hinges less on cost-
cutting than on manufacturers' ability to build scale by selling
more cars. GM currently builds 450,000 units a year on the
production platform that makes its Astra model, a volume analysts
describe as too small to recoup costs, the FT notes.
"The critical volume per platform is at 600,000 to 800,000 units
for a mass carmaker," the FT quoted Arndt Ellinghorst, head of
automotive research at Credit Suisse, as saying. "Unless Opel can
reach that level, its business model remains fragile."
About General Motors
Headquartered in Detroit, Michigan, General Motors Corp.
(NYSE: GM) -- http://www.gm.com/-- was founded in 1908. GM
employs about 266,000 people around the world and manufactures
cars and trucks in 35 countries. In 2007, nearly 9.37 million GM
cars and trucks were sold globally under the following brands:
Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling. GM's OnStar
subsidiary is the industry leader in vehicle safety, security and
information services.
GM Europe is based in Zurich, Switzerland, while General Motors
Latin America, Africa and Middle East is headquartered in Miramar,
Florida.
As reported by the Troubled Company Reporter, GM reported net loss
of US$6.0 billion, including special items, in the first quarter
of 2009. This compares with a reported net loss of US$3.3 billion
in the year-ago quarter. As of March 31, 2009, GM had
US$82.2 billion in total assets and US$172.8 billion in total
liabilities, resulting in US$90.5 billion in stockholders'
deficit.
General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026). The Honorable Robert E. Gerber presides over the
Chapter 11 cases. Harvey R. Miller, Esq., Stephen Karotkin, Esq.,
and Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges LLP,
assist the Debtors in their restructuring efforts. Al Koch at AP
Services, LLC, an affiliate of AlixPartners, LLP, is the Debtors'
restructuring officer. GM is also represented by Jenner & Block
LLP and Honigman Miller Schwartz and Cohn LLP as counsel.
Cravath, Swaine, & Moore LLP is providing legal advice to the GM
Board of Directors. GM's financial advisors are Morgan Stanley,
Evercore Partners and the Blackstone Group LLP.
General Motors changed its name to Motors Liquidation Co.
following the sale of its key assets to a company 60.8% owned by
the U.S. Government.
Bankruptcy Creditors' Service, Inc., publishes General Motors
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
undertaken by General Motors Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
HECKLER & KOCH: Moody's Gives Positive Outlook on 'B2' Rating
-------------------------------------------------------------
Moody's Investors Service has changed the outlook to positive from
stable on the B2 Corporate Family Rating of Heckler & Koch GmbH.
At the same time, Moody's affirmed HK's B2 CFR, B1 Probability of
Default Rating and B2 rating on its senior notes.
"The outlook change to positive reflects HK's improved operating
performance and medium-term business prospects, as the company's
order book for small arms has been gradually improving over recent
quarters with good revenue visibility for the next years," said
Christian Hendker, lead analyst for HK at Moody's Frankfurt
office. "As a consequence, HK's credit metrics are currently
better than Moody's requirements for the B2 rating category, due
to improved cash generation supported by solid order intake, a
better product mix and continued efficiency improvements. If
these improvements are sustained, combined with the preservation
of a solid liquidity cushion, Moody's could consider an upgrade to
the rating."
HK's revised business strategy aims to shift away from its
historical reliance on a few large and highly profitable orders,
to a focus on a higher number of smaller orders, and improved and
stabilized capacity utilization. This should support higher
earnings stability going forward, relative to the performance
contraction the company experienced in 2006. The current order
book provides a high degree of revenue visibility for the next few
quarters and represents high demand for the company's products
from NATO and other countries, based on HK's good market position
and high quality perception of its products. Flowing from the
revised strategy Moody's already notes that HK's current order
book shows a higher degree of customer and geographic
diversification than in the past. Moody's will continue to
monitor HK's order intake going forward, as it is a key indicator
for the sustainability of recent performance improvements,
especially considering that some end-customers may face increasing
defence budget constraints over the medium term.
HK's credit metrics in the last twelve months were clearly
improved, such as Debt to EBITDA to around 3.1x and RCF to Net
debt above 30%, improvements which are expected to be sustained to
support further rating improvements.
Over the last twelve months ending June 2009, HK generated
positive free cash flows of EUR33 million, resulting in an
improved cash position to EUR44.5 million. Moody's cautions that
HK's sole liquidity source is its cash on-balance sheet and that
the company does not have access to any alternative external
backup facilities at this time. The earliest debt repayment
commitment is the repayment of its EUR120 million senior unsecured
notes in July 2011. Moody's anticipates that the company will
proactively address the upcoming refinancing and continues to
generate positive free cash flows going forward. Furthermore, the
company's liquidity position should not be substantially burdened
by cash outflows to companies outside HK's restricted group, which
are clearly limited by the covenant framework of the outstanding
notes. However, Moody's notes that HK's cash position will be
impacted by the upcoming acquisition of HK Sidearms GmbH, an
associated company, expected in Q3 2009.
Moody's notes that a rating upgrade within the next 12 to 18
months will require (1) continued order intake supporting revenues
clearly sustainable above break-even levels, (2) a sustained track
record in improving the company's credit metrics, reflected in
Debt to EBITDA below 4.0x and RCF to Net Debt towards 15%, and (3)
preservation of a solid liquidity cushion, with a cash position
above EUR40 million, in the absence of alternative liquidity
sources.
Moody's cautions that the ratings could be downgraded in the event
of (1) an erosion of the company's liquidity position, or (2) an
erosion of its credit metrics, evidenced by Debt to EBITDA moving
back towards 5.5x or sustained negative free cash flows.
Outlook Actions:
Issuer: Heckler & Koch GmbH
-- Outlook, Changed To Positive From Stable
The last rating action was implemented in June 2008, when Moody's
affirmed HK's B2 CFR and changed the outlook to stable from
negative.
Headquartered in Oberndorf, Germany, Heckler & Koch GmbH is a
leading defence contractor in the small arms sector, with a strong
brand and number-one positions in the supply of assault rifles,
(sub)machine guns and grenade launchers. In 2008, the company
generated revenues of EUR186 million.
MTU AERO: Moody's Gives Positive Outlook on 'Ba1' Corp. Rating
--------------------------------------------------------------
Moody's Investors Service has changed the outlook to positive from
stable on the Ba1 corporate family rating of MTU Aero Engines
Holding AG. At the same time, Moody's affirmed the Ba1 corporate
family rating and probability of default rating.
"The outlook change to positive reflects MTU's continued track
record of free cash flow generation and progress in de-leveraging
its capital structure beyond the expectation for the Ba1 rating
category, despite a more challenging operating environment in the
global civil aerospace industry which is confronted with lower
passenger and cargo transportation volumes", said Christian
Hendker, Lead-Analyst for MTU at Moody's. "While MTU's operating
performance will be impacted in the short term by the current
economic conditions, the positive outlook rather reflects Moody's
expectation of a relatively high degree of performance resilience
through the cycle", Mr. Hendker continued. "Depending on a
continued track record of performance and credit metrics
resilience through the cycle, MTU's rating could be upgraded
within the next 12 to 18 months on the back of MTU's diversified
business model, its moderately leveraged capital structure and the
company's commitment to preserve a conservative financial policy
going forward", said Mr. Hendker.
MTU's revenues increased by 10% to EUR1.4 billion in the first
half of 2009, while profitability marginally weakened, primarily
due to higher research and development costs, ramp-up costs for
new engine programs and business mix changes in the OEM division,
offset by performance improvements in the maintenance, repair and
overhaul division. MTU's credit metrics continued to remain
better than required for the Ba1 rating category, reflected in a
debt to EBITDA ratio of below 3.0x and RCF to net debt of above
20% in the last twelve months ending June 2009, supporting a
continued positive free cash flow generation.
Moody's expectation of continued performance robustness is based
on a high degree of revenue visibility due to MTU's strong order
books for new military and civil aircrafts engine components.
Moody's rating action is based on the expectation that the order
book will not be impacted by material order deferrals or
cancellations for civil aircrafts in the OEM division going
forward. In addition, Moody's expects continued robust revenues
from spare parts sales which remain a key performance pillar even
in a scenario of gradually lower order intakes for new aircrafts
going forward. Furthermore, the rating agency expects continued
solid performance contributions of the maintenance, repair and
overhaul services division, which, due to a favorable engine mix,
has only been marginally impacted by capacity reductions of
airline end-customers.
The rating action considers the diversity of MTU's business model
combined with a solid split of military and civil business, a
solid balance of OEM and aftermarket business, its cost structure
flexibility and benefits from cost reduction programs which should
support the continued resilience of MTU's performance going
forward. In addition, Moody's expect development and foreign
exchange rate risks will be carefully managed on an ongoing basis.
The current rating incorporates only a moderate level of event
risk resulting from Moody's expectation of debt-financed
acquisitions, should opportunities arise.
MTU has demonstrated a strong track record of free cash flow
generation in recent years, which Moody's anticipates will be
sustained going forward. MTU has a solid liquidity cushion,
characterized by EUR110 million of cash on hand per the end of
June 2009 and availability under a recently negotiated
EUR100 million committed revolving credit facility that is
protected by financial covenants. MTU's working capital needs
have been continually reduced over the past few years, partially
supported by rising contractually negotiated prepayments, which
Moody's anticipates will remain broadly unchanged going forward.
The company's funding needs for R&D and entry fees into new
program participations remain key drivers for cash flow uses going
forward. However, Moody's recognizes that these strategic
initiatives provide the basis for medium- to long-term revenue
protection and could result in medium-term business profile
improvements, particularly a more diversified engine portfolio.
Moody's could consider an upgrade in MTU's ratings over the medium
term if: (1) MTU generates relatively robust profitability and
credit metrics throughout the cycle, e.g. RCF to net debt above
25%, EBITA margin above 8% and debt to EBITDA below 3.0x; (2) MTU
maintains a solid liquidity cushion supported by positive free
cash flows, with limited Working Capital volatility and moderate
shareholder orientation; and (3) the company further strengthens
its absolute scale on a sustained basis, supported by a more
diversified engine portfolio and an expanding MRO customer
portfolio.
Downward pressure on MTU's ratings could be exerted by: (i) a
reduction in EBITA margins below 6%, RCF to net debt below 15% or
negative free cash flows, resulting from deterioration in the
underlying operational performance of the group; or (ii) a
weakening of the company's solid liquidity profile. Furthermore,
whilst Moody's expects that the company may undertake debt-
financed bolt-on acquisitions, any sizeable debt-financed
acquisition resulting in deterioration of credit metrics could
pressure the rating depending on the finance mix of a potential
transaction.
Outlook Actions:
Issuer: MTU Aero Engines Holding AG
-- Outlook, Changed To Positive From Stable
The last rating action was implemented on 5 October 2007, when
Moody's upgraded MTU to Ba1 with a stable outlook from Ba2 with a
positive outlook.
Headquartered in Munich, Germany, MTU is a world-leading
manufacturer of aircraft engines, sub-systems and components, and
a leading independent provider of MRO services for commercial and
military jet engines. For the 12 months ended 2008, MTU reported
revenues of EUR2.8 billion.
* GERMANY: Corporate Insolvency Filings Up Nearly 15% in 1H09
-------------------------------------------------------------
Geoffrey T. Smith and Terence Roth at The Wall Street Journal
report that the German Destatis statistics office said Wednesday
that corporate insolvencies filed from January through June jumped
14.8% from the first half of 2008.
According to the WSJ, corporate insolvency filings alone in June
were up 15.9% from the same month a year ago, compared with a
14.9% annual increase in May.
The WSJ relates the German economics ministry has warned of the
possibility of a second credit crisis if a rise in corporate
credit defaults moves banks to rein in lending any further.
===========
G R E E C E
===========
WIND HELLAS: Apax and TPG Express Interest
------------------------------------------
Martin Arnold, Andrew Parker, Anousha Sakoui and Kerin Hope at The
Financial Times report that private equity groups Apax Partners
and TPG are interested in acquiring Wind Hellas Telecommunications
S.A.
The FT relates Wind Hellas, which is owned by Weather, Egyptian
entrepreneur Sawiris's Mediterranean telecoms group, has put
itself up for sale after losing market share and hitting trouble
servicing its EUR3.2 billion (US$4.6 billion) of net debt. The
company is being advised by Morgan Stanley and Ernst & Young.
According to the FT, Apax is interested in buying some of Wind
Hellas's EUR1.47 billion senior debt, most of which matures in
2012. It is not clear whether TPG is considering a bid for all or
part of the company, the FT notes.
Citing people close to the company, the FT discloses executives
from Apax and TPG visited Athens earlier this month for talks on a
possible debt-for-equity swap.
The FT says Wind Hellas could attempt to negotiate a debt
restructuring with bondholders, or Weather may yet bail the
company out. Mr. Sawiris, as cited by the FT, said Weather had
lost its entire EUR500 million investment in Wind Hellas.
Headquartered in Athens, WIND Hellas Telecommunications S.A. --
http://www.wind.com.gr/-- offers TIM-branded (formerly Telestet)
wireless telecom services to about 2.3 million consumer and small-
business customers throughout Greece. From its digital GSM
network, the firm offers conference calling, mobile e-mail, fax,
and data transmission.
* * *
As reported in the Troubled Company Reporter-Europe on Sept. 8,
2009, Standard & Poor's Ratings Services said that it lowered its
long-term corporate credit ratings on Greek mobile
telecommunications operator WIND Hellas Telecommunications S.A.
and related entities to 'CC' from 'CCC' on the group's weak
second-quarter results and announcement that it was in talks with
its shareholders about a potential restructuring of the group's
capital structure. S&P said the outlook is negative.
=============
I R E L A N D
=============
ANGLO IRISH: Nonpayment of Coupons Cues Fitch to Junk Ratings
-------------------------------------------------------------
Fitch Ratings has downgraded the ratings of Anglo Irish Bank
Corporation's Upper Tier 2 debt securities to 'CC' from 'B.' The
Rating Watch Negative is removed.
The rating action follows the recent announcement by the bank that
it will defer coupon payments on its GBP300 million Upper Tier 2
securities due in October 2009. The cumulative coupon and
therefore ultimate better recovery of these Upper Tier 2
securities mean they are rated one notch higher than Anglo's Tier
1 securities, rated at 'C'. Fitch understands only EUR39 million
of the Upper Tier 2 securities are outstanding.
Holders of senior and dated subordinated debt remain protected by
a guarantee provided by the Irish government until end-September
2010.
The securities affected are:
-- Upper Tier 2
-- GBP300 million ISIN XS0231391623
INDEPENDENT NEWS: Mulls Debt-for Equity Swap
--------------------------------------------
Anousha Sakoui and Salamander Davoudi at The Financial Times
report that Independent News & Media plc is considering giving its
bondholders 45% of the company's equity to extinguish part of
their debt.
Citing people with knowledge of the plan, the FT says the plan,
which has yet to be agreed by the company, lenders and two key
shareholders, would avoid the need for shareholder approval
because the share issue has already been authorized.
According to the FT, talks between IN&M and its creditors are now
focused on how much bond debt will be exchanged for the 45% stake
and how much to raise in a rights offering to repay the balance of
the EUR200 million (GBP171 million) bond debt that IN&M failed to
repay in May.
Dan Sabbagh at The Times reports that Sir Anthony O'Reilly, the
company and its banks have agreed in principle that the
bondholders will receive some cash plus new shares amounting to
about half of the reconstructed company. The Times says a rights
issue will follow once the new shares have been issued to
bondholders, to help to raise money that would put the company on
a more secure financial footing. According to the Times, the near
30% stake of Mr. O'Reilly, whose whose son Gavin is chief
executive of IN&M, would fall to about 15%, assuming that he took
up his share of the rights issue. If not, his holding would be
cut further, the Times states.
Confirmation of the agreement between IN&M and its bankers could
come as soon as this week, the Times notes.
The FT relates Denis O'Brien, the Irish businessman who has a 26%
stake and three seats on the board, called on members of the
publisher's board to block any restructuring proposal that would
dilute shareholders without first presenting them with a firm
plan. The Times discloses Mr. O'Brien is examining ways of
forcing a vote on the issue, according to his allies. He is now
considering widening his demands to ask for most of the board to
be sacked, as a way of forcing a vote on the rescue plan, the
Times states. According to the Times, Mr. O'Brien said he was
concerned that the O'Reillys were proposing a rescue that
"blatantly disregards the needs of shareholders". "There needs to
be clarity on what is going to be left for shareholders once a
deal is reached with banks and bondholders," the Times quoted Mr.
O'Brien 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.
===================
K A Z A K H S T A N
===================
AKMOLA REKLAMA: Creditors Must File Claims by September 18
----------------------------------------------------------
Creditors of LLP Akmola Reklama have until September 18, 2009, to
submit proofs of claim to:
Manas Str. 2
Room 106
Astana
Kazakhstan
The Specialized Inter-Regional Economic Court of Astana 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 Astana
Abai Ave. 36
Astana
Kazakhstan
KAZ INTER: Creditors Must File Claims by September 18
-----------------------------------------------------
Creditors of LLP Kaz Inter Ltd. have until September 18, 2009, to
submit proofs of claim to:
Manas Str. 2
Room 106
Astana
Kazakhstan
The Specialized Inter-Regional Economic Court of Astana 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 Astana
Abai Ave. 36
Astana
Kazakhstan
KRAFT INFINITY: Creditors Must File Claims by September 18
----------------------------------------------------------
LLP Kazakh Georgian Joint Enterprise Kraft Infinity is currently
undergoing liquidation. Creditors have until September 18, 2009,
to submit proofs of claim to:
Abai Ave. 153
Almaty
Kazakhstan
SAIPEM SPA: Creditors Must File Claims by September 18
------------------------------------------------------
JSC Saipem Spa is currently undergoing liquidation. Creditors
have until September 18, 2009, to submit proofs of claim to:
Drujba Str. 1
Atyrau
Kazakhstan
===================
K Y R G Y Z S T A N
===================
ASIAUNIVERSALBANK JSC: Moody's Upgrades Deposit Ratings to 'Caa1'
-----------------------------------------------------------------
Moody's Investors Service upgraded the long-term foreign and local
currency deposit ratings of AsiaUniversalBank to Caa1 from Caa2
and affirmed its bank financial strength rating at E. All ratings
carry a stable outlook.
"The rating action reflects the strengthening of AUB's domestic
franchise in recent years as the largest bank in Kyrgyzstan by
total assets and shareholders' equity," said Semyon Isakov, a
Moody's Assistant Vice President-Analyst and lead analyst for this
issuer. "The upgrade also takes into account Moody's opinion
that, following its recent acquisition of KyrgyzPromstroybank,
AUB's potential to further strengthen its market positions has
increased thanks to its considerably enhanced customer reach
through a sizeable branch network. This acquisition has added 70
sales points to AUB's network, thus increasing its coverage to
regions beyond its core market of Bishkek," added Mr. Isakov.
Moody's also notes that AUB's relatively solid capital ratios at
end-June 2009 -- Tier 1 ratio of 29% and capital adequacy ratio of
35% in accordance with Basel I -- and relatively low leverage
position the bank favourably relative to its peers in the context
of the rating agency's asset quality stress tests.
However, Moody's observes that AUB's ratings remain constrained by
the poorly diversified nature of its core business and revenue
generation, which relates primarily to providing banking services
to a limited number of non-resident corporate clients. Such
business strategy exposes the bank's franchise to certain
reputational risks, which Moody's has addressed in previous rating
actions on the bank.
To warrant a further upgrade, AUB would need to achieve better
operating efficiency for its developing domestic business in
Kyrgyzstan, coupled with further balance sheet diversification and
good risk-adjusted profitability.
Conversely, AUB's ratings could be negatively affected in the
event of: (i) failure to successfully develop its local customer-
related franchise; (ii) possible liquidity problems arising from
concentrated deposit base; and/or (iii) material negative
developments in the operating environment affecting the bank's
financial profile.
The previous rating action on AUB was on December 19, 2007, when
Moody's changed the outlook on the Caa2 ratings to stable from
negative.
Headquartered in Bishkek, AUB had total assets of KGS16.2 billion
(US$375 million) and reported shareholders' equity (including
minority interests) of KGS2.7 billion (US$62 million) as of
June 30, 2009.
KINGZ IMPEX: Creditors Must File Claims by September 30
-------------------------------------------------------
LLC Kingz Impex Ltd. is currently undergoing liquidation.
Creditors have until September 30, 2009, to submit proofs of claim
to:
Isanov Str. 8-41
Bishkek
Kyrgyzstan
===========
R U S S I A
===========
ALFA-BANK OJSC: S&P Cuts LT Counterparty Credit Rating to 'B+'
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its long-
term counterparty credit rating on Russia-based OJSC Alfa-Bank.
to 'B+' from 'BB-' and affirmed the 'B' short-term rating on the
bank. The outlook is stable. At the same time, S&P lowered the
Russia national scale rating to 'ruA+' from 'ruAA-'. S&P also
removed all the ratings from CreditWatch with negative
implications, where they were placed on June 17, 2009. At the
same time, S&P lowered its survivability assessment on the bank to
'BB+' from 'BBB-'.
"The downgrade primarily reflects the continued asset quality
deterioration for Alfa-Bank and the entire Russian banking
industry," said Standard & Poor's credit analyst Ekaterina
Trofimova.
This has already had and will continue to have a fundamental
impact on the bank's financial performance and funding profile,
which recapitalization will only partly offset.
S&P expects the Russian economy to contract by 8% in 2009.
"Alfa-Bank's preprovision operating income, overall franchise
strength, support from shareholders, and access to the government
refinancing window should help it survive the downturn under S&P's
base case scenario and are adequate to sustain the current rating
level," said Ms. Trofimova. "In addition, the Russian
government's supportive actions have calmed the turbulence in the
funding markets and cushioned the Russian banking sector from the
shock of the recession."
The revised ratings already incorporate a possibility for some
further weakening of the bank's credit profile. However, if this
deterioration, especially with regard to the bank's liquidity,
goes beyond S&P's current expectations, S&P could downgrade the
bank again. Positive rating actions could be triggered by a
significant and durable improvement in the operating environment,
as well as improvement of the bank's asset quality, core
profitability, and risk management.
AVTOVAZ OAO: To Reduce Workforce by 36,000
------------------------------------------
RIA Novosti, citing a source in the Health and Social Development
Ministry, reports that Avtovaz OAO intends to cut the number of
its employees by 36,000 by Dec. 1.
According to RIA Novosti, the source said the redundancies --
affecting one third of the plant's 110,000-strong workforce --
would take place gradually, and that those who lose their jobs
will receive state support while they seek reemployment.
As reported in the Troubled Company Reporter-Europe on July 3,
2009, Reuters said Avtovaz posted a net loss of RUR24.7 billion
for 2008 (US$796 million), compared to a profit of RUR3.7 billion
last year.
Going Concern
On July 6, 2009, the Troubled Company Reporter-Europe, citing the
Financial Times, reported Avtovaz on said its auditors had raised
doubts about its future as a going concern in an audit of its 2008
results as the fall in revenues hits its ability to pay down
US$1.7 billion of debts. The FT disclosed Avtovaz said in its
financial statement that it was confident it would continue as a
going concern, partly because of restructuring and partly due to
an US$800 million interest-free government loan. The company's
sales fell 45% in the year to May, the FT noted.
Based in Tolyatti, Russia, AVTOVAZ OAO (AVTOVAZ JSC) --
http://www.lada-auto.ru/-- is engaged in the manufacture of
passenger cars. The Company's main brands are LADA PRIORA, LADA
Kalina, LADA Samara, LADA 110 and others. The Company is also
involved in the manufacture of automobile components, distribution
of automobiles and spare parts and operation of automobile service
centers. The Company is also active in a variety of other sectors,
such as power supply, transportation, utilities, construction,
insurance, banking and finance. AVTOVAZ OAO sells its products on
the domestic market, as well as exports them to Kazakhstan,
Ukraine, Azerbaijan, Armenia, Egypt, Syria, Greece, Belarus,
Uruguay, Cyprus, Germany and others. It operates through one
representative office located in Moscow, several subsidiaries and
affiliated companies.
BANK VOZROZHDENIE: S&P Cuts LT Counterparty Credit Rating to 'B+'
-----------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its long-term
counterparty credit rating on Russia-based Bank Vozrozhdenie to
'B+' from 'BB-' and the Russia national scale rating to 'ruA+'
from 'ruAA-'. These ratings were removed from CreditWatch, where
they were placed with negative implications on June 17, 2009. The
'B' short-term counterparty credit rating was affirmed. The
outlook is stable.
"The downgrade primarily reflects deteriorating asset quality for
Bank Vozrozhdenie, and the entire Russian banking industry, owing
to the continuing economic slowdown in Russia," said Standard &
Poor's credit analyst Mikhail Nikitin. "This has already had, and
will continue to have a significant impact on the bank's financial
performance, in S&P's view."
The bank's credit metrics have substantially deteriorated since
December 2008 due to the tight credit and liquidity conditions,
although slightly less so than most peers. For the six months
ended June 30, 2009, nonperforming loans have increased to 7.3%,
from 3.4% at year-end 2008. If S&P includes restructured loans,
total loans under stress would be about 15.7% of total lending.
In response to the stressed market environment and deteriorating
asset quality, the bank has implemented a number of measures to
mitigate credit risk and formed a reasonable liquidity cushion
against potential deposit volatility, with cash and cash
equivalents representing 26% of the bank's total assets. In S&P's
opinion, Vozrozhdenie's funding profile is more balanced than that
of many local peers due to its relatively low dependence on
wholesale funding and borrowings, representing about 6% of total
liabilities.
Rising provisioning needs will undermine profitability through
2009 and 2010, only partly mitigated by good margins in SME
lending and fees related to payments and foreign exchange. S&P
assumes profits will mainly be used for building new provisions.
S&P believes, however, that the bank's capitalization is
satisfactory for the current rating, with adjusted total equity to
adjusted assets at 11.4% on June 30, 2009.
With total assets of US$4.3 billion on June 30, 2009, Vozrozhdenie
ranks among Russia's 30 largest banks by assets. It has a small
market share of about 1% in the highly fragmented banking system,
where the large state-owned banks dominate.
"The stable outlook reflects S&P's expectation that the bank's
loss absorption capacity will be maintained in the currently
difficult operating environment and will be sufficient to mitigate
further asset quality deterioration in the medium term," said Mr.
Nikitin. Because Vozrozhdenie is likely to reduce underwriting of
new loans in 2009, S&P does not expect its core capitalization to
weaken materially despite significant pressures on asset quality.
BURPODSHIPNIK LLC: Udmurtia Bankruptcy Hearing Set September 17
---------------------------------------------------------------
The Arbitration Court of Udmurtia will convene on September 17,
2009, to hear bankruptcy supervision procedure on LLC
Burpodshipnik (TIN 1831103060, PSRN 1051800460920) (Bearings
Production). The case is docketed under Case No. ?71–4763/2009-
G15.
The Temporary Insolvency Manager is:
O. Reverchuk
Post User Box 3502
426034 Izhevsk
Russia
The Debtor can be reached at:
LLC Burpodshipnik
Baryshnikova Str. 31a
Izhevsk
426000 Udmurtia
Russia
COMMERCIAL BANK: S&P Removes 'B+' Rating From CreditWatch Negative
------------------------------------------------------------------
Standard & Poor's Ratings Services said that had removed its 'B+'
long-term counterparty credit and 'ruA' Russia national scale
ratings on Commercial Bank Petrocommerce from CreditWatch with
negative implications and affirmed them. The ratings had been
placed on June 17, 2009. The 'B' short-term counterparty credit
rating is also affirmed. The outlook is negative.
Before the CreditWatch placement, the outlook was negative.
"The removal from CreditWatch and affirmation reflect Commercial
Bank Petrocommerce's improved capitalization, which partially
offsets the pressure on the bank's credit and business profile
from the economic downturn in Russia," said Standard & Poor's
credit analyst Mikhail Nikitin.
Moreover, S&P believes that the bank's capital-raising efforts
would be sufficient to strengthen its capacity to absorb potential
credit losses at the current rating level.
The ratings reflect the increasing systemwide risks in Russia due
to the economic recession and deteriorating operating environment,
which in turn increases pressure on Petrocommerce's asset quality.
The ratings also reflect the bank's dependence on related-party
funding and high single-name concentrations in the loan portfolio.
Partly mitigating these concerns is Petrocommerce's strengthening
capitalization following the shareholders' decision to inject
additional Tier 1 capital.
"The negative outlook reflects the impact of the deteriorating
operating environment and macroeconomic factors on Petrocommerce's
financial profile," said Mr. Nikitin.
In particular, S&P expects the bank's performance to weaken, due
to accumulating credit losses, high single-name concentrations,
and pressured business development over the next 12 months.
Unless the bank's key credit metrics improve considerably, it
would be unlikely that S&P would revise the outlook to stable or
raise the ratings. S&P might lower the ratings if Petrocommerce
is unable to successfully absorb potential credit losses from
further worsening asset quality and to sustain adequate
capitalization levels.
CONCRETE PRODUCTS: Creditors Must File Claims by September 17
-------------------------------------------------------------
Creditors of LLC Concrete Products Plant (TIN 4223039457, PSRN
1054223037263) have until September 17, 2009, to submit proofs of
claims to:
M. Kuznetsov
Insolvency Manager
Post User Box 2202
Nokvokuznetsk
654011 Kemerovskaya
Russia
The Arbitration Court of Kemerovskaya commenced bankruptcy
proceedings against the company after finding it insolvent. The
case is docketed under Case No. ?27–523/2009–4.
The Debtor can be reached at:
LLC Concrete Products Plant
Proektnaya Str. 1
Prokopyevsk
Kemerovskaya
Russia
KRASNOYARSK AIRLINES: Creditors Must File Claims by September 17
----------------------------------------------------------------
Creditors of OJSC Krasnoyarsk Airlines (TIN 2411000219, PSRN
1022400662404) have until September 17, 2009, to submit proofs of
claims to:
V. Akimov
Insolvency Manager
Post User Box 28453
Aerovokzalnaya Str. 9D
660135 Krasnoyarsk
Russia
The Arbitration Court of Krasnoyarskiy commenced bankruptcy
proceedings against the company after finding it insolvent. The
case is docketed under Case No. ?33–10705/2008.
The Debtor can be reached at:
OJSC Krasnoyarsk Airlines
Airport
Yemelyanovskiy
663021 Krasnoyarskiy
Russia
KRASNODAR-INVEST: Creditors Must File Claims by September 17
------------------------------------------------------------
Creditors of LLC Krasnodar-Invest-Stroy (TIN 2312108719, PSRN
1042307148102) (Construction) have until September 17, 2009, to
submit proofs of claims to:
V. Shevchenko
Insolvency Manager
Office 802
Sotsialisticheskaya Str. 74
344002 Rostov-on-Don
Russia
The Arbitration Court of Krasnodarskiy will convene at 9:30 a.m.
on December 12, 2009, to hear bankruptcy proceedings. The case is
docketed under Case No. ?32–25495/2008–14/1493B.
The Debtor can be reached at:
LLC Krasnodar-Invest-Stroy
Zakharova Str. 55/12
Krasnodar
Krasnodarskiy
Russia
KREATIV-STROY LLC: Creditors Must File Claims by September 17
-------------------------------------------------------------
Creditors of LLC Kreativ-Stroy (TIN 3444127332, PSRN
1053444094703) (Construction) have until September 17, 2009, to
submit proofs of claims to:
A. Vershinin
Insolvency Manager
Post User Box 2791
400064 Volgograd
Russia
The Arbitration Court of Volgogradskaya commenced bankruptcy
proceedings against the company after finding it insolvent. The
case is docketed under Case No. ?12–16648/08.
The Debtor can be reached at:
LLC Kreativ-Stroy
Apt. 54
Sovetskaya Str. 20
400131 Volgograd
Russia
MEGASTROY LLC: Stavropolskiy Bankruptcy Hearing Set September 17
----------------------------------------------------------------
The Arbitration Court of Stavropolskiy will convene on
September 17, 2009 to hear bankruptcy supervision procedure on LLC
Megastroy (TIN 2636043853, PSRN 1042600284220) (Construction).
The case is docketed under Case No. ?6?-2599/2009-S5–11.
The Temporary Insolvency Manager is:
V. Popov
Office 525
Lenina Str. 392
355000 Stavropol
Russia
The Debtor can be reached at:
LLC Megastroy
Serova Str. 466A
Stavropol
Russia
PROMSVYAZBANK OJSC: S&P Cuts LT Counterparty Credit Rating to 'B'
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its long-
term counterparty credit ratings on Russia-based Promsvyazbank
OJSC to 'B' from 'B+'. At the same time, S&P affirmed the short-
term ratings on PSB at 'B'. In addition, S&P removed all long-
term ratings from CreditWatch with negative implications, where
they were placed on June 17, 2009. The outlook is stable.
"The downgrade on PSB reflects S&P's opinion of the significant
systemwide risks in the Russian Federation and in the Russian
banking sector," said Standard & Poor's credit analyst Sergey
Dementiev. S&P expects the Russian economy to contract 8% in
2009, which may lead to further erosion in PSB's asset quality,
high provisioning requirements, strains on the bank's funding, and
marginal capitalization. However, S&P believes that PSB's good
franchise and adequate corporate governance partially mitigate
these negative factors.
The ratings on PSB reflect the bank's stand-alone credit profile
and do not include any uplift for extraordinary external support
either from the owners or the government. In line with the
Russian banking industry, asset quality has been rapidly
deteriorating since autumn 2008. Standard & Poor's estimates that
nonperforming loans (principal and/or interest overdue by more
than 90 days, and restructured loans) rose to 7%-9% of gross loans
in first-half 2009, driven by mounting losses in the retail book,
and will continue to increase in second-half 2009. In S&P's
opinion, additional provision for loan impairments is likely to
cause a net loss for PSB for the year. Credit exposure to related
parties was over one-third of adjusted total equity (based on
Standard & Poor's methodology) at June 30, 2009.
PSB is vulnerable to high concentration in corporate deposits, and
it experienced a 14% corporate deposit outflow in October 2008.
During the liquidity squeeze of fourth-quarter 2008, PSB
borrowings from the Central Bank of Russia reached US$1.7 billion.
This declined to US$430 million (4% of liabilities) at Sept. 1,
2009. The bank's liquidity position has stabilized, but S&P
believes that funding remains a point of vulnerability for PSB and
most private sector Russian banks.
Capitalization has declined over the past few years due to rapid
credit expansion. As the loan portfolio decreased in first-half
2009, ATE-to-adjusted assets recovered to about 9% from 8%.
Prospects for internal capital generation are dim over the medium
term, and the bank is considering various alternatives to raise
external capital.
"We expect that PSB's financial performance will continue to erode
as the recession takes its toll on Russian companies and
households that are customers of the bank," said Mr. Dementiev.
"Nonetheless, S&P believes that PSB has sufficient pre-provision
operating income and overall franchise strength to survive the
downturn under S&P's base-case scenario," he added. In addition,
in S&P's view the supportive actions of the Russian government
have calmed the turbulence in the funding markets and cushioned
the shock of the recession for the banking sector.
A rating upgrade would be dependent on a return to profit, an
increase in high quality Tier 1 capital, and reduced related-party
exposure. S&P would lower the ratings on PSB if credit and
liquidity erode beyond S&P's expectations, and if the bank's
financial and business profiles deteriorate to a significant
degree.
REM-STROY LLC: Creditors Must File Claims by September 17
---------------------------------------------------------
Creditors of LLC Rem-Stroy (Construction) have until September 17,
2009, to submit proofs of claims to:
Sh.Kadyrov
Insolvency Manager
Kommunisticheskaya Str. 2/57
Berezniki
618400 Permskiy
Russia
The Arbitration Court of Permskiy commenced bankruptcy proceedings
against the company after finding it insolvent. The case is
docketed under Case No. ?50–11079/2009.
The Debtor can be reached at:
LLC Rem-Stroy
Prospect Lenina 68
Berezniki
618400 Permskiy
Russia
STROITELNYY DVOR: Creditors Must File Claims by September 17
------------------------------------------------------------
Creditors of LLC Stroitelnyy Dvor (TIN 7802381378, PSRN
1077847020217) (Construction) have until September 17, 2009, to
submit proofs of claims to:
M. Brylev
Insolvency Manager
Post User Box 119
191123 Saint-Petersburg
Russia
The Arbitration Court of Saint-Petersburg commenced bankruptcy
proceedings against the company after finding it insolvent. The
case is docketed under Case No. ?56–53419/2008.
The Debtor can be reached at:
LLC Stroitelnyy Dvor
Kharchenko Str. 5A
194100 Saint-Petersburg
Russia
URAL BANK: S&P Removes 'B-' Rating From CreditWatch Negative
------------------------------------------------------------
Standard & Poor's Ratings Services said that it had removed its
'B-' long-term counterparty credit and 'ruBBB-' Russia national
scale ratings on Ural Bank for Reconstruction and Development from
CreditWatch with negative implications and affirmed them. S&P is
also affirming the 'C' short-term counterparty credit rating. The
outlook is negative.
The ratings had been placed on CreditWatch with negative
implications on June 17, 2009. Before the CreditWatch placement,
the outlook was negative.
"The removal from CreditWatch and affirmation reflect S&P's
opinion that the bank has sufficient ability to withstand the
pressure of anticipated higher asset quality problems at the
current low rating level," said Standard & Poor's credit analyst
Sergey Voronenko. Key negative rating factors affecting the
bank's creditworthiness are its very low capitalization, falling
asset quality and earnings resulting from the ongoing economic
recession, and very high lending concentration risks.
On a positive note, the ratings are supported by the bank's good
market knowledge and position in the Sverdlovsk Oblast
(BB/Stable/--), UBRD's home region; business and support benefits
due to the bank's relationship with Russian Copper Co. (not
rated); and an improved liquidity position.
The ratings reflect the bank's stand-alone credit profile and do
not include any uplift for extraordinary external support either
from the owners or the government.
The negative outlook reflects UBRD's the vulnerability to the
ongoing difficult operating environment in Russia. Standard &
Poor's expects the bank's asset quality to continue deteriorating,
pressuring earnings and capitalization.
"If S&P see the bank's loss absorption capacity weaken further and
its liquidity substantially erodes, S&P will lower the ratings,"
said Mr. Voronenko.
The outlook could be revised to stable if the bank improves its
capital position and asset quality.
VERKHNELENSKIY TIMBER: Creditors Must File Claims by September 17
-----------------------------------------------------------------
Creditors of LLC Verkhnelenskiy Timber Mill (TIN 3824001872, PSRN
1053827028617) have until September 17, 2009, to submit proofs of
claims to:
N. Fomin
Insolvency Manager
Post User Box 95
664009 Irkutsk
Russia
Tel: (3952) 542-688
The Arbitration Court of Irkutskaya will convene at 10:30 a.m. on
December 24, 2009, to hear bankruptcy proceedings. The case is
docketed under Case No. ?19–687/09–63.
The Debtor can be reached at:
LLC Verkhnelenskiy Timber Mill
Geologicheskaya Str. 3a
Zhigalovskiy
665402 Irkutskaya
Russia
YENISEY-LES CJSC: Creditors Must File Claims by September 17
------------------------------------------------------------
Creditors of CJSC Yenisey-Les (TIN 2447004947, PSRN 1022401275380)
(Wood-Sawing Industry) have until September 17, 2009, to submit
proofs of claims to:
V. Verkhoturov
Insolvency Manager
Post User Box 27772
660094 Krasnoyarsk
Russia
The Arbitration Court of Krasnoyarskiy commenced bankruptcy
proceedings against the company after finding it insolvent. The
case is docketed under Case No. ?33–10330/2008.
The Debtor can be reached at:
CJSC Yenisey-Les
Sovetskaya Street
Verkhnepashino
Yeniseyskiy
663148 Krasnoyarskiy
Russia
YUG-SPETS LLC: Creditors Must File Claims by September 17
---------------------------------------------------------
Creditors of LLC Yug-Spets-Stroy (TIN 6165120808, PSRN
1056165030900) (Construction) have until September 17, 2009, to
submit proofs of claims to:
T. Shakhmina
Insolvency Manager
Post User Box 1164
344091 Rostov-on-Don
Russia
The Arbitration Court of Rostovskaya will convene at 10:30 a.m. on
November 24, 2009, to hear bankruptcy proceedings. The case is
docketed under Case No. ?53–1910/09.
The Debtor can be reached at:
LLC Yug-Spets-Stroy
Respublikanskaya Str. 100A
Rostov-on-Don
Russia
===============
S L O V E N I A
===============
MURA D.D.: Mulls Bankruptcy Filing, STA Says
--------------------------------------------
Boris Cerni at Bloomberg News, citing STA, reports that Mura d.d.
may file for bankruptcy, putting more than 2,000 jobs at risk.
Bloomberg relates Tomaz Kuntaric, president of Slovenian
Restitution Fund d.d., one of the owners of the textile maker, as
cited by the Slovenian news agency, said "A much smaller company
employing about 1,000 workers will continue to operate".
Based in the north-eastern town of Murska Sobota, Mura d.d. is
Slovenia's largest clothes maker. It employs about 3,300 people.
=========
S P A I N
=========
NOZAR SA: Files for Creditor Protection
---------------------------------------
Nozar SA on Friday filed for protection from creditors after it
failed to reach an agreement with banks to refinance EUR700
million (US$1 billion) of debt, Sharon Smyth at Bloomberg News
reports, citing company spokesman Ignacio Iglesias.
According to Bloomberg, the company's banks include Caja Madrid,
Banco Bilbao Vizcaya Argentaria SA, La Caixa, Banco Popular SA and
Caixa Galicia.
Citing Spanish newspaper Expansion, Bloomberg discloses Nozar's
total debt could total EUR2 billion.
Based in Madrid, Spain, Nozar SA is a privately held Spanish
property developer.
=============
U K R A I N E
=============
AGRICULTURAL TECHNICAL: Bankruptcy Supervision Procedure Begins
---------------------------------------------------------------
The Economic Court of Lugansk commenced bankruptcy supervision
procedure on LLC Agricultural Technical Supply (code EDRPOU
30597040).
The Insolvency Manager is:
K. Deynegina
Office 13
Sovetskaya Str. 59-a
Lugansk
Ukraine
The Court is located at:
The Economic Court of Lugansk
Heroes of GPW square 3-a
91000 Lugansk
Ukraine
The Debtor can be reached at:
LLC Agricultural Technical Supply
N. Krupskaya Str. 28/24
Lutugino
92000 Lugansk
Ukraine
BRILON LLC: Creditors Must File Claims by September 17
------------------------------------------------------
Creditors of LLC Brilon (code EDRPOU 35556391) have until
September 17, 2009, to submit proofs of claim to:
LLC Systemmarket
Insolvency Manager
Office 2-A
Kotsiubinsky Str. 7
04053 Kiev
Ukraine
The Economic Court of Kiev commenced bankruptcy proceedings
against the company on August 4, 2009. The case is docketed under
Case No. 44/423-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 Brilon
Sosneny Family Str. 3
03148 Kiev
Ukraine
LIFER LLC: Creditors Must File Claims by September 17
----------------------------------------------------
Creditors of LLC Lifer (code EDRPOU 35392787) have until
September 17, 2009, to submit proofs of claim to:
LLC Deltis
Insolvency Manager
Office 60
Dragomirov Str. 10/10
01103 Kiev
Ukraine
The Economic Court of Kiev commenced bankruptcy proceedings
against the company on August 3, 2009. The case is docketed under
Case No. 44/426-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 Lifer
Office 1
Vladimirskaya Str. 7
01025 Kiev
Ukraine
LIST LLC: Creditors Must File Claims by September 17
----------------------------------------------------
Creditors of LLC List have until September 17, 2009, to submit
proofs of claim to:
D. Leonchenko
Insolvency Manager
Pobeda Str. 13/9
Zimogorye
Slavianoserbsky
93740 Lugansk
Ukraine
The Economic Court of Lugansk commenced bankruptcy proceedings
against the company on August 3, 2009. The case is docketed under
Case No. 20/2b.
The Court is located at:
The Economic Court of Lugansk
Heroes of GPW Square 3-a
91000 Lugansk
Ukraine
MAJOREL LLC: Creditors Must File Claims by September 17
-------------------------------------------------------
Creditors of LLC Majorel (code EDRPOU 35139494) have until
September 17, 2009, to submit proofs of claim to:
Vuelta
Insolvency Manager
Tchapayev Str. 10
01030 Kiev
Ukraine
The Economic Court of Kiev commenced bankruptcy proceedings
against the company on August 4, 2009. The case is docketed under
Case No. 44/422-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 Majorel
Mayakovsky Ave. 93-A
02232 Kiev
Ukraine
ODESSA LLC: Creditors Must File Claims by September 17
------------------------------------------------------
Creditors of LLC Profile-Service Odessa have until September 17,
2009, to submit proofs of claim to D. Marder, the company's
insolvency manager.
The Economic Court of Odessa commenced bankruptcy proceedings
against the company on April 7, 2009. The case is docketed under
Case No. 2/3-09-216.
The Court is located at:
The Economic Court of Odessa
Shevchenko Ave. 29
65032 Odessa
Ukraine
The Debtor can be reached at:
LLC Profile-Service Odessa
Uspenskaya Str. 32
Odessa
Ukraine
RUD-SNAB LLC: Creditors Must File Claims by September 17
--------------------------------------------------------
Creditors of LLC Rud-Snab (code EDRPOU 30442219) have until
September 17, 2009, to submit proofs of claim to S. Kovalev, 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. B26/111-07.
The Court is located at:
The Economic Court of Dnepropetrovsk
Kujbishev Str. 1a
49600 Dnepropetrovsk
Ukraine
The Debtor can be reached at:
LLC Rud-Snab
Kostenko Str. 33
Krivoy Rog
Dnepropetrovsk
Ukraine
SHELTON-NIKOLAYEV LLC: Creditors Must File Claims by September 17
-----------------------------------------------------------------
Creditors of LLC Shelton-Nikolayev Subsidiary Company Shelton-Agro
(code EDRPOU 31137520) have until September 17, 2009, to submit
proofs of claim to:
V. Cherepenko
Insolvency Manager
Moscow Str. 54a
54017 Nikolayev
Ukraine
The Economic Court of Nikolayev commenced bankruptcy proceedings
against the company on June 30, 2009. The case is docketed under
Case No. 18/55/09.
The Court is located at:
The Economic Court of Nikolayev
Admiralskaya Str. 22-a
54009 Nikolayev
Ukraine
The Debtor can be reached at:
LLC Shelton-Nikolayev Subsidiary Company Shelton-Agro
Zavodskaya Str. 2
Pervomayskoye
Oktiabrsky
57232 Nikolayev
Ukraine
SKLO LLC: Creditors Must File Claims by September 17
----------------------------------------------------
Creditors of LLC Joint Enterprise With Foreign Investments Sklo
(code EDRPOU 30357198) have until September 17, 2009, to submit
proofs of claim to:
A. Baranovsky
Insolvency Manager
Yurievskaya Str. 17
61050 Kharkov
Ukraine
The Economic Court of Kharkov commenced bankruptcy proceedings
against the company on July 13, 2009. The case is docketed under
Case No. B-39/185-08.
The Court is located at:
The Economic Court of Kharkov
Svoboda Square 5
61022 Kharkov
Ukraine
The Debtor can be reached at:
LLC Joint Enterprise With Foreign Investments Sklo
Leonovskaya Str. 84
Merefa
Kharkov
Ukraine
SILEZIYA LLC: Creditors Must File Claims by September 17
--------------------------------------------------------
Creditors of LLC Sileziya (code EDRPOU 32741606) have until
September 17, 2009, to submit proofs of claim to:
E. Kovtunov
Insolvency Manager
Office 23
Gogol Str. 288
18000 Cherkassy
Ukraine
The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company on June 30, 2009. The case is docketed under
Case No. 01/1545.
The Court is located at:
The Economic Court of Cherkassy
Shevchenko Blvd. 307
18004 Cherkassy
Ukraine
The Debtor can be reached at:
LLC Sileziya
Office 10
Petrovsky Str. 8/1
Cherkassy
Ukraine
TERNOVOYE LLC: Creditors Must File Claims by September 17
---------------------------------------------------------
Creditors of LLC Ternovoye (code EDRPOU 03737818) have until
September 17, 2009, to submit proofs of claim to the Volin
regional department, the company's insolvency manager.
The Economic Court of Volin commenced bankruptcy proceedings
against the company on July 29, 2009. The case is docketed under
Case No. 8/51-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 Ternovoye
October Str. 10
Golovnoye
Lubomlsky
44323 Volin
Ukraine
TIMRET LLC: Creditors Must File Claims by September 17
------------------------------------------------------
Creditors of LLC Timret (code EDRPOU 35033684) have until
September 17, 2009, to submit proofs of claim to:
LLC Lorna
Insolvency Manager
Office 60
Dragomirov Str. 10/10
01103 Kiev
Ukraine
The Economic Court of Kiev commenced bankruptcy proceedings
against the company on August 4, 2009. The case is docketed under
Case No. 44/424-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 Timret
Tchapayev Str. 10
01030 Kiev
Ukraine
UKRHAZBANK AB: Temporary Administration Ends
--------------------------------------------
Ukrainian News Agency reports that the National Bank of Ukraine
took Ukrhazbank AB out of administration.
"The temporary administration [at Ukrhazbank] is being withdrawn
on September 11, 2009, and the powers of the bank's general
meeting of shareholders, supervisory board, and board of directors
are being restored," Ukrainian News quoted Yurii Petrov, the
director of the NBU's department of crisis management, as saying.
Citing the NBU, Ukrainian News discloses the UAH2.066 billion out
of the UAH3.1 billion that the government transferred to
Ukrhazbank during its recapitalization has been monetized.
The NBU took Ukrhazbank into administration on June 9 and
appointed Oleksandr Sokolov as its temporary administrator.
Ukrhazbank AB VAT -- http://www.ukrgasbank.com/-- is a Ukraine-
based commercial bank. It provides financial services for
corporate and retail clients. The Bank has in its offer cash and
settlement services, currency accounts, account management by
Client-Bank system, reception of available payments for benefit of
business activity, cash and valuables transportation, operations
on the Ukrainian Interbank currency market on the client's
instruction, deposit operations, lending operations, operations
with securities and implementation and servicing of salary
projects. It is headquartered in Kiev, Ukraine.
UKRNEOBUD LLC: Creditors Must File Claims by September 17
---------------------------------------------------------
Creditors of LLC Industrial Company Ukrneobud (code EDRPOU
35021265) have until September 17, 2009, to submit proofs of claim
to:
Y. Onushkanich
Insolvency Manager
Office 3
Striy Str. 71b
79031 Lvov
Ukraine
The Economic Court of Lvov commenced bankruptcy proceedings
against the company on August 13, 2009. The case is docketed
under Case No. 8/90.
The Court is located at:
The Economic Court of Lvov
Lichakovskaya Str. 128
79010 Lvov
Ukraine
The Debtor can be reached at:
LLC Industrial Company Ukrneobud
Office 101-5
B. Kotik Str. 7
79000 Lvov
Ukraine
===========================
U N I T E D K I N G D O M
===========================
GALA CORAL: Mezzanine Debt Holders Assess Options
-------------------------------------------------
Anousha Sakoui at The Financial Times reports that ICG and Park
Square Capital, the biggest holders of Gala Coral Group Ltd.'s
mezzanine debt, have started to work with financial advisers
Rothschild to assess their options in the event that the company
were to breach the terms of its financing.
According to the FT, the two London-based funds, which owned
nearly half of the company's mezzanine debt, have been trying to
assess their options in that event, including a debt-for-equity
swap.
Citing people close to the situation, the FT discloses that while
the business is cash generative, it could be at risk of breaching
banking covenants at the end of the year. According to the FT,
one of the people said the situation could simply require a
resetting of the covenants.
Gala's debt totals GBP2.5 billion, of which GBP540 million is
mezzanine debt, the FT notes.
Gala Coral Group Ltd. -- http://www.galacoral.co.uk/-- is one of
the leading gaming companies in the UK, with operations
encompassing bingo, casinos, and sports betting. It runs more
than 150 bingo halls throughout the country, as well as some 30
casinos. The company is also a leading bookmarker with nearly
1,600 betting shops and online betting sites. Gala Coral Group
was formed in 2005 when Gala Group acquired Coral Eurobet. The
company is jointly owned by private equity firms Cinven Group,
Candover Investments, and Permira.
LEHMAN BROTHERS: PwC Says Euro Unit Clients Have to Wait 2 Years
----------------------------------------------------------------
Tony Lomas, partner at PricewaterhouseCoopers and administrator
for Lehman Brothers' European operations, told The Financial Times
that it could now take two more years before clients and creditors
get back billions of dollars of assets tied up in the bank when it
collapsed a year ago.
As reported by the TCR on Aug. 24, 2009, the U.K. High Court
handed down a judgement denying PwC's request for approval of a
scheme of arrangement that would have helped expedite the winding
up of Lehman Brothers' European units. PwC proposed to divide
more than 1,000 clients into three classes and deal with the
claims by class rather than individually. PwC had previously said
it could take up to a decade to return assets via bilateral
agreements, instead of the proposed scheme. PwC is appealing the
ruling.
"I had hoped to break the back of this within 24 months, but with
the setback around the scheme and other issues, a more realistic
estimate is now 24-36 months," Mr. Lomas told the Financial Times.
According to FT, Mr. Lomas, nonetheless, said he was happy with
general progress on the case. The administrators have returned
US$13 billion to a few dozen clients, including leading hedge
funds and corporate clients such as Chinalco, the steel giant,
whose 12 per cent stake in Rio Tinto was trapped inside Lehman
when the bank collapsed.
PwC, FT reports, has also realised US$9 billion in cash for
creditors and taken control of another US$10 billion of assets.
It is now preparing to lodge claims against other parts of the
Lehman empire, including one of tens of billions against the US
parent company.
PwC has earned fees of GBP120 million on the case, and total fees
paid to advisers of the European arm are running at roughly the
same level as in the United States where fees have topped US$300
million (GBP180 million).
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)
LEHMAN BROTHERS: Firms Face FSA Action Over Structured Products
---------------------------------------------------------------
Following the collapse of Lehman Brothers, the Financial Services
Authority and Financial Ombudsman Service have been looking at the
potential detriment this has caused for investors in the UK
structured products market.
In May, the FSA and Ombudsman agreed that the issues relating to
Lehman-backed structured products should be considered under the
"Wider Implications" process, in order to allow the FSA to explore
all options to achieve the best outcome for consumers.
The FSA has now gained enough information from its review to
enable it to move forward and believes it is now appropriate to
lift the hold on individual adjudications of complaints on an
immediate basis.
The FSA will report back on the outcomes of its review in more
detail in October but confirms that it will be taking action
against firms as a result of the findings of the review.
Dan Waters, retail policy director at the FSA, said, "This is a
hugely complex area and during our review we have looked at
promotional literature, clarity of information, quality of advice,
sales systems and controls, involving plan managers, providers and
advisers.
"There is still much for us to do and we will be outlining some of
the findings of the review next month in more detail, but I can
confirm that we have found serious issues and will be taking
action against firms," he added.
"In light of the progress we have made, we believe our regulatory
action can now progress alongside the Ombudsman adjudicating on
individual complaints without prejudicing either, so individual
cases referred to the Ombudsman can now proceed."
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)
NATIONAL EXPRESS: Takeover Offer Deadline Extended
--------------------------------------------------
Robert Wright at The Financial Times reports that the consortium
of Spain's Cosmen family and CVC Capital Partners has until Sept.
25 to make a firm offer for National Express Group plc.
The FT relates the Takeover Panel agreed a last-minute extension
to a "put up or shut up" deadline, which expired at 5:00 p.m.
Friday.
On Sept. 11, 2009, the Troubled Company Reporter-Europe, citing
the FT, reported that the board of National Express agreed to
allow the consortium to examine its books. The FT disclosed the
Cosmen-led consortium will be allowed four weeks of due diligence,
after which it will either proceed with its offer or walk away.
The consortium raised its indicative cash offer for National
Express to 500p a share from the 450p offer the board had
rejected.
Going Concern
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.
ROBERT DYAS: Secures Debt-for-Equity Swap Deal with Banks
---------------------------------------------------------
Philip Stafford at The Financial Times reports that Robert Dyas
Holdings Ltd. has concluded a debt-for-equity swap that will see
its bankers Lloyds Banking Group and Allied Irish take a stake of
around 50% in the group.
According to the FT, the deal will relieve Robert Dyas of GBP47
million (US$78 million) of liabilities, reduce its underlying cost
of borrowing by GBP2 million and provide increased financial
headroom with new banking covenants.
The FT notes in securing the deal, Change Capital, the private
equity group run by Luc Vandevelde, the former Marks & Spencer
chairman, saw its equity wiped out.
The debt-for-equity swap will cut the group's debt from around
GBP30 million to GBP15 million, the FT says.
The company, the FT discloses, has lined up Geoff Brady, the
former Matalan executive, as chairman, replacing Ian Gray.
Robert Dyas Holdings Ltd. -- http://www.robertdyas.co.uk-- is a
housewares and hardware retailer operating more than 100 stores in
a variety of locales around the southern UK. Its merchandise also
is sold through its retail Web site. The company is owned by
former M&S chairman Luc Vandevelde's private equity firm, Change
Capital.
SPINVOX LTD: Put Up for Sale, Invesco Says
------------------------------------------
SpinVox Ltd. has been put up for sale, Maija Palmer at The
Financial Times reports, citing Invesco Perpetual, one of the
company's minor investors.
According to the FT, John Botts, managing director of Allen & Co,
the media-focused financial advisory firm, is handling the
potential sale. Mr. Botts, the FT discloses, is chairman of
SpinVox and is also a director at Tisbury hedge fund, which has
been a key investor in SpinVox.
The FT relates Invesco Perpetual had written down its investment
in the company by 90%.
The FT recalls Tisbury recently provided SpinVox with a GBP30
million (US$50 million) bridging loan, which is due to be repaid
by December 20. SpinVox has raised more than GBP100 million in a
series of funding rounds, including emergency funding of GBP15
million from shareholders at the end of July, the FT recounts.
SpinVox -- http://www.spinvox.com/-- is a global speech
technology company, headquartered in Marlow, UK and New York, NY.
The company delivers services for carrier markets, including
wireless, fixed, VoIP and cable, as well as for unified
communications, enterprise and Web 2.0 environments.
===============
X X X X X X X X
===============
* Large Companies with Insolvent Balance Sheet
----------------------------------------------
Total
Shareholders Total
Company Ticker Equity (US$) Assets (US$)
------- ------ ------ ------
AUSTRIA
-------
LIBRO AG LBROF US -110486313.84 174004185.02
LIBRO AG LIB AV -110486313.84 174004185.02
LIBRO AG LIBR AV -110486313.84 174004185.02
LIBRO AG LB6 GR -110486313.84 174004185.02
SKYEUROPE SKY PW -89480486.93 159076577.5
SKYEUROPE SKYP PW -89480486.93 159076577.5
SKYEUROPE HLDG SKYPLN EO -89480486.93 159076577.5
SKYEUROPE HLDG SKY EO -89480486.93 159076577.5
SKYEUROPE HLDG SKY EU -89480486.93 159076577.5
SKYEUROPE HLDG SKYPLN EU -89480486.93 159076577.5
SKYEUROPE HLDG SKURF US -89480486.93 159076577.5
SKYEUROPE HLDG SKY AV -89480486.93 159076577.5
SKYEUROPE HLDG S8E GR -89480486.93 159076577.5
SKYEUROPE HLDG SKYV IX -89480486.93 159076577.5
SKYEUROPE HLDG SKYA PZ -89480486.93 159076577.5
SKYEUROPE HOL-RT SK1 AV -89480486.93 159076577.5
BELGIUM
-------
SABENA SA SABA BB -85494497.66 2215341059.54
CYPRUS
------
LIBRA HOLIDA-RTS LBR CY -5044973.6 274730005.26
LIBRA HOLIDA-RTS LGWR CY -5044973.6 274730005.26
LIBRA HOLIDAY-RT 3167808Z CY -5044973.6 274730005.26
LIBRA HOLIDAYS LHGCYP EU -5044973.6 274730005.26
LIBRA HOLIDAYS LHGR CY -5044973.6 274730005.26
LIBRA HOLIDAYS LHGCYP EO -5044973.6 274730005.26
LIBRA HOLIDAYS G LHG EU -5044973.6 274730005.26
LIBRA HOLIDAYS G LHG PZ -5044973.6 274730005.26
LIBRA HOLIDAYS G LHG CY -5044973.6 274730005.26
LIBRA HOLIDAYS G LHG EO -5044973.6 274730005.26
LIBRA HOLIDAYS-P LBHG PZ -5044973.6 274730005.26
LIBRA HOLIDAYS-P LBHG CY -5044973.6 274730005.26
CZECH REPUBLIC
--------------
CKD PRAHA HLDG CKDPF US -89435858.16 192305153.03
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CKD PRAHA HLDG 297687Q GR -89435858.16 192305153.03
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GERMANY
-------
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CBB HOLD-NEW 97 COB2 GR -42994732.85 904723627.84
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CINEMAXX AG MXC PZ -42008900.33 144431938.27
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CINEMAXX AG MXCG IX -42008900.33 144431938.27
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CINEMAXX AG-RTS MXC8 GR -42008900.33 144431938.27
DORT ACTIEN-BRAU 944167Q GR -12689156.29 117537053.71
DORT ACTIEN-RTS DAB8 GR -12689156.29 117537053.71
EM.TV & MERC-NEW ETV1 GR -22067409.41 849175624.65
EM.TV & MERC-NEW ETV1 NM -22067409.41 849175624.65
EM.TV & MERC-RTS ETV8 GR -22067409.41 849175624.65
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KAUFRING AG KFR PZ -19296489.56 150995473.81
KAUFRING AG KFR GR -19296489.56 150995473.81
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MANIA TECHNOLOGI MNIG IX -35060806.5 107465713.61
MANIA TECHNOLOGI 2260970Z GR -35060806.5 107465713.61
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MATERNUS KLINI-N MAK1 GR -18996733.83 183928734.46
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NORDAG AG DOO1 GR -482446.63 144432986.17
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NORDSEE AG 533061Q GR -8200552.05 194616922.62
PRIMACOM AG PRC GR -18656728.68 610380925.67
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RINOL AG RILB PZ -2.71 168095049.11
RINOL AG RIL GR -2.71 168095049.11
RINOL AG RILB EO -2.71 168095049.11
RINOL AG RILB IX -2.71 168095049.11
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RINOL AG RILB EU -2.71 168095049.11
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ROSENTHAL AG 2644179Q GR -1744121.91 217776125.75
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SINNLEFFERS AG WHG GR -4491629.96 453887060.07
SPAR HAND-PFD NV SPA3 GR -442426199.47 1433020960.55
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SPAR HANDELS-AG 773844Q GR -442426199.47 1433020960.55
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TA TRIUMPH-RTS 3158577Q GR -106778475.76 427535397.03
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VIVANCO GRUPPE VVA1 GR -17697031.13 115592674.21
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DENMARK
-------
ELITE SHIPPING ELSP DC -27715991.74 100892900.29
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SPAIN
-----
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MARTINSA-FADESA MTF NR -1720343226.17 8544474235.64
FRANCE
------
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SDR CENTREST 117241Q FP -132420119.65 252176017.15
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GARTLAND WHALLEY GWB LN -10986769.42 145352034.49
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JESSOPS PLC JSPEUR EU -42702021.2 112964060.38
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REGUS PLC 2296Z LN -46111835.37 367181111
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SFI GROUP PLC SUYFF US -108067115.81 177647536.08
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SKYEPHARMA -SUB 2976665Z LN -134177517.41 149159301.57
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SKYEPHARMA PLC SKPEUR EU -134177517.41 149159301.57
SKYEPHARMA PLC SKP IX -134177517.41 149159301.57
SKYEPHARMA PLC SKP1 VX -134177517.41 149159301.57
SKYEPHARMA PLC SKP LN -134177517.41 149159301.57
SKYEPHARMA PLC SKP TQ -134177517.41 149159301.57
SKYEPHARMA PLC SKYEF US -134177517.41 149159301.57
SKYEPHARMA PLC SKP EU -134177517.41 149159301.57
SKYEPHARMA-ADR SKYPY US -134177517.41 149159301.57
SKYEPHARMA-ADR AP80 LI -134177517.41 149159301.57
SKYEPHARMA-ADR SK8N GR -134177517.41 149159301.57
SKYEPHARMA-ADR SKYE US -134177517.41 149159301.57
SKYEPHARMA-ADR SKYEY US -134177517.41 149159301.57
SKYEPHARMA-ADR SK8 GR -134177517.41 149159301.57
SMG PLC SMG LN -49061227.23 212049868.01
SMG PLC SMG PO -49061227.23 212049868.01
SMG PLC-FUL PAID SMGF LN -49061227.23 212049868.01
SMG PLC-NIL PAID SMGN LN -49061227.23 212049868.01
SMITHS NEWS PLC NWS PO -97992746.54 146917382.81
SMITHS NEWS PLC NWS2EUR EO -97992746.54 146917382.81
SMITHS NEWS PLC NWS2 EU -97992746.54 146917382.81
SMITHS NEWS PLC NWS1 EU -97992746.54 146917382.81
SMITHS NEWS PLC SMWPY US -97992746.54 146917382.81
SMITHS NEWS PLC NWS LN -97992746.54 146917382.81
SMITHS NEWS PLC NWS2 TQ -97992746.54 146917382.81
SMITHS NEWS PLC NWS2GBP EO -97992746.54 146917382.81
SMITHS NEWS PLC NWS PZ -97992746.54 146917382.81
SMITHS NEWS PLC NWS1 EO -97992746.54 146917382.81
SMITHS NEWS PLC SMWPF US -97992746.54 146917382.81
SMITHS NEWS PLC NWS2 EO -97992746.54 146917382.81
SMITHS NEWS PLC NWS VX -97992746.54 146917382.81
SMITHS NEWS PLC NWS IX -97992746.54 146917382.81
SMITHS NEWS PLC NWS2EUR EU -97992746.54 146917382.81
STAGECOACH GROUP SGC1EUR EO -14183327.87 2231066974.58
STAGECOACH GROUP SGC1AUD EU -14183327.87 2231066974.58
STAGECOACH GROUP SGC1 EB -14183327.87 2231066974.58
STAGECOACH GROUP SGC1USD EU -14183327.87 2231066974.58
STAGECOACH GROUP SGC1 EU -14183327.87 2231066974.58
STAGECOACH GROUP SGC PO -14183327.87 2231066974.58
STAGECOACH GROUP SGC1 QM -14183327.87 2231066974.58
STAGECOACH GROUP SHP4 GR -14183327.87 2231066974.58
STAGECOACH GROUP SGC1 NR -14183327.87 2231066974.58
STAGECOACH GROUP SGC1GBP EO -14183327.87 2231066974.58
STAGECOACH GROUP SGC LN -14183327.87 2231066974.58
STAGECOACH GROUP SGC1USD EO -14183327.87 2231066974.58
STAGECOACH GROUP SGC1AUD EO -14183327.87 2231066974.58
STAGECOACH GROUP SGC IX -14183327.87 2231066974.58
STAGECOACH GROUP SAGKF US -14183327.87 2231066974.58
STAGECOACH GROUP SGC1 TQ -14183327.87 2231066974.58
STAGECOACH GROUP SGC1 NQ -14183327.87 2231066974.58
STAGECOACH GROUP SHP GR -14183327.87 2231066974.58
STAGECOACH GROUP SGC1 EO -14183327.87 2231066974.58
STAGECOACH GROUP SGC1EUR EU -14183327.87 2231066974.58
STAGECOACH GROUP SGC1 BQ -14183327.87 2231066974.58
STAGECOACH GROUP SGC2 VX -14183327.87 2231066974.58
STAGECOACH GROUP SGCG PZ -14183327.87 2231066974.58
STAGECOACH GRP-B SGCB LN -14183327.87 2231066974.58
STAGECOACH-NEW SGCN LN -14183327.87 2231066974.58
STV GROUP PLC STVGEUR EU -49061227.23 212049868.01
STV GROUP PLC SMG IX -49061227.23 212049868.01
STV GROUP PLC STVG LN -49061227.23 212049868.01
STV GROUP PLC STVG EU -49061227.23 212049868.01
STV GROUP PLC STVG EO -49061227.23 212049868.01
STV GROUP PLC SMGPF US -49061227.23 212049868.01
STV GROUP PLC STVGEUR EO -49061227.23 212049868.01
STV GROUP PLC STVG VX -49061227.23 212049868.01
STV GROUP PLC SMG PZ -49061227.23 212049868.01
STV GROUP PLC SMG VX -49061227.23 212049868.01
STV GROUP PLC STVGGBP EO -49061227.23 212049868.01
TELASI JSC AEST GG -38496626.3 121421179.22
TELEWEST COM-ADR TWSTD US -3702234580.99 7581020925.22
TELEWEST COM-ADR TWT$ LN -3702234580.99 7581020925.22
TELEWEST COM-ADR TWSTY US -3702234580.99 7581020925.22
TELEWEST COM-ADR 940767Q GR -3702234580.99 7581020925.22
TELEWEST COMM TWSTF US -3702234580.99 7581020925.22
TELEWEST COMM TWT VX -3702234580.99 7581020925.22
TELEWEST COMM 604296Q GR -3702234580.99 7581020925.22
TELEWEST COMM 715382Q LN -3702234580.99 7581020925.22
THORN EMI PLC THNE FP -2265916256.89 2950021937.14
THORN EMI-ADR THN$ LN -2265916256.89 2950021937.14
THORN EMI-ADR TORNY US -2265916256.89 2950021937.14
THORN EMI-CDR THN NA -2265916256.89 2950021937.14
THORN EMI-REGD 1772Q GR -2265916256.89 2950021937.14
TOPPS TILES PLC TPTEUR EO -78172467.48 131014414.4
TOPPS TILES PLC TPT VX -78172467.48 131014414.4
TOPPS TILES PLC TPTGBP EO -78172467.48 131014414.4
TOPPS TILES PLC TPT PZ -78172467.48 131014414.4
TOPPS TILES PLC TPT PO -78172467.48 131014414.4
TOPPS TILES PLC TPT TQ -78172467.48 131014414.4
TOPPS TILES PLC TPT BQ -78172467.48 131014414.4
TOPPS TILES PLC TPT LN -78172467.48 131014414.4
TOPPS TILES PLC TPT EU -78172467.48 131014414.4
TOPPS TILES PLC TPT IX -78172467.48 131014414.4
TOPPS TILES PLC TPTJF US -78172467.48 131014414.4
TOPPS TILES PLC TPTJY US -78172467.48 131014414.4
TOPPS TILES PLC TPTEUR EU -78172467.48 131014414.4
TOPPS TILES PLC TPT EO -78172467.48 131014414.4
TOPPS TILES-NEW TPTN LN -78172467.48 131014414.4
UTC GROUP UGR LN -11904426.45 203548565.03
VIRGIN MOB-ASSD VMOC LN -392165437.58 166070003.71
VIRGIN MOB-ASSD VMOA LN -392165437.58 166070003.71
VIRGIN MOBILE VMOB PO -392165437.58 166070003.71
VIRGIN MOBILE UEM GR -392165437.58 166070003.71
VIRGIN MOBILE VMOB LN -392165437.58 166070003.71
VIRGIN MOBILE VMOB VX -392165437.58 166070003.71
VIRGIN MOBILE VGMHF US -392165437.58 166070003.71
WATSON & PHILIP WTSN LN -120493900.04 252232072.87
WINCANTON PL-ADR WNCNY US -47615167.52 1316638025.67
WINCANTON PLC WIN1 BQ -47615167.52 1316638025.67
WINCANTON PLC WIN IX -47615167.52 1316638025.67
WINCANTON PLC WIN PZ -47615167.52 1316638025.67
WINCANTON PLC WIN1 TQ -47615167.52 1316638025.67
WINCANTON PLC WIN LN -47615167.52 1316638025.67
WINCANTON PLC WIN1EUR EU -47615167.52 1316638025.67
WINCANTON PLC WIN1USD EU -47615167.52 1316638025.67
WINCANTON PLC WIN1 QM -47615167.52 1316638025.67
WINCANTON PLC WIN PO -47615167.52 1316638025.67
WINCANTON PLC WIN1GBP EO -47615167.52 1316638025.67
WINCANTON PLC WIN1 EU -47615167.52 1316638025.67
WINCANTON PLC WIN1 EO -47615167.52 1316638025.67
WINCANTON PLC WIN1EUR EO -47615167.52 1316638025.67
WINCANTON PLC WIN VX -47615167.52 1316638025.67
WINCANTON PLC WNCNF US -47615167.52 1316638025.67
WINCANTON PLC WIN1 NQ -47615167.52 1316638025.67
WINCANTON PLC WIN1USD EO -47615167.52 1316638025.67
WINCANTON PLC WIN1 EB -47615167.52 1316638025.67
XXPERT RENTAL XPRT CN -103725000 149477216
GREECE
------
AG PETZETAKIS SA PETZK EU -29943162.81 218449483.79
AG PETZETAKIS SA PETZK PZ -29943162.81 218449483.79
AG PETZETAKIS SA PTZ1 GR -29943162.81 218449483.79
AG PETZETAKIS SA PZETF US -29943162.81 218449483.79
AG PETZETAKIS SA PETZK EO -29943162.81 218449483.79
AG PETZETAKIS SA PTZ GR -29943162.81 218449483.79
AG PETZETAKIS SA PETZK GA -29943162.81 218449483.79
ALTEC SA -AUCT ALTECE GA -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 ATCQF US -113800496.36 212288486.55
ALTEC SA INFO ALTEC EO -113800496.36 212288486.55
ALTEC SA INFO ALTEC GA -113800496.36 212288486.55
ALTEC SA INFO ALTEC EU -113800496.36 212288486.55
ALTEC SA INFO-RT ALTECR GA -113800496.36 212288486.55
ALTEC SA INFO-RT ALTED GA -113800496.36 212288486.55
EMPEDOS SA EMPED GA -33637669.62 174742646.9
EMPEDOS SA-RTS EMPEDR GA -33637669.62 174742646.9
HELLAS ONLINE SA BRAIN EU -34283568.77 458056717.55
HELLAS ONLINE SA BRAIN PZ -34283568.77 458056717.55
HELLAS ONLINE SA HOLR GA -34283568.77 458056717.55
HELLAS ONLINE SA BRAIN EO -34283568.77 458056717.55
HELLAS ONLINE SA BRAIN GA -34283568.77 458056717.55
HELLAS ONLINE SA HOL GA -34283568.77 458056717.55
HELLAS ONLINE SA UN5 GR -34283568.77 458056717.55
KOUMBAS INSUR-RT KOUMD GA -47073006.65 212483361.18
KOUMBAS RTS KOUMR GA -47073006.65 212483361.18
KOUMBAS SYNERGY KOUM EU -47073006.65 212483361.18
KOUMBAS SYNERGY KOUM PZ -47073006.65 212483361.18
KOUMBAS SYNERGY KOUM GA -47073006.65 212483361.18
KOUMBAS SYNERGY KOUMF US -47073006.65 212483361.18
KOUMBAS SYNERGY KOUM EO -47073006.65 212483361.18
NAOUSSA SPIN -RT NAOYD GA -44175513.67 341686153.14
NAOUSSA SPIN-AUC NAOYKE GA -44175513.67 341686153.14
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NAOUSSA SPINNING NML1 GR -44175513.67 341686153.14
NAOUSSA SPINNING NML GR -44175513.67 341686153.14
PETZET - PFD-RTS PETZPD GA -29943162.81 218449483.79
PETZETAKIS - RTS PETZKD GA -29943162.81 218449483.79
PETZETAKIS-AUC PETZKE GA -29943162.81 218449483.79
PETZETAKIS-PFD PTZ3 GR -29943162.81 218449483.79
PETZETAKIS-PFD PETZP GA -29943162.81 218449483.79
RADIO KORASS-RTS KORAR GA -100972173.86 180679253.63
RADIO KORASSI-RT KORAD GA -100972173.86 180679253.63
RADIO KORASSIDIS KORA GA -100972173.86 180679253.63
RADIO KORASSIDIS RKC GR -100972173.86 180679253.63
RADIO KORASSIDIS RAKOF US -100972173.86 180679253.63
THEMELIODOMI THEME GA -55751178.85 232036822.56
THEMELIODOMI-AUC THEMEE GA -55751178.85 232036822.56
THEMELIODOMI-RTS THEMER GA -55751178.85 232036822.56
THEMELIODOMI-RTS THEMED GA -55751178.85 232036822.56
UNITED TEXTILES UTEX EU -44175513.67 341686153.14
UNITED TEXTILES NAOSF US -44175513.67 341686153.14
UNITED TEXTILES UTEX GA -44175513.67 341686153.14
UNITED TEXTILES NAOYK GA -44175513.67 341686153.14
UNITED TEXTILES UTEX EO -44175513.67 341686153.14
UNITED TEXTILES UTEX PZ -44175513.67 341686153.14
CROATIA
-------
BRODOGRADE INDUS 3MAJRA CZ -388927692.38 624796011.8
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 GR -41577000 1251297920
HUNGARIAN TELEPH HUC EX -41577000 1251297920
HUNGARIAN TELEPH HUGC IX -41577000 1251297920
INVITEL HOLD-ADR IHO US -41577000 1251297920
INVITEL HOLD-ADR 0IN GR -41577000 1251297920
INVITEL HOLDINGS 3212873Z HB -41577000 1251297920
IRELAND
-------
BOUNDARY CAPITAL BCM GR -10192301.85 119787800.54
BOUNDARY CAPITAL BCP IX -10192301.85 119787800.54
BOUNDARY CAPITAL BCP1 EU -10192301.85 119787800.54
BOUNDARY CAPITAL BCP1 PZ -10192301.85 119787800.54
BOUNDARY CAPITAL BCP1 PG -10192301.85 119787800.54
BOUNDARY CAPITAL BCPI IX -10192301.85 119787800.54
BOUNDARY CAPITAL BCP LN -10192301.85 119787800.54
BOUNDARY CAPITAL BCP ID -10192301.85 119787800.54
BOUNDARY CAPITAL BCP1 EO -10192301.85 119787800.54
ELAN CORP PLC ELN IX -370500000 1669500032
ELAN CORP PLC ELA PO -370500000 1669500032
ELAN CORP PLC ELNUSD EO -370500000 1669500032
ELAN CORP PLC ELNGBP EO -370500000 1669500032
ELAN CORP PLC ELN NR -370500000 1669500032
ELAN CORP PLC ELA IX -370500000 1669500032
ELAN CORP PLC ELN EU -370500000 1669500032
ELAN CORP PLC ELN LN -370500000 1669500032
ELAN CORP PLC ELNGBX EO -370500000 1669500032
ELAN CORP PLC ELA LN -370500000 1669500032
ELAN CORP PLC ECN VX -370500000 1669500032
ELAN CORP PLC DRX1 PZ -370500000 1669500032
ELAN CORP PLC DRXG IX -370500000 1669500032
ELAN CORP PLC DRX GR -370500000 1669500032
ELAN CORP PLC ELN ID -370500000 1669500032
ELAN CORP PLC ELNUSD EU -370500000 1669500032
ELAN CORP PLC ELN TQ -370500000 1669500032
ELAN CORP PLC ELN EO -370500000 1669500032
ELAN CORP PLC ELNCF US -370500000 1669500032
ELAN CORP-ADR EANG IX -370500000 1669500032
ELAN CORP-ADR EAN GR -370500000 1669500032
ELAN CORP-ADR QUNELN AU -370500000 1669500032
ELAN CORP-ADR ELN US -370500000 1669500032
ELAN CORP-ADR ELAD LN -370500000 1669500032
ELAN CORP-ADR UT ELN/E US -370500000 1669500032
ELAN CORP-CVR ELNZV US -370500000 1669500032
ELAN CORP-CVR LCVRZ US -370500000 1669500032
ELAN CORP/OLD 1295Z ID -375500000 1693300096
MCINERNEY -RT FP MCIF ID -113397336.28 441922391.66
MCINERNEY -RT FP MCIF LN -113397336.28 441922391.66
MCINERNEY -RT NP MCIN ID -113397336.28 441922391.66
MCINERNEY -RT NP MCIN LN -113397336.28 441922391.66
MCINERNEY HLDGS MCIGBX EO -113397336.28 441922391.66
MCINERNEY HLDGS MCI IX -113397336.28 441922391.66
MCINERNEY HLDGS MCII IX -113397336.28 441922391.66
MCINERNEY HLDGS MK9 GR -113397336.28 441922391.66
MCINERNEY HLDGS MCI ID -113397336.28 441922391.66
MCINERNEY HLDGS MK9 PO -113397336.28 441922391.66
MCINERNEY HLDGS MCIGBP EO -113397336.28 441922391.66
MCINERNEY HLDGS MCI VX -113397336.28 441922391.66
MCINERNEY HLDGS MCI EU -113397336.28 441922391.66
MCINERNEY HLDGS MCIGBX EU -113397336.28 441922391.66
MCINERNEY HLDGS MCI LN -113397336.28 441922391.66
MCINERNEY HLDGS MK9C PZ -113397336.28 441922391.66
MCINERNEY HLDGS MNEYF US -113397336.28 441922391.66
MCINERNEY HLDGS MCI PO -113397336.28 441922391.66
MCINERNEY HLDGS MCI EO -113397336.28 441922391.66
MCINERNEY PROP-A MYP LN -113397336.28 441922391.66
MCINERNEY PROP-A MYP ID -113397336.28 441922391.66
MCINERNEY PROP-A MCIYF US -113397336.28 441922391.66
MCINERNEY-ADR MNEYY US -113397336.28 441922391.66
PAYZONE PLC PAYZ EU -138030903.22 510010035.33
PAYZONE PLC PAYZ IX -138030903.22 510010035.33
PAYZONE PLC PAYZ PG -138030903.22 510010035.33
PAYZONE PLC 4P6 GR -138030903.22 510010035.33
PAYZONE PLC PAYZ PZ -138030903.22 510010035.33
PAYZONE PLC PAYZ EO -138030903.22 510010035.33
PAYZONE PLC PAYZ LN -138030903.22 510010035.33
WATERFORD - RTS WWWA GR -505729895.23 820803256.03
WATERFORD - RTS WWWB GR -505729895.23 820803256.03
WATERFORD - RTS 508519Q LN -505729895.23 820803256.03
WATERFORD - RTS 508523Q LN -505729895.23 820803256.03
WATERFORD - RTS WWWB ID -505729895.23 820803256.03
WATERFORD - RTS WWWA ID -505729895.23 820803256.03
WATERFORD W-ADR WATWY US -505729895.23 820803256.03
WATERFORD WDGEWD WATWF US -505729895.23 820803256.03
WATERFORD WDGEWD WATFF US -505729895.23 820803256.03
WATERFORD WE-RTS WTFF LN -505729895.23 820803256.03
WATERFORD WE-RTS WTFN LN -505729895.23 820803256.03
WATERFORD WE-RTS WTFN ID -505729895.23 820803256.03
WATERFORD WE-RTS WTFF ID -505729895.23 820803256.03
WATERFORD WE-RTS WTFN VX -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 GR -505729895.23 820803256.03
WATERFORD WED-RT WWWD GR -505729895.23 820803256.03
WATERFORD WED-RT WWWD ID -505729895.23 820803256.03
WATERFORD WED-RT WWWC ID -505729895.23 820803256.03
WATERFORD WED-RT 586556Q LN -505729895.23 820803256.03
WATERFORD WED-UT WTFU VX -505729895.23 820803256.03
WATERFORD WED-UT WWWD PZ -505729895.23 820803256.03
WATERFORD WED-UT WTFUGBX EU -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 PO -505729895.23 820803256.03
WATERFORD WED-UT WTFU ID -505729895.23 820803256.03
WATERFORD WED-UT WTFU IX -505729895.23 820803256.03
WATERFORD WED-UT WTFU LN -505729895.23 820803256.03
WATERFORD WED-UT WWW PO -505729895.23 820803256.03
WATERFORD WED-UT WTFUGBX EO -505729895.23 820803256.03
WATERFORD WED-UT WWW GR -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 PZ -223771648 2277793536
EIMSKIPAFELAG HF AVION IR -223771648 2277793536
EIMSKIPAFELAG HF HFEIM EO -223771648 2277793536
EIMSKIPAFELAG HF HFEIM EU -223771648 2277793536
EIMSKIPAFELAG HF HFEIMEUR EO -223771648 2277793536
EIMSKIPAFELAG HF HFEIMEUR EU -223771648 2277793536
EIMSKIPAFELAG HF HFEIM IR -223771648 2277793536
ITALY
-----
AEDES AXA+W AEAXAW IM -24405906.61 1350851664.42
AEDES SPA AE IM -24405906.61 1350851664.42
AEDES SPA AE PZ -24405906.61 1350851664.42
AEDES SPA AEDSF US -24405906.61 1350851664.42
AEDES SPA AEDI IX -24405906.61 1350851664.42
AEDES SPA AE EU -24405906.61 1350851664.42
AEDES SPA LLB GR -24405906.61 1350851664.42
AEDES SPA AE TQ -24405906.61 1350851664.42
AEDES SPA AE EO -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 RON GR -26843216.33 117951651.43
ARENA SPA ARE2 EU -26843216.33 117951651.43
ARENA SPA ARE IM -26843216.33 117951651.43
ARENA SPA ARE2 EO -26843216.33 117951651.43
ARENA SPA RON IX -26843216.33 117951651.43
ARENA SPA AREI PZ -26843216.33 117951651.43
ARENA SPA ARE2 TQ -26843216.33 117951651.43
ARENA SPA RNCNF US -26843216.33 117951651.43
BINDA SPA BNDAF US -11146475.29 128859802.94
BINDA SPA BND IM -11146475.29 128859802.94
CART SOTTRI-BIND DEM IM -11146475.29 128859802.94
CIRIO FINANZIARI CRO IM -422095869.5 1583083044.16
CIRIO FINANZIARI FIY GR -422095869.5 1583083044.16
COIN SPA GC IX -151690764.75 791310848.67
COIN SPA GUCIF US -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 CGLUF US -137726596.25 527372691.43
COMPAGNIA ITALIA ICT IM -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 LZO1 GR -15482934.18 260633690.01
LAZIO SPA SSL1 IX -15482934.18 260633690.01
LAZIO SPA SSL1 EU -15482934.18 260633690.01
LAZIO SPA SSL IM -15482934.18 260633690.01
LAZIO SPA LZO GR -15482934.18 260633690.01
LAZIO SPA SSLI PZ -15482934.18 260633690.01
LAZIO SPA SSLZF US -15482934.18 260633690.01
LAZIO SPA SSL1 EO -15482934.18 260633690.01
LAZIO SPA 571260Q US -15482934.18 260633690.01
LAZIO SPA-RTS SSLAZ IM -15482934.18 260633690.01
LAZIO SPA-RTS SSLAA 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 TQ -14203645.83 330093845.4
OMNIA NETWORK SP ONT EO -14203645.83 330093845.4
OMNIA NETWORK SP ONT PZ -14203645.83 330093845.4
OMNIA NETWORK SP ONTI IX -14203645.83 330093845.4
OMNIA NETWORK SP ONT EU -14203645.83 330093845.4
OMNIA NETWORK SP ONT IM -14203645.83 330093845.4
PARMALAT FINA-RT PRFR AV -18419390028.95 4120687886.18
PARMALAT FINANZI PMT LI -18419390028.95 4120687886.18
PARMALAT FINANZI PARAF US -18419390028.95 4120687886.18
PARMALAT FINANZI PRFI VX -18419390028.95 4120687886.18
PARMALAT FINANZI PRF IM -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
RONCADIN SPA RON IM -26843216.33 117951651.43
RONCADIN SPA-RT RONAA IM -26843216.33 117951651.43
RONCADIN SPA-RTS RONAAW IM -26843216.33 117951651.43
SNIA BPD SN GR -97720525.24 339401569.86
SNIA BPD-ADR SBPDY US -97720525.24 339401569.86
SNIA SPA SN EU -97720525.24 339401569.86
SNIA SPA SIAI PZ -97720525.24 339401569.86
SNIA SPA SBPDF US -97720525.24 339401569.86
SNIA SPA SN TQ -97720525.24 339401569.86
SNIA SPA SN EO -97720525.24 339401569.86
SNIA SPA SNIXF US -97720525.24 339401569.86
SNIA SPA SSMLF US -97720525.24 339401569.86
SNIA SPA SN IM -97720525.24 339401569.86
SNIA SPA SNIA GR -97720525.24 339401569.86
SNIA SPA SNIB GR -97720525.24 339401569.86
SNIA SPA SIAI IX -97720525.24 339401569.86
SNIA SPA - RTS SNAAW IM -97720525.24 339401569.86
SNIA SPA- RTS SNAXW IM -97720525.24 339401569.86
SNIA SPA-2003 SH SN03 IM -97720525.24 339401569.86
SNIA SPA-CONV SA SPBDF US -97720525.24 339401569.86
SNIA SPA-DRC SNR00 IM -97720525.24 339401569.86
SNIA SPA-NEW SN00 IM -97720525.24 339401569.86
SNIA SPA-NON CON SPBNF US -97720525.24 339401569.86
SNIA SPA-RCV SNIVF US -97720525.24 339401569.86
SNIA SPA-RCV SNR IM -97720525.24 339401569.86
SNIA SPA-RIGHTS SNAW IM -97720525.24 339401569.86
SNIA SPA-RNC SNRNC IM -97720525.24 339401569.86
SNIA SPA-RNC SNIWF US -97720525.24 339401569.86
SNIA SPA-RTS SNSO IM -97720525.24 339401569.86
SNIA SPA-RTS SNAA IM -97720525.24 339401569.86
SOCOTHERM SPA SCT EU -28370270.37 537950362.36
SOCOTHERM SPA SCT TQ -28370270.37 537950362.36
SOCOTHERM SPA SCTI PZ -28370270.37 537950362.36
SOCOTHERM SPA SCT IM -28370270.37 537950362.36
SOCOTHERM SPA SCT EO -28370270.37 537950362.36
SOCOTHERM SPA SCTM IX -28370270.37 537950362.36
SOCOTHERM SPA SOCEF US -28370270.37 537950362.36
TECNODIFF ITALIA TEF GR -89894162.82 152045757.48
TECNODIFF ITALIA TDIFF US -89894162.82 152045757.48
TECNODIFF ITALIA TDI NM -89894162.82 152045757.48
TECNODIFF ITALIA TDI IM -89894162.82 152045757.48
TECNODIFF-RTS TDIAOW NM -89894162.82 152045757.48
TECNODIFFUSIONE TDIAAW IM -89894162.82 152045757.48
TISCALI SPA TIS NA -24638454.05 1569205599.82
TISCALI SPA TIS IX -24638454.05 1569205599.82
TISCALI SPA TIS EU -24638454.05 1569205599.82
TISCALI SPA TIS VX -24638454.05 1569205599.82
TISCALI SPA TISGBP EO -24638454.05 1569205599.82
TISCALI SPA TISGBX EU -24638454.05 1569205599.82
TISCALI SPA TIS PZ -24638454.05 1569205599.82
TISCALI SPA TIQ1 GR -24638454.05 1569205599.82
TISCALI SPA TIS TQ -24638454.05 1569205599.82
TISCALI SPA TISN FP -24638454.05 1569205599.82
TISCALI SPA TSCXF US -24638454.05 1569205599.82
TISCALI SPA TISGBX EO -24638454.05 1569205599.82
TISCALI SPA TIS EO -24638454.05 1569205599.82
TISCALI SPA TIS IM -24638454.05 1569205599.82
TISCALI SPA TISN NA -24638454.05 1569205599.82
TISCALI SPA TIS NR -24638454.05 1569205599.82
TISCALI SPA TISN IM -24638454.05 1569205599.82
TISCALI SPA TISN IX -24638454.05 1569205599.82
TISCALI SPA TISN VX -24638454.05 1569205599.82
TISCALI SPA TIS FP -24638454.05 1569205599.82
TISCALI SPA TIQG IX -24638454.05 1569205599.82
TISCALI SPA- RTS TISAXA IM -24638454.05 1569205599.82
TISCALI SPA- RTS 3391621Q GR -24638454.05 1569205599.82
LUXEMBOURG
----------
CARRIER1 INT-AD+ CONE ES -94729000 472360992
CARRIER1 INT-ADR CONEQ US -94729000 472360992
CARRIER1 INT-ADR CONE US -94729000 472360992
CARRIER1 INT-ADR CONEE US -94729000 472360992
CARRIER1 INTL CJN GR -94729000 472360992
CARRIER1 INTL CJN NM -94729000 472360992
CARRIER1 INTL CJNA GR -94729000 472360992
CARRIER1 INTL SA CONEF US -94729000 472360992
CARRIER1 INTL SA 1253Z SW -94729000 472360992
NETHERLANDS
-----------
BAAN CO NV-ASSEN BAANA NA -7854741.41 609871188.88
BAAN COMPANY NV BNCG IX -7854741.41 609871188.88
BAAN COMPANY NV BAAN GR -7854741.41 609871188.88
BAAN COMPANY NV BAAN PZ -7854741.41 609871188.88
BAAN COMPANY NV BAAN IX -7854741.41 609871188.88
BAAN COMPANY NV BAAN EU -7854741.41 609871188.88
BAAN COMPANY NV BAAN NA -7854741.41 609871188.88
BAAN COMPANY NV BAAVF US -7854741.41 609871188.88
BAAN COMPANY NV BAAN EO -7854741.41 609871188.88
BAAN COMPANY-NY BAANF US -7854741.41 609871188.88
BUSINESSWAY INTL BITLE US -1244740 136149008
BUSINESSWAY INTL BITL US -1244740 136149008
CNW ORLANDO INC CNWD US -1244740 136149008
GLOBALNETCARE GBCRE US -1244740 136149008
GLOBALNETCARE GBCR US -1244740 136149008
ICBS INTERNATION ICBO US -1244740 136149008
ICBS INTERNATION ICBOE US -1244740 136149008
ROYAL INVEST INT RIIC US -1244740 136149008
UNITED PAN -ADR UPEA GR -5505478849.55 5112616630.06
UNITED PAN-A ADR UPCOY US -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-EUR-A UPC LI -5505478849.55 5112616630.06
UNITED PAN-EUROP UPE GR -5505478849.55 5112616630.06
UNITED PAN-EUROP UPCEF US -5505478849.55 5112616630.06
UNITED PAN-EUROP UPE1 GR -5505478849.55 5112616630.06
UNITED PAN-EUROP UPCOF US -5505478849.55 5112616630.06
UNITED PAN-EUROP UPC VX -5505478849.55 5112616630.06
WAH KING INVEST WAHKE US -1244740 136149008
WAH KING INVEST WAHK US -1244740 136149008
NORWAY
------
PETRO GEO-SERV PGS GR -18066142.21 399710323.59
PETRO GEO-SERV 265143Q NO -18066142.21 399710323.59
PETRO GEO-SERV PGS VX -18066142.21 399710323.59
PETRO GEO-SERV-N PGSN NO -18066142.21 399710323.59
PETRO GEO-SV-ADR PGOGY US -18066142.21 399710323.59
PETRO GEO-SV-ADR PGSA GR -18066142.21 399710323.59
POLAND
------
KROSNO KRS1EUR EU -2241614.77 111838141.19
KROSNO KRS1EUR EO -2241614.77 111838141.19
KROSNO KRS PW -2241614.77 111838141.19
KROSNO KROS IX -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 EO -2241614.77 111838141.19
KROSNO SA KRS1 EU -2241614.77 111838141.19
KROSNO SA-RTS KRSP PW -2241614.77 111838141.19
KROSNO-PDA-ALLT KRSA PW -2241614.77 111838141.19
TOORA TOR PZ -288818.39 147004954.18
TOORA 2916665Q EU -288818.39 147004954.18
TOORA TOR PW -288818.39 147004954.18
TOORA 2916661Q EO -288818.39 147004954.18
TOORA-ALLOT CERT TORA PW -288818.39 147004954.18
PORTUGAL
--------
COFINA COFI EO -9882836.46 319233214.35
COFINA CFASF US -9882836.46 319233214.35
COFINA CFN1 PZ -9882836.46 319233214.35
COFINA CFN PL -9882836.46 319233214.35
COFINA COFSI IX -9882836.46 319233214.35
COFINA COFI PL -9882836.46 319233214.35
COFINA CFNX PX -9882836.46 319233214.35
COFINA COFI EU -9882836.46 319233214.35
COFINA COFI TQ -9882836.46 319233214.35
LISGRAFICA IMPRE LIG PZ -8723139.72 107312975.09
LISGRAFICA IMPRE LIAG EU -8723139.72 107312975.09
LISGRAFICA IMPRE LIAG EO -8723139.72 107312975.09
LISGRAFICA IMPRE LIG EO -8723139.72 107312975.09
LISGRAFICA IMPRE LIG EU -8723139.72 107312975.09
LISGRAFICA IMPRE LIAG PL -8723139.72 107312975.09
LISGRAFICA IMPRE LIG PL -8723139.72 107312975.09
LISGRAFICA-RTS LIGDS PL -8723139.72 107312975.09
PORCELANA VISTA PVAL PL -68504012.12 145654270.82
SPORTING-SOC DES SCP1 PZ -4083492.14 225687305.9
SPORTING-SOC DES SCDF PL -4083492.14 225687305.9
SPORTING-SOC DES SCDF EU -4083492.14 225687305.9
SPORTING-SOC DES SCPX PX -4083492.14 225687305.9
SPORTING-SOC DES SCG GR -4083492.14 225687305.9
SPORTING-SOC DES SCDF EO -4083492.14 225687305.9
SPORTING-SOC DES SCPL IX -4083492.14 225687305.9
SPORTING-SOC DES SCP PL -4083492.14 225687305.9
VAA VISTA ALEGRE VAF PL -68504012.12 145654270.82
VAA VISTA ALEGRE VAF EU -68504012.12 145654270.82
VAA VISTA ALEGRE VAFX PX -68504012.12 145654270.82
VAA VISTA ALEGRE VAF EO -68504012.12 145654270.82
VAA VISTA ALEGRE VAF PZ -68504012.12 145654270.82
VAA VISTA ALTAN VAFK PL -68504012.12 145654270.82
VAA VISTA ALTAN VAFK EO -68504012.12 145654270.82
VAA VISTA ALTAN VAFKX PX -68504012.12 145654270.82
VAA VISTA ALTAN VAFK PZ -68504012.12 145654270.82
VAA VISTA ALTAN VAFK EU -68504012.12 145654270.82
ROMANIA
-------
DUVANSKA DIVR SG -7729350.78 109207260.53
IMK 14 OKTOBAR A IMKO SG -5175836.42 110102264.18
RUSSIA
------
AKCIONERNOE-BRD SOVP$ RU -110204703.34 120620770.43
ALFA CEMENT-BRD ALCE* RU -672832.37 105454563.92
ALFA CEMENT-BRD AFMTF US -672832.37 105454563.92
ALFA CEMENT-BRD ALCE RU -672832.37 105454563.92
AMO ZIL ZILL RM -171193521.47 350870451.06
AMO ZIL-CLS ZILL RU -171193521.47 350870451.06
AMO ZIL-CLS ZILL* RU -171193521.47 350870451.06
DAGESTAN ENERGY DASB RM -33465586.31 128437866.54
DAGESTAN ENERGY DASB* RU -33465586.31 128437866.54
DAGESTAN ENERGY DASB RU -33465586.31 128437866.54
EAST-SIBERIA-BRD VSNK* RU -116177580.51 140342466.16
EAST-SIBERIA-BRD VSNK RU -116177580.51 140342466.16
EAST-SIBERIAN-BD VSNK$ RU -116177580.51 140342466.16
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 -75483851.36 1248071411.99
KOMPANIYA GL-BRD GMST* RU -75483851.36 1248071411.99
RAFO SA RAF RO -457922636.25 356796459.26
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
UZINELE SODICE G UZIM RO -35878364.71 104942905.83
VIMPEL SHIP-BRD SOVP* RU -110204703.34 120620770.43
VIMPEL SHIP-BRD SOVP RU -110204703.34 120620770.43
VOLGOGRAD KHIM VHIM RU -6661016.16 113935933.35
VOLGOGRAD KHIM VHIM* RU -6661016.16 113935933.35
ZASTAVA AUTOMOBI ZAKG SG -396504649.08 174692011.08
ZIL AUTO PLANT ZILL$ RU -171193521.47 350870451.06
ZIL AUTO PLANT-P ZILLP RU -171193521.47 350870451.06
ZIL AUTO PLANT-P ZILLP RM -171193521.47 350870451.06
ZIL AUTO PLANT-P ZILLP* RU -171193521.47 350870451.06
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
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 * * *